Income Statement Black Sea Property

Stocks

BSP

NO0013685750

Real Estate Services

Market Closed - Oslo Bors 17:45:00 28/08/2026 +03			5-day change	1st Jan Change
2.100 ^NOK	0.00%		-13.22%	-57.74%

07-21	Black Sea Property Secures Extension for EUR2 Million Loan	MT
07-20	Black Sea Property AS Extends Penchev 2 Loan with Increased Interest and Revised Maturity	CI

1aeaae0d0fce50cc65c7.0_48FBfnEUFYD8KHb22CJwFHQt3dNvWodXa7S491-AU.vdMIdyGUfHBqY7TGXzvaYjAxDoy0epqbJDT1HOgcjX3lj1hiQ59wAmk_kw

Published financial data: BLACK SEA PROPERTY

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2021 (NOK)	2022 (NOK)	2023 (NOK)	2024 (NOK)	2025 (NOK)
Rental Revenues	-	517K	4.13M	7.08M	5.2M
Other Revenues, Total	-	-	-	-	2.06M
Total Revenues	-	517K	4.13M	7.08M	7.26M
Selling General & Admin Expenses, Total	-	-	-	-	-
Depreciation & Amortization - (IS) - (Collected)	-	424K	3.54M	8.4M	9.83M
Other Operating Expenses	3.05M	5.09M	4.88M	4.3M	5.28M
Total Operating Expenses	3.05M	5.51M	8.41M	12.7M	15.11M
Operating Income (REIT / Utility Template)	-3.05M	-4.99M	-4.28M	-5.62M	-7.86M
Interest Expense, Total	-3.41M	-2.94M	-16.96M	-12.43M	-21.58M
Interest and Investment Income	48K	-	-	-	4K
Net Interest Expenses	-3.36M	-2.94M	-16.96M	-12.43M	-21.57M
Currency Exchange Gains (Loss)	-9.42M	7.95M	-341K	-367K	-
Other Non Operating Income (Expenses)	-1.87M	-119K	-472K	-382K	-490K
EBT, Excl. Unusual Items	-17.71M	-101K	-22.05M	-18.8M	-29.92M
Gain (Loss) on Sale of Investments	1.99M	-	4.76M	-	8.75M
Asset Writedown	-35.83M	-	-	-	-102M
EBT, Incl. Unusual Items	-51.55M	-101K	-17.29M	-18.8M	-123M
Income Tax Expense	-3.66M	1.32M	-	-	-
Earnings From Continuing Operations	-47.89M	-1.42M	-17.29M	-18.8M	-123M
Net Income to Company	-47.89M	-1.42M	-17.29M	-18.8M	-123M
Minority Interest	37.82M	1.44M	17.41M	2.83M	24.02M
Net Income - (IS)	-10.07M	28K	117K	-15.97M	-98.72M
Net Income to Common Incl Extra Items	-10.07M	28K	117K	-15.97M	-98.72M
Net Income to Common Excl. Extra Items	-10.07M	28K	117K	-15.97M	-98.72M
Per Share Items
Net EPS - Basic	-25.9	0.07	0.12	-6.36	-21.37
Basic EPS - Continuing Operations	-25.9	0.07	0.12	-6.36	-21.37
Basic Weighted Average Shares Outstanding	389K	389K	983K	2.51M	4.62M
Net EPS - Diluted	-25.9	0.07	0.12	-6.36	-21.37
Diluted EPS - Continuing Operations	-25.9	0.07	0.12	-6.36	-21.37
Diluted Weighted Average Shares Outstanding	389K	389K	983K	2.51M	4.62M
Normalized Basic EPS	68.78	3.55	3.69	-3.55	1.15
Normalized Diluted EPS	68.78	3.55	3.69	-3.55	1.15
Supplemental Items
EBITDA	-	-4.57M	-741K	2.77M	1.98M
EBITA	-3.05M	-4.98M	-4.24M	-5.58M	-7.8M
EBIT	-3.05M	-4.99M	-4.28M	-5.62M	-7.86M
Total Revenues (As Reported)	-	-	-	-	7.26M
Effective Tax Rate - (Ratio)	7.1	-1.3K	-	-	-
Total Deferred Taxes	-3.66M	1.32M	-	-	-
Normalized Net Income	26.75M	1.38M	3.63M	-8.92M	5.32M
Supplemental Operating Expense Items
General and Administrative Expenses	-	-	-	-	-

