Current Report 01/2017

Only the Polish version of this document is legally binding.
This translation is provided for information only.
Every effort has been made to ensure the accuracy of this publication.

In relation to receipt on 10 January 2017 of preliminary internal sales reports, the Management Board of INPRO S.A. with its registered office in Gdańsk informs that in 2016 the INPRO Corporate Group achieved preliminary sales (in the meaning of concluded preliminary sale agreements net i.e. with the resignations taken into consideration: preliminary sale agreements concerning completed projects, agreements with entities other than customers who are natural persons, and agreements concerning commercial premises, and documents issued to customers on information concerning the conclusion of property development agreements, such documents enabling the customers to file an application for funds for the financing of the property development agreement) at the level of 388 agreements i.e. 29% less than in the comparable period of the previous year comprising the period from January to December. 
The explanation of the decrease in preliminary sales was provided in current report No. 25/2016 of 06/10/2016, namely: a smaller number of flats for sale than last year, the range of the offer, changes in the project launch programmes and the high base effect. At the same time, for a major part of the year, the offer included a smaller number of popular flats and upper-end apartments in the price range from PLN 5,200 to 6,200/m2 than last year.
The analysis of the preliminary sales levels in the various quarters of 2016 shows, however, a positive trend as in the fourth quarter the Group signed 20% more preliminary agreements compared to the third quarter 2016. Considering the observed demand on the property development market and the range of projects awaiting to be placed on the market, INPRO S.A. expects a further improvement in the preliminary sales level, particularly in the second half of 2017.
Work is under way related to the preparation of new projects and placing them on the market meeting the above-mentioned criteria of the upper-end segment. The expected deadline for the launch of the sales of the first premises on new projects is the middle of 2017.
At the same time, the Management Board of INPRO S.A. informs that the Group handed over the total of 463 premises in comparison with 556 premises last year. 
Detailed legal grounds: Article 17 par. 1 of the Regulation of the European Parliament and of the Council (EU) No 596/2014 of 16 April 2014 on market abuse (market abuse regulation) and repealing Directive 2003/6/EC of the European Parliament and of the Council and Commission Directives 2003/124/EC, 2003/125/EC and 2004/72/EC (also referred to as the MAR))