market WRAP-UP
The session on Thursday was more than quiet. The indices moved in opposite directions as the volumes stayed quite low and no aggressive buyers or sellers were present. SOFIX advanced by 1 025.6 bps (+0.11%), wide BG40 slightly moved down to 251.65 bps (-0.27%), BGTR30 closed at 663.42 bps (+0.15%) while BG REIT added 0.78% to 86.79 bps. The most liquid companies during the day were Chimimport (6C4, BGN 8.53, +0.13%) and First Investment Bank (5F4, BGN 5.859, + 1.02%). The REIT market remained quiet as the poor liquidity supported prices from the previous day.
| Sofix | BG 40 | BGREIT | BGTR30 | |
| Value | 1 025.60 | 251.65 | 86.79 | 663.42 |
| 1-day change (%) | 0.11 | -0.27 | 0.78 | 0.15 |
| 7-day change (%) | -0.94 | -1.48 | -1.85 | -1.31 |
| 90-day change (%) | -17.96 | -27.77 | -10.13 | -21.24 |
| 365-day change (%) | -33.81 | -37.48 | -13.21 | -33.66 |
Note: BG REIT and BG TR30 started 31 August 2007
| BSE Daily Volume (shares) | 3 300 779 |
| BSE Daily Volume (BGN) | 3 498 624 |
| Avg Daily Turnover YTD (BGN) | 11 921 653 |
| Avg Daily Turnover 12 mo. (BGN) | 19 885 046 |
Most recent macro data
| Inflation (HICP, M/M July) | 1.4% |
| Inflation (HICP, cum. 2008) | 7.2% |
| LEONIA Reference Rate | 5.23% |
| SOFIBOR /3 months/ | 7.314% |
| GDP Growth (Y/Y Q2 2008 preliminary) | 6.3% |
| Unemployment (July 2008) | 5.96% |
exchange rates
| Current | Change | |
| BGN/USD | 1.32026 | -0.00717 |
| BGN/EUR | 1.95583 | Fixed |
| EUR/USD | 1.4814 | 0.008 |
DAILY TRADING (selected stocks) (table)
All figures in BGN (BGN/EUR rate fixed at 1.95583)
Compensatory Instruments (table)
ECONOMY AND POLITICS
Real estate
Bulgaria Q2 building permits up 20% QoQ, down 7% YoY
The Bulgarian authorities issued 4.3k building permits in the second quarter of 2008, close to 20% QoQ but down 7% YoY, according to the national statistics institute. Some 2.7k permits for residential buildings were granted in Q2, almost unchanged year-on-year. The number of building permits for office buildings increased to 108 in Q2 2008 versus 85 a year ago. In terms of combined build area, the Q2 building permits fell 18% YoY. The biggest number of residential permits, 319, was issued in Sofia followed by Plovdiv with 289 and Varna with 280. In terms of office building permits, Sofia occupies one of the last places with just five. Plovdiv leads the way with 18, followed by Gabrovo with 12 and Blagoevgrad with 9.
Source: Dnevnik
CORPORATE news
Billboard AD [5BP]
Strong top-line growth and improved net profitability in H1
Billboard showed consolidated revenues of BGN 13.3m for H1 2008, up 42% YoY. Q2 2008 sales alone reached BGN 7.7m, up 39% YoY.
EBITDA rose by 45% YoY to BGN 4.5m, and EBITDA margin stood at 34% in H1 2008, compared to 33% for the same period of the last year.
On the bottom line, Billboard’s net consolidated profit grew by 133% YoY to BGN 1.3m in H1 2008, reflecting the growth in depreciation costs (29% YoY) and the insignificant change in the company’s net financial expenses (4% YoY). Net profit margin improved YoY, rising from 6% to 10%.
The Group invested a total of BGN 4m in fixed assets in H1 2008 with most of the investments (BGN 3m) made in Q2 2008 mainly in machines for the wide-format business. Most of the new equipment was financed through leasing agreements, which led to a net increase in the interest-bearing debt by BGN 1.5m QoQ to BGN 12.9m. As of the end of June interest-bearing debt-to-assets ratio stood at 31% (30% at end-March and 31% at end-December).
Non-cash working capital was BGN 4.3m at the end of June, keeping almost the same level as at the end of March.
CFO was BGN 5.8m in H1 2008 against BGN 2.4m in H1 2007. The net change in cash was positive BGN 2.3m vs. negative BGN 132k a year ago.
Source: FFBH
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FFBH, 2 Enos Str., 1408 Sofia, Bulgaria, Phone: +359 2 810 64 21, fax: +359 2 810 64 01, e-mail: ffbh@ffbh.bg, web site: http://www.ffbh.bg
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BMU22-08-08.pdf, 67 Kb
