“Bulgarian State Railways - Cargo Freights” Ltd

Journal of Advanced Management Science Vol. 7, No. 2, June 2019

The Necessity to Improve the Competitive Power of “Bulgarian State Railways - Cargo Freights” Ltd.

S Tzvetkova and E Savova University of National and World Economy, Sofia, Bulgaria Email: [email protected], [email protected]

Abstract—“Bulgarian State Railways - Cargo Freights” Ltd. replacement services in cargo railway transport can be is the leading association on the Bulgarian market for evaluated as HIGH, which has a negative reflection on carrying out railway cargo freights. In recent years, freight volumes in the sector, with it reaching up 10% in however, the freight volume has decreased and the comparison to other types of transport. The traction- company has reported negative financial indicators. The changes that have occurred in Bulgarian economy, the rolling stock is growing old, which leads to operative market’s liberalization, the impossibility for making problems, increased repair costs and deteriorated quality investments, the obsolete rolling stock, the deteriorating of services, which respectively reduces the competitive quality of transport services and the reduced competitive power. power are among the main reasons for that. The The financial situation of “BSR – Cargo Freights” Ltd. substantiated necessity for increasing the freight volume, is serious. In its short 10-year history, the association has improving the financial indicators and retaining the market registered negative financial indicators which result from share is the main motive for writing this paper. To that end, the external environ ment and from ineffective internal factors from the internal and external environments have activities and processes. The total amount of losses for been analyzed through the implementation of PESTEL, 5 FORCES and SWOT analyses. For research purposes, a this period is approximately 131 million BGN. During qualitative assessment has been made through a the 2007-2009 period the association was run through an questionnaire survey among consumers of the service. The unstable business model where earnings and expenses following conclusions have been drawn: strong were determined in an administrative and non- competitiveness on the market; unsatisfactory quality; low transparent way, this reducing visibility on the state of competitive power; impossibility for carrying out business and impeding the making of objective investment policies due to lack of free financial resources. management decisions. As a result, “BSR – Cargo In order to improve competitive power, authors Freights” Ltd. generated an operating loss of 25 million recommend: implementing immediate measures for BGN in 2009 (the profit/loss indicator before interests, improving techno-economic indicators by optimizing activities and processes, identifying the excess capacity of taxes and depreciation – EBITDA), despite a profit of 137 million BGN. non-operating assets and human resources.  The 2010-2013 period was a period of reforms which Index Terms—cargo railway transport, measures to removed the previous unstable business model and increase the competitive power expenses started to be controlled in comparison to earnings. In 2011 the company managed to turn around the trend of yearly contraction of the work volume by I. INTRODUCTION increasing the number of transported ton-kilometers. As

Bulgaria’s entry into the EU marked the beginning of a result, the association gradually began to make an deep reforms in all fields of economics and transport. operating profit in 2013 (EBITDA). 2014 marked the end The liberalization of the railway cargo freight market is of the reforms. Because of the receding work volume, already a fact and private railway cargo operators have profits went down, expenses went up again and the been operating in the country since 2007. In a short association returned to a state of operating loss, with its amount of time, competition led to improved quality of own capital contracting by about a third, reaching 54 services. These are the private carriers whose market million BGN. During the 2015-2016 period the earnings influence becomes stronger with each passing year. The from the main activity continued to drop, but the effect state enterprise failed to restructure and optimize itself of the undertaken reforms was reflected and the and continued to lose customers, with its market share association improved its financial indicators – EBITDA dropping below 50% in late 2017. The threat of is a positive quantity. In 2017 “BSR – Cargo Freights” Ltd. achieved a growth of 49 000 tons of transported

cargo for the first time since 2012, with a 3% growth for Manuscript received July 16, 2018; revised May 26, 2019. earnings and a 5% growth for expenses.

