62 IHB Annual Report 2004

IHB Portfolio PresentationPortfolioIHB is a holding company managing a portfolio of companies.Depending on the share and the possibility for IHB to influencetheir management, these companies are classified as follows:

Subsidiaries (s) - companies controlled by IHB; Associates (a) - in which IHB has significant influence,

but not control, over the financial and operating policies;Companies with minority interest /portfolio investments/

(pi) - companies over which IHB has no influence.Some of the companies are indirectly controlled by IHB throughaffiliates (ss). These companies are owned and/or controlledby some of IHB subsidiaries.Here are presented IHB subsidiaries and associates with their own subsidiaries.

Portfolio structure by industries as at June 30, 2005

50,61%

23,42%

7,97%

7,73%

2,30%

7,96%

100%

Shipbuilding and repair, port activitiesBulyard AD

Bulyard ShipbuildingIndustry AD

Dockyard Port Bourgas ADOdessos PBM ADMaritime Holding AD

Bulgarian Registerof Shipping AD

Machine buildingZMM Bulgaria Holding AD

ZMM Sliven PLCMashstroy PLCZMM Nova Zagora PLCElprom ZEM PLCLeiarmach AD

Chimremontstroy AD

Real estatesPrivat Engineering ADKLVK AD

River cruisesDunav Tours AD

Production of furnitureAvgusta Mebel AD

OtherHydro Power Bulgaria ADTrance Balkan Oil Pipeline ADELPO PLCInternational IndustrialHolding Bulgaria AG

Total BGN 35 699 thousand2

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1. Tamara Hristova ED, Avgusta Mebel AD2. Vesselin Kabov ED, Dockyard Port-Bourgas AD3. Ivan Karaatanasov ED, Bulgarian Register of Shipping AD4. Philip Savov ED, Leiarmach AD5. Dobromir Todorov ED, ZMM Bulgaria Holding AD6. Valentin Filipov ED, Elprom ZEM PLC

7. Georgi Dobrev ED, ZMM Sliven PLC8. Minko Taslakov ED, Mashstroy PLC9. Margarit Todorov ED, ZMM Nova Zagora PLC10. Lilyan Lazarov ED, Dunav Tours AD11. Friedrich Katzer ED, Bulyard shipbuilding Industry AD12. Atanas Lokmadzhiev ED, Dunav Tours Hotels AD

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1. Small Dry Dock 188 x 28 2. Big Dry Dock 237 x 40 3. 41 200 tdw - Bulk Carrier 4. 9300 tdw - Multipurpose ship 5. 800 t - Gantry crane 6. Outfittingberths 7. General appearance of 41200 tdw - Bulk Carrier 8. Control bridge - general outlook 9. Bulyard-Shipbuilding Industry - general view

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Bulyard AD (s)Founded in 2003

Board of Directors:Plamen Dionisiev - Chairman Daneta Zheleva - Executive DirectorZlatko Bakalov

Activities:In the beginning of 2004, Bulyard andNavigation Maritime Bulgare founded acompany Bulyard - Shipbuilding IndustryAD. Bulyard owns 75% in the capital ofthe new company.

Contact info:

47, Vassil Levsky Blvd.1000 Sofia, Bulgariatel.: + 359 (0) 2 980 71 01fax: + 359 (0) 2 980 70 72e-mail: office@bulgariaholding.com

Bulyard-Shipbuilding Industry ADFounded in 2004

Supervisory Board:Zlatko Bakalov - ChairmanDaneta ZhelevaKamen KirovBorislav DionisievDimitrinka ManolovaDimitar TodorovMarin Stoichev

Managing Board:Dimitar Zhelev - ChairmanFriedrich Katzer - Executive DirectorPlamen DionisievStefan ValkovHristo Donev

Activities: Bulyard - Shipbuilding Industry is exploiting the assets of the former Varna Shipyard.

The main activities are:Shipbuilding and building of all kind

of vessels;Repair and reconstruction of ships;Trade with ships and vessels;Trade representation of ship equip-

ment and materials producers andtraders;

Representation of shipyards anddockyards.

