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21.02.2019

Sofia Administrative Court dismissed CEZ and Inercom appeals against CPC rejection for second review of CEZ – Inercom deal (NEGATIVE)

The Sofia Administrative Court dismissed the appeals by both CEZ and Inercom against the rejection of the Competition Protection Commission (CPC) for a second review of CEZ – Inercom deal. Recall that CPC put the CEZ – Inercom deal on hold for a second time after the regulator was forced...

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21.02.2019

HES’s sales grow 16.1% in January, the pre-tax margin declines (NEUTRAL)

Hydraulic Elements and Systems (HES) reported 16.1% growth in Jan’19 revenues, which reached BGN 6.6m. Pre-tax monthly earnings grew 3.5% to BGN 0.8m, which resulted in a margin of 12.0% (-1.5 p.p. YoY). Management forecasts 15.9% growth in February’s revenue (BGN 6.6m).

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21.02.2019

Monbat considers building a new factory in Vratsa (NEUTRAL)

Monbat announced that it is interest into building a new manufacturing facility in Vratsa. The factory would produce bi-polar batteries. The new technology decreases the lead content of the battery, while simultaneously increasing its efficiency. Monbat bought a licence for the process (GreenSeal) i...

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21.02.2019

Elhim Iskra beats management’s guidance with a 12.0% sales growth in January (POSITIVE)

Elhim Iskra Jan’19 sales came above the management’s guidance (+9.4%) and reached BGN 3.8m (+12.0% YoY). EBT was positive at BGN 112k (negative pre-tax earnings in the base period.), a 3.0% margin (+4.0p.p. YoY). Management expects a 7.8% decline in February sales.

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20.02.2019

Kiril Domuschiev reportedly bids EUR 185m for Nova TV

Capital.bg reported that businessman Kiril Domuschiev bid EUR 185m for Nova TV. Both parties had refused to comment. The owner of the TV channel MTG renewed negotiations for its sale after an acquisition by PPF was not approved by regulators.

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20.02.2019

BACB and BTC plan a joint venture (NEUTRAL)

BACB and Bulgarian Telecommunication Company (BTC) intend to create a joint venture. The company will develop a common payment services system project. BACB announced that it has informed the competition regulator about the agreement between the two companies and would wait for an approval.

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20.02.2019

Elana Agrocredit’s Jan’19 new leases 32% YoY less (NEGATIVE)

Elana Agrecredit started 2019 slowly, lending BGN 190k, 31.6% less than a year ago. The company financed the purchase of 270 daa of agricultural land (-53.3% YoY).The price per daa was flat YoY and averaged BGN 878. The company also lent BGN 42k as short-term financing.

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20.02.2019

Sopharma divests 15% of Momina Krepost (NEUTRAL)

Sopharma decreased its stake in Momina Krepost, a manufacturer of medical consumables, to 78.6%. It sold 15.0% of the company at BGN 3.16 per share for a total of BGN 0.8m. The buyer is a newly found company related to Doverie United Holding.

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19.02.2019

Sirma’s capital raise was unsuccessful

Sirma Group Holding announced that its capital raise was unsuccessful. Investors, who held 35.2m (59%) rights, did not exercise enough to pass the success threshold. Sirma Group was asking for a minimum of 50% or 19.8m shares, at BGN 1 issue price.

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19.02.2019

Bulgaria’s 2018 CA surplus at 4.6% of the GDP; trade deficit reached EUR 2.2bn

Bulgaria’s December 2018 current account closed at EUR 51m deficit, compared to EUR 282.2m of the same in the comparable month of 2017. The 2018 figure was positive EUR 2.5bn (4.6% of GDP*). The latter was still down 24.6% when compared to the EUR 3.4bn (6.5% of GDP) in the base period. Decemb...

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18.02.2019

Sofcom Leasing returned excess funds back to its parent company (NEUTRAL)

Sofcom Leasing gave as a deposit BGN 0.5m to its parent company Sofia Commerce Pawn Brokerage. The deposit term is 1 year at a 4% interest rate. Sofcom Leasing was founded in February of 2018 with BGN 1.0m registered capital. The company provides lease and mortgage financing and received a non-banki...

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15.02.2019

HICP flat MoM, YoY increase slows down to +2.2% YoY in January’19

Bulgaria’s January’19 harmonized consumer price index /HICP/ remained flat MoM for a second month in a row. The YoY index change retracted to +2.2% vs. +2.3% in December. The prices of food and non-alcoholic drinks, which have the largest weight in the index, grew by 1.4% MoM (+3.3% YoY)...

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15.02.2019

Advance Terrafund increases its portfolio by 610 daa in January (NEUTRAL)

Advance Terrafund REIT bought 610 daa land at an average price of BGN 987/daa in January’19. No land was sold during the month. The fund’s portfolio reached 228 834 daa agricultural (+0.3% YoY) and 133 daa urban land. The management’s guidance for rental revenue for the 2018-2019 a...

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14.02.2019

Bulgaria’s flash Q4’18 GDP up by 0.7% QoQ and 3.1% YoY

According to flash estimates of NSI, Bulgaria’s seasonally adjusted Q4’18 GDP kept pace with the earlier quarter and grew 0.7% QoQ and 3.1% YoY (BGN 29.9bn at current prices). The seasonally adjusted GVA (BGN 25.9bn) added 0.8% QoQ and 2.9% YoY. Q4 final consumption grew 5.3% YoY (+0.2% ...

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14.02.2019

The EP approves EUR 3.4bn increase in funding for Bulgaria

The European Parliament voted in favour to support Bulgaria by EUR 18bn in the new 2021 – 2027 European budget. The sum is EUR 3.4bn more than in the previous EU budget. Bulgaria was amongst the three countries with highest bump in cohesion funding.

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14.02.2019

Net assets of Bulgarian pension funds register decline in Q4’18 due to deteriorating returns

The net assets of the Bulgarian private pension funds declined by BGN 76m to BGN 13.4bn as of end-December compared to end-September, according to data released by the Financial Supervision Commission. This is the first quarterly decline since 2008 financial crisis and it is due to the negative quar...

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14.02.2019

Holding Varna raises BGN 45m of equity in a share issue (NEUTRAL)

Holding Varna’s capital increase was successful. Investors subscribed for 1 249 997 (100%) of the newly issued shares at the issue price of BGN 36.0. The company raised BGN 45.0m of equity and increased shares outstanding by 24%.

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14.02.2019

Trace Group Hold sings a BGN 5m contract for road reconstruction (NEUTRAL)

Trace Group Hold signed a BGN 5m contract for public works. The company would have to reconstruct sections of an existing road adding up to 12km in total. The term of the contract is 255 days.

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13.02.2019

Doverie signs a contract to acquire 63.9% of Moldindconbank for BGN 76.6m (POSITIVE)

Doverie-Invest, a subsidiary of Doverie United Holding, has signed a preliminary contract with the government of Moldova for the acquisition of the state-owned Moldindconbank. The contract was signed after an approval by the Central Bank of Moldova and a confirmation by the Competition Protection Co...

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13.02.2019

Bravo Property raises BGN 66.4m of capital to acquire class A office building (NEUTRAL)

Bravo Property Fund REIT bid BGN 71.4m for class A office building, located on Tzarigradsko Shousse. Its rentable GBA is 13.8k across 6-storeys. Bravo Properties plans to finance the deal with a BGN 36.4m capital increase (36.4m new shares at issue price of BGN 1) and a BGN 30m, 4% (paid quarterly),...

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