„FairPlay Properties” REIT records BGN 719 thousand profit for the first half of 2013

• BGN 719 thousand operational profit
• BGN 743 thousand financial result for distribution

Sofia, June 30, 2013

“FairPlay properties” REIT has concluded the first hapf of 2013 with a positive financial result at the amount of BGN 719 thousand that is 21% turn down in comparison with the same period of the previous year. The net revenues from sales amounts to BGN 11 714 mln and notes turn down of 18%. The revenues from sales of production are at the amount of BGN 10,085 thousand or 86% of the operational revenues. The include the revenues from the recorded sales of 57 apartments (in the holiday village “Santa Marina”, Sozopol, holiday complex “St. Ivan Rilski, Bansko and “Marina Hill”, Chernomoretz). The other revenues are formed of rents and exploitation of investment properties.
As at June 30, the Fund has concluded 44 new contracts for sales of apartments. The total value of the concluded contracts amounts to BGN 6, 802 mln, excl. VAT.

Number of the concluded contracts for sales and number of the recorded apartments for the first half of 3013 and 2012

Sales	Н1 2013	Н1 2012	%
Number of the concluded contracts for sales
Number of the apartments	44	60	-27%
sq.m.	3 504	4 868	-29%
Amount in BGN, excl. VAT	6 801 563	10 590 574	-36%
Revenues	Н1 2013	Н2 2013	%
Number of the recorded apartments
Number of the apartments	57	81	-30%
sq.m.	4 605	6 123	-25%
Amount in BGN, excl. VAT	10 084 923	13 010 695	-22%

Key financial indicators of the Company
as at 30.06.2013 and 30.06.2012 (in thousand BGN)

Indicarots in thousand BGN	Н1 2013	Н2 2012	%
Net revenues from sales of production (apartments)	10 085	13 011	-22%
Operational revenues	11 728	14 348	-18%
Operational costs	11 009	13 440	-18%
Financial result	719	908	-21%
Interests cost	687	811	-15%
Financial costs	709	872	-19%
Net Asset Value (NAV)	64 906	65 973	-2%
NAV per share (in BGN)	1,16	1,18	-2%

As at the end of June 2013, the Company has 52 non completed contracts for sales of apartments, that are expected to realize additional revenues of BGN 9,4 mln until the end of 2015.

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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 57.3% share in the capital, the rest of the shareholders are institutional investors (10 pension, 21 mutual funds and investment companies) and over 400 individuals and legal entities, retail investors.
   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;
• The holiday village "Santa Marina" is distinguished with the primal award in the competition of FIABCI Prix D`Excellance, April 2013.