Industry Report Travel Agency, Tour Operator and Other Reservation Service and Related Activities 2018 BULGARIA

Industry Report Travel agency, tour operator and other reservation service and related activities 2018 BULGARIA

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This industry report is part of your subcription access to SeeNews | seenews.com/subscription CONTENTS

I. KEY INDICATORS

II. INTRODUCTION

III. REVENUES

IV. EXPENSES

V. PROFITABILITY

VI. EMPLOYMENT 1 SeeNews Industry Report

In 2017 there were a total of 1,934 companies operating in the I. KEY INDICATORS industry. In 2016 their number totalled 1,962.

The Travel agency, tour operator and other reservation NUMBER OF COMPANIES IN TRAVEL AGENCY, TOUR OPERATOR service and related activities industry in Bulgaria was AND OTHER RESERVATION SERVICE AND RELATED ACTIVITIES represented by 1,969 companies at the end of 2018, INDUSTRY BY SECTORS compared to 1,934 in the previous year and 1,962 in 2016. SECTOR 2018 2017 2016 TOUR OPERATOR ACTIVITIES 1,136 1,114 1,135 The industry's net profit amounted to BGN 38,834,000 in TRAVEL AGENCY ACTIVITIES 516 518 532 2018. OTHER RESERVATION SERVICE AND RELATED 317 302 295 ACTIVITIES The industry's total revenue was BGN 1,323,861,000 in 2018, up by 12.41% compared to the previous year.

The combined costs of the companies in the Travel agency, tour operator and other reservation service and related III. REVENUES activities industry reached BGN 1,279,194,000 in 2018, up by 12.68% year-on-year. The total revenue in the industry was BGN 1,323,861,000 in 2018, BGN 1,177,725,000 in 2017 and 1,088,582,000 in 2016. The industry's total revenue makes up 1.34% to the country's Gross domestic product (GDP) in 2018, compared Total revenue to 1.23% for 2017 and 1.17% in 2016. Net sales revenue

A total of 28,188 people were employed in the Travel 1,400,000,000 1,323,861,000 agency, tour operator and other reservation service and 1,260,000,000 related activities industry in 2018, compared to 4,523 in 1,177,725,000 1,287,354,000 1,088,582,000 2017 and 4,516 in 2016. 1,120,000,000 1,149,675,000

Most of the companies in the industry are based in Sofia, 980,000,0001,073,325,000 followed by Varna and Plovdiv. 840,000,000

700,000,000

II. INTRODUCTION BGN 560,000,000 In 2018 the companies in the Travel agency, tour operator and other reservation service and related activities industry 420,000,000 numbered 1,969, distributed in 3 sectors. 280,000,000

140,000,000

INDUSTRY STRUCTURE BY SECTORS AND NUMBER OF COMPANIES 0 516 2016 2017 2018

The companies in the Travel agency, tour operator and other reservation service and related activities market of Bulgaria earned combined net sales revenues of BGN 1,287,354,000 in 317 2018.

In annual terms, sales marked a growth of 11.98% compared to 2017. In comparison to 2016 they increased by 19.94%. In 2017 sales rose by 7.11% year-on-year.

The Travel agency, tour operator and other reservation service and related activities industry total revenue make up 1.34% to the country's GDP in 2018, compared to 1.23% for 2017 and 1.17% in 2016.

Tour operator activities 1,136

Travel agency activities Other reservation service and related activities 2 SeeNews Industry Report

Share in GDP 1.4 1.34% INDUSTRY'S NET SALES REVENUE STRUCTURE BY SECTORS

1.26 1.23% 1.17%

1.12 11.90% 0.98

0.84

0.7 4.96%

0.56

0.42

0.28

0.14 83.14%

0 2016 2017 2018

In 2018 the Travel agency, tour operator and other Tour operator activities reservation service and related activities industry contributed Travel agency activities to GDP BGN 1,266,461,000 in Gross value added (GVA) accounting for 0.69% of the total for the country's economy. Other reservation service and related activities

In the previous year, the industry's GVA amounted BGN The highest growth, of 27.61%, was recorded by Other 1,137,268,000, accounting for 0.67% of the total for the reservation service and related activities, while Travel agency country in 2017. In 2016 the GVA of the Travel agency, tour activities registered the sharpest decline, of 4.05%. operator and other reservation service and related activities was BGN 1,061,708,000, or 0.70% of the GVA for the TOP COMPANIES' REVENUE BY SECTORS SEGMENT COMPANY TOTAL REVENUE NET SALES country's economy. (BGN) REVENUE (BGN) TOUR OPERATOR ACTIVITIES GVA BY SECTORS TRAVEL AGENCY SOLVEX EOOD 53,781,000 53,778,000 RANK SECTOR BGN SHARE OF THE COUNTRY'S CLUB MAGELLAN OOD 42,139,000 41,969,000 GVA (%) BOHEMIA EOOD 32,392,000 32,392,000 1 TOUR OPERATOR ACTIVITIES 1,058,024,000 0.58 TRAVEL AGENCY ACTIVITIES 2 TRAVEL AGENCY ACTIVITIES 146,450,000 0.08 POSOKA COM OOD 17,804,000 17,800,000 3 OTHER RESERVATION SERVICE AND 61,987,000 0.03 TANCHEV I CO OOD 13,790,000 13,767,000 RELATED ACTIVITIES ELIT TRAVEL INTERNATIONAL OOD 11,849,000 11,845,000

OTHER RESERVATION SERVICE AND RELATED ACTIVITIES We expect, based on the trend in the last three years, the total AEROSTAR OOD 8,493,000 8,492,000 revenue of the Travel agency, tour operator and other BULGARIA ER POSOKA DZZD 5,495,000 5,495,000 reservation service and related activities industry to change at KOMPANIA ZA MEZHDUNARODNI 5,339,000 5,166,000 KONGRESI OOD a compound annual growth rate (CAGR) of 10.28% in 2019.

Tour operator activities contributed net sales revenue of BGN The top 10 companies in terms of total revenue in Travel 1,070,356,000 or 83.14% of the total net sales in the industry, agency, tour operator and other reservation service and sector Travel agency activities - BGN 153,179,000 (11.90%), related activities accounted for 23.18% of the industry's total and sector Other reservation service and related activities - in 2018, 24.33% in 2017 and 25.84% in 2016. BGN 63,819,000 (4.96%).

TOP 10 COMPANIES BY TOTAL AND NET SALES REVENUE IN THE INDUSTRY RANK COMPANY TOTAL REVENUE NET SALE (BGN) REVENUE (BGN) 1 TRAVEL AGENCY SOLVEX EOOD 53,781,000 53,778,000 2 CLUB MAGELLAN OOD 42,139,000 41,969,000 3 BOHEMIA EOOD 32,392,000 32,392,000 4 TEDI KAM EOOD 31,803,000 31,575,000 5 ASTRAL HOLIDAYS INTERNATIONAL EAD AD 31,216,000 30,794,000 6 EMERALD TRAVEL BULGARIA OOD 26,933,000 26,818,000 7 ABAX EOOD 24,868,000 24,858,000 8 SUNNY TOURS OOD 22,279,000 22,260,000 3 SeeNews Industry Report

9 PREMIER TOURS EOOD 21,204,000 21,150,000 TOP 10 COMPANIES BY TOTAL REVENUE IN THE FIELD TRAVEL 10 HORNIT OOD 20,253,000 2,804,000 AGENCY ACTIVITIES WERE: COMPANY BGN POSOKA COM OOD 17,804,000 The total revenues of the top 10 companies in the Travel TANCHEV I CO OOD 13,790,000 agency, tour operator and other reservation service and ELIT TRAVEL INTERNATIONAL OOD 11,849,000 related activities were 0.31% of GDP in 2018, compared to USIT COLOURS BULGARIA OOD 6,863,000 0.30% for 2017 and 0.30% in 2016. ALMA HOLIDAYS OOD 5,769,000 ARGUS TRAVEL INTERNATIONAL EOOD 4,512,000 The top 10 by assets in the Travel agency, tour operator and REISEBUERO CITY CENTER OOD 4,315,000 other reservation service and related activities industry made PROPER HOLIDAY OOD 3,722,000 up BGN 124,322,000, or 9.66% of the total net sales revenue. VIYA TRAVEL OOD 3,615,000 KASIA TUR EOOD 3,391,000 TOP 10 BY TOTAL ASSETS IN THE INDUSTRY RANK COMPANY BGN 1 HORNIT OOD 33,422,000 The 10 largest companies in terms of total revenue in sector 2 CHERNOMORIE 2011 OOD 33,331,000 Travel agency activities earned total revenue of BGN 3 ASTRAL HOLIDAYS INTERNATIONAL EAD AD 16,800,000 75,630,000 and accounted for 5.71% of the industry's total 4 SAMOKOV BOROVETS 21 AD 12,004,000 revenue. 5 KING TRAVEL OOD 10,458,000 6 NIKA TUR EOOD 10,332,000 TOP 10 COMPANIES BY TOTAL REVENUE IN THE MARKET OTHER 7 TRAVEL AGENCY SOLVEX EOOD 9,881,000 RESERVATION SERVICE AND RELATED ACTIVITIES WERE: 8 KULINOTO AD 9,109,000 COMPANY BGN 9 DSK-TOURS EOOD 8,036,000 AEROSTAR OOD 8,493,000 10 TUI BULGARIA EOOD 7,905,000 BULGARIA ER POSOKA DZZD 5,495,000 KOMPANIA ZA MEZHDUNARODNI KONGRESI OOD 5,339,000 BULGARIA ER I POSOKA DZZD 3,335,000 TOP 10 COMPANIES WITH HIGHEST ANNUAL GROWTH IN EVENTIM.BG OOD 3,066,000 OPERATING REVENUE IN TRAVEL AGENCY, TOUR OPERATOR AND SPY TRAVEL OOD 2,598,000 OTHER RESERVATION SERVICE AND RELATED ACTIVITIES BSA OOD 2,514,000 RANK COMPANY Y/Y GROWTH TRADE FAIR TRIPS EOOD 2,410,000 1 I D S BULGARIA EOOD 58925.00% AEROTOUR MM OOD 2,072,000 2 HERMES FLY OOD 33000.00% KOLAROV GROUP EOOD 1,975,000 3 WETRAVELUX EOOD 23871.43% 4 DIAMANT TURS OOD 19700.00% 5 THE NATURAL ADVENTURE COMPANY EOOD 19566.67% The 10 largest companies in terms of total revenue in sector 6 TLASEMAKI OOD 13900.00% Other reservation service and related activities earned total 7 EVOLUTION TRAVEL EOOD 13160.00% revenue of BGN 37,297,000 and accounted for 2.82% of the 8 MD TUR OOD 5118.75% industry's total revenue. 9 NICRA DE''TOUR EOOD 3966.67% 10 SMILEY FACES EOOD 3650.00% IV. EXPENSES

TOP 10 COMPANIES BY TOTAL REVENUE IN THE SECTOR TOUR The combined costs of the companies in the Travel agency, OPERATOR ACTIVITIES WERE: COMPANY BGN tour operator and other reservation service and related TRAVEL AGENCY SOLVEX EOOD 53,781,000 activities industry reached BGN 1,279,194,000 in 2018. CLUB MAGELLAN OOD 42,139,000 BOHEMIA EOOD 32,392,000 TEDI KAM EOOD 31,803,000 ASTRAL HOLIDAYS INTERNATIONAL EAD AD 31,216,000 EMERALD TRAVEL BULGARIA OOD 26,933,000 ABAX EOOD 24,868,000 SUNNY TOURS OOD 22,279,000 PREMIER TOURS EOOD 21,204,000 HORNIT OOD 20,253,000

The 10 largest companies in terms of total revenue in sector Tour operator activities earned total revenue of BGN 306,868,000 and accounted for 23.18% of the industry's total revenue.