Fiscal Period: December	2021 (NOK)	2022 (NOK)	2023 (NOK)	2024 (NOK)	2025 (NOK)
Assets
Gross Property Plant And Equipment	200M	244M	352M	409M	413M
Accumulated Depreciation	-10K	-418K	-47.44M	-55.8M	-167M
Net Property Plant And Equipment	200M	244M	304M	353M	246M
Total Real Estate Assets	200M	244M	304M	353M	246M
Cash And Equivalents	-	-	-	-	-
Accounts Receivable, Total	-	-	-	151K	157K
Other Receivables	1.36M	611K	3.24M	1.49M	2.61M
Other Intangibles, Total	138K	161K	132K	151K	97K
Restricted Cash	7K	7K	56K	23K	161K
Other Current Assets, Total	9.76M	1.17M	2.37M	1.76M	8.78M
Other Long-Term Assets, Total	409K	392K	7.72M	21.82M	21.91M
Total Assets	212M	246M	318M	379M	280M
Liabilities
Current Portion of Long-Term Debt	29.97M	64.91M	4.38M	7.11M	95.8M
Long-Term Debt	30.27M	1.98M	73.56M	115M	109M
Accounts Payable, Total	488K	286K	541K	341K	142K
Accrued Expenses, Total	16K	9K	27K	18K	154K
Other Current Liabilities - (Brok / FS / Ins. / REIT Template)	12.22M	40.07M	13.75M	25.5M	26.53M
Deferred Tax Liability Non-Current	41K	1.36M	-	-	-
Other Non Current Liabilities	13.02M	5.17M	77.28M	76.86M	5.55M
Total Liabilities	86.03M	114M	170M	224M	237M
Common Stock, Total	9.72M	9.72M	24.58M	13.09M	23.09M
Additional Paid In Capital	234M	234M	240M	250M	250M
Retained Earnings	-149M	-152M	-159M	-154M	-252M
Comprehensive Income and Other	-	-	-	-	-
Total Common Equity	95.08M	92.09M	105M	110M	21.49M
Minority Interest	30.54M	40.18M	43.34M	44.8M	21.28M
Total Equity	126M	132M	148M	155M	42.78M
Total Liabilities And Equity	212M	246M	318M	379M	280M
Supplemental Items
ECS Total Shares Outstanding on Filing Date	389K	389K	983K	2.51M	4.62M
ECS Total Common Shares Outstanding	389K	389K	983K	2.51M	4.62M
Book Value / Share	244.48	236.79	106.92	43.69	4.65
Tangible Book Value	94.94M	91.93M	105M	110M	21.4M
Tangible Book Value Per Share	244.12	236.37	106.78	43.63	4.63
Total Debt	60.24M	66.89M	77.94M	122M	204M
Net Debt	60.24M	66.89M	77.94M	122M	204M
Minority Interest, Total (Incl. Fin. Div)	30.54M	40.18M	43.34M	44.8M	21.28M
Account Code - Inventory Valuation	3	3	3	3	3
Buildings, Total	-	-	-	-	-
Machinery, Total	1.93M	4.91M	7.12M	16.5M	16.5M
Full Time Employees	1	1	1	1	1

