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BEIS
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Press Digest
Press digest - year 2023
 | Private bailiffs in Plovdiv and Sofia are selling properties of "Avtomotor Corporation" AD. As of June 27, 2022, "Avtomotor Corporation" AD is no longer an authorized dealer for the sale of new Citroen cars and warranty repairs of the French company for the cities of Sofia, Plovdiv and Vidin. The more expensive property of "Automotor Corporation" is located in the Plovdiv village of Trud. The property has an area of over 10,000 square meters and a starting price of BGN 4,080,000 (2,086,070). The built-up area of the building, according to the cadastral map, is 3887 sq. m. The other property of "Avtomotor Corporation", which has been announced for sale, is located in Sofia, "Izgrev" district, 78 "Tintyava" street. The starting price of this property is BGN 2,624,352 (1,341,809). On these properties put up for public sale, there are the following registered encumbrances: Contractual mortgage in favor of the claimant DSK Bank AD for the amount of EUR 46,172 - principal, together with legal interest from April 20, 2022 until its final payment, EUR 1,001.56 . Source: money.bg (30.01.2023) |
| | The banking system reports a historically high profit in 2022
The BNB announced the data on the state of the banking system, which recorded a historically high profit last year. The sector as a whole earns from its core business - deposit raising and lending, which is evident from the data on net interest income. The net income from fees and commissions is also rising. At the end of 2022, the assets of the banking system grow by almost 15% and are already BGN 155.4 billion. 17 banks and six branches of foreign credit institutions will now operate in Bulgaria. DSK Bank's assets reach BGN 29 billion, and UniCredit Bulbank's - BGN 28.9 billion. After the merger with the former Raiffeisenbank, the main competitor for the leadership position in terms of assets will be UBB, followed by Eurobank with BGN 17.3 billion in assets. This is the arrangement in the profit ranking - DSK Bank realized a positive result of BGN 567 million and Unicredit Bulbank was BGN 466 million, and the total profit of UBB and KBC Bank was BGN 288 million. this background Fibank (First Investment Bank) reports that it maintains its leading position in terms of deposit mass growth. Deposits from other customers as of December 31 amounted to BGN 10.798 billion with a net increase for 2022 of BGN 1.373 billion. The top five banks remain active in lending, with Fibank being among the leaders in the housing segment, which has experienced a real boom in recent years. dividend.bg Source: Other (13.02.2023) |
| | After the record profit of the banking system of BGN 2 billion for 2022, solid dividends are now expected. The annual general meetings of the two largest Bulgarian banks in terms of assets at the moment - DSK and Unicredit Bulbank voted to distribute a total of BGN 715.9 million to their shareholders, which is over ? of the sector's financial result for last year. In its vast part, it goes to their headquarters in Milan (Unicredit) and Budapest (OTP), which control more than 99% of the capital. At Unicredit Bulbank, the decision is that the entire reported profit for 2022, amounting to BGN 465.88 million, will be paid out as a dividend. At DSK, the profit for 2022 was even higher - BGN 566.7 million, which in nominal terms is a record for the sector. However, the decision of the shareholders, based on the board's proposal, is to distribute only BGN 250 million, or about 44% of it, as a dividend, and to allocate the rest to the "Reserve" fund. Source: Capital (05.04.2023) |
| | Petya Dimitrova headed the Association of Banks in Bulgaria
Petya Dimitrova - Chief Executive Officer of Eurobank Bulgaria AD /Poschenska Bank/ was elected by the Board of Directors of ABB as its chairman. Tsvetanka Mincheva - CEO of Unicredit Bulbank AD, continues to be the Deputy Chairman of the Board of ABB. At the ABB General Meeting held on April 3, 2023, Tamash Hak-Kovach - CEO of DSK Bank AD and Ilian Georgiev, CEO of Bulgarian-American Credit Bank AD - were elected as new members of ABB's Management Board. Diana Miteva was released from membership in the Board of Directors of ABB, due to losing the capacity of executive director of a bank. Desislava Simeonova, Executive Director of UBB AD, has been released from membership in the Board of Directors of ABB, at her request. Source: 24 chasa (06.04.2023) |
