Банкеръ Weekly



The Kremikovtsi iron and steel works completed the first half of 2005 with a BGN19.7MN loss, its non-consolidated report that was at last presented on the BSE-Sofia, showed. The loss is 36.6% down year-on-year, due to the higher increase of the company's proceeds vs its costs. Total revenues from operation rose by BGN60N, reaching BGN501.3MN, while expenses went up by BGN50MN - to BGN518MN. The growth of the enterprise's incomes is foremost due to the higher sales, worth BGN454.2MN, and to the positive margin from operations in assets and instruments, which have brought BGN47.1MN. The reasons for the increase of the company's expenses are its higher spendings on inputs and interests.
According to balance sheet figures, Kremikovtsi's tangible long-term assets declined from BGN776.8MN to BGN757.7MN. Its long-term liabilities slightly decreased, from BGN238.8MN to BGN224.2MN, while its short-term debts rose, from BGN353.2MN to BGN362.5MN. The company's current deposits amounted to just BGN107,000, down from BGN138,000 in the first half of 2004. It's outstanding loss is BGN319.3MN, and its undistributed profit is BGN211.5MN.
The iron and steel works posted a BGN21.3MN loss for the first six months for 2005, while it ended the same period of last year in a BGN10.4MN profit. For the entire 2004 the enterprise netted a BGN80.8MN profit.
Kremikovtsi has 12 subsidiaries and interests in another eight enterprises. Its investments in them rose from BGN9.6MN to BGN12.4MN within a year. Its participation in Ferroalloy Plant EOOD alone costs BGN9.5MN. And its share in the Sofia-based Lemind FPL is worth BGN2.7MN.
This is the first report which the company has moved to the BSE-Sofia since it has a new owner. In the summer of 2005 the holder of Kremikovtsi's majority 71% package - Finmetals Holding - was acquired by Global Steel Holding Ltd., owned by the Indian Mital family. The report, however, is indicative of the enterprise's situation while it was in the hands of its former owner. Therefore, the company's report for the first nine months of 2005 is expected eagerly.

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