Bulgarian economy is changing its balance – land Kulata and the Sofia-Plovdiv-Burgas/Svilengrad transport has registered a 2% growth over the past year (the Turkish border) lines and the Sofia-Gorna compared to 2016, including a 10% growth in railway Oryahovitsa-Ruse-Bucharest railway line. transport compared to 2016. On the whole, this growth is  The mechanism for connecting Europe finances due to two enterprises: “Aurubis” with a growth of projects which fill in the missing links in Europe’s 840 000 tons of cargo with “BRC” JSC as carrier, and energy, transport and digital structure. The tool “TBD” – 830 000 tons, carrier of personal production – also helps European economy become greener by coal [1]. advocating for cleaner types of transport, high- speed broadband connections and the easier use of II. ANALYZING THE ASSOCIATION’S EXTERNAL energy from renewable sources in the “Europe ENVIRONMENTAL 2020” strategy. “The Transport Sector” will co- PESTEL Analysis finance TEN-T projects and projects of “common Political Factors: interest”, such as infrastructure projects with high  The significant investments from European funds added value for the EU, along the “Mechanism for Connecting Europe” (MCE). These for OP “Transport” in railway infrastructure will infrastructure investments can work with projects increase the number of highs-speed routes, faster cargo delivery and improved quality of services . financed by the “European Fund for Regional Development” (EFRR), the “Cohesion Fund” (CF) Nevertheless, the primary focus in the country and the “European Agricultural Fund for the seems to be on the development of automobile transport, with a lack of prioritization of railway Development of Rural Regions” (EAFDRR). Railway transport, which is significantly more transport [2]; environmentally friendly than automobile  The interest in development on an EU level has transport, has all the prerequisites to be preferred also been strengthened by Bulgaria’s key by multiple companies as the primary means of geographical position in Southeastern Europe, transporting their cargo; which aids the development of international lanes in both main directions: West-East and North-  The strategy of OP “Transport and Transport Infrastructure” (OPTTI) 2014-2020 ensures the South; continuity and logical succession of investments  The goals set in the White Paper focus on from the 2007-2013 programming period, which transference of medium-distance and long- guarantees the completion of the directions which distance cargo freights from automobile to have already been invested in. One of the priority railway and sea transport. This can become clear axes formulated in OPTTI is “Development of from the specific objectives set in the document: Railway Infrastructure Along the “Main” Trans- transference of 30% of the cargo in automobile European Transport Network” whose purpose is transport over 300 km to railway/sea transport by to facilitate the flow of merchandise and people 2030; this percentage grows to 50% by the between EU countries. forecast period of 2050. In addition to cargo Economic Factors redirection, infrastructural insurance is also being worked on, which could cover similar large-scale  Bulgaria’s economic and financial situation has a strong influence on the demand for transport projects. The plan is to triple the current length of services; the European high-speed railway network by 2030, with 2050 being the set date for the project’s  Changes in the indexes of industrial production finalization [3]; branches directly concern the Bulgaria’s railway transport. On a yearly basis, a 1,7% growth /in  The guidelines for the development of the Trans - November 2017, compared to the same period for European Transport Network have been defined 2016/ has been reported, with the data showing in Regulation № 1315/2013 of the European [4]: drop in coal mining - 23,2%; growth in metal Parliament and the Council. The defined ore mining - 0,4%; growth in the production of objectives are aimed at approximation, efficiency, basic metals – 11%; drop in timber production stability and increased number of benefits for and timber products – 3%. network consumers. The transport infrastructure Social Factors: development policy covers all types of transport  Reduced harmful emissions of greenhouse gases and envisages the structuring of the network on and noise in railway transport lead to a drop in two levels: primary network (it includes the most environmental pollution and minimize the important transport connections and hubs for the negative effects on the population’s health; EU and it should be realized by 2030) and  The policy of unchecked high-capacity expanded network (it guarantees full coverage of automobile traffic during holidays has an the EU’s territory and it should be completed by unfavorable effect in terms of traffic accidents, 2050). The primary TEN-T network on the considering that railway transport is twice as safe territory of the Republic of Bulgaria includes: as automobile transport [5]. railway and traffic routes along the Vidin-Sofia-