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Total Expenses Operational expenses INDUSTRY'S TOTAL COSTS STRUCTURE BY SECTORS 1,279,194,000 1,300,000,000

1,269,231,000 1,170,000,000 1,135,270,000 1,053,259,000 1,124,074,000 1,040,000,000 11.85% 1,041,351,000 910,000,000

780,000,000

650,000,000 4.51% BGN

520,000,000

390,000,000

260,000,000

130,000,000 83.64%

0 2016 2017 2018

In annual terms, total expenses went up by 12.68% compared Tour operator activities to 2017 and went up by 21.45% in comparison to 2016. Travel agency activities

The total operating expenses of the companies in the Travel Other reservation service and related activities agency, tour operator and other reservation service and related activities industry were BGN 1,269,231,000 in 2018. Other reservation service and related activities marked the highest annual increase in total expenses, of 17.04%, while Operating costs increased by 12.91% compared with the total expenses dropped the most, by 2.35%, for Travel agency previous year and grew by 21.88% when compared to 2016. activities.

We expect, based on the trend in the last three years, the total In terms of operating expenses, the highest growth, of costs of the Travel agency, tour operator and other 18.09%, was recorded by the Other reservation service and reservation service and related activities industry to change at related activities sector. The sharpest fall was posted by Travel a compound annual growth rate (CAGR) of 10.20% in 2019. agency activities - 1.76%.

Tour operator activities reported the highest total costs, of The biggest spenders in the industry, with costs of over 10% BGN 1,069,952,000, followed by Travel agency activities with of industry's costs, numbered 46, including PROFI TOURS BGN 151,613,000 and Other reservation service and related OOD, CLUB MAGELLAN OOD, TA MONDEL TRAVEL OOD, activities with total costs of BGN 57,629,000. SLR- HOLIDAY- SERVICE EOOD, ORIENT 99 BG OOD. The medium spenders, or those in the 5% and 10% range count 46 and include ZAPRYANOV TRAVEL EOOD, LUKSUTUR BG EOOD, DIVA HOLIDAYS OOD, VIYA TRAVEL OOD, KITT OOD. Below 5% threshhold are 1,877 companies, including MONIKATOURS EOOD, BG TRAVEL AGENT OOD, ET NEREYA - VESELINA YANKULOVA, ELTA TRAVEL OOD, MY TRIP EOOD.

Employment expenses in the Travel agency, tour operator and other reservation service and related activities industry went up by 11.01% on the year to BGN 80,214,000 in 2018.

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Employment expenses Average taxes expenses by company 2,962 Salaries expenses 3,000 Social security expenses 2,750 2,568 90,000,000 2,500 80,214,000 2,290 80,000,000 2,250 72,259,000

70,000,000 2,000 62,543,000 69,099,000 1,750 60,000,000 62,762,000 1,500 50,000,000

54,165,000 BGN 1,250

BGN 40,000,000 1,000 30,000,000 750

20,000,000 500 10,910,000 8,313,000 9,474,000 10,000,000 250

0 0 2016 2017 2018 2016 2017 2018

The highest growth in labour costs, of 11.97%, was registered EXPENSES ON TAXES BY SECTORS by Tour operator activities. RANK SECTOR BGN Y/Y CHANGE 1 TOUR OPERATOR ACTIVITIES 4,019,000 18.00% The monthly costs per employee in the Travel agency, tour 2 TRAVEL AGENCY ACTIVITIES 907,000 -10.90% operator and other reservation service and related activities 3 OTHER RESERVATION SERVICE AND RELATED 907,000 66.73% industry averaged BGN 237 in 2018, BGN 1,331 in 2017 and ACTIVITIES BGN 1,154 in 2016.

The monthly social security costs per employee in the industry averaged BGN 32 in 2018, versus BGN 175 in 2017 V. PROFITABILITY and BGN 153 in 2016.

The industry's net profit amounted to BGN 38,834,000 in EMPLOYMENT EXPENSES IN TRAVEL AGENCY, TOUR OPERATOR 2018, compared to a net profit of BGN 37,487,000 in 2017 AND OTHER RESERVATION SERVICE AND RELATED ACTIVITIES BY and a net profit of BGN 30,829,000 in 2016. SECTORS IN 2018 RANK SECTOR EMPLOYMENT AVERAGE EXPENSES (BGN) EXPENSES PER EMPLOYEE Net profit/loss (BGN) Operating profit/loss 1 TOUR OPERATOR ACTIVITIES 60,917,000 17,306 44,667,000 2 TRAVEL AGENCY ACTIVITIES 14,335,000 589 45,000,000 42,455,000 3 OTHER RESERVATION SERVICE AND RELATED 4,962,000 15,853 ACTIVITIES 40,500,000

35,323,000 38,834,000 36,000,000 37,487,000 THE TOP 10 COMPANIES BY AVERAGE MONTHLY COSTS PER 31,500,000 EMPLOYEE IN THE INDUSTRY RANK COMPANY BGN 30,829,000 27,000,000 1 ASTRAL HOLIDAYS INTERNATIONAL EAD AD 17,630

2 TRANSGLOBAL HOLIDAS OOD 13,375 22,500,000

3 CHERNOMORIE 2011 OOD 9,333 BGN 4 AEROSTAR OOD 8,817 18,000,000 5 DESTINATION TOURISTIC SERVICES OOD 7,977 13,500,000 6 BULPARTNERS TRAVEL OOD 6,333 7 MEANDER TOURS OOD 5,417 9,000,000 8 VIP - SLIVEN OOD 5,167

9 IKAR TRAVEL EOOD 5,083 4,500,000 10 BEST TRAVEL SERVICE OOD 5,042 0 2016 2017 2018 The industry's tax expenses stood at BGN 5,833,000 in 2018.

In 2017 it paid taxes of BGN 4,968,000. In 2016 the industry paid BGN 4,494,000 in taxes.

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ROE TOP 10 COMPANIES BY HIGHEST NET PROFIT IN TRAVEL AGENCY, TOUR OPERATOR AND OTHER RESERVATION SERVICE AND ROA 18.76% RELATED ACTIVITIES 19 RANK COMPANY BGN 17.3% 1 DIRECT TRAVEL DESTINATION MANAGEMENT COMPANY 1,706,000 17.1 EOOD 15.04% 2 CHERNOMORIE 2011 OOD 1,530,000 15.2 3 KOMPANIA ZA MEZHDUNARODNI KONGRESI OOD 1,451,000 4 DESTINATION TOURISTIC SERVICES OOD 1,376,000 13.3 5 CLUB MAGELLAN OOD 1,332,000 11.4 6 E-SKY OOD 1,196,000

7 PREMIER TOURS EOOD 1,172,000 9.5 8 USIT COLOURS BULGARIA OOD 951,000 9 FAIR POINT OOD 793,000 7.6 10 SUNNY TOURS OOD 748,000 7.22% 5.7 6.54% 6%

3.8 TOP COMPANIES BY HIGHEST NET LOSS IN TRAVEL AGENCY, TOUR OPERATOR AND OTHER RESERVATION SERVICE AND 1.9 RELATED ACTIVITIES RANK COMPANY BGN 0 1 TEZ TOUR BULGARIA EOOD 2,626,000 2016 2017 2018 2 KULINOTO AD 1,808,000 3 HORNIT OOD 1,477,000

4 VIP SEA OOD 1,211,000 LEADING INDUSTRY'S SECTORS BY ROA 5 TEZ TOUR BALKANS EOOD 870,000 15 14.87

13.5 The combined operating earnings of the companies in the 12 Travel agency, tour operator and other reservation service and related activities industry increased by 5.21% y/y to BGN 10.5 44,667,000 in 2018. 9

OPERATING PROFIT/LOSS BY SECTORS (BGN) 7.5 SECTOR 2018 2017 2016 6.36 TOUR OPERATOR ACTIVITIES 31,714,000 29,512,000 24,261,000 6 OTHER RESERVATION SERVICE AND 8,215,000 4,621,000 2,989,000 4.5 RELATED ACTIVITIES 3.5 TRAVEL AGENCY ACTIVITIES 4,738,000 8,322,000 8,073,000 3 1.5

0 The profit margin for the Travel agency, tour operator and Other reservation Tour operator Travel agency other reservation service and related activities industry stood service and related activities activities activities at 3.39% in 2018, while in 2017 it amounted to 3.63% and

3.26% in 2016. LEADING INDUSTRY'S SECTORS BY ROE PROFIT MARGIN BY SECTORS 36 35.76 RANK SECTOR PROFIT MARGIN 33 1 OTHER RESERVATION SERVICE AND RELATED ACTIVITIES 12.53% 30 2 TRAVEL AGENCY ACTIVITIES 3.05% 3 TOUR OPERATOR ACTIVITIES 2.89% 27 24 21 The Travel agency, tour operator and other reservation 18 17.02 service and related activities industry's return on equity (ROE) is 17.30% compared to 18.76% in 2017 and 15.04% in 2016. 15 12 9.29 The Travel agency, tour operator and other reservation 9 service and related activities's return on assets (ROA) was 6 6.54%, while in 2017 it amounted to 7.22% and 6.00% in 2016. 3 0 Other reservation Tour operator Travel agency service and related activities activities activities

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TOP 10 COMPANIES BY HIGHEST AVERAGE NET PROFIT PER 4 BS TRAVEL OOD 301,000 EMPLOYEE IN TRAVEL AGENCY, TOUR OPERATOR AND OTHER 5 ANVELI TRAVEL EOOD 257,000 RESERVATION SERVICE AND RELATED ACTIVITIES RANK COMPANY BGN COMPANY HEA DQUARTERS (CITY) TOP 10 COMPANIES WITH HIGHEST CORRELATION OPERATING 1 CHERNOMORIE 2011 OOD 1,530,000 VARNA REVENUE - NUMBER OF EMPLOYEES - EMPLOYMENT EXPENSES* 2 KOMPANIA ZA MEZHDUNARODNI KONGRESI 483,667 SOFIA RANK COMPANY NAME CORRELATION OOD (BGN) 1 CHERNOMORIE 2011 OOD 9,938,000 3 PREMIER CLUB - BULGARIA OOD 320,000 SOFIA 2 BULPARTNERS TRAVEL OOD 7,680,000 4 BS TRAVEL OOD 270,500 VARNA 3 PREMIER CLUB - BULGARIA OOD 4,233,000 5 ANVELI TRAVEL EOOD 231,000 SOFIA 4 MARBIL TUR OOD 3,088,000 6 RIN CONSULT EOOD 212,000 SOFIA 5 EMERALD TRAVEL BULGARIA OOD 2,425,455 7 TANDEM TRAVEL OOD 205,000 SOFIA 6 TRAVELLERS OOD 2,195,000 8 DREAM TRAVEL EOOD 123,000 BURGAS 7 BIG TRIP EOOD 2,062,000 9 POLA TOUR OOD 111,000 VARNA 8 NOY TRAVEL OOD 2,019,000 10 PREMIO TRAVEL BULGARIA EOOD 96,800 SOFIA 9 SILKI HOLIDEYS EOOD 1,957,000 10 SMART TRAVEL OOD 1,939,000 About 60.00% of the 10 leading companies in terms of net profit per employee are located in SOFIA, while 30.00% are VARNA-based and 10.00% are headquartered in BURGAS. *The correlation is calculated by subtracting the quotient of the operating profit, and the employment expenses to the number of employees.

