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14.02.2019

Bulgaria’s flash Q4’18 GDP up by 0.7% QoQ and 3.1% YoY

According to flash estimates of NSI, Bulgaria’s seasonally adjusted Q4’18 GDP kept pace with the earlier quarter and grew 0.7% QoQ and 3.1% YoY (BGN 29.9bn at current prices). The seasonally adjusted GVA (BGN 25.9bn) added 0.8% QoQ and 2.9% YoY. Q4 final consumption grew 5.3% YoY (+0.2% ...

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14.02.2019

The EP approves EUR 3.4bn increase in funding for Bulgaria

The European Parliament voted in favour to support Bulgaria by EUR 18bn in the new 2021 – 2027 European budget. The sum is EUR 3.4bn more than in the previous EU budget. Bulgaria was amongst the three countries with highest bump in cohesion funding.

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14.02.2019

Net assets of Bulgarian pension funds register decline in Q4’18 due to deteriorating returns

The net assets of the Bulgarian private pension funds declined by BGN 76m to BGN 13.4bn as of end-December compared to end-September, according to data released by the Financial Supervision Commission. This is the first quarterly decline since 2008 financial crisis and it is due to the negative quar...

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14.02.2019

Holding Varna raises BGN 45m of equity in a share issue (NEUTRAL)

Holding Varna’s capital increase was successful. Investors subscribed for 1 249 997 (100%) of the newly issued shares at the issue price of BGN 36.0. The company raised BGN 45.0m of equity and increased shares outstanding by 24%.

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14.02.2019

Trace Group Hold sings a BGN 5m contract for road reconstruction (NEUTRAL)

Trace Group Hold signed a BGN 5m contract for public works. The company would have to reconstruct sections of an existing road adding up to 12km in total. The term of the contract is 255 days.

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13.02.2019

Doverie signs a contract to acquire 63.9% of Moldindconbank for BGN 76.6m (POSITIVE)

Doverie-Invest, a subsidiary of Doverie United Holding, has signed a preliminary contract with the government of Moldova for the acquisition of the state-owned Moldindconbank. The contract was signed after an approval by the Central Bank of Moldova and a confirmation by the Competition Protection Co...

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13.02.2019

Bravo Property raises BGN 66.4m of capital to acquire class A office building (NEUTRAL)

Bravo Property Fund REIT bid BGN 71.4m for class A office building, located on Tzarigradsko Shousse. Its rentable GBA is 13.8k across 6-storeys. Bravo Properties plans to finance the deal with a BGN 36.4m capital increase (36.4m new shares at issue price of BGN 1) and a BGN 30m, 4% (paid quarterly),...

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12.02.2019

2018 exports grow 1.5% to BGN 55.2bn; the trade deficit reaches BGN 3.3bn

Bulgaria’s December’18 exports (FOB) to third countries fell by 14.6% YoY to BGN 1.5bn. Imports from outside the EU also fell, losing 10.9% to BGN 1.7bn in December and brought the 12-mo total imports from outside the EU to BGN 21.0bn (+6.9% YoY) on total exports within the same period o...

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12.02.2019

Yuri Gagarin borrows BGN 19.6m long-term to finance WC and CAPEX (NEGATIVE)

Yuri Gagarin announced that it had borrowed BGN 12.7m to finance its working capital needs. The non-cash working capital on an individual level as of Q4’18 grew 6.7% YoY. The increase came in spite of the 18.3% drop in revenue. This led to doubling the days of sales outstanding to 128 in 2018 ...

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11.02.2019

The tourist revenue rises 9.3% YoY in December’18; overnight stays add 1.3%

The overnight stays in Bulgarian hotels were 0.8m in December’18, a 1.3% increase over the prior year. The monthly revenue gained 9.3% YoY and amounted to BGN 48.4m, as the proceeds from Bulgarian and foreign tourists advanced by 7.6% and 11.7% YoY, respectively. The total number of tourists w...

