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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Bulgarian Prop. | LSE:BPD | London | Ordinary Share | GB00B058TT05 | ORD 25P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 16.50 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number:4801K Bulgarian Property DevelopmentsPLC 16 October 2006 FOR RELEASE 7.00am 16 October 2006 BULGARIAN PROPERTY DEVELOPMENTS PLC ("BDP" or "the Group") (The Group is primarily focussed on the development of commercial property and in particular building distribution centres and offices in Bulgaria) PRELIMINARY RESULTS FOR THE YEAR ENDED 30 JUNE 2006 2006 2005 Turnover - - Profit/(loss) on ordinary #38,000 #(273,000) activities before taxation (Loss) for the financial year #(65,000) #(273,000) Basic earnings per share ( 0.17p) (5.3p) Highlights * Additional #32.9m net raised in January radically transformed BPD in terms of size and scale of project * Strategy to purchase small plots of land and consolidate them into larger sites suitable for commercial development continues * Additional strategy to buy larger sites with zoning for commercial development to allow faster turnaround of developments implemented * Value of BPD sites in Sofia increased in value * Permission granted for change of land use from agricultural to residential on BPD's site in the ski resort of Bansko * BPD and Fairplay International AD ("Fairplay") have formed a 50/50 joint venture and acquired Varna Logistics AD, whose only asset is a 130,000 square metre commercial site in Varna to create a business park * Purchase of a 22,000 square metre site in Plovdiv (the second largest city in Bulgaria) in a 50/50 joint venture with Fairplay to create a retail park * Contracts exchanged for the purchase of a commercial site of approximately 87,000 square metres in Sofia to create a business and retail park * Purchase of a 36,500 square metre site in Pleven (north Bulgaria) as part of a consortium consisting of BPD (38%), Fairplay (38%) and Sofia Estates (24%) to create a retail park Outlook * BPD in negotiations to purchase a number of other properties * Optimistic about the prospects for the current year Enquiries: Bulgarian Property Developments Ivo Hesmondhalgh (Joint Chief Executive) +44 (0) 20 7243 1336 Bulgarian Property Developments Philip Pashov (Joint Chief Executive) +359 (0) 963 13 59 Cubitt Consulting Brian Coleman-Smith / Nia Thomas / Allison Reid +44 (0) 20 7367 5100 Notes to Editor: Bulgarian Property Developments: Bulgarian Property Developments floated on AIM in January 2005, raising #4.2 million net. A further #32.9 million net was raised in January 2006. BPD is primarily focused on commercial property development as opposed to residential. Inheritance Laws in Bulgaria have given rise to fragmented land ownership. There are therefore considerable difficulties in assembling commercially viable sites exist. BPD has taken advantage of this opportunity to consolidate small land plots into larger ones for commercial development and had previously acquired 33 plots in the Sofia area the majority of which have been consolidated into four sites for commercial development. Following the fund raising in January 2006, BPD has been seeking to acquire larger sites for commercial development. A strong management team with cultural knowledge and connections in Bulgaria has facilitated has been requited. Background on the Bulgaria and the Property Market: Bulgaria is in a transitional period, moving from a command to a market economy. Bulgaria is joining the European Union in 2007, which should be favourable for the Bulgarian property market. Bulgaria joined NATO in 2004. The Bulgarian economy is growing strongly and Bulgaria is a politically stable country. It continues to develop with GDP growth estimated for 2005 of 5.4%. The Lev has been pegged to the Deutsche Mark since 1997 and the Euro since the Euros introduction as Euro 1: Lev 1.9558. BULGARIAN PROPERTY DEVELOPMENTS PLC PRELIMINARY RESULTS FOR THE YEAR ENDED 30 JUNE 2006 CHAIRMAN'S STATEMENT The key highlight of the year was the successful placing that was undertaken towards the end of 2005 and completed in January 2006, resulting in raising an additional #32.9 million (net of expenses). This has radically transformed the company, both in terms of size and the scale of projects that it can undertake. I welcome our new shareholders and look forward to keeping all shareholders informed of progress and to deliver some very worthwhile results in the years ahead. Another significant highlight is the recent decision by the European Community confirming that Bulgaria will join the Community as predicted on 1st January 2007, thus accelerating harmonisation, which is likely to provide further stimulus for the Bulgarian property market. The results for the year show a loss after tax of #65,000. This is lower than last year's loss of #273,000 due to operating costs being offset by interest earnings derived from the proceeds of the injection of additional funds referred to above. The majority of these additional funds are now earmarked for utilisation in further suitable property investments in larger sites and in geographically diverse situations. The directors do not propose to declare a dividend. During the year, the company has proceeded with its strategy of purchasing small plots of land and consolidating them into large sites suitable for commercial development. It has now completed the consolidation of its main site on the Ring Road of Sofia, which totals 92,500 square metres (approx. 