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Business Industry Capital
ISSN 1311-364X
Tuesday, 23 October 2018, Issue 4820
  Bulgaria   Bulgarian Industrial Association   World   Discover Bulgaria BIC Capital Market Ltd. 

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 Bulgarian issue

BNB Exchange Rates
  EUR   1.95583  
GBP   2.21185
USD   1.70161
CHF   1.70725
EUR/USD   1.1494*
ECB exchange rate
Basic Interest Rate
  as of 01.10   0 %  

Bulgarian Stock Exchange - 22.10.2018
  Total turnover (BGN): 563 160.44  
Traded companies: 39
Premium 349 331.10
Standard 117 661.91
REIT 37 379.44
Structured 12 454.65
Bonds 46 333.33
Biggest change
Etropal JSC - Etropole -10.46 %
Bulgarian River Shipping Corporation JSC - Rousse 7.46 %
BaSE - Shares: 5 426.71
BaSE - REIT: 760.00

Manufacture of electricity
BEIS rating
Top 10 companies by
Net sales
for 2017
(thous. BGN)
  1   National Electricity Company SPJSC - Sofia   3 097 304  
  2   Nuclear Power Plant Kozloduy SPJSC - Kozloduy   924 783  
  3   TPP Maritsa East 2 SPJSC - Kovachevo-SZ   602 692  
  4   ContourGlobal Maritsa East 3 JSC - Sofia   516 711  
  5   Arkadia Service JSC - Sofia   152 980  
  6   Thermal Power Plant Bobov Dol SPJSC - Golemo selo   127 967  
  7   Brikel SPJSC - Galabovo   123 057  
  8   Energo-Pro Trаding SPJSC - Sofia   100 457  
  9   Most Energy JSC - Sofia   87 232  
  10   Frea Akspo SPLTD - Sofia   72 216  
Make your own Bulgarian companies rating in BEIS

Bulgarian companies

General meetings today
  Correct Farm SPLTD - Lovetch
Gold Investment Group JSC - Sofia
Panorama Haskovo JSC - Haskovo
Forthcoming General Meetings

Financial news

Bulgaria’s Ministry of Finance published the draft law on the state budget of the Republic of Bulgaria for 2019 and the updated medium-term budget forecast for the period 2019-2021, which is the motives for it, the Ministry announced on 22nd of October. The updated budget forecast presents the medium-term economic prospects and priorities of the government as well as the main parameters of the next year's budget framework. A new point in the content of the forecast is the inclusion of more information in the presentation of spending policies - both fiscal indicators and key indicators to measure the extent of their implementation. Key objectives remain to preserve fiscal sustainability and to pursue a coherent, transparent and predictable fiscal policy that contributes to improving the business environment, encouraging investment and stimulating labour market developments to achieve economic growth and employment, complying with common EU rules. This forecast maintains the budget balance targets set out in the GBA for the period 2019-2021, a deficit of 0.5% of GDP for 2019, and a balanced budget position in 2020, which remains unchanged in 2021.

Source: BNT

Bulgaria’s debt for 2017 amounted to BGN 25,908 million, or 25.6% of GDP. According to the final data of the National Statistical Institute, the General Government Institutional Sector reported in 2017 a budget surplus of BGN 1,145 million, or 1.1% of GDP. The surplus in the Central Government sub-sector amounted to BGN 969 million, or 1.0% of GDP. The Local Government sub-sector reported a surplus of BGN 239 million and the Social Security Funds sub-sector reported a deficit of BGN 63 million. The statistical information on the General Government institutional sector, including debt, deficit and surplus, is prepared according to a harmonised EU methodology. Each member state provides Eurostat with preliminary data on deficit/surplus and debt for the reported year by 31 March of the following year, and final data by 30 September of the following year.



