Black Sea Property Plc Share Price (BSP-EUR.PL)

Share Price: 0.366Bid: 0.326Ask: 0.344Change: 0.00 (0.00%)

Spread: 0.018 (5.521%)Open: 0.298High: 0.366Low: 0.298Prev. Close: 0.00

Outstanding

Share Price: 0.336Bid: 0.25Ask: 1.22Change: 0.00 (0.00%)

Spread: 0.97 (388.00%)

Outstanding

Chairman's Statement

As at 30 June 2023 the significant shareholders of Black Sea Property Plc ("the Company") were as follows:

Beneficial shareholder

Holding

Percentage

Neo London Capital Plc

515,126,806

28.41%

Compass Capital JSC

304,354,182

16.78%

Mamferay Holdings Limited

449,957,562

24.81%

Capman AM

92,000,000

5.07%

Interfund Investments Plc

89,500,000

4.94%

The shareholder structure as at 31 December 2022 is the following:

Beneficial shareholder

Holding

Percentage

Neo London Capital Plc

515,126,806

28.41%

Compass Capital JSC

304,354,182

16.78%

Mamferay Holdings Limited

449,957,562

24.81%

Capman AM

92,000,000

5.07%

Interfund Investments Plc

89,500,000

4.94%

Chairman's statement

I am pleased to present the unaudited interim financial statements of the Company for the six months ended 30 June 2023.

The unaudited net asset value as at 30 June 2023 was €28.7 million or 1.58 cents per share (31 December 2022: €28.8 million or 1.59 cents per share).

During the period, the Company generated revenues of €264,835 (June 2022: €152,646) which resulted in a loss before taxation of €74,412 (June 2022: €553,150). The results reflected other income of €678,836 (June 2022: €106,798), property operating expenses of €283,729 (June 2022: €132,856), other operating expenses of €328,293 (June 2022: €458,473) and interest payable and other charges of €406,061 (June 2022: €215,287). Loss per share amounted to €0.01 cents (June 2022: €0.03 cents).

Camping South Beach EOOD ("CSB")

The summer season in 2023 marked a positive development, despite the challenging environment arising from the military conflict in Ukraine. Camping South Beach preserved its prime position as a destination for luxury camping holidays and beach houses. Following the trend from the previous seasons most of the guests were Bulgarian citizens, as well as tourists from the EU.

Camping South Beach achieved occupancy levels of around 58% in July and 51% in August 2023. On yearly basis the occupancy increase is approx. 5 %, compared to 2022.

Despite the slight increase in occupancy, they still remain below the targeted levels, based on the overall economic uncertainty arising from the war in Ukraine.

In 2023, the third active season under the Concession Agreement ("Agreement") for the beach in front of CSB, has provided additional value to the property and has enabled synergy with the campsite. The term of the Concession Agreement is 20 years, and all requirements and obligations specified in the Agreement have been fulfilled.

The long-term strategy of CSB is to develop the whole Gradina area including the newly acquired adjacent real estate and Black Sea Star hotel into an exclusive summer resort meeting the highest standards.

Ivan Vazov 1 Building

D

100% again

Outstanding

Great results & progress .

Although the reassimilation to the main market remains .

Outstanding