Albena PLC

Transcription

Albena PLC

CONTENT
The Management
Interview CEO
Board of Directors
Group Management Committee
02
02
06
08
The Group
Financial Highlights
Albena PLC
Mission, Values and Philosophy
Main Advantages
Company Strategy
Awards and Recognitions
10
12
13
14
15
16
17
Industries
Tourism and GA
Agriculture
Construction and Real Estate
Bioenergy
18
20
34
36
40
Financial Information
Financial Highlights 2013
Business Overview
Shareholders and Dividend Policy
Stock Information
42
44
46
48
49
The Management The Group
Interview CEO
Board of Directors
Industries
The Happier the Client is,
the more Satisfied our Shareholders,
Managers and Employees are.
Mr. Stanev, can you describe us what was the year of 2012
for Albena PLC?
Krassimir Stanev:
2012 was a very successful year for us. What happened?
We registered high levels of satisfaction in our guests, proved by the growth in
the demand of our tourism product for 2013, as at the same time the prices
were moderately increased in contrast with 2012.
Krassimir Stanev,
Chief Executive Officer, Albena PLC
Despite of the economic crisis in Bulgaria and Europe, the level of delivered
services has been increasing season after season. We were constantly
surprising our guests pleasantly with new products, part of which were offered
for the first time in Bulgaria, such as “Ultra all inclusive” and “Dine around”
(offering lunch on the beach for our guests from the hotels that are not so close
to the beach), fresh fish and sea food from the Mediterranean, wild game
menu, evening garden parties at the swimming pools, Mexican, Italian and
French cuisine, strict control of food, plentitude of fruits and vegetables own
production, increased level of comfort and safety on the beach, very well
organized recreation activities, great opportunities for different beach sports –
football, volleyball, handball, tennis and rugby.
We invested BGN 10 million
in new construction and modernization
of the technical infrastructure,
hotels and restaurants.
We accounted growth in the profit with 83% for Albena PLC in comparison with
the previous year, as well as rise in the profits for most of our daughter
companies, including those operating in agriculture.
We have almost finished with construction works of energy power facility of
1 Megawatt for production of power, hot water and fertilizers for agriculture.
Also we increased our employees’ average salary, we pay annually the
dividends to Albena PLC shareholders. We keep financial solvency.
And many more good things happened in 2012 – the year of the Dragon. We
believe that 2013, the year of the Snake, will be even more profitable for
Albena PLC.
3
Interview CEO
Board of Directors
Industries
Tourism product development,
its improvement and
variety are the main concern
for the top and middle management
in the company.
What makes your Group different?
What is your leading priority at work?
Krassimir Stanev:
Tourism product development, its improvement and variety are the main
concern for the top and middle management in the company. We put the
product in the center of our professional efforts, keep the level of
competitiveness, and the innovation, imagination and the risk are the
motivation factors for the most of the capable managers in Albena PLC. Of
course, this is a playing field without limitations and bureaucratic frames. The
real challenge for our managers is to follow Steve Jobs belief – ”Get closer than
ever to your customers. So close, in fact, that you tell them what they need well
before they realize it themselves.”
Krassimir Stanev:
The transformation of Albena PLC from state-owned company to private public
one was based on three main pillars – shareholders, employees and clients.
Our goal is to keep the harmony and reasonable balance between these 3 main
streams in the company business-scheme. So far we are successful. And
what makes us successful? This is our focus on the client – our guest. The
happier the client is, the more satisfied our shareholders, managers and
employees are. With every season Albena Resort increases dramatically the
numbers of the guests with whom we make direct online contact. For that
purpose we implemented a new booking tool on our website www.albena.bg,
developed by our specialists and put in operation a call-center that keeps
contacts with potential clients in three languages during the whole year. For
those who are looking for their dreaming holidays, our tour operators Flamingo
Tours and Albena Tour are on their disposal. All these lead to new valuable
profits for our guests and make their choice for vacation easier.
What are you focusing on?
What are your expectations for the future?
Krassimir Stanev:
1. Development, approving and implementation of the new updated strategic
plan for Albena and Primorsko resorts has to be finished till the end of 2014.
Krassimir Stanev:
We hope for the best but prepare for the worst.
2. Growth of the average income per day per person with 5 € is a financial task
for the company of great importance.
3. Direct marketing in online regime for all Albena guests.
4. Impose a new product – vacations for Russian kids in White Lagoon Resort.
5
Interview CEO
Board of Directors
Industries
Ivan Kalinkov
Margarita Todorova
Krassimir Stanev
Ivelina Grozeva
Jelio Staykov
Radosvet Radev
Member of the Albena PLC Board of Directors
since June 23, 2001.
since July 28, 1989.
Chairperson of the Albena PLC Board of Directors
since December 9, 2002.
Vice-Chairperson of the Albena PLC Board of
Directors since March 18, 1997.
Governing Body member of the following
companies:
companies:
Chief Executive Officer of Albena PLC
companies:
companies:
Governing Body Member of the following
companies:
Governing Body Member of the following
companies:
Bryast-D JSC;
Poultry and Poultry Products JSC;
Via Pontica Association.
Albena Holding JSCo;
Albena Invest Holding PLC.
Albena Invest Holding PLC;
Bulgarian Hotel and Restaurant Association;
Tihia Kat JSCo;
B Invest JSCo;
Association “Tennis Club - Inter Albena”.
Solvex Tourinvest LTD;
Albena Foundation.
Darik Radio JSCo;
Darik JSCo;
Doverie - United Holding SPJSCo;
Doverie Capital SPJSCo;
Darik Imoti Bulgaria JSCo;
Sopharma Properties REIT;
Medica SPJSCo;
Citadel LTD;
Dunav SPJSCo;
Doverie-Brico SPJSCo.
Albena Invest Holding PLC;
Primorsko Club PLC;
Association "Horse racing club - Inter Albena";
Rugby Initiative International Association;
Eco Agro JSCo;
Perpetuum Mobile BG JSCo.
7
The Management The Group Industries
Interview CEO
Board of Directors
We endeavor to offer to our guest the easiest and the most convenient way
to organize and book their summer vacation in Albena Resort. Our efforts
are focused on improving the communication and direct contact with our
guests, using innovative software solutions combined with our experience
and expertise. Our achievements in the sales area proved once again the
position of Albena PLC as a leading company in the hotel industry in
Bulgaria.
Be precise in your work. Try new things and do not be afraid of your
mistakes.
My main goal is to deliver to our guests a better product than they expect,
to anticipate their expectations. And I believe that every vacation for each
of our guests, no matter the price they pay, is the dreaming vacation.
"Success is not final, failure is not fatal: it is the courage to continue that
counts." (Winston Churchill)
Yovka Strashilova
Asen Georgiev
Hristo Penev
Slavcho Gigov
Deputy Sales Director
Deputy Director E-commerce & Information Technologies
Deputy Director of Operations
Deputy Director, Business Development
Responsible for the marketing and sales targets of Albena
Resort;
Responsible for the operational management of the
activities of the IT department and the Direct Sales
through the company Web site and call center;
Responsible for the whole Albena Resort operations,
including hotels and restaurants; deliveries and
warehouses; laundry; cleanness and ecology; sports and
maintenance of the sport facilities; transportation and fire
safety; technical maintenance; rents and trade; vocational
training and employment center; security and internal
order and control, occupational health and safety.
Responsible for the Business Development.
Managing the sales and marketing team of the company;
Leading the team in charge of maximizing the hotel
occupancy and revenue management;
Evaluation, introducion and implemention of various IT
systems, infrastructure, tools and utilities to support the
overall IT operation;
Building and guiding a team for developing sales software
systems.
Continuous improvement of the systems to provide
better value to operations and the business;
Еffective leadership within the entire IT division.
9
The Management
Industries
The Group
The Management
The Group
Industries
Albena PLC
Main Advantages
Company Strategy
The Management
The Group
Industries
Albena PLC
Main Advantages
Company Strategy
Albena PLC
The financial result of Albena PLC at the end of 2012 was a profit of
BGN 18,903,000. Compared to the previous year – 2011 – the profit was with
BGN +10,288,000 higher. Total income of the company for 2012 was
BGN 84,925,000, with 2% or BGN +2,065,000 more than 2011. Total expenses
of Albena PLC at the end of December 2012 were BGN 64,068,000, with 13%
or with BGN 9,252,000 less than 2011.
For the season 2012, considerable changes were made in the price policy and
occupancy management that led to average profit growth per night – durations
for discounts usage were decreased, first line hotel prices were increased,
main season length and price policy for children were changed.
The biggest growth of accommodations in comparison with 2011 was
observed on the Russian market - with +63,000 overnights more
(or 19% growth), followed by on-line reservations with +18,000 overnights
(or 36% growth compared with 2011), English market - with +2,800
overnights (or 16% growth) and others.
During the construction season of 2012 the amount of investments of Albena
PLC was BGN 3,493,000. They included: Investments in Momchil area, Balchik
municipality – construction of administrative and storage buildings for Eco
Agro JSCo, as well as building of pipe well, silo pit and PPR of biogas plant in
Momchil; paying-up the capital of Perpetuum Mobile BG JSCo; development of
10 hectares of vineyard in the village of Kranevo; preliminary feasibility studies
for R&M for Elitsa Complex, Amelia Hotel, Kardam Hotel and others; changes
of the refrigerating installations; investments in the Albena warehouse,
machinery, and equipment; investments in sports facilities and Albena beach,
and others.
Albena PLC is the biggest hotel company in Bulgaria. The company owns and
manages 40 hotels in the Albena Resort, situated on one of the most beautiful
sand gulfs of the Black Sea. Company assets include the hotels, land and the
tourism infrastructure of the resort, well developed sports center, conference
halls, SPA and medical center, as well as shares in many companies that
provide additional services to the tourists. The start of Albena Resort
development was in 1969, and in 1997 it was privatized. After privatization the
hotels were thoroughly reconstructed and renovated, in order to improve the
overall quality of the tourist product.
The resort is located on 140 hectares of land, and is situated among the
picturesque river Batova, the clear waters of the Black Sea and Dobrudzha
plateau slopes. The proximity of Albena to Baltata Nature Reserve contributes
for the extremely favorable natural conditions. The Nature Reserve is spread
out on 183 hectares of dense forest and is a source of cool air and fresh
atmosphere in the resort.
We, in Albena, are devoted to offer high-quality and various hotel services to
our guests. Total number of the rooms in the resort is more than 7,000,
distributed in different categories of hotels – from luxury 4 and 5 stars, to the
comfortable 3 stars and low-costs hotels. Our goal is to be the leader in
tourism industry by means of understanding our guests, creating and offering
products and services that allow exceeding their expectations. Gastronomy is
a priority for all hotels in Albena that offer to their guests first-class cuisine
and natural food of high quality and of their own production. Also, the new
concept for the hotel rooms that makes guests to feel the nature and the sea
closer ensures first-class comfort with the thought and attention even to the
smallest details. This concept will meet our guest in all recently renovated and
newly built rooms, as well as it is applied in our future projects for
construction. The resort is the favorite place for summer vacation for
thousands of our friends from Europe and globally, and we are engaged to take
care about them with the hospitability and constant product development.
