• BGN 852 thousand financial result for distribution;
• BGN 774 thousand operational profit;
• BGN 14,7 mln net revenues from sales.
Sofia, October 30, 2013
“FairPlay Properties” REIT concludes the nine months of 2013 with a positive financial result at the amount of BGN 774 thousand. The operational revenues og the Company amounts to BGN 16,8 mln and have decreased with 27% in accordance with their amount in the end of the same period of the previous year. 87% of them or 14,7% are formed by the recorded sales of 82 apartments from the complexes “Santa Marina”, Sozopol, “St. Ivan Rilski”, Bansko and “Marina Hill”, Chernomoretz.
The rest of the revenues of the Company are formed by revenues from rents and exploitation of investment properties.
For the nine months of 2013, the Fund has concluded new contracts for sale of 69 apartments with TBA 5 682 sq.m. at the amount of BGN 11,2 mln excl. VAT.
Number of the concluded contracts for sale of apartments and number of the recorded apartments as at 30.09.2013 and as at 30.09.2012
| Sales | as at 30.09.2013 | 30.09.2012 | % |
| Number of concluded sales contracts | |||
Number of apartments | 69 | 94 | -27% |
sq.m. | 5 682 | 7 643 | -26% |
Amount in BGN, excl. VAT | 11 209 190 | 16 188 322 | -31% |
| Revenues | as at 30.09.2013 | as at 30.09.2012 | % |
| Number of recorded apartments | |||
Number of apartments | 82 | 122 | -33% |
sq.m.. | 6 874 | 9 531 | -29% |
Amount in BGN, excl. VAT | 14 671 135 | 20 855 671 | -30% |
Main Financial Indicators of the Company as at
30.09.2013 and as at 30.09.2012 (thousand BGN)
| Indicators in thousand BGN | as at 30.09.2013 | as at30.09.2012 | % |
| Net revenues from sale of production (apartments) | 14 671 | 20 856 | -30% |
| Operational revenues | 16 792 | 22 914 | -27% |
| Operational costs | 16 018 | 20 571 | -22% |
| Financial result | 774 | 2 343 | -67% |
| Interests | 1 016 | 1 175 | -13% |
| Financial costs | 1 044 | 1 263 | -17% |
| Net Asset Value (NAV) | 64 961 | 68 852 | -6% |
| NAV per share in BGN | 1,166 | 1,233 | -6% |
As at the end of September 2013 the Company has 48 non-finalized sales contracts, that are expected to realize additional income of BGN 8,3 mln until the end of 2015.
***
“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.
