TIDMBSP
RNS Number : 7783Q
Black Sea Property PLC
29 October 2021
Friday 29 October, 2021
Black Sea Property
Half-year Report
BLACK SEA PROPERTY PLC
("Black Sea Property" or the "Company")
Half-yearly report for the period ended 30 June 2021
The Board of Black Sea Property PLC is pleased to announce its
interim report for the six-month period ended 30 June 2021.
Electronic copies of the interim report will be available at the
Company's website http://www.blackseapropertyplc.com
BLACK SEA PROPERTY PLC simon.hudd@d3ainvestments.com
Simon Hudd, Chairman
PETERHOUSE CAPITAL LIMITED
AQSE Corporate Adviser
Mark Anwyl +44 (0) 20 7469 0930
Market Abuse Regulation (MAR) Disclosure
This announcement contains inside information for the purposes
of Article 7 of the Market Abuse Regulation EU 596/2014 as it forms
part of retained EU law (as defined in the European Union
(Withdrawal) Act 2018).
Chairman's Statement
Chairman's statement
I am pleased to present the unaudited interim financial
statements of the Company for the six months ended 30 June
2021.
The unaudited net asset value as at 30 June 2021 was EUR21.8
million or 1.20 cents per share (30 December 2020: EUR22.4 million
or 1.23 cents per share).
During the period, the Company generated revenues of EUR207,147
(June 2020: EUR129,476) which resulted in a loss before taxation of
EUR593,746 (June 2020: EUR72,420). The results reflected other
income of EUR213,543 (June 2020: EUR911,705), property operating
expenses of EUR271,863 (June 2020: EUR381,301), other operating
expenses of EUR278,605 (June 2020: EUR457,688) and interest payable
and other charges of EUR390,939 (June 2020: EUR274,612). Loss per
share amounted to EUR0.03 cents (June 2020: EUR0.01 cents).
Camping South Beach EOOD ("CSB")
During the period, the trend for high domestic demand in the
hospitality segment continued from 2020. Camping South Beach
strengthened its position as a destination for luxury camping
holidays and beach houses, providing a safe environment and
adhering to the highest standards for social distancing.
Nevertheless, the expected occupancy levels were adversely
influenced due to significant Covid restrictions impacting
international travel. However, CSB did benefit from the
consequential rise in domestic demand, achieving occupancy levels
of 75% in July 2021 and 81.5% in August 2021.
This year marked the first active season under the
recently-signed Concession Agreement for the beach and CSB
successfully entered into several newly-signed tenancy agreements
with restaurant operators.
The Bulgarian tourist segment in 2021 was mainly driven by
domestic travel. CSB benefits from the increased trends within the
Bulgarian hospitality market towards camping holidays in local
markets which allow for social distancing while holidaying within
the country.
Ivan Vazov 1 Building
In August after a lengthy approvals process with the authorities
in Sofia, the Company received permission to reconstruct one of the
Company's principal investments, the historic Ivan Vazov building
in central Sofia.
As part of the Company's development plan, the Company will
convert the internal space into luxury, high specification offices,
with the attic floor being reconstructed and converted into a
mansard roof space.
The Company is planning to commence reconstruction works at the
Ivan Vazov building in October 2021. The Company is firmly
committed to carry out all of the works in line with the applicable
regulations.
ECDC Group
In July 2021, one of the investment properties in Plovdiv held
by the ECDC Malta Company was sold for cash consideration of
approx. EUR1.06 million. The property was valued at EUR0.83 million
at the time of acquisition by Black Sea Property in February 2020.
The proceeds of the disposal were used to repay debt and for
general working capital purposes.
On 30 September 2021, Black Sea Property agreed to sell the
remaining assets of ECDC Group for cash consideration of EUR4.5
million. Those assets were valued by the Company at EUR2.5 million
at the time of the sale. The proceeds of the disposal will be used
to repay debt and for general working capital purposes.