The average net sales revenue per employee in the Travel AVERAGE REVENUES PER EMPLOYEE IN TRAVEL AGENCY, TOUR agency, tour operator and other reservation service and OPERATOR AND OTHER RESERVATION SERVICE AND RELATED related activities industry amounted to BGN 45,670 in 2018, ACTIVITIES IN 2018 down by 82.03% compared to 2017 and down by 80.78% SECTOR AVERAGE NET AVERAGE AVERAGE NUMBER OF SALES OPERATING TOTAL EMPLOYEES compared to 2016. REVENUE REVENUE REVENUE (BGN) (BGN) (BGN) The industry's average operating revenue per employee TOUR OPERATOR ACTIVITIES 304,078 312,031 312,973 3,520 decreased by 81.89% year-on-year in 2018 to BGN 46,803. It TRAVEL AGENCY ACTIVITIES 6,289 6,379 6,420 24,355 went down by 80.50% compared to 2016. OTHER RESERVATION SERVICE 203,895 209,498 210,364 313 AND RELATED ACTIVITIES The Travel agency, tour operator and other reservation service and related activities sector generated an average BGN 46,965 in total revenue per employee. In 2017 and 2016 AVERAGE REVENUE PER COMPANY IN TRAVEL AGENCY, TOUR the figure was BGN 260,386 and BGN 241,050, respectively. OPERATOR AND OTHER RESERVATION SERVICE AND RELATED ACTIVITIES IN 2018 SECTOR AVERAGE NET AVERAGE AVERAGE NUMBER OF The average total revenue per company in the Travel agency, SALES OPERATING TOTAL COMPANIES REVENUE REVENUE REVENUE tour operator and other reservation service and related (BGN) (BGN) (BGN) activities industry rose to BGN 672,352 in 2018 from BGN TOUR OPERATOR ACTIVITIES 942,215 966,857 969,776 1,136 608,958 in 2017. The 2016 value was BGN 554,833. TRAVEL AGENCY ACTIVITIES 296,859 301,085 303,006 516 OTHER RESERVATION SERVICE 201,322 206,855 207,710 317 A company in the Travel agency, tour operator and other AND RELATED ACTIVITIES reservation service and related activities market made on average a net sales revenue of BGN 653,811 in 2018, compared to BGN 594,455 in 2017 and BGN 547,057 in 2016. The total indebtedness of the companies in the Travel agency, tour operator and other reservation service and related The Travel agency, tour operator and other reservation activities industry was BGN 337,958,000 versus BGN service and related activities industry made 0.44% of the 292,603,000 a year ago. In 2016 the industry's indebtedness overall sales country-wide, increasing its market share by 0.02 totalled BGN 270,233,000. pp. INDUSTRY'S INDEBTEDNESS BY SECTORS (BGN) Operating profit per employee for the industry as a whole was SECTOR 2018 2017 2016 BGN 1,585 in 2018. For comparison in 2017 it amounted to TOUR OPERATOR ACTIVITIES 245,390,000 196,890,000 187,978,000 BGN 9,386 and BGN 9,386 in 2016. TRAVEL AGENCY ACTIVITIES 65,136,000 72,214,000 62,105,000 OTHER RESERVATION SERVICE AND 27,432,000 23,499,000 20,150,000 THE TOP BY OPERATIONAL PROFIT PER EMPLOYEE IN TRAVEL RELATED ACTIVITIES AGENCY, TOUR OPERATOR AND OTHER RESERVATION SERVICE AND RELATED ACTIVITIES RANK COMPANY BGN Debt-to-assets ratio of the companies in the industry is 0.57 1 CHERNOMORIE 2011 OOD 1,700,000 in 2018. It was 0.56 in 2017 and 0.53 in 2016. 2 KOMPANIA ZA MEZHDUNARODNI KONGRESI OOD 539,000 3 PREMIER CLUB - BULGARIA OOD 356,000 According to market experts, the greatest impact on the development of the Travel agency, tour operator and other reservation service and related activities industry has receivables from customers and suppliers. In 2018 it stood at BGN 129,801,000, according to the financial statements of 8 SeeNews Industry Report

the companies in the industry. In 2017 the figure was BGN 119,749,000 and BGN 121,868,000 in 2016. COMPANIES IN THE INDUSTRY BY SIZE IN TERMS OF NUMBER OF EMPLOYEES 1 000 972 VI. EMPLOYMENT 900 800

A total of 28,188 people were employed in the Travel agency, 700 tour operator and other reservation service and related activities market at the end of 2018, compared to 4,523 in 600 2017 and 4,516 in 2016. 500

NUMBER OF EMPLOYEES BY INDUSTRY SECTORS 400 SECTOR NUMBER SHARE OF INDUSTRY TOTAL 300 TRAVEL AGENCY ACTIVITIES 24,355 86.40% 200 TOUR OPERATOR ACTIVITIES 3,520 12.49% OTHER RESERVATION SERVICE AND RELATED ACTIVITIES 313 1.11% 100 8 1 Small Medium Big

The employees of the leading 10 companies in terms of ALLOCATION OF EMPLOYEES BY INDUSTRY'S SECTORS numbers make up 86.07% of the workforce in the industry in 2018.

TOP 10 FIRMS BY SHARE IN INDUSTRY'S TOTAL NUMBER OF EMPLOYEES RANK COMPANY NUMBER OF SHARE EMPLOYEES 3,520 1 GOLDEN HOLIDAYS - BG OOD 23,496 83.35% 2 TUI BULGARIA EOOD 172 0.61% 3 TOURIST SERVICE HOLDING AD 99 0.35% 4 BOHEMIA EOOD 91 0.32% 5 TRAVEL AGENCY SOLVEX EOOD 89 0.32% 313 6 USIT COLOURS BULGARIA OOD 78 0.28% 7 PREMIER TOURS EOOD 74 0.26% 8 PRESTIGE PROPERTY EOOD 61 0.22% 9 SUNNY TOURS OOD 53 0.19% 10 TRAVENTURIA OOD 49 0.17% 24,355

The Travel agency, tour operator and other reservation service and related activities industry is the 24th largest employer in the country with 28,188 employees with the largest employer being Retail trade, except of motor vehicles

Travel agency activities and motorcycles with 222,070 and Extraction of crude Tour operator activities petroleum and natural gas at the bottom with 28 employees.

Other reservation service and related activities The Travel agency, tour operator and other reservation service and related activities's share in the country's total The analysis on companies' sizes by the number of employment was 1.22% in 2018, 0.25% in 2017 and 0.23% in employees, shows that 972 firms have less than 50 2016. employees*, 8 have between 50 and 250 employees* and 1 companies employ more than 250*. We expect, based on the trend in the last three years, the number of employees of the Travel agency, tour operator and * Companies without data in the number of employees at end of the year are not taken into consideration. other reservation service and related activities industry to change at a compound annual growth rate (CAGR) of 149.84% in 2019.

