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From Bulgaria
04.11.2014 13:57
© publics.bg
The nine months earnings before taxes of the state-owned Bulgarian Energy Holding (BEH) have decreased with 55.3% to BGN 118.2 million (about EUR 59.1 million), compared to the same period in 2013, the Q3 financial statement of BEH shows.
Meanwhile, the holding has taken over the task to finance some of its subsidiaries, namely the National Electricity Company (NEK) and Bulgargaz. BEH lent NEK BGN 53 m (EUR 26.5 m) in order for NEK to pay its piling debts to electricity producers. What is more, the holding decided to consolidate seven existing credits to NEK, surpassing BGN 1.2 billion. Their payback period is 10 years and BEH set the interest at 4.49 percent.
Gas supplier Bulgargaz on its turn received BGN 15 m (EUR 7.5 m) from BEH in order to pay Gazprom for gas deliveries. The holding has also taken over completely some BGN 119.8 m (EUR 58.6 m) owed by municipal heating utility Toplofikatsia-Sofia to Bulgargaz. Meanwhile Bulgargaz has re-launched a tender procedure aimed at 15 banks which the company hopes will provide four credit lines nearly totaling BGN 140 m in order to guarantee gas payments to the Russian supplier.
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