Income Statement Black Sea Property Plc

Stocks

XE8

IM00BYQLTS50

Real Estate Development & Operations

Delayed Börse Stuttgart 09:17:44 2026-10-06 EDT			5-day change	1st Jan Change
0.000500 ^EUR	0.00%		0.00%	-91.67%

09-30	Black Sea Property Plc Reports Earnings Results for the Half Year Ended June 30, 2026	CI
09-30	EARNINGS: Livermore NAV falls; Impax Environ outperforms benchmark	AN

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Published financial data: BLACK SEA PROPERTY PLC

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2021 (EUR)	2022 (EUR)	2023 (EUR)	2024 (EUR)	2025 (EUR)
Revenues	1.25M	1.16M	1.63M	4.01M	5.2M
Total Revenues	1.25M	1.16M	1.63M	4.01M	5.2M
Cost of Goods Sold, Total	569K	1.41M	1.26M	2.61M	3.81M
Gross Profit	678K	-250K	367K	1.4M	1.39M
Selling General & Admin Expenses, Total	861K	731K	1.15M	1.55M	1.62M
Depreciation & Amortization - (IS)	-	66.43K	9.29K	561K	276K
Other Operating Expenses, Total	861K	797K	1.16M	2.11M	1.89M
Operating Income	-183K	-1.05M	-794K	-706K	-506K
Interest Expense, Total	-606K	-635K	-698K	-412K	-1.93M
Interest And Investment Income	1.28M	304K	119K	534K	108K
Net Interest Expenses	672K	-331K	-579K	122K	-1.83M
Income (Loss) On Equity Invest.	-14.76K	-2.55K	-	-	-
Currency Exchange Gains (Loss)	2.38K	-3.26K	-9.14K	-7.96K	-4.45K
Other Non Operating Income (Expenses)	-210K	2.92M	1.66M	-419K	682K
EBT, Excl. Unusual Items	267K	1.53M	281K	-1.01M	-1.66M
Gain (Loss) On Sale Of Investments	-	-	336K	258K	96.14K
Gain (Loss) On Sale Of Assets	1.72M	-	-	-	-
Asset Writedown	554K	725K	79.4K	3.18M	2.35M
Other Unusual Items	-	2.13M	10.21M	-	-
EBT, Incl. Unusual Items	2.54M	4.39M	10.91M	2.43M	796K
Income Tax Expense	53.47K	537K	497K	383K	470K
Earnings From Continuing Operations	2.49M	3.85M	10.41M	2.04M	326K
Net Income to Company	2.49M	3.85M	10.41M	2.04M	326K
Minority Interest	51.43K	-	-4.35K	-5.65K	-182
Net Income - (IS)	2.54M	3.85M	10.41M	2.04M	325K
Net Income to Common Incl Extra Items	2.54M	3.85M	10.41M	2.04M	325K
Net Income to Common Excl. Extra Items	2.54M	3.85M	10.41M	2.04M	325K
Per Share Items
Net EPS - Basic	0	0	0.01	0	0
Basic EPS - Continuing Operations	0	0	0.01	0	0
Basic Weighted Average Shares Outstanding	1.78B	1.78B	1.92B	2.46B	2.46B
Net EPS - Diluted	0	0	0.01	0	0
Diluted EPS - Continuing Operations	0	0	0.01	0	0
Diluted Weighted Average Shares Outstanding	1.78B	1.78B	1.92B	2.46B	2.46B
Normalized Basic EPS	0	0	0	-0	-0
Normalized Diluted EPS	0	0	0	-0	-0
Supplemental Items
EBITDA	-37.21K	-980K	-719K	-146K	-230K
EBITA	-40.11K	-984K	-746K	-593K	-393K
EBIT	-183K	-1.05M	-794K	-706K	-506K
Effective Tax Rate - (Ratio)	2.11	12.25	4.56	15.79	59.07
Normalized Net Income	218K	959K	171K	-637K	-1.03M
Interest on Long-Term Debt	-	-	-	-	-
Supplemental Operating Expense Items
Selling and Marketing Expenses	-	-	-	-	-
General and Administrative Expenses	861K	731K	1.15M	1.55M	1.62M