| | A large part of the record profit of the banking system for 2022 (which is BGN 2.1 billion) will be exported abroad to the foreign parent headquarters of the Bulgarian credit institutions. UniCredit Bulbank will distribute to its shareholders the entire profit in the amount of BGN 465.88 million. More than 99% of the bank's capital is held by the headquarters in Italy, which means that almost the entire amount will be transferred to Milan. DSK Bank, which is more than 99% owned by the Hungarian OTP Group, will distribute BGN 250 million from its record profit of BGN 567 million as a dividend, with the remaining amount remaining in the "Reserve" fund. Last year, the banks in our country reported a record for the last 15 years - BGN 2.1 billion. This is a growth of 46.8% on an annual basis. From the beginning of 2023, the growth of the profit of credit institutions continues, at an accelerated pace. For the first two months of the year, the banks realized a positive financial result of BGN 394 million, which is 66.9% more compared to January and February 2022. Source: mediapool.bg (11.04.2023) |
| | One of the emblematic buildings in Blagoevgrad - the "Alen Mak" hotel will be sold by a private bailiff due to the debts of its owner, Metodi Kalambov. In 1999, Metodi Kalambov acquired four hotels - "Alen Mak", "Bor", "Riltsi" and "Rilets", on the confectionery "Alba Regia" and on the shopping complex "Logodazh". This happened after his wife's company - ET "Kate Continental - Katya Kalombova" managed to buy the state share in "Mak Tours" AD - the successor of the "Balkanturist" Trading Company - Blagoevgrad - for 1.812 million dollars, as half of the amount is paid in cash and the balance in government bonds. And as the source of the funds, the candidate-privatizer indicated a loan from DSK Bank. In 2019, the commercial complex near the Logodazh border crossing (old name - Stanke Lisichkovo border crossing) was put up for public sale due to tax obligations. The other emblematic hotel complex in the past - "Bor" - is also collapsing. The initial sales price for the "Alen Mak" hotel is BGN 861 million without VAT (or BGN 20.233 million with VAT). For this amount, the prospective buyer receives the famous 8-story building, the area of which is 1,928 square meters. In addition to the hotel rooms, there are also 19 separate objects in it - commercial premises, a restaurant, a tavern, a pastry shop, kitchen premises, warehouses, a garage, several objects with a special purpose on the floors, etc. The two-story administrative building next to the hotel (with an area of 653 square meters), the former night bar and others are also for sale. All hotel equipment is also for sale. The entire property has a mortgage imposed by a bank for a loan granted in 2016 in the amount of nearly BGN 6 million. According to people in the know, this money went to the construction of the Rilets Hotel next to the Rila Monastery, which at this stage is the only normally functioning facility. Only the 155 square meter room under the former night bar, which was bought for about BGN 600,000 by the owner of a transport company Krasimir Angelov at the beginning of last year and became a bank office, is excluded from the complex for sale. Source: Banker (21.04.2023) |
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50 000 Paysera Tickets
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50 000 Paysera Tickets
50 500 Paysera Tickets. Paysera 2019 . 2015 . 25 1.8 . , Paysera . , .
, , , , . 5000 , 100 . Paysera . , - . 10 1 , "", open banking - . , , KBC, Revolut. Paysera 50 . , Revolut - 500 . , , . Paysera Tickets .
Okolo 50 000 bileta v B?lgariya sa bili prodadeni prez platformata Paysera Tickets Okolo 50 khilyadi bileta za 500 iventa sa zakupeni v B?lgariya ot platformata za organizirane na s?bitiya i prodazhba na bileti Paysera Tickets. Tya e chast ot litovskata fintekh kompaniya za razplashtaniya Paysera i e dost?pna v stranata ot 2019 g. Ot s?zdavaneto i? prez 2015 g. chrez platformata za s?bitiya sa organizirani nad 25 khilyadi takiva i sa prodadeni poveche ot 1.8 mln. bileta na pazarite v Evropa, na koito Paysera operira. Sred tyakh osven B?lgariya i Litva sa oshte Rum?niya, Latviya i Polsha. Prez platformata mogat da se prodavat bileti za kontserti, muzikalni festivali, sportni s?bitiya, obuchitelni kursove, biznes konferentsii i blagotvoritelni meropriyatiya. Registrirani sa blizo 5000 organizatori na s?bitiya, kato 100 ot tyakh sa v B?lgariya. Po danni na Paysera vseki ot tyakh organizira sredno mezhdu dve i deset s?bitiya. Za organizatorite na plateni s?bitiya e nalichna komisiona pri uspeshna tranzaktsiya, a za kupuvachite e vinagi bezplatno - zaplashta se edinstveno stoi?nostta na bileta. Spored metoda na plashtane taksata varira ot 10 evrotsenta do 1 evro za tezi, os?shtestveni chrez "initsiirane", koi?to e na printsipa na open banking - prez platformata na t?rgovetsa da imash dost?p do smetkata si v tvoyata banka i da potv?rdish plashtaneto. Sred nalichnite banki sa Unikredit Bulbank, DSK, Poshtenska banka i KBC, a s?shto taka i lider?t po broi? potrebiteli na fintekh platforma v stranata Revolut. Po posledni danni tezi na Paysera sa 50 khil. dushi, a na Revolut - 500 khilyadi. Ako organiziranoto s?bitie e bezplatno, taksa nyama nito za organizatora, nito za kupuvashtiya bilet. V samata platforma Paysera Tickets nyama v?zmozhnost za vr?shtane na kupeni bileti sreshtu taksa po printsipa na podobni uslugi v Evropa.
