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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 land at BGN 915, 4% decline YoY. Contrary to the trend in new leases, short term lending surged. The balance on the latter as of the end of Q2’19 stood at BGN 12 740k – up 45.3% YoY. *20% of the price is self-financed by the lessees

Source: Elana Agrocredit; FFBH

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