BPD Bulgarian Prop.

| equivalents        | |            |            |           | |         |        |         | |           |        |          | 
+--------------------+-+------------+------------+-----------+-+---------+--------+---------+-+-----------+--------+----------+ 
| Total current      | |         10 |            |        77 | |       1 |        |       8 | |        25 |        |      121 | 
| assets             | |            |            |           | |         |        |         | |           |        |          | 
+--------------------+-+------------+------------+-----------+-+---------+--------+---------+-+-----------+--------+----------+ 
|                      |            |            |           | |         |        |         | |        |           |          | 
+----------------------+------------+------------+-----------+-+---------+--------+---------+-+--------+-----------+----------+ 
| Current liabilities  |            |            |           | |         |        |         | |        |           |          | 
+----------------------+------------+------------+-----------+-+---------+--------+---------+-+--------+-----------+----------+ 
| Trade and other    | |          - |            |     (109) | |     (8) |        |    (92) | |       (1) |        |    (210) | 
| payables           | |            |            |           | |         |        |         | |           |        |          | 
+--------------------+-+------------+------------+-----------+-+---------+--------+---------+-+-----------+--------+----------+ 
| Current tax        | |          - |            |      (11) | |       - |        |       - | |         - |        |     (11) | 
| liabilities        | |            |            |           | |         |        |         | |           |        |          | 
+--------------------+-+------------+------------+-----------+-+---------+--------+---------+-+-----------+--------+----------+ 
| Financial          | |          - |            |     (289) | |       - |        |       - | |         - |        |    (289) | 
| liabilities        | |            |            |           | |         |        |         | |           |        |          | 
+--------------------+-+------------+------------+-----------+-+---------+--------+---------+-+-----------+--------+----------+ 
| Net assets         | |      1,704 |            |     4,994 | |     748 |        |     379 | |       356 |        |    8,181 | 
+--------------------+-+------------+------------+-----------+-+---------+--------+---------+-+-----------+--------+----------+ 
|                    | |            |            |           | |         |        |         | |           |        |          | 
+--------------------+-+------------+------------+-----------+-+---------+--------+---------+-+-----------+--------+----------+ 
| Represented by:    | |            |            |           | |         |        |         | |           |        |          | 
+--------------------+-+------------+------------+-----------+-+---------+--------+---------+-+-----------+--------+----------+ 
| Capital and        | |      1,704 |            |     4,994 | |     748 |        |     379 | |       356 |        |    8,181 | 
| reserves           | |            |            |           | |         |        |         | |           |        |          | 
+--------------------+-+------------+------------+-----------+-+---------+--------+---------+-+--------+--+--------+----------+ 
 
 
 
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (continued) 
for the year ended 31 December 2008 
 
 
 
 
14INVESTMENTS (continued) 
Amounts owed by the joint venture operations to Bulgarian Property Developments 
EOOD as at 31 December 2008 were: 
 
 
+--------------------------------------------+----------------+-+----------------+ 
|                                            |    31 December | |    31 December | 
|                                            |           2008 | |           2007 | 
+--------------------------------------------+----------------+-+----------------+ 
|                                            |        GBP'000 | |        GBP'000 | 
+--------------------------------------------+----------------+-+----------------+ 
| Trakia Retail Centre                       |              - | |          1,778 | 
+--------------------------------------------+----------------+-+----------------+ 
| Varna Logistics                            |            257 | |            182 | 
+--------------------------------------------+----------------+-+----------------+ 
| Vidin Retail Centre                        |             25 | |              8 | 
+--------------------------------------------+----------------+-+----------------+ 
| Pleven Retail Centre                       |            695 | |            494 | 
+--------------------------------------------+----------------+-+----------------+ 
| Sandanski Retail Centre                    |              - | |            362 | 
+--------------------------------------------+----------------+-+----------------+ 
 
 
All the joint ventures in Bulgaria have statutory accounting periods ending on 
31 December. The Group's share of results has been based on the joint ventures 
audited accounts for the period ended 31 December 2008 and for the period ending 
31 December 2007. 
 
 
 
 
 
 
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (continued) 
for the year ended 31 December 2008 
 
 
 
 
15    INVESTMENT PROPERTY 
 
 
+---------------------------------------------+-----------+--+---------+--+-------------------+ 
|                                             | Buildings |  |    Land |  |  Total Investment | 
|                                             |           |  |         |  |          Property | 
+---------------------------------------------+-----------+--+---------+--+-------------------+ 
|                                             |   GBP'000 |  | GBP'000 |  |           GBP'000 | 
+---------------------------------------------+-----------+--+---------+--+-------------------+ 
| Cost                                        |           |  |         |  |                   | 
+---------------------------------------------+-----------+--+---------+--+-------------------+ 
| Balance at 30 June 2007                     |         - |  |       - |  |                 - | 
+---------------------------------------------+-----------+--+---------+--+-------------------+ 
| Transfers from inventory                    |   16,080  |  |   8,772 |  |            24,852 | 
+---------------------------------------------+-----------+--+---------+--+-------------------+ 
| Balance as at 31 December 2007              |    16,080 |  |   8,772 |  |            24,852 | 
+---------------------------------------------+-----------+--+---------+--+-------------------+ 
|                                             |           |  |         |  |                   | 
+---------------------------------------------+-----------+--+---------+--+-------------------+ 
| Exchange differences on translation         |     5,239 |  |   3,616 |  |             8,855 | 
+---------------------------------------------+-----------+--+---------+--+-------------------+ 
| Acquisition                                 |         - |  |   6,103 |  |             6,103 | 
+---------------------------------------------+-----------+--+---------+--+-------------------+ 
| Disposals                                   |         - |  | (4,500) |  |           (4,500) | 
+---------------------------------------------+-----------+--+---------+--+-------------------+ 
| Balance as at 31 December 2008              |    21,319 |  |  13,991 |  |            35,310 | 
+---------------------------------------------+-----------+--+---------+--+-------------------+ 
|                                             |           |  |         |  |                   | 
+---------------------------------------------+-----------+--+---------+--+-------------------+ 
| Depreciation                                |           |  |         |  |                   | 
+---------------------------------------------+-----------+--+---------+--+-------------------+ 
| Balance as at 30 June 2007                  |         - |  |       - |  |                 - | 
+---------------------------------------------+-----------+--+---------+--+-------------------+ 
| Impairment                                  |         - |  |      75 |  |                75 | 
+---------------------------------------------+-----------+--+---------+--+-------------------+ 
| Balance as at 31 December 2008              |         - |  |      75 |  |                75 | 
+---------------------------------------------+-----------+--+---------+--+-------------------+ 
| Exchange differences on translation         |         - |  |    (22) |  |              (22) | 
+---------------------------------------------+-----------+--+---------+--+-------------------+ 
| Impairment                                  |         - |  |     499 |  |               499 | 
+---------------------------------------------+-----------+--+---------+--+-------------------+ 
| Charged during the year                     |     1,422 |  |       - |  |             1,422 | 
+---------------------------------------------+-----------+--+---------+--+-------------------+ 
| Disposals                                   |         - |  |       - |  |                 - | 
+---------------------------------------------+-----------+--+---------+--+-------------------+ 
| Balance as at 31 December 2008              |     1,422 |  |     552 |  |             1,974 | 
+---------------------------------------------+-----------+--+---------+--+-------------------+ 
|                                             |           |  |         |  |                   | 
+---------------------------------------------+-----------+--+---------+--+-------------------+ 
| Carrying amount                             |           |  |         |  |                   | 
+---------------------------------------------+-----------+--+---------+--+-------------------+ 

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