Fiscal Period: December	2021 (NOK)	2022 (NOK)	2023 (NOK)	2024 (NOK)	2025 (NOK)
Net Income	-10.07M	28K	117K	-15.97M	-98.72M
Depreciation, Depletion & Amortization	-	409K	3.5M	8.35M	9.78M
Amortization of Goodwill and Intangible Assets - (CF)	-	15K	35K	42K	54K
Total Depreciation, Depletion & Amortization	-	424K	3.54M	8.4M	9.83M
(Gain) Loss On Sale of Asset - (CF)	-	-	-	-	-
(Gain) Loss on Sale of Investments - (CF)	-281K	-	-	-	-
Total Asset Writedown	35.83M	-	-	-	102M
Change in Accounts Receivable	102K	-103K	-757K	346K	-6K
Change in Accounts Payable	134K	-34K	270K	-213K	-199K
Change in Other Net Operating Assets (Collected)	8.39M	682K	-2.55M	-36K	-47K
Other Operating Activities	-41.44M	-7.98M	-16.5M	-2.57M	-18.81M
Cash from Operations	-7.33M	-6.99M	-15.88M	-10.05M	-6.38M
Acquisition of Real Estate Assets, Total	-139K	-32.3M	-47.26M	-42.43M	-5.7M
Sale of Real Estate Assets, Total	-	-	-	-	-
Net Sale / Acquisition of Real Estate Assets	-139K	-32.3M	-47.26M	-42.43M	-5.7M
Investment in Marketable and Equity Securities, Total	11.85M	-	-7.31M	-14.15M	-
Other Investing Activities, Total	1K	-	-1K	-	-2.06M
Cash from Investing	11.72M	-32.3M	-54.57M	-56.58M	-7.75M
Short Term Debt Issued, Total	3.8M	17.61M	-	7.73M	14.12M
Long-Term Debt Issued, Total	-	3.43M	81.94M	39.84M	3.22M
Total Debt Issued	3.8M	21.04M	81.94M	47.58M	17.34M
Short Term Debt Repaid, Total	-	-	-28.71M	-266K	-
Long-Term Debt Repaid, Total	-50.06M	-	-1.98M	-219K	-5.89M
Total Debt Repaid	-50.06M	-	-30.7M	-485K	-5.89M
Issuance of Common Stock	49.37M	-	20.44M	18.89M	9.85M
Other Financing Activities, Total	145K	9.66M	1K	2K	-
Cash from Financing	3.26M	30.7M	71.69M	65.99M	21.29M
Foreign Exchange Rate Adjustments	-	-	-	-	-
Miscellaneous Cash Flow Adjustments	-	-	-	-	-
Net Change in Cash	7.64M	-8.58M	1.24M	-640K	7.16M
Supplemental Items
Net Debt Issued / Repaid	-46.26M	21.04M	51.25M	47.09M	11.45M
Levered Free Cash Flow	-13.32M	32.43M	-39.65M	1.65M	-15.88M
Unlevered Free Cash Flow	-11.19M	34.27M	-29.05M	9.42M	-2.4M
Change In Net Working Capital	9.28M	-36.97M	29.91M	-13.78M	7.32M