Technological Factors: The state of the railway market for “BSR – Cargo  One of the main technological factors is Freights” and the market share in terms of transported completing priority railway and road directions tons of cargo are indicated in the graph below (see Table and advocating for multimodal transport by I). constructing intermodal terminals and the railway TABLE I. MARKET SHARE COMPETITION network’s connections with harbors and airports; “BSR – Cargo Freights” Ltd. 39,80%  Progress in the development of information technology is actively reflected in the transport “BRC” JSC 21,70% sector. New information systems are integrated, “Bulmarket DM” Ltd. 17,20% giving complete solutions for the freight process, “DB Cargo Bulgaria” Ltd. 10,10% the simplification of activities and “on-line” SE “TCR” 7,90% customer service. “Port Rail” Ltd. 1,60% Environment: “Rail Cargo Carrier Bulgaria” Ltd. 1,30%  A specific ecological objective in the General “TBD Cargo Freights” SJSC 0,40% Master Plan for Transport is the priority increasing of the share of railway transport, which Other 0,20% will limit the amount of harmful emissions from Source: National Institute of Statistics transport, integrate the ecological requirements in When the railway cargo transport was liberalized in the plans, programs and projects for transport 2005, the market had a total of two licensed carriers with development and reduce the noise load of a total market share of 1%, whereas in 2017 they are populated places and their unfavorable influence thirteen, with a total market share of 60,20%. on their residents by exporting transit traffic The market share of “BSR – Cargo Freights” Ltd. in through detour routes. 2017, compared to other railway carriers, is:  The completion of the ecological objectives gives railway transport some major priorities over other  as transported tons of cargo – 39,8%; types of transport. Railway transport is the most  as net ton-kilometer work – 45,7%. environmentally friendly type of transport in the country – 70,3% of the railway network in the Although the association continues to be an Republic of Bulgaria is electrified. undisputed leader on the market of railway cargo Legal factors: transport services with these indicators, the threat of  The law for railway transport determines the competition is high. conditions and the order of construction, Supplier Power maintenance, development and use of the railway infrastructure, the requirements for access to it, The suppliers of “BSR – Cargo Freights” include the main rules for the movement of trains, as well manufacturers and distributors of fuels, electricity and as the relations between carriers and customers railway rolling stock. when providing freight services (conditions for “BSR – Cargo Freights” is one of the largest signing contracts with customers, carrier consumers of materials and resources in the country, and responsibilities during freight, delivery deadlines, can therefore influence supplier prices. This increases the returns, maintaining the safe operating condition competition between them for attracting the association of vehicles, administrative-criminal provisions, as a customer and leads to offers for more advantageous etc.). The law corresponds to the international conditions. contracts and treaties that the Republic of The Threat of Replacement Products Bulgaria is a party to;  The levels of infrastructure taxes in Bulgaria are The threat of replacement services in cargo railway higher, compared to the average for all countries transport could be evaluated as high, as seen from the from EU 28. A process of harmonizing following table (see Table II) for the types of cargo infrastructure taxes in the EU is currently transport: underway, which will reduce their size in Bulgaria. TABLE II. MARKET SHARE OF DIFFERENT T YPES OF LAND This will reduce the cargo freight costs of “BSR – T RANSPORT Cargo Freights” Ltd. and increase the competitive Land transp. 2015 2016 2017 2018 2017/ power of railway transport; Incl. 2018  The introduction of a Toll-system for road taxes, (thou-sand tons) 123,6 121,9 123,8 126,3 2% covering heavy-freight automobiles, is envisaged; tax payment will be based on “kilometers Auto-mobile 85,2 82,5 83,4 85,0 2% traveled”. This change will have a positive influence on railway freights. Pipe-line 23,8 25,1 24,7 25,2 2%

Influence of the Competition - 5 FORCES Analysis Rail-way 14,6 14,2 15,7 16,6 6% Competition in the Industry Source: National Institute of Statistics

