BPD Bulgarian Prop.

investment credit to the amount of Euro 6,400,000 for the purpose of financing 
88.3% of Phase 1 of the capital costs for a logistics park, as well as a 
revolving credit line of Euro 1,500,000. The interest rate for this facility has 
been fixed at 1 month EURIBOR plus a spread of 1.8% for the life of the 
development. The borrowing matures on 31 July 2010. BPD EOOD has pledged its 50% 
ownership being 5,799,500 shares in Varna Logistics AD in respect of this 
financing (see note 26 for more information). 
 
 
 
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: 
 
 
+--------------------+-+------------+------------+-----------+-+---------+--------+---------+-+--------+--+--------+----------+ 
|                    | |    Trakia  |            |    Varna  | |   Vidin |        |  Pleven | | Sandanski |        |    Group | 
|                    | |     Retail |            | Logistics | |  Retail |        |  Retail | |    Retail |        |    Share | 
|                    | |     Centre |            |           | |  Centre |        |  Centre | |    Centre |        |       in | 
|                    | |            |            |           | |         |        |         | |           |        |    Joint | 
|                    | |            |            |           | |         |        |         | |           |        | Ventures | 
+--------------------+-+            +------------+           +-+         +--------+         +-+           +--------+          + 
|                    | |            |            |           | |         |        |         | |           |        |          | 
+--------------------+-+            +------------+           +-+         +--------+         +-+           +--------+          + 
|                    | |            |            |           | |         |        |         | |           |        |          | 
+--------------------+-+------------+------------+-----------+-+---------+--------+---------+-+-----------+--------+----------+ 
|                    | |    GBP'000 |            |   GBP'000 | | GBP'000 |        | GBP'000 | |   GBP'000 |        |  GBP'000 | 
+--------------------+-+------------+------------+-----------+-+---------+--------+---------+-+-----------+--------+----------+ 
| Summarised income  | |            |            |           | |         |        |         | |           |        |          | 
| statement for the  | |            |            |           | |         |        |         | |           |        |          | 
| six months ended   | |            |            |           | |         |        |         | |           |        |          | 
| 31 December 2007   | |            |            |           | |         |        |         | |           |        |          | 
+--------------------+-+------------+------------+-----------+-+---------+--------+---------+-+-----------+--------+----------+ 
| Revenue - rent     | |          - |            |       110 | |       - |        |       - | |         - |        |      110 | 
| receivable         | |            |            |           | |         |        |         | |           |        |          | 
+--------------------+-+------------+------------+-----------+-+---------+--------+---------+-+-----------+--------+----------+ 
| Expenses           | |          1 |            |      (19) | |     (6) |        |    (87) | |       (1) |        |    (112) | 
+--------------------+-+------------+------------+-----------+-+---------+--------+---------+-+-----------+--------+----------+ 
| Impairment of      | |          - |            |         - | |   (729) |        |       - | |      (90) |        |    (819) | 
| investment         | |            |            |           | |         |        |         | |           |        |          | 
| properties         | |            |            |           | |         |        |         | |           |        |          | 
+--------------------+-+------------+------------+-----------+-+---------+--------+---------+-+-----------+--------+----------+ 
| Operating          | |          1 |            |        91 | |   (735) |        |    (87) | |      (91) |        |    (821) | 
| (loss)/profit      | |            |            |           | |         |        |         | |           |        |          | 
+--------------------+-+------------+------------+-----------+-+---------+--------+---------+-+-----------+--------+----------+ 
| Finance costs      | |       (51) |            |      (12) | |       - |        |       - | |      (11) |        |     (74) | 
+--------------------+-+------------+------------+-----------+-+---------+--------+---------+-+-----------+--------+----------+ 
| Profit/(loss) for  | |       (50) |            |        79 | |   (735) |        |    (87) | |     (102) |        |    (895) | 
| the period before  | |            |            |           | |         |        |         | |           |        |          | 
| tax                | |            |            |           | |         |        |         | |           |        |          | 
+--------------------+-+------------+------------+-----------+-+---------+--------+---------+-+-----------+--------+----------+ 
| Taxation           | |          - |            |       (8) | |       - |        |       - | |         - |        |      (8) | 
+--------------------+-+------------+------------+-----------+-+---------+--------+---------+-+-----------+--------+----------+ 
| (Loss)/profit for  | |       (50) |            |        71 | |   (735) |        |    (87) | |     (102) |        |    (903) | 
| the period         | |            |            |           | |         |        |         | |           |        |          | 
+--------------------+-+------------+------------+-----------+-+---------+--------+---------+-+-----------+--------+----------+ 
|                    | |            |            |           | |         |        |         | |           |        |          | 
+--------------------+-+------------+------------+-----------+-+---------+--------+---------+-+-----------+--------+----------+ 
| Summarised balance | |            |            |           | |         |        |         | |           |        |          | 
| sheets             | |            |            |           | |         |        |         | |           |        |          | 
+--------------------+-+------------+------------+-----------+-+---------+--------+---------+-+-----------+--------+----------+ 
| as at 31 December  | |            |            |           | |         |        |         | |           |        |          | 
| 2007               | |            |            |           | |         |        |         | |           |        |          | 
+--------------------+-+------------+------------+-----------+-+---------+--------+---------+-+-----------+--------+----------+ 
| Non-current assets | |            |            |           | |         |        |         | |           |        |          | 
+--------------------+-+------------+------------+-----------+-+---------+--------+---------+-+-----------+--------+----------+ 
| Plant and          | |            |            |        17 | |       - |        |       - | |         - |        |       17 | 
| equipment          | |            |            |           | |         |        |         | |           |        |          | 
+--------------------+-+------------+------------+-----------+-+---------+--------+---------+-+-----------+--------+----------+ 
| Investment         | |      1,694 |            |     4,688 | |     755 |        |     463 | |       332 |        |    7,932 | 
| properties         | |            |            |           | |         |        |         | |           |        |          | 
+--------------------+-+------------+------------+-----------+-+---------+--------+---------+-+-----------+--------+----------+ 
| Assets under       | |          - |            |       621 | |       - |        |       - | |         - |        |      621 | 
| construction       | |            |            |           | |         |        |         | |           |        |          | 
+--------------------+-+------------+------------+-----------+-+---------+--------+---------+-+-----------+--------+----------+ 
| Total non-current  | |      1,694 |            |     5,326 | |     755 |        |     463 | |       332 |        |    8,570 | 
| assets             | |            |            |           | |         |        |         | |           |        |          | 
+--------------------+-+------------+------------+-----------+-+---------+--------+---------+-+-----------+--------+----------+ 
|                    | |            |            |           | |         |        |         | |           |        |          | 
+--------------------+-+------------+------------+-----------+-+---------+--------+---------+-+-----------+--------+----------+ 
| Current assets     | |            |            |           | |         |        |         | |           |        |          | 
+--------------------+-+------------+------------+-----------+-+---------+--------+---------+-+-----------+--------+----------+ 
| Inventories        | |            |            |           | |         |        |         | |           |        |          | 
+--------------------+-+------------+------------+-----------+-+---------+--------+---------+-+-----------+--------+----------+ 
| Trade and other    | |          - |            |        76 | |       1 |        |       5 | |        20 |        |      102 | 
| receivables        | |            |            |           | |         |        |         | |           |        |          | 
+--------------------+-+------------+------------+-----------+-+---------+--------+---------+-+-----------+--------+----------+ 
| Cash and cash      | |         10 |            |         1 | |       - |        |       3 | |         5 |        |       19 | 

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