The Board of Directors announces an address to the shareholders and investors of Stara Planina Hold Plc and its subsidiaries, informing about 2017 anticipations. The annual sales of the enterprises of the group will reach BGN 186 m. This would lead to a 5.6% growth compared to 2015.
We expect around 16% increase in the financial result of the business group. At the same time we project Stara Planina Hold's net profit to reach BGN 5150 thousand which will give us assurance that for a 20th consecutive year a part of it will be distributed as a dividend to the shareholders of the holding.
The Board of Directors expects the 2017 consolidated income from sales to reach BGN 192.4 million which means an increase of 3.4 % compared to the expectations for 2016. We also expect quicker then original predicted rise in labor costs which will lead to a reduced financial result in 2017 of about 6% year-on-year.
In 2017 we will continue to have an active investment policy and we expect investment growth of 77% reaching BGN 23 million.
This year the number of employees increased by 3.7% and the increase in the average monthly salary in the enterprises of the group is 11% above the business plan for 2016, while labor productivity rose by 1.9%. In 2017 we plan to increase the number of our employees by 1.0% and the labor costs by 5.6%.
CONSOLIDATED SALES ( BGN million)