We established our new German subsidiary, KEMAG Deutschland GmbH, which has already won the first large-scale order as a general contractor of an apartment house in Berlin.
After Ukraine, Romania, Serbia, Russia, and Belarus we founded KEMAG Deutschland GmbH., the German subsidiary of our company. Our new company in Germany set up at the beginning of the year, and we have already won the first major general construction work. On the behalf of Corpus Sireo, an investment fund we are building a 25 500 m2, 230-unit apartment house in Berlin. We also supply raw materials and labor from Hungary, from our own resources for the realization of the investment.
Attila Kovacs, vice president of the group highlighted regarding the new order: "We are proud that our subsidiary, launched this year, was able to put its foot on the very strong German market in such a short period of time. It also proves that we are on track to achieve sales of EUR 60-80 million per year by 2020 in Germany. As in case of the rest of our subsidiaries abroad, the general policy is that all the profit generated abroad should be spent in Hungary. "
Uniquely on the domestic construction market, 30% of the total annual turnover of the group comes from the projects implemented by foreign subsidiaries; this result could be increasing by the activity of the German company. Last year we closed a highly successful year, we built eight factories in Central and Eastern Europe on the area of 111 Olympic-sized swimming pools.