Fiscal Period: December	2021 (EUR)	2022 (EUR)	2023 (EUR)	2024 (EUR)	2025 (EUR)
Assets
Cash And Equivalents	326K	239K	2.56M	1.25M	1.15M
Short Term Investments	-	-	12.33M	12.16M	11.77M
Total Cash And Short Term Investments	326K	239K	14.89M	13.41M	12.93M
Accounts Receivable, Total	407K	1.8M	2.42M	3.89M	4.56M
Other Receivables	4.5M	4.5M	-	-	-
Notes Receivable	-	-	-	-	-
Total Receivables	4.91M	6.3M	2.42M	3.89M	4.56M
Prepaid Expenses	23	32.33K	231K	26.34K	72.02K
Total Current Assets	5.23M	6.57M	17.54M	17.34M	17.56M
Gross Property Plant And Equipment	-	536K	20.06M	35.05M	37.46M
Accumulated Depreciation	-	-17.9K	-45.42K	-492K	-684K
Net Property Plant And Equipment	24.88K	518K	20.02M	34.56M	36.78M
Long-term Investments	2.55K	-	-	-	-
Other Intangibles, Total	513K	450K	1.88M	1.91M	1.8M
Loans Receivable Long-Term	-	-	2.75M	-	-
Other Long-Term Assets, Total	38.14M	47.52M	58.99M	48.35M	51M
Total Assets	43.92M	55.06M	101M	102M	107M
Liabilities
Accounts Payable, Total	23.07K	188K	675K	424K	601K
Accrued Expenses, Total	-	80.43K	80.95K	13.92K	5.63K
Short-term Borrowings	-	2.57M	23.31M	24.72M	25.82M
Current Portion of Long-Term Debt	1.77M	1.77M	3.7M	3.36M	2.98M
Current Portion of Leases	-	-	-	-	47.44K
Unearned Revenue Current, Total	-	-	253K	145K	162K
Other Current Liabilities	170K	538K	922K	1.86M	5.87M
Total Current Liabilities	1.96M	5.14M	28.94M	30.52M	35.49M
Long-Term Debt	14.52M	18.19M	16.87M	14.22M	11.94M
Long-Term Leases	-	-	-	-	92.55K
Deferred Tax Liability Non Current	1.94M	2.41M	2.87M	3.15M	3.37M
Other Non Current Liabilities	561K	540K	2M	1.71M	3.3M
Total Liabilities	18.99M	26.28M	50.68M	49.6M	54.19M
Common Stock, Total	70.7M	70.7M	81.02M	81.02M	81.02M
Retained Earnings	-44.24M	-40.39M	-29.98M	-27.94M	-27.61M
Comprehensive Income and Other	-1.53M	-1.53M	-1.53M	-1.53M	-1.47M
Total Common Equity	24.93M	28.78M	49.51M	51.55M	51.93M
Minority Interest	-	-	1M	1.01M	1.01M
Total Equity	24.93M	28.78M	50.51M	52.56M	52.94M
Total Liabilities And Equity	43.92M	55.06M	101M	102M	107M
Supplemental Items
ECS Total Shares Outstanding on Filing Date	1.81B	1.81B	2.46B	2.46B	2.46B
ECS Total Common Shares Outstanding	1.81B	1.81B	2.46B	2.46B	2.46B
Book Value / Share	0.01	0.02	0.02	0.02	0.02
Tangible Book Value	24.42M	28.33M	47.63M	49.64M	50.13M
Tangible Book Value Per Share	0.01	0.02	0.02	0.02	0.02
Total Debt	16.29M	22.52M	43.88M	42.3M	40.88M
Net Debt	15.96M	22.28M	28.99M	28.88M	27.95M
Minority Interest, Total (Incl. Fin. Div)	-	-	1M	1.01M	1.01M
Equity Method Investments, Total	2.55K	-	-	-	-
Account Code - Inventory Valuation	3	3	3	3	3
Land - (BS)	-	-	19.86M	31.26M	1.85M
Machinery, Total	-	47.52K	195K	1.22M	1.28M
Full Time Employees	-	4	74	74	74
Accumulated Allowance for Doubtful Accounts (Supple)	-	-	-	-	-

