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18.07.2019

M+S Hydraulic reports 18.5% decline in Jun’19 sales, expects another 15% in July (NEGATIVE)

M+S Hydraulic Jun’19 sales met the management’s guidance and amounted to BGN 9.5m, a decline of 18.5% YoY. The pre-tax earnings shrank by 37.6% YoY to BGN 1.3m – a margin contraction of 4.1 p.p. over the period. The weak June continued the YTD trend of declining top line of the c...

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18.07.2019

Sirma EGM to vote on the buyback of up to 32% of the outstanding shares (POSITIVE)

Sirma Group Holding called an extraordinary shareholder’s meeting on August 26th to approve the buyback of up to 19m (32%) of the outstanding shares at a price range between BGN 0.10 – 2.00. The buyback amount is limited to BGN 20m. The procedure is scheduled to continue until 31.12.2022...

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17.07.2019

The Meridiam-Munich Airport tie-up ranks first for the Sofia Airport’s concession

Bulgaria has picked a consortium comprising asset manager Meridiam and the operator of Munich Airport to run and operate Sofia Airport, the country’s main air transport hub, the transport minister said on Wednesday. Rosen Zhelyazkov said the consortium, named Sof Connect, had won the tender fo...

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16.07.2019

Elana Agrocredit’s Q2 new leases decline 48% YoY as short term lending surges (NEUTRAL)

Elana Agrocredit reported 68.3% slump in new leases in Jun’19 to BGN 185k. The company financed the purchase of 313 daa of land (-55% YoY) at BGN 739 per daa*. YTD new leases reached BGN 2 504k (-48% YoY) spread over 3 420 daa (-46% YoY), which put the average price of a daa of agricultural l...

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15.07.2019

Jun’19 HICP remains flat MoM, YoY inflation retracts to 2.3%

Bulgaria’s Jun’19 harmonized consumer price index /HICP/ did not change MoM, which lowered the YoY inflation to 2.3%. The prices of food and non-alcoholic drinks, which have the largest weight in the index, decreased by 1.3% MoM (+4.5% YoY) as did the aggregates for transportation and co...

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15.07.2019

Advance Terrafund’s portfolio shrinks by 131 daa in Jun’19 (NEUTRAL)

Advance Terrafund REIT bought 695 daa of land at an average price of BGN 1 067/daa in Jun’19 and sold 343 daa at an average price of BGN 1 650/daa. Another 483 daa paid in advance also exited the fund, which netted a 131 daa MoM decrease in its portfolio. The latter reached 230 173 daa agricul...

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12.07.2019

5-mo total exports grow 9.1% YoY; deficit narrows YTD to BGN 1.6bn

Bulgaria’s May’19 exports (FOB) to third countries increased by 13% YoY to BGN 1.5bn while imports fell by 7.3% YoY to BGN 1.5bn resulting in a balanced trade. The YTD total imports from outside the EU reached BGN 8.2bn (+5.3% YoY) while total exports within the same period amounted to B...

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12.07.2019

Octagon aims to repay its debt to Monbat through an asset transfer (NEUTRAL)

Monbat announced that Octagon International had proposed a settlement of its overdue liabilities to the public company through an asset transfer from a third party. Please recall that in May Monbat has announced the signing of MoU between the associated company Octagon Int’l, its 100%-owned su...

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11.07.2019

FSC approves Sopharma Properties prospectus for BGN 3m equity raise (NEUTRAL)

Sopharma Properties received a green light from the FSC for the issue of 462k ordinary shares. Each share would be offered at BGN 1.00 nominal and BGN 6.50 issue price, 0.8% premium to the market. Every existing share would receive 1 right, exercisable at a 45.335 ratio. The minimum success threshol...

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11.07.2019

Sofia Commerce moves towards semi-annual dividend distribution (POSITIVE)

Sofia Commerce Pawn Brokerage announced changes to its articles of incorporation. The latter would allow the company to pay dividends on its common stock semi-annually. The provision is used by three other public companies on the BSE – Sopharma, Korado and Gradus. Sofia Commerce also said th...

