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Annual results

Below you can find excerpt from the audited consolidated financial report for the last financial year.

Income statement

BGN '000 200820092010201120122013201420152016
Sales revenues 454,941 497,533 600,334 644,731 688,579 761,136 840,517 874,984 877,085
Other operating revenue/(loss), net 7,719 5,001 2,648 1,775 2,328 4,893 5,465 (2,678) 9,483
Change of available stock of finished goods and work in progress 15,326 (950) 654 10,414 2,678 (3,307) 12,279 4,207 (994)
Materials (72,724) (64,299) (70,986) 86,524 (89,575) (87,148) (96,334) (86,396) (82,906)
External services (48,640) (49,743) (61,147) 59,366 (55,492) (58,682) (67,207) (65,661) (56,408)
Employees (47,162) (46,990) (53,400) 64,528 (68,972) (74,763) (80,880) (81,501) (87,159)
Amortization - (17,741) (16,560) 19,732 (21,995) (23,727) (27,802) (26,326) (28,705)
Carrying amount of goods sold (13,905) (267,150) (337,094) 370,991 (400,535) (448,854) (530,842) (568,590) (571,132)
Other operating expenses  (9,975) (8,854) (8,766) 9,730 (11,548) (14,112) (15,172) (11,599) (14,313)
Cost of goods sold (COGS) (248,820) - - - - - - - -
Operating profit 36,760 46,807 55,683 46,025 45,468 55,436 40,024 36,440 44,951
EBITDA  36,760 64,548 72,243 26,293 67,463 79,163 67,826 62,766 73,656
EBITDA  / Sales revenues 8% 13% 12% 4% 10% 10% 8% 7% 8%
Operating profit / Sales revenues 8% 9% 9% 7% 7% 7% 5% 4% 5%
Net profit for the year / Sales revenues 4% 7% 7% 6% 6% 4% 3% 3% 6%
Financial income 2,236 3,661 6,246 7,013 6,043 6,553 5,392 6,828 7,014
Financial expenses (16,516) (10,169) (14,183) 11,713 9,341 (22,489) (17,594) (21,640) (12,721)
Financial income/(expenses) net (14,280) (6,508) (7,937) 4,700 3,298 (15,936) (12,202) (14,812) (5,707)
               
Profit/(loss) from net monetary position recalculated under hyper inflation  - - - 4,126 823 1,565  - - -
Profit/(loss) from sale/ purchase of subsidiaries, net 45 1,764 1,181 (406) (37) (11) 1,561 7,222 14,860
Loss/(profit) from associated companies and joint venture companies (162) (286) (965) - (56) (673) 310 (1,275) 8,972
Profit before tax 22,363 41,777  47,962 45,045  42,900 37.938 29,199 27,575 62,109
Profit tax (3,150) (4,473) (5,500) 4,620 4,934 (5,179) (5,082) (4,975) (7,207)
Net profit for the year before mandatory dividend for distribution - 37,304 42,462 40,425 37,996 32,779 -  - -
Mandaotry dividend for distribution - - - (89) (6) - -  - -
Net profit for the year 19,213 33,497 40,544 40,425 37,960 32,779 24,117 22,600 54,902
Net profit for the group                
Net profit attributable to non-controlling interests                
Other components of the total income:                
Net change in fair value of available-for-sale financial assets (22,619) 4,603 4,267 283 1,214 (217) 274 139 -
Net profit from revaluation of property, plant and equipment 13,530 (19) 67 3,099 18 (353) -  - 11,802
Exchange rate differences from foreign operations 2,094 (561) (487) (826) (507) (1,406) (274) (39) 2,573
Income tax related to components of other coprehensive income 1,371 29 (5) (325) (2) 35 3 5 (1,504)
Other comprehensive income for the period net of tax (12,554) 4,052 3,842 2,231 (219) (435) (522) (212) 14,209
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD 6,659 41,356 46,304 42,567 38,448 30,721 23,595 22,388 69,111
Net profit for the period, attributable to:                 
Equity holders of the parent 19,509 36,612 41,958 38,404 35,196 29,489 20,178 21,314 50,638
Non-controlling interest (296) 692 504 1,932 2,764 3,290 3,939 1,286 4,264
Total comprehensive income attributable to:                
Equity holders of the parent 6,901 40,870 46,049 40,166 35,976 27,937 20,238 22,816 63,147
Non-controlling interest (242) 486 255 2,401 2,707 2,784 3,357 (428) 5,964
Earnings per share 0.146 0.280 0.320 0.306 0.270 0.230 0.160 0.170 0.39
Price per share 5.006 3.037 3.932 3.828 2.482 3.482 4.168 3.000 2.746
Price per share/Earnings per share 34.396 10.847 12.286 12.500 9.193 15.140 26.049 17.647 7.041
Net profit / Equity 0.146 0.254 0.307 0.306 0.288 0.248 0.183 0.168 0.407
Average number of employees 3,514 3,463 3,654 3,889 3,945 3,946 3,947 3,948 4,543
Personnel costs / Average number of employees (13,421) (13,569) (14,614) 16,592 (17,483) (18,947) (20,492) (20,644) (19.185)
Sales revenues / Average number of employees 129,465 143,671 164,295 165,783 174,545 192,888 212,951 221,627 193.063

