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30.03.2020

Bulgarian government proposes revision of 2020 budget

Yesterday evening the government decided to revise the country’s 2020 budget as a result of the significant change in the expectations for both revenues and costs over COVID-19 effects. The Ministry of Finance expects 3% decline in GDP and BGN 2.44 bn less revenues than the initially planned (...

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30.03.2020

Bulgaria’s business sentiment declines 3.7 p.p. MoM in Mar’20

National Statistical Institute announced that Bulgaria's business sentiment decreased 3.7 p.p. MoM in March of 2020 because of the worse business climate in Industry, Retail and Services. Industry lost 5.2 p.p. on entrepreneurs’ assessments about the future business situation of the enterprise...

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30.03.2020

Producer prices add 3.1% YoY in February and remain flat MoM

February Producer Price Index on the domestic market stood at the Jan’20 level, while increasing 3.1% on an annual basis. Domestic prices in the mining & quarrying industry and processing industry lost 1.8% MoM (+1.8% YoY) and 0.5% MoM (+0.7% YoY), respectively, while prices for gas, steam...

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30.03.2020

Sopharma Trading’s Feb’20 sales up 14.4% YoY, while EBT adds only 0.7% YoY on smaller margin (NEUTRAL)

Sopharma Trading’s revenue in Feb’20 surged 14.4% YoY and reached BGN 69.4m. This pushed YTD sales to BGN 137.9m, or to 7% YoY increase. The monthly pre-tax earnings added 0.7% YoY to BGN 1.8m. However the respective margin went down by 0.4 p.p. and stood at 2.6% YoY. EBT for the 2-mo pe...

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30.03.2020

BSE announces new financial reporting deadlines

In line with FSC instructions, the stock exchange announced the new deadlines for submission of financial reports. They would be as follows: April 30 for the 2019 audited standalone reports; May 20 for the 2019 audited consolidated reports; May 29 for Q1 interim standalone reports and June 26 for Q1...

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27.03.2020

Bulgaria’s gross external debt falls 0.3% YoY (-0.8% MoM) to EUR 33.8bn in Jan’20

Jan’20 gross external debt of Bulgaria decreased 0.3% YoY to EUR 33.8bn (52% of GDPe*). YTD gross external debt of the government sector gained 0.1% (+1.5% YoY) and was EUR 5.4bn (8.4% of GDPe). Gross external debt of the banking sector lost 5.3% as compared to December 2019 and stood at EUR 4...

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27.03.2020

BNB to reopen 5 year treasury bond

On April 6 the Bulgarian National Bank will auction further BGN 200m from the 0.01% p.a. coupon 5 year treasury bonds, maturing on 15.01.2025. They placed BGN 200m from the issue in January at -0.11% yield and another BGN 200m in February at -0.14%.

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26.03.2020

Fibank registers new subsidiary

The new subsidiary of First investment bank – MyFin EAD, was listed in the in the Commercial Register. MyFin EAD would be operating as an issuer of electronic money. Recall that on 27 February 2020 the Bulgarian National Bank issued a license for operation as an e-money company to MyFin EAD pu...

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26.03.2020

FSC issued a final ban on Rodna Zemya’s tender offer (NEUTRAL)

The Financial Supervision Commission has refused to approve Nevena’s tender offer for Rodna Zemya Hold’s shares. Please recall that at the beginning of the year, Nevena EOOD increased its stake in the company from 29.115% to 42.615%. After that it has increased the stake to 46.44% repres...

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26.03.2020

Monbat Feb’20 revenue loses 15.8% YoY and results in an EBT slump (NEUTRAL)

Monbat’s February consolidated sales report revealed a 15.8% YoY decline, where revenue amounts to BGN 23.9m. On the other hand, monthly EBITDA (BGN 3.7m) lost 31.1% YoY, while pre-tax profit registered a 54.6% YoY slump and amounted to BGN 0.9m. 2-mo consolidated revenue stood at BGN 49.6m (-...

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26.03.2020

FSC approved another supplement to Telelink Business Services Prospectus

Telelink Business Services (TBS) second supplement to the already approved Prospectus for listing of existing shares received approval by the FSC. According to the company’s previous announcement FSC had requested the supplement in connection with TBS’ preliminary 2019 financial report a...

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25.03.2020

EBA provides clarity on the application of the prudential framework in light of COVID-19 measures

EBA clarified the implications of moratoria on the prudential and accounting treatment of the exposures. “The classification of exposures should accurately and timely reflects any deterioration of asset quality. However, the generalised payment delays due to legislative initiatives do not lead...

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25.03.2020

Advance Terrafund sells urban land in Stara Zagora for EUR 1.1m (NEUTRAL)

Advance Terrafund sold Atera 1 EOOD for EUR 1 065k (BGN 2 083k). The latter was set up in the beginning of the year with an in kind contribution of its 10 649 sq.m. urban plot in Stara Zagora and the buildings on it. The plot was appraised at BGN 1 815k.

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25.03.2020

NN reduces stake in Stara Planina (NEUTRAL)

Stara Planina Hold announced that the pension company NN has divested 0.5% of its stake at the company, or around 125.5k shares. The transaction was reported after it NN interest in Stara Planina fell beneath the 5% threshold.

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25.03.2020

Elhim-Iskra scheduled its GSM in May (NEUTRAL)

The battery manufacturer decided to hold its GSM on May 13, 2020. Apart from the regular points, shareholders will vote on a new remuneration option in the form of shares. Another part on the agenda is the distribution of retained earnings. However, this time there are no concrete suggestions. It is...

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24.03.2020

Eleven Capital IPO raised BGN 2.1m

Eleven Capital AD company raised BGN 2.1m by selling 302 264 shares at a price of BGN 7. The IPO is considered successful as the threshold of 250k shares was subscribed. Please recall that the company was aiming at BGN 3.5m – BGN 4m at a subscription price between BGN 7 and BGN 8. This is the ...

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24.03.2020

Bravo Properties will distribute BGN 0.0419 per share (NEUTRAL)

Shareholders of Bravo Properties REIT voted in favor of a dividend distribution for 2019 amounting to BGN 1.5m (90% payout ratio of adj. profit). This translates to a gross payment of BGN 0.042 per share. The yield to the last reported price (BGN 1.05) equals 4%. Ex div date is April 6, 2020.

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24.03.2020

Elana Agrocredit new deals surge 77.4% YoY in Feb’20 (POSITIVE)

Elana Agrocredit reported a 77.4% YoY surge in February’s new leases to BGN 0.9m*. The company financed the purchase of 774 daa (+9.2% YoY) of agricultural land during the month at BGN 1 205 per daa (+62.5% YoY). YTD average price per daa was BGN 1 037, +33.1% YoY. Short term loans gained 1.6%...

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24.03.2020

Sirma offers free services in response to COVID-19; 2019 audit due end-July (NEUTRAL)

Sirma Group announced in response to the COVID-19 pandemic it made use of its Diabetes-M app free of charge, and opened up its cloud servers for free remote education classrooms. They had also amended their financials release calendar, audited 2019 cons report due 31.07.2020 and cons Q1'20 and H1&r...

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24.03.2020

Bulgarian government proposes to spend BGN 2bn to support the economy

Prime minister Boyko Borisov announced that the planned COVID-19 triggered economic measures will reach BGN 2bn. Most of the amount, BGN 1bn, will be used to fund 60% of the gross salaries of employees in the most affected sectors. The capital of the state-owned Bulgarian Development Bank (BDB) will...

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