| Utilization of tax losses | - | | - | | - | | - |
+--------------------------------+-----------+--+----------+--+----------+--+----------+
| Overseas losses not available | - | | - | | - | | - |
| for relief | | | | | | | |
+--------------------------------+-----------+--+----------+--+----------+--+----------+
| Overprovision in prior year | - | | (33) | | (33) | | (1) |
+--------------------------------+-----------+--+----------+--+----------+--+----------+
| | (29) | | 313 | | 284 | | 380 |
+--------------------------------+-----------+--+----------+--+----------+--+----------+
No deferred tax asset is recognised by the Group from tax losses arising in
Bulgaria.
The tax year in Bulgaria is the calendar year. The tax losses carried forward as
at 31 December 2008 available to the Group are Lev 7,976,000 (2007: Lev
2,395,000).
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (continued)
for the year ended 31 December 2008
8SEGMENTAL ANALYSIS
All of the Group's operations have occurred in Bulgaria and are in the same
business sector.
9PERSONNEL EXPENSES AND DIRECTORS EMOLUMENTS
The average monthly number of employees, together with executive and
non-executive directors during the period was:
+----------------------------------------------+---------------+--+--------------+
| | Year ended | | Six months |
| | 31 December | | ended 31 |
| | 2008 | | December |
| | | | 2007 |
+----------------------------------------------+---------------+--+--------------+
| | Number | | Number |
+----------------------------------------------+---------------+--+--------------+
| | | | |
+----------------------------------------------+---------------+--+--------------+
| Office and management: Group | 26 | | 26 |
+----------------------------------------------+---------------+--+--------------+
| | GBP'000 | | GBP'000 |
+----------------------------------------------+---------------+--+--------------+
| Personnel expenses: | | | |
+----------------------------------------------+---------------+--+--------------+
| Wages and salaries | 490 | | 232 |
+----------------------------------------------+---------------+--+--------------+
| Social security costs | 68 | | 24 |
+----------------------------------------------+---------------+--+--------------+
| | 558 | | 256 |
+----------------------------------------------+---------------+--+--------------+
| | | | |
+----------------------------------------------+---------------+--+--------------+
| Directors remuneration: | | | |
+----------------------------------------------+---------------+--+--------------+
| Directors emoluments included within | 230 | | 133 |
| personnel expenses | | | |
+----------------------------------------------+---------------+--+--------------+
| Directors emoluments paid under management | 738 | | 400 |
| agreements | | | |
+----------------------------------------------+---------------+--+--------------+
| Total directors emoluments | 968 | | 533 |
+----------------------------------------------+---------------+--+--------------+
| | | | |
+----------------------------------------------+---------------+--+--------------+
| Directors emoluments in respect of highest | 369 | | 200 |
| paid director | | | |
+----------------------------------------------+---------------+--+--------------+
No director was in receipt of any pension contributions. The Company does not
maintain a pension scheme. The wages and salaries incurred by Bulgarian Property
Developments EOOD are offset against the annual management fee payable by
Bulgarian Property Developments plc to Bulgarian Property Management Limited
(see note 24).
Key management are those persons having authority and responsibility for
planning, directing, and controlling the activities of the entity. In the
opinion of the Board, the Group's key management comprises the executive and
non-executive directors of the Company. Information regarding their emoluments
is set out below.
The following disclosures are in respect of employee benefits payable to the
directors of the Company across the Group and are stated in accordance with the
IFRS:
+----------------------------------------------+------+----------+--------+---------+
| | | 2008 | | 2007 |
+----------------------------------------------+------+----------+--------+---------+
| | | GBP'000 | | GBP'000 |
+----------------------------------------------+------+----------+--------+---------+
| | | | | |
+----------------------------------------------+------+----------+--------+---------+
| Short-term employee benefits | | 997 | | 544 |
+----------------------------------------------+------+----------+--------+---------+
| | | 997 | | 544 |
+----------------------------------------------+------+----------+--------+---------+
| | | | | |
+----------------------------------------------+------+----------+--------+---------+
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (continued)
for the year ended 31 December 2008
10PARENT COMPANY INCOME STATEMENT
The profit after tax for the period dealt with in the financial statements of
the parent company was GBP816,000 (six months ended 31 December 2007:
GBP50,000). As permitted by section 230 of the Companies Act 1985, no separate
income statement is presented for the parent company.
11 EARNINGS PER SHARE
+---------------------------------------------+---------------+--+----------------+
| | Year ended | | Six months |
| | 31 December | | ended 31 |
| | 2008 | | December 2007 |
+---------------------------------------------+---------------+--+----------------+
| | GBP'000 | | GBP'000 |
+---------------------------------------------+---------------+--+----------------+
| Earnings for the purpose of basic and | (357) | | (982) |
| diluted | | | |
| earnings per share being net loss | | | |
| attributable | | | |
| to equity shareholders | | | |
| Loss for the period | | | |
+---------------------------------------------+---------------+--+----------------+
| | | | |
+---------------------------------------------+---------------+--+----------------+
| Weighted average number of ordinary shares | 107,825,104 | | 106,892,732 |
| for the purposes of basic earnings per | | | |
| share | | | |
+---------------------------------------------+---------------+--+----------------+
The diluted loss per share is identical to that used for basic loss per share as
the exercise of options would have the effect of reducing the loss per share and
therefore is not dilutive under IAS 33 "Earnings per share".
12FINANCE COSTS AND INVESTMENT REVENUES
+---------------------------------------------+---------------+--+----------------+
| | Year ended | | Six months |
| | 31 December | | ended 31 |
| | 2008 | | December 2007 |
+---------------------------------------------+---------------+--+----------------+
| | GBP'000 | | GBP'000 |
+---------------------------------------------+---------------+--+----------------+
| Finance costs | | | |
+---------------------------------------------+---------------+--+----------------+
| Group | - | | - |
+---------------------------------------------+---------------+--+----------------+
| | | | | |