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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:7891A Bulgarian Property DevelopmentsPLC 31 March 2006 FOR IMMEDIATE RELEASE 31 MARCH 2006 BULGARIAN PROPERTY DEVELOPMENTS PLC ("the Group") (The Group is primarily focussed on the development of commercial property and in particular building pre-let warehousing, distribution centres and offices) REVIEWED INTERIM STATEMENT FOR THE SIX MONTHS ENDED 31 DECEMBER 2005 Main points * Turnover #2,000 * Loss before tax #165,000 * Loss per share 2p * Solid progress in assembling sites in Sofia and Bansko * Value of land portfolio up 55.2% at 25 November 2005 * #32.9 million net new equity raised on 16 January 2006 at 55p per Share * Bulgaria's GDP growth is estimated to have been 5.4% for 2005 Enquiries: Bulgarian Property Developments Ivo Hesmondhalgh (Chief Executive) +44 (0) 20 7243 1336 Matrix Corporate Finance Ken Vere Nicoll +44 (0) 20 7925 3300 Fairfax I.S. Limited James King +44 (0) 20 7598 5368 Cubitt Consulting Brian Coleman-Smith / Nia Thomas / Allison Reid +44 (0) 20 7367 5100 BULGARIAN PROPERTY DEVELOPMENTS PLC REVIEWED INTERIM STATEMENT FOR THE SIX MONTHS ENDED 31 DECEMBER 2005 CHAIRMAN'S STATEMENT I am pleased to enclose the reviewed Financial Statement for the six months ended 31 December 2005. Results The results do not reflect the significant progress that has been made in the current calendar year, particularly the successful fundraising which raised #32.9 million net for the development of the Group. Turnover in the period was #2,000 and the Group made a loss before tax of #165,000. The loss per share was 2p. At this stage in the Group's development the Directors do not intend to declare a dividend. Progress Report The Group has continued to make solid progress in assembling its sites in Sofia, around the airport and on the ring road and in Bansko (Bulgaria's leading ski resort). Colliers International valued the Group's land portfolio as at 25 November 2005, which produced a 55% uplift in value against the aggregate purchase price for the property portfolio at that date. The land portfolio is held in the Group's accounts as trading assets and in accordance with its accounting policies these assets have not been re-valued in its accounts. The Group exchanged contracts in November 2005 to sell a parcel of land located on the eastern side of the ring road. The sale is conditional on rezoning of the land from agricultural to commercial use, which has been applied for. Assuming the sale completes at the agreed value, this would represent an uplift of approximately 90% on the price paid by the Group in January 2005. Outline planning permission has been applied for in respect of two of our other sites to change of use from agricultural to commercial and to establish the height of any buildings and the percentage area of each site that can be built on. Due to local government elections, the planning process has been slightly delayed but the Directors believe that permission should be granted within the next four months. Outline planning permission has been granted to develop the Group's site in Bansko as a residential block. Once the communal areas have been taken account of, this should provide for the development of approximately 10,000 square metres. Detailed planning permission is being applied for and the Group hopes to be able to start work on the foundations of the building in the summer. The development is expected to comprise a total of approximately 120-140 luxury 1-3 bedroom apartments. The Directors intend to concentrate on the development of commercial property and in particular building pre-let warehousing, distribution centres and offices. In order to maximise profitability in these sectors which require the ownership of sizeable amounts of land, the Group is continuing its strategy of building up its land bank by consolidating small plots into commercially useable sites. As previously reported to Shareholders, the Group raised #32.9 million, net of expenses, in January 2006, through the placing of new Ordinary Shares coordinated by Fairfax I.S. This has provided the funds which should enable the Group to take advantage of the opportunities which it has identified in Bulgaria and enable it to become an important player in that market. As part of its strategy the Group has been strengthening its management team in Bulgaria and also intends to appoint a UK Finance Director to its Board, initially on a part time basis, to manage the increase in finance and administration which the Group's much larger asset base will entail. Bulgaria continues to develop with GDP growth estimated for 2005 of 5.4% and I believe that your Group is now in a position to participate in a significant way in its exciting future. Christian Williams Chairman 31 March 2006 Consolidated Profit and Loss Account for the six months ending 31 December 2005 Unaudited Audited 6 month period 14 month ended 31 December period ended 2005 30 June 2005 #000 #000 Turnover 2 - Cost of sales - - Gross profit 2 0 Administrative expenses (186) (318) Operating loss (184) (318) Interest receivable 19 44 Loss on ordinary activities (165) (274) Tax on profit on ordinary activities - - Retained loss for the period (165) (274) Loss per share (2p) (5p) Consolidated statement of Total recognised Gains & Losses Loss on ordinary activities after taxation (165) (273) Currency translation differences on foreign currency net investments (20) (1) Total recognised gains and losses for the period (185) (274) The Company was established on 4 May 2004 but only started trading in January 2005, therefore no interim figures were produced for the period ended 31 December 2004. Bulgarian Property Developments Plc - Consolidated Balance Sheet as at 31 December 2005 31 December 2005 30 June 2005 #000 #000 Fixed assets - - Current assets Stock 3,161 2,409 Debtors 26 66 Cash at bank 682 1,550 3,869 4,025 Creditors: amounts due within 1 year (85) (47) Net current assets 3,784 3,978 Net assets 3,784 3,978 Represented by Share Capital 2,226 2,226 Share Premium account 2,017 2,026 Profit and loss account (459) (274) Shareholders funds 3,784 3,978 Consolidated Cash Flow Statement for the period ending 31 December 2005 Unaudited Audited 6 