• BGN 291 thousands profit from the activity
• BGN 19,8 thousands net revenues from sales
Sofia 22, October, 2010
FairPlay Properties REIT completed the third quarter with BGN 291 thousands net profit, according its reports as at 30.09.2010. The Fund has realized BGN 19,8 thousand revenues from sales , 89% (17,71 mln ) of which are from finalization of sales agreements for 90 apartments from the complexes “Santa Marina”, Sozopol and “St. Ivan Rilski”, Bansko. The rest of the revenues are formed by rents and exploitation of properties.
Through the nine months of the year, the Company concluded new sales agreements of 139 apartments in “Santa Marina” with TBA 10 700 sq. m. at the amount of BGN 29,380 mln. excluding VAT.
| Sales | As at 30.10.2010 | As at 30.09.2009 | Change % |
| Number concluded sales agreements in "Santa Marina", Sozopol | 139 | 126 | 6% |
| sq.m. | 10 700 | 9 856 | 13% |
| Averrage sq.m. | 77 | 78 | 6% |
| Cost in BGN, ecxl. VAT | 29 380 634 | 26 755 786 | 10% |
| Revenues | As at 30.09.2010 | As at 30.09.2009 | Change % |
| Number concluded sales agreements in "Santa Marina", Sozopol | 87 | 79 | 10% |
| sq.m. | 7 274 | 6 381 | 14% |
| Cost in BGN, excl. VAT | 16 324 109 | 16 819 286 | -3% |
| Indices in BGN | As at 30.09.2010 | As at 30.09.2009 | Change % |
| Revenues from sales of production | 17 710 000 | 17 118 000 | 3% |
| Operating revenues | 19 833 000 | 22 930 000 | -14% |
| Operating expenses | 19 542 000 | 21 451 000 | -9% |
| Profit for distribution | 291 000 | 1 479 000 | -80% |
| Financial costs | 2 367 000 | 2 333 000 | 1% |
| Net Asset Value (NAV) | 73 829 000 | 74 361 000 | -1% |
| NAV per share | 1,32 | 1.33 | -1% |
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According to statistics of the FSC „FairPlay Properties” REIT is the most significant company for securitization of real estate /without agricultural 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 66.97% share in the capital, the rest of the shareholders are institutional investors (10 pension, 20 mutual funds and investment companies) and over 330 individuals and legal entities, retail investors.
At the end of 2009, the investment portfolio of “FairPlay Properties” REIT consists of 11 projects in different market segments. The TBA is 380 thousand sq.m and the investments made by the Company until 31.12.2009 amountes to EUR 173 million.
The Company and its largest project – the holiday Village “Santa Marina”, Sozopol have won many prestigious awards, including:
• “Company with best corporate governance for companies with special investment purpose 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 magazine Homes Overseas – Homes Overseas Russian Awards 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 CEO 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.
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For more information:
Snezhana Yotinska
Director of Investor Relations
Tel.: 81 99 121
e-mail: s.yotinska@fpp.bg
