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Business Industry Capital
ISSN 1311-364X
Tuesday, 30 July 2019, Issue 5005
  Bulgaria   Bulgarian Industrial Association   World   Discover Bulgaria BIC Capital Market Ltd. 

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       Bulgaria
 
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BNB Exchange Rates
(30.07.2019)
  EUR   1.95583  
GBP   2.16250
USD   1.75900
CHF   1.77207
EUR/USD   1.1119*
ECB exchange rate
Basic Interest Rate
  as of 01.07   0 %  


Bulgarian Stock Exchange - 29.07.2019
  Total turnover (BGN): 862 275.99  
Traded companies: 29
Premium 181 772.39
Standard 514 137.93
REIT 166 365.67
Biggest change
Central Cooperative Bank JSC - Sofia 3.79 %
Eurohold Bulgaria JSC - Sofia -2.94 %
BaSE - Shares: 106 517.72
BaSE - REIT: 33 580.12

Activities of travel agencies and tour operators; tourist assistance activities n.e.c.
BEIS rating
Top 10 companies by
Net sales
for 2017
(thous. BGN)
  
  1   Tourist Agency Solvex SPLTD - Sofia   49 433  
  2   TUI Bulgaria SPLTD - Varna   41 251  
  3   Club Magelan LTD - Varna   35 183  
  4   Astral Holidays International JSC - Plovdiv   34 813  
  5   Tddy Kam SPLTD - Bourgas   31 410  
  6   Bohemia SPLTD - Sofia   27 533  
  7   Premier Turs SPLTD - Sofia   21 972  
  8   Sunny Tours LTD - Tryavna   21 078  
  9   Tez Tour Balkans SPLTD - Sofia   18 553  
  10   Abax SPLTD - Plovdiv   18 292  
Make your own Bulgarian companies rating in BEIS

Certificated
Bulgarian companies

General meetings today
  Consolidated Investments JSC - Nessebar
Ebioss Energy (European Company) JSC - Sofia
Euro Alliance Geotechnics JSC - Sofia
Izgrev Aktiv JSC - Varna
Rubina JSC - Varna
SMV Property JSC - Sofia
Studio 1 group JSC - Sofia
Vodcomplect JSC - Sofia
Yanitsa JSC - Elhovo
Zhar Aktiv JSC - Varna
 
Forthcoming General Meetings



Financial news

Gross external debt increased by EUR 80.8 million on an annual basis, reaching EUR 33,798.3 million at the end of May, according to statistics of the Bulgarian National Bank. Compared to the end of 2018, debt increased by EUR 455.6 million. Long-term liabilities amounted to EUR 25,400.6 million. Compared to May 2018, long-term debt decreased by EUR 529.1 million. At the same time, short-term liabilities amount to EUR 8397.7 million and increase by EUR 609.9 million per year. Gross external debt of general government at end-May 2019 was EUR 5401.6 million and decreased by EUR 242.3 million on an annual basis (4.3%) The external liabilities of the banks sector amounted to EUR 4575 million, an increase of EUR 317.3 million (7.5%) compared to May 2018. External liabilities of other sectors amounted to EUR 10,843.4 million (18.3% of GDP) and increased by EUR 24 million. BNB also reported that by end-May 2019 intra-corporate lending stood at EUR 12,978.4 million and decreased by EUR 18.2 million (0.1%) compared to May 2018 (EUR 12,996.6 million, 23.6% of GDP).

Source: Banker

The government reopened the 10.5-year bond issue from June 2019 and sold securities for another BGN 200 million at an even lower yield. Thus, within less than two months, the Ministry of Finance raised BGN 700 million from the internal market. The request made by the minister of finance Vladislav Goranov is for the government to reach the budgeted limit for new debt of BGN 1 billion, which it can take this year. And that means another BGN 300 million will be placed by the end of the year. This is unlikely to be a problem amid the hunger for domestic debt and the ECB's expectation in the fall to further lower its already record low interest rates. At present, liquidity in the financial system is high, and because of the lack of emissions last year and a half, many investors focused on the external markets.