1 760 / 5 000
About 50,000 tickets in Bulgaria were sold through the Paysera Tickets platform
About 50 thousand tickets for 500 events were purchased in Bulgaria from the platform for organizing events and selling tickets Paysera Tickets. It is part of the Lithuanian payments fintech company Paysera and has been available in the country since 2019. Since its creation in 2015, more than 25 thousand events have been organized through the event platform and more than 1.8 million tickets have been sold in European markets. on which Paysera operates. Among them, in addition to Bulgaria and Lithuania, there are also Romania, Latvia and Poland. Tickets for concerts, music festivals, sporting events, training courses, business conferences and charity events can be sold through the platform. Nearly 5,000 event organizers are registered, and 100 of them are in Bulgaria. According to Paysera, each of them organizes between two and ten events on average. For organizers of paid events, a commission is available on a successful transaction, and for buyers it is always free - only the cost of the ticket is paid. According to the payment method, the fee varies from 10 eurocents to 1 euro for those made through "initiation", which is based on the principle of open banking - through the merchant's platform, you can access your account in your bank and confirm the payment. Among the available banks are Unicredit Bulbank, DSK, Postbank and KBC, as well as the leader in the number of fintech platform users in the country, Revolut. According to the latest data, those of Paysera are 50,000 people, and Revolut - 500,000. If the organized event is free, there is no charge for either the organizer or the ticket buyer. In the Paysera Tickets platform itself, there is no possibility to return purchased tickets for a fee in accordance with the principle of similar services in Europe. Source: Capital (26.04.2023) |
| | Dimitar Dilov is the new executive director of DSK Bank
From the beginning of the month of May 2023, the post of executive director, member of the Board of Directors and head of the department "Invoice Management" in DCK Bank was taken over by Dimit Dilov. He took over the duties of Apno Le?ep, who retired from the bank at the end of the appeal. Dimit Dilov has more than 20 years of day-to-day experience in banking, and for the last 5 years he has held the position of executive director and member of the Supervisory Board of Pecop e on pic?a", in one of the leading banking groups in Eastern Europe. Source: money.bg (05.05.2023) |
| | On the slope of Mount Verila, next to the village of Kraynitsi, the largest new solar park in Bulgaria has been built. The photovoltaic plant, named after the mountain, is located on an area of over 1,300 acres and has an installed capacity of 123 megawatts. All available solar parks in the country have a total capacity of about 1750 megawatts. The investor in the project is the company "Belozem Solar Park 3", whose ultimate owners are Asen Hristov (main owner of "Eurohold" and, respectively, "Electrohold"), Kiril Boshov (Chairman of the Board of Directors of "Eurohold"), Velislav Hristov (member of Board of Directors of "Eurohold"), Sami Chakarov (son of the former eco-minister from DPS Jevdet Chakarov) and Martin Nankov. The value of the investment itself, according to market estimates, is over BGN 200 million, which in this case is provided with bank financing and own funds. The designer and contractor is the German company Sunotec, which has installed capacities of 6.6 gigawatts worldwide. The photovoltaic park is expected to receive Act 16, which is the final document for putting the plant into operation in June this year. A few months ago, only Bulgaria's third long-term contract for the purchase and sale of green electricity with a fixed price (PPA) was concluded - between the telecom "Yettel Bulgaria" (Yettel) and the company that manages its network - "Cetin Bulgaria", on the one hand , and the electricity trader "Electrohold", which will actually sell the energy of the Verila FPP, on the other. In 2010, the company "Dupnitsa Solar-M", which is owned by the former member of parliament from RZS Ivan Stamatov, bought 1300 acres of municipal land from the municipality of Dupnitsa (the seller is actually the mayor Yanev) for a little over BGN 500,000. In the media it was announced that a photovoltaic plant with a capacity of 90 MW will be built.