23 acres). Re-zoning of this site is expected to be completed in early 2007. The total cost to the company of this site is Euro 2,152,000. Colliers International, in a valuation dated 18 September 2006, have valued the land without re-zoning at Euro 49psm, which would value the site at Euro 4,532,000. The value of the company's two sites near the airport in Sofia, totalling 38,000 square metres (approx. 9.4 acres), have also seen a significant uplift. These sites have been consolidated from 22 land purchases and have, so far, cost the company Euro 2,151,000. The two plots have been valued by Colliers International without re-zoning at Euro 3,260,000. Rezoning of these sites is expected to be completed early in 2007. Rezoning permission has been granted on the company's site in the ski resort of Bansko to change the use of the land from agricultural to residential. Outline planning permission has also been granted on the site, which permits a development of approximately 11,000 square metres above ground. Detailed planning permission is scheduled to be approved in the next few months and building work is planned to begin in Spring 2007. In July, the company entered into a 50/50 joint venture with Fairplay International AD for the development of a retail centre in Plovdiv, Bulgaria's second largest city. On 25 July 2006, the company purchased 50% of the capital of Trakia Retail Centre EOOD ("TRC") for Euro 127,823. Both the company and Fairplay International AD injected loans of Euro 2,300,000 each into TRC in order that TRC might purchase a 21,800 square metre land plot on the Trakia district of Plovdiv on 29 July 2006 at a price of Euro 4,431,000. The site is in the densely populated Trakia district of Plovdiv and has planning permission for development as a retail centre. The company is actively seeking an anchor tenant for this site. Once an anchor tenant has been secured, the company will proceed with the development of the site. Fairplay International AD a property investor and developer is a company managed and controlled by its Chairman Mario Zachariev, who has been an advisor to Bulgarian Property Developments plc since its inception. The company anticipates achieving an annual yield in excess of 15% from the completed development. The company achieved a significant high point on 4 October 2006 when it purchased 50% of the shares of Varna Logistics AD for a consideration of Euro 6,366,000. The other 50% of the shares were simultaneously purchased by Fairplay International AD at the same price. The sole asset of Varna Logistics AD is a 132,500 square metres income producing industrial site in the city of Varna, the third largest city in Bulgaria. The site is partly occupied by a number of run down industrial buildings, which are tenanted and produce a net return of 5.3 per cent per annum. The company intends to develop the vacant portion of the site for warehousing and offices and, once these are completed then relocate the existing tenants. The existing run down buildings would then be demolished and more warehousing and offices built. The company also intends to provide retail outlets for wholesalers on the site. The company anticipates achieving an annual yield in excess of 15% from the developed site. On 11 October 2006, a consortium, of which BPD EOOD owns 38%, purchased a plot of land of 36,500 sq.m in the City of Pleven. BPD EOOD's share of the purchase price was Euro 620,000. Pleven is a busy town of 100,000 inhabitants in the north of Bulgaria. The site has planning permission for retail use and the consortium is already seeking anchor tenants. Once at least one anchor tenant has been signed up, the consortium will commence the development of the site. On 7 July 2006, the company signed a preliminary contract for the purchase of approximately 87,000 square metres of land and buildings in the city of Sofia, at a price of EUR 21,540,000. The site is near the upmarket residential area of Lozenets. It paid a deposit of EUR 1,000,000 currently held in an escrow account. Completion did not take place on the due date of 7 October 2006 following failure by the vendor to deliver title. The company is taking legal advice. The company is in negotiations with a number of other vendors and expects to be able to announce their acquisition in the next few months. If the purchase of all of the properties which are under negotiation or subject to contract are completed, the company will effectively be fully invested. The balance of the funds available to it will be approximately Euro 8,000,000 which will provide seed capital for the development of the sites and for working capital. Having regard to the increased size of the company, the number of staff in Sofia was enlarged with the appointment