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16.08.2017

Bulgaria’s Q2’17 GDP up by 0.9% QoQ and 3.6% YoY

According to the flash estimates of NSI, Bulgaria’s seasonally adjusted Q2’17 GDP increased by 0.9% QoQ and 3.6% YoY to BGN 24.3bn (current prices), while the seasonally adjusted GVA grew by 0.9% QoQ and 3.8% YoY to BGN 21.0bn. The quarterly final consumption increased by 4.2% YoY (+0.4%...

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15.08.2017

The unemployment rate down 0.1 p.p. MoM to 6.7% in July’17

The July’17 unemployment rate declined by 0.1 p.p. MoM and 1.5 p.p. YoY to 6.7%, according to the National Employment Agency. A total of 220 884 unemployed were registered at the end of the month, which is 3 283 less compared to June’17 and 47 216 less YoY. The number of people who found...

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15.08.2017

Advance Terrafund sold 5 033 daa agricultural land in July’17 (POSITIVE)

Advance Terrafund REIT sold 5 033 daa agricultural land in July 2017, 533 daa of which under deferred payments scheme. The YTD sales reached 13 852 daa, 4 656 daa of which under deferred payments scheme, at an average price of BGN 1 450 per daa. The fund did not acquire agricultural land in July, he...

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14.08.2017

HICP inflation up 0.5% MoM and 0.6% YoY in July’17

Bulgaria’s July’17 harmonized consumer price index /HICP/ increased by 0.5% MoM. The HICP was pulled up by the 3.9% growth of recreation and culture prices and the 3.2% growth of restaurants and hotels prices. The prices of food and non-alcoholic drinks, which have the largest weight in ...

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14.08.2017

The passengers at Sofia Airport up by 34% YoY to 611k in July 2017

The number of passengers serviced at Sofia Airport in June 2017 increased by 34% YoY to 611k, the airport's operator announced. The aircraft movements during the month increased by 10% YoY to 5 219, while the volume of handled cargo and postal shipments amounted to 1 771 tonnes.

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14.08.2017

BSE-Sofia reaches an agreement to acquire IBEE for BGN 5.2m, indicating Q2'17 TTM P/E of 6.2x (POSITIVE)

BSE-Sofia announced it had reached an agreement with Bulgarian Energy Holding to acquire 100% of Independent Bulgarian Energy Exchange (IBEE) for BGN 5.2m. The payment schedule is BGN 4m at closing of the contract, with the remainder due in 3 equal instalments at months 6, 12 and 18 after the transf...

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14.08.2017

Trace Group Hold signs BGN 10.4m railway repair contract (POSITIVE)

Trace Group Hold, as a leading partner of the consortium Railway Infrastructure, signed a BGN 10.4m contract for the repair of 12.9km railway in Stara Zagora region. The completion term is 7 months while the financing is from the state budget.

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11.08.2017

EIG increased its stake in Euroins 94.9% (NEUTRAL)

The insurance subholding of Eurohold, Euroins Insurance Group (EIG), has raised its direct stake in Euroins to 94.9% from 90.1% prior to its tender offer at BGN 1.30 per share. A total of 68 shareholders who owned 796 152 Euroins shares have accepted the buyout bid. Recall that Asen Hristov, the ch...

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11.08.2017

Monbat appoints two new Executives (NEUTRAL)

Peter Bozadjiev is appointed as Executive Director of the economic group Monbat. Previously, Mr. Bozadjiev was Group Financial Director (CFO) of Monbat, as well as programme manager of the long-term optimization and improvement program in the group. He is also appointed as General Manager of Monbat ...

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10.08.2017

Tourist revenue up 14.9% YoY in June; overnight stays increase 8.5%

The tourist overnight stays in Bulgarian hotels reached 3 889.5k in June’17, up 8.5% compared to June’16. The revenue from overnight stays increased by 14.9% YoY, reaching BGN 188.0m, as the revenue from foreign tourists advanced 16.4% YoY, while the revenue from Bulgarian tourists was u...

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10.08.2017

The merger of Sopharma and Medika entered into the commercial registry (NEUTRAL)

The transformation through merger of Medika in Sopharma has been entered into the Commercial Register on 8 August. According to the merger agreement one Medika share would be exchanged for 0.8831 Sopharma’s shares.

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09.08.2017

Bulgaria’s June trade deficit down 78% to BGN 32.7m

Bulgaria’s June’17 exports (FOB) to third countries increased by 23.1% YoY to BGN 1.6bn and the imports (FOB) were up 25.1% YoY also to BGN 1.7bn. At the same time, the exports to the EU grew by 13.1% YoY to BGN 3bn, while the imports added 6.8% YoY to BGN 3bn. As a result, the total Jun...

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09.08.2017

The Cabinet approved the sale of the Independent Bulgarian Energy Exchange by BEH to BSE-Sofia (NEUTRAL)

The Council of Ministers gave a green light for the sale of 100% of Independent Bulgarian Energy Exchange (IBEE) to BSE-Sofia, while the European Commission extended the deadline for transferring the shares until end-Ocotber’2017. Please recall that the Bulgarian Energy Holding granted BSE-...

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09.08.2017

Korado received shareholders’ approval for 1-for-2 stock dividend (NEUTRAL)

The shareholders of Korado-Bulgaria approved the proposed 1-for-2 stock dividend, by which the total issued shares would become 13.168m. The proposition was voted at the GSM held on 9 August’17.

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08.08.2017

Industrial output down 1.4% MoM and up 3.6% YoY in June’17

Bulgaria's industrial production index decreased by 1.4% on a monthly basis in June’17, after being up by 2.7% MoM in May, according to preliminary data of the National Statistics Institute. The working day adjusted index added 3.6% YoY. On a monthly basis, the production in the mining & q...

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08.08.2017

Construction output up 0.2% MoM and 7.9% YoY in June’17

Bulgaria’s seasonally adjusted construction output index increased by 0.2% MoM in June’17 while the working day adjusted data showed a 7.9% increase on an annual basis, preliminary data of the National Statistical Institute showed. The building construction output index grew by 1.3% MoM ...

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08.08.2017

June’17 retail trade down 0.5% MoM and up 2.6% YoY

June’17 seasonally adjusted turnover in the retail trade (excluding motor vehicles and motorcycles) decreased by 0.5% MoM and the working day adjusted retail trade turnover grew by 2.6% YoY. The highest monthly increase was accounted in the retail sales of computer and communication technologi...

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08.08.2017

CEZ plans September decision on Bulgarian asset sale (NEUTRAL)

Majority state-owned Czech energy giant CEZ will make decision on the sale of its Bulgarian assets in September this year, reported VZ24, citing CEZ´s general director, Daniel Benes. Benes has now confirmed that CEZ has shortlisted potential buyers, however he did not wish to disclose their i...

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08.08.2017

he FSC approved the capital increase prospectus of Lavena (NEUTRAL)

The FSC approved the capital increase prospectus of Lavena, whereby the lavender oil and cosmetics producer intends to raise BGN 7.2m by offering 53 330 new shares at an issue price of BGN 79/share.

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07.08.2017

July’17 consumer confidence increased 1.6 pp

In July 2017, the total consumer confidence indicator increases by 1.6 pp to its level 3 months ago as consumer confidence was up among both the rural and urban inhabitants’ by 1.2 pp and 2.8 pp respectively. The consumers’ opinions about the development of the general economic situation...

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