In 2021, the land - 1300 decares - was resold to "Dupnitsa Solar - Propco" for BGN 1 million. At that time, the latter company was owned by "Dupnitsa Solar-M", but its board of directors included Sami Chakarov. In 2022, ownership will pass to "Dupnitsa Solar" JSC, which now also owns "Belozem Solar Park 3" - the direct investor in the park and holder of the license to produce electricity. In "Dupnitsa Solar" itself (and here in the board of directors the former MP from RZS Ivan Stamatov) each holds 50% of "Es Solar" and "Siziji". The sole owner of the capital of the first is the joint-stock company "Solars Energy", where 30% is owned by "Starcom Holding", in which Asen Hristov and Kiril Boshov are shareholders. The remaining shareholders are the public company "Sintetika" (also peripherally related to Hristov and Boshov) and "Arkon-invest" of Vasil Stefanov. Through "Sizigi", the ownership reaches Ivan Stamatov, Sami Chakarov and Martin Nankov. The market valuation of the investment in the 123-megawatt park is around BGN 200 million, with the paid-in capital of "Belozem Solar Park 3" being BGN 71 million, and the remaining funds coming through financing of 88 million euros from DSK Bank in the form of on loan. The plant is being built in two parallel stages, and the total number of panels that will be put into operation is impressive - about 222 thousand. The specific module model is from the large Chinese concern Jinko Solar. It is envisaged that the panels will be able to operate at 87% of their capacity after a 30-year period. Interestingly, since the solar plant is literally in the mountains, the panels will be able to work even when it snows because they have warming glass. The generator plant license issued by the Energy and Water Regulatory Commission (EWRC) mentions that the large fleet will use a total of 20 transformers and 4 large cable lines with the nearby substation. It is also clear from the documents that the power supplied to the network will be 100 mW - this is the connection power. This means that if it is running at 100%, the plant will not be able to deliver the full power (123 mW), but this will happen relatively rarely. "Sanotech" is a German company founded by Torsten Herfert and Kaloyan Velichkov in 2011. It deals with the construction of photovoltaic plants. It is based in Germany, but recently also has an office in Bulgaria. In recent years, the company has become a leader in the sector in Europe, having participated in projects for more than 2 gigawatts of solar power plants in 2022 alone. The managing director of the company is the Bulgarian Kaloyan Velichkov. According to rough calculations, the plant will produce about 170 thousand MWh per year. With its commissioning, this is expected to increase the annual production of solar in Bulgaria on an annual basis by 7% compared to the most recent data. At current energy prices of around BGN 200/mWh, this would mean over BGN 30 million in annual revenue. In the business plan approved by KEVR, the company predicts that sales prices will remain around BGN 200 per MWh in the coming years, which correspond to today's prices. Source: Capital (22.05.2023) |
| | Four renovated hotel complexes are opening their doors as part of the Hyatt Inclusive Collection - the new global portfolio of the international chain Hyatt Hotels Corporation. The hotels are located along the Bulgarian Black Sea coast and are owned by Terra Tour Service EOOD. The complex renovation project was financed with an investment loan in the amount of 4 million euros provided by DSK Bank. In addition, in its capacity as a financial partner of Terra Tour Service EOOD, DSK Bank also provides financing in the amount of BGN 3.5 million to cover the company's working capital needs before the start of the upcoming active summer season. Two of the hotels are located in the luxury resort. Sunny Beach, on the border with St. Vlas. Secrets Sunny Beach Resort & Spa has 335 rooms and is intended for adults only. Dreams Sunny Beach Resort & Spa, the second hotel part of the Hyatt Inclusive Collection, is located in close proximity to it and just a step away from the coastline. It is of a family type, has 597 rooms and a variety of amenities for a full family vacation. The AluaSun Helios Beach and Alua Helios Bay hotel complexes are located in the peaceful coastal town of Obzor. Alua Helios Bay has 318 rooms with balconies overlooking the Black Sea and is the perfect vacation spot for families, couples and groups looking for a vacation in a quiet and exclusive atmosphere on the first line in close proximity to the beach. AluaSun Helios Beach offers 192 guest rooms and superb outdoor facilities, including a huge swimming pool and a lovely garden. Bulgaria is the third European country that Hyatt is entering, complementing the already existing presence of Hyatt's all-inclusive brands in Spain and Greece. Source: investor.bg (31.05.2023) |