Market conjuncture is expressed in growth of land TABLE IV. MARKET SHARES FOR 2017 WITH RETENTION OF REMAINING CARGO transport - 2%, including:  Automobile - 1%; Carriers, % thousand tons 2015 2016 2017  Pipeline - 2%; “BSR – Cargo 8 315 6 201 6 250 39,80%  Ra ilway - 10%, mainly due to two enterprises: Freights” Ltd. “Aurubis “ - 840 000 tons, with “BRC” JSC as “BRC” JSC 2 611 2 561 3 409 21,71% carrier and “TBD” - 830 000 tons, carrier of its “Bulmarket 1 001 1782 1 579 10,05% own production - coal. DM” Ltd. “BSR - Cargo Freights” SJSC partially overcame the "DB Cargo 2 023 1746 1 237 7,88% significant drop from “TBL” (700 000 tons) from Bulgaria" attracting new customers, including “Lukoil Bulgaria” Ltd. SJSC and “Lukoil Neftochim Burgas” JSC. The prime "TBD Cargo 14 1863 2 699 17,19% Freights" cost of automobile transport is lower than the prime cost SJSC of railway transport for short-distance and smaller cargo Other 1 88 197 3,37% deliveries, which are done door-to-door. It should be noted that the market share of “BSR – Cargo Freights” Total 100,00% Ltd. for the 2006-2017 period was 96,8%. Presently, it is 39,80%, i.e. it has dropped by 57% (see Table III and Source: National Institute of Statistics Table IV). The large number of railway carriers which have already entered the Bulgarian market and the high initial TABLE III. LICENSED RAILWAY CARRIERS BY THE END OF 2017 fixed costs make the entry of new competitors difficult License [5]. License License Carrier Date of Number Scope Issue Customer Power 15.04.2005 Bulgarian Railway The freight volume has resulted in the formation of 3 BG Cargo Company 201 16.03.2011 freights categories of customers who have signed contracts with JSC EU “BSR – Cargo Freights” Ltd. for carrying cargo by Bulmarket Rail railway transport and central payment of freight expenses 14.05.2015 Cargo Cargo 212 – A, B and C. In 2017 “BSR – Cargo Freights” Ltd. EU freights Ltd. signed contracts for the formation of freight prices and “BSR – Cargo 16.10.2013 Cargo the conditions of their payment with 59 firms. Five of Freights” 203 EU freights Ltd. said firms have not registered any freights for 2017. “Castrade” 19.12.2013 Cargo Customers have been segmented by volume indicators, 204 JSC EU freights namely: 01.10.2008 Cargo  Carried out freights, expressed in transported tons “Unitranscom” JSC 205 EU freights of cargo; “DB Cargo Bulgaria” 13.05.2010 Cargo  Ton/kilometer work; 206 Ltd. EU freights  Invoiced freight prices and supplementary fees. As a result, the customers who have signed contracts “Express Service” 12.06.2010 Cargo 207 Ltd. EU freights with “BSR – Cargo Freights” Ltd. have been placed in the following categories: State enterprise “Transport 28.04.2011 Cargo Category A – customers whose freight volume is over 208 Construction and EU freights 100 000 tons – 14 firms; Reconstruction” Customers from this category have transported a total of 4 917 529 tons of cargo for 2017, or 79,3% of the “Cargo Trans Wagon 11.05.2011 Cargo Bulgaria” 209 total freight volume, and they form 76,5% of the EU freights JSC earnings from the association’s main activity. In comparison to 2016, the total freight volume of these “Port Rail” 11.04.2012 Cargo 210 Ltd. EU freights customers has increased by 4,2%, their ton-kilometer work has increased 9,8%, and their earnings have “Rail Cargo Carrier 21.01.2015 Cargo increased by 6,2% respectively. Bulgaria” 211 EU freights Ltd. Compared to the same period from 2016, 14 companies have been registered as customers in this “TBD – Cargo 16.06.2015 Cargo group, transporting 5 024 270 tons of cargo for Freights” 213 EU freights SJSC 71 672 169,88 BGN. 16.03.2016 Cargo Category B – customers whose freight volume is PIMK Rail SJSC 214 EU freights between 10 000 and 100 000 tons – 24 firms. Source: National Institute of Statistics Customers in this category have transported 1 211 565 tons of cargo in 2017 and their relative share of the total freight volume is 19,5%. They form 22,1% of the