Change of Registered Office and Registered Agent
In March 2021, the Company appointed Crowe Trust Isle of Man
Limited to act as Administrator and Registered Agent.
With effect from 31 March 2021, the Company changed its
registered office to 6th Floor, Victory House, Prospect Hill,
Douglas, Isle of Man, IM1 1EQ.
Appointment of a Director
The Company appointed Simon Hudd as the Company's Non-executive
Chairman on 26 February 2021.
We are not yet able to assess fully the impact of the current
restrictions on the results for the period ending 30 June 2021 as a
result of the continuing impact of Covid-19 but, in the meantime,
we are managing closely our cash flow and cost base. We believe
that the potential for our camping operations with the
refurbishment of the Ivan Vazov 1 will add significant value in due
course.
The Directors of the Company are responsible for the contents of
this announcement.
Simon Hudd
Chairman
29 October 2021
Consolidated Statement of Comprehensive Income
for the period ended 30 June 2021
(Unaudited) (Unaudited)
6 months 6 months
to to
30 June 30 June
2021 2020
Notes EUR EUR
Total revenue
Revenue 207,147 129,476
Property operating expenses (271,863) (381,301)
------------ ------------
Net rental and related income (64,716) (251,825)
------------ ------------
(Loss)/gain on revaluation of investment (60,674) -
properties
Bargain purchase on acquisition -
Net (loss)/gain on investment property (60,674) -
------------ ------------
Administration and other expenses 6 (278,605) (457,688)
Total operating (loss)/profit (403,995) (709,513)
------------ ------------
Operating loss before interest and tax
Other income 7 213,543 911,705
(Losses) from investments accounted
for using the equity method 5 (12,355) -
Interest payable and similar charges (390,939) (274,612)
(Loss)/profit before tax (593,746) (72,420)
Tax expense - -
(Loss)/profit and total comprehensive
income for the period (593,746) (72,420)
============ ============
(Loss)/Profit and total comprehensive
income attributable to the:
- shareholders of the parent company (552,335) (72,420)
- non-controlling interest (41,411) -
(Loss)/earnings per share
Basic & Diluted(loss)/earnings per share
(cents) 8 (0,03) (0.01)
The notes form an integral part of these financial
statements.
The financial statements were approved and authorised for issue
by the Board of Directors on 29 October 2021
and were signed on their behalf by:
Chairman Director
Simon Hudd Ventsislava Altanova
Consolidated Statement of Financial Position at 30 June 2021
(Unaudited) (Audited)
30 June 31 December
2021 2020
Notes EUR EUR
Non-current assets
Investment properties 9 42,360,142 42,360,142
Intangible assets 10 639,479 655,876
Property, plant and equipment 25,367 27,782
Investment in associate 5 4,958 17,313
Total non-current assets 39,701,729 43,061,113
-------------- --------------
Current assets
Trade and other receivables 149,020 168,330
Loan receivables 89,936 -
Related party receivables 13 662,500 811,809
Cash and cash equivalents 921,142 370,197
Total current assets 1,822,598 1,350,336
-------------- --------------
Total assets 44,852,544 44,411,449
============== ==============
Equity and liabilities
Issued share capital 70,699,442 70,699,442
Retained deficit (47,326,257) (46,773,922)
Foreign exchange reserve (1,533,086) (1,533,086)
-------------- --------------
Total equity, attributable to the
shareholders of the parent company 21,840,099 22,392,434
Non-controlling interest (3,106,645) (3,065,234)
Total equity 18,733,454 19,327,200
-------------- --------------
Non-current liabilities
Bank loans 11 8,375,363 8,612,341
Trade payables 12 578,710 585,628
Deferred tax liability 1,941,799 1,941,799
-------------- --------------
Total non-current liabilities 10,895,872 11,139,768
-------------- --------------
Current liabilities
Bank loans 11 8,930,726 8,772,797
Trade payables 12 2,024,164 1,023,520
Related party payables 13 4,268,328 4,148,164
Total current liabilities 15,223,218 13,944,481
-------------- --------------
Total liabilities 26,119,090 25,084,249
-------------- --------------
Total equity and liabilities 44,852,544 44,411,449
============== ==============
Number of ordinary shares in issue 1,813,323,603 1,813,323,603
NAV per ordinary share (cents) 14 1.20 1.23
The notes form an integral part of these financial
statements.