Fiscal Period: December	2021 (EUR)	2022 (EUR)	2023 (EUR)	2024 (EUR)	2025 (EUR)
Net Income	2.54M	3.85M	10.41M	2.04M	325K
Depreciation & Amortization - CF	2.9K	3.44K	27.52K	447K	192K
Amortization of Goodwill and Intangible Assets - (CF)	142K	62.99K	48K	113K	113K
Depreciation & Amortization, Total	145K	66.43K	75.52K	560K	305K
Amortization of Deferred Charges, Total - (CF)	64.19K	-	-	1.05K	403
(Gain) Loss From Sale Of Asset	-1.53M	-	-	-	-
(Gain) Loss on Sale of Investments - (CF)	-	-	-	-	-96.14K
Asset Writedown & Restructuring Costs	-554K	-725K	-79.4K	-3.18M	-2.35M
Provision for Credit Losses	-	-	-	-	-
(Income) Loss On Equity Investments - (CF)	14.76K	-	-	-	-
Provision and Write-off of Bad Debts	-	-2.55M	-1.96M	-827K	-
Other Operating Activities, Total	-514K	-1.39M	-9.16M	2.01M	1.93M
Change In Accounts Receivable	-238K	-1.45M	17.26M	-1.27M	-711K
Change In Accounts Payable	-940K	432K	-650K	569K	6.02M
Cash from Operations	-1.01M	-1.77M	15.9M	-93.34K	5.41M
Capital Expenditure	-	-497K	-	-3.35M	-2.17M
Sale of Property, Plant, and Equipment	-	-	-	2.09M	6.19K
Cash Acquisitions	-	-5.15M	-26.56M	-	-
Divestitures	-32.92K	-	-	-	-
Sale (Purchase) of Real Estate properties	597K	-1.47M	-5.48M	-	-198K
Sale (Purchase) of Intangible assets	-	-	-142K	-140K	-6.38K
Investment in Marketable and Equity Securities, Total	-	-	-12.43M	258K	486K
Net (Increase) Decrease in Loans Originated / Sold - Investing	-	-	-	-	-
Other Investing Activities, Total	1.28M	3.45M	2.08M	1.09M	-34.37K
Cash from Investing	1.84M	-3.67M	-42.54M	-48.89K	-1.91M
Short Term Debt Issued, Total	-	-	20.74M	1.42M	1.1M
Long-Term Debt Issued, Total	-	6.21M	-	-	-
Total Debt Issued	-	6.21M	20.74M	1.42M	1.1M
Long-Term Debt Repaid, Total	-272K	-	-933K	-241K	-2.66M
Total Debt Repaid	-272K	-	-933K	-241K	-2.66M
Issuance of Common Stock	-	-	10.32M	-	-
Other Financing Activities, Total	-603K	-863K	-1.17M	-2.34M	-2.04M
Cash from Financing	-875K	5.35M	28.96M	-1.17M	-3.6M
Foreign Exchange Rate Adjustments	-	-	-	-	-
Miscellaneous Cash Flow Adjustments	-	-	-1	-	1
Net Change in Cash	-44.01K	-86.78K	2.32M	-1.31M	-97.34K
Supplemental Items
Cash Interest Paid	575K	635K	698K	412K	1.93M
Cash Income Tax Paid (Refund)	-	-6.19K	497K	450K	478K
Levered Free Cash Flow	-5.03M	-2.29M	3.8M	-4.39M	86.28K
Unlevered Free Cash Flow	-4.72M	-1.89M	4.24M	-4.13M	1.3M
Change In Net Working Capital	4.75M	811K	-4.8M	757K	-3.48M
Net Debt Issued / Repaid	-272K	6.21M	19.81M	1.18M	-1.56M

