"FairPlay Properties" REIT records BGN 965 thousand profit for the first half of 2011

•    BGN 965 thousand profit from the activity
•    BGN 14,993 mln net revenues from sales

Sofia, July 21, 2011

   ""FairPlay Properties" REIT completed the first half of 2011 with a positive financial result at the amount of BGN 965 thousand.The net revenue from sales of production raise with 16% in comparison with amount in the end of the same period of the previous year and now they are BGN 14, 993 mln. 89% or BGN 13,294 thousand of them are formed from the sales recorded of 74 apartments in the complexes "Santa Marina", Sozopol, "St. Ivan Rilski", Bansko and "Marina Hill" Chernomoretz.
   The other revenues of the Company are formed by revenues from rents and exploatation of the investment properties.
   Through the second quater, the Company started selling fron its newest project "Marina Hill", the town of Chernomoretz.
   As at June 30, the Fund has contracted 70 new sales agreements for apartments. The total value of the agreements concluded is BGN 15, 177 mln, including VAT. 

Number of the concluded sales agreements and number of the recorded apartments as at 30.06.2011and 30.06.2010  (thousand BGN)
 Sales as at 30.06.2011as at 30.06.2010 Change %
 Number of sales agreements concluded   
 Number of the apartments 70 70 0
 sq.m. 5 830 5 422 8%
 Value in BGN, incl. VAT 15 177 137 14 479 293 5%
 Number of the recorded apartments    
 Number of the apartments 77 60 28%
 sq.m. 6 188 5 017 23%
  Value in BGN, excl. VAT 13 293 539 10 914 364 22%

Leading financial indicators of the Company as at
30.06.2011 and 30.06.2010 (BGN thousand)
 Indicators in thousand BGN as at 30.06.2011as at 30.06.2010 Change %
 Revenues from sales of production 13 294 11 668 14%
 Revenues from the activity 14 993 12 900 16%
 Activity costs 14 028 12 773 10%
 Financial result 965 127 660%
 Financial result for distribution 992 127 681%
 Financial costs 1 350 1 606 -16%
 Net Asset Value (NAV) 71 616 70 651 1,4%
 NAV per share 1,28 1,27 0,79%


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