The financial statements were approved and authorised for issue
by the Board of Directors on 29 October 2021
and were signed on their behalf by:
Chairman Director
Simon Hudd Ventsislava Altanova
Consolidated Statement of Changes in Equity for the period ended
30 June 2021
Share Retained Foreign Total equity Non-controlling Total
capital earnings currency attributable interests
translation to the parent
reserve company
EUR EUR EUR EUR EUR EUR
At 1 January 2020 64,774,886 (47,174,957) (1,533,086) 16,066,843 - 16,066,843
Share capital increase 5,924,556 - - 5,924,556 - 5,924,556
----------- ------------- ------------- --------------- ---------------- -----------
Transactions with
owners 5,924,556 - - 5,924,556 - 5,924,556
Profit and loss for
the period - (72,420) - (72,420) - (72,420)
Total comprehensive
income - (72,420) - (72,420) - (72,420)
----------- ------------- ------------- --------------- ---------------- -----------
At 30 June 2020 70,699,442 (47,247,377) (1,533,086) 21,918,979 - 21,918,979
=========== ============= ============= =============== ================ ===========
At 1 January 2021 70,699,442 (46,773,922) (1,533,086) 22,392,434 (3,065,234) 19,327,200
Profit and loss for
the period - (552,335) - (552,335) (41,411) (593,746)
Total comprehensive
income - (552,335) - (552,335) (41,411) (593,746)
----------- ------------- ------------- --------------- ---------------- -----------
At 30 June 2021 70,699,442 (47,326,257) (1,533,086) 21,840,099 (3,106,645) 18,733,454
=========== ============= ============= =============== ================ ===========
The notes form an integral part of these financial
statements.
The financial statements were approved and authorised for issue
by the Board of Directors on 29 October 2021
and were signed on their behalf by:
Chairman Director
Simon Hudd Ventsislava Altanova
Consolidated Statement of Cash Flows
for the period ended 30 June 2021
(Unaudited) (Unaudited)
6 months to 6 months to
30 June 2020 30 June 2019
EUR EUR
Operating activities
(Loss)/profit before tax (593,746) (72,420)
Loss/(gain) on revaluation of investment 60,674 -
properties
Loss from investments accounted for using
the equity method 12,355
Other income (213,543) (911,705)
Finance expense 390,939 274,612
Changes in the working capital (343,321) (709,513)
Decrease/(increase) in receivables 19,310 3,521
(Decrease)/increase in payables 226,315 (510,218)
Cash used in operation (97,696) (506,697)
Withholding tax paid - -
Net cash outflow from operating activities (97,696) -
Investing activities
Investment property additions and acquisitions (294,298) (3,548,474)
Proceeds from sale of investment property 1,000,000 -
Loans granted (89,936) (196,000)
Loan repayments 153,259 -
Interest received 208,660 911,705
Net cash (outflow)/ from investing activities 977,685 (2,832,769)
Financing activities
Proceeds from share capital issued - 4,529,598
Interests paid and other charges (316,333) (250 289)
Loans received 400,000 -
Loan repayment (407,363) -
Other flows from financing activities (5,348) -
Net cash inflow/(outflow) from financing
activities (329,044) 4,279,309
Net increase/(decrease) in cash and cash
equivalents 550,945 230,330
Cash and cash equivalents at beginning
of period 370,197 717,945
Cash and cash equivalents at end of period 921,142 948,275
============= =============
The notes form an integral part of these financial
statements.