Contact info:

South Industrial Zone9000 Varna, Bulgariatel.: + 359 (0) 52 613 192fax: + 359 (0) 52 613 179e-mail: bulship@mbox.contact.bg

Odesos PBM AD (a)Founded in 2005

Board of Directors:Zlatko Bakalov - Chairperson Friedrich Katzer - Executive DirectorDaneta Zheleva Plamen Dionisiev

Activities: The company provides port activities andattendant services from/to ships and landvehicles.

Contact info:

South Industrial ZoneVarna 9000Bulgariatel.: + 359 (0) 52 686 540

+ 359 (0) 52 686 555fax: + 359 (0) 52 632 953

Dockyard Port-Bourgas AD (s)Founded in 1974

Board of Directors:Daneta Zheleva - Chairperson Vesselin Kabov - Executive DirectorEvgeni Atanasov

Activities:The main activities are:

Repair and reconstruction of vessels,marine buildings and equipment;

Cargo loading and unloading;Port activities.

The dockyard has its own 220 m quaywith maximum draft of 8 m and also twoportal cranes with lifting capacity of 2,5and 15 tons.The floating dock can handle all kinds ofsea going vessels with the followingcharacteristics:Dock weight - up to 4500 tons including;Maximum length - up to 115 m;Maximum breadth - up to 18 m.Dockyard Port-Bourgas works with sur-veyors of Bulgarian Register of Shipping,Russian Register of Shipping,Germanischer Lloyd, Lloyd Register ofShipping, Det Norske Veritas.

Contact info:

3, Industrialna, Str. Bourgas 8000, BulgariaP.O.Box 175tel.: + 359 (0) 56 842607fax: + 359 (0) 56 842608e-mail: dockyard@bs.spnet.net web: www.dockyard-bourgas.com

Shipbuilding and repair, port activities

(ss)

1. Panorama of Bulyard-Shipbuilding Industry 2. 14 000 tdw - Bulk Carrier 3. Workshop 4. Main Engine - inside of Engine space 5. MS Rousse in Durnstein,Austria 6. Machine Building shop 7. Christening ceremony of MS Rousse Prestige in Roterdam, Holland 8. MS Rousse in Budapest 9. Lounge MS RoussePrestige 10. Restaurant MS Sofia 11. MS Sofia in Vienna

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Maritime Holding AD (s)Founded in 2001

Board of Directors:Konstantin Zografov - Chairman Nelko Nachev - Executive DirectorToshka Vassileva - Executive DirectorJulian NachevBorislav Gavrilov

Activities: Maritime Holding is owner of BulgarianRegister of Shipping AD and SanoMaritime Register EOOD. The main activi-ties of the company are supervision andstrategic management of the activities ofBulgarian Register of Shipping AD.

Contact info:

47, Vassil Levsky Blvd.1000 Sofia, Bulgariatel.: + 359 (0) 2 980 71 01fax: + 359 (0) 2 980 70 72e-mail: office@bulgariaholding.com

Bulgarian Register of Shipping ADFounded in 1950

Board of Directors:Konstantin Zografov - ChairmanIvan Karaatanasov - Executive DirectorNelko Nachev

Activities: Bulgarian Register of Shipping performstechnical supervision and classification,including:

Approval of technical documentationfor and supervision of the constructionand repair of sea-going and inland ves-sels, drilling platforms and containers;

Approval of companies and laborato-ries for manufacture, repairs and testing ofconstructions, equipment, materials andproducts subject to supervision by BRS inthe marine and non-marine activities;

Survey of ships and containers inoperation;

Supervision and survey of newbuild-ings, ships in service, materials andproducts;

Consultancy for the establishmentand implementation of QualityManagement Systems and assistance forcertification in accordance with therequirements of the ISO 9000 Standardseries;

Certification according to the require-ments of ISM Code and ISPS Code.

