Банкеръ Weekly

Briefs

NOT ALL MILLIONAIRES LIKE TO BE IN THE SPOTLIGHT

What has been built in the socialist period continues to be the main source of wealth in Bulgaria. Most of the 100 companies with the biggest turnover in 2001 (more precisely 56) were or still are state-run enterprises, Capital Market's data show. Investors in new capacities are not more than five or six, and the others are mainly intermediaries or firms, set up especially for the privatisation of a certain enterprise. The rating, published in the previous issue of the BANKER weekly, is dominated by companies trading in fuels. Fourteen firms are operating in the energy sector and most of the electricity distribution companies are included here.The presence of firms, connected with the Vazrazhdane club of large-scale industrialists is insignificant. It turns out that the biggest industrialist in that club is Simeon Peshov, a veteran director of Glavbolgarstroi. The privatized construction enterprise rates 48th with a turnover of BGN96MN, and the related company GBS Privat rates 93rd with sales proceeds of BGN52MN. Ivan Pavlov is the other member of the business club with serious postions in the non-finance sector - Energokabel, controlled by Rei Holding rates 58th with a turnover of BGN81MN. Iliya Pavlov is not far behind - Elkabel is 74th, and Papas Sunflower Oil (connected with Multigroup) is 80th. Prista Oil of Babokovs Bros. posted BGN55MN in sale proceeds.At least 20 of the 100 non-finance companies with the biggest turnover in 2001 are almost unknown to the general public. Among them are Burg Oil and Vaya-7, about which the BANKER wrote in its previous issue. Eurometal - the company which together with the Greek Viohalco rented Stomana's core operation - has no smaller turnover. The Pernik-based company with shareholders Ladimex, Lyudmil Stoikov and Emil Ivanov, sold output worth BGN189MN, up BGN40MN from 2000. The company Stomana Industry, set up for the purpose, has a turnover of BGN111MN.Sanita Trading, with sales proceeds of BGN81MN, is one of the major dealers in medical products. Yet, the Varna-based company lags far behind Trade League, with proceeds from its operation (no data about the sales have been presented) amounting to BGN156MN. Surprisingly, the Pleven-based Higiya is also included in the rating with a turnover of BGN66MN. Kaliman RT, in which Todor Dochev is a major shareholder, is also one of the main players on the pharmaceutical market with a turnover of BGN51MN. It is just one of the great number of firms, in which Mr. Dochev holds stakes.Georgi Uzunov - Faradei is one of the two sole traders among the 100 companies (the other one is Minera - Minka Nesheva), operating in the oil sector. Mr. Uzunov, whose trunover is BGN72MN, is one of the biggest coal traders. Together with another sole trader - Tanya Boeva (whose company rates 106th with a turnover of BGN46MN) - he controls Sugar Plants. Kaven Iradis (BGN77MN), importer of the products of Johnson Johnson and of Procter Gamble, and the Cypriot Stambouli (BGN58MN) represent the traders in the rating. What a few people know about Kaven Iradis is that the company is owned by two ladies - Irina Cholova and Kalinka Malinkova.Many people probably still connect Air Via (with sales of BGN6.5MN) with Ivan Mironov. But the air company, which is one of the big debtors of the former BALKANBANK, is officially managed by Mihail Donski.A curious presence in the rating is Gehard (with a trunover of BGN57MN) - a Plovdiv-based company which acquired Trakiya Paper. The former member of BNB's Board of Governors Stoyan Shukerov is on Gehard's BoD. And the BoD is chaired by Boyan Mariyanov, Executive Director of Yulen - the company which is building the ski track in Bankso.A similar origin is that of Brilyant Invest - the company, set up for the purchase of the Plovdiv-based plant Brilyant. It was initially managed by Ivailo Mutafchiev and was registered at the address of First Finance and Brokerage House. Brilyant Invest's turnover has reached BGN56MN and it also has enterprises in Assenovgrad, Veliko Tirnovo and the village of Chakalarovo.The most opaque among the 100 big companies is Fort Nox, with a turnover of BGN63MN (however, it has marked a decrease from BGN71MN in 2000). The company is owned by two natural persons - Georgi Ivanov and Stanislav Parhomenko - and it is only known that it deals in trade of chemical products.As far as Nadin (registered in Novi Iskar) is concerned, it represents in the rating the trade in scrap. The firm (whose turnover is BGN52MN) is owned by four narural persons - Emil Minchev, Zdravko Minchev, Teodor Minchev and Toma Minchev. Three of the companies in the rating are WAZ structures - Newspaper Group Bulgaria, Media Holding, and the Strela circulation agency. When speaking about firms within a single structure we should also mention the three companies of Coca-Cola - Clarina, Sofia Beverage Company, and Coca-Cola Distributors.Much less are the surprises in the list of companies with the greatest net profit. The Sofia-based Galiziya (owned by Stefan, Boyan and Tsvetomir Naidenovs), with a profit of BGN2.7MN, is not widely known. But it would be sufficient to mention the fact that it holds one third of Eurofootball (the gambling firm rates 26th with its BGN8.7MN profit).There is no much information about Bul-mash, whose 2001 profit reached BGN2.6MN. A symbolic 3% stake in that company is held by the owner of Darik Radio Radosvet Radev, and the major shareholder Marta Yankova leads to Borsilav Dionisiev's Electromachinery Holding. The Varna-based Globaltour (with a profit of BGN2.5MN0 is an enigma. Its owner Stanislav Nachev can also be included in another rating by the fact that he manages 33 firms.A surprise in the list of companies with the highest profits in 2001 is the presence of firms, believed to be in dire straits. Such is Promet of Debelt (declared insolvent), with a profit of BGN14MN. Heavy Machine-building of Radomir (renamed to Besttechnika after it passed under the control of Michael Kleiterman) turns out a profit of BGN3.6MN. The profit of TBS Hotels - BGN3MN-plus - seems unexepctedly high and is only BGN1MN less than Sheraton's profit.Rodacar AD - Varna is also on the list with a profit of BGN7MN. Rover Overseas Holdings Ltd. owns a 51% stake in it and the balance is in the hands of companies, owned by Atanas Tilev. The company, located on VAMO's site, has not been operating for years and forms its profit from extra proceeds.

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