Financial position

BGN '000 2008 2009 2010 2011 2012 2013 2014 20152016
ASSETS                
Non-current assets    
Property, plant and equipment 180,774 182,770 208,550 236,338 292,074 292,027 299,037 315,005 321,215
Reputation - - - - 13,463 13,219 13,270 24,127 9,885
Intangible assets 16,339 14,526 24,357 27,979 12,917 12,917 10,918 11,375 34,601
Investment properties 13,653 5,572 6,821 6,555 7,110 7,110 10,606 10,562 9,483
Investments in associated companies 2,088 1,859 - - 582 712 12,387 5,224 18,715
Available-for-sale investments 17,229 22,311 20,927 19,972 23,425 23,425 6,968 7,424 5,721
Long-term receivables from related parties - 3,049 3,195 1,001 1,183 1,183 33,150 20,505 10,028
Deffered tax assets - - - 1,709 2,537 2,537 3,849 3,716 2,802
Other non-current assets 175 75 601 576 1.460 1,344 353 3,546 4,149
  230,258 230,162 264,451 294,130 354,751 354,474 390,538 401,484 416,599
Current assets                
Inventories 106,078 111,251 111,685 126,022 130,950 132,053 155,910 163,129 171,791
Commercial receivables 111,056 140,163 145,523 136,756 160,558 160,555 196.330 205,589 215,583
Receivables from related persons 13,924 27,302 45,822 63,112 60,871 60,946 25,318 27,434 14,982
Other receivables and prepayments 4,645 14,437 12,640 24,332 22,521 22,516 22,445 14,505 17,727
Cash and cash equivalents 9,916 16,843 45,069 32,235 157.567 15,748 26,822 23,486 22,539
  245,619 309,996 360,739 382,458 390,667 391,818 426,825 434,143 442,622
TOTAL ASSETS 475,877 540,158 625,190 676,588 745,418 746,292 817,363 835,627 895,221
EQUITY AND LIABILITIES                
Equity attributable to equity holders of the parent                
Share capital 132,000 132,000 132,000 132,000 132,000 132,000 132,000 134,798 134,798
Reserves 65,699 31,925 34,631 33,534 35,979 35,979 36,069 48,855 62,708
Retained earnings 19,509 93,618 131,601 154,465 177,617 178,845 203,260 222,238 259,984
  217,208 257,543 298,232 31,999  345,596   346,824 371,329 405,891 457,490
Non-controlling interest 22,414 28,078 49,047 45,813 45,474 45,291 60,308 51,749 33,733
TOTAL EQUITY 239,622 285,621 347,279 365,812 391,070 392,115 431,637 457,640 491,223
LIABILITIES                
Non-current liabilities                
Long-term bank loans 73,541 25,115 31,182 23,280 56,844 56,844 45,820 38,876 25,924
Deferred taxes 5,711 5,461 6.433 6,531 5,792 5,878 5,728 7,952 11,752
Long-term payables to personnel 1,563 1,663 2,610 2,389 2,614 2,614 3.786 4,199 4,539
Financial leasing liabilities 566 419 415 1,534 2,509 2,509 2,103 1,957 2,582
Non-current liabilities to related parties - - - 363 2,567 5,612 - - -
Other non-current liabilities 926 24 798 1,368 45 45 35 165 34
  82,307  32,682 41,438 35,102 70,371 70,457 65,030 62,492 53,842
Current liabilities                
Short-term bank loans  92,445 94,995 114,465 169,880 203,994 203,994 90,761 190,785 170,842
Short-term part of long-term bank loans 8,767 61,290 50,795 24,535 9,559 9,559 7,431 14,784 9,478
Commercial payables 40,938 50,375 59,326 65,536 55,242 54,998 7,909 87,440 92,053
Payables to related parties 3,315 3,994 2,605 3,360 1,560 1,560 4,154 2,366 566
Payables to employees and social insurance 4,326 3,495 3,950 5,487 6,624 6,613 4,564 8,894 10,093
Tax payables 1,667 5,013 3,200 3,046 2,408 2,406 938 6,368 5,949
Other current liabilities 2,490 2,693 2,132 3,830 4,590 4,590 1,151 4,858 5,142
  153,948 221,855 236,473 275,674 283,977 283,720 116,908 315,495 314,156
TOTAL LIABILITIES 236,255 254,537 277,911 310,776 354,348 354,177 165,393 377,987 367,998
TOTAL EQUITY AND LIABILITIES 475,877 540,158 625,190 676,588 745,418 746,292 571,917 835,627 859,221
Attracted equity/ Equity 0,729 0,635 0,566 0,595 0,691 0,690 0,334 0,534 0.420
Debt / Equity 0,496 0,471 0,445 0,459 0,475 0,475 0,202 0,452 0.411
Current assets/ current liabilities 1,595 1,397 1,525 1,387 1,376 1,381 3,651 1,376 1.409
(Current assets-Inventories)/ current liabilities 0,906 0,896 1,053 0,930 0,915 0,916 2,317 0,859 0.862
Cash flows from operating activities  / Total liabilities -0,013 0,127 0,255 0,169 0,016 0,149 0,228 0,178 (0.187)

