• BGN 102 thousand operating profit;
• BGN 5,616 million net sales revenue;
• 19 apartments, sold for the first quarter of 2010.
Sofia, 27th of April 2010
„FairPlay Properties” REIT achieved 102 thousand net profit in the first quarter of 2010. The operating revenues of the Company are BGN 5.616 millions. 86 % or BGN 4.849 millions are formed by the reported sales of 27 apartments, that is an increase of 40% versus the first quarter of 2009.
In the first three months of the year the Company signed new contracts for the sale of 19 apartments with a total value excluding VAT – BGN 3.364 million.
| Sales | 1Q 2010 | 1Q 2009 | Change % |
| Concluded contracts for sale in "Santa Marina", Sozopol | 19 | 15 | 27% |
| sq.m. | 1 537 | 1 090 | 41% |
| Value in EUR excl. VAT | 3 364 147 | 2 686 878 | 25% |
| Revenues | |||
| Numver of reported apartaments | 27 | 13 | 108% |
| sq.m. | 2 168 | 1 115 | 94% |
| Value in EUR excl. VAT | 4 849 042 | 3 465 633 | 40% |
| Indicators in BGN | 1Q 2010 | 1Q 2010 | Absolute change | Change % |
| Revenues from sales | 4 849 042 | 3 465 633 | 1 383 409 | 40% |
| Operating revenues | 5 616 000 | 4 182 000 | 1 433 808 | 34% |
| Operating costs | 5 514 000 | 3 688 000 | 1 826 000 | 50% |
| Profit for distribution | 102 000 | 494 000 | 391 903 | -79% |
| Financial expenses | 806 280 | 703 000 | 103 280 | 15% |
| Net Asset Value (NAV) | 73 640 000 | 80 633 000 | -9% | |
| NAV per share | 1,32 | 1,44 | -8% |
“The biggest project of the company – the Holiday Village “Santa Marina”, Sozopol received again recognition for quality. On April 8th, 2010 on a ceremony in the Marriott Grand Hotel in Moscow, were awarded the prizes of Russia`s leading magazine for real estate – Homes Overseas. The Holiday village “Santa Marina” Sozopol received a golden prize in the category “Best project in Bulgaria”, commented Manu Moravenov, CEO of “FairPlay Properties” REIT.
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According to statistics of the FSC „FairPlay Properties” REIT is the most significant company for securitization of real estate /without land/ by assets. “FairPlay Properties” REIT is listed on the BSE – Sofia on 17th of February, 2006. Major shareholder in the company is “FairPlay International” with 66.9% share of the capital, other shareholders are institutional investors (10 pension, 20 mutual funds and investment companies) and over 330 individuals and legal entities, small investors.
At the end of 2009, the investment portfolio of “FairPlay Properties” REIT consists of 11 projects in different market segments. The total built-up area is 380 thousand sq.m and the investments made by the company until 31.12.2009 amounted to EUR 173 million.
As the company and its largest project – Holiday Village “Santa Marina”, Sozopol have won many prestigious awards, including:
• “Company with best corporate governance for companies with special investment purpose for the 2006”, the Association of Investors.
• “Best IR website”, the Association of Directors of Investor Relations in Bulgaria for 2008.
• “Best Marine project” for the holiday village “Santa Marina”, Sozopol – the international competition “Best Project of 2009” organized within the Year of Bulgaria in Russia. This is another recognition of the holiday village after the prize “Complex of the Year” by the “Building of the Year 2006” award and its website for “Best Website in Real Estate category” by the International Web Festival Albena 2008.
• Golden prize in the competition of the Russian eddition Homes Overseas – Homes Overseas Russian Awards in 2010 for the holiday village “Santa Marina”, Sozopol.
• Annual Award for 2009 of the Bulgarian Hotel and Restaurant Association (BHRA) in the category best four star resort hotel for the project of the company SPA Hotel “St. Ivan Rilski”, Bansko.
• The Chief Executive Officer of the company – Manu Moravenov is one of the authors of the National Corporate Governance Code and is a member of the Bulgarian National Committee for Corporate Governance. Mr. Moravenov was included in the Top 10 of the competition “Business Person of 2009”.
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For more information:
Snezhana Yotinska
Director of Investor Relations
Tel.: 81 99 121
e-mail: s.yotinska@fpp.bg
