Industry Report Repair and installation of machinery and equipment 2015 BULGARIA

seenews.com/reports

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

NUMBER OF COMPANIES IN REPAIR AND INSTALLATION OF I. KEY INDICATORS MACHINERY AND EQUIPMENT INDUSTRY BY SECTORS SECTOR 2015 2014 2013 The Repair and installation of machinery and equipment REPAIR OF MACHINERY 1,078 1,030 926 industry in Bulgaria was represented by 2,514 companies at INSTALLATION OF INDUSTRIAL MACHINERY 280 269 230 the end of 2015, compared to 2,409 in the previous year AND EQUIPMENT and 2,131 in 2013. REPAIR OF ELECTRICAL EQUIPMENT 236 249 207 REPAIR AND MAINTENANCE OF OTHER 222 197 184 The industry's net profit amounted to BGN 35,678,000 in TRANSPORT EQUIPMENT 2015. REPAIR AND MAINTENANCE OF SHIPS AND 207 191 180 BOATS The industry's total revenue was BGN 1,010,256,000 in REPAIR OF ELECTRONIC AND OPTICAL 204 198 179 EQUIPMENT 2015, up by 0.83% compared to the previous year. REPAIR OF OTHER EQUIPMENT 131 114 104

The combined costs of the companies in the Repair and REPAIR OF FABRICATED METAL PRODUCTS 125 135 107 installation of machinery and equipment industry reached REPAIR AND MAINTENANCE OF AIRCRAFT AND 31 26 14 SPACECRAFT BGN 961,311,000 in 2015, up by 8.33% year-on-year.

The industry's total revenue makes up 1.25% to the country's Gross domestic product (GDP) in 2015, compared to 1.29% for 2014 and 1.10% in 2013. III. REVENUES

A total of 15,670 people were employed in the Repair and The total revenue in the industry was BGN 1,010,256,000 in installation of machinery and equipment industry in 2015, 2015, BGN 1,001,927,000 in 2014 and 846,841,000 in 2013. compared to 14,586 in 2014 and 17,517 in 2013.

Most of the companies in the industry are based in Sofia, Total revenue followed by Varna and Plovdiv. Net sales revenue

1,100,000,000 1,001,927,000 1,010,256,000 II. INTRODUCTION 1,000,000,000 900,000,000846,841,000 936,452,000 In 2015 the companies in the Repair and installation of 878,732,000 800,000,000 machinery and equipment industry numbered 2,514, 783,784,000 distributed in 9 sectors. 700,000,000

236 600,000,000 280

BGN 500,000,000 222 400,000,000

300,000,000 207 491 200,000,000

100,000,000

0 2013 2014 2015

The companies in the Repair and installation of machinery and equipment market of Bulgaria earned combined net sales 1,078 revenues of BGN 936,452,000 in 2015.

Repair of machinery In annual terms, sales marked a growth of 6.57% compared to Installation of industrial machinery and equipment 2014. In comparison to 2013 they rose by 19.48%. In 2014 Repair of electrical equipment sales increased by 12.11% year-on-year. Repair and maintenance of other transport equipment Repair and maintenance of ships and boats The Repair and installation of machinery and equipment industry total revenue make up 1.25% to the country's GDP in Others 2015, compared to 1.29% for 2014 and 1.10% in 2013.

In 2014 there were a total of 2,409 companies operating in the industry. In 2013 their number totalled 2,131.

2 SeeNews Industry Report

Share in GDP 1.29% NET SALES REVENUE BY SECTORS 1.3 1.25% RANK SECTOR NET SALES REVENUE (BGN) 1.2 1 REPAIR OF MACHINERY 262,050,000 1.1% 1.1 2 REPAIR AND MAINTENANCE OF SHIPS AND BOATS 236,895,000 3 INSTALLATION OF INDUSTRIAL MACHINERY AND 178,385,000 1 EQUIPMENT

0.9 4 REPAIR AND MAINTENANCE OF AIRCRAFT AND 116,293,000 SPACECRAFT 0.8 5 REPAIR OF ELECTRICAL EQUIPMENT 61,053,000 6 REPAIR OF ELECTRONIC AND OPTICAL EQUIPMENT 28,190,000 0.7 7 REPAIR OF FABRICATED METAL PRODUCTS 27,184,000 0.6 8 REPAIR AND MAINTENANCE OF OTHER TRANSPORT 14,897,000 EQUIPMENT 0.5 9 REPAIR OF OTHER EQUIPMENT 11,505,000 0.4

0.3

0.2 INDUSTRY'S NET SALES REVENUE STRUCTURE BY SECTORS 0.1 12.42% 0 2013 2014 2015 19.05% 8.73%

In 2015 the Repair and installation of machinery and equipment industry contributed to GDP BGN 793,148,000 in Gross value added (GVA) accounting for 0.51% of the total for 6.52% the country's economy.

In the previous year, the industry's GVA amounted BGN 845,694,000, accounting for 0.59% of the total for the country in 2014. In 2013 the GVA of the Repair and installation of machinery and equipment was BGN 691,256,000, or 0.51% of the GVA for the country's economy. 25.30%

27.98% GVA BY SECTORS RANK SECTOR BGN SHARE OF THE COUNTRY'S GVA (%)

1 REPAIR OF MACHINERY 233,438,000 0.15 Repair of machinery 2 REPAIR AND MAINTENANCE OF SHIPS AND 176,275,000 0.11 Repair and maintenance of ships and boats BOATS Installation of industrial machinery and equipment 3 INSTALLATION OF INDUSTRIAL MACHINERY 146,927,000 0.10 AND EQUIPMENT Repair and maintenance of aircraft and spacecraft 4 REPAIR AND MAINTENANCE OF AIRCRAFT 104,467,000 0.07 Repair of electrical equipment AND SPACECRAFT Others 5 REPAIR OF ELECTRICAL EQUIPMENT 56,713,000 0.04

6 REPAIR OF FABRICATED METAL PRODUCTS 27,522,000 0.02 The highest growth, of 38.82%, was recorded by Repair of 7 REPAIR OF ELECTRONIC AND OPTICAL 24,389,000 0.02 other equipment, while Repair of electrical equipment EQUIPMENT registered the sharpest decline, of 26.87%. 8 REPAIR AND MAINTENANCE OF OTHER 13,534,000 0.01 TRANSPORT EQUIPMENT 9 REPAIR OF OTHER EQUIPMENT 9,883,000 0.01 TOP COMPANIES' REVENUE BY SECTORS SEGMENT COMPANY TOTAL REVENUE NET SALES (BGN) REVENUE (BGN) REPAIR OF OTHER EQUIPMENT We expect, based on the trend in the last three years, the total PENTAX MEDICAL BULGARIA OOD 3,095,000 3,095,000 revenue of the Repair and installation of machinery and TEMIL OOD 1,101,000 1,101,000 equipment industry to change at a compound annual growth KLIMATECHNIKA AD 946,000 916,000 rate (CAGR) of 9.22% in 2016. INSTALLATION OF INDUSTRIAL MACHINERY AND EQUIPMENT SYSTEMS AUTOMATION TECHNOLOGIS 18,486,000 18,446,000 /SAT/ OOD MAGNUM 7 OOD 18,264,000 18,136,000 ELMASHEXPORT-ENGINEERING OOD 12,037,000 11,951,000 REPAIR OF FABRICATED METAL PRODUCTS ENERGOREMONT-KOZLODUY OOD 12,357,000 10,608,000 ENERGOREMONT - BOBOV DOL AD 3,389,000 3,024,000 MONTAZH INZHENERING OOD 1,436,000 1,436,000 REPAIR OF ELECTRONIC AND OPTICAL EQUIPMENT

