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Quarterly results

Q1

BGN '0002011 2012 2013 2014 20152016
Revenue 164,801  173,167 187,608 213,634 221,611 215,812
Other operating revenue/(loss), net 364  787 2,361 3,123 2,214 (345)
Changes in inventories of finished goods and work in progress (785) 1,609 (484) (311) 3,070 6,694
Material expense (21,314) (25,166) (21,484) (23,728) (20,871) (23,342)
Hired services expense (12,601) (13,235) (14,219) (18,119) (15,725) (12,443)
Employee benefits expense (15,236) (16,310) (17,276) (19,210) (20,041) (20,915)
Depreciation and amortization expense (4,230) (4,585) (5,410) (7,593) (6,606) (6,800)
Carrying amount of goods sold (95,792) (97,595) (105,935) (125,712) (144,489)  (141,564)
Other operating expenses (1,947) (1,764) (3,433) (957) (1,528) (1,660)
Operating profit 13,260 16,908 21,728 21,127 17,635 15,437
EBITDA   17,490 21,493 27,138 28,720 24,241 22,237
EBITDA  / Sales revenues 11% 12% 14% 13% 11% 10%
Operating profit / Sales revenues 8% 10% 12% 10% 8% 7%
Net profit for the year / Sales revenues 7% 7% 10% 6% 5% 5%
Financial income 1,512 1,185 1,858 1,123 1,515 1,302
Financial expenses (2,441) (1,997) (2,051) (7,057) (6,386) (3,941)
Financial income/(expenses) net (929) (812) (193) (5,934) (4,871) (2,639)
Profit/(Loss) from net monetary position recalculated under hyper inflation - (2,223) (378) - - -
Loss/(Gain) from associates - - 4 (131) (58) (509)
Loss/(Gain) from sale of shares in daughter companies     123 - - -
Profit before income tax 12,331 13,873 21,284 15,062 12,706 12,289
Profit tax (1,472) (1,747) (2,674) (2,131) (2,492) (1,925)
Net profit for the year 10,859 12,126 18,610 12,931 10,214 10,364
Other comprehensive income:            
Net change in fair value of available-for-sale financial assets 33 - 64 153 39 6
Net gain from revaluation of property, plant and equipment - - 4 - - -
Exchange differences on translating foreign operations 96 458 598 (1,499) 2,586 (592)
Other comprehensive income for the period net of tax 129 458 666 (1,346) 2,611 (586)
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD 10,988 12,584 19,276 11,585 12,825 9,778
Net profit for the year attributable to:            
Equity holders of the parent 10,617 11,333 17,680 12,568 9,241 10,442
Non-controlling interests 242 793 930 363 973 (78)
Total comprehensive income for the year attributable to:            
Equity holders of the parent 10,656 11,229 18,197 11,410 12,111 10,283
Non-controlling interests 332 1.355 1.079 175 714 (505)
Earnings per share 0.082 0.092 0.141 0.098 0.077 0.079
Price per share 4.211 2.873 2.218 4.241 3.526 4.526
Price per share/Earnings per share 51.19 31.27 15.73 43.29 45.57 57.64