earnings from the association’s primary activity. SWOT Analysis Compared to 2016, the total freight volume of these Strengths: customers has dropped by 11,4%, their ton-kilometer work – by 13,4%, and their earnings have dropped by  Commercial contracts with all neighboring and 16,5% respectively. European railway carriers; Compared to the same period from 2016, 18  Strategic contracts with European carriers for companies have been registered as customers in this exchange of rolling stock; group, transporting 1 032 331 tons of cargo for  Capacity for transporting various types of cargo; 19 654 904 BGN.  Full coverage for customer services within the Category C – customers whose freight volume is country; lower than 10 000 tons – a total of 16 firms.  Developed operational activity; These companies have transported a total of 71 106  A single ferry line operator (Varna – tons of cargo for 2017, meaning they form 1,1% of the Chornomorsk, Varna – Poti/Batumi, Varna – total freight volume and 1,4% of the earnings. Compared Caucasus); to the same period from 2016, this category registers a  The largest and most varied fleet of cargo cars 12,0% drop in freight volume and 17,0% drop in and locomotives; earnings.  Flexible pricing policy; Compared to the same period from 2016, 12 companies have been registered as customers in this  Well-built customer base; group, transporting 37 234 tons of cargo for 775 142,36  A wide range of services. BGN. Weaknesses: Analysis of the three categories of customers shows  Outdated locomotive fleet – 85% of the that for 2017: locomotives have excess mileage for basic  Category A customers form 78,7% of the volume of planning repairs, which leads to 1858 units in carried out work and 76,5% of the earnings, need of repairs for 2017; transporting 4,2% more cargo compared to 2016;  Lack of qualified personnel;  Category B and Category C customers form 21,3%  Average staff age – 49 years; of the volume of carried out work and 23,5% of the  Mandatory implementation of the Public earnings. Procurement Act (PPA) when repairing the rolling stock, delivering materials and consumables – 6- In order to retain its customers, “BSR – Cargo month delays in deliveries; Freights” Ltd. needs to make constant efforts on a daily  Low effectiveness due to excess capacity, large basis to: improve the quality of freights, shorten delivery cargo car turnover, high percentage of vacant runs, deadlines, prepare cars for loading/unloading in a timely isolated movement and single-car freights; fashion and provide timely and accurate information  Extended cargo delivery deadlines due to low about the position of the cars at all times during speed along the railway network; transportation.  High rate of cargo theft and damage; The majority of customers from Categories A and B  Low employee commitment; are forwarding agents, like “CONSORTIUM MT TRANS”, “TRANSLAND” Ltd., “SHENKER Oportunities: BULGARIA” Ltd., “PRIME SPED” Ltd. and “TTL” Ltd. They carry out automobile and sea transport freights  Increasing customer satisfaction – optimizing the along with railway transport freights. The policy of processes of accepting, carting away and shipping firms involves conducting dialogue on a daily delivering cargo (preparation to carry out the basis and fully specifying freight conditions in order to order, delivery time, preparation of cars for avoid the real thread of redirecting their cargos from unloading and their acceptance by recipients); railway transport to competitive types of transport or  Achieving a 15% growth in fuel freights (or other railway carriers. 170 000 tons) to the value of 2 500 000 BGN An analysis of freights by customers and all related (The necessary number of wagon-tanks have been expenses from 2017 makes it clear that the achieved provided to January 2 2018 due to a tend for results are mainly influenced by freight organization. In growth in the oil refining industry); the conditions of intense competition from private  Achieving a 10% growth in construction material railway carriers and alternative automobile transport, freights, or 140 000 tons to the value of 2 000 000 increased prices would lead to loss of customers. The BGN due to the continuing construction and association focuses its efforts on reducing expenses for repair activities of the “Stuma” and “Hemus” the realization of its primary activity. highways, as well as for rail trail repairs [6]; Based on data provided by customers (forwarding  Increasing the volume of import/export freights – agents and major shippers) and analysis of transported partnership with strategic Bulgarian and foreign cargo by types, relations and quantities, a plan for 2018 customers for increasing the existing volumes by customers has been developed [6]. and/or starting new freights organized with block-