3 SeeNews Industry Report

ENSI CONTROL OOD 8,400,000 8,377,000 8 TEREM-KRZ FLOTSKI ARSENAL - VARNA OOD 30,564,000 DANLEX OOD 5,528,000 5,222,000 9 AVIONAMS AD 23,745,000 ORITEL OOD 2,825,000 2,825,000 10 SKY SOLAR BULGARIA CO OOD 22,889,000 REPAIR OF MACHINERY ATOMENERGOREMONT AD 41,287,000 40,342,000 VESTAS BULGARIA OOD 16,719,000 15,111,000 TOP 10 COMPANIES WITH HIGHEST ANNUAL GROWTH IN COMPLEX INDUSTRIAL SERVICE OOD 11,234,000 10,791,000 OPERATING REVENUE IN REPAIR AND INSTALLATION OF REPAIR AND MAINTENANCE OF SHIPS AND BOATS MACHINERY AND EQUIPMENT RANK COMPANY Y/Y GROWTH MTG-DOLPHIN AD 45,293,000 43,431,000 1 DZZD KONSORTSIUM DZHENERAL ENERGO 1140200.00% ODESSOS SHIPREPAIR YARD AD 36,814,000 29,478,000 2 FACE PROTECTION OOD 36889.47% TEREM-KRZ FLOTSKI ARSENAL - VARNA 33,557,000 30,497,000 OOD 3 BUL MONTAGE OOD 24750.00% REPAIR OF ELECTRICAL EQUIPMENT 4 EKO ENERGIYA HOLDING OOD 16966.67% CENTRALNA ENERGOREMONTNA BAZA AD 13,293,000 11,489,000 5 KD 11 OOD 10200.00% T&D ENGINEERING OOD 11,406,000 11,406,000 6 DI VI JL SERVICE OOD 8533.33% GREEN BUILD OOD 4,146,000 3,892,000 7 PROFI SERVICE OOD 5700.00% REPAIR AND MAINTENANCE OF OTHER TRANSPORT EQUIPMENT 8 M I D SERVIZ OOD 5600.00% RVP ILIENCI OOD 6,060,000 4,885,000 9 HEC SOLAR OOD 2891.38% EVROPA GUMI KNYAZHEVO OOD 1,008,000 1,008,000 10 VI BUILD 1 OOD 2790.00% RETRO AVANGARDOOD 729,000 36,000 REPAIR AND MAINTENANCE OF AIRCRAFT AND SPACECRAFT LUFTHANSA TECHNIK SOFIA OOD 100,682,000 100,682,000 TOP 10 COMPANIES BY TOTAL REVENUE IN THE INDUSTRY REPAIR AVIONAMS AD 12,889,000 2,830,000 OF OTHER EQUIPMENT WERE: COMPANY BGN AERO TECHNIC BG OOD 5,504,000 5,388,000 PENTAX MEDICAL BULGARIA OOD 3,095,000

TEMIL OOD 1,101,000

KLIMATECHNIKA AD 946,000 The top 10 companies in terms of total revenue in Repair and installation of machinery and equipment accounted for BREZENT D&D OOD 884,000 33.50% of the industry's total in 2015, 40.11% in 2014 and PRIMA BLOK OOD 844,000 39.92% in 2013. K.CHEPAKOV OOD 593,000 GUMI - GRUP OOD 249,000 TOP 10 COMPANIES BY TOTAL AND NET SALES REVENUE IN THE TEHNO BG OOD 219,000 INDUSTRY ELPIDA TRADE OOD 215,000 RANK COMPANY TOTAL REVENUE NET SALE ET NELI KARAPACHOVA-KIRCHEVA 143,000 (BGN) REVENUE (BGN)

1 LUFTHANSA TECHNIK SOFIA OOD 100,682,000 100,682,000

2 MTG-DOLPHIN AD 45,293,000 43,431,000 The 10 largest companies in terms of total revenue in sector 3 ATOMENERGOREMONT AD 41,287,000 40,342,000 Repair and installation of machinery and equipment earned 4 ODESSOS SHIPREPAIR YARD AD 36,814,000 29,478,000 total revenue of BGN 8,289,000 and accounted for 0.82% of 5 TEREM-KRZ FLOTSKI ARSENAL - VARNA 33,557,000 30,497,000 the industry's total revenue. OOD

6 SYSTEMS AUTOMATION TECHNOLOGIS 18,486,000 18,446,000 /SAT/ OOD TOP 10 COMPANIES BY TOTAL REVENUE IN THE INDUSTRY 7 MAGNUM 7 OOD 18,264,000 18,136,000 INSTALLATION OF INDUSTRIAL MACHINERY AND EQUIPMENT 8 VESTAS BULGARIA OOD 16,719,000 15,111,000 WERE: COMPANY BGN 9 FACE PROTECTION OOD 14,056,000 14,056,000 SYSTEMS AUTOMATION TECHNOLOGIS /SAT/ OOD 18,486,000 10 CENTRALNA ENERGOREMONTNA BAZA AD 13,293,000 11,489,000 MAGNUM 7 OOD 18,264,000

ELMASHEXPORT-ENGINEERING OOD 12,037,000

SMARTCOM-BULGARIA AD 11,803,000 The total revenues of the top 10 companies in the Repair and DZZD KONSORTSIUM DZHENERAL ENERGO 11,403,000 installation of machinery and equipment were 0.42% of GDP ENTERPRISE COMMUNICATIONS GROUP OOD 8,751,000 in 2015, compared to 0.52% for 2014 and 0.44% in 2013. ADEN GROUP OOD 8,668,000

The top 10 by assets in the Repair and installation of D I V KOMERS AD 8,212,000 machinery and equipment sector made up BGN 265,337,000, PRODJECT CONSULTING & MANAGEMENT OOD 6,712,000 or 28.33% of the total net sales revenue. SOROKOV INSTRUMENTS OOD 3,945,000

TOP 10 BY TOTAL ASSETS IN THE INDUSTRY RANK COMPANY BGN The 10 largest companies in terms of total revenue in sector 1 MTG-DOLPHIN AD 75,226,000 Repair and installation of machinery and equipment earned 2 ATOMENERGOREMONT AD 70,358,000 total revenue of BGN 108,281,000 and accounted for 10.72% 3 BURGASKI KORABOSTROITELNITSI AD - IN BANKRUPTCY 69,785,000 of the industry's total revenue. PROCEEDINGS 4 ODESSOS SHIPREPAIR YARD AD 69,673,000 5 LUFTHANSA TECHNIK SOFIA OOD 68,102,000 6 ROUSSE SHIPYARD WEST AD 54,611,000 7 VESTAS BULGARIA OOD 31,237,000

