“FairPlay Properties” REIT reports 127 thousand BGN profit for the first half of 2010

• 127 thousand BGN operating profit;
• 12,9 million BGN net sales revenue;
• 60 apartments reported for the first half of 2010.
Sofia, July 19, 2010

“FairPlay Properties” REIT completed the first half of 2010 with a positive financial result of BGN 127 thousand. The Net revenues from sale of production amounted to BGN 11,7 million. 94% of these or 10,9 million are formed by the reported sales of 60 apartments from the complexes “Santa Marina”, Sozopol and “St. Ivan Rilski”, Bansko.
Other revenues of the Company are formed from the sale of  construction right, rental income and operating investment properties.
As at June 30, the Fund has concluded 70 new sales agreements. The total value of concluded agreements is BGN 12,07 million excluding VAT.

Key financial indicators of the Company
30.06.2009 and 30.06. 2010 (EUR)

 Indicators in BGN 1H 2010 1H 2010 Change %
 Revenue from sales 12 899 000 11 670 000 11%
 Operating revenues 12 900 000 11 671 000 11%
 Operating expenses 12 773 000 10 257 000 25%
 Profit for distribution 127 000 1 414 000-91% 
 Financial expenses 1 606 000 1 506 000 7%
 Net Asset value (NAV) 73 665 000 74 296 000 -1%
 NAV per share 1,32 1,33 -1%

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”.


For more information:

Snezhana Yotinska
Director of Investor Relations 
Tel.: 81 99 121
e-mail: s.yotinska@fpp.bg