The financial statements were approved and authorised for issue
by the Board of Directors on 29 October 2021
and were signed on their behalf by:
Chairman Director
Simon Hudd Ventsislava Altanova
Notes to the Financial Statements
for the period ended 30 June 2021
1. General information
Black Sea Property Plc (the Company) is a company incorporated
and domiciled in the Isle of Man whose shares are publicly traded
on the Aquis Stock Exchange in London.
2. Statement of compliance
These interim consolidated financial statements have been
prepared in accordance with IAS 34 Interim Financial Reporting.
They do not include all of the information required for full annual
financial statements, and should be read in conjunction with the
consolidated financial statements of the Group as at and for the
year-ended 31 December 2020.
The consolidated financial statements of the Group as at and for
the year ended 31 December 2020 are available upon request from the
Company's registered office at 6th Floor, Victory House, Prospect
Hill, Douglas, Isle of Man or at www.blackseapropertyplc.com.
These interim consolidated financial statements were approved by
the Board of Directors on 29 October 2021.
3. Significant accounting policies
The accounting policies applied in these interim financial
statements, except for the ones listed below, are the same as those
applied in the Group's consolidated financial statements as at and
for the year ended 31 December 2020
4. Financial risk management policies
The principal risks and uncertainties are consistent with those
disclosed in preparation of the Group's annual financial statements
for the year ended 31 December 2020.
5. Acquisition of ECDC Group
On 21 February 2020, the Company successfully completed the
acquisition of 100% of European Convergence Development (Cayman)
Limited ("ECD Cayman") and ECD Management (Cayman) Limited ("ECD
Management"). The consideration paid for ECD Cayman and ECD
Management in total was EUR3,582,638. Both companies were
subsidiaries of European Convergence Development Company PLC, Isle
of Man ("ECDC").
The Company also signed agreements for the acquisition of 29.85%
of ECDC at a price per share equal to the net asset value of the
shares of EUR0.00168 or a total of EUR44,855. The total cost net of
share transaction fees was EUR46,626. EUR1 was paid for the loan
granted by ECDC to ECD Cayman of EUR122,221,701.
The main rationale for the acquisition of interests in ECD
Cayman Group includes: the opportunity to add two development plots
suitable for logistics/industrial development (the site in Plovdiv)
and residential, commercial or hospitality development (the site in
Kraimorie), thus diversifying BSP portfolio. Both ECD Cayman and
ECDC have established structures in place that will save time and
costs for future investments.
The fair value of assets and liabilities acquired are as
follows:
EUR
Investment properties 4,922,142
Trade and other receivables 19,298
Cash and cash equivalents 613,952
Trade payables (226,990)
Loan payables (3,982,084)
------------
Net identifiable assets 1,346,318
------------
The bargain purchase on acquisition of the ECD Cayman group can
be presented as follows:
EUR
Net identifiable assets 1,346,318
Non-controlling interest 2,967,955
Consideration transferred (3,582,639)
------------
731,634
------------
After the initial recognition the Group has recognized losses
from ECDC Plc for 2020 of EUR29,313. In 2021 the Group has
recognized additional losses of EUR12,355.
6. Administration and other expenses
(Unaudited) (Unaudited)
6 months 6 months
to to
30 June 30 June
2021 2020
EUR EUR
Directors' remuneration 23,595 49,847
Investment advisory fees 107,136 107,136
Legal and professional fees 106,815 120,506
Other administration and sundry expenses 41,059 180,199
278,605 457,688
------------ ------------
7. Other income
(Unaudited) (Unaudited)
6 months 6 months
to to
30 June 30 June
2021 2020
EUR EUR
Interest income - receivable balances 113,371 232,843
Reversal of fair value adjustment of CSB acquisition
receivable balance 96,223 678,863
Reintegration of expected credit losses 3,950 -
213,543 911,705
------------ ------------
8. (Loss)/earnings per share
The basic (loss)/earnings per ordinary share is calculated by
dividing the net (loss)/profit attributable to the ordinary
shareholders of the Company by the weighted average number of
ordinary shares in issue during the period.
