Following the debt releases agreed on

Quabit closes the first quarter with a 2.9 million profit

The residential portfolio totalled 2,955 units.

Madrid, May 15th, 2018.- During the first quarter of 2018, Quabit Inmobiliaria has continued to consolidate its operating results for the coming years with the intensification of its investments plan, the launch of new projects and the progress of those currently in operation.

In the first three months of the year the company has completed land acquisition to the value of 17 million euros with a development potential of 60,155 square metres. Following these operations, its land portfolio totals 1,076,825 square metres with a development potential for 9,000 dwellings.

Additionally, during the first quarter three new developments have been launched, bring the developments at different stages of execution to 45. In total, the residential portfolio totalled 2,955 units with an estimated turnover of 633 million euros which will be recognised in the income statement as deliveries progress between 2018 and 2019.

This year will also see the first deliveries of developments, with a total of 215 units, although it will be in 2019 when the figure of a thousand registered dwellings will be obtained, reaching a rate of 3,000 deliveries a year in 2022.

In parallel, the forecast is to end 2018 with 1,700 units under construction. There are currently 775 units with construction work already in progress.

The evolution of the pace of its marketing also runs parallel to the performance of Quabit’s business plan. In this respect, the increase in pre-sales has accelerated with the start of the new marketing phases, to a total of 606 dwellings pre-sold to the value of 123 million euros in the first quarter of the year.

Quabit Inmobiliaria’s results are those of a company in full expansion and growth. For this reason, the turnover does not include sales or results from new developments and is reduced by 82.1%, given the virtual liquidation of residential stock (13 units at 31 December 2017). Net profit totals 2.9 million euros, a 69% increase compared to the result of the first quarter of last year following the debt releases agreed on.

The debt remissions pending (50.2 million euros) and the tax credits pending recognition (137,2 million euros) are two major value levers that have the potential of generating profits both in 2018 and in the coming years.