„FairPlay Properties” REIT (FPP/6F3) reported BGN 114 thousand financial result for distribution.
According to the statement of the comprehensive income of the company net revenue from sales of goods (property) for the year are BGN 24 million. 95% of them or BGN 23.044 million are formed from the conclusion of contracts for the sale of 131 apartments in the complexes “Santa Marina”, Sozopol and “St. Ivan Rilski”, Bansko. The remaining 5% or BGN 1.117 million are formed from the sale of construction rights.
The financial result of the fund for 2010 is a loss of BGN 2.887 million. The realized loss is due to the annual revaluation of investment properties.
According to the statement of the comprehensive income of the company net revenue from sales of goods (property) for the year are BGN 24 million. 95% of them or BGN 23.044 million are formed from the conclusion of contracts for the sale of 131 apartments in the complexes “Santa Marina”, Sozopol and “St. Ivan Rilski”, Bansko. The remaining 5% or BGN 1.117 million are formed from the sale of construction rights.
The financial result of the fund for 2010 is a loss of BGN 2.887 million. The realized loss is due to the annual revaluation of investment properties.
| Indicators in BGN | 2010 | 2011 | Change |
| Revenues from Sales of Production | 24 161 000 | 22 331 000 | 8% |
| Revenues from Activity | 27 107 000 | 29 919 000 | -9% |
| Activity costs | 29 994 000 | 28 286 000 | 6% |
| Revenues/ Costs from revaluation of investment properties | -3 001 000 | 630 000 | |
| Financial result for distribution | 114 000 | 1 004 000 | -89% |
| Profit/ Loss | -2 887 000 | 1 633 000 | -227% |
| Net Asset Value (NAV) | 70 651 000 | 74 515 000 | -5% |
| NAV per share | 1,27 | 1,33 | -5% |
| Sales Agreements | 2010г. | 2009г. | Chamge % |
| Number of the apartments | 163 | 166 | -2% |
| sq.m. | 12 958 | 12 604 | 3% |
| Value in BGN, excl. VAT | 29 239 302 | 27 978 546 | 5% |
| Revenue from Sales | 2010г. | 2009г. | Change % |
| Number of reported apartments | 131 | 111 | 18% |
| sq.m. | 10 413 | 8 865 | 17% |
| Average sale price in BGN/sq.m., ecxl. VAT | 2 213 | 2 519 | -12% |
| Revenues from sales of apartments BGN, excl.VAT | 23 043 677 | 22 330 828 | 3% |
| Book value of sold apartments in BGN, excl. VAT | 14 034 864 | 11 957 495 | 17% |
| Financial result from saled in BGN, excl. VAT | 9 008 814 | 10 373 333 | -13% |
The decrease of the financial results for distribution of the company in 2010 is due to lower average selling price of apartments compared to 2009.
At the end of 2010, the company has 135 unfinished sales contracts, from which additional revenue of BGN 23.8 million is expected over the next three years.
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According to statistics of the FSC „FairPlay Properties” REIT is one of the most significant companies 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 64.58% 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 2010 the investment portfolio of „FairPlay Properties” REIT includes 10 projects in different market segments. The total floor area is 381 thousand square meters and the investments made by the company amount to BGN 183 million.
The company has 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;
• Second place in the Annual rating of Dnevnik newspaper – “The top 100 best companies on the stock exchange in Bulgaria in 2009” in the category “Best REIT for properties”.
The projects of the company have won many prestigious awards, including:
• The largest project of the company – holiday complex “Santa Marina”, Sozopol with award „Holiday complex of the Year” from the competition „Building of the year 2006” and award for its webpage in the category „Best Real Estate Website” from the international web festival Albena 2008;
• „Best Marine Project” for the holiday village “Santa Marina”, Sozopol – from the international competition „Best Project 2009”, organized in the frame of the initiative Year of Bulgaria in Russia;
• Gold award “Best Holiday Village of 2010” for the project “Santa Marina” in Sozopol of the Russian magazine Homes Overseas;
• 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;
• Annual Award “Best Holiday Village of 2010” of the Bulgarian Hotel and Restaurant Association (BHRA) for the project “Santa Marina” in Sozopol
Company information, 2011, March 17
At the end of 2010, the company has 135 unfinished sales contracts, from which additional revenue of BGN 23.8 million is expected over the next three years.
****
According to statistics of the FSC „FairPlay Properties” REIT is one of the most significant companies 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 64.58% 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 2010 the investment portfolio of „FairPlay Properties” REIT includes 10 projects in different market segments. The total floor area is 381 thousand square meters and the investments made by the company amount to BGN 183 million.
The company has 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;
• Second place in the Annual rating of Dnevnik newspaper – “The top 100 best companies on the stock exchange in Bulgaria in 2009” in the category “Best REIT for properties”.
The projects of the company have won many prestigious awards, including:
• The largest project of the company – holiday complex “Santa Marina”, Sozopol with award „Holiday complex of the Year” from the competition „Building of the year 2006” and award for its webpage in the category „Best Real Estate Website” from the international web festival Albena 2008;
• „Best Marine Project” for the holiday village “Santa Marina”, Sozopol – from the international competition „Best Project 2009”, organized in the frame of the initiative Year of Bulgaria in Russia;
• Gold award “Best Holiday Village of 2010” for the project “Santa Marina” in Sozopol of the Russian magazine Homes Overseas;
• 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;
• Annual Award “Best Holiday Village of 2010” of the Bulgarian Hotel and Restaurant Association (BHRA) for the project “Santa Marina” in Sozopol
Company information, 2011, March 17