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10.07.2019

The European Commission leaves Bulgaria 2019 GDP growth estimate at 3.3%

The European Commission released its summer economic forecast, leaving the estimates for Bulgaria unchanged. For 2019 the institution projected 3.3% GDP growth and 3.4% for the year later. The main economic driver according to the Commission will be private consumption boosted by higher disposable i...

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10.07.2019

The revenue in tourism declines by 2.6% YoY in May’19; overnight stays fall by 7.8%

The overnight stays in Bulgarian hotels were 1.5m in May’19, a 7.8% decrease over the prior year. The monthly revenue fell by 2.6% YoY and amounted to BGN 76.2m, as the proceeds from Bulgarian tourists advanced by 15.5% while those from foreign visitors declined by 9.9% YoY. The total number o...

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10.07.2019

Allterco to close the sale of its telecom business at the end of July (NEUTRAL)

Allterco announced that it will transfer the ownership over Terravoice and four other companies to LINK Mobility on the 29 July 2019. The two sides agreed on EUR 7.9m purchase price with a 60% upfront payment, 20% deferred for 2 years, and another 20% in rights to Victory Partners VIII Norway Holdin...

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09.07.2019

Vivacom sales efforts continue

Bulgarian telecom operator Vivacom has distributed information memorandum, and is said to have attracted interest from financial investors KKR, BC Partners, as well as French strategic Orange. According to reports non-binding bids are due at end of July, but the process is not expected to be finalis...

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09.07.2019

May’19 industrial production rises by 0.6% YoY, remains flat MoM

Bulgaria's industrial production index remained flat MoM. The working day adjusted index rose by 0.6% YoY. On a monthly basis, the production in the utilities and the manufacturing sector decreased by 0.1% (-5.4% YoY) and 0.4% (+0.9% YoY), respectively, while that in the mining & quarrying secto...

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09.07.2019

May’19 retail trade turnover falls by 0.2% MoM , rises by 0.4% YoY

The May’19 seasonally adjusted turnover in retail trade (excluding motor vehicles and motorcycles) fell by 0.2% MoM while rising by 0.4% YoY. The turnover in household appliances and furniture (-2.4% MoM; +4.2 YoY) and food, drinks and tobacco (-1.6% MoM; -2.7% YoY) fell the most. On the other...

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09.07.2019

Construction production falls by 0.4% MoM in May’19, but gains 2.6% YoY

Bulgaria's industrial production index fell for a third consecutive month losing 0.4% MoM. However, the working day adjusted index rose by 2.6% YoY. On a monthly basis, the production in building construction and civil engineering both fell by 0.4% while the YoY adjusted data showed a growth of 6.4%...

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09.07.2019

Monbat sells 54% of Leventa back to Prisa Oil Holding (NEUTRAL)

Monbat announced that it will dispose of the majority ownership over its non-core business Leventa. The company had exercised a put option to sell 54% of its 100% stake back to Prista Oil Holding for BGN 2.9m. Furthermore, Monbat recalled BGN 2.0m of its BGN 26.2m deposit at Prista. At the end of Q1...

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08.07.2019

Trace Group merges Chimcolor intro Infra Commerce (NEUTRAL)

The BoD of Trace Group Hold announced preliminary approval for the reorganization of two of its subsidiaries. Chimcolour, 100% owned by Infra Commerce, will merge into the latter, seizing to exist. Chimcolour was previously owned by the majority owner of Trace and was acquired by Infra Commerce in ...

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05.07.2019

Sopharma June’19 and YTD revenue grow by 1% YoY (NEUTRAL)

Sopharma reported a 1% YoY increase in Jun’19 unconsolidated sales. These results reflect a 6% decrease in domestic sales and a 7% growth in exports. In H1’19 sales also added 1% YoY on 10% increase in exports and 11% drop in domestic sales.

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