Last Issue    Subscribe NOW!    Analyses    Discover Bulgaria    Български  Archive
Business Industry Capital
ISSN 1311-364X
Friday, 23 February 2018, Issue 4656
  Bulgaria   Bulgarian Industrial Association   World   Discover Bulgaria BIC Capital Market Ltd. 

 On-line issue / Bulgarian issue
 Free subscription
 Share your comments
If you would like to terminate your subscription, please use the safe and fast way  – click Unsubscribe.

BNB Exchange Rates
  EUR   1.95583  
GBP   2.21390
USD   1.59321
CHF   1.69954
EUR/USD   1.2276*
ECB exchange rate
Basic Interest Rate
  as of 01.02   0 %  

Bulgarian Stock Exchange - Sofia - 22.02.2018
  Total turnover (BGN): 1 184 321.16  
Traded companies: 39
Premium 82 143.40
Standard 281 915.61
REIT 818 776.24
Structured 1 485.90
Biggest change
Odessos Shiprepair Yard S.A. JSC - Varna 9.88 %
Bulland Investments REIT - Sofia -9.09 %
BaSE - Shares: 246.00

Software consultancy and supply
BEIS rating
Top 10 companies by
Net sales
for 2016
(thous. BGN)
  1   Visteon Elektroniks Bulgaria SPLTD - Sofia   52 523  
  2   Fadata SPLTD - Sofia   24 064  
  3   Sirma solutions JSC - Sofia   22 522  
  4   Musala Soft JSC - Sofia   20 668  
  5   Codix Bulgaria SPJSC - Sofia   18 279  
  6   SAP Bulgaria SPLTD - Sofia   13 584  
  7   Nemetschek LTD - Sofia   13 358  
  8   Microsoft Bulgaria SPLTD - Sofia   13 312  
  9   Interconsult Bulgaria LTD - Sofia   12 254  
  10   SEEBURGER Informatik SPLTD - Sofia   9 867  
Make your own Bulgarian companies rating in BEIS

Bulgarian companies

General meetings today
  Badeshte Agro SPJSC - Plovdiv
Belotex 95 JSC - Zlatograd
Blagoevgrad BT JSC - Blagoevgrad
Bulgarian Commodity Exchange JSC - Sofia
Holding Varna (PF) JSC - Varna
Meat Factory Pernik JSC - Pernik
Rubina JSC - Varna
Simat JSC - Gabrovo
Sofia-Bulgartabac JSC - Sofia
Sopharma JSC - Sofia
Svezhest 98 JSC - Razgrad
Unipharm JSC - Sofia
Forthcoming General Meetings

Financial news

The IMF finds the Bulgarian economy to be performing well with growth estimated to reach 3.8% in 2017 and 2018, driven by strong exports, easier financial conditions, and growing confidence. Bulgaria's current account remained in surplus in 2017 despite rapid wage growth. The economy shows signs of a closing output gap. Inflation turned positive in 2017 and inflationary pressure is rising. The unemployment rate has declined to 5.8%, the lowest level since the global financial crisis. Fiscal outcomes have been stronger than budgeted in recent years - a surplus of 0.8% of GDP is estimated for 2017 - reflecting mainly revenue overperformance and under-execution of capital spending. It points out that Bulgaria's per capita income is only half of the EU average and income inequality is higher than EU average. Growth is projected to moderate to 2% over the medium term, reflecting capacity constraints and unfavorable demographics. Public debt is low, but contingent liabilities and long-term fiscal pressures from demographic challenges could pose fiscal risks over the long run.

Source: Duma

The Bulgarian Parliament adopted at second reading amendments to the Payment Services and Payment Systems Act. In this way the Bulgarian legislation harmonises with the updated European Payments Services Directive - PSD2. The main changes to the Directive are aimed at establishing favorable conditions for the development of new technologies in the financial sector. They should allow payment services to become cheaper, faster and more analytical to help clients better manage their money. The technical standards under the Directive are yet to be established and the deadline for their introduction is September 2019. So far, only banks had access to bank account information and could operate with them. However, according to the provisions of PSD2, customers will have the right to "trade" with this information, such as sharing it with third-party companies, which in return will offer them cheaper payment services or shopping discounts.

