• BGN 1,633 mln profit from activity;
• BGN 1,004 mln profit for distribution;
• BGN 29.2 mln net sales revenues;
Sofia, 18 February 2010
„FairPlay Properties” (FPP 6F3) realized BGN 1.633 mln profit in 2009 – this was reported in the audited annual financial statement of the Company with special investment purpose, published today.The total income statement shows that BGN 29.284 mln are the sales revenues for the year.
Fund`s profit is formed by sale of 111 apartments from the residential complexes “Santa Marina”, located near the town of Sozopol and “Saint Ivan Rilski” – in the town of Bansko.
The total value of the transfers is estimated at BGN 22.33 mln, which is 76% of the sales revenues. The rest of company`s income is formed by rent and exploitation of investment properties and sale of construction rights.
| Indexes | 2009 | 2008 | % |
| Revenues from sale of apartments (BGN) | 22 331 000 | 35 361 000 | -37% |
| Revenues from the Activity (BGN) | 29 919 000 | 42 983 000 | -30% |
| Activity costs (BGN) | 28 286 000 | 29 239 000 | -3% |
| Annual profit (BGN) | 1 633 000 | 13 744 000 | -88% |
| Profit for distribution (BGN) | 1 003 538 | 7 765 246 | -87% |
| Net assets value (NAV, BGN) | 74 515 000 | 80 139 000 | -7% |
| NAV per share (BGN) | 1,33 | 1,44 | -7,60% |
| Profit per share (BGN) | 0,03 | 0,25 | -88% |
| Sales | 2009 | 2008 | % |
| Concluded agreements for sale of apartments fron "Santa Marina", Sozopol | 161 | 183 | -12% |
| sq.m. | 12 240 | 14 066 | -13% |
| BGN per sq.m. excl. VAT | 2 248 | 2 846 | -21% |
| Revenues | 2009 | 2008 | % |
| Number of apartments accounted from "Santa Marina" and "St.Ivan Rilski" | 111 | 173 | -36% |
| sq.m. | 8 865 | 13 326 | -33% |
| BGN per sq.m. excl.VAT | 2 519 | 2 654 | -5% |
In 2009 the Fund has concluded new contracts for the sale of 166 apartments in “Santa Marina” and “Saint Ivan Rilski” with total area of 12 600 sq.m and on average price of BGN 2 650.
„FairPlay Properties retains its pace of sales in “Santa Marina” – in the most successful 2008 year, were sold 14 066 sq.m. in comparison with 12 240sq.m. in the crisis 2009th. Another trend is the extension of the holiday properties payment period in crisis, which delays reporting of sales as income, but guarantees cash flow in future ", said Manu Moravenov, CEO of FairPlay Properties REIT.
“For the next tree years “FairPlay Properties” has signed 105 contracts and reported 17 million euro income, of which 10.8 million for 2010th. The difference between the forecasted and reported profits is due to the lower reported sales revenues from Stage 3 of “Santa Marina” in the last quarter of 2009” , added Manu Moravenov.
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According to FSC`s statistics “FairPlay Properties” REIT is the largest company for securitization of real estates /excluding agricultural land/, by assets. “FairPlay Properties” REIT is listed on the BSE – Sofia, on 17 February 2006. Major shareholder in the company is “FairPlay International” JSC with 66, 9% share in the capital. Other shareholders are institutional investors (10 Pension funds, 20 Mutual funds and Investment companies) and over 330 legal and physical entities, retail investors.
At the end of 2009 the investment portfolio of FairPlay Properties REIT includes 11 projects in different market segments. The total area is 380 thousand sq. m. and the investments made by the company up to 31.12.2009 amounted BGN 173 mln.
The Company has been awarded with many prestigious awards, including "Company with best corporate governance among the companies with special investment objective for 2006” of the Association of Investors and "Best IR website” from the Association of the Investor Relations Directors in Bulgaria.
In the end of June , the Company`s project "Santa Marina", Sozopol was awarded for the Best Marine Project of the international contest "Best Project 2009" organized within the Year of Bulgaria in Russia. This is another appraisement of the holiday village after the award "Holiday Complex of the Year" by the "Building of the Year 2006" award and for its website "Best site in the Property category " of the International Web Festival Albena 2008.
With an annual award in 2009 by the Bulgarian Hotel and Restaurant Association (BHRA) was awarded the company’s project Spa Hotel St. Ivan Rilski, Bansko in the category “Best four-star holiday Hotel”.
The Chief Executive Officer of the company – Manu Moravenov is one of the authors of the National Corporate Governance Code and he is a member of the Bulgarian National Committee on Corporate Governance.
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For more information:
Snejana Yotinska
Director of Investment Relations
Tel.: 81 99 121
e-mail: s.yotinska@fpp.bg
"AAA Communications"
Toni Markov
Mob.tel: 0886 194 390
e-mail: office@aaa-comm.bg