Albena is an organization that realizes its role in the society and aims to
establish valuable services for its guests, shareholders, partners, employees
and at the same time to protect the environment.
Albena PLC is a responsible company in the tourism industry. Our goal is to be
the leader in the field in Bulgaria, to develop ourselves and to inspire our
competitors to follow us. We, in our company, are engaged in environmental
protection through using natural products, recycling waste, using renewable
energy and with these our actions we guarantee the correct usage of
decreasing natural resources. We believe that this is the way to establish a
stable base for future growth.
Albena PLC is a public company. Its shares are traded at Bulgarian Stock
Exchange – Sofia.
13
The Management
The Group
Industries
Albena PLC
Main Advantages
Company Strategy
The Management
The Group
Industries
Albena PLC
Main Advantages
Company Strategy
Main Advantages
Our guests
Our distinguishing feature
We devoted ourselves to meet and exceed our guests’ expectations through
continuing devotion to every aspect of the service.
Together, we continue the tradition Albena to be a pioneer in the hospitability
industry in Bulgaria and we will pursue to achieve exclusive competence,
innovative thinking and high results.
Our employees
We are dedicated to the growth, development and welfare of our employees.
We rely on them to achieve our goal.
Our nature
All our activities and operations are designed with care to our nature, to leave
to next generation a better and more stable world.
Our shareholders
As a result we create an exceptional value for our shareholders.
Established and respected brand
Professionally trained staff
The name Albena is a symbol for unforgettable summer holidays of thousands
of people around the world for more than 40 years. We implemented approved
quality standards in all our hotels to guarantee high values for our guests.
Albena cares for its employees’ training and professional level. We organize
annual training courses in all spheres of hotel and restaurant management
and co-operate with vocational schools. On the territory of the resort operates
a College for hotel and restaurant management.
First-class location
Albena Resort is situated on one of the most beautiful sand gulfs of the Black
Sea. The preserved nature, wide and spacious sandy beach, shallow and clean
sea are our absolute advantages that we care to protect and develop.
Managerial experience
The management team of Albena PLC consists of people with extensive
experience in tourism industry and proved awareness for innovations and
products and services improvement.
Striving for innovations
The company is focused on continuing development and increasing the value
for our guests through innovations and improvement of the entertainment
facilities in the resort. Another priority of ours is related with the innovations
connected with the usage of green energy in our hotels and the resort, as well
as reaching even higher quality of the food.
15
The Management
The Group
Industries
Albena PLC
Main Advantages
Company Strategy
The Management
The Group
Industries
Albena PLC
Main Advantages
Company Strategy
Awards and Recognition
Awards and Recognition
Company Strategy
The diversity of the tourist product is the main factor for attracting new
customers and increasing the market share. Albena PLC strategy is to continue
developing as 4 and 5 stars sea resort, with high standard, 7 months of active
season and selected year-round hotels. The future development of the resort
includes:
• Improvement of the operational effectiveness, focus on optimum workforce
employment and costs control through standardization.
• Winner in the national competition RELACS – Alternative Energy in Tourism
2013. The prize was awarded by the Agency for Energy Management and is for
responsible and effective management of the energy resources in tourism;
• Achieving higher average income per room through the improvement of the
revenue management system.
• Employer of the Year awarded by the Ministry of Labor and Social Policy;
• Renovation of the hotel facilities, including total reconstruction of existing
hotels and construction of new ones, instead the old hotels. Implementation of
new concept for the hotel rooms, using the resort advantages, experience and
innovations in the industry.
• Growth in hotel occupancy through constant marketing and sales efforts and
increasing online and direct sales results.
• The best 5 stars hotel in Bulgaria awarded by Bulgarian Hotel and
Restaurant Association, 2008;
• Blue flag;
• Significant increase of the share of the energy use from renewable sources.
• Increasing the occupancy of the sports and congress facilities with
attracting and organizing new and important sports and cultural events in the
resort.
• Development of the new plan for recreation and entertainment zone in the
resort. Construction of aqua park with 3000 people per day capacity.
• SPA and Wellness – further development of the medical and wellness
facilities of Albena and developing new programs.
• Travel Magazine – The best summer resort in Bulgaria, 2008;
• Differentiation of the hotels in the resort and impose them separately on the
market, making their individuality popular.
• Superbrands, 2009;
• TUV Certificate, 2009;
• ESPA Certificate, 2009.
Contacts:
Administration Building, Albena Resort,
9620 Dobrich, Bulgaria
T: +359 579 627 21
E: online@albena.bg
Find us on social media:
Facebook: www.facebook.com/AlbenaResort
Twitter: twitter.com/AlbenaResort
Google+: plus.google.com/+albena
LinkedIn: www.linkedin.com/company/1501527
Pinterest: pinterest.com/albenaresort
YouTube: www.youtube.com/user/AlbenaResort
17
The Management
The Group
Industries
Primorsko Club PLC
The Management
The Group
From the moment you visit us, you will understand what makes us different. Only here you
will find something that cannot be seen anywhere at the Black Sea seaside – a unique
combination of the nature beauties – the sea with huge beaches of fine sand and a
mountain with virgin oak forests reaching the sands that we protect and use reasonably.
These natural resources along with excellent services that we offer make us successful.
Industries
Tourism and GA
Agriculture
Bioenergy
Nikola Valchanov, CEO, Primorsko Club PLC
Natural Environment
The fixed capital of Primorsko Club PLC is BGN 2 million, distributed in
2,000,000 dematerialized securities with a nominal value of BGN 1 each.
In 2012 the branch of Albena PLC – International Youth Center (MMC) was
transformed in Primorsko Club PLC. Albena PLC owns 100% of the shares.
The scope of Primorsko Club PLC activities are hotel and restaurant
management, tour operation, aviation, as well as operations connected with
international and local tourism, facility management and maintenance of
Vacation Club Primorsko and services offered to our guests.
Primorsko Club PLC is a proud owner of the former International Youth Center
(MMC) Primorsko, including 3 blocks of villas as the biggest one consists of
107 villas and 3 hotels. Les Magnolias hotel is the biggest one and offers 186
rooms and 4 apartments. Due to the high quality of offered services, exclusive
combination of nature and architecture, it was awarded by the Bulgarian
Tourist Chamber for the best hotel in 2004. Total capacity of Vacation Club
Primorsko is 2,283 beds. Primorsko Club PLC is the owner of the whole
infrastructure in the MMC area – alleys, water and sewerage systems,
electricity network and power substations that ensure the power supply in the
resort and the region, telephone and cable TV networks.
The company policy is regulated by our main rule – to protect the natural
environment. This rule is the foundation for all our activities in construction,
development and management of the facilities. Primorsko Municipality is one
of the cleanest areas in Bulgaria, without industrial plants in the region. The
territory is not urbanized, but the road connections with the regional center
town of Burgas, and the rest of the country are very well-developed and of first
class. In the municipality are located the tourists towns Primorsko and Kiten,
the beautiful river Ropotamo with its nature reserve with virgin subtropical
vegetation and the nature reserve Arkutino with water lilies.
Club Primorsko is situated in the Devil bay, between the towns of Primorsko
and Kiten. In front of the resort a 3 km long rarely inhabited beach of fine
golden sand is spread. The sea floor of the bay is shallow, even and covered
with sand. The widest part of the beach is just ahead of the resort and reaches
200 m. It merges with sand dunes that are protected territories. The beach is
maintained by Primorsko Club PLC and is used mainly by its guests as the
company owns 90% of the adjacent to the beach territory.
Vacation Club Primorsko is located in a thick oak forest at the sea level, in the
foot of Strandzha Mountain. These factors give us the opportunity to continue
developing the resort with residential buildings and sea holidays tourism.
The proximity of Vacation Club Primorsko with the towns of Primorsko and
Kiten is an important feature of the resort, giving the opportunity all
advantages of the towns to be used, and at the same time to avoid
disadvantages of the urban environment because of the existence of natural
vegetation, parks, privacy, fresh air, silence and peace, combined with unique
microclimate. The summer holidays season starts in the beginning of May and
closes in October. It is characterized with temperatures of the air between
21-25° C and of the sea water between 20-24° C, with rare rainy days.
In the clear waters of the Black Sea dolphins can be seen and our guest can
enjoy their play. Very often dolphins escort the boats with the tourists.
Sport Tourism
A specific feature in our future development is emphasis on the sport tourism.
Currently, we have very well developed sports facilities with playgrounds for
football, volleyball and basketball, and three clay tennis courts. The virgin oak
forest gives us the advantage to offer mountain tourism and Jeep Safari, and
also to develop further the facilities for organized hunting and fishing tourism.
In the region there are two yacht ports (in Primorsko and Kiten) and the airport
Primorsko, owned by Primorsko Club PLC and suitable for light aviation, is only
3 km away. These two conditions benefit us to offer extreme air and sea sports.
That’s why we continue to invest in sports tourism and focus on the
construction of the open swimming pool with Olympic dimensions, more tennis
courts and on improvement of the existing sports facilities. We believe that all
our efforts in this direction will make us the leader in the sport tourism.
Welcome and you will see that the Paradise has its address:
Primorsko Club PLC
MMC, Administrative building, 2nd floor
Primorsko, Bulgaria
T: +359 550 300 08
F: +359 550 300 06
For reservations and information:
T: +359 550 301 01
E: primorsko@albena.bg
www.primorskoclub.com
Primosrsko Club PLC employs high-qualified employees in the field of
international and local tourism. The company works with recognized
specialists in hotel, restaurant, sports and entertainment areas. During the
active holiday season, the number of our employees reaches 300 people.
Our main clients for years are tour operators Look Voyage – France,
Cedok – Czech Republic, Neva and Solvex – Russia and others.
In our plans for future development are also included reconstruction and
expansion of our facilities. Currently we work on a plan for extension of
Primorsko Airport and enlargement of the runway with 300 m.
We established unique opportunities for a summer vacation resort, located
at the beach and sand dunes, in combination with mountain tourism in thick
and cool oak forest in the virgin Strandzha Mountain that is a nature reserve
and the only mountain in Bulgaria not affected by the industrialization and
urbanization.
21
White Lagoon JSCo
The Management
The Group
Our ambition and goal are to continue developing and improving our tourist product,
especially designed for children, and to turn White Lagoon Complex in the best, the most
successful and preferable children’s camp at the Black Sea, despite our many
competitors. The conditions that we create must meet all current requirements for
accommodation. Our desire is to offer to our little guests one unforgettable summer
adventure.
