Albena AD made investments for 58.47 mln. leva (29.89 mln euros) in 2007, the annual report of the company, submitted to the Bulgarian Stock Exchange (BSE), shows.

The bulk of the investments were made in the reconstruction and the modernization of the Kaliakra hotel complex and in the expansion and upgrade of the Dobrotitsa restaurant, as well as in the second stage of the construction of the five-star Flamingo hotel complex.

Air conditioning was installed in the Orlov, Elitsa, Ralitsa, Vita Park, Osasis, Orchidea and Magnolia hotels, while small aquaparks for children were built on the compounds of the Laguna Beach, Ralitsa, Orchidea, Orlov, Laguna Garden and Compass hotels.

Albena has budgeted 50 mln leva (25.56 mln euros) for its investment program for 2008. The third stage of the Flamingo hotel complex should be completed this year, The Albena Beach Club and Gergana hotels will also be modernized by the end of the year. Refurbishments are scheduled to be made at the Magnolia, Panorama and Compass hotels.

Albena targets 105.2 mln leva (53.78 mln euros) revenue and 18.4 mln leva (9.4 mln euros) profit, or 4.31 leva (2.2 euros) earnings per share, for 2008.

The Albena resort welcomed a total of 211,508 visitors during the 2007 tourist season. The number of overnights declined by 12% in 2007, compared to 2006 and there were some changes in the visitors in terms of country structure. The number of tourists from Bulgaria, Romania, Russia and France went up in 2007, compared to 2006, while the number of tourists from Germany and the UK declined.

Albena booked 95.636 mln leva (48.9 mln euros) revenue as at the end of 2007, up by 3.7 % year on year. The company netted 17.729 mln leva (9.06 mln euros) profit for the same year, which is a 13.7-percent year on year increase.

The National Credit Rating Agency, which is the Bulgarian affiliate of Moody's Investors Service, assigned a first-time domestic credit ratings to Albena AD in 2007. The long-term credit rating of Albena is bgA2, while the short-term credit rating is bgP-2.

Major shareholders in Albena AD include Albena Holding and Albena Invest Holding with 48.1% and 20.58%, respectively. Balchik municipality and Bulbrokers Finance hold 7.13% and 3.53% of the capital of Albena, respectively.

Photo: BGNES/ERA