The largest European medical endoscopic repair facility, located in Bulgaria, has doubled its production area and power in Plovdiv. Pentax medikal Bulgaria is part of the Japanese giant HOYA Corporation and invests in the project "Doubling" BGN 8 million, which moves all of the company’s activities from Hamburg to Bulgaria. The amount invested is also above the initial investment of nearly BGN 6 million, made in 2012. The decisive part of the investment is related to attracting and training new technical specialists. In April 2017, the company employs 63 people, and at the end of the year, the total number of technical staff reaches 123 people. The expansion of activity has also affected the financial results - the profit of BGN 1,136 million in 2016 has increased to BGN 6,838 million. Revenues also leaped – from BGN 3.095 million in 2015, to BGN 28.409 million in 2017 and this year the expected revenue is estimated at BGN 45.5 million.

Source: Capital

The gross non-performing loan (NPL) ratio of the Bulgarian banking system fell to 9.1% at the end of June from 9.3% at the end of March, due to an increase in gross loans, the Bulgarian National Bank (BNB) said. In terms of value, the amount of gross NPLs in the Bulgarian banking system totalled BGN 7.7 billion at the end of June, unchanged in comparison with the end of the first quarter, BNB said in a quarterly report on the state of the banking system. At the end of June, the gross credit portfolio of banks in Bulgaria, excluding loans and advances to central banks and credit institutions, increased by 3.3% compared to the end of March, reaching BGN 58.9 billion. Deposits in banks in Bulgaria rose by 3.0% on a quarterly comparison basis at the end of June. The credits-to-deposits ratio of the Bulgarian banking system edged up to 73% at the end of June from 72.5% at the end of March.

Source: SeeNews

The producer and trader in peeled sunflower Magic Flame is named the most dynamic Bulgarian company in the ranking of the London Stock Exchange "1000 inspiring companies in Europe", which in 2018 is published for the third time. The publication ranks the fastest growing small and medium-sized enterprises, taking into account the change in their revenues between 2014 and 2016. With a triple growth for the period, according to data from the Commercial Register, Magic Flame is ranked first among the five Bulgarian companies on the list. According to data from the London Stock Exchange, the most dynamic small and medium-sized enterprises in Europe have increased their overall revenue by 24% between 2014 and 2016. Most of them are in the manufacturing sector (20%), followed by food and beverages (13%) and technology (10%). The five Bulgarian representatives have an average annual revenue of EUR 46 million, over 5800 employees and 61% cumulative growth for the three-year period.

Source: Capital

Bulgaria's Svilosa said on Monday that its unit - Svilocell, completed the planned annual maintenance of its pulp production facilities on October 21. Svilocell is now gradually restoring its production activities, Svilosa said in a bourse filing. On October 14, Svilocell began to gradually stop pulp production in order to carry out the maintenance works. Svilocell is the largest producer of bleached kraft pulp in Bulgaria.

Source: SeeNews

Bulgaria drug maker Tchaikapharma said that its net profit rose by an annual 29% to BGN 7.2 million in the first nine months of the year. The drug maker's sales revenue increased 4.8% year-on-year to BGN 27.2 million in the January-September period. Tchaikapharma's total operating expenses edged down to BGN 19.2 million in the review period from BGN 19.8 million the year before, following a decrease in expenses for hired services. Last month, the company said it has completed the registration procedures for three new products - Chlorthidon, PlaquEx Combi and Methylprednisolone-Tchaikapharma, and is expecting to receive marketing authorization by the end of the year. The company also said in September that it has successfully completed the clinical trials of four new dual-component fixed-dose pharmaceutical products for the treatment of arterial hypertension and other cardiovascular diseases.

