Secure Property Development & Investment plc
Secure Property Development & Investment Plc (SPDI) is a Cyprus-incorporated, AIM-listed company historically engaged in investing in, developing, and managing commercial and land real estate assets in South East Europe (Ukraine, Romania, formerly Bulgaria/Greece). During FY2025 the Company completed the disposal of its entire remaining property portfolio (a Romanian logistics joint-venture interest and Ukrainian land plots), becoming an asset-free listed shell, largely as part of a multi-year transaction with Arcona Property Fund N.V. The Board is now pursuing a potential reverse takeover of/transaction with AdvEn Inc., a Canadian producer of activated carbon materials for the energy storage market, to reposition the Company.
10 annual reports read, FY2016 to FY2025
Open a year to see what its report said. Every line in it carries the page it was read from.
Sources: Company website (10)
FY2026Next report expected 5 Jul 2027
- Open the reportJSONComing soonSixty seconds on the FY2025 report
Secure Property Development & Investment Plc (SPDI), which owned property in Romania and Ukraine, sold everything it had left during the year and is now a listed company with no assets. Revenue fell to €783k from €1.3m, and the loss after tax widened to €4.4m from €838k. The report says income fell because its last rent-earning asset, a logistics park in Bucharest, was sold. Running costs rose about 25%, mainly because of VAT (a sales tax) that it had to absorb as a cost while winding down. On top of that came one-off costs. The largest was a loss on selling its subsidiaries, plus deal expenses and extra pay for directors and staff. Cash at the year end was €27k, down from €1.2m, against €658k borrowed from directors and related parties. No dividend was paid. Shareholders are instead due shares in Arcona Property Fund, but handing them over has been delayed. Management is pursuing a possible takeover deal with AdvEn, a Canadian maker of carbon materials for energy storage. No binding agreement had been signed. The auditor warned of a material uncertainty over whether the company can keep going.
From the reportevery line sits on the page it namesWhat drove revenueRental and service-charge income from Innovations Logistics Park, Bucharest (continuing operations, invoiced by the Company under a lease arrangement until the asset's sale)
Income from continued operations represents rental income and service charges/utilities income collected from tenants in Innovations Logistics Park, part of which was invoiced by the Company as required by the lender
page 48AndDirect rental/service-charge income from Innovations Logistics Park under discontinued operations (via local Romanian SPV) until sale
Discontinued operations income of €366,740 (2025) represents rental income and service charges collected by the respective local SPV
page 48What moved the marginheadwindAdministration expenses increased ~25% mainly due to VAT amounts the Group was forced to expense as part of minimizing its operations
Administration costs increased by ~25%, mainly as a result of VAT amounts expensed as part of the minimization of operations; recurring EBITDA fell to -€188,744 from €115,791
page 7AndheadwindLoss of the sole income-producing asset (Innovations Logistics Park) during the year
Income from operations decreased ~20% during 2025 as a result of the sale of the remaining income-producing asset during the year
page 6What management said2025 was the year when all property assets had been contributed to Arcona Property Fund N.V., and the Board commenced the process to distribute the Arcona shares to shareholders; SPDI signed a Heads of Terms with AdvEn Inc. in October, and involvement in progressing discussions has been continuous and substantial, with the objective of SPDI shareholders benefiting from value generation under a revised strategy.
page 4After the year endSPDI remains in discussions with AdvEn Industries Inc. on the final transaction structure, including revised heads of terms covering repayment of the two secured loans (initial €250,000 plus an additional €45,000) advanced to AdvEn
page 80The dividendNo dividends were declared during 2025. Instead, shareholders have received value via share-premium reductions (€11,705,448 approved July 2024 and €850,000 approved April 2025), distributed pro rata via Arcona Property Fund N.V. shares and/or cash at the Board's discretion
page 68Going concern and the auditThe auditor (Baker Tilly Klitou and Partners Limited, engagement partner Andreas Pittakas) issued an unmodified opinion but drew attention to a Material Uncertainty Related to Going Concern (Notes 2 and 9), noting the Group's financial position and cash flows will be significantly affected by transactions the Group plans to complete, in a manner that cannot be determined with certainty. The sole Key Audit Matter was the valuation of Financial Assets at FVPL (€12,678,706, approximated using Arcona's published NAV per share)
page 20The risks it names first- Material uncertainty related to going concern - the Group's financial position and cash flows will be significantly affected by transactions the Group plans to complete, which cannot be determined with certaintyp.20
- Operating country risk - ongoing war in Ukraine and associated infrastructure damage, energy/labour shortages, high defence spending and fiscal/trade deficitsp.44
- Operating country risk - Romanian political instability (annulled Presidential election) and technical recessionp.44
- Currency risk - UAH and RON exposure with no available hedging tools for UAHp.45
Read from C001162-AR-2025-website.
- FY2022Year to 31 Dec 2022 Opens with a free accountThe report, its reading and its figures
- FY2021Year to 31 Dec 2021 Opens with a free accountThe report, its reading and its figures
- FY2020Year to 31 Dec 2020 Opens with a free accountThe report, its reading and its figures
- FY2019Year to 31 Dec 2019 Opens with a free accountThe report, its reading and its figures
- FY2018Year to 31 Dec 2018 Opens with a free accountThe report, its reading and its figures
- FY2017Year to 31 Dec 2017 Opens with a free accountThe report, its reading and its figures
- FY2016Year to 31 Dec 2016 Opens with a free accountThe report, its reading and its figures