Fiscal Period: December	2021 (NOK)	2022 (NOK)	2023 (NOK)	2024 (NOK)	2025 (NOK)
Profitability
Return on Assets	-0.84	-1.36	-0.95	-1.01	-1.49
Return on Total Capital	-1.04	-1.62	-1.26	-1.4	-1.88
Return On Equity %	-41.66	-1.1	-12.32	-12.41	-124.42
Return on Common Equity	-12.8	0.03	0.12	-14.87	-150.47
Margin Analysis
Gross Profit Margin %	-	100	100	100	100
SG&A Margin	-	53.38	14.51	9.48	10.05
EBITDA Margin %	-	-883.95	-17.92	39.19	27.22
EBITA Margin %	-	-963.06	-102.68	-78.87	-107.54
EBIT Margin %	-	-965.96	-103.53	-79.46	-108.28
Income From Continuing Operations Margin %	-	-273.89	-418.26	-265.72	-1.69K
Net Income Margin %	-	5.42	2.83	-225.74	-1.36K
Net Avail. For Common Margin %	-	5.42	2.83	-225.74	-1.36K
Normalized Net Income Margin	-	267.09	87.7	-126.09	73.31
Levered Free Cash Flow Margin	-	6.27K	-959.08	23.32	-218.92
Unlevered Free Cash Flow Margin	-	6.63K	-702.68	133.12	-33.06
Asset Turnover
Asset Turnover	-	0	0.01	0.02	0.02
Fixed Assets Turnover	-	0	0.02	0.02	0.02
Receivables Turnover (Average Receivables)	-	-	-	22.75	33.77
Short Term Liquidity
Current Ratio	0.26	0.02	0.3	0.1	0.1
Quick Ratio	0.03	0.01	0.17	0.05	0.02
Operating Cash Flow to Current Liabilities	-0.17	-0.07	-0.85	-0.3	-0.05
Days Sales Outstanding (Average Receivables)	-	-	-	16.09	10.81
Long Term Solvency
Total Debt/Equity	47.95	50.57	52.51	78.72	477.81
Total Debt / Total Capital	32.41	33.59	34.43	44.05	82.69
LT Debt/Equity	24.1	1.5	49.55	74.12	253.87
Long-Term Debt / Total Capital	16.29	1	32.49	41.47	43.94
Total Liabilities / Total Assets	40.65	46.24	53.32	59.22	84.7
EBIT / Interest Expense	-0.89	-1.7	-0.25	-0.45	-0.36
EBITDA / Interest Expense	-	-1.55	-0.04	0.22	0.09
(EBITDA - Capex) / Interest Expense	-	-1.55	-0.04	-0.52	0.09
Total Debt / EBITDA	-	-14.64	-105.19	43.86	103.49
Net Debt / EBITDA	-	-14.64	-105.19	43.86	103.49
Total Debt / (EBITDA - Capex)	-	-14.64	-105.19	-18.81	103.49
Net Debt / (EBITDA - Capex)	-	-14.64	-105.19	-18.81	103.49
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	-	-	699.61	71.14	2.56
Gross Profit, 1 Yr. Growth %	-	-	699.61	71.14	2.56
EBITDA, 1 Yr. Growth %	-	-	-83.79	-474.22	-28.78
EBITA, 1 Yr. Growth %	-65.15	63.19	-15	30.37	38.79
EBIT, 1 Yr. Growth %	-65.15	63.68	-14.3	31.36	39.75
Earnings From Cont. Operations, 1 Yr. Growth %	230.94	-97.04	1.12K	8.73	552.85
Net Income, 1 Yr. Growth %	123.03	-100.28	317.86	-8.25	518.1
Diluted EPS Before Extra, 1 Yr. Growth %	-4.56	-100.28	65.32	-64.08	236.06
Normalized Net Income, 1 Yr. Growth %	367.8	-94.84	162.55	-35.82	-159.63
Net Property, Plant and Equip., 1 Yr. Growth %	-16.45	21.86	24.94	16.1	-30.45
Accounts Receivable, 1 Yr. Growth %	-	-	-	-67.94	3.97
Total Assets, 1 Yr. Growth %	-12.91	16.25	29.24	19.15	-26.22
Common Equity, 1 Yr. Growth %	52.67	-3.15	14.13	4.39	-80.41
Tangible Book Value, 1 Yr. Growth %	52.81	-3.17	14.19	4.38	-80.47
Cash From Operations, 1 Yr. Growth %	41.75	-4.75	127.37	-36.74	-36.46
Capital Expenditures, 1 Yr. Growth %	-	-	-	399.68	-
Levered Free Cash Flow, 1 Yr. Growth %	-366.9	-343.48	-222.25	-103.98	-1.06K
Unlevered Free Cash Flow, 1 Yr. Growth %	-258.03	-406.28	-184.77	-130.48	-125.47