| | Near Varna, on the southern shore of Lake Beloslav - between the ferry complex and the LPG terminal of Gastrade, the new port of the grain trader Agria Group Holding will be located. After a two-year delay, on March 1 of this year, the construction permit from the Ministry of Planning and Development is already a fact. According to the project, it has a capacity of 1-1.2 million tons of grain per year. And "Agria Group Holding" is building it through its subsidiary "Bora Invest". The previously announced investment of around EUR 30 million is now on track to exceed EUR 45 million. The financing for the port was already approved from the end of 2018 - the beginning of 2019 by the European Investment Bank, and the co-financing bank is DSK, and there is no change in this line, but the budget will have to be updated. According to the project, the port has a capacity of 1-1.2 million tons of grain per year. Bulk non-dangerous cargoes will also be able to be processed, i.e. vegetable oils with a capacity of 160,000 tons per year, and will also be able to process and store meal, general cargo and containers. The port is expected to be in operation in 2026. In 2022, the company's revenues will reach BGN 709 million, and profit - BGN 68.6 million. The group cultivates over 150 thousand decares of land, including 80 thousand decares of its own on the territory of North-Eastern Bulgaria. The main crops they grow are wheat, barley, maize, sunflower and canola. The holding owns shares and stakes in 18 companies. The group includes one of the largest producers of grain - the company "Kristera-agro". Trade in grain and grain products represents over 60% of the holding's activity, which is developed by "Kristera" and "Corn Trade". One of the latest investments of "Agria" is the purchase of the producer of raw and refined sunflower oil "Amber", which has an annual capacity for processing sunflower seeds of 50 thousand tons. At the end of 2022, "Agria" also purchased the "Almagest" corn bioethanol plant located in Ikhtiman. The total capacity of the holding's storage base is about 290 thousand tons, including three main logistics centers - in the town of Popovo, the town of Devnia and the town of Lyaskovets. Source: Capital (12.06.2023) |
| | The shareholders of "Alterco" have approved the payment of a gross dividend of BGN 0.25 per share. The total amount that will be distributed to the shareholders is almost BGN 4.5 million. The deadline for paying the dividend is 60 days from the date of the general meeting at which the decision to pay the dividend was made. The dividend will be paid through the Central Depository and DSK Bank AD. Shareholders are entitled to a dividend as of the 14th day after the date of the general meeting, or as of June 26, 2023. Source: investor.bg (14.06.2023) |
| | The shareholders of Fazerless have approved the dividend of BGN 1 per share
For the third year in a row, Fazerless AD will distribute a gross dividend of BGN 1 per share. The net dividend per share after tax deduction amounts to BGN 0.95. The total amount that the shareholders will receive is BGN 515 thousand. Another BGN 200,071 remains as undistributed profit for a reserve for unforeseen situations due to changes in the prices of the main raw material and energy, which have a strong impact on the cost of the product. The payment of the dividend is planned to start on August 7 through the investment intermediaries and the Central Depository, as well as DSK Bank AD. The company has been operating since 1976, producing wood fiber boards (phaser) by the wet method. The boards are produced from engineered wood. Raw phaser is raw and undyed, dark in color, and white is used for fruit and vegetable crates, furniture making, etc. Source: investor.bg (16.06.2023) |
| | The best credit institutions for the first quarter of 2023
The net profit of the banking system in Bulgaria increased by 37.78 percent to BGN 784 million for the first quarter of 2023 compared to BGN 569 million for the same period last year. "Unicredit Bulbank" AD occupies the leading position with a profit of BGN 258 million or a 32.85 percent share of profits in the sector for the first quarter, reporting a growth of 39.46 percent compared to the first three months of 2022. DSK Bank AD is in second position with a share of 23.80 percent of profits in the sector, reporting an increase of 11.31 percent. "Eurobank Bulgaria" AD registered a profit of BGN 70 million for the period or 45.83 percent growth, occupying the third place with an 8.96 percent share in the profits of the sector. "KBC Bank Bulgaria" EAD is in fourth position with a profit of BGN 55 million, reporting a significantly larger net profit compared to the same period last year. "First Investment Bank" AD climbs to the fifth position with a profit of BGN 32 million, registering more than double the net profit compared to the first quarter a year earlier. Source: Banker (21.06.2023) |
| | Near Dupnitsa, the largest solar park in Bulgaria - FEC "Verila" started operating
The currently largest photovoltaic power plant in Bulgaria was officially put into operation near the village of Kraynitsi in Dupni. With an installed capacity of 123 MW, the "Verila" FPP will provide green energy for the Telecom "Yettel" and the company managing its network - CETIN, sufficient to provide 80 and 86 percent of the electricity needs of the two companies, respectively, in the next ten years. The contract for this was signed in March between them and the electricity trader "Electrohold Trade", which is part of the group of the same name, which also owns the new solar power. The investment in FEC "Verila" is slightly over BGN 200 million, provided by "Electrohold" and the Bulgarian DSK Bank and the German "Varengold Bank" (Varengold Bank), in which the majority owner of "Eurohold" Asen Hristov is a shareholder. The plant is owned by the company "Belozem Solar Park", among whose owners are the majority shareholders in "Eurohold". The main contractor of the installation is the Bulgarian-German SUNOTEC - one of the leaders in Europe in the construction of photovoltaic plants. The power plant is located on over 1,300 decares of the southern slope of Verila Mountain at 700-1,000 m above sea level on uneven terrain with steep slopes, which makes the project one of the most challenging and attractive in Europe, the company said. Over 220,000 solar panels and more than 4,240 tons of steel structure were used for the installation. During days with intense sunshine, the plant will produce electricity that can power areas such as Kyustendil and Blagoevgrad. The installed capacity of the photovoltaic park constitutes 7% of the total capacity of the capacities built so far in this segment in the country. A team of over 200 experts is involved in the construction of the plant, which began in September 2022. Source: mediapool.bg (23.06.2023) |
