CHIMIMPORT ENTERS THE SEASIDE AIRPORTS
After getting permission from the Commission for the Protection of Competition, Chimimport holding acquired the Molet joint-stock company, the Bulgarian Stock Exchange (BSE) announced early last week. The deal was completed on March 7.
Molet is a sole proprietor of the capital of BM Star which is a partner of the German Fraport in the concession of the Black Sea airports in Varna and Bourgas and also owns 40% of the joint venture Fraport Twin Star Airport Management. According to the Daxi information system, until now equal stakes in Molet have been owned by the Harnes and Kobina companies. Harnes is owned by Georgi Bonin who also takes part in the management of VTC, a Chimimport subsidiary. Kobina is 100% owned by Mariana Ivanova Yaneva.
According to the competition regulator, the two companies operate on different markets and the acquisition of the BM Star stakes which is a licensed airport services operator would not give Chimimport a dominating market position.
In late 2006, Chimimport acquired a majority stake in BM Port, concessionaire of the Lesport airport in Varna which was solely owned by Georgi Bonin as well.
Chimimport did not reveal details of the deal. Deputy Chairman of the Managing Board, Alexander Kerezov, only said that the newly-acquired company would help for the integral growth of the holding. Comments spread around the stock market that Chimimport was planning to sell Molet to the majority owner of Fraport Twin Star Airport Management, Germany's Fraport. Apart from taking full control over the two Black Sea airports through buying the Chimimport shares, the German company also wants to enter the technical base of the Sofia airport, experts from the branch comment.
In late October, the German Lufthansa Technik and the Bulgarian Aviation Group (also part of Chimimport) announced that a joint venture would be established. The Bulgarians will control 20% of its shares and it will manage the old technical base of the Balkan air company, they informed. As the state-owned air carrier was liquidated, its base was acquired by Hemus Air (another property of Chimimport).
The agreement with Fraport Twin Star Airport Management referring to the concession of the two airports at the sea coast was signed on September 10, 2006. It stipulates that the concessionaire pay the state an annual reward amounting to 19.2% of the revenues. For 2007 the Bourgas airport reported a 7.3% increase in the number of served passengers, whereas the airport in Varna registered a decrease of 2.6 per cent.
In 2007, the Chimimport holding company increased its net profit by 86% up to BGN120MN (compared to BGN64.3MN in 2006). This is what the consolidated financial report of the holding published on the BSE website shows.
The group's operating revenues are up 44.9%, reaching BGN2.347BN. The major part of them (58%) are financial - more precisely, positive differences from exchange rate fluctuations.
Sales revenues have doubled - from BGN255.7MN in 2006 to BGN521.8MN in 2007.
The assets of the group increased in 2007, too. They reached BGN2.749BN compared to BGN1.63BN a year earlier. Nearly 28% of the assets (BGN758MN) were in cash at year-end.