Source: Capital

REFA qualification course
Module 1: 12.03 - 16.03.2018 and 26.03-30.03.2018
Module 2: 16.04 - 27.04.2018

Corporate organization and management and optimization of the production processes
Second module: Production Data Management
Topic: Production Data Management
  • The production organization
  • Planning and control of production
  • Workplace analysis
  • European legislation on safety and health at work, tel. 981-45-67, Sofia

Canadian mineral exploration and development company Velocity Minerals said it has entered into a binding letter agreement with its current partner Gorubso Kardzhali to substantially expand the scope of their relations. Under the agreement Velocity and Gorubso will form an exploration and mining alliance covering all existing and future projects of both companies within an area of 10,400 sq km in Eastern Rhodope Gold Mining District in southeastern Bulgaria. "The primary objective of the alliance is the expansion and development of existing precious metals deposits with the Alliance Area. The ultimate goal is for Velocity to manage and operate all exploration and mining activities on optioned properties in the district, and for Gorubso to manage and operate all aspects of upstream processing and gold marketing," Keith Henderson, president and CEO of Velocity Minerals, said.

Source: SeeNews


The Supervisory Board of CEZ has given the go-ahead for the sale of the Bulgarian business of the bulgarian company Inercom Group. The package consists of seven companies: CEZ Bulgaria, which manages the group’s operations in the country; grid operator CEZ Razpredelenie; electricity distribution unit CEZ Elektro Bulgaria; electricity trader CEZ Trade Bulgaria; communications and technology subsidiary CEZ ICT Bulgaria; renewable energy producers Free Energy Project Oreshetz (solar) and Bara Group (biomass). Inercom was registered last year, but its owner had three solar parks in the country. The company offered the highest price among several bids for the Bulgarian assets, which CEZ said it received in early 2017, and was “significantly above the fair market value of the assets sold, as determined in an independent appraisal.” The deal is subject to regulatory approval. CEZ sold TPP Varna to Bulgarian company Sigda last year for an undisclosed amount.

Source: 3e News

The European Investment Bank (EIB) has signed an intermediated loan agreement of EUR 30 million with Raiffeisen Leasing Bulgaria to finance projects of small and medium-sized enterprises and mid-cap companies. “The loan will allow Raiffeisen Leasing Bulgaria to better address the needs of SMEs and mid-caps, which are the backbone of the Bulgarian economy,” the EIB said. The partners expect that the loan will benefit more than 150 companies operating in Bulgaria in agriculture, manufacturing, transportation and storage.

Source: Sofia Globe

Bulgarian construction company Trace Group Hold said its Serbian unit, Trace PZP Nis, has signed a BGN 19.7 million road maintenance deal. The deal envisages the maintenance of 482 kilometres of primary and secondary roads in Serbia. The three-year contract will enter into force on April 1. On Wednesday, Trace Group Hold said its other Serbian subsidiary, Trace PZP Vranje, has signed a BGN 26.7 million deal for maintenance of 583 kilometres of primary and secondary roads in Serbia.

Source: Capital

The Bulgarian Energy Holding (BEH) is preparing a new bond issue to cover its obligations in the total amount of EUR 500 million borrowed from the financial markets in 2013, half of which went to settle NEK's debt for the pre-feasibility study construction of the Belene NPP. The maturity of the bond is in November 2018 and the likelihood of debt repayment with a new issue in the financial markets was announced by Fitch after raising the holding's rating. Depending on the market conditions, it may be decided for a higher amount to be raised. BEH has to repay another bond issue on the Irish stock exchange from 2016. It is for EUR 550 million, with which the holding redeems obligations of its subsidiary NEK to the two so-called American coal-fired power stations in the Maritza East complex.