(Unaudited) (Unaudited)
6 months 6 months
to to
30 June 30 June
2021 2020
EUR EUR
(Loss)/earnings attributable to owners of
parent EUR (552,335) (72,420)
Weighted average number of ordinary shares
in issue 1,813,323,603 1,287,431,251
Basic (loss)/earnings per share (cents) (0.03) (0.01)
-------------- --------------
The Company has no potential dilutive ordinary shares; the
diluted (loss)/earnings per share is the same as the basic
(loss)/earnings per share.
9. Investment properties
(Unaudited) (Audited)
30 June 31 December
2021 2020
EUR EUR
Beginning of year 42,360,142 35,986,000
Acquisition - 4,922,142
Additions 60,674 1,189,404
Fair value adjustment (60,674) 262,596
------------ ------------
Total investment property 42,360,142 42,360,142
------------ ------------
Ivan Vazov 1 Building 10,974,000 10,974,000
Camp South Beach 16,040,000 16,040,000
Byala Land 10,510,000 10,510,000
Tsaratovo Plovdiv 1,472,142 1,472,142
Targovski Park 3,364,000 3,364,000
------------ ------------
Total investment property 42,360,142 42,360,142
------------ ------------
The Directors confirm that there are no material changes in the
valuation of investments as of 30 June 2021.
On 21st June 2021, European Convergence Development Malta
Limited (ECDC Malta) entered into agreement to transfer to the
buyer (Zagora Fininvest AD) the right of ownership over its own
real estate, representing land with identifier 78080.27.71, located
in the village of Tsaratsovo, Maritsa municipality, Plovdiv
district. The price for the property under the agreement is fixed
at EUR1,059,000 (VAT exclusive) to paid as follows: An amount of
EUR1 000 000 was scheduled for 30.06.2021 and balance of EUR59 000
is due to be paid after signing the final agreement for transfer of
the ownership of the property and establishing of first ranking
mortgage in favour the Bank, to credit the Buyer. ECDC Malta
received the initial payment as per the contract on 28th June 2021
and EUR400 000 were repaid from ECDC Malta on behalf of ECDC Cayman
- repayment liabilities. At the time of acquisition BSP took into
consideration valuation of the property at an amount EUR834
000.
10. Intangible assets
At the end of 2020, after participating in an open concession
award procedure, the Group through Camping South Beach received the
concession rights over the sea beach "Camping Gradina". During the
active summer season of 2020 the beach is managed by CSB under the
terms of a lease agreement. The concession agreement enters into
force on 17.10.2020, and at the beginning of 2021 the handover of
the sea beach by the grantor Ministry of Tourism to the
concessionaire was carried out. The term of the contract is 20
years. The concession contract of CSB grants the right to operate
the sea beach, performing alone or through subcontractors providing
visitors to the sea beach of the following services: beach
services, including the provision of umbrellas and sunbeds,
services in fast food restaurants, sports and entertainment
services, water attraction services, health and rehabilitation
services and other events, after prior agreement with the grantor.
A condition for operation of the concession site is the
implementation of mandatory activities, which include provision of
water rescue activities, security of the adjacent water area,
health and medical services for beach users, sanitary and hygienic
maintenance of the beach, maintenance for use of the elements of
the technical infrastructure, the temporary connections, the
movable objects, the facilities and their safe functioning.
For 2020 the Group has paid the first due concession fee, which
provides the period from the date of entry into force of the
concession agreement until the end of the same calendar year and
the period from January 1 of the last calendar year in which the
concession agreement is valid until the date upon expiration of the
contract.
According to the financial model presented by the Company, which
is accepted by the grantor and is an integral part of the
concession agreement, for the concession period the Group will make
additional investments related to the implementation of mandatory
activities and investments to improve access to the beach. After
the expiration of the concession contract, all constructed sites
remain the property of the grantor. The activities related to the
operation of the concession site are performed by the
concessionaire at his risk and at his expense.
