Press release from “FairPlay Properties” REIT about: announcement of the Financial Statements of the company for the 3rd quarter of 2007.
The Profit of “FairPlay Properties” REIT reached BGN 8 million as of 30.09.2007
The sales of the Company reached 274 apartments from the current projects. In addition, until this moment the reported incomes are for 197 of them.
Sofia, 22 October 2007
The current profit of “FairPlay Properties” REIT is BGN 7, 9 million as about BGN 6 million as of end September as BGN 6 million of it is subject to allocation among the shareholders of the company. The financial result is BGN 8.6 million inclusive of the retained profit of year 2006. This is mentioned in the financial statement of the Company up to 30 September 2007. Only for the last quarter, the Fund has doubled the profit for dividends by adding new BGN 3 million.
The total sales revenues (without revaluation incomes) amount to BGN 30 million realized from the sale of 197 apartments. The cash receipts from sales amount to BNG 37, 2 million including BGN 35.8 million from sales of apartments and BGN 1.4 million from sales of land.
As a result of new contracts as of 30 September 2007, “FairPlay Properties” REIT has sold 90% of the apartments from Stage I of the holiday village “Santa Marina”, 27% from Stage II of the same complex and 17% of the holiday village “Ivan Rilski”.
The company is about to reach the forecasted parameters for 2007:
Result till 30.09
Results till 31.12
|Amount of the signed sales agreements excl. VAT||27||39|
|Cash flows from sales of apartments||36||46,5|
|Revenues from sales||30||43|
|Profit from dividends||6||8,8|
In the third quarter of 2007, the fund has made new investments on amount of BGN 25 million. “FairPlay Properties” has started a new project in August 2007, namely the construction of a holiday village on the shore of the natural phenomenon – the closed lake Panichishte. The “Rila Lake Resort” will consist of 8 buildings with 308 apartments for sale and a hotel of 30 000 sq. m. total unfolded built-up area on a site of 25,600 sq. m., 18 000 sq. m. of which will be green areas, walkways and gardens. The accent of the composition is the lake, as it is forecasted in the project that all the rooms and apartmamnts will be faced to the landmark. The property is situated of the tourist route to the famous Rila Lakes and is 5 minutes walk from the lifts to Panichishte Ski Zone.
The forecasted amount of the investments in the project is BGN 50 million. The Company has created a special “Plan for recreation and protection of the Environment” and “Plan for an investment with infrastructural significance for the municipality of Sapareva Banya”. The complex will be easy to be reached by special need people by ramps an elevators. In addition, there will be situated 2 restaurants, tavern, lobby bar, Buddha Bar, Spa Center with an inside swimming pool, Steam and Turkish Baths, games area, Hair-dresser Saloon, Conference Rooms, Outside and Inside parking spaces, shops, Ski wardrobe, Kindergarten, even a real amphitheatre.
“FairPlay Properties” REIT is listed on the Bulgarian Stock Exchange – Sofia on 17 February 2006. The main shareholder in the Company is “FairPlay International” JSC with 66% quota in the capital. The other shareholders are Institutional Investors (9 Pension Funds, 15 Mutual Funds, and Investment Companies) over 200 physical persons and Legal Entities, small investors.
“FairPlay Proprties” has an award from the Investor‘s Association for “The Best Corporate Governance of REIT`s 2006”