month 14 month period ended period ended 31 December 30 June 2005 2005 #000 #000 Net cash outflow from operating activities (857) (2,746) Returns on investments Interest received 19 45 Net cash inflow from returns on investments 19 45 Net cash outflow before financing (838) (2,701) Financing Issue of ordinary shares - 4,452 Less issue costs (9) (200) - 4,242 Net cash outflow (847) 1551 Cash and cash equivalents at the beginning of the period 1,550 (1) Translation differences (20) - Cash and cash equivalents at 31 December 2005 683 1,550 Reconciliation of operating profit to net operating cash outflow #000 #000 Operating loss (184) (318) Increase in stocks (751) (2,409) Increase in debtors 40 (66) Increase in creditors 38 47 (857) (2,746) Bulgarian Property Developments Plc Notes to the Interim financial Statements for the six months ended 31 December 2005 1. The financial information contained in this document has been prepared on accordance with the Generally Accepted Accounting Principles in United Kingdom and with AIM rules and does not constitute statutory accounts with the meaning of section 240 of the Companies Act 1985. Statutory accounts for the period ended 30 June 2005 have been filed with the Registrar of Companies. The auditors have reported on those accounts; their report is unqualified. 2. Comparatives The six month period to 31 December 2005 represents the first interim reporting period. The Group was admitted on to AIM in December 2004. The comparative period represents audited results for the period ended 30 April 2005. 3. Accounting policies The interim statement has been prepared on the basis of the accounting policies set out in the Group's audited accounts for the period ended 30 June 2005. The main policies are noted below: Basis of Consolidation The consolidated accounts incorporate the accounts of the company and all its subsidiary undertakings. Where subsidiaries are acquired or sold during the year the group profit and loss account includes the results for the part of the year for which they were subsidiaries. All subsidiaries are consolidated using the acquisition method. Stock Stock represents land acquired for resale and is valued at the lower of cost and net realisable value. 4. Loss per ordinary share The loss per ordinary share is based on the losses for the 6 months ended 30 June 2005 of #165,000 and the weighted average number of ordinary shares in issue during the period of 8,904,000 (30 June 2005: loss of #273,000 for 14 months ended 30 June 2005 and weighted average number of ordinary shares of 5,163,000). 5. Taxation No liability to corporation or overseas income taxes arises for the period due to losses incurred. Bulgarian Property Developments Plc Notes to the Interim financial Statements for the six months ended 31 December 2005 (continued) 6. Post balance sheet events On 16 January 2006 at an Extraordinary General Meeting the shareholders voted to raise a further #35 million through a Placing of Ordinary Shares. A total of 63,636,000 Ordinary Shares were issued at 55 pence per share raising #35,000,000 before expenses amounting to #2,100,000. These new Ordinary Shares were allotted on 18 January 2006, when the total number of Ordinary Shares in issue increased to 72,541,000. 7. Dividends No dividends have been proposed. 8. Reconciliation of movement in shareholders' funds #'000 Opening shareholders funds 3,978 Loss for the period (165) Currency translation on foreign currency net investments (20) Issue costs (9) Closing shareholders funds 3,784 Independent review report to Bulgarian Property Developments plc Introduction We have been instructed by the company to review the financial information for the six months ended 31 December 2005 which comprises the Chairman's statement, the Consolidated Profit and Loss Account, the Consolidated statement of Total Recognised Gains and Losses, the Consolidated Balance Sheet and the related notes 1 to 8. We have read the other information contained in the interim report and considered whether it contains any apparent misstatements or other material inconsistencies with the financial information. This report is made solely to the Company in accordance with guidance contained in Bulletin 1999/4 'Review of interim financial information' issued by the Auditing Practices Board. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company, for our work, for this report, or for the conclusions we have formed. Directors' responsibilities The interim report, including the financial information contained therein, is the responsibility of, and has been approved by, the directors. The directors are responsible for preparing the interim report in accordance with the AIM rules of the London Stock Exchange which require that the accounting policies and presentation applied to the interim figures should be consistent with those applied in preparing the preceding annual accounts except where any changes, and the reasons for them, are disclosed. Review work performed We conducted our review in accordance with guidance contained in Bulletin 1999/4 issued by the Auditing Practices Board for use in the United Kingdom. A review consists principally of making enquiries of the group management and applying analytical procedures to the financial information and underlying financial data and based thereon, assessing whether the accounting policies and presentation have been consistently applied unless otherwise disclosed. A review excludes audit procedures such as tests of controls and verification of assets, liabilities and transactions. It is substantially less in scope than an audit performed in accordance with Auditing Standards and therefore provides a lower level of assurance than an audit. Accordingly, we do not express an audit opinion on the financial information. Review conclusion On the basis of our review we are not aware of any material modifications that should be made to the financial information as presented for the six months ended 31 December 2005. Nexia Audit Limited 25 Moorgate Chartered Accountants London Registered Auditors EC2R 6AY Date 31 March 2006 This information is provided by RNS The company news service from the London Stock Exchange END IR SDAFLFSMSELD
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