Contact info:

3, Industrialna Str.Varna, BulgariaP.O.Box 175tel.: + 359 (0) 52 681510fax: + 359 (0) 52 602864 e-mail: varna@bkrclass.org

Dunav Tours AD (a)Founded in 1991

Board of Directors:Svetoslav Radev - ChairmanLilyan Lazarov - Executive DirectorDaneta ZhelevaKatya StoyanovaGeorgi ZhelevEmil Ivanov

Activities:Dunav tours is the successor ofBalkantourist - Rousse.Dunav tours owns three 4 stars passen-ger ships:

ms "Rousse" - 210 passengers,launched 1983, renovated 2001;

ms "Sofia" - 210 passengers,launched 1983, renovated 2001;

ms "Rousse Prestige" - 161 passen-gers, launched 2004.

Dunav Tours Hotels AD (as)Founded in 2000

Board of Directors:Lilyan Lazarov - Chairman Atanas Lokmadzhiev - Executive DirectorKatya Stoyanova

Activities: The company provides:

Tourist services for foreign ships inBulgaria;

Ship agency services;Travel agency, member of IATA;Programs and excursions in and out

of the country;Tourguiding.

Contact info:

5 Olimpi Panov Str. 7000 Rousse, Bulgaria Phone: +359 (0) 82 825051Fax: +359 (0) 82 825064Email: office@dunavtours.bgWeb: www.dunavtours.bg

Shipbuilding and repair, port activities River Cruises

(ss)

1. General view of Mashstroy 2. Accessories of the machines 3. Final check of the apron and cross slide 4. Shaft for a hydro generator in HPP Peshtera 5. Asynchronous electric motor 6. General view of ZMM Sliven 7. Machining of work piece on a lathe 1250

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ZMM Bulgaria Holding AD (s)Founded in 2001

Board of Directors:Anguel Katzarov - ChairmanDobromir Todorov - Executive DirectorDaneta ZhelevaToshka Vassileva

Activities: Design, production and delivery of

machine tools - wide range of Universallathes and accessories for them; CNClathes, multi-purpose and specializedmachine tools and complete deliveries fortechnological processes;

Production of column drillingmachines, woodworking machines, bandsawing machines;

Production of large dimensions ironcastings for metal-cutting and metal-working machines, prismatic and rotaryparts and units, gear wheels and spareparts for machine tools;

Production of welded parts andmechanical machining for them;

Marketing and trade activity in thearea of machine tools and complete pro-jects, trade representation and agency.

ZMM Bulgaria Holding includes in itsstructure five companies - ZMM Sliven,Mashstroy, ZMM Nova Zagora,Leiarmach, Elprom ZEM.

Contact info:

10-12, Damjan Gruev Str.1606 Sofia, Bulgariatel.: + 359 (0) 2 981 07 53fax: + 359 (0) 2 981 43 14e-mail: office@zmmbulgaria.com web: www.zmmbulgaria.com

Elprom ZEM PLC (ss)Founded in 1950Listed on the BSE - Sofia

Board of Directors:Borislav Gavrilov - ChairmanValentin Filipov - Executive DirectorEmil Mingov

Activities:LV asynchronous electric motors;HV asynchronous electric motors;Special HV asynchronous electric

motors for driving of mine mills, crush-ers, mill ventilators and other energeticequipment;

Vertical asynchronous electric motorsfor water pumps driving;

Synchronous electric motors for driv-ing of water pumps, compressors, etc;

Synchronous electric motors for driv-ing of mine mills;

Vertical synchronous electric motorsfor water pumps driving;

Horizontal and Vertical hydro genera-tors;

Service.