Q2

BGN '000 2011 2012 2013 2014 2015 2016
Sales revenues 315,714 345,554 370,563 414,827 438,809 423,732
Other operating revenue/(loss), net 157 4,081 3,048 368 676 3,960
Change of available stock of finished goods and work in progress 545 207 2,094 5,011 1,731 5,381
Materials (39.916) (45,762) (41,344) (47,227) (42,788) (43,387)
External services (27,163) (27,414) (25,516) (32,731) (31,029) (28,264)
Employees (31,631) (34,699) (38,151) (40,548) (41.480) (44,496)
Amortization (8,605) (9,372) (10,887) (14,550) (13,217) (13,467)
Carrying amount of goods sold (181,163) (196,193) (214,750) (250,745) (281,074) (277,861)
Other operating expenses (3,265) (4,175) (5,325) (3,174) (4,047) (3,523)
Operating profit 24,673 32,227 39,732 31,231 27,581 22,075
EBITDA  33,278 41,599 50,619 45,781  40,798 35,542
EBITDA  / Sales revenues 11% 12% 14% 11% 9% 8%
Operating profit / Sales revenues 8% 9% 11% 8% 6% 5%
Net profit for the year / Sales revenues 7% 7% 8% 5% 6% 6%
Financial income 3,620 2,783 4,887 2,503 11,076 3,295
Financial expenses (4.954) (3.906) (9.474) (10,042) (7,817) (7,109)
Financial income/(expenses) net (1.334) (1.123) (4.587) (7.539) 3.259 (3.814)
Profit/(Loss) from net monetary position recalculated under hyper inflation - (2.731) 224 - - -
Loss/(Gain) from associates 36 - 69 (303) 201 (1.103)
Loss/(Gain) from buy/sale of shares in subsidiaries 15 (622) (117)               - 394 11.965
Profit before income tax 23,390 27,751 35,321 23.389 31.435 29.123
Profit tax (2,004) (2,307) (4,687) (3,746) (3,029) (2,870)
Net profit for the period 21,386 25,444 30,634 19,643 28,406 26,253
Other comprehensive income:
Net change in fair value of available-for-sale financial assets 178 2 (471) 191 294 (9)
Net gain from revaluation of property, plant and equipment - - 4 - - -
Exchange differences on translating foreign operations (1,194) 980 (99) (1,433) 1,854 1,552
Other comprehensive income for the period net of tax (1,016) 982 (566) (1,242) 2,134 1,543
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD 20,370 26,426  30,068 18,401 30,540 27,796
Net profit for the year attributable to:
Equity holders of the parent 21,684 24,589 28,857 18,133 26,904 26,304
Non-controlling interests (298) 855 1,777 1,510 1,502 (51)
Total comprehensive income for the year attributable to:  
Equity holders of the parent 20,668 25,085 28,403 17,270 29,683 27,245
Non-controlling interests 109 1,341 1,665 1,131 857 551
Earnings per share 0.162 0.193 0.232 0.149 0.211 0.195
Price per share 4.255 2.654 2.503 3.503 3.342 2.667
Price per share/Earnings per share 26.264 13.766 10.787 23.542 15.861 13.692

Q3

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME - Q3
BGN '000201120122013201420152016
Sales revenues 466,501 505,339 553,792 617,722 647,601 638,390
Other operating revenue/(loss), net 1,458 3,257 3,850 (6,687) (3,505) 3,783
Change of available stock of finished goods and work in progress 3,026 3,601 (3,321) 6,264 2,127 (2,383)
Materials (61,451) (66,050) (63,123) (68,824) (61,492) (57,989)
External services (41,826) (38,940) (41,226) (47,238) (48,270) (41,036)
Employees (47,175) (50,310) (56,190) (59,348) (60,499) (65,003)
Amortization (13,048) (14,205) (17,149) (21,294) (19,603) (20,129)
Carrying amount of goods sold (267,621) (293,772)  (324,787) (377,355) (421,510) (418,001)
Other operating expenses  (5,239) (5,816) (8,739) (6,935) (5,203) (5,466)
Operating profit 34,625 43,104 43,107 36,305 29,646 31,896
EBITDA (Operating Profit) 47,673 57,309 60,256 57,599 49,249 50,025
EBITDA (Operating Profit) / Sales revenues 10% 11% 11% 9% 8% 8%
Operating profit / Sales revenues 7% 9% 8% 6% 5% 5%
Net profit for the period / Sales revenues 6% 8% 6% 4% 4% 5%
Financial income 5,072 4,606 6,570 3,798 11,807 4,679
Financial expenses (6,886) (6,108) (13,156) (12,466) (11,590) (9,972)
Financial income/(expenses) net (1,814) (1,502) (6,586) (8,668) 217 (5293)
Profit from net monetary position recalculated under hyper inflation  - (1,788) 672  - - -
Profit/Loss from sale/purchase of subsidiaries 25 1,286 (11)  - 395 12,866
Loss/(profit) from associated companies 10 - (294) (182) 55 (367)
Profit before tax 32,846 41,100 36,888 27,455 30,313 39,102
Profit tax (3,825) (2,652) (4,143) (4,226) (5,915) (6,049)
Net profit for the period 29,021 38,448 32,745 23,229 24,398 33,053
Other components of the total income:          
Net change in fair value of available-for-sale financial assets 156 1 (584) 445  449 (84)
Net profit from revaluation of property, plant and equipment - 9 4 - - -
Exchange rate differences from foreign operations (707) 534 (680) (1,134) 833 2,530
Other comprehensive income for the period net of tax (551) 544 (1,260) (689) 1,282 2,446
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD 28,470 38,992 31,485 22,540 25,666 35,499
Net profit for the period, attributable to:           
Equity holders of the parent 29,435 35,989 30,837 20,146 23,859 31,627
Non-controlling interest (414) 2,459 1,908 3,083 539 1,462
Total comprehensive income attributable to:          
Equity holders of the parent 28,423 36,226 29,935 19,798 26,219 33,297
Non-controlling interest 47 2,766 1,550 2,742 (553) 2,202
Earnings per share 0.220 0.291 0.248 0.176 0.172
Price per share 4,050 2,552 2,755 4,265 3,128
Price per share/Earnings per share 18,421 8,761 11,104 24,234 18,151