4 SeeNews Industry Report

TOP 10 COMPANIES BY TOTAL REVENUE IN THE MARKET REPAIR TOP 10 COMPANIES BY TOTAL REVENUE IN THE FIELD REPAIR AND OF FABRICATED METAL PRODUCTS WERE: MAINTENANCE OF SHIPS AND BOATS WERE: COMPANY BGN COMPANY BGN ENERGOREMONT-KOZLODUY OOD 12,357,000 MTG-DOLPHIN AD 45,293,000 ENERGOREMONT - BOBOV DOL AD 3,389,000 ODESSOS SHIPREPAIR YARD AD 36,814,000 MONTAZH INZHENERING OOD 1,436,000 TEREM-KRZ FLOTSKI ARSENAL - VARNA OOD 33,557,000 DZZD KOMPLEKS 2014 1,041,000 FACE PROTECTION OOD 14,056,000 ENERGOREMONT - RUSE AD 1,033,000 VIANOR OOD 10,018,000 KONTROL OOD 1,011,000 HELLENIKA OOD 7,477,000 BORIANI - 08 OOD 815,000 DURYAS OOD 6,831,000 PROMISHLENA ENERGETIKA-VT AD V.TARNOVO 798,000 BARBELA OOD 6,780,000 KOTLOREMONT OOD 688,000 BUMERANG SHIPPING OOD 6,245,000 ENERGOTRANS 2002 OOD 630,000 PERLA 2 OOD 6,194,000

The 10 largest companies in terms of total revenue in sector The 10 largest companies in terms of total revenue in sector Repair and installation of machinery and equipment earned Repair and installation of machinery and equipment earned total revenue of BGN 23,198,000 and accounted for 2.30% of total revenue of BGN 173,265,000 and accounted for 17.15% the industry's total revenue. of the industry's total revenue.

TOP 10 COMPANIES BY TOTAL REVENUE IN THE SECTOR REPAIR TOP 10 COMPANIES BY TOTAL REVENUE IN THE INDUSTRY REPAIR OF ELECTRONIC AND OPTICAL EQUIPMENT WERE: OF ELECTRICAL EQUIPMENT WERE: COMPANY BGN COMPANY BGN ENSI CONTROL OOD 8,400,000 CENTRALNA ENERGOREMONTNA BAZA AD 13,293,000 DANLEX OOD 5,528,000 T&D ENGINEERING OOD 11,406,000 ORITEL OOD 2,825,000 GREEN BUILD OOD 4,146,000 GENERAL ELECTRIC INTERNATIONAL - BRANCH BULGARIA, BRANCH OF 1,771,000 OPERATION MANAGEMENT SERVICES OOD 3,028,000 A FOREIGN TRADER SOLARPRO OM AD 2,983,000 PALMED AD 1,312,000 EFACEC CENTRAL EUROPE – BRANCH BULGARIA KCHT 2,665,000 GEOTEHSERVIZ OOD 538,000 SKY SOLAR BULGARIA CO OOD 1,893,000 GEOSERVIZ VARNA OOD 493,000 HEC SOLAR OOD 1,768,000 PROXEL ENGINEERING OOD 420,000 ABC WIND FARM OOD 1,524,000 DZZD HIDROGRUP 405,000 DAY ENERGY OOD 1,465,000 ALEKSANDAR MEDIKA OOD 342,000

The 10 largest companies in terms of total revenue in sector The 10 largest companies in terms of total revenue in sector Repair and installation of machinery and equipment earned Repair and installation of machinery and equipment earned total revenue of BGN 44,171,000 and accounted for 4.37% of total revenue of BGN 22,034,000 and accounted for 2.18% of the industry's total revenue. the industry's total revenue. TOP 10 COMPANIES BY TOTAL REVENUE IN THE SECTOR REPAIR TOP 10 COMPANIES BY TOTAL REVENUE IN THE FIELD REPAIR OF AND MAINTENANCE OF OTHER TRANSPORT EQUIPMENT WERE: MACHINERY WERE: COMPANY BGN COMPANY BGN RVP ILIENCI OOD 6,060,000 ATOMENERGOREMONT AD 41,287,000 EVROPA GUMI KNYAZHEVO OOD 1,008,000 VESTAS BULGARIA OOD 16,719,000 RETRO AVANGARDOOD 729,000 COMPLEX INDUSTRIAL SERVICE OOD 11,234,000 M & M AUTO REPAIR OOD 666,000 SIGMA IS AD 9,815,000 TOSS DOBRICH OOD 610,000 RIMAKEM OOD 6,911,000 IV KAR SERVIZ OOD 537,000 ISOMETRIX OOD 6,529,000 ZHP TRAKTSIYA OOD 482,000 INTERPRIBORSERVICE OOD 5,928,000 LUCKY 07 - ENGINEERING OOD 388,000 MAINTEC SERVICE OOD 5,926,000 MOTOROUD OOD 284,000 TERMOREM JCS OOD 5,452,000 VAGONOREMONTEN ZAVOD - LEVSKI AD 221,000 METALURGREMONT 21 AD 5,265,000

The 10 largest companies in terms of total revenue in sector The 10 largest companies in terms of total revenue in sector Repair and installation of machinery and equipment earned Repair and installation of machinery and equipment earned total revenue of BGN 10,985,000 and accounted for 1.09% of total revenue of BGN 115,066,000 and accounted for 11.39% the industry's total revenue. of the industry's total revenue.

5 SeeNews Industry Report

rate (CAGR) of 11.94% in 2016. TOP 10 COMPANIES BY TOTAL REVENUE IN THE MARKET REPAIR AND MAINTENANCE OF AIRCRAFT AND SPACECRAFT WERE: TOTAL COSTS BY SECTORS COMPANY BGN RANK SECTOR TOTAL COSTS (BGN) LUFTHANSA TECHNIK SOFIA OOD 100,682,000 1 REPAIR AND MAINTENANCE OF SHIPS AND BOATS 279,710,000 AVIONAMS AD 12,889,000 2 REPAIR OF MACHINERY 250,530,000 AERO TECHNIC BG OOD 5,504,000 3 INSTALLATION OF INDUSTRIAL MACHINERY AND 165,371,000 TEREM-LETETZ OOD 3,063,000 EQUIPMENT TEOKOM 2001 OOD 2,844,000 4 REPAIR AND MAINTENANCE OF AIRCRAFT AND 127,328,000 ELEKTRA TRANS GLOBAL OOD 263,000 SPACECRAFT ALENIA AERONAUTICA TP 183,000 5 REPAIR OF ELECTRICAL EQUIPMENT 56,908,000 OLIMPIYA ER OOD 147,000 6 REPAIR OF FABRICATED METAL PRODUCTS 29,205,000 AVIOREMONT ZAVOD OOD 145,000 7 REPAIR OF ELECTRONIC AND OPTICAL EQUIPMENT 25,376,000 R MAINTENANCE 143,000 8 REPAIR AND MAINTENANCE OF OTHER TRANSPORT 16,055,000 EQUIPMENT 9 REPAIR OF OTHER EQUIPMENT 10,828,000 The 10 largest companies in terms of total revenue in sector Repair and installation of machinery and equipment earned total revenue of BGN 125,863,000 and accounted for 12.46% of the industry's total revenue. INDUSTRY'S TOTAL COSTS STRUCTURE BY SECTORS