Contact info:

41, Rojen Blvd.1271 Sofia, Bulgariatel.: + 359 (0) 2 936 0753 fax: + 359 (0) 2 936 0347 e-mail: zem@elprom-zem.comweb: www.elprom-zem.com

ZMM Sliven PLC (ss)Founded in 1971Listed on the BSE - Sofia

Board of Directors:Georgi Dobrev - Chairman and ExecutiveDirector Boryana DimovaDobromir Todorov

Activities: From the beginning of the business activ-ity to present the following basicmachine groups are manufactured andoffered on the market:

Universal Lathe Machines with Swingover bed from 300mm up to 1600mmand Distance between centers from750mm up to 6000mm models: C8C,CU325, CU360, CU400L, CU400,CU400M, CU500, CU500M, CU500MT,CU580M, CU630, CU800, CU1000,CU1250, CU1600;

Universal lathes equipped with a fre-quency inverter and DRO;

CNC Lathe Machines;Column Drilling Machines;Multi-operation Woodworking

Machines.

Contact info:

16, Bansko shosse Str.8800 Sliven, BulgariaPhone: +359 (0) 44 662 108Fax: +359 (0) 44 662 563e-mail: zmmsliven@zmmsliven.comweb: www.zmmsliven.com

Machine building

1. CMC lathe 2. Universal lathe 3. General view - gear box 4. Machining center for machining of base parts 5. Gear-grinding machine 6. 8. 9. Foundry work-shop 7. Assembling workshop

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Mashstroy PLC (ss)Founded in 1947Listed on the BSE - Sofia

Board of Directors:Anguel Katzarov - ChairmanMinko Taslakov - Executive DirectorBorislav Gavrilov

Activities:Design, production and implementation ofme-tal-cutting machines, CNC machines,equipment units, optional equipment, engi-neering.The main product range groups are:

Universal lathes and their differenttypes and modifications: С210Т-universalbench lathe, "hobby" type; С350ТМ,С400ТМ; C11МS, C11MS80, C11MS103,C10MS, C630, C730, C830, C10MS.10/12-Monolithic bed design-a single piecebed and base casting;

Universal lathes equipped with a fre-quency inverter and DRO: C11МSTS280,C11MSTS103, C10MSTS, C350TS,C400TS;

CNC lathes designed on the base ofuniversal lathes: C560BE, C630BE,C730BE, C830BE;

CT series CNC lathes: CT251M-equipped with CNC systems type FANUC,SIEMENS or HEIDENHAIN MANUAL PLUS4110;

Column drilling machines, typesPM28, PM40, PMC40.

Contact info:

5, Academic Angel Balevski Str.5600 Troyan, Bulgariatel.: + 359 (0) 670 62 406fax: + 359 (0) 670 63 213e-mail: info@mashstroy.bgweb: www.mashstroy.bg

ZMM Nova Zagora PLC (ss)Founded in 1970Listed on the BSE - Sofia

Board of Directors:Dimitar Kairakov - ChairmanМargarit Тоdorov - Executive DirectorDobromir TodorovAnton Mitzev

Activities:The company produces:

Rotations part - Axes, shafts - smoothand spine, shaft-gear wheels; cylindricalgear-wheels with straight and skew teethwith involute profiles; chain gear-wheels,tooth-belt pulleys, gear racks, straight-teeth bevel gear;

Cutting-machine units- Lathe gearboxes, coupling units to build in lathes,multi-disk clutches "Sigma" type, reduc-ers with cylindrical gear wheels, cyclereducer reducer and engine reducers;

Bandsawing machines: manuell -LM150G, LM160G; semi-automatic:LM150GH, LM160GH, LM220DGH,LM250DGH and automatic bandsaw NC-controlled - LM250GA, LM280AZP,LM320AZP, LM430AZP;

Crushers for waste materials PZ 5;PZ 7; PZ 9; PZ11;

Concrete mixer BP150;Rotary suspensory mover RSM 160;Spare parts;Service.

Contact info:

1, Stoilvoivodsko shose Str.8900 Nova Zagora, Bulgariatel.: + 359 (0) 457 23056fax: + 359 (0) 457 24311e-mail: zmm@mail.orbitel.bgweb: www.zmmnz.com

Leiarmach AD (ss)Founded in 2001

Board of Directors:Anguel Katzarov - ChairmanPhilip Savov - Executive DirectorTodor Stankov

Activities:Leiarmach was founded as a successorof the former foundry workshop of amachine building company.A great variety of castings including thefull range of components for machinetools like bodies, bed slides, columns,tailstocks, foundations, boxes, etc.The production capacity of the foundry is6 000 tones annually.Leiarmach is specialized in the produc-tion of castings of high quality of graycast iron, with a single weight from 20 kgto 10 000 kg and castings of nodularcast iron with a single weight up to 5 000kg, with high degree of complexity.

