The Bulgarian Central bank (BNB) revoked the banking license of troubled Corporate Commercial Bank (6C9 BU), said BNB in a press statement, dated November 6. BNB managing board ascertained a negative capital of Corpbank to the amount of BGN –3.74bn and that the bank does not comply with the legal requirements. Hence, BNB requested that the "corresponding court" starts an insolvency procedure. In accordance with the Bank Bankruptcy Act, BNB requested that the Bulgarian Deposit Insurance Fund be informed of the procedure and commence preparation for appointment of an assignee in bankruptcy. Earlier on Thursday BNB revoked Corpbank's permission from March 2014 to increase its capital by EUR 35m and referred the matter to the Prosecutor's Office.
Sopharma (3JR BU) has appointed an extraordinary General Meeting of Shareholders on December 19, 2014. Shareholders will vote on the merger with Bulgarska Roza- Sevtopolis (4BJ BU), as a result of which the assets of Bulgarska Roza-Sevtopolis will be transferred to Sopharma under the terms of universal succession. Sopharma will increase capital from BGN 132,000,000 up to BGN 134,798,527 by issuing up to 2,798,527 new shares of BGN 1.00 par and BGN 4.14 issuing value each as the latter is equal to the calculated fair value per share of Sopharma. The newly issued shares will be distributed to the shareholders of Bulgarska Roza-Sevtopolis under the terms of the contract of transformation.
Consolidated sales of Zarneni Hrani Bulgaria (T43 BU) for the first nine months of the year were BGN 77.8m, down 10.1% y-o-y. The operating income was BGN 14.3m, down 3.6% y-o-y. The net profit attributable to shareholders of Zarneni Hrani dropped in half to BGN
Consolidated sales of Stara Planina Hold (5SR BU) for the first ten months of the year rose by 3.2% y-o-y to BGN 154.1m. Its largest subsidiary, M+S Hydraulic (5MH BU), marked 5.4% y-o-y sales increase for the period to BGN 77.1m. The earnings before tax (EBT) for the first ten months of M+S Hydraulic were BGN 11.6m, up 2.1% y-o-y, while the EBT of HES rose 39.0% to BGN 4.2m. The holding expects its consolidated sales to reach BGN 168.7m for the eleven months of the year, up 1.8% y-o-y.
Summarized data for the first ten months of 2014 of Monbat (5MB BU), shows that the companies in the group realized consolidated sales of BGN 184.0m, a decrease of 5.7% compared to consolidated sales for the same period of 2013. Sales only for October increased by 7.4% y-o-y to BGN 24.9m. EBITDA on consolidated basis for the first ten months increased by 0.10% y-o-y to BGN 34.8m, while profit before tax for the group was up 4.1% y-o-y to BGN 23.6m. EBITDA for October was BGN 4.5m, down by 23.6% y-o-y, while consolidated profit before taxes of the companies in the group was BGN 3.4, which represents a profit decrease of 30.1% compared to the generated consolidated profit before taxes for October 2013.
Trace Group Hold (T57 BU) consolidated sales for the nine months of the year jumped to BGN 233.9m, up 29.4% y-o-y, due to higher revenues from construction and engineering works. Although the external services expenses increased by 38.7% y-o-y to BGN 144.3m, the holding managed to keep its material expenses low at BGN 48.4m compared to BGN 41.7m in the first nine months of 2013. Trace Group reported a net profit for the period of BGN 3.9m, down from a profit of BGN 7.3m a year earlier. Cash amounted to BGN 26.5m at the end Q3’2014.
Sopharma (3JR BU) notified that for October 2014 the company recorded an increase of sales revenues of 4% compared to the same month of 2013, including 12% increase in domestic sales and 1% increase in export sales. During the past ten months Sopharma recorded a decrease in sales revenues of 4%, including 4% increase of domestic sales and 7% decrease in export sales compared to the same period of 2013.
In the first nine months of 2014 Biovet (53B BU) sales increased by 3.6% y-o-y to BGN 138.7m. The company's gross margin for the period improved to 11.9% from 10.8% in the same period of 2013, and gross profit increased by 14.2% to BGN 16.5m. Net profit jumped 38.4% y-o-y to BGN 11.7m from BGN 8.4m a year earlier.