13.25%

IV. EXPENSES 17.20% 8.47% The combined costs of the companies in the Repair and installation of machinery and equipment industry reached BGN 961,311,000 in 2015. 5.92%

Total Expenses Operational expenses

1,000,000,000 961,311,000 887,424,000 900,000,000 26.06% 906,188,000 800,000,000767,108,000 844,870,000 29.10% 700,000,000738,126,000

600,000,000 Repair and maintenance of ships and boats

500,000,000 Repair of machinery

BGN Installation of industrial machinery and equipment 400,000,000 Repair and maintenance of aircraft and spacecraft Repair of electrical equipment 300,000,000 Others 200,000,000 Repair of other equipment marked the highest annual rise in 100,000,000 total expenses, of 57.02%, while total expenses went down the most, by 26.55%, for Repair of electrical equipment. 0

2013 2014 2015 In terms of operating expenses, the highest increase, of 57.06%, was recorded by the Repair of other equipment In annual terms, total expenses rose by 8.33% compared to sector. The sharpest decline was posted by Repair of 2014 and increased by 25.32% in comparison to 2013. electrical equipment - 26.87%.

The total operating expenses of the companies in the Repair The biggest spenders in the industry, with costs of over 10% and installation of machinery and equipment industry were of industry's costs, numbered 20, including TERMOREM JCS BGN 906,188,000 in 2015. OOD, Elmashexport-engineering OOD, T&D ENGINEERING OOD, TEREM-KRZ FLOTSKI ARSENAL - VARNA OOD, Operating costs increased by 7.26% compared with the AVIONAMS AD. The medium spenders, or those in the 5% and previous year and went up by 22.77% when compared to 10% range count 21 and include RIMAKEM OOD, RVP ILIENCI 2013. OOD, ENERGOREMONT - VARNA EAD, ENTERPRISE COMMUNICATIONS GROUP OOD, INTERPRIBORSERVICE We expect, based on the trend in the last three years, the total OOD. Below 5% threshhold are 2,473 companies, including costs of the Repair and installation of machinery and TEKNO SOFIYA EOOD, ET SHNEK-2 -DANCHO KOLEV equipment industry to change at a compound annual growth KOLEV, IZOTEH SERVIZ EOOD, HERMES KLIMA EOOD, IVST 2012 EOOD. 6 SeeNews Industry Report

Employment expenses in the Repair and installation of THE TOP 10 COMPANIES BY AVERAGE MONTHLY COSTS PER machinery and equipment industry rose by 10.24% on the EMPLOYEE IN THE INDUSTRY year to BGN 250,070,000 in 2015. RANK COMPANY BGN 1 SELECT SURFACE PROTECTION OOD 16,000 2 PETROL TECHNICS OOD 11,500 Employment expenses 3 TEHNIK EKSPERT OOD 9,167 Salaries expenses 4 ULTRAMARINE OOD 8,347 Social security expenses 5 SICONIСS OOD 7,125 6 MARINAR MKK OOD 6,417 260,000,000 250,070,000 7 MAN DIESEL & TURBO BULGARIA OOD 6,333 226,838,000 234,000,000 8 GENERAL ELECTRIC INTERNATIONAL - BRANCH BULGARIA, 6,000 214,487,000 BRANCH OF A FOREIGN TRADER 208,000,000 9 DANLEX OOD 4,927 209,339,000 10 ENCOME ENERGY PERFORMANCE OOD 4,833 182,000,000 189,461,000 156,000,000 160,772,000 The industry's tax expenses stood at BGN 13,267,000 in 2015. 130,000,000 In 2014 it paid taxes of BGN 12,711,000. In 2013 the industry BGN

104,000,000 paid BGN 8,809,000 in taxes.

78,000,000 Average taxes expenses by company 52,000,00035,492,000 36,065,000 39,348,000 6,000

26,000,000 5,500 5,276 5,277

0 5,000 2013 2014 2015 4,500 4,133

4,000 The highest growth in labour costs, of 41.69%, was registered by Repair of electrical equipment, while Repair and 3,500 maintenance of other transport equipment marked the sharpest fall, of 33.66%. 3,000 BGN

2,500 The monthly costs per employee in the Repair and installation of machinery and equipment industry averaged BGN 1,330 in 2,000 2015, BGN 1,296 in 2014 and BGN 1,020 in 2013. 1,500

The monthly social security costs per employee in the 1,000 industry averaged BGN 209 in 2015, versus BGN 206 in 2014 and BGN 169 in 2013. 500

0 EMPLOYMENT EXPENSES IN REPAIR AND INSTALLATION OF 2013 2014 2015 MACHINERY AND EQUIPMENT BY SECTORS IN 2015 RANK SECTOR EMPLOYMENT AVERAGE EXPENSES (BGN) EXPENSES PER EMPLOYEE EXPENSES ON TAXES BY SECTORS (BGN) RANK SECTOR BGN Y/Y CHANGE 1 REPAIR OF MACHINERY 81,002,000 14,370 1 REPAIR AND MAINTENANCE OF SHIPS AND 4,908,000 -12.07% 2 REPAIR AND MAINTENANCE OF SHIPS AND 66,288,000 16,527 BOATS BOATS 2 REPAIR OF MACHINERY 4,431,000 18.54% 3 REPAIR AND MAINTENANCE OF AIRCRAFT 41,980,000 26,503 3 INSTALLATION OF INDUSTRIAL MACHINERY 1,913,000 56.04% AND SPACECRAFT AND EQUIPMENT 4 INSTALLATION OF INDUSTRIAL MACHINERY 26,686,000 15,597 4 REPAIR OF ELECTRICAL EQUIPMENT 1,022,000 -2.48% AND EQUIPMENT 5 REPAIR OF ELECTRONIC AND OPTICAL 444,000 28.70% 5 REPAIR OF ELECTRICAL EQUIPMENT 11,766,000 13,509 EQUIPMENT 6 REPAIR OF FABRICATED METAL PRODUCTS 9,145,000 8,644 6 REPAIR OF FABRICATED METAL PRODUCTS 270,000 3.45% 7 REPAIR OF ELECTRONIC AND OPTICAL 8,850,000 25,953 7 REPAIR OF OTHER EQUIPMENT 201,000 58.27% EQUIPMENT 8 REPAIR AND MAINTENANCE OF OTHER 141,000 63.95% 8 REPAIR AND MAINTENANCE OF OTHER 2,361,000 8,170 TRANSPORT EQUIPMENT TRANSPORT EQUIPMENT 9 REPAIR AND MAINTENANCE OF AIRCRAFT AND -63,000 -121.14% 9 REPAIR OF OTHER EQUIPMENT 1,992,000 11,857 SPACECRAFT