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	-	-	-	269.93	32.48
Gross Profit, 2 Yr. CAGR %	-	-	-	269.93	32.48
EBITDA, 2 Yr. CAGR %	-	-27.71	-	-22.1	63.26
EBITA, 2 Yr. CAGR %	-8.16	-24.59	17.96	5.7	35.02
EBIT, 2 Yr. CAGR %	-8.16	-24.47	18.44	6.1	35.49
Earnings From Cont. Operations, 2 Yr. CAGR %	145.24	-68.72	-39.91	264.37	166.43
Net Income, 2 Yr. CAGR %	22	-92.13	-89.22	2.29K	138.13
Diluted EPS Before Extra, 2 Yr. CAGR %	-40.73	-94.85	-93.22	839.92	9.86
Normalized Net Income, 2 Yr. CAGR %	165.96	-50.86	-63.18	154.17	-38.14
Net Property, Plant and Equip., 2 Yr. CAGR %	-6.19	0.9	23.39	20.44	-10.14
Accounts Receivable, 2 Yr. CAGR %	-	-	-	-	-42.26
Total Assets, 2 Yr. CAGR %	-7.11	0.62	22.57	24.09	-6.24
Common Equity, 2 Yr. CAGR %	25.64	21.6	5.14	9.15	-54.78
Tangible Book Value, 2 Yr. CAGR %	25.69	21.64	5.15	9.17	-54.85
Cash From Operations, 2 Yr. CAGR %	-5.89	16.2	47.17	19.93	-36.6
Capital Expenditures, 2 Yr. CAGR %	-	-	-	-	-
Levered Free Cash Flow, 2 Yr. CAGR %	174.08	154.92	72.53	-77.44	-38.13
Unlevered Free Cash Flow, 2 Yr. CAGR %	330.27	120	61.13	-47.58	-72.14
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	-	-	-	-	141.21
Gross Profit, 3 Yr. CAGR %	-	-	-	-	141.21
EBITDA, 3 Yr. CAGR %	-	8.21	-56.08	-	-24.4
EBITA, 3 Yr. CAGR %	-45.38	11.24	-21.44	22.29	16.04
EBIT, 3 Yr. CAGR %	-45.38	11.35	-21.22	22.6	16.31
Earnings From Cont. Operations, 3 Yr. CAGR %	30.49	-43.76	6.12	-26.78	342.56
Net Income, 3 Yr. CAGR %	-0.48	-83.95	-70.41	16.61	1.42K
Diluted EPS Before Extra, 3 Yr. CAGR %	-54.12	-90.08	-83.63	-37.38	567.11
Normalized Net Income, 3 Yr. CAGR %	132.17	-28.52	-14.09	-30.65	56.76
Net Property, Plant and Equip., 3 Yr. CAGR %	0.9	2.36	8.35	20.91	0.29
Total Assets, 3 Yr. CAGR %	-0.88	0.11	9.38	21.42	4.35
Common Equity, 3 Yr. CAGR %	28.18	15.2	19.06	4.89	-38.43
Tangible Book Value, 3 Yr. CAGR %	28.12	15.22	19.1	4.89	-38.49
Cash From Operations, 3 Yr. CAGR %	22.43	-5.51	45.34	11.07	-2.95
Capital Expenditures, 3 Yr. CAGR %	-	-	-	-	-
Levered Free Cash Flow, 3 Yr. CAGR %	-39.97	163.48	99.54	-50.15	-21.17
Unlevered Free Cash Flow, 3 Yr. CAGR %	-42.61	284.18	60.09	-5.58	-58.79
Compound Annual Growth Rate Over Five Years
EBITDA, 5 Yr. CAGR %	-	-	-	-5.12	-25.74
EBITA, 5 Yr. CAGR %	-9.88	-7.93	-25.68	9.06	-2.28
EBIT, 5 Yr. CAGR %	-9.88	-7.87	-25.56	9.22	-2.14
Earnings From Cont. Operations, 5 Yr. CAGR %	39.21	-26.05	-4.31	18.75	53.36
Net Income, 5 Yr. CAGR %	4.17	-61.05	-59.1	18.74	85.32
Diluted EPS Before Extra, 5 Yr. CAGR %	-48.05	-77.58	-78.66	-38.74	-4.66
Normalized Net Income, 5 Yr. CAGR %	41.13	22.08	11.15	18.73	-1.43
Net Property, Plant and Equip., 5 Yr. CAGR %	4.09	3.57	9.36	9.24	0.54
Total Assets, 5 Yr. CAGR %	3.51	2.38	7.91	9.09	2.84
Common Equity, 5 Yr. CAGR %	29.77	36.35	18.41	12.74	-19.17
Tangible Book Value, 5 Yr. CAGR %	29.73	36.31	18.38	12.76	-19.2
Cash From Operations, 5 Yr. CAGR %	-1.17	51.55	31.79	3.94	4.3
Capital Expenditures, 5 Yr. CAGR %	-	-	-	132.5	-
Levered Free Cash Flow, 5 Yr. CAGR %	200.62	1.87	-8.42	-1.43	26.06
Unlevered Free Cash Flow, 5 Yr. CAGR %	40.97	2.47	-13.27	73.19	-19.47