9 SeeNews Industry Report

The industry is represented by the following companies

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GLOBUS HOLIDEYS OOD NEVROKOP TRAVEL EOOD TRIP - NOMAD TEAM OOD SYNAIRGIA TRAVEL OOD VITESSE CONSULT EOOD ET DARI - DARINA GANEVA BLACK SEA TRAVEL EOOD DENITSA KLUB EOOD SENYO ARTIST 1 EOOD GLOBUS TOURS OOD LIA SOL M EOOD MATERIK TURS EOOD KALISTA GRUP OOD IKAR TRAVEL EOOD ATON TRAVEL EOOD REZERVEYSHANS BG EOOD RIVIERA HOLIDEYZ OOD ASTRA TOUR EOOD ET DECHI - DOBRINKA RUSEVA BULGARIA EKO-TRAVEL EOOD PREMIER CLUB - BULGARIA OOD BERHEL EOOD BEST TRAVEL SERVICE OOD PASSION TOUR EOOD BEE TRAVEL EOOD LEBED TOUR EOOD 12 TRAVEL EOOD SHERI TUR EOOD FLAYT PLYUS EOOD ADVENTURE CLUB OOD ET MARIYANA-S-ANASTASIYA DZHINDZHIEVA EVENT FACTORY EOOD EURO TRAVEL EOOD KA GRUP 59 EOOD MARBIL TUR OOD HERMA EOOD KOSMOPOLITAN TRAVAL EOOD DZHON LIY TRAVAL - VALERIY DAMYANOV EOOD BINITURS EOOD ARIANA TRAVEL OOD ALISA TURS OOD AB TRAVEL OOD NATIONAL TOURS EOOD TRAVELLERS CLUB BULGARIA EOOD CHI TRAVEL OOD DANIMAR TOUR EOOD PAN TOURS OOD EVELIN R EOOD KETI TRAVEL EOOD BRILL TRAVEL OOD CHARTER BG EOOD ET APTT - MARIYA MITOVA ZHASMIN HOLIDEYS EOOD INTER TRAVEL GROUP OOD LILIA TRAVEL EOOD ET FAMILIYA R - 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SVETLA MITKOVA ET GOLDEN TRAVEL EOOD ISY CONSULT EOOD BENY TOUR OOD ORMA-TRAVEL EOOD AGENTSIYA TREVA EOOD ROZA TRAVEL EOOD LETISHTE STARA ZAGORA EOOD MEDIKLUB OOD DIMI TRAVEL M OOD VIA TOURS EOOD EVROTUR EOOD EVENT VACATION EOOD AVATAR TOUR OOD ABV TRAVELS EOOD LAKMOS TRAVEL EOOD DELFI TOURS 2002 EOOD BALKAN TRAVAL EOOD RIVIERA TRAVEL EOOD YASMIN HOLIDAYS EOOD DAN TRAVEL EOOD ALDU GRUP EOOD LOYAL TRAVEL EOOD TICKETPORTAL BG OOD EVRIKA TUR 52 OOD DIREKT TRAVEL OOD FAVORIT-GALINA ABRAMOVA-HRISTOVA ET TUREKSPO VARNA AD THE ROYALS WORLD EOOD BG TRIP EOOD EXPO TRAVEL GROUP OOD SM TRAVEL OOD STAR HOLIDAYS OOD SARNELA 2004 EOOD RIVA OOD BENITOUR 92 EOOD FANAGORIA TRAVAL EOOD SUNNY TOURS OOD LIDIA TOURS OOD IGAL TRAVEL EOOD UNITED TRAVEL AGENCY EOOD MISTRAL TRAVEL OOD ALEKSOV TUR EOOD B I S CO EOOD MARINA CAPE TOURS EOOD EUROTOUR EOOD ART TRAVEL HOLIDAYS CORPORATION EOOD HRIMOS TRAVEL EOOD ORINDZH TRAVAL EOOD STEP OOD ET ZEFIR-2000-VELIKA SLAVOVA BALKAN - PMS OOD TTA DECOM EOOD VIP TURS PLEVEN EOOD THERMA KOSTENETZ OOD GETAWAY OOD PIONEER ADVENTURES EOOD SST SERVICE-LTD OOD 4 TRAVEL EOOD CAZAHUNTINGLG EOOD MENA TOUR EOOD ADVENCHAR PLYUS EOOD BEK RAYZEN EOOD JUST FRIENDS OOD SERDIKA HOLIDAYS EOOD MADZHESTAR BULGARIA EOOD BALKAN PRO TRAVEL EOOD ET NIKI TUR - NIKOLA ATANASOV CROSS TRAVEL EOOD BILETI EOOD ALEXANDRIA TRAVEL EOOD MEDSPA BG OOD TURIST ASISTANS SARVISIZ EOOD LAREK-BULGARIA EOOD T I S OOD DANIELA KRASTEVA SIMONI ET TURISTICHESKI USLUGI OOD ET RENI-90 - DOBRIN VELIKOV ZOMER TURS OOD MMS 27 EOOD MAY STORI TRAVEL EOOD AEROMAX OOD WILDLIFE EOOD TERRA - M OOD GOLDAN OPORTYUNITI EOOD TI PI ES GRUP 2011 EOOD HAYDE TRAVEL EOOD VIVATURS EOOD AMBOTIS HOLIDAYS BULGARIA EOOD KOLUMBOS TURS OOD BULGARIA TRAVELBEST OOD LANDIS OOD 24 TRAVEL OOD VALLEYA TOUR EOOD KRISI 2009 - VARNA EOOD VALENTINE HOLIDAYS EOOD KONTRAKT TRAVEL 2007 EOOD GULF BULGARIA CO OOD LIBRE VIVIR EOOD EVENT WORKSHOP EOOD SUNNY HOLIDAYS GREECE EOOD APOLO TOURIST SERVICE EOOD ET YONEKA - YORDANKA KARAGYOZOVA ALEXTREK EOOD PLOVDIV TUR EOOD MANEV SKAY TUR EOOD NRG GLOBAL TRAVEL COLLECTION EOOD ALBENA TOUR EAD MILLENIUM TRAVEL OOD TRAVEL GATE EOOD ENDZHOY TRAVAL EOOD PROTRAVEL EOOD TUR EL 17 EOOD 365 NOVA EOOD MEZHDUNARODNA AGENTSIA ZA NEDVIZHIMI ODANS TRAVEL OOD ET SENATOR-SH KAMPANI-SASHO HADZHIYSKI - IMOTI I TURIZAM METAL TUR OOD TRAVALING GAYD EOOD GERGANA HADZHIYSKA TOUR INS OOD TT YUNIVARS EOOD SILTRADE EOOD PALAKARIYA PARK EOOD BRAVEL CONSULT EOOD VALENTA VIP TRAVEL OOD BUBERA 21 OOD SELEKT TURS BG EOOD BI TRAVEL EOOD VENTUS TRADING EOOD ALINA TUR OOD APSARA TRAVAL OOD GRIYS BIYCH VILAS EOOD ET SLIVEN TURS - ELKA MIHAYLOVA N-TOUR EOOD EN EYCH EOOD ARIVA TRAVEL EOOD KOSARA ORENDA EOOD ET SVETLANA GERGOVA - ALMOPIA BULGARIA HOLIDAY OOD LION TURS OOD EL ZET BE GE EOOD NAYS TRIP EOOD GEO TRAVEL COMPANY EOOD UNDER SEA ROVER EOOD EVROPAKONSULT BG EOOD SANI DEYS SEVAN EOOD MAGIC TRAVEL BG EOOD 11 SeeNews Industry Report

AETOS TRANS EOOD INHOTEL BG EOOD KOTSINARIS BUUK EOOD BULTRIPS OOD VOAYAZH OOD WORLD TRAVEL EOOD TRAVEL ESCAPE EOOD MOTOROADS EOOD TREZHARI EOOD VAL TURS EOOD GRAND TUR OOD MIG-X EOOD DELFI - TOURS EOOD VOYAGE B TRAVEL OOD VIVA TOURS BULGARIA OOD STAR HOLIDAYS OOD DIMI TRAVEL EOOD MARTINA TOURS EOOD ENMAR BG OOD ET VERT - MIGLENA NENKOVA LOT TA OOD NOMADIA OOD LALE TOUR OOD KULINOTO AD YUNAYTED TRAVAL OOD AVIATA TRAVEL EOOD DIONIS TRAVEL OOD AUGUSTA TRAYANA TRAVEL EOOD ZLATKA M EOOD DEZTUR OOD TODO ADVENTURES OOD MENIDZHMANT KAMPANI EOOD MORENE 73 TRAVEL EOOD IMTOUR EOOD INTER TRAVEL PARTNERS EOOD BTS-BULGARIAN TOURIST SERVICES OOD PERFECT TRANS-MM EOOD STELLA TOURS EOOD WORLD SYNERGY TRAVEL BULGARIA OOD NONNA GRUP EOOD TRAVEL 365 OOD MIRIAMS TRAVEL EOOD DOMICA TOUR OOD BALKANTUR - S EOOD TOP TRAVELS OOD ENTERPRICE TRAVEL EOOD V TOURS EOOD SAN TREYD OOD ADVENTURE STORY EOOD SELIN TREYD OOD GOTRAVEL EOOD ALMA-SV OOD SPORT TRAVEL EOOD BUSEXPRESS BG EOOD B YANA- MG EOOD BULGARIA ER I POSOKA DZZD VANGELIYA TURS OOD MIRA TRAVEL EOOD ET ZARKA YANKOVA - PIRIN 93 TRAVAL SOLYUSHANS EOOD AMIKA TRAVEL EOOD BUL HOTEL TOUR OOD BGTREVEL EOOD FANTASY APARTMENTS OOD AMS TRAVAL EOOD SAN TRAVEL PRIMA EOOD ACROSS EUROPE OOD NEW FRIENDS TRAVEL EOOD ZIP TRAVEL BULGARIA OOD BELLA TRAVEL BULGARIA EOOD FANTASTICHNI APARTAMENTI EOOD NARTA BULGARIA EOOD SANI TRAVEL EOOD BON BON TRAVEL EOOD TRANSKONTINENTAL TRAVEL OOD DREAM TOURS OOD APG BULGARIA EOOD VASILKA TRAVEL EOOD TRAVELON KONSALTING GRUP OOD EN ER DZHI OOD EMILIYA ILIEVA MILYOTEVA GLOBUL TOURS EOOD EXCLUSIVE TRAVEL EOOD MIS HOTELS EOOD EKSPIDIA EOOD BOIANA TOUR EOOD PRIVATE TRANSFERS & TOURS EOOD LIMANOVA TRAVEL - EOOD OASIS BEACH OOD LYUBA TOURS EOOD ALKANIA TOUR OOD KARYA TOUR EOOD DUNAV TOURS HOTELS EAD ARIADNA ADVENCHARS OOD EVE TRAVEL OOD ASTRAL HOLIDAYS INTERNATIONAL EAD AD TRAVEL SHOP BULGARIA EOOD TRAVEL SHOP OOD TRAVELLINO EOOD EAST WEST TRAVEL COMPANY OOD TEYK TRAVEL OOD MMTURS EOOD BOGAY OOD KALINA TRAVEL OOD BS TRAVEL OOD ISKONI EOOD NORTH SALING BG EOOD K TRAVEL KAMPANI EOOD NELDZHI-PARTNARS OOD SOTSIALNO PREDPRIYATIE BART EOOD TE DE VE EOOD ALFA SERVISE BG OOD JUNGA TOUR OOD BULGARIA TRAVEL AGENCY OOD SEEMORE OOD BULGAR GEO TRAVEL OOD SELENA - NADYA PRUNOVA ET EVOLYUSHAN TURIST MARKETING EOOD ALLA 46 EOOD GOLOETUR-SAFARY KARNOBAT EOOD SARCH KAR HAYAR OOD ROOMBITES OOD QUEEN TOURS OOD HORNIT OOD AGRIANIA EOOD UNI TRAVEL OOD URD EOOD CONDOR HOLIDAY OOD JOY TRAVEL OOD BULGARIA EXPRESS EOOD GL TOURS - BULGARIA EOOD EVENTAZ DMC OOD ECO TOUR COMPANY OOD ET ANZHELIN - ANGELINA VIDENOVA GALA HOLIDAYS LLC OOD GO TRAVEL EOOD ASTRELA OOD PETUR TRAVEL OOD ES DZHEY GRUP OOD SB RENTALS OOD FUN SPORTS EOOD TRAVEL MANAGEMENT OOD TIKET PRO BULGARIA EOOD ORIKS OOD YUPIEL TUR OOD ZORA TURS OOD DASA-VALENTINA ATMADJOVA ET BENEVENT EOOD SPEED LINE EOOD KAMPANELA HOLIDEYZ EOOD EOOD OREL - AGRO - HOLDING AD UISHUU EOOD IKAR SOLUTIONS OOD VAKANZIA BG OOD DETELINA TURS S OOD EURO ADVENTURES EOOD VAKANCIA M EOOD ART TRAVEL OOD ATTRACTIVE TRAVEL EOOD LUXITOUR BG OOD HOTELI BULGARIA EOOD BURO RADE OOD ACTIANO TOURS EOOD INFO POINT BG EOOD JOURNEY GROUP OOD JAMADVICE-TRAVEL OOD BULGARIAN BALKAN INTERNATIONAL TOURS MARKOVO EOOD OOD MAG TUR OOD I D S BULGARIA EOOD LADA - PAVLINKA DQKOVA ET VIZHAN ALTARNATIV EOOD TRAVELAND EOOD RADELI TREYD OOD VANADA TURS OOD INTERTRAVEL - MARIANA DIMITROVA ET DRS - ADVERTISE EOOD SOFIA EVENT HOUSE EOOD ARGUS TRAVEL INTERNATIONAL EOOD BALKAN VIADZHI EOOD EVROTURS-M EOOD SISA TURIST MADEVOVI SIE SD RAYA MONDI EOOD TOTEM 07 OOD CARPE DIEM TRAVEL BG EOOD SHEVANA.KOM EOOD NEOFRON EOOD EUROKONTAKT.BG EOOD SAMOKOV BOROVETS 21 AD AZIMUT TOURS OOD EXCEL HOLIDAY OOD ARGUS BUSINESS CORPORATION EOOD IVI TRAVEL EOOD GUIDE PARTNER-ZLATNI PIASSATZI OOD ANATUR OOD ET DEL-PI - KRASIMIRA MANCHEVA PREMIER TRAVEL TURS EOOD NT TRAVEL EOOD DASI TURS EOOD TURIZZMO EOOD TRANSGLOBAL HOLIDAS OOD GERA EOOD YUNI TREYD BG OOD TRAVELLING HORSE EOOD KROS 100 EOOD LUCKY HOLIDAY EOOD MAKSI TRAVEL SVETLA NAYDENOVA ET YOGI TREKING OOD TIYM TRAVEL EOOD MEI TRAVEL OOD ELEGANS TRAVEL OOD ATIKA HOLIDAYS OOD PREMIER TOURS EOOD DIVNA TOUR EOOD MERCURY-97 EOOD MEDIK 68 OOD BALKAN TRAVEL GROUP EOOD BULGARIAN DREAM TRAVEL EOOD ET BORISLAV HRISTOV PROLOG 2015 OOD DOREMI TRAVEL OOD EMONA TURS OOD UITRIP OOD ALPIA-TUR AD NOVOTON EOOD INTER DZHET TURS OOD BULGAR TOURISM OOD GREEN TRAVEL EOOD TOMAZO EOOD BALKANTOURIST AD EAGLE TRAVEL 62 EOOD LO - BI TUR OOD BALKANOVA OOD HALRAYS EOOD MELITON EOOD DAFI MARIANA STOYCHEVA ET TANY TOURS OOD EVARGRIYN EOOD SELENA TRAVEL OOD DIAS TRAVEL EOOD ET TEDI-IV - TSVETA LOGVINENKO ET VALENTIN VASILEV EVRAZIA HOLIDAYS EOOD MARBRO TURS OOD SREBARNA TUR EOOD ASTRA TRAVEL EOOD ANYWHERE & RADO EOOD FLY AND WIN OOD MCT - H OOD ET MILENIUM TRAVEL - MARIYA TODOROVA- SOLITA INTERNATIONAL EOOD TEOFILOVA BOHEMIA EOOD KOMFORT TREVEL I SERVIZ EOOD BALKAN BALTIC TOUR OOD VEGENA OOD MELIORA TOURS OOD ET VIDI-2 - KRISTINA VIDENOVA TRAVEL BOUTIQUE EOOD HERMES KICHEVO OOD TRAVEL STYLE OOD 12 SeeNews Industry Report