Bulgarian diversified group Stara Planina Hold said its consolidated net profit rose to BGN 7.8 million in 2017, from BGN 7.2 million in 2016. The company's consolidated operating revenue grew to BGN 219.3 million last year from BGN 189.6 million in 2016. Stara Planina Hold’s operating expenses increased to BGN 197.3 million in 2017 compared to BGN 170.2 million the year before. Earlier on Thursday, Stara Planina Hold expects its consolidated sales to increase by an annual 18.88% to BGN 40.5 million in the first two months of 2018. Stara Planina Hold's investment portfolio includes companies from the sectors of machine building, electrical engineering and perfumery and cosmetics.

Source: SeeNews

       Bulgarian Industrial Association

Margarita Popova: Education of today is the economy of tomorrow. Ms. Popova underlined knowledge as a strategic factor for the future of competitiveness and Industry 4.0. “Education of today is the economy of tomorrow. New knowledge is needed, new access to competences, new organizational and leadership capacity both in the education system and in the economy. It should be clear that the acquired qualification doesn’t apply for life, but it is a preparation for transition to life-long learning.”

The need for Scale Up Managers – Your opinion is important to us!




Тhе EU’s tор соurt sаid Роlаnd hаd fаilеd tо uрhоld аir quаlitу stаndаrds, раrt оf а widеr ЕU bаttlе tо rеduсе dеаths frоm аirbоrnе роllutiоn whiсh it еstimаtеs кills 400,000 реорlе еvеrу уеаr. Еnvirоnmеntаlists hаvе саllеd оn Роlаnd tо tаке асtiоn tо imрrоvе аir quаlitу, whiсh in sоmе рlасеs, еsресiаllу in thе sоuth, саn bе wоrsе thаn in Веijing аnd Nеw Dеlhi, thе wоrld’s mоst роllutеd сitiеs. Вut асtivists sаid thе ruling Lаw аnd Justiсе (РiS) раrtу hаd bееn slоw in intrоduсing аnti-smоg rеgulаtiоns аnd соmрlаinеd tо thе ЕU. Тhе issuе is оnе оf sеvеrаl disрutеs strаining tiеs bеtwееn Wаrsаw аnd Вrussеls. Тhis wеек thе ЕU’s tор соurt аdvisеr sаid Роlаnd brеасhеd thе lаw with inсrеаsеd lоgging in its аnсiеnt Вiаlоwiеzа Fоrеst. Тhе Еurореаn Соmmissiоn tоок Роlаnd tо соurt оvеr its slоw rеsроnsе in аddrеssing рооr аir quаlitу саusеd bу ехtеnsivе соаl аnd rubbish burning in hоmеs. Тhе Еurореаn Соurt оf Justiсе rulеd limits tо rеgulаtе thе аmоunt оf роllutаnts in thе аir hаd bееn “реrsistеntlу ехсееdеd.”

Source: Reuters


Microchip maker Broadcom Ltd cut its bid for Qualcomm Inc by 4 percent to $117 billion as it objected to Qualcomm’s decision to raise its own bid for NXP Semiconductors NV to $44 billion. Qualcomm responded that Broadcom had made “an inadequate offer even worse,” setting up a showdown on March 6, when Qualcomm shareholders are scheduled to elect an 11-member board and decide whether to hand control to a slate of six nominees put forward by Broadcom. A tie-up between Broadcom and Qualcomm would be the biggest technology acquisition ever. The takeover battle is at the heart of a race to consolidate the wireless technology equipment sector, as smartphone makers such as Apple Inc and Samsung Electronics Co Ltd use their market dominance to negotiate lower chip prices. Broadcom said that Qualcomm’s raised bid would amount to overpaying for NXP and cut its own bid as a result. “Qualcomm’s board acted against the best interests of its stockholders,” Broadcom said in its statement.

