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17.12.2018

The European Commission fined BEH with EUR 77m for abusing a dominant position (NEUTRAL)

Bulgarian Energy Holding (BEH) got a EUR 77m fine from the European Commission (EC) for exploiting its dominant market position. The state-owned company was accused of impairing the gas distribution business of a competitor by obstructing access to its infrastructure. According to the EC, BEH’...

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17.12.2018

Gradus completes a BGN 2.4m investment into capacity (NEUTRAL)

Gradus has finished the construction of a new bird-breeding centre. The latter consists of 6 new buildings and a 10.8k sq. m of storage space with which to support the breeding of up to 233k birds at a time. Gradus has invested BGN 2.4m in the project and expects to finish a similar investment in 20...

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17.12.2018

BSE to impair by 50% a BGN 1.2m cession receivable (NEGATIVE)

BSE announced it will recognize impairment to the amount of 50% of a BGN 1.2m cession receivable related to a deposit in the bankrupt Corporate Commercial Bank. Due to objective evidence of impairment, BSE will recognise the loss to the receivable generated in October 2014 from the sale of a BGN 1.8...

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17.12.2018

Advance Terrafund increases its portfolio by 1 880 daa in November (NEUTRAL)

Advance Terrafund REIT bought 1 940 daa land at an average price of BGN 1 040/daa in November’18, while selling 60 daa at BGN 1 500. The total portfolio of the fund reached 227 443 daa agricultural and 133 daa urban land. The management’s guidance for rental revenue for the 2018-2019 agr...

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14.12.2018

Stara Planina Hold forecasts 10.5% growth in 2018 sales; flat sales expected in 2019 (NEUTRAL)

In a letter to shareholders Stara Planina announced that it expects 2018 sales to reach BGN 241m – a growth of 10.5% YoY. The projected net income is BGN 5.8m, down by 26.2% YoY which means that the company expects to book BGN 1m net loss in Q4’18. Nevertheless, the management intends to...

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13.12.2018

Holding Varna extends its capital raise by 60 days (NEUTRAL)

The management of Holding Varna adopted a decision to extend the subscription period for its BGN 45m capital raise by 60 days. Investors would be able to subscribe for shares by the 11th of February 2019 at the latest. The offering is for 1.25m shares at an issue price of BGN 36.0 exchanged against ...

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13.12.2018

FSC removed Belovo from the registry of public companies (NEUTRAL)

The FSC removed Belovo Paper Mill from the registry of public companies. Recall that the majority shareholder (Pabolux S.A.) concluded a tender offer to the minority shareholders at BGN 2.25. Pabolux controlled 92.4% of shareholder’s equity before the tender and increased its ownership in the ...

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12.12.2018

The government funds Hemus highway’s construction with BGN 1.35bn

The government voted to spend a BGN 1.35bn on the construction of another 134km of Hemus highway. The new section will be from Boaza to Veliko Tarnovo. The whole project, which dates back to the 70’s, aims to connect Sofia and Varna via a 420km highway, 170km of which is operational. The new f...

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12.12.2018

HICP falls 0.3% MoM, reverses to +3.0% YoY in November’18

Bulgaria’s November’18 harmonized consumer price index /HICP/ fell 0.3% MoM after 0.2% increase in the month prior, with the YoY index retracting to 3.0% vs. 3.6% in October. The prices of food and non-alcoholic drinks, which have the largest weight in the index, fell by 0.1% MoM (+2.2% ...

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12.12.2018

The tourist revenue surges 11.5% YoY in October’18; overnight stays gain 5.1%

The overnight stays in Bulgarian hotels were 0.9 m in October’18, a 5.1% increase over the prior year. The monthly revenue surged 11.5% YoY and amounted to BGN 49.9m, as the proceeds from foreign and Bulgarian tourists advanced by 12.9% and 9.8% YoY, respectively. The total number of tourists ...

