• BGN 1,905 mln financial result for distribution;
• BGN 28,404 mln operational revenues;
• BGN – 536 thousand financial result for accountancy purposes.
Sofia, March 25, 2013
“FairPlay Properties” REIT (FPP 6F3) records BGN 1,905 mln financial result, subject to distribution of dividends for the financial 2012.
According to the statement of the comprehensive income, the net revenues from sales of production (properties) for the year amounts to BGN 25, 6 mln. They are formed of concluded sales agreements for 151 apartments in the complexes “Santa Marina”, Sozopol, “St. Ivan Rilski”, Bansko and “Marina Hill”, Chernomoretz.
The balance due of the Fund for 2012 is a loss at the amount of BGN 536 thousand. The realized loss is in a result of a net turn-down in the value of investment properties in a result of performed yearly revaluation at market prices.
| Indicators in thousand BGN | as at 2012 | as at 2011 | % |
| Net revenues from sales of production (apartments) | 25 647 | 29 557 | -13% |
| Operational revenues | 28 404 | 32 704 | -13% |
| Operational costs | 28 940 | 34 724 | -17% |
| Financial result for accounting purposes | (536) | (2 020) | 73% |
| Financial result for distribution | 1 905 | 2 180 | -13% |
| Financial costs incl. | 3 834 | 6 601 | -42% |
| – Financial costs from revaluation of investment properties | 2 325 | 4 112 | -43% |
| Net Asset value (NAV) | 65 963 | 68 519 | -4% |
| NAV per share | 1,18 | 1,23 | -4% |
| Recorded revenues | 2012 | 2011 | % |
| Number of the recorded apartments | |||
Number of the apartments | 151 | 164 | -8% |
Sq.m. | 11 790 | 13 314 | -11% |
Value in BGN, exlc.VAT | 25 647 182 | 29 476 029 | -13% |
| Concludes Sales agreements | 2012 | 2011 | % |
Number of the apartments | 109 | 136 | -20% |
Sq.m. | 8 878 | 11 537 | -23% |
Value in BGN, excl. VAT | 18 512 174 | 25 361 363 | -27% |
As at the end of 2012, the Company has 64 not-finalized sales agreements that are expected to realize additional revenues at the amount of BGN 12,014 mln until the completion of 2013.
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“FairPlay Properties” REIT is listed on the BSE – Sofia on 17th of February, 2006. Major shareholder in the company is “FairPlay International” with 61.70% share in the capital, the rest of the shareholders are institutional investors (10 pension, 20 mutual funds and investment companies) and over 410 individuals and legal entities, retail investors.
As at December 2012, the investment portfolio of "FairPlay Properties" REIT includes 10 projects from different market segments. The TBA is 386 thousand sq. m., and the investments made by the end of the year amounts to BGN 205 mln.
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.
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More information:
Snezhana Yotinska, Investor Relations Director
Tel.: 02/ 8 199 121; e-mail: s.yotinska@fpp.bg