Fiscal Period: December	2021 (EUR)	2022 (EUR)	2023 (EUR)	2024 (EUR)	2025 (EUR)
Profitability
Return on Assets	-0.26	-1.32	-0.64	-0.43	-0.3
Return on Total Capital	-0.28	-1.41	-0.68	-0.47	-0.34
Return On Equity %	11.24	14.33	26.27	3.97	0.62
Return on Common Equity	10.73	14.33	26.59	4.04	0.63
Margin Analysis
Gross Profit Margin %	54.39	-21.53	22.52	34.94	26.67
SG&A Margin	69.04	63.02	70.7	38.55	31.1
EBITDA Margin %	-2.99	-84.55	-44.11	-3.64	-4.43
EBITA Margin %	-3.22	-84.85	-45.8	-14.76	-7.55
EBIT Margin %	-14.65	-90.28	-48.75	-17.59	-9.73
Income From Continuing Operations Margin %	199.45	331.99	639.11	50.95	6.26
Net Income Margin %	203.58	331.99	638.84	50.81	6.26
Net Avail. For Common Margin %	203.58	331.99	638.84	50.81	6.26
Normalized Net Income Margin	17.51	82.7	10.52	-15.88	-19.9
Levered Free Cash Flow Margin	-403.65	-197.64	233.43	-109.31	1.66
Unlevered Free Cash Flow Margin	-378.41	-163.44	260.21	-102.9	24.91
Asset Turnover
Asset Turnover	0.03	0.02	0.02	0.04	0.05
Fixed Assets Turnover	47.34	4.27	0.16	0.15	0.15
Receivables Turnover (Average Receivables)	4.62	1.05	0.77	1.27	1.23
Short Term Liquidity
Current Ratio	2.67	1.28	0.61	0.57	0.49
Quick Ratio	2.67	1.27	0.6	0.57	0.49
Operating Cash Flow to Current Liabilities	-0.52	-0.34	0.55	-0	0.15
Days Sales Outstanding (Average Receivables)	79.09	347.16	472.75	288.03	296.76
Average Days Payable Outstanding	220.45	27.4	124.9	77.06	49.07
Long Term Solvency
Total Debt/Equity	65.34	78.26	86.86	80.48	77.22
Total Debt / Total Capital	39.52	43.9	46.48	44.59	43.57
LT Debt/Equity	58.25	63.19	33.4	27.05	22.72
Long-Term Debt / Total Capital	35.23	35.45	17.87	14.99	12.82
Total Liabilities / Total Assets	43.24	47.73	50.08	48.55	50.58
EBIT / Interest Expense	-0.3	-1.65	-1.14	-1.71	-0.26
EBITDA / Interest Expense	-0.06	-1.54	-1.03	-0.35	-0.1
(EBITDA - Capex) / Interest Expense	-0.06	-2.33	-1.03	-8.49	-1.23
Total Debt / EBITDA	-437.73	-22.97	-61.05	-289.73	-203.35
Net Debt / EBITDA	-428.97	-22.73	-40.33	-197.84	-139.05
Total Debt / (EBITDA - Capex)	-437.73	-15.25	-61.05	-12.09	-17.25
Net Debt / (EBITDA - Capex)	-428.97	-15.09	-40.33	-8.26	-11.8
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	30.51	-6.99	40.53	146.29	29.55
Gross Profit, 1 Yr. Growth %	354.38	-136.82	-246.98	282.13	-1.11
EBITDA, 1 Yr. Growth %	-	2.53K	-26.68	-79.74	57.84
EBITA, 1 Yr. Growth %	-94.8	2.35K	-24.14	-20.79	-33.73
EBIT, 1 Yr. Growth %	-76.32	473.2	-24.12	-11.12	-28.31
Earnings From Cont. Operations, 1 Yr. Growth %	718.55	54.81	170.53	-80.37	-84.07
Net Income, 1 Yr. Growth %	532.82	51.68	170.42	-80.41	-84.04
Normalized Net Income, 1 Yr. Growth %	-170.32	339.16	-82.12	-471.74	62.33
Diluted EPS Before Extra, 1 Yr. Growth %	534.82	51.76	150.83	-84.69	-84.08
Accounts Receivable, 1 Yr. Growth %	204.65	342.27	34.64	60.8	17.08
Net Property, Plant and Equip., 1 Yr. Growth %	-10.43	1.98K	3.76K	72.64	6.42
Total Assets, 1 Yr. Growth %	-1.11	25.36	83.79	0.96	4.87
Tangible Book Value, 1 Yr. Growth %	12.33	16.02	68.12	4.23	0.99
Common Equity, 1 Yr. Growth %	11.33	15.44	72.03	4.12	0.75
Cash From Operations, 1 Yr. Growth %	141.28	74.91	-999.64	-100.59	-1.72K
Capital Expenditures, 1 Yr. Growth %	-	-	-	-	-35.31
Levered Free Cash Flow, 1 Yr. Growth %	396.59	-54.46	-265.98	-215.33	-101.54
Unlevered Free Cash Flow, 1 Yr. Growth %	696.24	-59.83	-323.74	-197.39	-131.36
