Elana Agrocredit’s new leases declined again, while short-term loans increased slightly in Dec‘21 (NEUTRAL)

19.01.2022 Source: Elana Agrocredit; FFBH

Elana Agrocredit reported 12 new leases in November (BGN 423.4k), which represents 25.7% YoY drop. The company financed the purchase of 283 daa (-39.4% YoY) of agricultural land during the month at BGN 1 495 per daa (+22.6% YoY). 2021 average price per daa reached BGN 1 274, which represents 28.2% YoY increase. Short-term loans jumped on a monthly basis to BGN 17.4m (+0.4% MoM). 2021 new leases amounted to BGN 6.6m (-36.7% YoY) vs BGN 10.5m in the comparable 2020 period, while the size of the financed land tumbled to 5 197 daa YtD (-50.7% YoY). *20% of the price is down payment by the lessees.