market WRAP-UP
Positive sentiments on Friday lead to an increase in SOFIX to 1 147.84 bps, (+0.76%) and in BG40 to 333.13 bps (+1.45%). BG REIT advanced to 93.7 bps. (+0.07%) and BGTR30 added to 783.04 bps (+1%). M+S Hydraulic (MCH, BGN 9.50, +6.57), Sopharma (SFARM, BGN 6.19, +3.86%) and Toplivo (TOPL, 19,-, +3.26%) were the main contributors to the SOFIX increase. BG40 rise was helped by the jump of Petrol (PET, BGN 8.40, +7.69%), Bulgarian River Shipping (BRP, BGN 5.45, +7.01%) and Elhim Iskra (ELHIM, BGN 4.85, +5.43%), but the drop in price of Central Cooperative Bank (CCB, BGN 4.82, - 3.39%) and Stara Planina Hold (CENHL, BGN 5.38, -3.15%) slightly offset the positive moves.
| Sofix | BG 40 | BGREIT | BGTR30 | |
| Value | 1 147.84 | 333.13 | 93.70 | 783.04 |
| 1-day change (%) | 0.76 | 1.45 | 0.07 | 1.00 |
| 7-day change (%) | 0.00 | 0.12 | -0.34 | 0.25 |
| 90-day change (%) | -18.17 | -21.35 | -5.73 | -13.92 |
| 365-day change (%) | -9.38 | 32.51 | -6.30 | -21.70 |
Note: BG REIT and BG TR30 started 31 August 2007
| BSE Daily Volume | 2 084 715 |
| BSE Daily Turnover | 10 588 986 |
| Average Daily Turnover YTD | 15 730 686 |
| Average Daily Turnover 12 months | 38 482 068 |
| Inflation (M/M March) | 0.8% |
| Inflation (cumulative 2008) | 3.4% |
| LEONIA Reference Rate | 4.91% |
| SOFIBOR /3 months/ | 6.821% |
| GDP Growth (Y/Y 2007) | 6.2% |
| Unemployment (March 2008) | 6.79% |
| Current | Change | |
| BGN/USD | 1.25406 | 0.01376 |
| BGN/EUR | 1.95583 | Fixed |
| EUR/USD | 1.5596 | -0.0173 |
DAILY TRADING (selected stocks) (table)
All figures in BGN (BGN/EUR rate fixed at 1.95583)
Compensatory Instruments (table)
ECONOMY AND POLITICS
Macroeconomic news and statistics
Government debt at end March 2008 stood at EUR 4.8bn
The internal government debt at end March 2008 was EUR 1.6bn, while the external government debt was EUR 3.2bn. The government guaranteed debt in March was EUR 563.7m. At the end of the period under review, the ratio of the government debt to GDP was 15%, 1% down from the previous month. The ratio for the external government debt was 10% of GDP, for the internal government debt - 5% of GDP, and for the government guaranteed debt - 1.8% of GDP.
Source: Profit.bg
CORPORATE news
BOARD
Billboard booked net profit of EUR 0.2m for Q1 2008, up 50% YoY
Billboard registered unconsolidated revenues of EUR 1.3m for Q1 2008, up 39% YoY. EBITDA increased by 35% YoY to EUR 0.7m, while EBITDA margin slightly decreased to 54% (down from 56% in Q1 2007), following the significant increase in compensation costs and the cost of hired services after the establishment of new production facilities. In the last year the company bought new machines and increased its production capacity, which led to higher depreciation expenses (up 42% YoY) and EBIT of EUR 0.3m (up 25% YoY). Billboard’s net profit for Q1 2008 stood at EUR 0.2m, up 50% compared to the same quarter of 2007, despite higher interest expense (of EUR 0.1m, 38% up YoY). Net profit margin for the last quarter was 12.5% against 11.5% a year earlier.
Source: FFBH
FZLES
Fazerles Q1 profit up 18% YoY
Silistra-based Fazereles booked BGN 2m profitin the first quarter of 2008, up 18% YoY. Revenues for Q1 2008 totalled BGN 7.7m compared to BGN 7.4m generated a year earlier. The company forecasts BGN 35m revenues for 2008, which would represent a 10% YoY increase. The profit of the company from its core activity is forecast to amount to BGN 4m as at the end of the year, which would mark a 34% YoY decline. The net profit is projected to reach BGN 3.6m in 2008, compared to BGN 5.4m profit booked for 2007.
Source: Profit.bg
MONBAT
Car batteries maker Monbat Q1 2008 profit increased 206% YoY to BGN 10.1m
Monbat saw a 114% increase in Q1 sales to BGN 55.4m, the company announced last Friday. Q1 earnings posted an even more impressive YoY jump, adding 206% to BGN 10m. March sales alone gained 82% YoY to 16m while profit for the month zoomed up 146% YoY to 2.7m.
Source: Dnevnik
MDIKA
Medica will pay BGN 3 DPS
Medica will pay BGN 3 dividend per share, the company shareholders decided at a General Shareholder Meeting. The proposal was made by Ognyan Donev, executive director of Sopharma, which is shareholder in Medica. Donev was elected member of the company supervisory board. The shareholders also okayed the company's capital increase from BGN 336k to BGN 10.1m with own funds (stock dividend). A total of 9.7m shares will be issued with a par value of BGN 1. Shareholders will receive 29 new shares for each share they hold.
Source: Pari
MCH
M+S Hydraulic's Q1 profit up 17% YoY
M+S Hydraulic booked BGN 20.6m in revenues for Q1 2008, up 10% YoY. Net profit for Q1 2008 came at BGN 2m, up 17% YoY.
Source: Profit.bg
CENHL
Stara Planina Hold shareholders to decide on share-buyback
The shareholders of Stara Planina Hold will vote at a general shareholders meeting for a buyback of up to 3% of the company’s shares, X3News reported. The period for the repurchasing of the shares will be no longer than five years after the meeting’s vote. The minimum price offered per share will amount to the average daily price of the stock for the last 52 weeks prior to the date of the repurchase, while the maximum price will stand at 75% of the average daily stock price, also in the last one year prior to the date of repurchase. The shareholders of the holding company will also decide on raising the capital of the company to BGN 100m in a five-year period through the issuing of new stock.
Source: Profit.bg
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