V. PROFITABILITY

The industry's net profit amounted to BGN 35,678,000 in 2015, compared to a net profit of BGN 101,792,000 in 2014 7 SeeNews Industry Report

and a net profit of BGN 70,924,000 in 2013. REPAIR OF OTHER EQUIPMENT 854,000 2,156,000 1,587,000 REPAIR AND MAINTENANCE OF AIRCRAFT -384,000 2,329,000 20,600,000 AND SPACECRAFT Net profit/loss REPAIR AND MAINTENANCE OF SHIPS AND -19,508,000 51,136,000 37,431,000 Operating profit/loss BOATS

120,000,000 113,430,000 110,000,000 The profit margin for the Repair and installation of machinery and equipment industry stood at 4.94% in 2015, while in 2014 100,000,000 101,792,000 it amounted to 11.52% and 9.38% in 2013. 90,000,000

80,000,00077,031,000 PROFIT MARGIN BY SECTORS RANK SECTOR PROFIT MARGIN 70,000,000 70,924,000 1 REPAIR OF ELECTRONIC AND OPTICAL EQUIPMENT 16.13% 60,000,000 2 REPAIR OF ELECTRICAL EQUIPMENT 15.53% BGN 49,040,000 3 REPAIR OF MACHINERY 11.44% 50,000,000 4 INSTALLATION OF INDUSTRIAL MACHINERY AND 10.02% 40,000,000 EQUIPMENT 5 REPAIR OF OTHER EQUIPMENT 7.32% 30,000,000 35,678,000 6 REPAIR AND MAINTENANCE OF OTHER TRANSPORT 6.14% 20,000,000 EQUIPMENT 7 REPAIR OF FABRICATED METAL PRODUCTS 4.64% 10,000,000 8 REPAIR AND MAINTENANCE OF AIRCRAFT AND -0.31%

0 SPACECRAFT 2013 2014 2015 9 REPAIR AND MAINTENANCE OF SHIPS AND BOATS -7.90%

TOP 10 COMPANIES BY HIGHEST NET PROFIT IN REPAIR AND The Repair and installation of machinery and equipment INSTALLATION OF MACHINERY AND EQUIPMENT industry's return on equity (ROE) is 5.82% compared to 15.75% RANK COMPANY BGN in 2014 and 12.14% in 2013. 1 ATOMENERGOREMONT AD 13,399,000 2 MTG-DOLPHIN AD 10,155,000 The Repair and installation of machinery and equipment's 3 FACE PROTECTION OOD 6,803,000 return on assets (ROA) was 2.86%, while in 2014 it amounted 4 ODESSOS SHIPREPAIR YARD AD 5,239,000 to 8.48% and 5.92% in 2013. 5 LUFTHANSA TECHNIK SOFIA OOD 3,894,000 6 DURYAS OOD 3,425,000 7 PERLA 2 OOD 3,403,000 ROE 8 GREEN BUILD OOD 1,995,000 ROA 15.75% 9 HELLENIKA OOD 1,990,000 16 10 ORITEL OOD 1,546,000 14.4

12.812.14% TOP COMPANIES BY HIGHEST NET LOSS IN REPAIR AND

INSTALLATION OF MACHINERY AND EQUIPMENT 11.2 RANK COMPANY BGN 1 BURGASKI KORABOSTROITELNITSI AD - IN BANKRUPTCY 56,065,000 9.6 PROCEEDINGS 2 ROUSSE SHIPYARD WEST AD 17,301,000 8 8.48% 3 TERMOREM JCS OOD 4,750,000 4 AVIONAMS AD 4,517,000 6.4 5.82% 5 ATOMENERGOREMONT GALABOVO OOD 4,268,000 5.92% 4.8

3.2 The combined operating earnings of the companies in the 2.86% Repair and installation of machinery and equipment industry 1.6 dropped by 56.77% y/y to BGN 49,040,000 in 2015. 0 OPERATING PROFIT/LOSS BY SECTORS (BGN) 2013 2014 2015 SECTOR 2015 2014 2013 REPAIR OF MACHINERY 32,175,000 31,741,000 -4,705,000 INSTALLATION OF INDUSTRIAL 18,355,000 10,098,000 10,645,000 MACHINERY AND EQUIPMENT REPAIR OF ELECTRICAL EQUIPMENT 10,209,000 10,164,000 5,148,000 REPAIR OF ELECTRONIC AND OPTICAL 4,870,000 3,286,000 1,699,000 EQUIPMENT REPAIR OF FABRICATED METAL PRODUCTS 1,418,000 2,047,000 3,439,000 REPAIR AND MAINTENANCE OF OTHER 1,051,000 473,000 1,187,000 TRANSPORT EQUIPMENT

8 SeeNews Industry Report

to BGN 59,761 in 2015, down by 0.80% compared to 2014 LEADING INDUSTRY'S SECTORS BY ROA and up by 33.56% compared to 2013. 13 12.3 The industry's average operating revenue per employee fell by 11.7 10.53 6.24% year-on-year in 2015 to BGN 63,303. It went up by 10.4 34.98% compared to 2013.

9.1 8.67 The Repair and installation of machinery and equipment 7.8 sector generated an average BGN 64,471 in total revenue per employee. In 2014 and 2013 the figure was BGN 68,691 and 6.5 BGN 48,344, respectively. 5.2 The average total revenue per company in the Repair and 3.9 installation of machinery and equipment industry fell to BGN 2.6 401,852 in 2015 from BGN 415,910 in 2014. The 2013 value was BGN 397,391. 1.3

0 A company in the Repair and installation of machinery and Installation of Repair of electronic Repair of electrical industrial machinery and optical equipment equipment field made on average a net sales revenue of BGN and equipment equipment 372,495 in 2015, compared to BGN 364,770 in 2014 and BGN 367,801 in 2013.

LEADING INDUSTRY'S SECTORS BY ROE The Repair and installation of machinery and equipment 22 21.29 industry made 0.38% of the overall sales country-wide. 20 Operating profit per employee for the industry as a whole was 18 17.64 BGN 3,130 in 2015. For comparison in 2014 it amounted to 16 15.07 BGN 7,777 and BGN 7,777 in 2013. 14 THE TOP BY OPERATIONAL PROFIT PER EMPLOYEE IN REPAIR AND 12 INSTALLATION OF MACHINERY AND EQUIPMENT 10 RANK COMPANY BGN 1 PETROL TECHNICS OOD 429,000 8 2 ELMASHEXPORT-ENGINEERING OOD 314,500 6 3 DELTA HYDRAULIC OOD 296,000 4 4 DAY ENERGY OOD 218,500 2 5 EFACEC CENTRAL EUROPE – BRANCH BULGARIA KCHT 210,667

