BPD Bulgarian Prop.

  adopted by the European Union applied in accordance with the provisions of the 
  Companies Act 1985, of the state of the Group's and Company's affairs as at 31 
  December 2008 and of the Group's loss for the year then ended; and 
  *  the financial statements have been properly prepared in accordance with the 
  Companies Act 1985 and 
  *  the information given in the Directors' Report is consistent with the financial 
  statements. 
 
 
 
 
 
 
 
+-----------------------------------------+-----------------------------------------+ 
| Nexia Smith & Williamson                |                             25 Moorgate | 
+-----------------------------------------+-----------------------------------------+ 
| Chartered Accountants                   |                                  London | 
+-----------------------------------------+-----------------------------------------+ 
| Registered Auditors                     |                                EC2R 6AY | 
+-----------------------------------------+-----------------------------------------+ 
 
 
24 March 2009 
 
 
 
 
 
 
CONSOLIDATED INCOME STATEMENT 
for the year ended 31 December 2008 
 
 
+--------------------------+-----------+-------------+-+---------------+--+-------------+-+-------------+-+---------------+-+-------------+ 
|                          |           |              Year ended 31 December            | |                Six months ended 31            | 
|                          |           |                        2008                    | |                  December 2007                | 
+--------------------------+-----------+------------------------------------------------+-+-----------------------------------------------+ 
|                          |     Notes |       Group | |     Interests |  |       Total | |       Group | |     Interests | |       Total | 
|                          |           |             | |      in joint |  |             | |             | |      in joint | |             | 
|                          |           |             | |      ventures |  |             | |             | |      ventures | |             | 
+--------------------------+-----------+-------------+-+---------------+--+-------------+-+-------------+-+---------------+-+-------------+ 
|                          |           |     GBP'000 | |       GBP'000 |  |     GBP'000 | |     GBP'000 | |       GBP'000 | |     GBP'000 | 
+--------------------------+-----------+-------------+-+---------------+--+-------------+-+-------------+-+---------------+-+-------------+ 
|                          |           |             | |               |  |             | |             | |               | |             | 
+--------------------------+-----------+-------------+-+---------------+--+-------------+-+-------------+-+---------------+-+-------------+ 
| Revenue                  |           |       1,139 | |           517 |  |       1,656 | |         347 | |           110 | |         457 | 
+--------------------------+-----------+-------------+-+---------------+--+-------------+-+-------------+-+---------------+-+-------------+ 
|                          |           |             | |               |  |             | |             | |               | |             | 
+--------------------------+-----------+-------------+-+---------------+--+-------------+-+-------------+-+---------------+-+-------------+ 
| Personnel expenses       |      9    |       (558) | |          (92) |  |       (650) | |       (256) | |          (28) | |       (284) | 
+--------------------------+-----------+-------------+-+---------------+--+-------------+-+-------------+-+---------------+-+-------------+ 
| Management fees          |      9    |       (738) | |             - |  |       (738) | |       (400) | |             - | |       (400) | 
+--------------------------+-----------+-------------+-+---------------+--+-------------+-+-------------+-+---------------+-+-------------+ 
| Depreciation             |           |     (1,433) | |          (33) |  |     (1,466) | |         (3) | |           (1) | |         (4) | 
+--------------------------+-----------+-------------+-+---------------+--+-------------+-+-------------+-+---------------+-+-------------+ 
| Other expenses           |      3    |     (1,473) | |         (173) |  |     (1,646) | |     (1,240) | |          (83) | |     (1,323) | 
+--------------------------+-----------+-------------+-+---------------+--+-------------+-+-------------+-+---------------+-+-------------+ 
| Other revenue            |      4    |         841 | |             - |  |         841 | |           - | |             - | |           - | 
+--------------------------+-----------+-------------+-+---------------+--+-------------+-+-------------+-+---------------+-+-------------+ 
| Impairment of investment |      5    |       (499) | |         (558) |  |     (1,057) | |        (75) | |         (819) | |       (894) | 
| properties               |           |             | |               |  |             | |             | |               | |             | 
+--------------------------+-----------+-------------+-+---------------+--+-------------+-+-------------+-+---------------+-+-------------+ 
| Foreign exchange         |           |       2,437 | |           (6) |  |       2,431 | |       1,201 | |             - | |       1,201 | 
| gains/(losses)           |           |             | |               |  |             | |             | |               | |             | 
+--------------------------+-----------+-------------+-+---------------+--+-------------+-+-------------+-+---------------+-+-------------+ 
| Operating loss           |           |       (284) | |         (345) |  |       (629) | |       (426) | |         (821) | |     (1,247) | 
+--------------------------+-----------+-------------+-+---------------+--+-------------+-+-------------+-+---------------+-+-------------+ 
|                          |           |             | |               |  |             | |             | |               | |             | 
+--------------------------+-----------+-------------+-+---------------+--+-------------+-+-------------+-+---------------+-+-------------+ 
|                          |           |             | |               |  |             | |             | |               | |             | 
+--------------------------+-----------+-------------+-+---------------+--+-------------+-+-------------+-+---------------+-+-------------+ 
| Investment revenues      |      12   |         729 | |        2      |  |             | |         727 | |             - | |             | 
+--------------------------+-----------+-------------+-+---------------+--+-------------+-+-------------+-+---------------+-+-------------+ 
|                          |           |             | |               |  |             | |             | |               | |             | 
+--------------------------+-----------+-------------+-+---------------+--+-------------+-+-------------+-+---------------+-+-------------+ 
|                          |           |             | |               |  |             | |             | |               | |             | 
+--------------------------+-----------+-------------+-+---------------+--+-------------+-+-------------+-+---------------+-+-------------+ 
| Finance costs            |      12   |           - | |         (167) |  |             | |           - | |          (74) | |             | 
+--------------------------+-----------+-------------+-+---------------+--+-------------+-+-------------+-+---------------+-+-------------+ 
|                          |           |             | |               |  |             | |             | |               | |             | 
+--------------------------+-----------+-------------+-+---------------+--+-------------+-+-------------+-+---------------+-+-------------+ 
|                          |           |             | |               |  |             | |             | |               | |             | 
+--------------------------+-----------+-------------+-+---------------+--+-------------+-+-------------+-+---------------+-+-------------+ 
| Loss from joint ventures |      14   |       (518) | |             - |  |             | |       (903) | |             - | |             | 
+--------------------------+-----------+-------------+-+---------------+--+-------------+-+-------------+-+---------------+-+-------------+ 
|                          |           |             | |               |  |             | |             | |               | |             | 
+--------------------------+-----------+-------------+-+---------------+--+-------------+-+-------------+-+---------------+-+-------------+ 
| Loss before tax for the  |           |        (73) | |         (510) |  |             | |       (602) | |         (895) | |             | 
| period                   |           |             | |               |  |             | |             | |               | |             | 
+--------------------------+-----------+-------------+-+---------------+--+-------------+-+-------------+-+---------------+-+-------------+ 
|                          |           |             | |               |  |             | |             | |               | |             | 
+--------------------------+-----------+-------------+-+---------------+--+-------------+-+-------------+-+---------------+-+-------------+ 
|                          |           |             | |               |  |             | |             | |               | |             | 
+--------------------------+-----------+-------------+-+---------------+--+-------------+-+-------------+-+---------------+-+-------------+ 
| Taxation                 |      7    |       (284) | |           (8) |  |             | |       (380) | |           (8) | |             | 
+--------------------------+-----------+-------------+-+---------------+--+-------------+-+-------------+-+---------------+-+-------------+ 
|                          |           |             | |               |  |             | |             | |               | |             | 

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