LC Corp S.A. results for the year 2007
In 2007, LC Corp S.A. reported a net profit of PLN 106 million. This excellent financial result is concordant with the Company’s forecast published a mid-year of 2007. Concurrently, profitability ratios achieved by LC Corp are as follows: ROE 11.82%, ROA 6.90% and EPS 0.27 PLN, respectively.
In 2007 the Company created a transparent portfolio of assets securing uninterrupted investment project operations for the successive 5 years. By the end of 2007, LC Corp purchased nearly 2.3 million square metres of land, where projects will be completed with total investment level reaching PLN 5 billion, and usable area to exceed 981,000 m2. The projects under construction i.e. Osiedle Przy Promenadzie Stage I and Stage II in Warsaw, as well as SKY TOWER in Wrocław will offer residential usable area (PUM) of over 236,000 sq.m. On the land it purchased, the Company plans to offer for sale over 7,105 flats by the end of 2012./p>
CB Richard Ellis estimated the current market value of Arkady Wrocławskie (also owned by LC Corp and already in operation – 103,900 PUM) at EUR 136.6 million. The Company has consistently pursued the creation of Land Bank in Poland’s most attractive areas. Ten more investment projects are under preparation with PUM exceeding 640,000 m2. In line with the adopted development directions, both the building investments and investments under preparation are concentrated in major Polish agglomerations: Warszawa, Wrocław, Gdańsk, Kraków, Katowice, and Łódź.
Another achievement of LC Corp is the execution of the flats sale plans. At Osiedle Przy Promenadzie Stage I, still under construction which is to finish on schedule in April 2008, as many as 100% of flats have already been sold. In the case of Osiedle Przy Promenadzie Stage II, with completion scheduled for the end of 2009, 13.5% flats have already been sold. In January 2008, the sale began of apartments in SKY TOWER – the tallest (258m) apartment building in Poland. Prices of flats at the Sky Tower complex start from PLN 14,500 per one square metre (gross value) for an apartment finished in a turnkey system.
In connection with preparatory work for execution of successive projects, the Company employed Project Managers who will supervise investment processes in Gdańsk, Łódź, Katowice and Kraków.