Black Raven Properties plc

Company Name: Black Raven Properties plc
Stock Market: AIM (LSE: BRP)
Industry Sector: Construction Services
Market Capitalisation: £0.54 million (as of October 24, 2008)
Operating Income: £1.9 million (loss) (as of November 30, 2007)
Net Income: £2.1million (loss)
Total Assets: £10.7 million

Key People: Pedro Toscano (non-executive chairman), Michael Friend (chief executive officer)
Headquarters Address: PO Box 1295, Sterling House 20 Station Road
Gerrards Cross, Buckinghamshire SL9 8EL , United Kingdom
Website Address: www.blackravenproperties.com

Company Overview

Black Raven Properties plc strives, purchases, and develops residential, commercial, and leisure sites in the United Kingdom and in the continental Europe. The company aims to achieve capital growth by investing in a real estate portfolio, primarily in Portugal.

The target market of Black Raven Properties is the luxury principal housing market specifically in Lisbon, Portugal. The company focuses on these assets; a complete planning approval is already in place, with one to three-year completion timeframe and with an opportunity to sell off the plan. The company invests directly or indirectly in the portfolio of Portuguese residential, leisure, and commercial properties. With these investments, the company uses privately-placed closed-ended funds as its tool. The structure of this tool includes the management company Fund Box S.A, which provides the following services: oversee the day-to-day fund running, custodian bank for the banking controls, putting agent for the fund units, subscription process, independent evaluation, and fund auditor in reposting the fund’s performance. The privately situated closed-ended fund is very tax efficient.

As of January 2007, Black Raven Properties plc has established a closed-ended real estate property investment fund named White Raven Capital Partners. This subsidiary is 100% owned by the company. Black Raven Properties plc and White Raven Capital Partners continue to pursue the goal of investing in residential development projects within or near Lisbon. The company’s typical assets include residential properties situated in the centre of city. Investments of the company are usually in blocks of assets.

Current Financial Overview

The following are some information based on the financial statement of Black Raven Properties plc in 2007 and 2006.

The company incurred flat revenue, loss from operation of £1.9 million, net loss of £2.1 million, and total assets of £10.7 million. In 2006, the company incurred flat revenue, loss from operation of £0.32 million, net loss of £0.31 million, and total assets of £4.6 million. Based on the 2007 results, the company obtained same flat revenue, increase in operational loss, increase in net loss, and increase in total assets compared to 2006.

Also in 2007, the company increased its cash reserves by £1.6 million, or 183.35%, while cash flow from financing was £8.46 million. Additionally, Black Raven Properties plc used £6.86 million for its operations while its cash from investing was breakeven. The company also had a debt to total capital ratio of 1.73%, an increase from 0.01% in the previous year.