SELINI HOLIDEY EOOD BALKAN HOLIDAYS PARTNERS OOD FOUR SEASONS TRAWEL EOOD ENIGMA TRAVEL EOOD VERED TRAVELS AND TOURS OOD AMIGOS TRAVEL OOD PROMO TRAVEL EOOD EL MARK TRAVEL OOD GOOD FAITH AIR EOOD TONY TOUR 05 EOOD MONSTER TRIPS OOD HAPPY HOLIDAY - MN OOD ATLAS-VOYAGE EOOD ARNAUDOVA-77 EOOD O K TOURS 2 EOOD TRAVEL SOLUTION EOOD RIMEKS EOOD AAA HOLIDEY EOOD MARCHELO 10 EOOD VIKTORI TRAVEL EOOD BERRA TRAVEL EOOD PARTI TRAVAL BULGARIA OOD TRAVEL DIYLS OOD M STAR TURS EOOD DZHETSET OOD TOURIST SPORT HOLIDAYS EOOD RIMEKS MARIYN EOOD MATELOT OOD IRINI SA 2018 OOD PALAHUTEV TRAVEL EOOD FAIR POINT OOD BELCHINETS EOOD JOY TOUR EOOD WIND WITH ME OOD STARS TRAVEL EOOD FREE TOUR EOOD ELTA TURS EOOD GALATEYA TURS OOD EVANOVA EOOD BALKANIM TURS OOD ADVENTURE WORLD EOOD SUN & SKI TRAVEL EOOD WILD ECHO OOD VIZITA BULGARIA OOD SMARTPLANI EOOD CACAO TOURS EOOD INTEOTOUR EOOD KIMBA TUR EOOD MEDIKA - TURS EOOD YUPITAR TRAVEL AD ESVI SPORTS GRUP OOD FUTURE CONCEPT EOOD CED ADVENTURES EOOD PRIMORSKO TOUR EOOD VENI TRAVEL - VENELINA RACHEVA ET MAK SI MANAGMENT OOD SITA-SOFIA INDEPENDENT TRAVEL AGENCI EOOD R AND B ADVENTURE OOD GETS 2 GRUP EOOD RHODOP TOURS EOOD ELITETUR OOD TRAVEL STORIES OOD METRO TURIZM OOD FORTUNA 7 - TOURIZM TR OOD M & G TOURS EOOD VS - KAZI EOOD SVETI TOMA EOOD M I 999 - MILENA ADAMOVA ET DZHI.DZHI.DZHI. - VALYUBAL ADVAYS - AYDIAL GOLDEN LION EOOD MAKSIMUM TRAVEL OOD OASIS-A-VASIL ANGELOV ET SOLYUSHAN OOD YAHT KLUB PORT BURGAS EOOD ALEXANDRA TRAVEL EOOD TS TRAVEL OOD GALA TURS-GALYA HARITOVA ET TURISTICHESKO DRUJESTVO CHAROVNI SKITNICI GEO VIAGEM EOOD TOLIX OOD BULKART TRAVAL OOD EOOD IRINI TOURS EOOD YAMBOL SKAY TUR EOOD GTCE-ZOOM EOOD ARENA TRAVEL CENTER EOOD BI AY BI SARVISIS OOD SKAI TUR OOD TD TUR EOOD VIST-IRINA VLAEVA ET ENDZHOY HOLIDEY OOD PAFINS TRAVAL OOD EUROTOURS-VT EOOD KORAL HOLIDAYS EOOD ZLATKA M ZLATKA MANEVA ET SIRMA TRAVEL OOD AVISTRA OOD PUERTO OOD DINATURS EOOD ALBA F EOOD SLAVIANA TRAVEL OOD STANDART TRAVEL EOOD CONFI OOD VOYAGE TRAVEL EOOD PERLA TURS 08 EOOD EKZA TRAVEL EOOD LAKI TURS 2 EOOD VIPSER TRAVEL EOOD P T M INTERNESHANAL BULGARIA OOD SPY TRAVEL OOD ET MORSKA ZVEZDA - MARIYA TRIFONOVA REYZI NIKA TUR EOOD BEST TRAVEL AGENCY EOOD OBEDINENIE MTB DZZD SPRING CARE EOOD TRAVELAGI EOOD ALLEGRO TOURS OOD UTOPIYA TUR OPERATOR OOD AVION TRAVEL OOD SOLARE TRAVEL EOOD TRINITY TOUR EOOD ANVELI EOOD ALIAL M & N TRAVEL OOD DZHET SET TRAVAL SARVIS EOOD MAGELAN GROUP EOOD EVRODIX EOOD KIRIL YOSIFOV YOSIFOV K ET AL - TUR 12 EOOD PROPER HOLIDAY OOD PATNICHESKI PREVOZI - SILISTRA EOOD EVETRAVEL BULGARIA EOOD METRO TUR RUSE OOD RUBLYOVKA EOOD TWO TRAVEL EOOD EXCEDO TRAVEL EOOD DEMI TRAVEL EOOD HOLIDEY PARTNER OOD EUROPLANING TRAVEL SERVICES EOOD CHI TOUR OOD MEANDER TOURS OOD ALTER TOUR OOD ANTEA EOOD HOLIDAY PARTNER BULGARIA EOOD REYNBOU TUR EOOD ETNA TOUR EOOD VIVA LA VIDA EOOD DJUANNA VIKTORIA EOOD SUNNY HOLIDAYS EOOD ALTOURS BG EOOD CALISTO TOURS EOOD DISCOVER EOOD HELLENIC EDUCATIONAL TRAVEL SERVICES OOD HERE AND ABROAD EOOD TICKETS EOOD BUSINESS TRAVEL MANAGEMENT EOOD EM DZHEY END EY OOD AVIOHELP EOOD TRANSGLOBAL OOD TRAVAL AYDIAS EOOD TRAVEL KLUB BG OOD LOGATURS OOD YUNITURS OOD KONIKS TRAVAL OOD ET RODOPI TURIST - MARIYA DIMITROVA MALLORCA-KN OOD PANTEO TRAVAL EOOD GOLOMEHOVA - BORIS GOLOMEHOV BALGERIAN ROUDS OOD SUN SPREE HOLIDAYS EOOD ARISTUR EOOD ORIENT-EKSPRES-TUR OOD SKYLINE-ES OOD PENGUIN TRAVEL EOOD ZIG-ZAG HOLIDEIZ EOOD ANIDEL TRAVEL EOOD THASSOS TRAVEL EOOD COMPAS OOD ROMARI OOD V - V TOURS EOOD INES TRAVEL BG OOD BG SKY TOURS OOD DANTEA VIP OOD TEMPORA TRAVEL EOOD ADVENTURE GUSTO OOD BALKANINTERTURS AD MM TRAVEL EOOD SLANTSE 3 OOD FIVE ELEMENTS TOURS OOD MERIDIAN INFO EOOD DREAM HOLIDAY SERVICE OOD CRYSTAL HOLIDAYS EOOD VENERA - NEVIANA YANAKIEVA ET ARIANS EOOD TURI STIL EOOD PINK - TOURS OOD AMORE TRAVEL EOOD MARMOTO EOOD MARS AND M TRAVEL OOD RAF TRAVEL EOOD VIVA TRAVEL OOD ABAX EOOD CONTITRANS M EOOD DIDZHITAL GREYD EOOD AEROSTAR OOD SHANS TRAVEL EOOD MOLINA TRAVEL EOOD BLUE WHITE TRAVEL EOOD EM-VI KONSULT OOD ZAVLADYAVAY - TRAVEL EOOD TOUR 4 FUN EOOD OLA TURS BULGARIA EOOD ASA PARTNARS EOOD TREKMANIA OOD LUKSURI DISKAUNTS OOD FIRST BUKET EOOD CLAVIS TREND OOD EMH KLUB EOOD NEW TRAVEL TOUR EOOD IVAN PALASHEV - IPAL ET EXPRESS TRAVEL OOD BULGARIA - KITAY TREVAL USLUGA EOOD ET ILDO-ILIANA - ILIYA ILIEV BELITE KAINACI-MIROSLAV DAMIANOV ET DENIED - MUJGIAN OSMAN ET DZHEY EM BI BULGARIA EOOD POLINA VENKOVA TSOLOVA EOOD VASKONI TRAVEL EOOD PTP KONSULT EOOD ONHOLIDAYS BULGARIA EOOD SMILEY FACES EOOD KRISTAL GRUP EOOD PRO IVENT TUR EOOD INFINITY HOLIDAY EOOD ALOHA TRAVEL OOD TRAVEL ZONA EOOD JOBS RECRUITMENT & SERVICES EOOD SMAYLI TRAVEL EOOD BALKAN SPORT END TRAVEL EOOD BARS TRAVEL EOOD ET FRIY TAYM SARVISIS - MARIYA SHANOVA SS ATLAS-ES EOOD GLOBAL TOURS BG OOD IBC TRAVEL OOD ET OTOS TUR - TANYA KAMENSKA ISCO TOURS 21 OOD TRAVEL AND SAILING PLANET OOD DAYANA TUR M EOOD MONTYAN TUR OOD TANCHEV I CO OOD MOTOROADS BG EOOD TRIPS EOOD MARI TRAVEL OOD GALITA 2003 EOOD ALBENA SPORT - 2000 OOD VIOLETA GENNDJELIEVA VISION ET PETRICH TRAVEL EOOD EVERLAND EOOD MANI DESTINEYSHANS EOOD LOKALAYT TUR EOOD BELPREGO OOD AEROTRAVAL EOOD KAANI TOUR BULGARIA EOOD PARTI TRAVEL EOOD ET VIA-TURS - VIOLETA ZAMANCHEVA 13 SeeNews Industry Report