Q4

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME - Q4  
 BGN '000 2011  2012 2013 2014 2015 2016
Sales revenues 644,731 688,579 761,136 840,517 876,199 881,684
Other operating revenue/(loss), net 1,775 2,328 4,893 5,465 (2,337) 8,805
Change of available stock of finished goods and work in progress 10,414 2,678 (3,173) 12,279 (261) (3414)
Materials (86,524) (89,575) (87,148) (96,334) (85,275) (82,595)
External services (59,336) (55,492) (59,110) (67,207) (66,014) (58,004)
Employees (64,582) (68.972) (74.335) (80,880) (81,110) (87,004)
Amortization (19,732) (21,995) (26,170) (27,802) (26,370) (27,559)
Carrying amount of goods sold (370,991) (400,535) (448,854)  (530,842) (568,382) (575,432)
Other operating expenses  (9,730) (11,548) (14,112) (15,172) (12,832) (14,015)
Operating profit 46,025 45,468 53,127 40,024 33,618 42,466
EBITDA  65,757 67,463 79,297 67.826 59.988 70,025
EBITDA  / Sales revenues 10% 10% 10% 8% 7% 8%
Operating profit / Sales revenues 7% 7% 7% 5% 4% 5%
Net profit for the year / Sales revenues 6% 6% 4% 3% 2% 6%
Financial income 7,013 6,043 7,201 5,350 13,854 8,201
Financial expenses (11,713) (9,341) (23,137) (17,764) (21,417) (12,983)
Financial income/(expenses) net (4,700) (3,298) (15,936) (12,414) (7,563) (4,782)
Profit/(loss) from net monetary position recalculated under hyper inflation  4,126 823 1,556 - - -
Profit/(loss) from sale/ purchase of subsidiaries, net - (37) (11) 1.561 371 14,291
Loss/(profit) from associated companies (406) (56) (761) 310 (839) 8,514
Profit before tax 45,045 42,900  37,975 29,199 25,587 60,218
Profit tax (4,620) (4,934) (5,172) (5,082) (6,363) (9,526)
Mandaotry dividend for distribution (89) (6) - - - -
Net profit for the period 40,425 37,960 32,803 24,117 19,224 50,692
Other components of the total income:          
Net change in fair value of available-for-sale financial assets 283 1,214 (217) 247 111 1,441
Net profit from revaluation of property, plant and equipment 3.099 18 (353) (6) - (136)
Exchange rate differences from foreign operations (826) (507) (1,401) (274) 105 2,397
Income tax related to components of other coprehensive income (325) (2) 35 1 - -
Other comprehensive income for the period net of tax 2,231 615 (2,053) (522) 165 9,136
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD 42,567 38,575 31,879 23,595 19,389 59,828
Net profit for the period, attributable to:           
Equity holders of the parent 38,404 35,196 29,501 20,238 19,105 46,342
Non-controlling interest 1,932 2,764 3,302 3,357 284 4,350
Total comprehensive income attributable to: 40,166 35,868 - - -
Equity holders of the parent 2,401 2,707 28,140 20,178 17,506 53,811
Non-controlling interest - - 2,610 3,939 1,718 6,017
Earnings per share 0.306 0.270 0.240 0.200 0.172
Price per share 3,828 2,482 2,931 4,168 3,000
Price per share/Earnings per share 12,500 9,193 12,212 20,840 17,430