BPD Bulgarian Prop.

Centre OOD at a price of Lev 416,000 to form a joint venture with FairPlay 
International AD. On 9 June 2008 the Group acquired the 50% shareholding of 
FairPlay International AD in the Sandanski Retail Centre OOD for a consideration 
of EUR900,000. 
On 15 November 2007, the Group acquired 32% of the share capital of Sofia 
Estates Developments OOD (SED) at a price of Lev 696,000. This investment was 
treated as an associated company as at 31 December 2007. Since the financial 
statements available to the Group for SED showed a negative net asset position 
as at 31 December 2007, the carrying value of this investment was written down 
to zero as at 31 December 2007. On 15 January 2008, BPD acquired a further 18% 
of the issued share capital of SED from FairPlay International AD for a 
consideration of EUR209,000. The investment in SED has been fully written off. 
On 9 June 2008 BPD EOOD approved the sale of its 50% interest in the shares of 
Varna Logistics AD to FairPlay Commercial EAD (FPC) at the price of EUR15 million 
and preliminary agreement for this was concluded on 9 June 2008. Completion was 
expected on or before 9 December 2008, however FPC failed to complete. Details 
are explained in note 25 on subsequent events. 
  NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (continued) 
for the year ended 31 December 2008 
 
 
14 INVESTMENTS (continued) 
The Group's share of the results of its joint venture operations was as follows: 
 
 
+-------------------------+--+-----------+----------+----------+--+----------+----------+----------+ 
|                         |  |    Varna  |          |    Vidin |  |   Pleven |          |    Group | 
|                         |  | Logistics |          |   Retail |  |   Retail |          | Share in | 
|                         |  |           |          |   Centre |  |   Centre |          |    Joint | 
|                         |  |           |          |          |  |          |          | Ventures | 
+-------------------------+--+           +----------+          +--+          +----------+          + 
|                         |  |           |          |          |  |          |          |          | 
+-------------------------+--+           +----------+          +--+          +----------+          + 
|                         |  |           |          |          |  |          |          |          | 
+-------------------------+--+-----------+----------+----------+--+----------+----------+----------+ 
|                         |  |   GBP'000 |          |  GBP'000 |  |  GBP'000 |          |  GBP'000 | 
+-------------------------+--+-----------+----------+----------+--+----------+----------+----------+ 
| Summarised income       |  |           |          |          |  |          |          |          | 
| statement for the year  |  |           |          |          |  |          |          |          | 
| ended 31 December 2008  |  |           |          |          |  |          |          |          | 
+-------------------------+--+-----------+----------+----------+--+----------+----------+----------+ 
| Revenue - rent          |  |       517 |          |        - |  |        - |          |      517 | 
| receivable              |  |           |          |          |  |          |          |          | 
+-------------------------+--+-----------+----------+----------+--+----------+----------+----------+ 
| Expenses                |  |     (285) |          |     (13) |  |      (6) |          |    (304) | 
+-------------------------+--+-----------+----------+----------+--+----------+----------+----------+ 
| Impairment of           |  |         - |          |    (256) |  |    (302) |          |    (558) | 
| investment properties   |  |           |          |          |  |          |          |          | 
+-------------------------+--+-----------+----------+----------+--+----------+----------+----------+ 
| Operating (loss)/profit |  |       232 |          |    (269) |  |    (308) |          |    (345) | 
+-------------------------+--+-----------+----------+----------+--+----------+----------+----------+ 
| Investment revenues     |  |         2 |          |        - |  |        - |          |        2 | 
+-------------------------+--+-----------+----------+----------+--+----------+----------+----------+ 
| Finance costs           |  |     (166) |          |      (1) |  |        - |          |    (167) | 
+-------------------------+--+-----------+----------+----------+--+----------+----------+----------+ 
| Profit/(loss) for the   |  |        68 |          |    (270) |  |    (308) |          |    (510) | 
| period before tax       |  |           |          |          |  |          |          |          | 
+-------------------------+--+-----------+----------+----------+--+----------+----------+----------+ 
| Taxation                |  |       (8) |          |        - |  |        - |          |      (8) | 
+-------------------------+--+-----------+----------+----------+--+----------+----------+----------+ 
| (Loss)/profit for the   |  |        60 |          |    (270) |  |    (308) |          |    (518) | 