BG TRAVEL 2009 OOD JS TRAVEL MANAGMENT EOOD KRISTA 1 OOD ELI ROS TRAVEL EOOD ASTERA TRAVEL EOOD BG ESKARGO 2010 EOOD BARONESS EOOD VOYADZHAR OOD SERENA TRAVEL EOOD MAG 89 EOOD BALGARA EOOD ROZA DEI VENTI EOOD ADVENCHAR MANIYA OOD BALKANSKI TURIZAM EOOD BOLKAN TURBOKS OOD ZONA TOURISM OOD FOTEV EOOD FLAY ASTRAL EAD POLONIA BG EOOD SNEGER TURIST EOOD DOM V ROZOVATA DOLINA OOD PRESTIGE PROPERTY EOOD DORKOBUL OOD HOLIDAY CLUB BG EOOD HOLIDAY SURVISIZ EOOD ARGO TURS EOOD VESI TRAVEL EOOD CHARTAR TURS OOD VASSY EOOD LAKI TURS OOD MIDA KOM EOOD GRAND HOTEL VARNA TRAVAL EOOD FLINT KALEKTABALS EOOD LEADR EOOD DASKALOVI INTERTURS EOOD SITNIKOL OOD ALFA - KARS EOOD ZDRAVKA CHIMEVA ALFATUR ET REA HOLIDAYS EOOD CHAYNA TRAVAL KAMPANI OOD SKAY HOLIDEYS EOOD ET ELENI - ELENKA STOEVA YANA TRAVEL EOOD SNEZHANKA GYUMISHEVA ET ESPERO 96 EOOD EUROHOLIDAYS EOOD BIG TRIP EOOD AYA TRAVEL EOOD DM TRAVEL OOD ET STIL 1 - ANDREY CHABUDZHAKOV BOLERO-TUR EOOD ELITTUR SARVIS AD NIK FRESH EOOD FBK KOMPANIA OOD PAN TOURS - 2000 EOOD CHANCE95 TRAVEL EOOD TT TRAVEL EOOD SEZONI BULGARIA EOOD TOURMARKETING EOOD BALKAN TRAVELS EOOD SAMAR 656 EOOD VS TRAVELS OOD AMADEUS 7 OOD ET DENO - VALERI GRIGOROV DRAKUN TNA TODOR ANDONOV ET MAYTURS EOOD PGA TOUR EOOD I TRAVAL EOOD ORBITA BG PLEVEN EOOD SONYANKO EOOD INTERLOS INTERNATIONAL EOOD AVIOFLAY EOOD KONSORTSIUM HIT KONSULTING DZZD DNTUR EOOD BULGARIA MEDICA EOOD NYU UARLD EOOD TRANSPORTER LUX SERVICES SOFIA EOOD WASTEELS - BULGARIA EOOD TRANS-TUR S OOD RAPSODI TRAVEL BULGARIA OOD MAGI TURS OOD PARADISE HOLIDAYS EOOD AVRUS-93 OOD GEOTOURS OOD M GRUP 2004 EOOD VANGELIA - BULGARIA EOOD KOUD ATINA OOD EMOUSHAN HOLIDEY EOOD ELIT TRAVEL INTERNATIONAL OOD ET VALENA-TURS - VALYA VALKOVA KLASSICTOUR EOOD TRAVEL TIME BULGARIA EOOD VAKANCIA OOD VITOSHA TRAVAL OOD TRAVEL YUNIVARS EOOD VIVA HOLIDAY OOD HOLIDEY VIP TUR OOD PANORAMA INTER TRAVEL EOOD RAKOVINA TRAVEL EOOD OK TRAVEL EOOD NIKONA PVT EOOD ALICE TRAVEL GROUP EOOD ALEXANDER TOUR COMPANY OOD GLOBAL CONSULT BG EOOD INCEX TOUR BULGARIA OOD RAY TRAVEL EOOD GLORIA TURS OOD MIRAZH TRAVEL EOOD ARTEMIS - HARIZANOV EOOD COMMERCIAL STANDARD EOOD MY TRAVEL OOD FILIZ TRAVEL OOD TRIP ADVICE EOOD GO TO HOLIDAY OOD PLANET TURS EOOD BALKAN ROUTE INTERNATIONAL OOD DREAM TRAVEL 1 OOD AEROTOUR MM OOD YU.KOR.TRAVEL 82 EOOD ET ANIMA DELTA - MARIYA VASILEVA YOU POINT EOOD MADZHIK TURS OOD BALKAN HANTARS KLUB EOOD UEY OOD ER TOURS EOOD FANTASY TRAVEL OOD LIVEKS OOD ORIENT - 99 OOD BANSKO-TOUR OOD SPA TURIZAM I OTDIH EOOD VBT TRAVEL PLYUS OOD ARGUS DZZD AIR TRAVEL EOOD HIRA TOUR OOD MEGA - TOUR OOD EVENTURE EOOD GREEK-HOTELS EOOD HELIOS RIKAVARI EOOD IN ENI UEY EOOD MD-96 OOD REYNBOU TRAVAL EOOD AHEL TUR EOOD UOTARMEN HOLIDEYS EOOD TRAVAL B K OOD BTOB.BG OOD DEA TRAVAL OOD BIB20181 EOOD KONGRES TUR EOOD PLEVNYA OOD GEIE FIEMME EUIE EEIG UNIVERSAL TRAVEL EOOD FILIPTOUR 1 OOD PREYA TRAVEL EOOD KING TRAVEL OOD RUBITUR EOOD STIL TRAVEL EOOD EM BUSINESS TRAVEL OOD REYNA-TUR EOOD SF GROUP EOOD ANVELI TRAVEL EOOD BEST TURS EOOD GOLDEN WAY OOD EKO TUR OOD MD - EIS EOOD ET ZET-TUR MAYA BORISOVA GLEMAR END DZHOY EOOD 2M - KO OOD TIR PERNIK EOOD TEHNO SVYAT 2 OOD MALVINA-95 EOOD NEW EVENT EOOD BULGARIA GOLDEN TRAVEL EOOD SOLEY TOUR 1 EOOD KIARA TRAVEL EOOD MARITSA TRAVEL OOD ORBEL 2012 EOOD BEST VACATIONS OOD RAD - FIESTA EOOD TURISTICHESKA AGENTSIYA EKO TUR KAMPANI BEST RAYZEN EOOD EOOD RADIO RELOJ STD. EOOD ET PERPERA - RUMEN TONCHEV ANRA OOD SILKI HOLIDEYS EOOD ADVANS TRAVAL KLUB EOOD TOURIST SERVICE HOLDING AD ET POLET - ANTOANETA MLADENOVA SITY TOUR EOOD KOMETA - 2 OOD VICTORY TRAVEL EOOD BALNEO MED OOD NYU VILIDZH TOURS - DANIELA TODOROVA ET ELITER OOD SIRIUS 5 YANKO CHAKAROV EOOD ET EKS-AY-VI - ILONKA VESELINOVA OCEAN TRAVEL OD EOOD ALFA SERVICE EOOD RADUGA OOD TSAREVGRAD TARNOV EOOD ET O.K.TURS - TODORKA PECHEVA BETA TOURS BG OOD KRONOS OOD HEPI FLAY OOD BECK TRAVEL EOOD GLOBAL HOLIDEYZ EOOD VALEROS HOLIDEY EOOD ET ROMANTIKA - ROSITSA PARVANOVA GT TRAVEL EOOD MSJ TRAVEL & EVENTS EOOD MY WAY TRAVEL EOOD SOLEY TUR EOOD SARISA CONSULTING EOOD HHB HOL DAYS AND TRAVEL EOOD REYTUR 2007 OOD VANGEL SHIMOV ET VES MAR - 64 EOOD TA SVIAT OOD TEMPIS OOD SEVE TRAVEL OOD DMS BULGARIA EOOD GALAKTIK TRAVEL EOOD MAC TRAVEL EOOD DIRON EOOD CHITURS OOD EXODOS EOOD URMATOUR EOOD HATEYA OOD BYALA RENTAL DZZD ENDZHOY TRAVAL BULGARIA EOOD HIT HOLIDEY EOOD VIP - SLIVEN OOD MAGIC BLACK SEA TOURS GMBH OOD SPORT SKILLS EOOD GLOBAL TRAVEL BG EOOD KAMPING DZHOY EOOD MEGATUR MT OOD EVENT PARTNER EOOD DISCORIUM EOOD SUNLIGHT TRAVEL EOOD AKADEMIK TRAVEL BULGARIA OOD TRAVEL ME EOOD KALINI OOD MARIANA UGREVA MERI TURS ET LM SI GROUP EOOD TOURIST GUIDE EOOD GORANOV I & V OOD ONEXTOUR EOOD ALEPH SCRIPT OOD TREK DA UARLD EOOD PIRINTURS OOD SELECT TOURS EOOD TRAVEL CLUB BULGARIA EOOD EFES TUR 2009 EOOD MM TRAVEL OOD MACLAND TRAVEL EOOD PLUS ULTRA EOOD LA ROZA HOLIDAY EOOD TRADE FAIR TRIPS EOOD VIVAVANTUR OOD CORRECT ADDRESS EOOD SVETA TURS OOD 14 SeeNews Industry Report