The breakdown of the carrying amount can be presented as
follows:
(Unaudited) (Audited)
30 June 31 December
2021 2020
EUR EUR
Gross amount
Opening balance at 01 January 655,876 -
Additions - 655,876
------------ ------------
Closing balance and the period end 655,876 655,876
Amortization
Opening balance at 01 January - -
Amortization expenses (16,397) -
------------ ------------
Closing balance and the period end (16,397) -
Carrying amount at period end 639,479 655,876
------------ ------------
11. Bank Loans
(Unaudited) (Audited)
30 June 31 December
2021 2020
EUR EUR
Loan from UniCredit (a) 7,000,000 7,018,083
Central Cooperative Bank (b) 10,306,089 10,367,055
-------------------------------- ------------ -----------
17,306,089 17,385,138
------------ -----------
Long term bank loans 8,930,726 8,612,341
Current bank loans 8,772,797 8,772,797
------------ -----------
Reconciliation of bank loans
Beginning of year (gross loan) 17,193,043 17,193,043
Bank loan arrangement fees 8,729 8,729
Interest charged 546,207 546,207
Principal repayments - -
Interest payments (362,841) (362,841)
Total bank loans 17,306,089 17,385,138
-------------------------------- ------------ -----------
a) In October 2017, the Company entered into a secured debt
funding of EUR7 million from UniCredit Bulbank AD ("UniCredit"), a
leading Bulgarian commercial bank which was used to complete the
acquisition of the Ivan Vazov 1 Building. The debt funding from
UniCredit is secured by a commercial mortgage on the property
valued at EUR11,329,000. The term of the debt funding is thirty-six
months from date of execution of the loan documentation. The
repayment shall be made as a one-off payment on the repayment
deadline. At the date these financial statements were signed the
Company was in the process of renegotiating an extension of the
credit repayment. The interest on the loan is the internal interest
percentage by the bank plus 3.00%. The interest rate cannot be
lower than 3.00%. At year-end date the applicable annual interest
rate of the loan is 3.05%.
b) Central Cooperative bank loan and overdraft
(Unaudited) (Audited)
30 June 31 December
2021 2020
EUR EUR
Central Cooperative Bank overdraft (i) 663,718 664,605
Central Cooperative Bank overdraft (ii) 7,908,441 7,957,698
Central Cooperative Bank investment loan
(ii) 1,733,930 1,744,752
------------ ------------
10,367,055 10,367,055
------------ ------------
(i) This is an overdraft with Central Cooperative Bank. The
interest on the account is 4.00% and is repayable on 24 June 2022.
At the date these financial statements were signed the Company made
an extension of the credit repayment period by 12 months. In the
beginning of March 2020, the Group successfully negotiated
reduction of the interest rates on the loans due to Central
Cooperative Bank to 2,8%.The interest rate on the overdraft and the
investment loan is 3.6%. In the beginning of March 2020, the Group
successfully negotiated reduction of the interest rates on the
loans due to Central Cooperative Bank to 2,8%.
(ii) The interest rate on the overdraft and the investment loan
is 3.6%. The maturity date for both the overdraft and the
investment loan is 21 January 2028. In the beginning of March 2020,
the Group successfully negotiated reduction of the interest rates
on the loans due to Central Cooperative Bank to 2,8%.In 2020, in
connection with the Covid-19 pandemic and the effects on the
business environment in Bulgaria, the Governing Council of the
Bulgarian National Bank (BNB) approved the implementation of a debt
moratorium with a limited duration, allowing for changes in the
principal repayment schedule and / or interest on bank loan
liabilities, without changing key parameters of the loan agreement.