Rostislava Dimitrova, Procurator, White Lagoon JSCo
Industries
Tourism and GA
Agriculture
Bioenergy
Complex White Lagoon
Village of Topola,
Municipality of Kavarna, Bulgaria
T: +359 88 5853 359, +359 88 5853 802, +359 570 880 00
F: +359 570 880 00
E: wl_albena@abv.bg, whitelagoon@albena.bg
www.whitelagoon-bg.com
Company Overview
The complex consists of:
Our expectations
This season
White Lagoon JSCo is a stock company, established on 31st May 2002. The
company activities are hotel and restaurant management, local and
international tourism, development and renting facilities, construction and
engineering activities, and others.
Hotel with total area of 1,113 sq. m; Villa in a Bulgarian national revival period
style with 171.7 sq. m; Restaurant with area of 436 sq. m; Bar – 310 sq. m;
Reception hall, shopping area, lobby bar; 2 levels swimming pool for children –
78 sq. m; Swimming pool 12x24 m – 288 sq. m; Pump station; Bungalows;
Camping area; 3 water tanks; Volleyball field; Parking; Own beach of
5,313 sq. m, with right for concession for 5 years.
The new luxury apartment hotel with its 45 new fully furnished apartments will
be opened to meet their first guests in the summer of 2013. Our expectation is
White Lagoon to become also a unique children’s camp – a tourist product that
will be the best on the Bulgarian market. The goal is in 2014 the rest of the
apartments to be finished, to broaden the complex and to build new
entertainment facilities for much more opportunities for the children to play
and relax.
The company together with Neda Travel will open the children’s camp, offering
a lot of opportunities for sports, relax and entertainment.
The fixed capital of the company is BGN 4,300,000 and is 99.88% owned by
Albena PLC. Since its establishment, the company gained experience in
investment projects.
The different blocks of the complex, representing different projects in hotel and
restaurant field, have been constructing.
White Lagoon Resort is located at the Black Sea seaside, very close to town of
Balchik, in the Tuzla region famous with its thermal springs, mug treatment,
wonderful climate and unique natural sandy beach.
White Lagoon Complex is situated on total 27.27 hectares own land. The
assets of the company at the end of 2012 are BGN 29.2 million. Shareholders
of White Lagoon JSCo are Albena PLC that owns 99.88% of the shares and
Albena Invest Holding PLC owns the rest of the shares. Company shares are
traded at Bulgarian Stock Exchange freely since 2007.
Four full time employees are working currently in the administration of the
company – chief accountant, investment control, manager of maintenance of
the facilities. The Director Investment Relations is assigned on part-time.
White Lagoon JSCo is managed by Procurator, who is responsible for the order
and services in the organization. During the summer season 60 seasonable
employees are hired – cooks, chambermaids, waiters, bartenders, gardeners,
receptionists, as well as hotel, commercial and other facilities managers.
23
Hotel Des Masques
Switzerland JSCo
The Management
The Group
Hotel Des Masques in the village Anzère in Switzerland is a real example how Bulgarian
hospitality and Swiss heart ticking with Swiss precision are combined in a successful
initiative. This is the place where you are welcomed with the words “Dobre Doshly” and
later served a real Swiss specialty like “Fondu de Fromage” and where the manager
baked your pancakes in the restaurant for breakfast. Our focus is on establishing a very
good relationship with our guests by improving our products and training our staff in the
importance of good 'guests relations. We believe that the smile and the personal touch
does more than any professional know-how.
Industries
Tourism and GA
Agriculture
Bioenergy
7 Place du Village Str.
1972 Anzère, Switzerland
For reservations and additional information:
T: +41 27 399 2899
F: +41 27 399 2890
E: info@hoteldesmasques.ch
www.hoteldesmasques.com
Fritz Feldmeijer, Director, Hotel Des Masques Switzerland JSCo
Village Anzère
The income for 2012 is BGN 961,000. Albena PLC owns 84.38% of the capital.
The company is established on June 23rd, 2000 and it is listed in the local trade
register on July 7th, 2000.
The fixed capital of the company is CHF 3,416,250 (BGN 5,466,000).
Company income for 2011 was BGN 872,000, and for 2012 was BGN 961,000.
Hotel Des Masques Switzerland JSCo whereas Albena PLC owns 84.38% of the
capital, is the owner of Hotel Des Masques.
The hotel is situated in the center of the mountain resort Anzère in the Canton
Valais – Switzerland. It's a 3-stars hotel with 90 beds, 40 furnished rooms all
with balconies, a restaurant with hundred seats, a fitness room, a cozy bar
with an open fireplace, a beautiful terrace with a breathtaking view on the
mountains and a special ski cloakroom to store your ski equipment. Total built
area is 2,683 sq m. The hotel was fully reconstructed and renovated after the
purchase. It was open for its first guest in December 2000. Hotel Des Masques
is situated only 300 meters away from the ski lifts in Anzère.
The company is managed by Mr. Fritz Feldmeijer and he is the representative
of Albena PLC in the Board of Directors and by Mrs. Frédérique Guillaume.
Hotel Des Masques offers half board (HB) or full board (FB) accommodations
to its guests during the winter and summer seasons, additional services such
as safes, laundry and tickets for the lift are available. Next stage is developing
our own ski school. Our tour operators partners are Neckermann, TUI, ITS,
Cedok, Aquatour, Prodintour, Neva, with guests from Switzerland, Belgium,
Holland, Bulgaria, Russia, Poland, Czech Republic and other Eastern European
countries.
The Anzère resort is situated in the heart of the most beautiful Swiss Canton in
the Alps – Valais, on the right bank of the river Rhone at the altitude of 1,500
m. The resort is located 179 km away from the international city of Geneva,
295 km from the Swiss capital Zurich and just 15 km from cantonal capital
Sion. Only 15 km from Anzère is the well-known ski resort Crans-Montana.
The Golf Club in Crans-Montana traditionally welcomes the players at the
European Master Championship every year – one of the most prestigious
championships in Europe.
Seven tennis-courts and tennis classes are at tennis fans disposal.
Central Valais is the sunniest part of Switzerland. During the summer the
climate here is Mediterranean and the winter is characterized with abundant
snowfalls starting from mid-November. The magnificent view is opened from
the resort toward 12 mountain peaks, each of them higher than 4,000 m.
Des Masques
Anzère is a colorful mixture of shops, tennis courts, swimming pools, sports
fields, flower alleys, restaurants and friendly people.
The resort offers to its guests many chances for different types of sports
throughout the year.
In winter Anzère gives the opportunities for all types of winter sports to be
practiced. There are snowboard and ski slopes in the resort, with total length
of 40 km at the altitude of between 1,500 m and 2,500 m. The slopes are
serviced by very well organized system of ski lifts. Anzère is very child friendly,
even with a small skating ring in the center of the village. There is a special
slope for children with a snow sledge and a special escalator to bring you at
the top of the hill.
The hotel has five floors, consists of a basement, ground floor and four hotel
floors.
On the ground floor is composed of shop with ski wardrobe, reception desk and
a restaurant. There is a direct connection from the lounge to the lobby-bar with
an attractive fireplace surrounded by soft sofas. The lobby bar is functionally
joined with the restaurant. Their capacity is 50 seats. A direct exit leads from
the restaurant to covered wooden terrace. The kitchen, attached to the
restaurant is developed and equipped with all first class equipment to prepare
warm and cold dishes; there is a dish washing-room, preparation room,
storerooms and a yard.
There are housekeeping areas on each floor with storage rooms for linen and
other room equipment, connected with the kitchen by a small elevator.
During the summer the guests may enjoy the great variety of entertainment
activities, such as walking tours, biking, fishing, picnics, tennis courses, horse
riding, swimming pools, paragliding and balloon flying school and climbing.
Martini Lake offers to the tourists windsurfing.
25
Albena Tour JSCo
The Management
The Group
Our company, as a part of Albena PLC, offers a great variety of tourist services that can meet
the expectations of even the most demanding clients. We insist on having an individual
approach to every our client, as our guests are not only clients, but friends. For example, we
organized spontaneously a beach fire event for a Romanian group that we also
accommodated in Albena Resort. Everybody was fascinated by the original idea of the event,
its fast organization and the result – an emotional night with lots of music, songs and
dances. This is our focus – to establish loyal and happy clients, using our services, by
developing new competitive tourist products to meet the market demands and to take the
advantage of the new technologies and their implementation in the company as an
opportunity for growth.
Matey Rusev, CEO, Albena Tour JSCo
Albena Tour JSCo is a joint-stock company, a daughter company of Albena PLC
Its main activities are tour operation and travel agency. Albena Tour JSCo
operates in compliance with the Tourism Law, Labor Code, and all other laws
and regulations that regulate tourist activities and operations in the Republic of
Bulgaria.
Tourist packages sales by travel agencies in the country and direct sales
offices. Currently, there are 8 direct sales offices in the country in the following
cities – Sofia (2), Plovdiv, Varna, Dobrich, Gabrovo, Ruse and Albena, offering
accommodations in Albena and Primorsko resorts, flight tickets, excursions in
Bulgaria and abroad and other services.
The initial fixed capital of the company is BGN 200,000, distributed in 4,000
shares with face value of BGN 50 each. The share of Albena PLC in the company
is 100%.
Albena Tour JSCo is:
Since 11th January 2011, after merging Albena Car JSCo, 100% owned by
Albena PLC, into Albena Tour JSCo, the fixed capital of the company was
increased from BGN 200,000 to 1,100,000, distributed in 22,000 shares with
face value of BGN 50 each. The income of Albena Tour JSCo is BGN 6.6 million
for 2012.
* Main representative of Albena PLC as its daughter company
* Main representative of Primorsko Club PLC
* Main representative of Bor and Edelweiss Hotels – Borovets
* Main representative of Balkan Hotel – Gabrovo
* Main representative of Hotel Des Masques, Anzère, Switzerland
* Main representative of Orlovets and Perelik Hotels – Pamporovo
Albena Tour JSCo main activities are following:
Excursions, events and guide services in Albena and Primorsko resorts. More
than 60 types of excursions are offered to the tourists of Albena and Primorsko
resorts. In 2012 they were attended by 29 thousand people. The most preferred
excursions are “Balchik – Kaliakra”, “Nesebar”, “Varna and the Dolphinarium”,
“Jeep safari”, “Back in the past”, “Bulgaria round tour”, “Aladzha Monastery –
Pobiti Kamani – Kamchia”, “Sea trip”, “Botanical Garden Balchik”, “Danube
Romance” and others.
Albena Tour JSCo is IATA licensed agent and offers flight tickets for all
destinations and all aviation companies, as well as hotel bookings globally on
attractive prices and special discounts.
