Chugunoleene invested at total of 2.399 mln leva (1.22 mln euros) in 2007, the financial report of the foundry company, submitted to the Bulgarian Stock Exchange (BSE), shows.

The company utilized 41.38% of its production capacity in 2007, compared to 32.24% in 2006. Chugunoleene booked 811,000 leva (415,000 euros) profit last year. The output of iron castings came to 24,828 tonnes, which is an increase of 5,484 tonnes, compared to the previous year.

Italy and Germany, which account for 66.26% of Chugunoleene's sales, are the major markets of the company. Key clients include Germany's SWTG and Terex Demag, which make for 17.77% and 14.77% of Chugunoleene's sales, as well as Italy's Commerciale with 10.10% of the sales.

Italy's Cesab and Sacmi Imola account for 9.52% and 8.79% of Chugunoleene's sales. The biggest client of the company in Bulgaria is ZMM Sliven with 6.15% of the overall sales.

Chugunoleene plans to produce 38,000 tonnes of iron castings in 2008. The operating revenue of the company is forecast to amount to 55.4 mln leva (28.32 mln euros) this year, while the profit is estimated to reach 2.23 mln leva (1.14 mln euros).

The output of the company is estimated to grow by 53.05% in 2008, compared to 2007. Exports are expected to account for 88% of the sales this year, while domestic sales will go down to 12%.

Chugunoleene 97 AD is a major shareholder in Chugunoleene with an 83-percent stake in the company, acquired in three privatization deals.

A total of 21 companies acquired 5.34% of the capital of Chugunoleene on BSE in 2007. The remaining 11.56% of the capital are owned by 681 minority investors.