Банкеръ Weekly

Briefs

NEOCHIM WILL EXPORT TO USA AND BRAZIL

Orders from the New World will save this summer the workers of the Dimitrovgrad-based Neochim from the usual long summer vacation. The fertilizer enterprise has received orders for some 20,000-25,000 tons from Brazil and the USA, the company's BoD Chairman Tosho Dimov told the BANKER weekly. Because of these orders the plant will be working till June instead of going out on a 'summer holiday' as usual, Mr. Dimov added. He recalled that last year the company entirely renewed its main ammonia production, investing EUR6MN in it. We'll continue the construction of an electricity generator that will serve Neochim, Mr. Dimov added. About EUR3MN has been invested in the generator so far and the amount may reach EUR5MN till the project's completion. Neochim's net profit for the first quarter of 2005 is BGN4.3MN, about BGN400,000 down year-on-year. Sales proceeds for the same period totalled BGN51.1MN, down from BGN54.9MN in January-March 2004. The plant's expenditures in the first three months of 2005 amounted to BGN37.5MN, and the undistributed profit was BGN59.5MN. Like all domestic fertilizer enterprises Neochim has huge liabilities to the state-run gas distributor Bulgargas - BGN14.1MN - rescheduled for ten years under an agreement from the end of 2002. The Necohim joint-stock company has equity capital of BGN2.7MN, distributed between Euro Fert AD - Dimitrovgrad (49%), Karifert International - Lebanon (16.05%), Agrofer International Establishment - Liechtenstein (7.68%), Albena Invest Holding (6.38%), and others. The company is managed by the Executive Director Dimiter Dimitrov and has 1,380 employees. Neochim has eight subsidiaries: Neochim Engineering, Himik, Neochim Catering, Neochim Tour, Neochim Protect, Trakia Press 21 Century, Neochim SA - Odrin, and Neochim Ltd. - Odrin. On October 25, 2002 and November 2004, respectively, the managers of the Dimitrovgrad-based firm made decisions to wind down Neochim SA - Odrin and Himik. The process in the Turkish subsidiary has not been completed yet, while Himik has already begun to get the statute of Neochim's workshop. At the expense of that the company's managers increased the capital of Neochim Tour EOOD to BGN740,000 by contributions in kind - land, buildings and equipment.

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