Congress Center Albena – organizing business events, team-buildings,
weddings, parties, symposiums, business meeting and seminars in Albena
and Primorsko resorts, as well as numerous additional services such as
conference halls for rent, transfers, dinners and cocktails, excursions,
entertainment and others.
Industries
Tourism and GA
Agriculture
Bioenergy
Call center: 0800 12210
Congress Centre-Albena:
Cultural-Information Center, office 202
9620 ALBENA Resort, Bulgaria
T: +359 579 624 21
F: +359 579 628 14
E: kcenter@albena.bg
www.albenatour.bg
Conference Halls
Albena Resort offers fully equipped conference halls for its business clients
and their business events. All available halls are equipped with modern media
facilities - telephones, faxes, copy machines, various multimedia projection
devices, flip-charts posters, Internet access and others. Each event and
booking are specifically handled and discussed depending on the anticipated
participation count, duration of event, the services requested and so on.
• Atlantic Hall – 250 seats; sound services; boots for simultaneous
interpretation in five languages; a big projection screen; no windows; two
entrances.
• Pacific Hall – 32 seats, centered around a mobile round table; boots for
simultaneous interpretation in two languages; sound services; air
conditioning; two entrances; a projection screen.
• Albena Multifunctional Hall – a building of its own, situated in the centre of
the resort, suitable for any sort of important events, competitions, exhibitions,
receptions, cocktail parties and many others; air conditioning, two entrances,
restrooms, spacious parking lot; capacity for 1,000 people.
• Albena Theatre – hall with capacity of 600 seats; spacious stage with size
24 by 1 by 7 meters; professional lighting; sound services; air conditioning;
large lobbies perfect for exhibition stands; parking lot and open spaces.
• Halls in Flamingo Hotel – Flamingo Grand Hall – 300 seats, Corella –
22 seats, Ara – 165 seats, Jaco – 65 seats, Lori – 80 seats.
• Cultural Center Hall – 250 seats; air conditioning; sound services; lobby
suitable for after-show sessions or exhibition and information stands.
• Laguna Garden Hall – 220 seats; air conditioning; stage platform (rostrum);
sound services; daylight exposure with possibility to be fully darkened; own
entrance.
• Laguna Beach Hall – 220 seats.
• Kaliakra Hall – 200 seats.
• Red Hall in Dobrudja Hotel – 120 seats; air conditioning; sound services.
• Ralitsa Superior Hall – 400 seats; air conditioning; sound services; a stage.
exposure to daylight with the option to be fully darkened on request; own
entrance.
• Dobrotitsa Hall – 220 seats; air conditioning; sound services; a platform
(rostrum); daylight exposure.
• Orhidea Hall – 120 seats; daylight exposure; sound services.
• Vita Park Hall – 150 seats.
Rent-a-car and other transportation services
Rent-a-car park includes: 8 cars Citroen C1, 8 cars Renault Clio, 6 cars
Renault Megan, 3 cars Dacia Logan. For transportation services are used 6
mini-buses – 3 eight seater, 2 fourteen seater and 1 eighteen seater minibus.
27
Flamingo Tours LTD
The Management
For Flamingo Tours LTD the priority is to establish the company as a tour operator on the
German market with a good awareness and quality. In our focus we have travel agencies,
Internet portals and direct clients and our main work is to get acceptance and
acknowledgment from all of them. Bulgaria is our first and main destination, offering
excellent conditions not only for holidays, but also for business tourism, during the whole
year. Our wish is to extend Flamingo Tours portfolio and to include in our packages other
countries which match with Bulgaria.
The Group
Industries
Tourism and GA
Agriculture
Bioenergy
Heike Janke, Managing Director, Flamingo Tours LTD
Flamingo Tours LTD
TGZ Wildau, room 1.28
Freiheitstraße 124/126
DE-15745 Wildau, Germany
T: +49 3375 524749
T: +49 3375 2181246
F: +49 3222 6890665
E: info@flamingotours.de
www.flamingotours.de
HRB 14133 FF
Overview
Flamingo Tours LDT was founded on 5th July 2012. Shareholder is Hotel Des
Masques Switzerland JSCo, with 100%. The specialists of Flamingo Tours are
Mrs. Heike Janke and Mr. Olaf Kirsten, who have huge experience and know very
well Bulgaria and the market in the country.
Achievements and plans
Flamingo Tours LTD, in short FLT, works as a special tour operator for Bulgaria
on the German speaking market. We offer Bulgaria as a whole year destination
with summer and winter packages. Also each service can be booked as a
single service: flights (regular and charter), transfers, hotels, rent a car, spa &
wellness, ski services and others.
Established in the summer of 2012, Flamingo Tours LTD is one of the youngest
companies in Albena PLC family. Few months later FLT has signed its first
contracts with hotels and flight companies for the season winter 2012/13 and
summer 2013, prepared catalogs with description, pictures, layouts and set up
data base for hotels, flights, transfers, rent-a-car and other services. FLT
implemented the reservation systems Amadeus Tour Market, Merlin,
Schmetterling Neo and Vanessa so that the tour operator can be booked by the
tourist agencies via these systems. FLT website with Internet booking engine
has been developed and is already online, offering faster and much convenient
way for its clients to choose their destinations and make their reservations.
FLT is not only a tour operator. As travel agency we book services from other
German tour operators, for example holiday packages, hotels, flights.
FLT signed a contract for cooperation with Schmetterling in Germany, one of
the biggest travel agencies in January 2013.
FLT
One of the main goals of the company is its fast development on the tourist
market. In order to increase its popularity, the company started with several
activities to advertise itself and the products that it offers. For the period from
November 2012 till March 2013 FLT has participated and is going to
participate in multiple exhibitions in Leipzig, Chemnitz, Stuttgart, Dresden,
Hannover, Munich and Berlin in Germany, also catalog advertising on small
customer fairs and weekend promotions in shopping center are planned.
Newsletter to newspapers, magazine, interviews with radio stations, press
information on each exhibition is prepared. On a daily basis the company is in
contact with travel agencies in Germany, Poland, Romania and Bulgaria to
promote FLT and offer packages, flights, and hotels to their clients.
Flamingo Tours LTD has reservations for summer 2013 since December last
year via clients directly and travel agencies. Also we work with a German tour
operator JT TOURISTIK that is purchasing flights, hotels and transfers as single
service from us.
For winter 2013 we plan to offer as destinations not only Bulgaria, but Turkey
and Cyprus as well. The main task will be to make FLT popular on the German
market and to be accepted from clients and travel agencies. Another main
point, important for our sales, will be to get contracts with Internet portals.
29
Intersky PLC
The Management
The Group
What makes us different is that while the others are looking upward we must look also
downward. Because each airplane soon or later must be landed. The success follows us
because we are flexible and know how to inspire confidence in our partners and we aim
to establish long-term business relationships. Everyone in Intersky is self-critical and
learns fast for the best of the company. The crisis taught us to optimize our activities,
even in the small details. It made our team more united and showed us how to appreciate
every single opportunity.
Industries
Tourism and GA
Agriculture
Bioenergy
Lesnovo Airport
2119 Lesnovo, Bulgaria
T: +359 88 5853 063
E: office@intersky.bg
www.facebook.com/lesnovoairport
www.facebook.com/primorskoairport
www.facebook.com/balkansaero
Hristo Hristov, Executive Director, Intersky PLC
Achievements
The income of the company for the last 3 years is more than BGN 4 million.
In the same time the company maintains ambitious investment program.
Products and Services
Company Overview
Intersky PLC began its operation in 2001 when the agricultural site
Lesnovo, very close to Lesnovo village, Elin Pelin Municipality, was
purchased. Around the existing 450 meters long runway, located in the
middle of a bare field, this, that we proudly called nowadays Lesnovo
Airport, was started being built.
Twelve years later, the runway is twice longer (910 meters), spacious
platforms were constructed, taxiways were repaired, 3 new modern
aircraft sheds for planes storing, fuel tax warehouse, and last but not the
least – the most state-of-the art airport terminals for light aviation in
Europe were built.
The company is licensed for airport operator, as well as for aviation
operator.
Nowadays Intersky PLC sets the standards in Bulgarian small aviation
circles.
The services that Intersky PLC offers are in two main directions – airport
operation and aviation services.
As an airport operator, Intersky PLC manages the Lesnovo and Primorsko
Airports, offering services to its private clients, owners of aircraft, and to
aviation companies. The biggest school for amateur and professional pilots in
Bulgaria – AirSport – operates on the Lesnovo territory. Also, a service center
for broad range of aircraft in ultra-light and light class was opened in 2012.
Being an airport operator, one of the Intersky PLC main activities is aviation
fuel supply and sale. The company is the biggest supplier of AVGAS 100 LL for
Bulgaria. A fuel facility for aviation kerosene JET A1 is going to be built soon.
Intersky PLC activity as aviation operator includes performing corporate flights
by the 4-seater Cirrus SR22, extremely suitable for short distances up to
1,000 nmi or 1,900 km. For longer distances, the company uses the proved
Socata TBM-850, having comfortable cabin for 5 passengers plus a pilot and
speed of 320 knots (593 km/h). Socata TBM-850 easily covers distances up to
1,500 nmi or 2,800 km.
One of the greatest successes of Intersky PLC is the construction and putting
in operation of the newest Lesnovo airport terminal in 2011, as well as
receiving the license for the fuel tax warehouse for AVGAS 100 LL sale. The
airport terminal consists of two-floors building with a tower for air traffic
services for the flights over the airport area. The terminal comprises offices,
cafeteria, restaurant and 5 cozy hotel rooms.
The main focus now is renewing the asphalt of Lesnovo Airport runway and its
enlargement from 910 meters to 1,300 meters. Also, the company aims to
design an intensity lighting system for landing and taking off under low
visibility, as well as to implement a weather station for precisely observing the
atmospheric conditions over the airport area.
Intersky PLC makes a lot of efforts in other direction as well. The goal is to
affirm Lesnovo and Primorsko Airports as sites where popular aviation events
can be held. The start was set in 2011 with the organization and conduct of the
biggest aviation event in Bulgaria – Balkans Aviation Summit, held
consequently on both airports. During the event, for the first time in Bulgaria,
border police organized remote border control checkpoints and the opportunity
for direct landing of aircraft from European Union out of the big international
airports was given.
Some of our biggest clients for organized events are Hawker Beechcraft,
Mercedes, BMW, Audi, Volvo, Scania.
CSR
Intersky PLC supports the people in need from Elin Pelin Municipality
annually. The support includes also grants for kindergartens, schools,
specialized institutions for children, as well as different cultural events.
It is very important to maintain good relationship with the citizens from Elin
Pelin Municipality and especially with the people of Lesnovo village. Intersky
PLC employs 12 people, most of them are from the region.
