• BGN 1,633 mln profit from the activity;
• BGN 1,004 mln. profit for distribution;
• BGN 29, 2 mln. Net revenues from sales.
Sofia, March 24, 2010
On the Annual general meeting of the shareholders, held on March 24, 2010, the shareholders of ‘FairPlay Properties” REIT made a decision for distribution of BGN 976 943,975 from the previous year profit as dividend. The net financial result of the Fund for 2009 reached BGN 1,633 mln., and the profit for distribution BGN 1,004 mln. 97,35% of it will be distributed by the form of dividend at the amount of BGN 0,0175 per share.
At the meeting, the report of the Board of the Directors for 2009, the annual financial statement, the auditor`s report, the report of the Audit Committee and the Report of the Investor relations Director were approved. The shareholders voted a change in the members of the Audit Committee of the Company, as Svetla Dimitrova Angelova replaced Kamen Dimitrov Dimitrov.
As at 31.12.2010 the Fund has invested BGN 173 in 11 projects from different market segments with TBA 380 thousand sq. m.
Through the previous year, the Company has completed 111 Sales agreements for sale of apartments from the projects “Santa Marina”, the town of Sozopol and “St. Ivan Rilski”, the town of Bansko for total BGN 22, 33 mln. and has concluded new agreements for 166 apartments at the total value of BGN 33,6 mln.
| Indicators | 2009 | 2008 | % |
| Revenues from sale of apartments (BGN) | 22 331 000 | 35 361 000 | -37% |
| Revenues from activity (BGN) | 29 919 000 | 42 983 000 | -30% |
| Cost for the activity (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 in " Santa Marina", Sozopol | |||
| sq.m. | |||
| BGN/ sq.m. excl.VAT | |||
| Revenues | 2009 | 2008 | % |
| Accounted apartments from "Santa Marina" and "St. Ivan Rilski" | |||
| sq.m. | |||
| BGN/ sq.m. excl.VAT |
“The investment program through 2010 will be focused entirely in two of the projects of the Company – “Santa Marina” in the town of Sozopol and Panichishte. Between BGN 8 and 9 mln are planned to be invested in these projects through the current year.” announced to the shareholders Manu Moravenov, CEO of “Fairplay Properties” REIT.
***
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 0886 194 390
e-mail: office@aaa-comm.bg