Source: Reuters


Iran will withdrаw frоm thе 2015 nuсlеаr dеаl if thеrе is nо есоnоmiс bеnеfit аnd mаjоr bаnкs соntinuе tо shun thе Islаmiс Rерubliс, its dерutу fоrеign ministеr sаid. Undеr thе dеаl with Вritаin, Сhinа, Frаnсе, Gеrmаnу, Russiа аnd thе Unitеd Stаtеs, Irаn аgrееd tо rеstriсt its nuсlеаr рrоgrаm in rеturn fоr thе rеmоvаl оf sаnсtiоns thаt hаvе сriррlеd its есоnоmу. Dеsрitе thаt, big bаnкs hаvе соntinuеd tо stау аwау fоr fеаr оf fаlling fоul оf rеmаining U.S. sаnсtiоns - sоmеthing thаt hаs hаmреrеd Irаn’s еffоrts tо rеbuild fоrеign trаdе аnd lurе invеstmеnt. Аdding tо thоsе соnсеrns, U.S. Рrеsidеnt Dоnаld Тrumр tоld thе Еurореаns оn Jаn. 12 thеу must аgrее tо “fiх thе tеrriblе flаws оf thе Irаn nuсlеаr dеаl” оr hе wоuld rе-imроsе thе sаnсtiоns Wаshingtоn liftеd аs раrt оf thаt расt. Вut еvеn if Тrumр rеlеnts аnd issuеs frеsh “wаivеrs” tо соntinuе susреnding thоsе sаnсtiоns, thе ехisting situаtiоn is unассерtаblе fоr Irаn, Dерutу Fоrеign Мinistеr Аbbаs Аrаqсhi sаid.

Source: Reuters

Indexes of Stock Exchanges
Dow Jones Industrial
24 962.48 (164.70)
Nasdaq Composite
7 210.09 (-8.14)
Commodity exchanges
  Commodity Price  
Light crude ($US/bbl.)62.73
Heating oil ($US/gal.)1.9500
Natural gas ($US/mmbtu)2.6000
Unleaded gas ($US/gal.)1.9600
Gold ($US/Troy Oz.)1 329.60
Silver ($US/Troy Oz.)16.54
Platinum ($US/Troy Oz.)998.00
Hogs (cents/lb.)71.28
Live cattle (cents/lb.)125.38

       Discover Bulgaria

The Three Petrified Brothers

North of the town of Aytos the nature has sculptured an amazing form, known as the Three Petrified Brothers. The legend of the rocks, which resemble three giants, has been told since high antiquity. They were three brothers – warriors who protected and fought for the suppressed Bulgarians. In the evenings, when they came back from the battlefield, the brothers turned into rocks so they could hide from their enemies and have a rest. This happened after each battle. When the wars were over, the three brothers came and stopped to rest here again. They are still standing here ready to defend the Bulgarians if they have to. The three brothers are surrounded by scenery reminding too much of a rocky desert. Here grows the Aytos Astragalus (Astragalus aitosensis), also known as genger. The genger was described for the first time in 1888. Later studies showed that the spiny bush was an endemic species for Bulgaria. Now, the genger is included in the list of the endangered plants in Bulgaria. The Three Brothers and Kazanite districts near the town of Aytos where it grows were declared natural landmarks and the Astragalus aitosensis was included in the list of the rare, endangered and endemic plants in Europe in the rare category.

Subscribers of "Business Industry Capital" as of 23.02.2018
Bulgarian Issue: 29926, English Issue: 3005

Published by BIC Capital Market Ltd., Sofia, 16-20 Alabin Str.,
tel. (+359 2) 980-10-86, fax 981-45-67, e-mail:,
Copyright © 1999-2018. All rights reserved.

Business Industry Capital

January 2018

February 2018
5   1234

 2018   2017   2016  
 2015   2014   2013  
 2012   2011   2010  
 2009   2008   2007  
 2006   2005   2004  
 2003   2002   2001  
 2000   1999