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22.08.2019

Elhim Iskra July sales fall 23% YoY, YTD EBT still up (NEUTRAL)

Elhim Iskra reported a 23.3% decline in July’19 revenue, which stood at BGN 2 532k, in line with company guidance. Pre-tax earnings were marginal BGN 30k, 59% less YoY and a 1.2% margin (-1 p.p. YoY) Weaker June and July led to a 5.4% decline in YTD sales to BGN 22 132k. Profitability, howeve...

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22.08.2019

BPD Industrial Real Estate Fund issues BGN 2m new common shares (NEUTRAL)

The Financial Supervision Commission (FSC) listed in the register of public companies the BGN 2m issue of BPD Industrial Real Estate Fund REIT shares. The capital raise was a result of exercising warrants and each new common share has a nominal value of BGN 1.00. After the event, the capital increas...

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21.08.2019

BNB revises 2019 GDP growth expectation upward to 3.7%

Bulgarian National Bank (BNB) published revised estimates for the mid-term economic growth of the Bulgarian economy. The central bank expects the 2019 increase in GDP to reach 3.7%, 0.1 p.p. more than an earlier forecast. The upward revision was based on higher expected growth in exports (+4.6% YoY)...

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20.08.2019

The Ministry of Finance to again offer BGN 200m 20-year bonds

Bulgarian National Bank (BNB) will auction BGN 200m - 20-year government securities on 26th of August (Monday). An already existing sovereign debt issue with a 1.5% coupon will be reopened for the third time. Government debt rose by BGN 700m in June and July as the state tapped the market by adding ...

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20.08.2019

Allterco Robotics H1’19 sales exceed 2018 results (POSITIVE)

Allterco’s CEO said that the revenue of IoT tech subsidiary Allterco Robotics for the first half of 2019 surpassed that for the whole 2018 (BGN 11.3m). The results are yet to be reported but there is a possibility for a 6-mo dividend distribution. The management also expects an increase in dem...

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19.08.2019

H1’19 current account surplus reaches EUR 1.8bn; FDI turn positive

Jun’19 YTD current account balance was positive at EUR 1.8bn (3% of GDPe*) 6.6x times more than in the comparable period of 2018. Total exports for Jan-Jun’19 were up 7.3% YoY to EUR 13.9bn, while imports during the same period grew by 1.1% YoY to EUR 14.4bn, resulting in EUR 0.5bn trade...

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19.08.2019

Three parties reportedly express interest in the Belene NPP

Rosatom, the Korean Hydro & Nuclear Power and the Chinese National Nuclear Corporation have submitted letters of intent for Belene NPP, Capital.bg reported. This was the first of the nine phases of the procedure. Based on these applications the Bulgarian state will choose strategic investors in ...

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19.08.2019

Allterco lends EUR 1.8m to two subsidiaries (NEUTRAL)

Allterco lent an additional EUR 1.8m to 2 of its subsidiaries for a year. The recipients were Allterco Properties and Allterco Trading. Each of them received EUR 0.9m at a 1% interest. The purposes of the loans are renovation of the group’s HQ and corporate restructuring of Allterco Trading.

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19.08.2019

Speedy launches a new project in Sofia, Varna and Plovdiv (NEUTRAL)

Speedy started making deliveries with electrical tricycles. The first phase of the project is limited to city center deliveries but it may expand in the next 3 years. The innovative solution will be tested in Sofia, Varna and Plovdiv where a total of 5 tricycles will be engaged.

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16.08.2019

FIBank’s consolidation adds 0.7% to net income (EPS of BGN 0.72)

The consolidation added 0.7% to FIBank’s Q2’19 net profit of BGN 78.8m, up by 195% YoY. EPS came at BGN 0.72. Net interest income was down 5.4% on an annual basis as the decline of interest rates continued to affect the banking sector, while the figure was 6.7% higher compared to stand-a...

