Despred JSC - Sofia, Bourse code DSPED, the annual general meeting of which was held on June 29, 2006, will not distribute dividends for the year 2005. Despred JSC - Sofia reported a loss for 2005 in the amount of BGN 137,000.
Source: Capital market (04.07.2006)

Despred is a leading Bulgarian forwarding company established in 1974 as a state-owned enterprise. Despred serves as an intermediary between the forwarding companies and those seeking services in the sector. The company is certified to offer guarantee for the various types of transit operations including direct, export and combined transit. Despred received a customs agent licence in 1999 and provides a full range of customs services. The company also offers a number of transport and forwarding services. Two large-scale deals sealed over the last year brought about changes in the ownership of the company. Doverie Universal Pension Fund acquired 5% of Despred's capital from Doverie Voluntary Pension Fund in December 2005. Despred's stake in Economic and Investment Bank (EIBank) decreased from 6.18 to 4.69% in April 2006 as a result of a capital raise operation implemented by the bank. Despred subsequently sold its stake in the financial institution. As a result Despred's non-consolidated profit for the first nine months of 2006 amounted to BGN 8.772 million, up from the BGN 380,000 profit posted for the year-ago period. The net sales revenue of the company rose by 26% to BGN 3.096 million for the period. Business expenses grew by 8% to BGN 2.325 million, while interest costs dropped by 21.43% to BGN 198,000. Despred's long-term bank debts decreased by BGN 1 million to BGN 3 million as a result of a payment on a loan extended by Investbank. The subscribed capital of the company amounts to BGN 1.892 million, while the equity capital stands at BGN 30.832 million. Despred has not distributed dividend since 2000. The company paid BGN 0.22 and 0.15 dividend per share in 1999 and 1998, respectively. Strategic development The company obtained a BGN 160,000 loan for the setting up of a warehouse facility and signed a BGN 51,000 lease contract for a new vehicle in 2006. Despred also made investments in one joint stock company, two associated and four other enterprises, as well as in a foreign company. Despred is able to maintain its current stock price due to the positive goodwill of the company and its professional connections with leading forwarding companies, ship owners, container lines and agents in Europe, Asia, North and South America. Despred has the opportunity to work towards increasing its stock price and liquidity in the future. Stock performance Despred is a low-liquidity stock. A total of 118,188 shares in the company traded hands over the last year at prices ranging between BGN 2.12 and 12.5 per share, which represents an increase of 423.01% on an annual basis.
Source: Pari (01.12.2006)