Source: SeeNews

       Bulgarian Industrial Association




Alibaba opened two data centers in the UK, further expanding its cloud footprint in Europe. The new facilities — both in London — are the Chinese tech giant's first in Britain, and will provide its business customers in the region with round-the-clock security and engineering support and real-time monitoring. A spokesperson for Alibaba Cloud said the move was part of the cloud division's expansion into Europe, the Middle East and Africa (EMEA). "As part of our commitment to continue expanding into Europe and across EMEA, we are launching two U.K. availability zones in addition to the existing ones in Frankfurt and Dubai," the spokesperson said. "Our decision on the location is driven by the rapidly growing customer demand in the U.K." Alibaba said the benefit of having two data centers within one location was the ability to recover or maintain key IT infrastructure in the event of a disaster. The move comes as the U.K. struggles to finalize the terms of its contentious divorce with the European Union. Brexit talks seem to be in limbo over the key issue of preventing a hard Irish border.

Source: CNBC


The head of the US Commodity Futures Trading Commission is threatening retaliation against financial firms based in European Union countries unless the bloc’s rule-makers drop a plan that would give them sweeping power to scrutinize U.S. derivatives clearinghouses. Chairman J. Christopher Giancarlo says the CFTC has “blunt and strong tools” it could use in response if the EU goes ahead with a proposal for overseeing clearinghouses after the U.K. completes its separation from the group. “The CFTC will not allow U.S. market participants to be put in the completely untenable position of having to choose between violating domestic laws and regulations or violating foreign laws and regulations,” Giancarlo said Wednesday at a Futures Industry Association conference in Chicago. “Be assured that the CFTC has a range of options.”

Source: Bloomberg


Japanese car parts maker Calsonic Kansei, owned by U.S. private-equity firm KKR, has agreed to buy Fiat Chrysler's high-tech parts-making unit Magneti Marelli unit for 6.2 billion euros, the companies said. Magneti Marelli specialises in lighting, powertrain and high-tech electronics. The deal creates the world's seventh largest independent automotive components supplier with 15.2 billion euros in revenue, they said in a statement. The agreement will allow the new entity to cut costs through synergies and expand its customer base. The sale is the first big decision for newly minted FCA Chief Executive Mike Manley, who took over in July when long-time boss Sergio Marchionne fell ill and later died after succumbing to complications from surgery. The Japanese car parts maker has been in talks with FCA for months and made an initial proposal of 5.8 billion euros for Magneti Marelli, sources have said previously. KKR bought Calsonic from Nissan and other shareholders in 2016. At the time, it said it would help Calsonic, which relies on Nissan for the bulk of its global sales, to expand internationally.

Source: CNBC

Indexes of Stock Exchanges
Dow Jones Industrial
25 317.41 (-126.93)
Nasdaq Composite
7 468.63 (19.60)
Commodity exchanges
  Commodity Price  
Light crude ($US/bbl.)69.17
Heating oil ($US/gal.)2.3100
Natural gas ($US/mmbtu)3.1500
Unleaded gas ($US/gal.)1.9000
Gold ($US/Troy Oz.)1 227.00
Silver ($US/Troy Oz.)14.57
Platinum ($US/Troy Oz.)821.70
Hogs (cents/lb.)53.18
Live cattle (cents/lb.)118.08

       Discover Bulgaria

Tsar Samuil Fortress

Tsar Samuil fortress is located some 15 km away from the town of Petrich, at the foot of the Belasitsa mountain. It is situated on an upland right next to the right shore of the river of Strumeshnitza. This is the place where one of the biggest tragedies in the history of Bulgaria took place back in 1014. In a battle near the fortress, the Byzantine emperor Basil II, called the Bulgaroctone (Bulgar Slayer), crashed the Bulgarian army, headed by Tsar Samuil and took into captivity almost everyone. Tsar Samuil and his closest followers managed to escape in the last moment. According to the Christian doctrine, all captured Christians should be released after the end of the war. The Byzantine emperor violated this military rule and blinded 14,000 prisoners, leaving one man in every hundred with the sight in one eye to lead his comrades home. The Samuil fortress is a national monument, which will always remind to the future generations of the heroic fight of Samuil and the Bulgarian people for our country’s independence.

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