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19.02.2018

Bulgaria’s 2017 CA surplus at 3.9% of the GDP; the FDI up by 36.7% YoY

Bulgaria’s 12-mo 2017 current account came to a surplus of EUR 1 980.2m (3.9% of the expected 2017 GDP*) vs. a surplus of EUR 2 561.4m (5.3% of the GDP) for the year-ago period. The January-December’17 trade deficit was EUR 2 041m (4.0% of the GDP), compared to a deficit of EUR 984.4m (2...

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19.02.2018

Sofia Airport serves 0.5m passengers in January

In the first month of 2018, Sofia airport served a total of 499 688 passengers, representing an increase of 6.6% YoY. Passenger traffic on international regular flights, representing 92% of all airport traffic, grew by 4.4% compared to the first month of last year. There is a double increase in the ...

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19.02.2018

Nova Broadcasting Group 95% stake to be acquired by PFF Group from MTG

A 95% stake in Nova Broadcasting Group, a Bulgarian media company, is to be acquired by the Netherlands-based investment company PPF Group from the Swedish digital entertainment company MTG, Mergermarket announced. PPF Group is investment company controlled by the Czech businessman Petr Kellner. Ac...

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19.02.2018

2017 revenue of the Bulgarian unit of Dundee Precious Metals increases 28% YoY, net income is up 49% YoY

The 2017 revenue of the local unit of the Canadian Dundee Precious Metals (DPM) grew by 28% YoY to CAD 206.3m, where its gold production reached the record high 198k ounces (+19% YoY) and its copper production came to 36m pounds (-7% YoY). The adjusted annual EBITDA and net income came to CAD 107.8m...

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19.02.2018

The shareholders of IHB approved changes in its Articles of Association (NEUTRAL)

The shareholders of Industrial Holding Bulgaria approved changes in its Articles of Association, so that the company could increase its capital by up to BGN 49 999 600. Following approval by the Supervisory Board, the Management Board would be entitled to increase the registered capital of the compa...

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16.02.2018

The investments of Bulgarian pension funds grow 10% QoQ to BGN 11.9bn as of end-2017

As of end-2017, Bulgarian private pension funds have accumulated BGN 12.7bn net assets, up by BGN 0.4bn or 3.6% compared to end-September 2017, according to data released by the Financial Supervision Commission. The amount of the investments increased by BGN 1.1bn to BGN 11.9bn over Q4’17, whi...

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16.02.2018

Central Depository creates electronic platform for administering of Shareholders’ Meetings

The platform enables quality new features for the public companies, as it makes it possible all activities related to the organization, generation of the Shareholders/Bondholders List and the administering of Shareholders’ Meetings to be executed electronically. The Meetings can be performed...

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15.02.2018

HICP inflation up 0.2% MoM and 1.3% YoY in January’18

Bulgaria’s January’18 harmonized consumer price index /HICP/ increased by 0.2% MoM. The prices of food and non-alcoholic drinks, which have the largest weight in the index increased 0.6% MoM, the prices of alcohol beverages and tobacco products advanced 0.5% MoM, while the transport pric...

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15.02.2018

The unemployment rate up 0.1 p.p. MoM to 7.2% in January’18

January’18 unemployment rate increased by 0.1 p.p. MoM to 7.2% and decreased by 1.0 p.p. YoY, according to the National Employment Agency. A total of 237 322 unemployed were registered at the end of the month, the lowest January number since the implementation of the statistics in 2004. The nu...

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15.02.2018

Fitch Upgrades BEH to 'BB' with Stable Outlook

Fitch Ratings has upgraded Bulgarian Energy Holding (BEH) Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDR) and foreign currency senior unsecured rating to 'BB' from 'BB-' and removed these ratings from Rating Watch Positive (RWP). The Outlook on the IDRs is Stable. The upgrade fol...

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15.02.2018

Advance Terrafund buys 200daa in January 2018; no land was sold (NEUTRAL)

Advance Terrafund REIT sold no land in January 2018. The fund acquired 200 daa at BGN 880/daa, bringing the portfolio to 219 413 daa, including land sold under deferred payment, which stood at 17 148 as of Dec'17. Guidance rental revenue for the 2017-2018 agricultural year, which started Oct 1, is ...

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14.02.2018

Bulgaria’s Q4’17 GDP up by 0.8% QoQ and 3.6% YoY

According to the flash estimates of NSI, Bulgaria’s seasonally adjusted Q4’17 GDP increased by 0.8% QoQ and 3.6% YoY to BGN 27.9bn (current prices), while the seasonally adjusted GVA grew by 0.9% QoQ and 3.7% YoY to BGN 24.1bn. The quarterly final consumption increased by 4.7% YoY (+2.2%...

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14.02.2018

The new passenger car registrations up 36.8% YoY in January’18

The new passenger car registrations in Bulgaria increased 36.8% YoY to 2 465 units in January’18, according to data from the European Automobile Manufacturers Association (ACEA).

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14.02.2018

Alcomet expects BGN 390m revenue in 2018; the investment programme is going as planned (NEUTRAL)

Mr. Huseyin Yorucu, Chairmen of the Management Board of Alcomet, announced that the company would sell around 71-72k MT production in 2018 (+6.5% YoY), which would turn into around BGN 390m revenue (+3.0% YoY) and BGN 18m EBITDA (-44.8% YoY). In addition, the Chairman announced that the investment p...

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13.02.2018

Passengers at Varna and Burgas Airports increase in January

Combined passenger numbers at the Bulgarian coastal airports of Varna and Burgas added 85.4% year-on-year in January to 72 905, Germany’s Fraport Group, which operates the airports, said on Tuesday. Passenger traffic at Burgas airport increased by an annual 24.1% to 10 506, while passengers a...

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13.02.2018

CEZ´s Bulgarian assets sale to Inercom delayed by SB (NEUTRAL)

The planned sale of CEZ's assets in Bulgaria has been delayed by the strategic committee of the company's supervisory board, reported Mergermarket citing Lidove Noviny. The Czech media cited the spokesperson of CEZ, as saying that the board has sought some complementary information regarding the sa...

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12.02.2018

Tourist revenue up 6.6% YoY in December; overnight stays increase 3.1%

The overnight stays in Bulgarian hotels reached 833k in December’17, up 3.1% compared to December’16. The revenue from overnight stays increased 6.6% YoY, reaching BGN 44.3m, as the revenue from foreign and Bulgarian tourists advanced by 11.9% and 3.2% YoY. The total number of tourists w...

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12.02.2018

Central Depository is authorized to make settlement of transactions with government bonds

Central Depository started to execute settlement of transactions with government bonds. That has become possible after the establishment of a connection between the Central Depositary and the Government Depository in the Bulgarian National Bank. From now on transactions involving government bonds,...

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12.02.2018

PPF seeks acquisition of Nova Broadcasting Group

PPF is rumored to be bidding for Nova Broadcasting Group, local TV operator, part of MTG. The selling price is reportedly over EUR 100m. Nova had revenue of BGN 157m (+20% YoY) in 2016. Remember PPF is also said to be a bidder for CEE assets of Telenor.

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12.02.2018

ZMM Bulgaria Holding acquired another 1 015 IHB Electric shares at 10.59/share (NEUTRAL)

ZMM Bulgaria Holding, the machine building subholding of Industrial Holding Bulgaria, acquired 1 015 IHB Electric shares at 10.59 per share, after another 16 minority shareholders submitted requests to sell their stakes at the conditions of the tender offer. Recall that IHB Electric was delisted aft...

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