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11.02.2019

Elana Agrocredit deleverages, repaying a BGN 3.9m bank debt (NEUTRAL)

Elana Agrocredit announced that it has repaid a BGN 3.9m to SG Expressbank. The deal was settled on the 7th of February, leaving c.a. BGN 1.5m balance on same loan outstanding. The funds for the payment were generated through a land lease. The debt-to-equity declined c.a. 10 p.p. to 45% and annual i...

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08.02.2019

December’18 retail trade turnover adds 0.3% MoM and 3.6% YoY

The December’18 seasonally adjusted turnover in the retail trade (excluding motor vehicles and motorcycles) grew for a 10th month in a row, gaining 0.3% MoM, while the working day adjusted retail trade turnover added 3.6% YoY. The highest monthly increase was reported in the turnover in pharma...

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08.02.2019

Industrial production declines 2.3% MoM and 3.8% YoY in December’18

Bulgaria's industrial production index fell 2.3% on a monthly basis in December’18, following a 0.4% gain in the previous month. The working day adjusted index declined 3.8% YoY as manufacturing was down 4.4%. On a monthly basis, the latter lost 2.7%. The utilities’ output rose 0.9% MoM ...

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08.02.2019

December’18 construction production falls 2.4% MoM and 1.4% YoY

The December’18 seasonally adjusted index of construction production fell 2.4% MoM extending the 1.9% November decline. Building construction was down 0.8% MoM, while the index for civil engineering dropped 4.5% MoM after a 2.0% decline in the previous month. Year-on-year, the index of constru...

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07.02.2019

EC forecasts Bulgaria’s GDP growth of 3.6% in 2019, cuts 2018 expectations

The European Commission (EC) revised down the expectations for Bulgaria’s real 2018 GDP growth to 3.2%, 0.3 p.p. below the previous estimate. Softer demand by the main EU-trading partners and declining exports to Turkey were both causes for revision. The EC, however, expects growth to pick up ...

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06.02.2019

Biodit plans to go public in a BGN 2.4m share issue

Biodit, a manufacturer of biometric security solutions, will seek to attract up to BGN 2.4m of equity, several news outlets reported. The company plans to issue 2.2 new shares in the BGN 1.0 – 1.1 price range. If subscribed in full, the new shares will represent c.a. 15% of the company. The pr...

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06.02.2019

Synergon Holding sells Grand Hotel Plovdiv for EUR 22.8m (NEUTRAL)

Synergon Holding sold Grand Hotel Plovdiv for EUR 22.8m, Capital.bg reported. The acquisition price corresponds to EUR 69k per key. The hotel was the biggest amongst Synergon’s tourism holdings with its 10 stories and 330 rooms. It is also the largest hotel in Plovdiv. The buyer SVS is a relat...

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05.02.2019

Q4’18 residential permits increase 14.0% YoY; the approved GBA for office building rises 6-fold

Q4’18 issued residential building permits rose 14.0% YoY to 1.5k. The total GBA prompted for construction surged 61.1% YoY and stood at 1.5 m sq. m. 33 administrative and office buildings received permits during Q4 (+10.0% YoY) with total GBA of 224k sq.m, six times more than in Q4’17. T...

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05.02.2019

Sopharma’s January exports rebound, but sales add just 1% (NEUTRAL)

Sopharma reported 1% YoY growth in Jan’19 stand-alone sales. Exports were up 13% since last January, but 15% YoY decline in domestic sales hampered the growth of the top-line total. In contrast, the full year 2018 unaudited sales showed a 7.5% decline in exports.

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04.02.2019

Allianz’s stake in Albena reaches 5.04% (NEUTRAL)

Albena announced that the share of Allianz Bulgaria has reached 5.04% as of end of January. The 231k shares are spread across three of the company’s pension funds. Recently Allianz passed the 5% threshold in three other companies – Alcomet (5.18%), Sopharma (5.09%) and Odessos Shiprepair...

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