of business development managers, negotiators, a finance manager and administrative staff. The company also relocated into larger offices. Keith Springall was appointed as Finance Director on 31 May 2006. His financial skills and international experience will complement and strengthen an already excellent management team. I would like to thank all our staff for their hard work and diligence during the past year. Your board look forward to continued progress and are optimistic of the prospects of your company in the year ahead. Christian Williams Chairman CONSOLIDATED PROFIT AND LOSS ACCOUNT For the year ended 30 June 2006 Notes 2006 2005 #'000 #'000 Turnover - - Administrative Expenses (633) (318) ___________________ Operating loss (633) (318) ___________________ Interest receivable and similar income 671 45 ___________________ Profit/(Loss) on ordinary activities before taxation 3 38 (273) Tax on loss on ordinary activities 3 (103) - ___________________ (Loss) for the financial year 3 (65) (273) ___________________ Basic and fully diluted earnings per share 2 (0.17)p (5.3)p All of the above results derive from continuing activities. CONSOLIDATED STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES For the year ended 30 June 2006 2006 2005 #'000 #'000 Loss on ordinary activities after taxation (65) (273) Currency translation differences on foreign (6) (1) currency net investments ___________________ Operating (loss) (71) (274) ___________________ CONSOLIDATED BALANCE SHEET For the year ended 30 June 2006 2006 2005 #'000 #'000 Fixed assets - - Investments ___________________ Current assets Stocks 3,494 2,409 Debtors 505 66 Cash at bank 33,162 1,550 ___________________ 37,161 4,025 Creditors: amounts falling due within one year (336) (47) ___________________ Net current assets 36,825 3,978 ___________________ Total assets less current liabilities 36,825 3,978 ___________________ Capital and reserves Called up share capital 18,135 2,226 Share premium 19,035 2,026 Profit and loss account (345) (274) ___________________ Shareholders' funds 36,825 3,978 ___________________ CONSOLIDATED CASHFLOW STATEMENT For the year ended 30 June 2006 2006 2005 #'000 #'000 Net cash outflow from operating activities (1,977) (2,747) Returns on investments and servicing of finance Interest received 671 45 ____________________ Net cash inflow from returns on investments 671 4 Net cash outflow before financing (1,306) (2,702) Financing Issue of ordinary shares 35,000 4,452 Less: issue costs (2,082) (200) ____________________ Net cash inflow from financing 32,918 4,252 ____________________ Increase in cash 31,612 1,550 ____________________ NOTES TO THE FINANCIAL INFORMATION 1. Basis of preparation and financial information The financial information in this preliminary announcement has been prepared in accordance with the accounting policies set out in the financial statements of Bulgarian Property Developments for the financial year ended 30 June 2006. The financial information in this document does not constitute the company's statutory accounts for the financial year ended 30 June 2006 or financial year 2005, but is derived from those accounts. Statutory accounts for 2005 have been delivered to the Registrar of Companies and those for 2006 will be delivered following the company's Annual General Meeting. The auditors have reported on these accounts: their reports were unqualified and did not contain statements under sections 237 (2) or (3) of the Companies Act 1985. 2. Earnings per share The calculation of earnings per share is based on the loss for the financial year of #65,000, and the weighted number of shares in issue of 38,070,801. The diluted loss per share is identical to that used for basic loss per share as the exercise of options would have the effect of reducing the loss per share and therefore is not dilutive under Financial Reporting Standard 22 "Earnings per Share". 3. Tax on Loss on Ordinary Activities 2006 2005 #'000 #'000 Analysis of charge for the year Current tax UK corporation tax at 30% 103 - ____________________ The standard rate of tax for the year, based on the UK standard rate of corporation tax is 30%. The actual tax charge for the current year is less than the standard rate for reasons set out in the following reconciliation: 2006 2005 #'000 #'000 FRS 19 reconciliation of current tax charge Profit/(loss) on ordinary activities before tax 38 (273) Tax on loss on ordinary activities at standard CT rate of 30% 11 (82) Effects of: Expenses not deductible for tax purposes 11 39 Unrelieved tax losses - 7 Utilisation of tax losses (9) - Overseas losses not available for relief 90 36 ____________________ 103 - ____________________ 4 RECONCILIATION OF OPERATING PROFIT TO NET OPERATING CASH OUTFLOW 2006 2005 #'000 #'000 Operating loss (633) (318) Increase in stocks (1,085) (2,409) Increase in debtors (439) (66) Increase in creditors 180 46 ____________________ Net cash outflow from operating activities (1,977) (2,747) ____________________ This information is provided by RNS The company news service from the London Stock Exchange END FR UOUBRNURRAAA
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