The company strives to retain its employees for a long term through
establishing favorable working conditions, encouraging the team spirit and
team cohesion.
Our top priority is the aviation safety of the Lesnovo and Primorsko Airports
during the corporate flights made by Cirrus SR22 and Socata TBM-850.
Intersky PLC has the ambitious to turn Balkans Aviation Summit in one of the
best recognized aviation events not only in Bulgaria but also in Europe (for
more information – www.balkans.aero).
31
MediSpa Medika Albena JSCo
The Management
The Group
We will continue looking for contacts with leading specialist in the fields of physiotherapy
and medicine, developing our services and anticipating our guest’ desires and needs,
because our goal is to make MediSpa Medika Albena JSCo the leader in the sphere of the
medical and physiotherapeutic aid.
Industries
Tourism and GA
Agriculture
Bioenergy
Valentina Nikolova, Procurator, MediSpa Medika Albena JSCo
The fixed capital of MediSpa Medika Albena JSCo is BGN 543,000, distributed
in 54,300 shares with face value of BGN 10 each. Main shareholder is Albena
PLC, with 100%.
Company Overview
Albena Resort possesses unique ecosystem: specific sea climate, slightly salty
sea and mineral water, hypothermal, slightly mineralized and hydro-carbonated
firth mud and Bulgarian herbs. Since its establishment in 1986 by Dr. Miryam
Vartanyan, as a balneotherapy center at the Albena Resort, MediSpa Medika
Albena JSCo offers highly qualified services in the sphere of medical,
balneotherapy and spa treatment. The medical staff was precisely selected. All
doctors and rehabilitators took specialized training courses during the winter
season, when the work load is low. Later, the center accommodated
Prof. Dr. Fyodorov eye clinic, where the first laser operations in Bulgaria were
made. In 2003, after merging the balneotherapy and clinical parts, Medika
Albena was designated as a medical center for integrative health care.
MediSpa Medika Albena is the largest and the best organized medical, spa and
wellness center in Bulgaria with over 20-year tradition.
Balneotherapy ward and the polyclinics with its specialized medical rooms,
surgery, haemodialysis center, laboratory, radiology, optics and pharmacy are
located on 2,500 m² each. MediSpa Medika Albena is the biggest and the most
integrated medical center in Bulgaria. Balneotherapy part of Medica Albena is
specialized in prevention and treatment of diseases of skeleton system,
peripheral nervous system, functional nervous diseases, upper respiratory
tract problems, gynecological and different types of skin diseases. Following
the world tendencies, the center offers more and more preventive programs,
such as Vital® program, developed here, is the best example for this activity in
Bulgaria. In 2008 MediSpa Medika Albena became the first center in the
country certified under e ISO 9001:2000, which is a part of its complete
program for adaptation to the growing foreign market. Medica Albena is also a
member of NAST (The National Association of Spa Tourism) and BUBSpa (The
Bulgarian Union of Balneology and Spa Tourism).
The center is a member of ESPA (The European Spa Association) and has
received their sign as an acknowledgement of its affiliation and European
quality since 2008. Balneotherapy department is certified by German quality
standard TÜV since 2009.
MediSpa Medika Albena JSCo is licensed by the Bulgarian Ministry of Health
and its 5 years accreditation is “Excellent” for the quality of the medical
services.
MediSpa Medika Albena works with:
• Teams of high qualified specialists in almost all areas in medicine;
• Contemporary equipment;
• Specialized emergency care and transportation;
• Comfortable environment;
• Modern clinical laboratory.
MediSpa Medika Albena JSCo
9620 Albena, Bulgaria
TT: + 359 88 5853 578; +359 88 5853 586;
+359 88 5853 582; +359 579 623 06
F: + 359 579 629 67
E: mcmedika@albena.bg; poliklinika@albena.bg
www.spa-albena.com
Spa & Wellness
Ralitsa Superior Spa Center
Medical treatments – balneotherapy, electrotherapy, medical massage,
medical gymnastics, fitness, field treatment, mud-therapy, paraffin-therapy,
oxygen-therapy, phytotherapy with combination of 28 herbs, aromatherapy,
thalassotherapy, acupuncture. The center offers facilities and equipment for
the most contemporary balneotreatment – baths with mineral water (pearls,
galvanic, foaming, tangentors), as well as indoor and outdoor swimming pools
with mineral water for children. Micronized seaweeds, therapeutic salts, herbs
and aromas are added in the baths. For complete relax and tonus the center
offers sauna, steam bath hydro-jet, solarium, Hay therapy – alpine method for
relax with soothing effect.
Ralitsa Superior Spa Center is situated in the 4-star Raltsa Superior Hotel. It
offers to its guests the unique opportunity to enjoy the calm and luxury,
combined with therapy and relax. Ralitsa Superior Spa Center incorporates
mineral water and a beneficial climate with a nice and cozy atmosphere,
qualified team of specialists – physiotherapists, rehabilitators and beauticians. The center specialties are in medical programs and treatment, as well
as relaxation and cosmetic procedures. The guests of Ralitsa Superior Spa
Center can take the advantages of the wide range of facilities and services for
effective relaxation and treatment:
Vital program
Vital program is designed for weight loss without unneeded overload and
hunger. A system of group and individual procedures are developed, as well as
a program for healthy feeding habits. Vital program aims to teach you how to
live healthy. This year we launch a specially developed program for children –
Vital Junior. For families we offer Vital Family. The duration of Vital programs is
11 days. The accommodations are arranged in Dobrudzha Hotel. The program
includes also medical examinations, 90 procedures for 10 days, and 5 times a
day healthy feeding from 1,200 cal. to 1,300 cal.
Water treatment baths – tangentor, galvanic, and pearl; heat-therapy via the
fango-paraffin application method; sauna; steam bath; electrotherapy –
application of low-frequency currents and ultrasound; magnetic therapy; as
well as cellulite treatment with the professional “Bodyformer” apparatus;
swimming pool with mineral water, having a movable roof construction; fitness
hall; massage rooms; cosmetics studio.
33
Eco Agro JSCo
The Management
The Group
Company future development strategy is characterized with exploring new opportunities for increasing
the market share of our production and making it popular as high-quality and ecologically clean not
only in Bulgaria, but in Europe as well. Our plans are to develop new activities, to modernize and
replace the existing equipment with new and more productive machines. Also, we plan to develop
successful distribution channels and advertising strategy for the juices that we produce. They do not
contain any additives, preservatives or artificial colorings and are very appreciated by our existing
clients. The goal is to embrace more potential clients to be aware of the trade mark and the quality of
the product. The Company’s goal is to become a leading fruit-producer through increasing the land
with perennial fruit plants.
We believe in better crops for the future and in achieving the leading position in agriculture industry!
Industries
Tourism and GA
Agriculture
Bioenergy
Complex Momchil
Balchik 9600, Bulgaria
T: +359 88 5853 677
E: ganchev@ecoagro.bg
www.ecoagro.bg
Galin Ganchev, CEO, Eco Agro JSCo
CSR
Eco Agro JSCo is “GLOBALG.A.P.” certified – worldwide recognized certificate
for the best practices in agriculture. The company covers following standards
under this certificate:
The income of Eco Agro JSCo for the last three years is BGN 20 million. The
company growth is constant, despite the world economic crisis.
Grain production is 80% of Eco Agro JSCo activity. Annual average crops of
wheat is 3,000 tones, sunflower – 1,000 tones, maize – 3,000 tones, and the
energy crops as rape – 1,000 tones. The second largest activity is
fruit-growing. For the period from 2005 to 2013 120 ha of fruit-trees were
planted. Cherries and apples take the biggest quota – respectively 60 ha and
40 ha, following by plums - 15 ha and 7 ha. Every year the fruit land is
developed and new trees are planted delivered by leading west European
nursery gardens. New and demanded by the market sorts are grown, as world
tendencies in fruit-growing are followed.
Eco Agro JSCo organizes the whole maintenance of Albena Resort green areas.
Company Overview
More than 50% of Albena Resort territory is covered by gardens that need
constant cares. The green landscape architecture makes Albena Resort
attractive and unique. For Eco Agro JSCo this means a big responsibility.
Eco Agro JSCo is one of the leading agricultural producers in northwestern
Bulgaria. Total area of farming lands is 2,000 ha, located mainly in Balchik and
Tervel Municipality. The main stockholder of the company is Albena PLC, owner
of 94% of the stocks. The company is managed by the Board of Directors that
elects and appoints the Executive Director.
In recent years the company has entered also the food industry, processing
fruits for juices. The juice is named after the Albena Resort. It is produced
through cold-pressed technology, thanks to which a high-quality product is
reached, with many healthy ingredients, without preservatives, sugar and
additives/sweeteners.
Achievements
Eco Agro JSCo works successfully under European Union agricultural funds
programs. The company released 4 projects as a beneficiary of European
Union funds on a total amount of BGN 3,500,000. This amount was spent for
purchasing high-productivity agricultural machinery, advanced apple sorting
machine and a vineyard of 10 ha was developed in the Albena valley. One of
the leading Eco Agro partner is the second largest canning producers in
Germany – the company “Hengstenberg”, which production is distributed in
whole Europe, and its products are in the highest price segment. This
partnership established and organized an innovative for Bulgaria production of
gherkins. The quantity of the released export of the products, resulted by this
cooperation, is equal to 3,000 tones.
• A universal standard.
• Safe and sustainable food for everyone everywhere today and in the future.
• Safe production methods.
• Responsible use of resources.
• Welfare of workers and animals.
• Protection of scarce resources.
• Easier certification and wider markets for producers.
• Reliable sourcing and processing for retailers.
• Valuable reassurance for consumers.
Eco Agro JSCo is one of the biggest employers in Balchik region. The team
consists of young and ambitious specialists, having a lot of ideas and desire
for innovations. The company employs more than 300 people. Eco Agro’s staff
is always responsible for the protection of the environment, one of the main
company’s concerns.
Ecoplod LTD
Main company activity is cereal agriculture. The company owns 570 ha lands,
275 ha of which are cultivated by Ecoplod LTD and the rest 295 ha are rented
by Eco Agro JSCo. The company is owned 100% by Albena PLC.
35
Tihia Kat JSCo
Balchik Gardens
The Management
The success of a company is measured with its financial results, as well as with its
management and achieved strategic goals. Tihia Kat JSCo is namely such kind of
company, which meets the mentioned above conditions and justifies its shareholders’ –
Albena PLC and Balchik Municipality – trust.
Our main priority is to develop a high-quality product, competitive on the real-estates
market, getting ahead of the users’ expectations and desires in this sector, as well as
managed on a very high level.