trains (“Kaolin” JSC, “Trakia Voice” JSC, IV. CONCLUSION “Shenker” Ltd.), cooperation with terminal Despite the difficulties it faces, the railway sector has operators for providing complex services; a number of ecological advantages over other types of  Improving employee commitment to the land transport [9]. Because electric traction is so widely association’s activity – categorizing train stations applicable, railway transport is more energy efficient based on criteria and introducing a bonus system than automobile transport and it has a far less negative of employee payment; impact on the environment. Compared to automobile  Developing a plan for outsourcing nodal shunting transport, it consumes 8 times less energy for the points – Iliyantsi, Burgas, parts of Ruse and transportation of one ton of cargo. The completion of the Plovdiv – analyzing the maneuverable activity, ecological objectives gives railway transport major starting a 3-month experiment in Iliyantsi train priorities over other types of transport. Railway transport station; is the most environmentally friendly type of transport in  Developing intermodal freights and increasing the country – 70,3% of Bulgaria’s railway network is transit traffic – analyzing the international market electrified. In order to become a more flexible and and identifying potential customers and partners, permanently profitable enterprise, “BSR – Cargo promoting the association’s services at national Freights” Ltd. needs to react adequately and proactively and international transport-logistics events, to market realities and seek effective approaches and negotiations with potential customers and partners, innovative methods for retaining its market positions, flexible pricing policy [7]; increasing its competitive power and improving the  Improving the quality of the “transit freight” quality of the services it offers [10]. service – reducing transit time by 50%, minimizing the prerequisites for cargo damage, REFERENCES 24/7 information services for customers, possibilities for providing additional security for [1] Account of “BSR – Cargo Freights” SJSC’s earnings and trains transporting precious cargo, etc. expenses for 2017, pp. 7-10; [2] Operative Program “Transport” for the 2007-2013 period, pp. Threats: 47-53; [3] Operative Program “Regional Development” for the 2007-2013  Improving automobile infrastructure and period pp. 17-18; increasing the share of automobile transport [4] National Institute of Statistics – official website; freights; [5] National Environmental Strategy 2009-2018, pp. 7-8;  The poor condition of the railway infrastructure [6] The association’s financial report for 2017, p.32; and delays in the realization of infrastructure [7] The EU’s Guidelines for the Development of the Trans- projects; the existing infrastructure does not allow European Transport Network; the development of speed which will make the [8] The Strategy for the Development of Bulgaria’s Transport offered service competitive; Infrastructure by 2015; [9] A Vision of the New Policy for the Development of Bulgarian  Outflow of qualified personnel [8]. Railways 2008-2013, pp.19; [10] Strategy for developing the transport system of the Republic of III. INFERENCES AND RECOMMENDATIONS Bulgaria by 2020, pp.7. Based on the conducted analyses, it can be concluded that the enterprise is functioning in the conditions of strong competition on the market, with automobile cargo Assoc. Prof. Svetla Tzvetkova - University of National and World transport on one side and licensed carriers on the other. Economy in Sofia, Department “Economics of Transport and Energy”, The quality of the offered transport service is E-mail: [email protected] unsatisfactory and its competitive power is low. An Domain of Research: Management of transport innovations; Risk investment policy is impossible due to the lack of management in transport; Crisis management in transport; Ecology available] National Institute of Statistics – official website; management in transport; Improving the quality and competitiveness of transport services; Reducing transport’s harmful impact on the financial resources. Because of these conditions, it is environment; Increasing the social effectiveness of urban passenger crucial that urgent measures be adopted in order to transport; Staff management in transport enterprises. improve the quality and competitive power of the offered transport service. There is also the growing necessity for Participation in recent R&D projects: “BSR – Cargo Freights” Ltd. to start managing its  Research Activity Project №1-21/2011 “Strategies for customer relations more effectively in order to retain its Improving the Competitiveness of Transport Enterprises in customers, which would also have a positive effect on Conditions of Crisis” (University RA project of the the association’s market and financial results. The Department of “Economics of Transport and Energy”, association’s technical-economic indicators also need to UNWE) – member of the research team headed by Associate Professor PhD Violeta Bakalova; be improved through adequate actions with a view to the  Project BG 051PO 001- 3.107-0059 with deadline March 7, optimization of the operational activity, elimination of 2014. “Updating the curriculum and programs in the inefficiency and improved employee qualifications. education-qualification degree of Bachelor for the professional direction of “Economics” in accordance with the needs of the labor market for the construction of