Source: Capital

 
Concessions

All four unsuccesful bidders in the tender for a 35-year concession contract to run Sofia Airport have filed complaints against the Bulgarian transport ministry's ranking of the offers. UK's MAG Overseas Investment and Aeroports de Paris (ADP) filed complaints on Friday, while Fraport Bulgaria and Swiss-based SSB Sauerwein & Schaefer Bau challenged the ranking on Monday, according to data published on the website of the Commission for Protection of Competition. Earlier this month, Bulgaria's transport ministry ranked as the best offer the bid submitted by the Sof Connect consortium led by French investment firm Meridiam Eastern Europe Investments, with Flughafen Munchen named as airport operator. The consortium's offer was awarded 86.12 points out of a maximum score of 100 points. The winning consortium offered to pay a concession fee of EUR 24.5 million per year for the duration of the contract and pledged to make investments of EUR 608 million in Sofia Airport.

Source: mediapool.bg

Companies

Bulgaria's Allterco has finalised the sale of five of its telecommunications subsidiaries to Norway's LINK Mobility Group for EUR 7.9 million. The deal concerns Allterco's units in Bulgaria - Teravoice, Tera Communications and Allterpay, as well as its Romania-based subsidiary Teracomm RO and Macedonia-based Tera Communications DOOEL. Allterco received 60% of the price in cash and a further 20% is shares in Victory Partners VIII Norway Holding - the sole owner of LINK Mobility Group. The remaining 20% will be paid on a deferred basis within two years. With the deal, Allterco is divesting its entire telecommunications portfolio and will focus on its IoT subsidiaries. The deal was expected to be completed by the end of April 2018 but the negotiations between the contracting parties were temporarily suspended as Victory Partners VII Norway launched a takeover bid for LINK Mobility Group last year.

Source: SeeNews

UK food delivery firm Just Eat has agreed in principle the key terms of a possible merger with Dutch peer Takeaway.com, which is active in Bulgaria and Romania. The agreement envisages an exchange ratio of 0.09744 Takeaway.com shares for one Just Eat share, which will leave investors in Just Eat with a 52.2% stake in the combined group. The new group will be headquartered in Amsterdam and listed on the London Stock Exchange. The merger will create one of the world's largest online food delivery platforms with 360 million orders worth EUR 7.3 billion in 2018. Takeaway.com acquired Bulgaria's BGmenu and Romania's Oliviera for a total of EUR 10.5 million in 2018.

Source: money.bg

The European Bank for Reconstruction and Development is considering providing a loan to Bulgarian state-owned Stara Zagora Water Supply and Sewerage for financing part of a EUR 50.5 million project for water infrastructure upgrades. The considered loan will amount to EUR 7 million, of which EUR 4.1 million will be funded by the EBRD. The remaining EUR 2.9 million will be provided by the European Structural and Investment Funds (ESIF) and Bulgaria's national budget. The ESIF financial resources are managed by the EBRD and the Fund Manager of Financial Instruments in Bulgaria under an agreement signed in October 2018. The project aims to help the company achieve compliance with the EU Urban Waste Water Treatment Directive, improve the efficiency of water supply services, reduce the share of non-revenue water and fulfil the requirements of the EU Drinking Water Directive. A final review of the project by the EBRD is still pending. Water Supply and Sewerage Stara Zagora provides water and sanitation services to 12 municipalities in the region of Stara Zagora, in southern Bulgaria, with approximately 300,000 inhabitants.

Source: SeeNews

Bulgaria's Texim Bank said that its non-consolidated net profit edged down to BGN 129,000 in the first half of 2019 from BGN 159,000 in the same period of 2018. Texim Bank's net interest income grew to BGN 4.7 million in the first six months of the year from BGN 3.8 million in the like period of 2018. Net fee and commission income increased to BGN 1.8 million in the review period from BGN 1.6 million the year before. The lender's administrative expenses rose to BGN 6.6 million in the January-June period of 2019 from BGN 6.0 million in the comparable period of last year, while amortisation costs increased to BGN 963,000 from BGN 577,000. Texim Bank's assets amounted to BGN 333.8 million at the end of June, up from BGN 301.6 million a year earlier. Loans and receivables rose to BGN 162.8 million at the end of the first half of 2019 from BGN 144.9 million a year earlier, while deposits from clients other than financial institutions grew to BGN 268.6 million from BGN 238.6 million. Texim Bank was Bulgaria's smallest lender by assets at the end of May.