Castings from modified gray castirons according to EN 1561/2000;

Castings from nodular cast ironsaccording to EN 1563/2000.The foundry molds and cores are madeof furan mixtures. Bulgarian quartz sandsare used. The furan resins are deliveredby renowned European producers:Huttenes Albertus, Furtenbach and others. Resins withlow nitrogen contentare used.

Contact info:

8, Ilijansko Chaosse Blvd.1220 Sofia, Bulgariatel.: + 359 (0) 2 938 29 5fax: + 359 (0) 2 836 44 02e-mail: leiarmach@mail.com

Machine building

1. Boudjaka - Fiords 2. The Paradise Bay near Boudjaka 3. Boudjaka 4. Sunset on Boudjaka 5. Bedroom 6. 8. 9. Hotel room furniture 7. Table

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Privat Engineering AD (s)Founded in 1998

Board of Directors:Daneta Zheleva - Chairperson andExecutive DirectorKonstantin ZografovZlatomir Dimitrov

Activities:Privat Engineering main activities are:

real estates investments and sitedevelopment;

engineering and consulting activities;insurance and reinsurance brocker-

age.In June 2003 the company bought a 92-decares real property in the countrysideBoudjaka near the town of Sozopol onThe Black Sea Coast. In the middle of2004 a project for a holiday village con-struction will start there. Apartments andvillas, swimming pools, tennis courts,sports grounds and facilities, restaurants,coffee-houses and trade centers areplanned to be built in the village. Thedwelling places will be put up for sale.The company will manage the infrastruc-ture and the common possession.The company has a license for insurancebrocker N 75/30.05.2000.

Contact info:

47, Vassil Levsky Blvd.1000 Sofia, Bulgaria tel.: + 359 (0) 2 980 71 01fax: + 359 (0) 2 980 70 72 e-mail: office@bulgariaholding.com

KLVK AD (s)Founded in 2001

Board of Directors:Daneta Zheleva - Chairperson andExecutive DirectorBorislav GavrilovKonstantin Zografov

Activities:KLVK main activities are:

representation and agency;international activities;real estates investments and site

development;marketing.

Contact info:

47, Vassil Levsky Blvd. 1000 Sofia, Bulgariatel.: + 359 (0) 2 980 71 01fax: + 359 (0) 2 980 70 72 e-mail: office@bulgariaholding.com

Avgusta Mebel AD (s)Founded in 1919

Board of Directors:Rumen Mitev - ChairmanTamara Hristova - Executive DirectorVladislav TodorovGospodin Stoyanov

Activities:Avgusta mebel is nowadays the oldestBulgarian furniture manufacturer and oneof the national leader in the export ofquality solid wood and veneered fibreboard furniture.The company produces a wide range ofproducts covering a variety of interiordesign types such as homes, hotels,offices, nurseries, etc.:

bedroom, living-room and kitchensets;

hotel equipment and receptions;office and conference furniture;nursery and children's furniture.

Contact info:

21, Madara Blvd.9700 Shoumen, Bulgaria tel: +359 (0) 54 60 063 fax: +359 (0) 54 830 588e-mail: info@avgusta-mebel.com web: www.avgusta-mebel.com

Real estates Furniture production

For more information:

Industrial Holding Bulgaria PLC47, Vassil Levsky Blvd.1000 Sofia, Bulgaria

Investor Relationse-mail: ir@bulgariaholding.comtel.: + 359 (0) 2 981 55 06fax: + 359 (0) 2 980 70 72

Administratione-mail: office@bulgariaholding.comtel.: + 359 (0) 2 980 71 01fax: + 359 (0) 2 980 70 72

www.bulgariaholding.com

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