Cash flow

 BGN '000 2008 2009 2010 2011 2012 2013 2014 20152016
Cash flows from operating activities              
Cash receipts from customers 506,622 541,842 797,849 745,198 765,780 856,285 963,409 1,002,450 906,890
Cash paid to suppliers (430,279) (419,045) (626,887) (582,449) (644,714) (677,942) (774,750) (786,997) (819,238)
Cash paid to employees and for social security (46,214) (46,638) (51,699) (60,996) (65,759) (70,594) (76,081) (76,275) (81,499)
Taxes paid (except income taxes) (25,287) (34,911) (35,302) (39,578) (42,809) (46,936) (58,627) (62,297) (62,780)
Taxes refunded (except income taxes) 9,310 2,481 4,283 7,419 12,480 8,705 5,406 5,889 4,478
Income tax paid (3,199) (3,525) (7,545) (7,190) (7,964) (6,747) (8,005) (3,287) (5,551)
Income tax refunded - 1,215 - - - 1,311 - 15 -
Interest and bank charges paid on working capital loans (9,233) (7,492) (8,488) (8,473) (7,874) (7,429) (7,704) (7,537) (7,188)
Foreign currency exchange, net (922) (702) (446) (198) (960) (963) (3,425) (1,926) (543)
Other proceeds/(payments), net (3,846) (908) (995) (1,356) (2,447) (3,088) (2,570) (2,725) (3,337)
Net cash flows from operating activities (3,048) 32,317 70,770 52,377 5,733 52,602 37,653 67,310 (68,768)
Cash flows from investing activities                
Purchases of property, plant and equipment (30,378) (6,266) (15,717) (39,227) (61,982) (35,960) (23,737) (17,792) (14,217)
Proceeds from sales of property, plant and equipment 3,032 167 163 520 244 427 4,106 439 733
Purchases of intangible assets (2,008) (841) (582) (1,739) (1,450) (990) (2,336) (4,794) (4,010)
Purchases of investment properties - - - - - - (1,005) - -
Purchases of available-for-sale investments (10,877) (1,526) (1,394) (1,895) (3,389) (2,169) (2,886) (2,109) (2,194)
Proceeds from sale of available-for-sale investments 1,410 195 1,085 804 26 4,934 482 581 2,543
Proceeds from dividends from available-for-sale investments - - - 80 167 206 59 8 56
Payments for acquisition of subsidiaries, net of received cash (7,108) 192 (16,555) (7,674) (134) (3,146) (7) (15,604) (6,110)
Payments for the acquisition of joint ventures, net of cash received - - - - (294) (494) - - -
Purchase of investments in associated companies - - - - (583) (1,033) (8,135) (8,135) (2,531)
Cash received / (paid) on transactions with non-controlling interest, net (2,960) (391) 1,633 476 1,144 3,814 (2,826) (2,826) (21,935)
Proceeds from dividends from investments in subsidiaries  2,370 592 - - (24) - 6,274 7,831 -
Loans granted to related parties (15,712) (18,619) (46,779) (80,615) (17,223) (15,153) (18,635) (13,390) (1,903)
Loan repayments by related parties  19,709 3,999 23,402 61,476 18,945 22,192 12,305 25,902 20,274
Loans granted to third parties (7,169) (2,346) (125) (1,526) (1,388) (1,719) (1,025) (3,215) (1,187)
