Bulgarian Energy Holding 'Awaiting BGN 1.45 B' from Subsidiaries

State-owned Bulgarian Energy Holding (BEH) has to collect a total of BGN 1.45 B of trade receivables and loans it has given out to filian companies, its interim 2014 report says.

The bulk of this money, or BGN 1.2 B (82% of the total), was spent on assistance to the National Electric Company (NEK), with all the loans granted to NEK now consolidated into a single one to be paid in ten years and bearing a 4.49% yearly interest, the document shows according to Trud's website.

BEH has stepped into the second half of 2014 at a profit of BGN 48.1 M, 86% less than at the same time in 2013.

The reports points out that failure to gather dividends from subsidiaries this year is the main reason for the low performance.

Of all filial companies NEK itself is facing the hardest time, with a loss of BGN 250 M in end-June 2014, compared to a profit of BGN 17 M for the same period of last year.

Bulgargaz, the national gas supplier, has registered an improvement, with a positive BGN 42.3 M (up from BGN 2.6 M in end-June 2013).

However, this is mainly due to debts of Sofia's heating utility Toplofikatsiya Sofia to NEK that Bulgargaz bought out earlier this this year.