| | A new largest bank in Bulgaria appeared
The reorganization of the banking market in Bulgaria is already a fact. Bank No. 1 in terms of assets becomes UBB, according to the aggregated data of the BNB. As of June 30, 2023, the financial institution manages assets for BGN 31.37 billion. In second place is the long-time leader UniCredit Bulbank, and in third place is DSK Bank. The top five, or the group of banks with the largest assets, is completed by Eurobank Bulgaria and First Investment Bank. "The grouping does not contain elements of a rating and should not be interpreted as an assessment of their financial status. The place of the banks in the groups depends on the size of their assets at the end of each reporting period," the Central Bank explains. The fact that UBB will overtake UniCredit Bulbank and significantly shift the market was already clear when the merger with KBS Bank - the successor of Raiffeisenbank Bulgaria - was announced. UBB's customers are more than 2.4 million. Source: Maritsa (03.08.2023) |
| | The new plant of "Ate Plast" is ready, the investment reached BGN 20 million
The construction of the new factory of "Ate Plast" in the new industrial zone "Zagore" of Stara Zagora has been completed. It already employs 40 people, and the equipment with the new machines for the production process will be completed very soon, announced the manager of the company, Maria Zhekova. The Staro Zagora company is a leading producer of flexible polymer films and packaging for the industry. It exports 80% of its production. The price for the construction of the building jumped from the planned 7 million BGN to 12 million BGN, with an additional 8 million BGN invested in new machines. The new enterprise includes 3 workshops plus a "Packaging of finished products" unit. It extends over 6.5 decares with the adjacent warehouses, and the total area purchased from "Ate Plast" in the "Zagore" Industrial Zone is 20 decares. With this project, "Ate Plast" Ltd. received a class "A" investment certificate under the Investment Promotion Act (IPA). The new plant makes it possible to double the volumes of production produced so far. The implementation of the project is part of the mission of the "Regional Fund for Urban Development" and DSK Bank to finance projects of high social importance in support of the local economy. The Fund, together with DSK Bank, manages the funds under the JESSICA initiative through a mandate from the Fund of Funds. Dividend.EU Source: Other (11.08.2023) |
| | The company for trade and maintenance of air conditioners "Kondex" reports revenues of BGN 30 million for 2021 and BGN 68 million in 2022 and nearly BGN 30 million for 2021 and BGN 6.5 million net profit from trading in Mitsubishi Heavy and Stulz air conditioners. In March 2023, 70% of "Kondex" was sold to the newly created company "Termal Invest" - the land and the office building on the "Ring Road" in Sofia, as well as a sailing yacht and 3 cars for a total value of BGN 2.7 million. In 1998 , "Mobiltel" began to vigorously develop its network in the country and turned to "Kondex" for the supply of precision air conditioners to cool the equipment. "They were our customer for Mitsubishi equipment," explains Petkov. The maintenance of air-conditioning equipment in continuous operation 24 hours a day requires a serious organization with fast mobile service groups and above all stocks of spare parts. Whatever happens, we must always have spare parts and prepared teams, he sets himself a goal. He takes engineers straight out of universities to train them and invests in a spare parts warehouse. Strategically speaking, the decision for a large warehouse base gives a boost to the business - it improves service, helps the reputation of the Mitsubishi Heavy and Stulz brands, facilitates the work of distributor partners and brings more customers. The network is expanding. Many of Kondex's young engineers leave and start their own businesses, remaining partners with their former employers. After 2000, the company earned enough to finance its own projects. Large customers such as Mobiltel and BTC are starting digitization processes and need more air conditioning systems. Banks too. UniCredit and DSK build their own data storage centers and provide themselves with spare cooling equipment. If the air conditioners stop for even just 10 minutes, the room overheats and the servers rumble. Some who skimp on aftermarket gear "learn their lessons." Kondex's largest precision engineering project is related to the Bulgarian startup 3DC, which in 2006 developed a data center and platform for IT systems. In 2013, 3DC was acquired by Europe's leading data center operator, TeleCityGroup, and Kondex's business continues to grow under the new owners. Three years later, TelecityGroup was absorbed by the largest data center platform in the world, Equinix, and with it the unit in Bulgaria. Kondex goes through tough Stulz vendor approval audits before getting involved in Equinix's big projects in Bulgaria: "3DC started with one floor of servers in a building in Druzhba district, and Equinix now has a huge building next to the airport, equipped with precision Stulz air conditioning equipment," says Petkov. Another key client with which "Kondex" is growing is the Bulgarian "Netera", which has become a global provider of telecommunications services. Source: Other (12.09.2023) |
