4Q 2020 Consolidated Financial Notification of the company has submitted to the Financial Supervision Commission.

Financial Report
Explanatory Notes

The consolidated net sales revenues of the Group for the fourth quarter of 2020 reached BGN 53.7 million which is a 9 % growth compared to the same period of 2019 on an annual basis. Based on the results achieved in the first months of 2021, we revise the sales forecast for the first quarter of this year by 18 % upwards and we expect them to reach BGN 62.6 million. We anticipate the gradual growth in consolidated sales revenues from the last months of 2020 to continue in 2021 and in the first half of the year we expect the growth to exceed 14 %.

The consolidated net sales revenues for the second half of 2020 reached BGN 97.9 million against the projected BGN 93.8 million which is a 4.4 % growth compared to the forecast and a 3.8 % downturn compared to the second half of 2019. Sales for the whole of 2020 reached BGN 200.3 million compared to the expected BGN 196 million pursuant to the updated business plan as of October, 2020. The decrease compared to the previous 2019 is 10.7 %. With this sales downturn the costs by economic elements decreased by 8.7 %. The sales downturn is a result of the already outlined framework of the crisis and the restrictive measures aimed at limiting the spread of Covid-19.

The gross 2020 profit of the Group amount to BGN 21.6 million compared to BGN 19.7 million which is a growth by 9.6 %.