"ViK - Varna" Ltd. ends 2022 with a profit of over BGN 2 million and no arrears to suppliers and contractors, announced the manager of the company Veselin Rusev after the General Meeting of Partners. Compared to the previous year 2021, the positive financial result of the company is about BGN 1.2 million more. Last year, the company's revenues were over BGN 69.7 million. The main reason for their increase compared to 2021 is the increase in the price of water. The other factors are the increase in the number of subscribers as well as the accounting of hitherto unreached users. At the end of last year, the company had nearly 350,000 customers, of which a little over 31,000 were companies. The General Assembly gave consent to VK to take out a loan of just over BGN 25 million from "Bulgarian VK Holding" EAD. The company receives the loan with a three-year grace period and a very good interest rate, and will repay it over the next 15 years. The funds from the loan will be used for the normal completion of the large project for the water cycle of Varna. Water losses in the region reach 60 percent, with pipes in villages being the most problematic.
Source: BTA (30.06.2023)

BGN 5 million for salaries in the plumbing holding "Bulgarian Waterworks Holding" EAD was established to control the activities of the water companies in the country, to carry out a reform for their more efficient functioning, to reduce water losses and to keep the price of water socially acceptable and at the lowest possible levels. For this purpose, the holding received targeted financing of BGN 1 billion. As of September 1, 2023, the company has its own funds in the amount of BGN 756,287,053. That is, for the three years, nearly BGN 250 million has been spent, without visible results. , or a quarter of the planned funds for the water reform... At the moment, the holding employs 47 employees and is managed by a 5-member Supervisory Board headed by Eng. Gancho Dimitrov and a 4-member Management Board. The executive director is Irena Georgieva. More than BGN 5 million have been given for salaries, remuneration of the management, paid holidays and benefits under the Labor Code of the employees of "Bulgarian Waterworks Holding" EAD since the establishment of the company in 2020 until now. From July 1 to September 11, the employees of the holding considered 22 requests for financing from subsidiaries of "Bulgarian Waterworks Holding". As a result of these requests, the Hoding has allocated over BGN 56.5 million to the water companies. Of this, BGN 38 million is for financing to successfully implement the projects under the OP "Environment 2014-2022".
Source: Trud (19.09.2023)

The Board of Directors of "Bulgarian Waterworks Holding" EAD appoints Eng. Rositsa Itova as the manager of "Waterworks" EOOD - Sofia. because of the accumulation of a loss of BGN 25 million under the previous management of engineer Ivan Ivanov. As of 30.09.2023, "ViK" EOOD - Sofia reports an uncovered loss with over 35% more compared to the uncovered loss of BGN 18.1 million. as of 30.09.2022. For the first 9 months of the current year, the current loss is in the amount of BGN 2.2 million. Deteriorated financial condition of "ViK" EOOD - Plovdiv is the reason for the change of the Board of Directors of "Bulgarian Waterworks Holding" EAD the manager of the operator and there. The long-time chief engineer of the operator - Eng. Anton Galabov takes over the management of the company. The reason for the change of management is the unsatisfactory financial management in the last two years, which led to the uncovered loss of the company as of September 30, 2023 in the amount of over BGN 16 million. ?
Source: actualno.com (22.11.2023)

New state-owned companies created in the past four years are accumulating losses, a review of the companies' annual reports through 2022 and the latest available interim reports, as of the end of the third quarter of 2023, shows.Children's Hospital Health Investment Company, which is set to build a new national children's hospital was established at the end of 2020. During this period, expenses in the amount of BGN 1.2 million were accumulated, and since they are offset by zero BGN revenues, the loss for 2022 is equal to this. Second year the "Bulgaria Heli Med Service", which was created for the purpose of providing emergency medical aid by air, could not actually work. The company was registered on August 2, 2022. For the time of its existence in 2022, the company has accumulated a loss of BGN 47,000, the loss for the nine months of 2023 is BGN 372,000. In 2024, however, the company is expected to actually develop - there is a transfer foreseen for it in the draft budget. The situation with "Bulgarian Plumbing Holding" - a megastructure with a huge capital of BGN 1.41 billion, created under the Borisov cabinet - is also alarming. According to the final annual consolidated financial report for 2022, the holding has accumulated a loss of BGN 51.7 million, compared to a loss for 2021 of BGN 2.9 million. The increase in the loss occurs against the background of the expansion of the holding with the acquisition of shares in a total of 15 water and sanitation companies in 2021 and 2022. At the end of the first nine months, the holding's cap, excluding the subsidiaries, shows a balanced balance - the revenues are the same as the expenses - BGN 2.7 million.
Source: actualno.com (28.11.2023)

ViK - Plovdiv was saved from de facto bankruptcy after the Supreme Administrative Court canceled the largest financial correction in the company's history. With their decision, the magistrates invalidated the decision of the Administrative Court - Plovdiv for the return of BGN 20 million to Europe for the project for the Southern bypass collector, which represents a 25% correction. At the beginning of this year, the Managing Authority of the Environment Program made a third inspection on the project for over 80 million BGN, revising its previous sanction. The first was for 5% or nearly 4 million BGN, and it was confirmed by the Supreme Administrative Court. The new decision of the Governing Body was for a 25% financial correction or BGN 20.3 million due to irregularities in the selection of the contractor for the order. In the end, the Supreme Administrative Court overruled the decision for 20 million BGN financial correction, which in practice leaves in effect the previous decision for the return of 4 million BGN. The executor of the project is DZZD "Eko Proekt - Plovdiv", and it includes "TES Construction Group" - EOOD (formerly "Parsek build" OOD) - with a 48% shareholding and "Interhold" EOOD - with 50% shareholding. The third company is "V and K Infrastructure Design" EOOD. Before the decision, "Bulgarian Plumbing Holding" replaced the compromised head of the company, Ognyan Kulishev, and Anton Galabov is currently in the post. A competition for the position is also expected to be launched. Despite the canceled correction, the water supply system - Plovdiv must be seriously rehabilitated. 14 million losses were reported last year. Trafficnews.bg ?
Source: Other (08.12.2023)