The Group
Industries
Tourism and GA
Agriculture
Bioenergy
Complex Tihia Kat
Balchik, Bulgaria
T/F: +359 579 722 05
M: +359 88 5853 105
E: k.bogdanova@albena.bg
www.balchikgardens.com
Kristina Bogdanova, CEO, Tihia Kat JSCo
Following real estate are part of
Tihia Kat JSCo assets:
Tihia Kat Complex, town of Balchik, The Palace holiday center.
Residential complex Balchik Gardens was designed and developed on the
26,000 sq. m area, well known as Tihia Kat in the history of Balchik. The
complex consists of residential apartments building with two entrances and a
group of 6 residential villas, surrounded by park, swimming pool, playground
for kids and car park. Massive apartment buildings with total built area of
4,264 sq. m are fully accomplished on the Tihia Kat territory, consists of 43
apartments with 1 and 2 bedrooms.
The company was established on August 3rd, 2005, with main subjects of
activities – letting facilities in own real-estates, fuel retail, construction of
underground car park in Balchik, development of Tihia Kat Complex.
The fixed capital of Tihia Kat JSCo is BGN 10,326,300, distributed in 103,263
shares with face value of BGN 100 each.
Main shareholders are Albena PLC owner of the 60% of the shares with value
of BGN 6,195,780 and Balchik Municipality, owner of the 40% of the shares
with value of BGN 4,130,520.
• The group of 6 houses, available for sale in Balchik Gardens consists of
villas of two basic types – single-floor houses and double-floor houses. They
are located at 23 meter altitude and only 50 meters away from the sea. The
project for developing the villas includes repair, reconstruction that involves
pavilions and superstructures of each house, reinforcing and change of all
fittings and installations. Because of the existing high and valuable tree plants,
the roof terraces are places with magnificent views and opportunities for
sunbathing.
• Panorama land of 1,825 sq. m, located on the highest part of Balchik
Gardens Residential Complex.
• Land of 1,641 sq. m, located on the territory of Balchik Gardens Residential
Complex.
10,197 sq. m of land, situated on the first line, Dambata alley.
Underground parking, built under the square area in front of the Municipal
Administration of Balchik, with total area of 2,565 sq. m. The parking slot
consists of 86 car-park places, 2 staircases with elevators, and access control
checkpoint to the square.
It is equipped with CCTV systems and automatic admission control.
Lands in Rogachevo village, 50 km away from the main road Varna – Balchik.
Total area available for residential building development is 20,715 sq. m.
Our main goal in Tihia Kat JSCo
Is not just to build and offer real estate at “any price”, but to offer something
different, that is of very high quality and at the best price in the same time.
Company’s choice, as investor of Balchik Gardens, to build and develop a
state-of-the-art residential complex on a territory оf 26,000 sq m, part of the
Palace architectural and park complex and famous with its protected and
valuable flora and historical monuments, proves that our goal is reached.
Imported plants, not typical for the region, are grown in the complex territory.
Among them, there are leaved and evergreen trees with valuable decorative
worth.
There are two buildings in Tihia Kat Complex, made of stone and with unique
architecture, built by their first owners in the beginning of 19th century. Villa
Stork was built by Frederik Storck (hereditary sculptor) and Cecilia Storck
(famous artist), villa Sanda – by the architect Paul Smarandescu (Dean of the
Architectural faculty in Bucharest). Both buildings have new owners now, who
highly appreciate their historical value and kept the unique features of the
villas and their architectural specialties. One of the biggest successes in the
company’s history is the sale of Villa Storck, situated in the Balchik Gardens
area. This architectural monument was purchased by Russian patron who
impressed by its history, decided to invest in its renovation and restoration, to
keep its spirit and the symbol of the villa as Balchik’s center for cultural
events.
Balchik Gardens is proudly called “A piece of PARADISE” with this unique
combination of the modern architecture, historical monuments, plants,
location close to the sea and the pedestrian alley of Balchik, possessing the
freedom and the expanse of the area.
37
Ecostroy JSCo
The Management
The Group
“We can do this as well!” – The company mission expresses the opportunities, scope and
coverage of our activity, as well as the courage, will and initiative of our team! Ecostroy
JSCo is affirmed as one of the leading construction companies in the region, despite of
the economic crisis, accompanied with unfair competition, unstable economic
environment, and clients’ insolvency. Our leading priorities are high quality, full client’s
satisfaction and high profitability.
Industries
Tourism and GA
Agriculture
Bioenergy
Nikolay Nikolov, Procurator / Authorized Representative, Ecostroy JSCo
The fixed capital of Ecostroy JSCo is BGN 64,760, distributed in shares. The
owner of 67% of the shares is Albena PLC as the rest 33% of the shares are
possessed by persons. The company’s long-term assets amount BGN
193,000.
One of the company main goals is to create a solid and socially responsible
business environment. We strive to establish a lasting connection between
company need and resources. In 2012 Ecostroy JSCo was awarded with a
statuette and a diploma by the Ministry of Labor and Social Policy for the
optimal usage of the professional capacities, skills and knowledge of the elder
workers, improvement of the economical indexes and company
competitiveness.
The main area of the company’s business is construction, repair and
maintenance of engineering and technical infrastructure, design, construction
and repair of buildings, trading with construction materials, import, export,
transport, tourism, etc. The company is a winner of international awards. It
possesses the technological and specialized construction equipment for
excavation of drilling wells, license for construction activities in abroad and tour
operator activity. The company is certified under ISO 9001:2008; It is also
awarded with Certificate of management system under BSS EN ISO
14001:2005 and Certificate of management system under BS OHSAS 18001:2007.
This means that Ecostroy JSCo guarantees the compliance with the technical
standards of its services and products through everyday planning, documentation and control of all company processes. The quality of the end product is our
main goal. This has been always a part of our company policy for complete
satisfaction of specific needs of each client. The excellent market performance
achieved by Ecostroy JSCo is due to the relations and combined work with
clients and providers. We assess ourselves according to what we know we are
able to do, but we allow our contractors to assess that which we have already
done. Evidence for this is the award “Golden prize for the best construction
practice in 2002” given by the Bulgarian Construction Chamber.
The company was awarded with following international prizes for the achieved
results in the construction field: A bowl and golden medal, along with
certificates from Belgium; Statuette and certificate, awarded by “Jrade
Leaders Club” – Madrid 96, Spain. Ecostroy JSCo is the № 1 in TOP 50 ranking
of the Bulgarian Construction Chamber for 2002 for the best construction
practice, and in 2004 and 2005 we won silver awards.
The company is registered in the Central Professional Register of Builders at the
Bulgarian Construction Chamber and owns multiple certificates and
attestations for construction works.
Ecostroy JSCo carries out all types of pavements; concrete areas and coverings;
asphalt roads and approaches; water-pipes; sewage and drainage systems;
electric mains and equipment; electrical furnishing of buildings; monolithic
construction and technological and major repairs of buildings /residential and
business/: painting, bricklaying and encasing, tiling and others; urban events:
vertical planning, terrain cutting, river-beds cleaning, dung-hill cleaning; Since
2009 the company is the only one that carries out spring and autumn cleaning
of all dung-hills within the municipality of Dobrich.
The company was selected to implement the first of its kind in Bulgaria plant for
biogas and the construction works has already began.
Auxiliary Activities
The company has asphalt units for production of asphalt and concrete
mixtures; service workshop; workshops - carpentry, smith’s, for production of
aluminum and PVC window-frames, for production of reinforced concrete and
concrete products (rings – f700, f1000, cones, concrete pipes – f200, f300,
f400, parking grids, pavement tiles, garden borders, road stripes).
The company’s business perimeter is the Northern Black Sea area, the town of
Dobrich and the current region of Dobrich. Our strategic clients are the
municipality of the town of Dobrich, the municipality of Dobrich, the
municipality of Balchik, Albena PLC.
Ecostroy JSCo has a branch in the city of Izmail, Ukraine with area of business
trading with construction products and construction. A Bulgarian Business
Centre, a property of the company, was established and it functions as
distributor of manufacturing companies of Bulgaria outside the construction
industry. The company also carries out tour operator activities.
30 Stoil Voyvoda Str., P.B. 102
Dobrich, Bulgaria
E: ekostroi@linkbg.com
Authorized representative: T: +359 58 602 261
Technical Secretary: T: +359 58 622 333
Authorized representative: T: +359 58 602 261
Offers Department: T: +359 58 602 467
Technical Assistant: T: +359 58 622 333
www.ekostroi-db.domino.bg
asphalt unit, own transport and service workshop is a good prerequisite for low
costs for the construction product of the company and completion of works on
the sites within the respective deadline. The company controls its products
through testing in authorized laboratory at NISIM – city of Sofia, for which it
has the relevant certificates.
The average number of employees in the company for 2012 is 142, as 19 of
them are engineers and other qualified people with university degrees. In 2012
the company won two projects of the Employment Agency and their
implementations has been started:
• Operational Program “Human Resources Development”, Grant: BG
051PO001-2.1-15 “Social innovations in enterprises”, Project: “The key of
company success is in its employees’ hands”. Total amount of the project is
BGN 195,862.20.
• Operational Program “Human Resources Development”, Grant BG
051PO001-2.3.02 “Work safe”. Total amount of the project is BGN 100,579.34.
We know and trust in our strengths, skills and abilities, but we give the
opportunity to our partners to evaluate them.
Ecostroy JSCo survives, affirms and develops successfully.
In order to implement its projects Ecostroy JSCo attracts leading designers,
manifested specialists in their line of work when necessary for more peculiar
sites.
The success of our company is due to its people with innovative thinking, fast
orientation in the market mechanisms and relations, managers’ sense for
development.
The presence of good material and technical bases and the company’s own
workshops for preparation of metal and reinforcing products, carpentry
workshop, concrete unit, workshop for production of concrete products,
We are not the only company in the constructions field, but if we can make your
choice more pleasant and profitable, do not hesitate to contact us. We are
ready to co-operate with you!
39
Perpetuum Mobile BG JSCo
The Management
We invest our efforts in project, led by the belief for a better world. We built the first biogas
plant in Bulgaria of the latest generation, based on the anaerobic digestion process,
combining both electricity and heat power production. We follow without hesitation the
latest trends in the technologies development and science researches, as prior their
implementation we make deep and substantial studies.
The Group
Industries
Tourism and GA
Agriculture
Bioenergy
Complex Momchil
9600 Balchik, Bulgaria
T: +359 88 5853 063
E: office@pmobile.bg
Slavcho Gigov, CEO, Perpetuum Mobile BG JSCo
Perpetuum Mobile BG JSCo investments in energy production from renewable
energy resources by 2013 reached the amount of EUR 3.7 million.
Company Overview
Perpetuum Mobile BG JSCo was founded in 2012. Company’s main activity is
developing and implementation of technologies for energy production from
renewable resources.
Company’s first project was the construction of biogas plant, using the
anaerobic digestion process to produce both electricity and heat energy.
The first biogas plant is located in Momchil site, in the suburbs of Balchik.