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16.08.2019

Traffic at the costal airports shrinks 13.2% YoY in July (NEUTRAL)

The Burgas and Varna airports experienced a 13.2% YoY decline in the number of passengers, SeeNews reported. 1.2m in total arrived via the terminals operated by Fraport in July. The YTD decline in the passenger flow was 13%, a combination of 12.8% decrease at Varna and 13.4% fall at Burgas. Fraport ...

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15.08.2019

Advance Terrafund’s portfolio shrinks by 402 daa in Jul’19 (NEUTRAL)

Advance Terrafund REIT bought 620 daa of land at an average price of BGN 1 026/daa in Jul’19 and sold 551 daa at an average price of BGN 1 600/daa. During the month a total of 1 022 daa sold under deferred payment were repaid early. On net, the portfolio decreased by 402 daa MoM (-0.17%). The ...

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14.08.2019

Bulgaria’s flash Q2’19 GDP up by 0.6% QoQ and 3.3% YoY

According to flash estimates of NSI, Bulgaria’s seasonally adjusted Q2’19 GDP growth reached 0.6% QoQ and 3.3% YoY (BGN 28.1bn at current prices). The seasonally adjusted GVA (BGN 24.2bn) added 0.8% QoQ and 3.1% YoY. The Q2 final consumption growth slowed down to 2.7% YoY (+0.1% QoQ) and...

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14.08.2019

Jul’19 HICP rises 1.3% MoM and 2.6% YoY

Bulgaria’s Jul’19 harmonized consumer price index /HICP/ increased by 1.3% MoM, which lifted the YoY inflation to 2.6%. The prices of food and non-alcoholic drinks, which have the largest weight in the index, increased by 0.2% MoM (+4.7% YoY) as did the aggregates for transportation an...

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13.08.2019

Eurohold seeks CPC approval to acquire the Bulgarian assets of CEZ (NEUTRAL)

Eurohold had notified the competition regulator CPC about its intention the acquire CEZ’s local energy business, Capital.bg reported. Both sides agreed on a price of EUR 335m. Previously, CPC banned Inercom from completing the same deal citing market concentration as a concern. A decision can ...

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12.08.2019

Jun’19 foreign trade suddenly contracts, YTD trade deficit narrowed to BGN 0.6bn

Bulgaria’s June’19 exports (FOB) to third countries declined by 11.7% YoY to BGN 1.4bn while imports slumped by 30.6% YoY to BGN 1.3bn resulting in BGN 0.1bn trade surplus. This was the first decrease in exports on an annual basis in 2019. The YTD total imports from outside the EU reache...

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12.08.2019

The revenue in tourism grows by 2.6% YoY in Jun’19; overnight stays fall by 0.7%

The overnight stays in Bulgarian hotels were 4m in Jun’19, a 0.7% decrease over the prior year. The monthly revenue rose by 2.6% YoY and amounted to BGN 205.4m, as the proceeds from Bulgarian tourists advanced by 17.9% while those from foreign visitors declined by 0.5% YoY. The total number of...

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12.08.2019

Eurohold Bulgaria cons revenue increases 31% YoY, net profit grows in H1’19 (NEUTRAL)

Eurohold Bulgaria early released H1’19 consolidated financials reveal revenue increase of 31% YoY to BGN 786.5m, in line with the exact same increase in Q1. Insurance business increased its growth, expanding 43% YoY to BGN 656m. Automobile and Leasing segment revenue came to BGN 114.6m (-10% Y...

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09.08.2019

Neochim might close down its ammonia production over serious cost-efficiency concerns (NEGATIVE)

Neochim announced that it has launched its annual equipment maintenance and fertilizer production should restart in September. However, management added that the restart of the installation for ammonia production might be postponed indefinitely due to high prices of natural gas (key raw material) an...

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08.08.2019

Jun’19 industrial production index contracts by 1.9% MoM; loses 3.6% YoY

According to the preliminary data, Bulgaria's industrial production index contracted for a third month in a row, losing 1.9% MoM in June. The working day adjusted index also fell by 3.6% YoY. On a monthly basis, the production in the mining & quarrying sector slumped by 12.5% (-20% YoY), while m...

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