0 Installation of Repair and Repair of electrical industrial machinery maintenance of other equipment and equipment transport equipment TOP 10 COMPANIES WITH HIGHEST CORRELATION OPERATING REVENUE - NUMBER OF EMPLOYEES - EMPLOYMENT EXPENSES* RANK COMPANY NAME CORRELATION TOP 10 COMPANIES BY HIGHEST AVERAGE NET PROFIT PER (BGN) EMPLOYEE IN REPAIR AND INSTALLATION OF MACHINERY AND 1 ELMASHEXPORT-ENGINEERING OOD 5,949,000 EQUIPMENT 2 ATOMENERGOREMONT GALABOVO OOD 1,944,500 RANK COMPANY BGN COMPANY HEADQUARTERS 3 HEC SOLAR OOD 1,714,000 (CITY) 4 PETROL TECHNICS OOD 1,660,000 1 PETROL TECHNICS OOD 386,000 SOFIA 5 MSO - 09 EOOD 1,302,500 2 DELTA HYDRAULIC OOD 296,000 BLAGOEVGR 6 SELECT SURFACE PROTECTION OOD 1,000,000 AD 7 DELTA HYDRAULIC OOD 995,000 3 ELMASHEXPORT-ENGINEERING OOD 283,000 PLOVDIV 8 EFACEC CENTRAL EUROPE – BRANCH BULGARIA KCHT 849,000 4 DAY ENERGY OOD 218,500 PLOVDIV 9 DAY ENERGY OOD 719,500 5 EFACEC CENTRAL EUROPE – BRANCH 189,667 SOFIA BULGARIA KCHT 10 CHAYM OOD 684,000 6 HEC SOLAR OOD 176,000 BLAGOEVGR AD 7 APRAZIVEL OOD 173,000 SOFIA *The correlation is calculated by subtracting the quotient of the operating profit, and the employment expenses to the number of employees. 8 ENERGY INVEST PRO OOD 170,000 SOFIA

9 ULTRAMARINE OOD 163,833 VARNA AVERAGE REVENUES PER EMPLOYEE IN REPAIR AND 10 HYMAC INTERNATIONAL OOD 159,000 PLOVDIV INSTALLATION OF MACHINERY AND EQUIPMENT IN 2015 SECTOR AVERAGE NET AVERAGE AVERAGE NUMBER OF SALES OPERATING TOTAL EMPLOYEES REVENUE REVENUE REVENUE About 40.00% of the 10 leading companies in terms of net (BGN) (BGN) (BGN) profit per employee are located in SOFIA, while 30.00% are REPAIR OF OTHER EQUIPMENT 68,482 69,399 69,536 168 PLOVDIV-based and 20.00% are headquartered in INSTALLATION OF INDUSTRIAL 104,258 107,012 107,418 1,711 BLAGOEVGRAD. MACHINERY AND EQUIPMENT REPAIR OF FABRICATED METAL 25,694 28,871 28,956 1,058 PRODUCTS The average net sales revenue per employee in the Repair and REPAIR OF ELECTRONIC AND 82,669 88,534 88,859 341 installation of machinery and equipment industry amounted OPTICAL EQUIPMENT 9 SeeNews Industry Report

REPAIR OF MACHINERY 46,487 49,883 50,147 5,637 NUMBER OF EMPLOYEES BY INDUSTRY SECTORS REPAIR AND MAINTENANCE OF 59,061 61,573 64,876 4,011 SECTOR NUMBER SHARE OF INDUSTRY SHIPS AND BOATS TOTAL REPAIR OF ELECTRICAL 70,095 75,459 76,861 871 REPAIR OF MACHINERY 5,637 35.97% EQUIPMENT REPAIR AND MAINTENANCE OF SHIPS AND BOATS 4,011 25.60% REPAIR AND MAINTENANCE OF 51,547 59,183 59,190 289 INSTALLATION OF INDUSTRIAL MACHINERY AND 1,711 10.92% OTHER TRANSPORT EQUIPMENT EQUIPMENT REPAIR AND MAINTENANCE OF 73,417 79,215 80,110 1,584 REPAIR AND MAINTENANCE OF AIRCRAFT AND 1,584 10.11% AIRCRAFT AND SPACECRAFT SPACECRAFT REPAIR OF FABRICATED METAL PRODUCTS 1,058 6.75% REPAIR OF ELECTRICAL EQUIPMENT 871 5.56% AVERAGE REVENUE PER COMPANY IN REPAIR AND INSTALLATION REPAIR OF ELECTRONIC AND OPTICAL EQUIPMENT 341 2.18% OF MACHINERY AND EQUIPMENT IN 2015 REPAIR AND MAINTENANCE OF OTHER TRANSPORT 289 1.84% SECTOR AVERAGE NET AVERAGE AVERAGE NUMBER OF SALES OPERATING TOTAL COMPANIES EQUIPMENT REVENUE REVENUE REVENUE (BGN) (BGN) (BGN) REPAIR OF OTHER EQUIPMENT 168 1.07% REPAIR AND MAINTENANCE OF 3,751,387 4,047,613 4,093,387 31 AIRCRAFT AND SPACECRAFT REPAIR AND MAINTENANCE OF 1,144,420 1,193,092 1,257,092 207 1,669 SHIPS AND BOATS 1,711 INSTALLATION OF INDUSTRIAL 637,089 653,921 656,404 280 MACHINERY AND EQUIPMENT 1,584 REPAIR OF ELECTRICAL 258,699 278,496 283,669 236 EQUIPMENT REPAIR OF MACHINERY 243,089 260,847 262,226 1,078 1,058 REPAIR OF FABRICATED METAL 217,472 244,368 245,080 125 PRODUCTS REPAIR OF ELECTRONIC AND 138,186 147,990 148,534 204 4,011 OPTICAL EQUIPMENT REPAIR OF OTHER EQUIPMENT 87,824 89,000 89,176 131 REPAIR AND MAINTENANCE OF 67,104 77,045 77,054 222 OTHER TRANSPORT EQUIPMENT

5,637 The total indebtedness of the companies in the Repair and installation of machinery and equipment industry was BGN 605,618,000 versus BGN 535,855,000 a year ago. In 2013 the Repair of machinery industry's indebtedness totalled BGN 592,960,000. Repair and maintenance of ships and boats Installation of industrial machinery and equipment INDUSTRY'S INDEBTEDNESS BY SECTORS (BGN) Repair and maintenance of aircraft and spacecraft SECTOR 2015 2014 2013 Repair of fabricated metal products REPAIR AND MAINTENANCE OF SHIPS 242,584,000 172,821,000 226,862,000 AND BOATS Others REPAIR OF MACHINERY 148,876,000 159,627,000 190,446,000 REPAIR AND MAINTENANCE OF AIRCRAFT 71,082,000 82,952,000 70,754,000 The analysis on companies' sizes by the number of AND SPACECRAFT employees, shows that 1186 firms have less than 50 INSTALLATION OF INDUSTRIAL 52,139,000 50,204,000 39,050,000 employees*, 41 have between 50 and 250 employees* and 10 MACHINERY AND EQUIPMENT companies employ more than 250*. REPAIR OF ELECTRICAL EQUIPMENT 37,710,000 21,561,000 14,965,000 REPAIR OF FABRICATED METAL 23,966,000 21,820,000 19,607,000 * Companies without data in the number of employees at end of the year are not PRODUCTS taken into consideration. REPAIR AND MAINTENANCE OF OTHER 15,467,000 18,600,000 21,096,000 TRANSPORT EQUIPMENT REPAIR OF ELECTRONIC AND OPTICAL 7,773,000 4,279,000 2,905,000 EQUIPMENT REPAIR OF OTHER EQUIPMENT 6,021,000 3,991,000 7,275,000

Debt-to-assets ratio of the companies in the industry is 0.48 in 2015. It was 0.45 in 2014 and 0.50 in 2013.