Produced energy will be used for fruits and vegetables processing for the local
market, as well as for export. This synergy is included in “GBE Factory”
(Green-Blue Energy Factory) project, part of the European Union “Intelligent
Energy Europe” program (http://www.gbefactory.eu/projectsenergy-experts/).
The second biogas plant is designed to ensure better energy independence of
Albena Resort and to improve the busyness of the resort out of the high
summer season and to expand the spectrum of offered services. In 2013
Albena PLC won the prestigious special award of the European Project RELACS
(Renewable Energy for Tourist Accommodation Buildings) financed in the
framework of the Intelligent Energy Europe Program for binding Company main
activity, and namely tourism, with the usage of energy from renewable energy
resources (http://www.relacs.eu). With this prize Albena reached the highest
and newest standards in tourism sector in Europe and globally.
Currently, the total planned produced power capacity in both plants is 2 MW,
1 MW each.
Both Perpetuum Mobile BG JSCo projects are included in Intelligent Energy
Europe of the European Union and are exclusively innovative for Bulgaria.
Company’s activities include production of electricity and heating energy,
through biogas produced of bio digesting substances.
Produced electricity is incorporated to the national power transmission
system, and the produced heat energy will be used for other activities of the
companies in Albena Group.
Added value after biogas production is also in produced organic fertilizer that
is re-used by the farms grew the main culture – silage maize. In practice, this
production does not generate any waste and is fully environment friendly.
Implemented by Perpetuum Mobile BG JSCo technologies are with the highest
level of automation and ensure employment of high qualified specialists in the
field of microbiology, as well as engineers in the area of cogeneration engines,
electricity and heat engineers. The team that never stops to be inspired by
company activity.
The main company activity is the production of energy from renewable
resources, solely to support the protection of the environment.
Our greatest achievement is the construction of the first biogas plant in
Bulgaria of the latest generation, based on the anaerobic digestion process,
combining both electricity and heat power production with the goal to protect
the environment. The result is energy independence and achieving stable
social and business model.
41
The Management
The Group
Industries
The Management
93,700
77,836
Business Overview
Stock Information
76,390
78,520
81,502
Earnings per share
2008
2009
2010
2011
2012
Earnings before interest, taxes and depreciations (thousands)
50%
40%
36,286
35,342
30%
28,625
26,116
31,358
20%
BGN 3.46 per share
up 79% on 2011
(adjusted)
Key performance indicators
4.00
Total revenue (adjusted) was up almost 4% to BGN 81.5 million. Operating
margin was up 7.5 margin points to 37.2%. This increase is due to a successful
operational cost reduction in a number of fields and the same time increase of
the average revenue per night. We end the year with net income of
BGN 16.7 million which tries to reach the numbers before the crisis.
For more than 40 years, we have been creating a respected brand image as a
pioneer in the hospitality industry at the Black Sea coast. The international
resort Albena is a name for high quality and standards in summer holidays.
A year 2012 was a strong one. All the key measures were better, most
exceeding the previous year. The company has made excellent progress in
reducing costs and improving the revenue per overnight.
Industries
All amounts in BGN
Total Revenue (thousands)
IMPROVING
OUR FINANCIAL
PERFORMANCE
ON A NUMBER OF FRONTS
Our spirit to innovation and commitment to the guests continue to drive
strong results.
The Group
The company succeeded to pay back significant part of its long term debt and in
this way to decrease the cost for interest payments.
Net cash flow by operations was stable and assured capital spending of
BGN 8.8 million and dividend paid BGN 1.3 million in 2012. Albena follows a
regular dividend policy and pays each year between BGN 0.25 and BGN 0.60 per
share to its shareholders.
3.00
3.17
3.46
3.39
2.30
2.00
1.93
1.00
0.00
2008
2009
2010
2011
2012
Adjusted to exclude exceptional item and give better comparison
SELECTED FINANCIAL DATA
10%
24% increase in EBITDA*
(IN THOUSANDS BGN)
0%
2008
2009
2010
EBITDA
EBITDA signed a significant increase comparing last two years due to the
reduced operational costs, improved average income per night and optimized
occupancy of the hotels.
Net sales from operations___________ BGN 81.5 million, up 3.8%
Gross profit_____________________ BGN 24.5 million, up 43%
Net profit______________________ BGN 16.7 million, up 94%
Earnings per share_____________________ BGN 4.03, up 94%
Cash from operating activities_________ BGN 28.6 million, up 9.2%
2011
2012
EBITDA Margin
Profit after tax (thousands)
20%
16%
12%
13,552
14,802
14,502
9,830
8%
4%
* EBITDA is calculated by adding Interest Expense, Depreciation and Amortization
Expense to Profit Before Tax less Extraordinary Income.
2010
2009
2008
81,502
24,525
20,550
1,872
16,690
14,802
12,907
29,597
up
up
up
up
up
up
down
up
3.8%
43.2%
64.8%
102.6%
93.7%
79.7%
-14.9%
24.4%
78,520
17,132
12,469
924
8,615
8,238
15,169
23,784
76,390
17,219
13,460
997
9,337
9,830
15,858
25,195
77,836
25,387
39,752
3,532
32,020
14,502
16,293
48,313
93,700
28,778
23,967
1,499
13,885
13,552
14,050
27,935
Cash provided by operations
Capital spending
Cash dividend paid
28,597
8,862
1,280
up
down
down
9.3%
-32.4%
-21.1%
26,167
13,103
1,622
23,740
7,715
1,420
27,217
6,614
1,578
32,115
53,353
1,038
57,390
444,692
0.27
down
down
down
-21.3%
-1.2%
-20.6%
72,901
450,317
0.34
85,681
459,288
0.40
105,972
464,379
0.59
120,529
455,585
0.59
20.99%
37.23%
30.85%
up
up
up
95.3%
25.5%
44.4%
10.75%
29.67%
21.37%
12.11%
32.67%
22.32%
40.27%
60.76%
31.93%
14.08%
28.33%
29.19%
4.03
0.75
up
up
93.8%
200.0%
2.08
0.25
2.25
0.35
7.72
0.50
3.35
0.50
PERCENT OF NET SALES
0%
The total amount of the assets of Albena PLC is BGN 444.7 million according
to the Balance sheets of the company at the end of the year. In 2011 Primorsko
Club, a former branch of Albena PLC, was separated as a subsidiary
company, 100% owned by Albena.
2011
Total revenue (adjusted)1
Gross profit
Operational profit
Corporate tax
Net profit
Net profit (adjusted)2
Depreciations and amortization
Net profit before DA
Long-term debt
Total assets
Total debt to capital ratio
8,238
2012
2008
2009
Prof it аf ter tax
2010
2011
2012
Percent of net sales
Notes: Total Revenue, EBITDA and Profit after tax exclude exceptional items and
Primorsko Club for all years. Management believes that reporting results before
amortization and exceptional items provides a better comparison of underlying
business performance for the year.
Gross profit
Operational profit
Net profit
Earnings per share (in BGN)
Dividend per share (in BGN)
1. Total revenue is adjusted without Primorsko Club and exceptional items for all years
for a better comparison
2. Net profit is adjusted without Primorsko Club and exceptional items for all years for
a better comparison
45
The Management
REVENUE SUMMARY
The Group
Industries
Business Overview
Stock Information
Expenses summary
France 2%
We remain focused on doing the things that we do well – selling holidays,
taking care of our guests, and making sure we control costs both at the hotels
and at the resort level. We emphasize on creating value through operational
excellence.
UK 1%
Others 1%
CEE 5%
Scandinavia 4%
Romania 13%
Germany 16%
In 2012 we reached 1.5 million overnights in the resort with average stay of the
guests of 7.4 days, which is on the level on last year. In the same time we
succeed to improve considerably the average income per night from BGN
46.73 in 2011 to BGN 53.05 in 2012 and this shows 14% up on the previous
year.
Focus on online sales via www.albena.bg
A main goal in the commercial policy is to increase the share of the direct sales
and especially through our website. We aim to reach a share of 60% online
sales on the local market in two years and to increase sensibly the e-sales to
main foreign markets like Russia and Romania. We are focused to develop our
b2c and b2b systems. We created successfully our innovative online
reservation system which gives many advantages and easy to use from our
guests.
2012
CHANGE %
2011
8,891
12,871
12,906
13,273
12,416
2,493
62,850
-19%
14%
-8%
-4%
-17%
125%
-5%
10,947
11,323
14,082
13,864
14,983
1,108
66,307
Financial costs
2,170
-30%
3,110
Taxes
1,872
102%
925
Materials and consumables
Hired services expenses
Depreciation and amortization
Staff costs
Inventory sold
Others
Total
More than 200 000 people
choose Albena Resort
for their summer holiday
every year
Albena is an international resort and its guests are coming from many
European countries. Our main foreign markets are Russia, Germany, Romania,
Scandinavian countries, France, Poland, England, Belgium and other countries
from Central and Eastern Europe. The highest increase in 2012 was for Russia
with almost 40% up in the revenue comparing last year. This is a major market
with 29% share in the total revenue. German market is our major west
European market, which currently takes 16%. The Bulgarian market produces
almost one third of the total revenue. It includes revenue generated by the
individual guests, as well as congress and sport events.
EXPENSES BY NATURE
REVENUES
BY MARKET
SEGMENTS
2012
Note: Albena resort`s expenses for both years (Primorsko excluded)
Costs for materials and consumables decreased comparing previous year due
to less consumables and less materials used in the renovated hotels as a
current assets. Cost for electricity and water increases with 15%.
Russia 29%
Bulgaria 26%
MICE 3%
Developing our tour operator companies
Flamingo Tours and Albena Tour
A highlight of the commercial strategy is to develop our European tour operator
brand Flamingo Tours in order to have more west European guests and
improving average revenue per night. Flamingo Tour is based in Germany and
its activities are mainly on this market. Albena Tour targets Bulgaria and the
nearby countries.
Along with developing the direct channels of sales we have established
successful cooperation with major European tour operators like Look Voyage
France, Thomas Cook Northern Europe, Alltours Germany, TUI Germany, DER
Touristic Germany, Neva Russia, Solvex Russia, TUI Russia.
Main hired services expenses are concession on the beach, maintenance
and repairs, commissions for tourist services, community taxes and fees,
advertising and entertainment, transport costs, telecommunication services,
consultancy and legal services, insurances. Costs for planting and landscape
architecture was outsourced to Albena’s subsidiary company Eco Agro and
became part of the hired services in 2012. Significant increase had the
transportation costs for the staff as it became part of the remuneration
package.
Staff costs slightly decreased due to a better organization and optimization of
the occupancy of the hotels though we have an increase in the average salary
for the year and more additional benefits like food vouchers and free
transportation for our employees. Average salary for Albena increased with
5.7% to BGN 743 comparing the previous year. This is above the average
salary in the hospitality industry in Bulgaria which according to the National
Statistical Institute is BGN 523. Average number of employees for the year is
1200 and in the active season reached 3400.