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	36.3	10.18	14.33	86.04	78.63
Gross Profit, 2 Yr. CAGR %	82.98	29.35	-26.43	136.99	94.39
EBITDA, 2 Yr. CAGR %	-	-	339.47	-61.41	-43.45
EBITA, 2 Yr. CAGR %	-77.2	12.94	331.32	-22.39	-27.55
EBIT, 2 Yr. CAGR %	-51.34	16.5	108.55	-17.88	-20.18
Earnings From Cont. Operations, 2 Yr. CAGR %	-21.79	255.98	104.65	-27.12	-82.32
Net Income, 2 Yr. CAGR %	-20.98	209.81	102.52	-27.22	-82.32
Normalized Net Income, 2 Yr. CAGR %	78.91	75.73	-11.38	-18.47	145.65
Diluted EPS Before Extra, 2 Yr. CAGR %	-33.35	210.39	95.11	-38.02	-84.38
Accounts Receivable, 2 Yr. CAGR %	8.48	267.07	144.02	47.14	37.21
Net Property, Plant and Equip., 2 Yr. CAGR %	-	331.78	2.74K	716.87	35.54
Total Assets, 2 Yr. CAGR %	8.87	11.34	51.79	36.22	2.89
Tangible Book Value, 2 Yr. CAGR %	23.28	14.16	39.66	32.37	2.6
Common Equity, 2 Yr. CAGR %	24.57	13.37	40.92	33.83	2.42
Cash From Operations, 2 Yr. CAGR %	-7.04	105.43	296.68	-77.02	-41.65
Capital Expenditures, 2 Yr. CAGR %	-	-	-	159.82	-
Levered Free Cash Flow, 2 Yr. CAGR %	259.63	50.38	-13.06	38.36	-84.94
Unlevered Free Cash Flow, 2 Yr. CAGR %	3.06K	78.84	-5.2	47.62	-44.73
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	42.21	20	19.49	47.65	64.9
Gross Profit, 3 Yr. CAGR %	136.49	7.23	34.98	27.41	77.1
EBITDA, 3 Yr. CAGR %	-	-	-	57.71	-38.28
EBITA, 3 Yr. CAGR %	-58.79	8.45	-1.09	145.36	-26.37
EBIT, 3 Yr. CAGR %	-31.7	10.72	0.99	56.95	-21.51
Earnings From Cont. Operations, 3 Yr. CAGR %	2.03	-1.8	224.86	-6.31	-56.1
Net Income, 3 Yr. CAGR %	2.73	-1.8	196.08	-7.04	-56.11
Normalized Net Income, 3 Yr. CAGR %	-26.98	141.34	-17.96	42.92	2.57
Diluted EPS Before Extra, 3 Yr. CAGR %	-8.28	-12.32	189.11	-16.46	-60.6
Accounts Receivable, 3 Yr. CAGR %	-10.44	73.29	162.76	112.35	36.35
Net Property, Plant and Equip., 3 Yr. CAGR %	-	-	796.52	1.02K	314.1
Total Assets, 3 Yr. CAGR %	11.33	14.11	31.59	32.5	24.85
Tangible Book Value, 3 Yr. CAGR %	26.71	20.81	29.88	26.68	20.95
Common Equity, 3 Yr. CAGR %	27.59	21.45	30.27	27.4	21.74
Cash From Operations, 3 Yr. CAGR %	-5.41	14.76	236.1	-54.8	45.22
Capital Expenditures, 3 Yr. CAGR %	-	-	-	-	63.46
Levered Free Cash Flow, 3 Yr. CAGR %	35.11	80.59	55.41	-4.47	-66.48
Unlevered Free Cash Flow, 3 Yr. CAGR %	23.91	636.72	92.71	-4.34	-11.92
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	-	-	30.32	43	40.34
Gross Profit, 5 Yr. CAGR %	-	-	48.24	47.26	56.18
EBITA, 5 Yr. CAGR %	-39.22	17.26	5.42	-5.14	-12.63
EBIT, 5 Yr. CAGR %	-17.7	18.73	6.75	-1.75	-8.08
Earnings From Cont. Operations, 5 Yr. CAGR %	38.52	99.12	34.79	-12.84	1.4
Net Income, 5 Yr. CAGR %	39.09	99.12	34.78	-12.89	-4.09
Normalized Net Income, 5 Yr. CAGR %	-6.45	25.77	-21.1	56.35	27.22
Diluted EPS Before Extra, 5 Yr. CAGR %	1.29	55.29	24.05	-23.68	-10.04
Accounts Receivable, 5 Yr. CAGR %	-	-	33.73	62.32	102.62
Net Property, Plant and Equip., 5 Yr. CAGR %	-	-	-	-	321.08
Total Assets, 5 Yr. CAGR %	106.95	22.94	26.03	22.49	19.26
Tangible Book Value, 5 Yr. CAGR %	92.24	24	31.74	25.31	18.19
Common Equity, 5 Yr. CAGR %	93.04	24.4	32.76	26.26	18.32
Cash From Operations, 5 Yr. CAGR %	18.13	37.22	67.83	-39.69	66.84
Levered Free Cash Flow, 5 Yr. CAGR %	79.92	-8.48	13.27	62.34	-38.9
Unlevered Free Cash Flow, 5 Yr. CAGR %	77.86	-11.79	11.33	287.29	16.93