| | The concentration of the banking sector in Bulgaria remains high, with the share of the five largest banks based on total assets in the banking system amounting to 76.19 percent as of June 30, 2023. On April 10, KBC Bank Bulgaria EAD officially merged with United Bulgarian Bank AD. On June 1, Eurobank Bulgaria AD officially announced the acquisition of BNP Paribas Personal Finance SA. Branch Bulgaria. Total assets of the banking system as of June 30 of this year amounted to BGN 161 billion, marking a growth of 0.29% compared to March 31. Based on assets, the first 10 banks concentrate 89.52% of the total assets of the banking system. In the leading position is United Bulgarian Bank AD with assets in the amount of BGN 31.4 billion or a 19.48% market share, and after the merger of KBC Bank Bulgaria saw a growth of 76.41% in assets compared to March 31, 2023. Bank DSK AD is moved to the second position with 18.98% market share and a growth of 0.50% compared to the previous quarter. In third position is Unicredit Bulbank AD with a market share of 18.59% and a decrease in assets of 1.51% compared to March 31. The fourth and fifth positions, unchanged compared to the end of the previous quarter, are occupied respectively by Eurobank Bulgaria AD and First Investment Bank AD. The banks' net assets as of June 30, 2023 amounted to BGN 18.3 billion, marking an increase of 5.13% compared to March 31. In the first position according to this indicator, Bank DSK AD remains, whose net assets show a growth of 6.84% compared to the first quarter. A growth of 6.92% in net assets as of June 30 was also registered by Unicredit Bulbank AD and remains in second place by this indicator. There is a change in the ranking for United Bulgarian Bank AD, which occupies the third position in terms of net assets, reporting an almost double growth of 96.35% compared to March 31 after the merger of KBC Bank Bulgaria EAD. The fourth position is occupied by Eurobank Bulgaria AD with a growth in net assets of 3.53% compared to March 31. In fifth position is First Investment Bank AD with a growth in net assets of 3.23 percent. The net profit of the banking system increased by 65.91% to BGN 1.7 billion for the second quarter, compared to BGN 1 billion for the same period in 2022. Unicredit Bulbank AD is in the leading position with a profit of BGN 450 million or a 26.65% share of profits in the sector for the second quarter of 2023, reporting a 74.42% increase in its profit compared to the second quarter of last year. Bank DSK AD is in second position with a share of 26.51% of the profits in the sector, reporting an increase of 64.10% compared to the analogous period of 2022. United Bulgarian Bank AD after the merger of KBC Bank Bulgaria EAD recorded a profit of BGN 216 million for the period or 254.10% growth compared to the second quarter of the previous year, rising to the third position with a 12.76% share in the sector's profits. Eurobank Bulgaria AD is in fourth position with a profit of BGN 141 million and a growth of 56.67% compared to the same period in 2022. The fifth position is occupied by First Investment Bank AD with a profit of BGN 75 million, registering a growth of 141.94% - more than double the net profit compared to the second quarter of last year. Return on assets (calculated on a Net Profit / Total Assets basis) totaled 1.05% for the banking system in the second quarter of 2023, compared to 0.72% for the same period in 2022. According to this indicator, BNP Paribas Personal Finance S.A. is in the leading position with 18.62%, marking a significant growth compared to the same period a year earlier, when the return on assets was 3.29 percent. The main reason is the current technical integration of the company with Eurobank Bulgaria AD. TBI Bank EAD occupies the second position with a 2.75% return on assets for the second quarter, reporting a decrease of 5.13% compared to the same period in 2022. Next positions are occupied by Citibank Europe AD Bulgaria Branch with 1.68%, Unicredit Bulbank AD with 1.50% and Bank DSK AD, which is in fifth place with 1.46 percent. Return on equity (calculated on a Net Profit / Equity basis, with the ranking excluding foreign bank branches) increased to 8.95% for the second quarter compared to 6.10% for the same quarter of 2022. With the highest return on equity during this period is TBI Bank EAD with 16.19%, and in second place is Unicredit Bulbank AD with 13.69%, followed by DSK Bank AD with 11.47%, International Asset Bank AD with 9.61% and Allianz Bank Bulgaria AD with 9.6 percent. The efficiency ratio (calculated based on the ratio of administrative expenses to total net operating income) reported an improvement from 37.72% for the second quarter of 2022 to 30.59% for the current period. In the leading position according to this indicator for the second quarter of this year is UniCredit Bulbank AD with 21.83% compared to 27.57% for the similar period in 2022. Bank DSK AD reports an increase in efficiency from 26.99% for the second quarter of 2022 to 23.47% for the current period, being moved to second position. Citibank Europe AD Klon Bulgaria reports an increase in efficiency of 39.31% in the second quarter of 2022 years to 23.88% for the same period of 2023 and is in the third position. They are followed by Te-J Ziraat Bankas Sofia Branch and Bulgarian-American Credit Bank AD, in the fourth and fifth positions, respectively. Source: Banker (26.09.2023) |
