FairPlay Properties" reported BGN 2.180 million financial results, which subject to dividends for 2011

•       BGN 2,18 mln financial result for distribution
•       BGN 32,70 mln revenues from the activity
•       BGN -2,02 mln

Sofia, March 27, 2012

"FairPlay Properties" reported BGN 2.180 million financial results, which subject to dividends for 2011.
According to the statement of comprehensive income of the company net income from sales of goods (property) is BGN 29.6 million for 2011. They are formed by the completion of contracts for the sale of 164 apartments in "Santa Marina", Sozopol, "St. Ivan Rilski", Bansko and "Marina Hill", Chernomorets.
The accounting result of the fund for 2011 is a loss of BGN 2.02 million. It is a result of a net decline in the value of investment properties due to the annual revaluation at market prices.

 Incicators in BGN (thousands)2011  2010 %
 Net revenues from sale of production (apartments) 29 557 24 161 22%
 Revenues from activity 32 704 27 107 21%
 Activity Costs 34 724 29 994 16%
 Financial result (2 020) (2 887) 30%
 Financial result for distribution 2 180 114 1 810%
 Financial costs incl.: 6 601 6 107 8%
 – Financial cost from revaluation of investment properties 4 112 3 001 37%
 Net Asset Value (NAV) 68 519 70 651 – 3%
 NAV per share 1,23 1,27 – 3%

 Registered revenues 2011 2010 %
 Number of registered apartments   
 Number of apartments 164 131 25%
 sq.m. 13 314 10 413 28%
 Value in BGN, excl. VAT 29 476 029 23 043 677 28%
    The increase in financial result for distribution of the company in 2011 is due to the growth in the number of sold apartments in 2011 compared to the previous financial year.
 Registered sales 2011 2010 %
 Number of concluded sale contracts   
 Number of apartments 136 163 – 17%
 sq.m. 11 537 12 908 – 11%
 Value in BGN, excl. VAT 25 361 363 29 239 302 – 13%
   At the end of 2011 the company had 109 not finalized contracts for sale, which are expected to bring additional income of BGN 19,6 million to the end of 2013.
   „FairPlay Properties” REIT is the largest in assets Company for securitization of real estate /without agricultural land/ and second according this indicator in-between the first 10 REITs, listed on BSE – Sofia, that invest in real estate, according the FSC Statistics for 2010.

   “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 340 individuals and legal entities, retail investors.
   At the end of December 2011,  the investment portfolio of „FairPlay Properties” REIT includes 10 projects in different market segments. The total built – up area is 385 thousand square meters and the investments made by the Company amounts to BGN 194 million.

The Company has received many prestigious awards, including:

•  „Company with best Corporate governance for Special investment purpose Companies, 2006”, Investors` Association in Bulgaria;

•  „Best IR Website”, the Bulgarian Association of Investor Relations Directors for 2008;

•  Second place in the Annual rating of Dnevnik newspaper – “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 also received many prestigious awards, including:

•  The largest project of the Company – the 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;

•  Golden  award “Best Holiday Village of 2010” for the project “Santa Marina” in Sozopol from 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.