Inventory sold includes mainly the cost for food and beverages supplies in the
restaurants. Most of restaurants work on all inclusive basis and better prices
were contracted for the main food groups as well as better control on the
supplies.
Financial costs decreased sensibly due to the decreased amount of the
long-term debt in 2012.
Staff costs
21%
Depreciation
and amortization
21%
EXPENSES
BY NATURE
IN %
FOR 2012
Inventory
sold
20%
Hired
services
expences
20%
Others
4%
Materials and
consumables
3%
Corporate taxes and other taxes increased following the better financial result
for the year.
47
The Management
The Group
Industries
Business Overview
Stock Information
The Management
The Group
Industries
Business Overview
Stock Information
OUR SHAREHOLDERS
Albena PLC is a public company listed on the Bulgarian Stock Exchange. A
main shareholder of Albena PLC is Albena Holding JSCo with almost 54%
share in the capital. There are some institutional shareholders like Balchik
municipality with 7.13% and many individuals, former owners of the land.
Albena PLC is a public joint stock company, listed on the Bulgarian Stock
Exchange and participating in the calculation of the main indexes SOFIX, BG40
and BGTR30. Market capitalization of the company as at May 2013 is BGN
200,837 million.
Alterations of the price of shares of Albena PLC for the period January 2008 – May 2013
Albena Holding JSCo
Albena Invest Holding PLC
Balchik Municipality
Insurance Fund "Doverie"
Albena PLC
Other shareholders
TOTAL:
2012
2011
2010
2009
2008
number of
shares 2012
53.98%
20.58%
7.13%
4.46%
3.00%
10.85%
53.94%
20.58%
7.13%
4.18%
3.00%
11.17%
53.94%
20.58%
7.13%
3.55%
3.00%
11.80%
53.94%
20.58%
7.13%
2.01%
3.00%
13.34%
48.11%
20.58%
7.13%
1.48%
3.00%
19.70%
2,306,884
879,131
304,570
190,557
128,000
233,053
100.00%
100.00%
100.00%
100.00%
100.00%
4,273,126
120
100
80
in BGN
SHAREHOLDERS
60
40
20
A STABLE DIVIDEND POLICY
0
Jan 2008
Jan 2009
Jan 2010
Jan 2011
Jan 2012
Jan 2013
Albena PLC has a regular dividend policy and for the last ten years has paid
more than BGN 14 million as dividends to its shareholders. The amount of the
dividend per share is voted by the General Meeting of Shareholders each year
and depends mainly on the profit for the year.
Price / Earnings ratio
Dividends paid per share in BGN
1
0.8
0.6
0.4
0.75
0.6
0.5
0.5
0.4
0.5
0.5
0.5
0.35
0.2
The share capital of Albena PLC is BGN 4,273 thousand, distributed into
4,273 thousand shares, each amounting to BGN 1. The company has bought
back 128 thousand own shares amounting to BGN 1,536 thousand. The
shares' price of Albena PLC on the Bulgarian Stock Exchange – Sofia reached
in 2007 the maximum price of BGN 150 and after the world economical crisis
in 2008 fell down significantly. In 2013 the price per share varies between
BGN 39-50.
29.9
30.0
25.0
20.0
15.0
13.1
10.0
0.25
22.2
21.7
8.8
5.0
0
0.0
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2008
2009
2010
2011
2012
49
ALBENA PLC
STATEMENT OF FINANCIAL POSITION
As at 31 December
STATEMENT OF COMPREHENSIVE INCOME
for the year ended 31 December
2012
ASSETS
Non-current assets
Property, plant and equipment
Investment properties
Intangible assets
Investment in subsidiaries
Investment in associated companies and other companies
Prepayments
Long-term receivables
Current assets
Inventories
Trade and other receivables
Income tax recoverable
Cash and cash equivalents
Total current assets
TOTAL ASSETS
BGN '000
2011 BGN '000
326,133
13,236
1,107
80,200
2,121
342
8,140
335,632
12,439
1,234
79,950
2,121
239
7,654
431,279
439,269
1,965
9,686
1,762
13,413
444,692
2,141
8,540
16
351
11,048
450,317
LIABILITIES
Non-current liabilities
Loans and borrowings
Deferred taxes
Total non-current liabilities
Current liabilities
Trade and other payables
Income tax
Advances received from customers
Grants
Total current liabilities
Total liabilities
TOTAL EQUITY AND LIABILITIES
BGN '000
2011 BGN '000
79,505
(54,980)
24,525
80,169
(63,037)
17,132
Other income
General and administrative costs
Operating profit
3,793
(7,768)
20,550
2,501
(7,164)
12,469
Financial costs
Profit before taxes
(1,988)
18,562
(2,930)
9,539
Income tax
Net profit for the year
(1,872)
16,690
(924)
8,615
Revenue
Cost of goods sold
Gross profit
Other comprehensive income:
Revaluation of property, plant and equipment
TOTAL COMPREHENSIVE INCOME FOR THE YEAR
EQUITY AND LIABILITIES
EQUITY
Share capital
Treasury shares
Reserves
Retained earnings
Profit for the year
Total equity
2012
4,273
(1,536)
285,839
45,740
16,690
351,006
4,273
(1,536)
279,130
45,719
8,615
336,201
57,390
14,184
71,574
72,901
14,258
87,159
15,573
3,263
977
1,996
303
22,112
93,686
444,692
17,661
7,002
(861)
15,829
8,615
4.03
4.03
2.08
2.08
Earnings per share for profit attributable to the equity holders
of the Company during the year (expressed in BGN per share)
- basic
- diluted
2,294
26,957
114,116
450,317
51
STATEMENT OF CASH FLOWS
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
As at 31 December
2012
BGN '000
2011 BGN '000
86,210
(42,514)
(12,384)
(1,857)
(858)
86,896
(42,515)
(14,706)
(2,911)
(597)
Net cash from operating activities
28,597
26,167
Cash flows from investing activities
Purchase of property, plant and equipment
Proceeds from sales of property, plant and equipment
Payments for acquisition of subsidiary and associated companies
Long term loans provided
Repaid long term loans provided
Interest received on loans provided
Dividends received
(5,993)
15
(250)
(2,903)
58
32
179
(9,700)
19
(129)
(3,746)
17
14
422
Net cash flows used in investing activities
(8,862)
(13,103)
Cash flows from operating activities
Cash received from customers
Payments to suppliers
Payments to personnel and social security contributions
Interest received/paid, net
Income tax paid/ refunded, net
(17,272)
(144)
(1,280)
305
Net cash flows from financing activities
(18,391)
(18,354)
1,344
(5,290)
293
5,557
Cash and cash equivalents on 1st of January
Effect from changes in foreign currency exchange rates
Cash and cash equivalents at 31 of December
st
BGN '000
2011 BGN '000
411,048
10,487
19,410
2,134
526
419,564
9,690
18,995
2,125
455
443,605
450,829
3,392
6,063
4,442
28
3,545
17,470
4,939
7,345
20
952
13,256
461,075
464,085
EQUITY
Share capital
Treasury shares
Reserves
Retained earnings
Profit for the year
Total own equity
4,273
(1,536)
291,539
37,287
15,722
347,285
4,273
(1,536)
282,115
37,998
8,290
331,140
Non-controlling interest
Total equity
6,008
353,293
6,073
337,213
65,342
14,918
80,260
81,617
14,661
116
96,394
17,854
5,687
1,019
2,543
419
27,522
107,782
461,075
18,524
9,059
69
2,710
116
30,478
126,872
464,085
ASSETS
Non-current assets
Property, plant and equipment
Investment properties
Intangible assets
Investment in associated companies and other companies
Long-term receivables
Current assets
Assets held for resale
Inventories
Trade and other receivables
Income tax recoverable
Cash and cash equivalents
Total current assets
TOTAL ASSETS
EQUITY AND LIABILITIES
Cash flows from financing activities
Long term borrowings received
Repayment of long term borrowings
Payment of finance lease liabilities
Dividends paid
Grants received
Net increase (decrease) in cash and cash equivalents
2012
3,951
(20,458)
(225)
(1,622)
35
26
1,672
293
LIABILITIES
Non-current liabilities
Deferred taxes
Grants
Total non-current liabilities
Current liabilities
Trade and other payables
Income tax
Advances received from customers
Grants
Total current liabilities
Total liabilities
TOTAL EQUITY AND LIABILITIES
53
ALBENA PLC
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
CONSOLIDATED STATEMENT OF CASH FLOWS
2012
BGN '000
2011 BGN '000
Revenue
Cost of goods sold
Gross profit
97,438
(71,662)
25,776
96,372
(78,146)
18,226
Other income
General and administrative costs
Operating profit
4,516
(10,159)
20,133
2,730
(8,162)
12,794
Financial costs
Profit before taxes
(2,419)
17,714
(3,485)
9,309
Income tax
Net profit for the year
(2,038)
15,676
(1,026)
8,283
Other comprehensive income:
Revaluation of property, plant and equipment
TOTAL COMPREHENSIVE INCOME FOR THE YEAR
1,674
(29)
17,350
8,254
Earnings per share for profit attributable to the equity holders of
the Company during the year (expressed in BGN per share)
- basic
- diluted
3.79
3.79
2.00
2.00
2012
Cash flows from operating activities
Cash received from customers
Payments to suppliers
Payments to personnel and social security contributions
Interest received/paid, net
Income tax paid/ refunded, net
Other operating activities
Net cash from operating activities
Cash flows from investing activities
Purchase of property, plant and equipment
Proceeds from sales of property, plant and equipment
Payments for acquisition of subsidiary and associated companies
Long term loans provided
Repaid long term loans provided
Interest received on loans provided
Dividends received
BGN '000
2011 BGN '000
106,040
(55,771)
(17,625)
(2,193)
(948)
(1,147)
103,159
(54,648)
(19,131)
(3,374)
(682)
(788)
28,356
24,536
(7,876)
247
(10,970)
40
(14)
21
(206)
13
79
52
(7,543)
(11,071)
Cash flows from financing activities
Long term borrowings received
Repayment of long term borrowings
Payment of finance lease liabilities
Dividends paid
Other financing activities
268
(17,730)
(246)
(1,280)
697
4,214
(23,291)
(293)
(1,622)
1,270
Net cash flows from financing activities
(18,291)
(19,722)
2,522
(6,257)
894
7,130
39
21
3,455
894
Net cash flows used in investing activities
Net increase (decrease) in cash and cash equivalents
Cash and cash equivalents on 1st of January
Effect from changes in foreign currency exchange rates
Cash and cash equivalents at 31 of December
st
55

Albena PLC

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