Банкеръ Weekly



It's obvious that Sunny Beach AD will continue to be a hit on the stock exchange till the very end of its existence. It is already known that the company's profit for 2001 after payment of corporate taxes exceeds BGN27.3MN. Having in mind that according to an ordinance of the Council of Ministers, 80% of it will be distributed among the owners, shareholderss will get a little more than BGN11 per stock. The distribution of dividend will be voted at a general meeting of Sunny Beach AD, which by law should be held on June 30 at the latest.Hardly anyone was suprised at the leisure industry company's significant profit, having in mind the numerous deals it had closed for sale of self-contained parts. The more interesting question is what Sunny Beach AD will do with its other assets. In addition to about BGN60MN the company also owns the infrastructure of the eponymopus resort - water and sewage utilities, electricity supply, roads, etc., which are currently undergoing repairs. The plans, approved by the Ministry of Economy which holds 75% of Sunny Beach shares, project to invest BGN9MN in reconstruction this year and another BGN11MN in 2003. Thus, the company will spend a total of BGN20MN, and is hardly likely to get a return on this investment soon.It is already almost certain that the intention of the Privatisation Agency's Executive Direcor Apostol Apostolov to sell the state-owned shares in the company on the stock exchange would not be realized. Thus, one option is left - to wind down Sunny Beach AD and distribute the money on the company's accounts among its shareholders. In addition to the dividend of BGN 11 per share, or more than BGN22MN in all, another BGN80MN will remain in the company's accounts, financiers estimate. A large part of this money came after the resort sold out almost all its hotels.However, a new wave of receipts is expected from the sale of land on which the already private establishments have been built. Hoteliers claim that the aggregate sum, which the company will get from this operation is around BGN60MN. But this money shall not be paid immediately. Each owner will be able to sign the agreement reached with him in advance whenever he likes to. Under the somewhat strange pretext that the owners are insufficiently solvent, Sunny Beach AD has allowed them to reschedule the payment within seven years. Under the prepared contracts, only 30% of the price is payable immediately. Thus, the proceeds from such deals in 2002 will approximate BGN15MN. It is interesting that 90% of this amount will be accounted as company profit because the value of the land in the resort's balance sheet is very low. In other words, even if the procedure for the company's liquidation does not start in 2002, the sharehodlers will get a tidy dividend from these receipts.Meanwhile, as of April 1 the branch offices of Municipal Bank began paying dividend for Sunny Beach AD, voted at the company's general meeting on December 21. The shareholders will get BGN6.89 apiece before taxation.

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