VI. EMPLOYMENT

A total of 15,670 people were employed in the Repair and installation of machinery and equipment market at the end of 2015, compared to 14,586 in 2014 and 17,517 in 2013.

10 SeeNews Industry Report

1 200 1 186 1 100 1 000 900 800 700 600 500 400 300 200

100 41 10 Small Medium Big

The employees of the leading 10 companies in terms of numbers make up 33.43% of the workforce in the industry in 2015.

TOP 10 COMPANIES BY SHARE IN INDUSTRY'S TOTAL NUMBER OF EMPLOYEES RANK COMPANY NUMBER OF SHARE EMPLOYEES 1 LUFTHANSA TECHNIK SOFIA OOD 871 5.56% 2 ATOMENERGOREMONT AD 777 4.96% 3 TEREM-KRZ FLOTSKI ARSENAL - VARNA OOD 700 4.47% 4 ODESSOS SHIPREPAIR YARD AD 686 4.38% 5 MTG-DOLPHIN AD 654 4.17% 6 ENERGOREMONT - BOBOV DOL AD 364 2.32% 7 TERMOREM JCS OOD 342 2.18% 8 COMPLEX INDUSTRIAL SERVICE OOD 293 1.87% 9 AVIONAMS AD 285 1.82% 10 RIMAKEM OOD 267 1.70%

The Repair and installation of machinery and equipment industry is the 34th largest employer in the country with 15,670 employees with the largest employer being Retail trade, except of motor vehicles and motorcycles with 218,362 and Libraries, archives, museums and other cultural activities at the bottom with 60 employees.

The Repair and installation of machinery and equipment's share in the country's total employment was 0.70% in 2015, 0.79% in 2014 and 0.83% in 2013.

We expect, based on the trend in the last three years, the number of employees of the Repair and installation of machinery and equipment industry to change at a compound annual growth rate (CAGR) of -5.42% in 2016.

11 SeeNews Industry Report

The industry is represented by the following companies

TEKNO SOFIYA EOOD NORD SOLAR OOD PPMEO OOD ANGELOV 61 EOOD ET SHNEK-2 -DANCHO KOLEV KOLEV DI END DZHI FOREVAR DIMEKS EOOD ET HRISTO KOLAROV - DAR IZOTEH SERVIZ EOOD TEHNIKA KONSULT EOOD BULREM OOD ET GANCHO MIHOV HERMES KLIMA EOOD HOFMANN CONSULT BULGARIEN EOOD TEMIL OOD PETROL TECHNICS OOD IVST 2012 EOOD ET PESHO - PESHO IVANOV FENIKS 2002 EOOD ALESDAS EOOD ESE-SAV EOOD VITAPEN OOD LIFT SERVIZ 08 OOD TEDI-TODOR ANGELOV EOOD ENERGOREMONT RADNEVO EOOD IZOTSERVIZ SHUMEN OOD VARNA SHARK EOOD IDARMED OOD DZZD EVROLIFT SERVIZ BG HOSPIS OOD SISTEMI ZA AVTOMATIZATSIYA EOOD PN-REMO OOD TIREKS AP EOOD EOOD EVRO - GUS S.T.INOVEYTORS EOOD MISO EOOD ET MARIYANA ANESTIEVA ET ELVA-VASIL VASILEV SIV-90 EOOD TEHNIKOSERVIZ EOOD FLASHELEKTRIK EOOD ET BOYKO VASEV-BONIK-V ET IKAR - ALEKSI ALEKSIEV ET MITKO DIMITAR ATANASOV ET EVGENI ATANASOV - ETAL BORD SISTEMS EOOD ENERGOREMONT-ROMAN EOOD KOREKT SERVIZ-3 OOD RUS SPETS SERVIS EOOD YUUPPI EOOD DANI KLIMA VD OOD BESHKOV - SIS EOOD KOMTEH STABIL EOOD ALEKSANDAR MEDIKA OOD RIKUEST OOD STANCHEV - KLIMA 2 EOOD RADKOM 2004 EOOD ET RENESANS-GEORGI MIHOV TITAN EOOD ET ROSITSA NIKOLOVA STAMBATA - HS EOOD PETIRADIS EOOD PETROLIUM SERVIZ EOOD ALTEH SERVIZ EOOD ET AMADINA-STOYAN VASILEV MRD 2015 OOD EFIR KOMERS EOOD HIDROKAZ - PISTEN BULLI EOOD ET VLADI-LYUBOMIR VESELINOV IL -DI 67 EOOD VISTA GRUP EOOD DRIM - T EOOD ET PETAR STOIMENOV - FLEKS BLEK SIY YAHT SERVIZ OOD ET ESPIRIT - EMIL MAKEDONSKI TEO METALS OOD FORKS EOOD VEAST EOOD ET TERMINAL 3 - TINCHO TRIFONOV HYMAC INTERNATIONAL OOD TRAKS INZHENERING EOOD EL SHIP OOD KAR SERVIZ 2007 EOOD HIDROMA - EOOD MONTAZH SERVIZ K2 EOOD PLAYUARLD EOOD KRANI 2009 OOD KRANTEH INZHENERING OOD DANI 82 OOD EOOD PASAT M 07 NEOBLAST EOOD FRIMA- 2 EOOD VEZNA - KRASIMIR MINEV EOOD SICONIСS OOD EVRO SHIPING OOD ET G. ANDONOV-GEORGI ANDONOV MALINKA LYUBOMIROVA IVANOVA EOOD DANI LIFT EOOD ET VANTO - VALENTIN IVANOV ET BNS-BORISLAV SIMEONOV ICEBERG INTERNATIONAL EOOD MIM SERVIZ OOD KODINOVS OOD ET FLUID-GEORGI BONEV ET STRELETS-KIRIL RADEV LEOSISTEM OOD ET B.B.DENT-S-PETAR STOYANOV ELKONSULT OOD ILPENI EOOD ET IVAN STEVOV BALANS 2000 EOOD PREMIER GRUP OOD ET ESI - TOTYO KANEV DZZD ATLANTIK 2011 ET TEKAR - IVAN IVANOV ELSIST INZHENERING OOD ET GOGO 90 - GEORGI KLIMENTOV EVOLYUSHAN GRIYN ENERDZHI OOD EOOD ELETEO TERMOREM JCS OOD ET VALAB - VALERI VELCHEV MOBAYL TAYARS GRUP OOD RIMAKEM OOD RENI LIFT 22 EOOD DZHEY-KONSULT EOOD SOFTRANS OOD SPAYDAR 1 OOD PADI AVIEYSHAN EOOD KAZAKOV 65 EOOD ISKAR SARVIZ EOOD MENA FAYER OOD ET NIKOLINKA ILIEVA - GALITSA SVISHTOV 485 EOOD EOOD SHKODROV BULRANG - VATEV I SIE OOD EMO ELEKTRIK EOOD DI END PI AUTO OOD EOOD ELMAKS VAKS 2015 EOOD ALEKS ELEKTRIK EOOD STAS - AUTO EOOD SPETSIAL SISTEM EOOD ET KALI - PETAR VASILEV ET MEDEL - STOYAN MEDNIKAROV KAPITORIYA OOD ET MIG 33 MINKA GENESHKA NIDAS SARVIZ EOOD SATEH SALYUSHANS EOOD PK BITOVA TEHNIKA ASANSYORNI SERVIZI SS OOD KM TREYDING 2012 OOD KITCHAN SARVISIZ OOD TERMO MONTAZH 2011 EOOD SKITIYA OOD SITRONIKS TEHNIKI EOOD BUL REM-DRAGAN GANCHEV ET ET MALNIYA 58 KIRIL KAMENOV ET NARIA - KRASIMIR ALEKSIEV UNISHIP EOOD DEYZI SERVIZ OOD HIRUTEH 93 OOD ET B.A.PEYCHEV RALIART-BI4 OOD DI VI JL SERVICE OOD DIAKOM 7 EOOD EL MAKS EOOD UNIPRIBOR EOOD KASEL-10 EOOD MV - LIDER EOOD ET SANDRA-I-ALEKSANDAR STUMBOV STIMAR 1 EOOD ET ELTEH - AHMED EBAZEROV ET ROZMED ROZKA KALAYDZHIEVA ET IVAN LANKOV VENDING REVOLYUSHAN OOD M I D SERVIZ OOD SIPGER M EOOD ET AVTO EKSPRES-ROMAN BALATKOV DOSTAPEN LUKS EOOD AVANGARDNA TARGOVIYA I MULTISERVIZ AD TIM-M.R.O.INTERNATSIONAL EOOD ET KARMELO -VESELIN MANCHEV PROFI PEYNT EOOD ET PANI -PARVAN ANDONOV D.A.R.K. 2002 EOOD OVK-SERVIZ EOOD ET SIEL-78 SIMEON FILIPOV VENKAS EOOD ET MAYAK-2-GEORGIEVA-SENICHKA GENCHEVA KLIMATINZHENERING- 21 AD REMETEH EOOD MITKO-LIFT EOOD DIMAST M EOOD MILCHO MANALOV ES KA EL SERVIZ EOOD ET ILIYAN NEDKOV EN SI SI EYT EOOD ET PETAR DIMOV AKVA PROM OOD TRINEL OOD OOD IZOMATIK KOMPLEKT OBSEG EOOD S-AKIS ELEKTRONIK INZHENERING I SERVIZ EOOD STROITELSTVO I REMONT AD MERIDIAN 999 OOD HIDROSISTEM - EOOD AVIVA EOOD SAVI LIFT OOD ET KIRIL PILEV-KESH-95 ET ANVENA - VELKO CHIVILIEV LM KLIMA EOOD SMP EOOD DZHI EY SI EYCH - EOOD EY EF I ES OOD ABC WIND FARM OOD ET VALERI 35 VALERI IVANOV DS KOSTADINOVI OOD MEDIKA SERVIZ AD OOD ELBO OOD SALUS - TODOR TODOROV ET BIZNES KONSULTING 55 EOOD ET TERMO-PROFIL-GEORGI POPOV ET LYUDMIL EVTIMOV-MYARKA 1 VELICHKO CHOLAKOV EOOD LAVA SERVIZ EOOD REKOVERI TEHNOLODZHI OOD ELPAK SPETSIALIZIRAN SERVIZ EOOD HAYKOMTEH EOOD POROS EOOD SLAVOMEKANIKA EOOD SIY INZHENERING OOD ET DANI SERVIZ-DIMITAR FOTEV INTEGRAL A-G EOOD DZZD PATSTROY PAUAR INZHENERING STARA ZAGORA OOD ERMANG OOD ET HRISTO LOZANOV 12 SeeNews Industry Report

