Chimimport Presents 2006 Financial Results, Reveals 2007 Plans

Chimimport Presents 2006 Financial Results, Reveals 2007 Plans

The management of Chimimport presented a report on the company’s activity in 2007 and their plans for the current year at a press conference today.

Chimimport marked its 60th anniversary in April. The holding currently unites more than 44 companies operating in different sectors of the economy - banking, insurance, pension insurance, aviation, river and marine transport, production and trade in oil productions; production, processing and trade in grain products and vegetal oils, etc.

The press conference was attended by the deputy chairman of Chimimport’s Managing Board Alexander Kerezov and the CEOs of the leading company within the holding, who made a brief presentation of the results and perspectives of their enterprises.

Lazar Iliev, CEO of Central Cooperative Bank, announced the bank registered a 12 mln profit in 2006, which would be capitalized at the forthcoming general meeting of the bank. Shareholders were also to vote an additional capital increase, whose parameters were still being discussed.

Alexander Kerezov added that Chimimport’s stake in the financial institution would be reduced to also float the shares on the official market, segment A, which a free-float of over 25% was necessary.

Rumen Georgiev, CEO of Armeetz, said the insurance company had a profit of over 17 mln leva last year - the highest among private companies in the branch.

This profit would also be capitalized, Georgiev added revealing Armeetz would probably go public in 2008.

Navigation Maritime Bulgare would take part in the tender for the privatization of Serbia’s shipping company, Dragomir Kochanov, CEO of Navigation Maritime Bulgare, said.
“This will allow us to quickly increase our revenues to 65-70 mln leva which we expect to achieve in 2011”, Kochanov added.

Lyubomir Chakarov from Oil & Gas Exploration and Production said the company was investing in the purchase of new drilling equipment. The level of energy resources production was expected to keep its levels this year. The company was drilling in three new regions, Kochanov pointed out.

Dimitar Pavlov, Hemus Air CEO and Bulgaria Air procurator, announced the company had signed a contract with Lufthansa Consulting to consult it in the restructuring of the air carriers and its uniting, together with Viaggio Air.

The company expects passenger traffic to increase 25-30% in 2007. Passenger traffic increased 20.4% in the first quarter, Pavlov said.

Hemus Air posted a 445,000 leva in 2006, while Bulgaria Air registered a loss of 29.12 mln leva. Chimimport took up the company’s management in the beginning of this year after a successful privatization deal.

Georgi Kostov, CEO of Slanchevi Lachi Bulgaria, proudly said the company’s revenues increased 100% last year. The first test production of the biodiesel installation was expected in August, Kostov added.

In the middle of this year Chimimport plans to consolidate its whole grain business, which is currently separated in 9 companies. The new company will have a capital of 150 mln leva and is expected to become public in October.

The free-float on this position was expected to reach at least 15%, Georgi Kostov revealed adding the new company would be called Zarneni Hrani Bulgaria.

In the end of the press conference Alexander Kerezov invited all present to attend the party on the occasion Chimimport’s 60th anniversary.

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