| | The Fund of Funds signed agreements with partner banks to provide additional resources under the "Recovery" program
The Fund of Funds signed agreements to provide an additional resource to the guarantee limit of partner banks under the Fund's "Recovery" program. This was announced by the Fund of Funds. The "Recovery" program is a portfolio guarantee that allows banks in the country to accelerate the provision of new loans to support businesses in the country. The agreements are with "Tokuda Bank", "Bulgarian-American Credit Bank", "Raifeisenbank", "Post Bank", "OBB", "DSK Bank", "Unicredit Bulbank" and "First Investment Bank", implementing the instruments until now under the "Recovery" program. The funds were provided under the Operational Program "Innovations and Competitiveness" 2014 - 2020, co-financed by the European Regional Development Fund, including under the REACT-EU instrument. The Fund states that the main argument for the decision to increase is the ongoing need to significantly improve access to financing for Bulgarian micro, small and medium-sized enterprises. Businesses in the country will be able to benefit from nearly BGN 210 million by the end of the year, and for this purpose, under the signed agreements, the partner banks will receive additional funds (guarantees) in the amount of BGN 84.5 million. Funding is primarily intended to cover current needs such as liquidity, investment and growth. Companies from a wide range of economic sectors will be able to benefit from the funds. Source: BTA (29.09.2023) |
| | Dobri Mitrev was re -elected chairman of the Board of Directors (Board) of the Bulgarian Business Chamber (BIA), at the XVI General Assembly of the Chamber. The BIA Board of Directors were elected: Andrey Mitkov Delchev - Executive Director of the Bulgarian Petroleum and Gas Association, Managing Partner at the Law Firm "Yurolex"; Anton Kirilov Petrov - Member of the Board of Directors of Steel Industry AD, Steel Engineering JSC, Sidma Bulgaria EAD, Aiforos Bulgaria EAD and Port Svishtov West JSC, Botyo Stanimirov - Vice -President of The Bulgarian Chamber of Chemical Industry; Prof. Dr. Eng. Valentin Genov Kolev - Chairman of the Bulgarian Branch Chamber of Energy (BBC), Dean of the Faculty of Electrical Engineering at the Technical University - Sofia; Veselin Bozhidarov Danev-a major partner at Melia Hotel International in Bulgaria; Prof. Dr. Vasil Zhivkov Zhivkov-Chairman of the Board of the Bulgarian Chamber of Woodworking and Furniture Industry, Member of the Board of Directors and a representative of Bulgaria in the European Confederation of Furniture Industry (EFIC); Veselin Julianov Baldzhiev - Member of the Board of Directors of Darik Holding JSC, Executive Director of Bulgarcontrol JSC, manager of Aqua Field OOD and Feskom OOD; Violina Emilova Nakova - Member of the Board of Trustees of the University of Economics - Varna, Manager of VN Consult Bulgaria LTD.; Violina Marinova Spasova - Member of the Supervisory Board of DSK Bank; Vladislav Alexandrov Lazarov-Deputy Chairman of the National Council of Labor and Production Cooperatives; Prof. Dr. Georgi Dimitrov Todorov - Dean of the Faculty of Industrial Technology and Head of the Center for Supreme Achievement at TU -Sofia; Dobri Dimitrov Mitrev - Chairman of the Board of BIA of 2021, re -elected 1.11.2023. (NSBS); Ivaylo Galabov Borisov - Chairman of the Board of the Union of Poultry Breeders in Bulgaria; Ivan Velkov Velkov - Chairman of the Board of Bulgarian Facility Management Association (BGFMA) and Chairman of the Board of Fiabtsi Bulgaria (International Federation of Real Estate Specialists); Ivana Georgieva Radomirova - Executive Director and Member of the Board of the Union of Brewers in Bulgaria; Yonko Vladimirov Chuklev-Deputy Chairman and founder of the Association "Professional Association of Robotics, Automation and Innovation" (Parai); Maria Mincheva Mincheva-Deputy Chairman of BIA and a member of the European Economic and Social Committee; Nikola Georgiev Rangelov - Chairman of the Board of the Bulgarian Association of the Metallurgical Industry (Bami), Manager of "Pestostane" Ltd. and Reflex Trade Ltd., Executive Director of "Pestrostage and Isolations - Installation"; Nikolay Tonchev Tonchev - owner of "Agromashinimpex - Shumen" JSC, Executive Director of "Shumen Industrial Park" JSC, "Niki - BT" JSC, "Missyirian - Bulgaria" JSC, "Nord Tabak" EAD; Petar Ivanov Stefanov - Chairman of the Central Cooperative Union; Polina Krasteva Karastoyanova - Executive Director of National Tourism Board; Spiros Nomikos - Executive Director of Solvay Sodi JSC - Devnya, and General Manager of the Solvay Group for Bulgaria; Stanislav Yanchev Popdonchev-Deputy Chairman and Chief Financial Officer of BIA; Tanya Yordanova Boncheva - Executive Director of the Industrial Economic Association - Yambol, Manager of Business Style Correct Ltd .; Yavor Mishev Zhekov - Manager of Abanos Ltd. and a member of the Chamber of Commerce and Industry - Burgas; Yaroslav Donchev Donchev - Vice President Commercial Activity and Exprected Services of Ideal Standard International, Executive Director and Chairman of the Board of Directors of Ideal Standard - Vidima JSC. The new composition of the BIA Control Board were elected: Ilia Makariev Levkov - Chairman of the Board of the National Branch Organization Industrial Cluster Electric vehicles (IKEM); Michael Hristov Deliyski - Chairman of the Board of the Association for Environmental Engineering, Manager of Energofect Consult LTD.; Nikolay Ivanov Radev (Chairman of the BSC of BIA) - Chairman of the Board of the Chamber of Economics - Dobrich, managing partner at Foligrt Ltd., owner and manager of Smart Impress LTD. Source: BIA (02.11.2023) |