knowledge-based economy” - Expert Analyst for Activity 2 SELECTED STUDIES: – Analyzing the functioning educational documentation for the “Economics of Transport” subject. Project leader –  Tzvetkova, S., Minkov, T., 2008, “Guidelines for Reducing Associate Professor PhD Marcho Markov; the Harmful Influence of Automobile Transport on the  Research Activity Project № 1-7/2014 “Improving the Environment”, “Krisan – S” Publ. House, Sofia; Effectiveness of Passenger Transport in the City of Sofia” (RA project of the Department of “Economics of Transport  Tzvetkova, S., 2010, “Guidelines for Perfecting the Work and Energy”) – project leader; of Automobile Freighters When Transporting Hazardous  Project for a Scientific Forum (conference) on the subject of Cargo”, “Krisan – S” Publ. House, Sofia. “The Stable Development of Urban Passenger Transport Within Sofia Municipality” (University RA project of the SELECTED ARTICLES: Department of “Economics of Transport and Energy” – project leader (2018).  Tzvetkova, S., 2017, “Improving the Quality of Urban Selected Publications (Total of 90+ scientific publications) Passenger Transport in the City of Sofia by Incorporating Intelligent Transport Systems”, Economic and Social Alternatives, Issue 4, p. 37; SELECTED TEXTBOOK:  Tzvetkova, S., Minkov, T. (2017), “Analyzing the Harmful Influence of Transport on the Urban Environment”, UNWE, - Tzvetkova, S., Parvanov, H., Bakalova, V., 2010 “Management of Economic and Social Alternatives, Issue 3, 2017, p. 48; Transport Projects” UNWE’s Publishing Complex, Sofia;  Tzvetkova, S, 2017, “Ecological Aspects of Transport - Tzvetkova, S., Parvanov, H., Bakalova, V., 2012 “Management of Enterprise Management”, Scientific Journal “Mechanics, Energy Projects, UNWE’s Publishing Complex, Sofia; Transport and Communications”, Vol. 15, Issue 3/3, 2017. - Tzvetkova, S., Vasilev, E., Gatovski, I., 2016, “Management of Printing Base of VTU “Todor Kableshkov”, p. IX-19. Innovations in Transport”, UNWE’s Publishing Complex, Sofia;  - Tzvetkova, S., Parvanov, H., 2017, “Transport and Energy Marketing”, UNWE’s Publishing House, Sofia; Ekaterina Savova - PhD student - University of National and World - Tzvetkova, S., Parvanov, H., 2017, “Transport and Energy Economy in Sofia, Department of “Economics of Transport and Management”, UNWE’s Publishing House, Sofia; Energy”, E-mail: [email protected]

Ekaterina Savova is Director of Finance and Administration Directorate SELECTED MONOGRAPHS: at BDZ-Freight Transport EOOD from October 2016. Career in BDZ Holding EAD started in 2008 as Head of Sector "Clients,  Tzvetkova, S., 2015, “Specific Features of Staff Insurances and Taxes" in the Accounting Department of the Finance Management in Transport Enterprises”, UNWE’s Department. Since the end of 2011, Chief Accountant of BDZ-Freight Publishing Complex, Sofia; Transport EOOD, with its main responsibility for the preparation of an  Tzvetkova, S., 2016, “The Social Effectiveness and Quality accounting policy adapted to the market situation. During this period, of Urban Passenger Transport”, UNWE’s Publishing he is the project manager, aiming to develop and implement an Complex, Sofia; innovative model for monitoring the profitability of the company's  Tzvetkova, S., 2016, “Analyzing Sofia’s Urban Passenger clients. Transport and Guidelines for Its Development”, UNWE’s Over the years, she has held a number of expert and managerial Publishing Complex, Sofia; positions in the private and budget sectors of the economy. Ekaterina Savova holds a Master's degree in "Finance", currently PhD student at the Department of “Economics of Transport and Energy” at the University of national and World Economy in Sofia with Scientific Director Assoc. Prof. S Tzvetkova.