Loan repayments by third parties  13,188 94 1,044 1,605 1,256 1,706 864 1,965 741
Interest received on investment purpose loans and deposits 85 923 1,723 4,161 4,847 2,453 3,715 2,796 2,486
Interest received on deposits - 166 - 203 - - - - -
Dividend received from investments 798 85 106 80 - - - - -
Net cash flows used in investing activities (35,620) (23,576) (51,996) (64,506) (59,838) (24,995) (27,426) (32,899) (6,862)
Cash flows from financing activities                
Proceeds from short-term bank loans (overdraft), net 65,609 11,725 143,302 63,340 49,430 57,550 22,739 23,059 32,201
Settlement of short-term bank loans (overdraft), net (35,739) (8,051) (116,841) (49,900) (37,460) (56,723) (14,624) (49,397) (58,790)
Proceeds from long-term bank loans 66,165 158,176  8,323 41,380 45,507 11,689 4,106 4,993 2,694
Settlement of long-term bank loans (74,468) (159,931) (21,141) (33,619) (4,832) (15,147) (10,160) (13,003) (15,838)
Loans received from third parties 15,799  - - - - 726 483 590 779
Repayment of loans to third parties (12,053) (1,041) - (24) - - (710) (311) (190)
Purchases of treasury shares - - (2,392) (6,740) (2,131) (5,964) (1,264) (448) (852)
Interest and charges paid under investment purpose loans  (1,081) (1,036) (381) (1,239) (1,578) (2,606) (1,661) (1,208) (2,304)
Dividends paid (7,124) (1,199) (924) (12,814) (11,672) (10,942) (8,811) (10) (12,085)
Donations from public institutions - - - 904 1,906 3,786 (11,769) (3,983) -
Payment of finance lease liabilities (439) (503) (494) (1,133) (958) (1,498) (95) (69) (2,212)
Effect from monetary position calculated under inflation - 295 - (860) - - - - -
Net cash flows (used in) / from financing activities 11,958 (1,565) 9,452 155 38,212 (16,274) (11,535) (36,596) 74,855
Effect from recalculated under hyper inflation   - - - (860) (575) (484) - - -
Net increase/(decrease) in cash and cash equivalents (26,710) 7,176 28,226 (12,834) (16,468) 10,840 (1,308) (2,185) (775)
Cash and cash equivalents at 1 January 36,376 9,667 16,843 45,069 32,235 15,767 26,607 25,299 23,114
Cash and cash equivalents at 31 December 9,666 16,843 45,069 32,235 15,767 26,607 25,299 23,114 22,339

Capex

CONSOLIDATED201120122013201420152016Total
BGN ' 000
Land 40,754     42,012     44,281     43,664     47,340 48,676  N/A 
Buildings 86,030     85,552     127,351     123,345     127,131 134,303  N/A 
CAPEX           -      
*building new manufacturing facilities 27,844     56,353     295     3,256     10,898 1,029 99,675  
*rennovations 2,834     775     588     1,368     3,186 3,694 12,445  
*equipment 1,376     20,271     846     3,514     24 487 26,518   
*advance payments for: 4,171      4,332     5,290     4,345     3,372 723 22,233
 **equipment and machinery           -      
**construction           -      
*other 242      215     776     136      238 88 1,695   
*biological assets            -