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 | |