• BGN 2,18 mln financial result for distribution
• BGN 32,70 mln revenues from the activity
• BGN -2,02 mln
Sofia, March 27, 2012
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% |
| 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% |
***
„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.
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.
