Warsaw real estate market integrator obtained after the fourth quarter of 2011, consolidated revenues of 143.1 million PLN, and net income of 8.7 million PLN. After four quarters of 2011 years Alterco Group reached 14.3 million PLN operating profit. The level of equity capital reached 244 million PLN, and total assets of the company at the end of December 2011 have reached 409.5 million PLN . This translates into an increase of over over 24% compared year by year.
"Despite the difficult period for the property market, we are consistently building the value of our Company. Alterco is growing steadily and we are expecting this trend to continue. In the fourth quarter, we managed to accomplish several projects we have been workeing on for a long time. We remain optimistic about the future and do not intend to change our investment strategy, consisting in the integration of the real estate market, because as shown by the numbers, this strategy is effective regardless of market conditions " - said Zbigniew Zuzelski, CEO of Alterco SA.
The fourth quarter of 2011, confirmed the company's competence and efficiency in asset management of Alterco owned real estate. During this period, the Company acquired 50% of the "French Hotel" shares. The hotel is located just at the historic downtown of Krakow. The hotel has four floors and a total area 2 992 m2. Alterco paid 20 500 000,00 PLN to buy its shares. The project is managed jointly with the Gessler family who are showing extraordinary dedication and passion to run this hotel and restaurant at the highest service level. The hotel has been owned by the Company's for less than four months and since then has became a compulsory destination for tourism at the culinary map of Krakow. Buying of that property was in the plans for the development of the tourism division of the Group Alterco.
In the fourth quarter of last year was realized long-awaited development is also associated with the sale, for a total of 14.2 million euros, which the tenant is the property of Canal +. Both the acquisition and sale of real estate located in Warsaw's Stegny took place in the fourth quarter of 2011. Parcel of land with an area of ??3000 m2 located along with its five-storey office building with total area 14 893 m2 was of interest to the company Alterco a long time.
One of the recent investments in the past year was the acquisition by the Warsaw property market integrator, 100% of the shares Handuk Consulting Ltd. The activities of the newly acquired company focuses on construction projects. Currently, the company's real estate assets are paid in the form of land for commercial development, which aim is to create a shopping arcade. The nature of the investment is part of the consistently implemented strategy, whose main aim is to integrate the real estate market.
In addition to the real estate investments of the fourth quarter , Alterco issued - under the conditional increase of share capital - 785 000 series A warrants, convertible into shares of series H, with a total market value of 31.4 million PLN. Funds acquired form the issue have been used to implement and developinvestment projects located within the structures of the Group.
Alterco Group's strategy involves participation in projects which ensure high rates of return. The main factor determining the attractiveness of the property is its location, so the company regularly monitors the market and conducts its detailed analysis. The aim is to predict actions and purchases are not currently worthwhile projects, but also those that promise a high return in subsequent years.