INTER TOURST EOOD ALMA HOLIDAYS OOD HELT TUR OOD AN MAR TRAVEL OOD DOORS TRAVEL OOD TABOLES EOOD THE NATURAL ADVENTURE COMPANY EOOD NARA TOURS EOOD ARTEMIDA TRAVEL EOOD TRAVENTURIA OOD VANDI-S OOD ZIPIMO EAD DECRET EOOD IL TUO VIAGGIO EOOD TRADECOM -RS EOOD SOLART EOOD ALEGRA VI TUR EOOD CONGRESS PARTNERS AND TRAVEL EOOD GOLDEN HOLIDAYS - BG OOD BYUT OOD ELIT - M TRAVEL EOOD A-VELIS TRAVEL EOOD ACCORD TRAVEL OOD EKZOTIK TUR EOOD VESTA TRAVEL OOD HAPPY TOUR GROUP EOOD CHRISS INVESTMENT EOOD STAMA OOD CARLSON WAGONLIT TRAVEL AD - KLON DESTINATION ONE EOOD JMB TRAVEL EOOD VAL PRIM KONSULTING EOOD BRANCH MELI TOURS-BG OOD RADINA VIP WORLD OOD KAMURA HOLIDEYZ EOOD LINO SOLUSHANS EOOD I B INTERNATIONAL GROUP EOOD ROMANTIK HOLIDEYZ OOD BULGARIAN GOLF TOURS OOD AUTHENTIC BULGARIA OOD TEDI KAM EOOD BIOMED L TRAVEL EOOD FLYTEAM EOOD SKAY TRIP OOD MODERATO TOURS EOOD SANHOLIDEYZ BG OOD TRAVELISIMO OOD MAREA INTERNATIONAL GROUP EOOD ELEYA TUR EOOD EKSEL HOLIDAYS EOOD SUNRISE TAKEO EOOD SKANER OOD ET VIVA - MARINELA ASPARUHOVA ATRAKTSION INVEST EOOD DERTOUR BULGARIA OOD AVIA OOD MANOV-EN OOD FORTUNA 7 - PLOVDIV EOOD KLUB MONDO EOOD STRELITSA TODORKA TODOROVA ET ET MT-L-LYUBOMIR MARINOV TRAVEL CONSULTING EOOD ORPHEUS TOURS EOOD WORLD TRAVEL MANAGEMENT EOOD FEMILI TRAVEL OOD PAVAL TRAVEL OOD CATALEYA TRAVEL EOOD ASAL TRADING EOOD VIVENT EOOD STARRI TRAVEL EOOD WEBMARK STUDIO EOOD BALKAN COMFORT D M C OOD ALTER VIA OOD EMERALD TRAVEL BULGARIA OOD DALLA TOURS EOOD BRIDGELIFE OOD AR-TURS OOD VELIA TRAVEL OOD BISERI TURS EOOD BELFRESH EOOD TRAVEL MANIA PLUS OOD MARVEL TUR OOD ER ES PI TRAVEL BULGARIA EOOD MEDZHIK TRIP EOOD TREMPO TOUR EOOD RUSANA TRAVEL EOOD 365 EOOD EVENTAR EOOD GEORGIEV TOURS OOD EAST KEY VOYAGER OOD BYURO ZA TURIZAM I PRIKLYUCHENIA PALDIN LAKI TURS STANIMIR ROMANOV ET EOOD ARTA TOUR LLC EOOD DAVYDOVA ESTATELTD EOOD LEANEL EOOD NEW TRAWELS AGENCY EOOD SPA TOURS BULGARIA EOOD COSMOS TRAVEL EOOD STUDENT BG OOD SAN TRAVEL EOOD BK TOUR OOD DZZD TRAVELLEND EXPRESS TOURS EOOD ALBATROS - 59 OOD BULTRIP.KOM OOD EKSKURZIYA OOD TRIVIA EOOD ESPRESSO TRAVEL 2010 OOD FAVORIT ATT EOOD ESPAS EOOD RSP TRAVEL EOOD DREAMS VILLAS EOOD STENLI TRAVEL EOOD GALINA GOLD GALINA BOZVELIEVA ET MINA TRAVEL END IVENT GRUP EOOD O TOUR EOOD MCT EOOD BANSKO SARVISIS EOOD EKO TUR - 81 SLAVKA PANDELOVA ET LILIANA KAROLEVA - KAROLINA ET DANNA HOLIDAYS EOOD EXOTIC HOLIDAY OOD VITOSHA TRANS BG OOD BULUEY EOOD MEGA T TUR EOOD DEYZI TRAVAL OOD NICRA DE''TOUR EOOD EVENT SHOP EOOD MILENIUM TRAVEL MLT EOOD VENERA TOUR - NEVYANA ZHELEVA EOOD CLICK AND RENT OOD MEGI TRAVEL OOD AQUA TOUR BG EOOD ALLTOUR END MANAGEMENT OOD NEYA TRAVEL OOD SAFARI TUR OOD VERSO TRAVEL OOD KALIMBA TOUR EOOD ORTHANNA SPLTD EOOD COSMATOURS OOD USIT COLOURS BULGARIA OOD BULWINGS EOOD ONE-TOUCH ADVENTURE TOUR EOOD PASHA HOLIDAY TRAVEL & TURS OOD NOY TRAVEL OOD TOWER TRAVEL CONSULTANTS EOOD RILA TURS 2001 EOOD CHRIS TRAVEL EOOD RENT ADVICE SERVICES OOD BALKANTREK VALERI GAYDAROV ET RINA - IRINA DZHUTEVA ET DELTA TOURS BG OOD DIA NATURE SERVICE OOD BOURGAS TRAVEL TOUR EOOD BISTRA VODA OOD ITB-INTER TRAVEL BULGARIA EOOD ET ARTEMIS - DIANA STOYNOVA POINT TRAVEL BULGARIA EOOD E-TOURS OOD SMART TREYD END TRAVEL OOD SITRIP OOD PROVINGID EOOD BEST TRIPS EOOD GINI OOD ANTONOV EOOD TRAVELMAX OOD KOLAROV GROUP EOOD RENAISSANCE TOURS EOOD INES TRAVEL BULGARIA EOOD ASTRA HOLIDAY EOOD FRAM TUR EOOD PLANET TREK TRAVEL EOOD E-SKY OOD EM DZHI TRAVAL EOOD ELLE TRAVEL EOOD MAPACHA KAMPANI LIMITET EOOD 9 PM EOOD TOURIST INFORMATION AND REGISTRATION AD RUAL TRAVEL OOD ALDER TRANSPORT OOD MUSTAFA ALTANHAN 1965 OOD TRAVEL TIME GROUP EOOD HOLIDAY AD GRACE TOUR EOOD G L INVESTMENTS EOOD DREAM HOLIDAYS BG OOD BEYAZ GRUP EOOD KGTOURS OOD DZZD LAVIKA DENIZ TRAVEL OOD MAKS RENT SITI EOOD ELEVEN TUR BG EOOD U TRAVEL EOOD ANDZHELA 2014 OOD IV I KO - TRAVEL OOD TRAVELINA OOD BORYANA YACHKOVA 64 EOOD INFINITY TRAVEL AD WORK PARTNERS EOOD MARKOV TUR EOOD VIKTRIS OOD MAX 100 KM EOOD TRAVEL TREND EOOD HILYADA PATESHESTVIA EOOD OLYGA BELYAKOVA EOOD GLOBAL TOURS - AS OOD DRS - MARKETING EOOD HERMES HOLIDAYS AD TUI BULGARIA EOOD IEKA - 91 - EUROD TA OOD TEZ TOUR BALKANS EOOD KASIA TUR EOOD DNTMKG EOOD NONA EOOD SOFIA HOLIDAYS EOOD KRISI TUR - K EOOD FANTRAVEL EOOD CASIO BULGARIA DZZD AEROTOURMM EOOD TOPOFERTITE EOOD 7 RAYS EOOD ASTREIA BG-13 EOOD TANDEM TRAVEL OOD BI TRAVELS EOOD BON TOUR BG OOD GLOBAL TRIP CONSULT EOOD ALIANS OOD ATLANTIS TOUR OOD GD GROUP EOOD ZLATEN TOUR OOD RAVEL GROUP EOOD FAIR AND CONGRESS RESERVATIONS-DMC EOOD WORKER BEE TOURS EOOD VAGABOND TRAVAL OOD VIA TRAVEL OOD VIA ORBITA - PLOVDIV OOD ADORA TRAVEL EOOD KORPOREYT TRAVAL BULGARIA OOD GNT - NELI TODOROVA ET ASPA HOLIDEY EOOD TRIANA STAR INTERNATIONAL EOOD FERIS TRAVEL EOOD TRAVEL AGENCY SOLVEX EOOD INTERNATIONAL ADMISSION SERVICES OOD ANTEA TRAVEL EOOD TOURS CLUB ELLADA OOD TOP 20 OFFERS OOD RIN CONSULT EOOD BULGARIA ER POSOKA DZZD DZYAI TRAVAL KONSULTING END SARVIS GO GLOBAL TRAVEL BULGARIA EOOD BULGARIA EOOD GROMATUR OOD NANSI PRODJEKT EOOD EKSPRES TAKSI VLADIMIR VLADIMIROV ET T SPECTRUM OOD NESTUR OOD EXTRA TOURS EOOD HAPPY TRAVEL OOD EFIR HOLIDAYS OOD STANLEY COMFORT TRAVEL OOD 15 SeeNews Industry Report