Source: investor.bg



       Bulgarian Industrial Association


 

       World

Europe

The chief executive of Vauxhall-owner PSA says it could move all production from its Ellesmere Port factory if Brexit makes it unprofitable. Carlos Tavares told the Financial Times that the carmaker has alternatives to the plant which it could use. The move would probably lead to the closure of the site, the FT said, threatening 1,000 jobs. That would leave Vauxhall's Luton-based van plant as its last presence in the UK. "Frankly I would prefer to put it [the Astra car] in Ellesmere Port, but if the conditions are bad and I cannot make it profitable, then I have to protect the rest of the company and I will not do it," Mr Tavares told the paper. In June, the carmaker announced plans to manufacture the next generation of the Astra, its best selling car, in Ellesmere Port and another factory in Germany. At the time, it warned that its decision would depend on the final Brexit terms. However, Mr Tavares has now gone further, indicating that the firm has another plant in mind should the UK leave the EU without a deal.

Source: BBC

America

The absence of Boeing ’s 737 MAX, its best-selling passenger jet, is hitting profits, crimping growth and throwing services schedules into disarray at airlines around the world Months after the grounding of Boeing ’s 737 MAX, the absence of the best-selling passenger jet is hitting profits, crimping growth and throwing services schedules into disarray at airlines around the world. Low-cost carrier Flydubai, the Middle East’s largest MAX customer, with 251 orders and 14 already in its fleet, has canceled 17% of its flying schedule following the grounding. Oman Air, the sultanate’s national carrier, with five MAX jets parked and orders for 25 more, canceled earlier this month more than 800 flights through August. Carrier Ryanair Holdings PLC, Europe’s largest budget airline, said it expects a hit to 2019 profits, and it more than halved its summer 2020 passenger growth forecast to 3%. In Southeast Asia, one of the fastest-growing aviation markets in the world, capacity at budget carrier SilkAir is forecast to drop 3% over the next year, thanks largely to the grounding, parent company Singapore Airlines Ltd. said.

Source: Wall Street Journal

Asia

Southeast Asian ride-hailing firm Grab said it will invest $2 billion into Indonesia over five years using capital from Japan’s SoftBank Group Corp, marking its biggest commitment in the region’s most populous market. The investment will go toward creating a next-generation transportation network and transforming how critical services, like healthcare, are delivered, Grab said in a statement. The push is likely to intensify rivalry with Indonesia’s Go-Jek. The two tech startups compete in several Southeast Asia markets, but Indonesia is widely seen as holding most promise due to its youthful, internet-savvy population of 260 million. Singapore-headquartered Grab and Go-Jek have evolved from ride-hailing app operators to becoming one-stop shops for services as varied as making payments and food delivery. On Monday, Grab said it will invest with SoftBank to create a transport network for Indonesia based on electric vehicles and develop geo-mapping technology. Grab will also set up a second headquarters in Indonesia, and launch within the next three months e-healthcare services to improve access to doctors and medical services.

Source: Reuters

 
Indexes of Stock Exchanges
29.07.2019
Dow Jones Industrial
27 221.35 (28.90)
Nasdaq Composite
8 293.33 (-36.88)
Commodity exchanges
29.07.2019
  Commodity Price  
Light crude ($US/bbl.)57.27
Heating oil ($US/gal.)1.9300
Natural gas ($US/mmbtu)2.1200
Unleaded gas ($US/gal.)1.8300
Gold ($US/Troy Oz.)1 424.30
Silver ($US/Troy Oz.)16.46
Platinum ($US/Troy Oz.)884.60
Hogs (cents/lb.)76.45
Live cattle (cents/lb.)109.45

       Discover Bulgaria

Ratiaria

Near the village of Archar, 17 km south of the Danubian town of Vidin, the ruins of the ancient Roman town of Ratiaria lie. The Roman settlement Ratiaria arose at the beginning of I century AD as a military center on the remains of an older Moesian settlement. In honour of his victory over the Dacians, Emperor Trajan constructed Moesian Ratiaria. The town developed as a big craft center, where goldsmith trade was of great importance. Digging in the ruins of a house, archeologists found two necklaces, four rings, two earrings, a pin, and a solid bracelet made of 23-carat gold. For more than two centuries (II–IV century AD) Ratiaria was the most significant military and economic center in today’s Northern Bulgaria, a stronghold of the Roman culture and civilization. One of the emperor’s six armouries was here. The bright town’s culture can be perceived in the sculptures, the gravestones and sarcophagi, in the architectural fragments and the elegant polychromatic mosaics. Today the ancient Roman settlement is regularly raided and destroyed by treasure-hunters.


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