The Group took advantage of this opportunity for debt substitution
agreements for the investment loan one of the overdrafts. With
annexes from 12.06.2020 and 31.12.2020 a grace period was
determined for the due interest from May 2020 to January 2021. The
term of repayment of the loans remains unchanged.
12. Trade and other payables
Non-current trade and other payables can be presented as
follows:
(Unaudited) (Audited)
30 June 31 December
2021 2020
EUR EUR
Concession payable 569,873 571,351
Lease payables 8,837 14,277
------------ ------------
578,710 585,628
------------ ------------
The current trade and other payables can be presented as
follows:
(Unaudited) (Audited)
30 June 31 December
2021 2020
EUR EUR
Trade creditors 1,598,670 663,731
Concession payable 22,392 46,404
Lease payables 7,827 8,506
Other payables 395,275 304,879
------------ ------------
2,024,164 1,023,520
------------ ------------
The payable amounting to EUR1,000,000 represents advance payment
received for the sale of one of the investment properties in
Plovdiv (note 9).
13. Related party transactions
On 18 June 2020, a subsidiary of the Company, BSPF Project 1 EAD
("Project 1"), entered into a loan agreement with Phoenix Capital
Holding Plc (Phoenix). Project 1 lent Phoenix EUR196,000 at a fixed
annual interest rate of 4.5%, with a repayable date of 18 June
2021. At the end of 2020 the debtor made a partial repayment of the
loan amounting to EUR47,429 in the form of paying Group trade
payables. The outstanding balance as at 31.12.2020 is EUR 149 309.
The Group has recognized expected credit losses of EUR 3,950. As at
30.06.2021 the loan is repaid.
In July 2017, the Company appointed Phoenix Capital Management
JSC as its investment adviser with responsibility for advising on
the investment of the Company's property portfolio. Phoenix Capital
Holding Plc owns 79.99% of the Phoenix Capital Management JSC
shares. Phoenix Capital Holding Plc, through its wholly owned
subsidiary Mamferay Holdings Ltd, holds 24.81% (31.12.2020: 24.81%)
of the issued share capital of the Company. Phoenix Capital
Management JSC received fees of EUR107,136 (2020: EUR107,136). The
amount outstanding as at 30.06.2021 is EUR 53,568 (31.12.2020:
EUR160,704).
Upon the business combination of ECD the Group has recognized
EUR3,982,084 as payables to Sienit Holdings AD owner of 30% of
Targovski Park Kraimorie. The liabilities represent loans granted
by the shareholder. The Group has recognized interest expenses for
2021 of EUR120,163 (2020: EUR166,080). The outstanding liabilities
as at 30.06.2021 are EUR4,268,328 (31.12.2020: EUR4,148,164.
Upon the business combination the Group has acquired a
receivable from Sienit Holding AD. The nominal value is
EUR1,325,000, but at acquisition date it has been fully impaired.
As at 31.12.2020, the board has made a valuation of the
recoverability and 50% of nominal value (EUR662,500) has been
recognized. The Group has successfully arranged new a repayment
schedule with the Sienit Holding AD
14. Net asset value per share
(Unaudited) (Unaudited)
30 June 30 June
2021 2020
EUR EUR
Net assets attributable to owners of the parent
(EUR) 21,840,099 22,392,434
Number of ordinary shares outstanding 1,813,323,603 1,813,323,603
Net Asset Value (cents) 1.20 1.23
-------------- --------------
15. Events after reporting date
European Convergence Development Company PLC ("ECDC") Sale
As of September 30, 2021, Black Sea Property PLC is entering
into an Agreement for the Purchase and Sale of Shares and
Receivables of European Convergence Development (Cayman) Limited
and ECD Management (Cayman) Limited. The agreed price of the sale
is EUR 4,5m. Details of the fair value of assets and liabilities of
the ECDC group that were acquired on 21 February 2020 are disclosed
in note 5.
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END
NEXFLFEVIILAFIL
(END) Dow Jones Newswires
October 29, 2021 09:50 ET (13:50 GMT)
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