PROFI TRAVAL TSENTAR EOOD DREAM TRAVEL EOOD RELAX TRAVEL EOOD INTERLAX-BG EOOD MOTO ROUDS EOOD PARTNER TRAVEL EOOD TINA TOURS EOOD PIRINTOURIST 2000 OOD ELECTRA TRAVEL SERVICE OOD DAMA KUPA DRAGANKA GEORGIEVA ET PULART OOD SIM - TRAVELS OOD PERFECT TRAVEL EOOD RED TOURS EOOD NIRO EOOD GLOBAL NSN EOOD ADLER HOLIDAYS OOD ECO MONDE OOD DREAMS 2016 EOOD ALIDA EOOD BEST TOUR EOOD MINA HOLIDEYS OOD EVENT DESIGN OOD ALLIANCE TRAVEL BG EOOD TRAVEL EUROPE EOOD OOD R V L SUN OOD PLANET EOOD SIRIUS A OOD CHRISS AIR OOD ALDER TRAVEL OOD BALKAN SILK ROAD OOD SANI BIYCH TURS EOOD 365 CULTURA EOOD FLAY KONSULT EOOD DIDONA OOD SELENA - TUR OOD STELA TURS OOD DZHULI 78 EOOD LAKATA OOD INTERNATIONAL TRAVEL EOOD BG TURS VARNA OOD SKY TRAVEL EOOD NADEZHDA TRAVEL BG OOD HOSP SERVICE EOOD MOUZENIDIS TRAVEL BULGARIA EOOD VIP TRAVEL PARTNER EOOD AFRODITA TURS 97 EOOD ANG L TRAVEL OOD AVIA TUR EOOD IZTOCHNA MEZHDUNARODNA TURISTICHESKA VIATUR BULGARIA EOOD WELCOMW TRAVEL EOOD KOMPANIA OOD AKTIVE TRAVEL EOOD MNJ EOOD EASY GUIDES EOOD DANI TURS DANIELA IVANOVA ET GIDI TRAVEL OOD GEOGRAFIK TUR OOD VARNA TOURISM COMPANY EOOD D.A.TRAVEL EOOD MORSKI HORIZONTI EOOD TIKETPRO EOOD BALCANIC TOUR EOOD BALKANTOURIST & OOD SANDEY- 93 EOOD TRAVEL ADVAYZARS OOD V AND V GLOBAL EOOD HAPPY TRAVEL 2005 OOD EURO TICKET EOOD HOLIDAY BG TUR OOD DISKAVERI TRAVEL BULGARIA EOOD FIX STAY OOD NEXT TUR EOOD ANATRAVEL 888 OOD EDDY TOURS OOD ATOS EOOD SATELIT - ES OOD OOD TURISTICO OOD BULGARIA TRAVEL EOOD BULGARIA WINE TOURS EOOD MS HOLIDAYS EOOD EUROTOUR OOD PIPERKI BG EOOD STO TRAVALS END IVENTS OOD SAN TURS NEVENA ILIEVA ET ANVELI GRUP OOD ET MAYK - PETYA SKUDZHOVA MEDIKAL TURIST SARVISIZ OOD ANNA MARI TRAVEL ENGINEERING EOOD TENDER 2015 EOOD AGAPI 7 OOD VELBURG OOD PERLA TURS OOD INTO THE WILD OOD JOVI TOURS OOD ZORI EOOD NOTA TRAVEL OOD SANI TURS 2000 OOD TRIPSY INTERNATIONAL OOD CONKORDIJ-SKC EOOD SARNELA WORLD EOOD BALGERIAN HOLIDEYZ EOOD SOFIA LUXURY TRAVEL OOD TRAVEL ART OOD ANESI EM DI EOOD INKAMING BULGARIA OOD VITALITY TRADITIONS OOD KONKORDIA BS EOOD TRAVAL SHOPING TSENTAR EOOD DESITI KONSULT EOOD TOURCHANCE ET PALIOKASTRO TOUR OOD DIAMANT TURS OOD PATRIMONIA OOD NEOPHRON TOURS EOOD ALEX TRAVEL EOOD EVROKOMPAS EOOD MIBS TRAVEL I TURIZAM BG OOD ARKAN TOURS EOOD VIP OFERTA BG OOD NIKI EM EOOD VECTRA TRAVEL OOD FOBOS TOURS EOOD VIA PONTICA 2000 EOOD BOLKAN UINGS EOOD VIVANOVA TRAVAL EOOD VIA PONTIKA AB - BULGARIA EOOD MITI TRAVEL EOOD 7M TOURIZM EOOD PANDA TRAVEL TODOROVI I S-IE SD EM PI AY BULGARIA EOOD HOLIDEY TIME OOD EVENTIM.BG OOD DETELINA TURS OOD TRAVEL TSH AD POKLONNIK.BG EOOD SILA VARNA TRAVEL OOD VIA ORBITA VT OOD DIANA AND NIKOLA OOD TLASEMAKI OOD AGENTSIA ZA TURIZAM SARNENA GORA EOOD SENIMAT EOOD ROYAL RENT KAVARNA OOD SANRAYZ TRAVAL EOOD IRA-83 EOOD PI GROUP PLOVDIV EOOD TRAVELLAND BG EOOD CHAIKA TRAVEL BURGAS EOOD VARNA TURIST SERVIZ 21 OOD EKSELANT EOOD ZAGORA TUR EOOD PARR TRAVEL EOOD SUMMER HOME SERVICES EOOD PARTY MANAGEMENT EOOD EUROTOURS EOOD EPSILON PROPERTY MANAGEMENT OOD ASTEA TOUR OOD TURIST-SARVISIS EOOD TRAVEL SEASONLTD OOD SKY FLY OOD MAJESTIC TRAVEL OOD VIA SKY BG EOOD EVROTREYD BULKOMERS EOOD SVETLANA-SVETLANA ATANASOVA-07 EOOD ATLANTIC TOUR OOD TRAVEL EXPERTS BG EOOD TRAVEL CONSULT INTERNATIONAL EOOD SOFIA TRAVEL RELATED SERVICES EOOD BEAUTIFUL BULGARIA TRAVEL EOOD IMPERIAL TRAVEL CONSULTING EOOD TRAVEL SALYUSHANS OOD VIZIT TRAVAL OOD PRO TOP TUR EOOD OT ZEMYA I VAZDUH EOOD SUNNY TRAVEL - KRASIMIR IVANOV ET R3R ROSKO EOOD HOLIDAY PLUS BG OOD I. 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DJIDJI HOLIDEIZ EOOD ET VALANTAYN HOLIDEYZ - VALYA YORDANOVA DREAM TUR EOOD SEMA EXPRESS EOOD NIA TRAVEL 2004 OOD BED END BARDING OOD HOLIDAY CENTER OOD EMI-MEGI OOD A N BALKANTURS EOOD AVIOTRAVEL EOOD DRS-TRAVEL EOOD MARIS TRAVEL EOOD SHIPKA-T A EOOD AGENT EKSPRES EOOD G.G GROUP EOOD SENATOR TRAVEL EOOD LUIZA HOLIDEY EOOD IRBIS 0 OOD SENTAL OOD S&D TRAVEL EOOD TURISTICHESKA AGENTSIA HEMUS TUR SIMEONOVI I SIE SD FANTASTIC TRAVEL OOD DIVA3 OOD OLVEX INTERNATIONAL EOOD TRAVELUKS OOD OK INTERNESHANAL OOD ET MEGA TRAVEL - LIDIYA IVANOVA SOLIMO ADRIANA PETROVA ET BERIGO EOOD DSK-TOURS EOOD T & N TRAVEL OOD MEM TRAVEL EOOD PROKOPF OOD 2 FLY OOD MAJESTIC TOURS EOOD TIME TO TRAVEL EOOD BALKANITY TRAVEL EOOD DANAYA-TOURS EOOD KRIDERA EOOD RIVERTA OOD LOVA 17 EOOD SOZOPOL-TUR OOD TRAVEL SPOT EOOD FLY TOUR OOD TEZ TOUR BULGARIA EOOD AGRITOUR EOOD GOBALKANS EOOD NEXT TRAVEL EOOD TRANSATLANTIK TRAVAL KOMPANI EOOD NEDA TOURS EOOD SPORT TUR - M EOOD DZZD KVT AKTSENT TRAVEL EOOD KOMPANIA ZA MEZHDUNARODNI KONGRESI ELI ROS TUR EOOD SKAY LAYNS STADIS EOOD OOD AZMARRA OOD TRAVEL ADVISOR EOOD DOROTEYA TOUR EOOD TURISTICHESKA AGENTSIYA GEYA TURS EOOD -PLANET EOOD EUROPEAN JOURNEYS EOOD ET DIMITAR CHIMEV- ALFATUR SYUPRIYM TRAVEL OOD IMA TOURS EOOD KAPUSTIN - 2014 EOOD PROTRADE EXPO OOD ET V.G.-RADI BANKOV - VESELIN BANKOV DOBAR DEN EOOD OMNIS TRAVEL EOOD RIMI - DI TURS EOOD BULGARHOLIDAYS EOOD GALERA EOOD BIZNES TRAVAL EYDZHANSI EOOD BG TURS OOD TEORA 88 EOOD BALKAN TRAILS OOD ROZETA MOTO TURS AD BALKANIKA TRAVEL BG EOOD ELIMAR TRAVEL OOD HOTELTV OOD VICTORIA HOLIDAYS EOOD ALEGRIA TOUR OOD AS TURS EOOD TUR BG HAN EOOD BAJA TOURS OOD RELAX TIME OOD BULPARTNERS TRAVEL OOD PRISTA TOUR EOOD MIVEKI BLAGOY KALAMBOV ET EVOLUTION TRAVEL EOOD POSOKA COM OOD NEW VILLAGE TOURS OOD UNION-SPUTNIK BG-USB-TRAVEL EOOD MIREYA TRAVEL EOOD TRAVELANDIA EOOD VIZITUR EOOD REVERIE OOD DND TRAVEL OOD UNIRA EOOD EURO - VARNA EOOD BALKAN VIP TOURS OOD MEDTOUR EOOD SVETLA MLADENOVA POHOD ET HESTIA TRAVEL EOOD MERIDIANA EOOD HOLIDAY CHOP OOD KALISTA TRAVAL EOOD ET NADIN - ZORNITSA STOYANOVA TRIUMF TRAVEL OOD INSIGHT EVENTS OOD CNC TRAVEL EOOD GLOBE TRADE EOOD INTERVALI 2020 EOOD KARTA EOOD FLAY HOLIDEYS OOD RANDEVU EOOD SIMONA 2004 EOOD MIEL EOOD DIVLANDIA EOOD SINEVA TRAVEL EOOD SDI TRAVEL OOD BOOKING EXPO EOOD MEDUSA 2011 EOOD ZLATNI PIASACI-LAZAROVA TRAVEL EOOD DZHI PI TRAVEL BG EOOD DENIZ TRAVEL EOOD FURORE EMPIRE EOOD ET DIMITAR AVRENLIEV BSE-VELIKA OOD LMS 92 EOOD TRAVEL TUR RUSE EOOD VIA-ORBITA GERGANA PAYNEVA EOOD VISTALIS EOOD DESTINATION TOURISTIC SERVICES OOD EN DI SI GRUP EOOD HULIYA TURS OOD AYA SKY OOD EUROPE GO OOD SEZONY BG EOOD ARENA HOLIDAYS OOD ASTREYA TRAVEL EOOD MRS TRAVEL EOOD ET LIBRA - GRETA NEDYALKOVA GRAND TRAVEL OOD MOTORTREYDING EOOD SMART TOUR EOOD ET TOMA KOSTADINOV - 02 EKOTUR 98 OOD LITEX TRAVEL AD MARVELS ON BOARD OOD VALENTI 7 EOOD MAGS TRAVEL OOD FIESTA TOURS EOOD TESKO GROUP EOOD POLYTOURS OOD EVROTUR MK EOOD IZZI TRAVEL EOOD VALDEN TUR OOD MELITON GROUP OOD RT URS EOOD PROEKSPO SARVIS OOD GUDLAYF BULGARIA EOOD TREZHAR TRAVEL OOD LINTOUR OOD VIP SEA OOD GREEKA OOD ULTRA TRAVEL EYDZHANSI EOOD ANTONIA SLAVOVA ET WETRAVELUX EOOD VEDA TRAVEL OOD AMORA VARNA EOOD OK AIR SERVICES EOOD 17 SeeNews Industry Report

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