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11.12.2018

October’s YTD exports rebound to 1.4% increase; the trade deficit narrows to BGN 2.6bn

Bulgaria’s October’18 exports (FOB) to third countries jumped by 9.1% YoY to BGN 1.9bn, a first YoY increase since the start of 2018. Imports from outside the EU, however, surged 34.3% in October, bringing the 10-mo total imports to BGN 17.5bn (+8.6% YoY) on total exports within the same...

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10.12.2018

Industrial production adds 0.8% MoM and 1.6% YoY in October’18

Bulgaria's industrial production index added 0.8% on a monthly basis in October’18, following a 1.2% decline in the month prior. The working day adjusted index increased by 1.6% YoY as manufacturing added 2.6%. On a monthly basis, the latter gained 0.9%. The production of utilities fell 2.0% M...

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10.12.2018

October’18 retail trade turnover adds 0.5% MoM and 4.9% YoY

The October’18 seasonally adjusted turnover in the retail trade (excluding motor vehicles and motorcycles) grew for an 8th month in a row, gaining 0.5% MoM, while the working day adjusted retail trade turnover added 4.9% YoY. The highest monthly increases were accounted in internet commerce (+...

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10.12.2018

October’18 construction production gains 3.3% MoM and 1.8% YoY

The October’18 seasonally adjusted index of construction production rose 3.3% MoM following a 1.0% decrease in September. Building construction was up by 2.0% MoM, while the index for civil engineering surged by 5.0% MoM after a 2.5% decline in the month prior. Annually, the index posted a 1.8...

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07.12.2018

Bulgaria’s preliminary Q3’18 GDP up by 0.7% QoQ and 3.1% YoY

According to preliminary data of NSI, Bulgaria’s seasonally adjusted Q3’18 GDP increased by 0.7% QoQ and 3.1% YoY to BGN 29.8bn (current prices), while the seasonally adjusted GVA grew by 0.7% QoQ and 3.0% YoY to BGN 26.1bn. Both were revised upward when compared to their flash estimates...

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06.12.2018

FSC approved A.R.U.S Holding tender offer for 2.1m shares in Svilosa at BGN 5.5/share

The FSC did not issue a final ban on A.R.U.S Holding’s tender offer to Svilosa’s shareholders. The company proposed BGN 5.50 per share for the remaining 2 139 070 shares of Svilosa (6.74% of the share capital). The stock closed t BGN 5.1 yesterday. A.R.U.S Holding controls 93.26% of Svil...

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06.12.2018

Gradus adds 4 new products to the “Az iam!” brand (NEUTRAL)

Gradus announced that it has expanded the product portfolio of Gradus-1. The company will add four new pork meat delicacies under the “Az iam!” brand. The new products were released on the market in November after the finalisation of BGN 1.8m investment in new high-quality equipment in G...

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05.12.2018

BREF REIT receives a building permit for Sofia Tech Park project (POSITIVE)

BREF REIT disclosed that its project in the Sofia Tech Park has received a building permit. The document allows the construction of a multifunctional administrative-service building with a footprint of 2 325 sq. m. The total build-up area (TBA) is going to be 50 761 sq. m, including two levels of un...

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05.12.2018

Sopharma’s Nov’18 sales decline 9% YoY (NEGATIVE)

Sopharma reported a third consecutive negative month with 9% YoY decline of Nov’18 stand-alone sales as export sales dropped 23% while domestic sales added 10%. 11-mo’18 sales declined by 6% YoY with 7% decline of exports and 4% decrease of domestic sales.

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04.12.2018

SAC revokes the CPC refusal to evaluate Inercom-CEZ deal (POSITIVE)

The Supreme Administrative Court (SAC) ruled that the competition regulator CPC has improperly refused to evaluate again Inercom’s acquisition of CEZ Bulgarian business. Recall that CPC refused to evaluate the deal citing the ongoing lawsuit over its previous decision as the cause. Before fili...

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