| period                  |  |           |          |          |  |          |          |          | 
+-------------------------+--+-----------+----------+----------+--+----------+----------+----------+ 
|                         |  |           |          |          |  |          |          |          | 
+-------------------------+--+-----------+----------+----------+--+----------+----------+----------+ 
| Summarised balance      |  |           |          |          |  |          |          |          | 
| sheets                  |  |           |          |          |  |          |          |          | 
+-------------------------+--+-----------+----------+----------+--+----------+----------+----------+ 
| as at 31 December 2008  |  |           |          |          |  |          |          |          | 
+-------------------------+--+-----------+----------+----------+--+----------+----------+----------+ 
| Non-current assets      |  |           |          |          |  |          |          |          | 
+-------------------------+--+-----------+----------+----------+--+----------+----------+----------+ 
| Plant and equipment     |  |        34 |          |        - |  |        - |          |       34 | 
+-------------------------+--+-----------+----------+----------+--+----------+----------+----------+ 
| Investment properties   |  |    10,191 |          |      292 |  |      665 |          |   11,148 | 
+-------------------------+--+-----------+----------+----------+--+----------+----------+----------+ 
| Total non-current       |  |    10,225 |          |      292 |  |      665 |          |   11,182 | 
| assets                  |  |           |          |          |  |          |          |          | 
+-------------------------+--+-----------+----------+----------+--+----------+----------+----------+ 
|                         |  |           |          |          |  |          |          |          | 
+-------------------------+--+-----------+----------+----------+--+----------+----------+----------+ 
| Current assets          |  |           |          |          |  |          |          |          | 
+-------------------------+--+-----------+----------+----------+--+----------+----------+----------+ 
| Trade and other         |  |       435 |          |        1 |  |       13 |          |      449 | 
| receivables             |  |           |          |          |  |          |          |          | 
+-------------------------+--+-----------+----------+----------+--+----------+----------+----------+ 
| Cash and cash           |  |        58 |          |        2 |  |        8 |          |       68 | 
| equivalents             |  |           |          |          |  |          |          |          | 
+-------------------------+--+-----------+----------+----------+--+----------+----------+----------+ 
| Total current assets    |  |       493 |          |        3 |  |       21 |          |      517 | 
+-------------------------+--+-----------+----------+----------+--+----------+----------+----------+ 
|                            |           |          |          |  |          |          |          | 
+----------------------------+-----------+----------+----------+--+----------+----------+----------+ 
| Current liabilities        |           |          |          |  |          |          |          | 
+----------------------------+-----------+----------+----------+--+----------+----------+----------+ 
| Trade and other         |  |     (326) |          |      (1) |  |    (424) |          |    (751) | 
| payables                |  |           |          |          |  |          |          |          | 
+-------------------------+--+-----------+----------+----------+--+----------+----------+----------+ 
| Current tax liabilities |  |         - |          |        - |  |        - |          |        - | 
+-------------------------+--+-----------+----------+----------+--+----------+----------+----------+ 
| Financial liabilities   |  |   (3,602) |          |        - |  |        - |          |  (3,602) | 
+-------------------------+--+-----------+----------+----------+--+----------+----------+----------+ 
| Net assets              |  |     6,790 |          |      294 |  |      262 |          |    7,346 | 
+-------------------------+--+-----------+----------+----------+--+----------+----------+----------+ 
|                         |  |           |          |          |  |          |          |          | 
+-------------------------+--+-----------+----------+----------+--+----------+----------+----------+ 
| Represented by:         |  |           |          |          |  |          |          |          | 
+-------------------------+--+-----------+----------+----------+--+----------+----------+----------+ 
| Capital and reserves    |  |     6,790 |          |      294 |  |      262 |          |    7,346 | 
+-------------------------+--+-----------+----------+----------+--+----------+----------+----------+ 
 
 
On 1 August 2007, Unicredit Bulbank AD agreed to provide to Varna Logistics AD 

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