VLAYKOVI OOD YANDI OOD KLB INZHENERING OOD TEHNOLAB EOOD AUTOSARVIZ OOD ET GAI - GEORGI ILIEV DENTAL MEDIKA 42-IVAN KOVACHEV EOOD SENIEL EOOD DENIFRIGO EOOD ROS - MAR 74 EOOD SAUT UEST EOOD INFRASTRUKTURA TEHNOLODZHI SERVISIZ I INZHENERING B-YA EOOD VEGA OOD POLIELEKTRONIK SERVIZ OOD PROMODUL EOOD DENI 82 EOOD ASP PLYUS EOOD OMEGA INS EOOD ELEKTRONNI I MEHANICHNI PRIBORI OOD VASANO EOOD ET EL KING-TODOR RABOTOV TRAKIYA LIFT OOD SHERITON OOD LYONHARDT KONSULTING EOOD HETA - TONEV EOOD ARKAS-97 OOD MITROV EOOD AVTO SPEKTAR EOOD SD TEHNIKOSERVIZ SIRAKOV I SIE ENERGY INVEST PRO OOD VALEKS HEKSOD EOOD LEONLIFT OOD ET DORN-NIKOLA DOYCHINOV LIFTKOM SERVICE EOOD TSNTS TEHNIK PETER IZRAEL OOD TI-ANN EOOD ET VLADI 95 KIMTEH GRUP EOOD SD BULTEKS-25 TATAROV I SIE SD INTIEL - TODOROVI I SIE EKSPERT KLIMA BURGAS EOOD IV KAR SERVIZ OOD AKZ ENERGIYA OOD EKOSIM OOD EOOD ELFITRON-DIMITAR SERAFIMOV ET FILIP STOYANOV DIANZHELI LIFT EOOD PRO SERVIZ EOOD DES 96 EOOD ET LIFT BO-AL-BOZHIDAR GYOBEKLIEV DINAMO-R.RUSEV OOD BIZON - INS OOD ET HIDROMASH-P.R.SEMO GEORGIEV OPALCHENOVI OOD CHERKEZOV EOOD AS-07 OOD SEKOMA EOOD ET MAYAK-KRASEN PETROV FERO-1978 EOOD TENZO-02 OOD SAMEK EOOD TEHNOSAT EOOD ET FRIGO BUL - MIROSLAV PETKOV ET RAMAR - TSANKO MARKOVSKI HIDRAVLIKA GRUP EOOD ALUDIES KOREKSHAN EOOD ELOPAK EOOD EOOD DUBAL VE KO-EOOD IZOTSERVIZ-SMOLYAN OOD EKSPERT MONTAZH EOOD AVISTA ELEKTRIK OOD ENERKON SARVISIS BULGARIA OOD VEI START EOOD LOCHERS BG OOD LIFTKOM RZ EOOD TEHNOKAR 2007 EOOD NYU PRODZHEKT OOD INSTEL 999 OOD MEDISERVIZI EOOD BONETI EOOD ET DZHI DI GEORGI PETROV KAR KOREKT 71 EOOD ET GLOBUS - EE - ENCHO ENCHEV LIFT KOREKT EOOD DAYG OOD BICHOS OOD APOLONIAN SIY SARVISIS EOOD ASANSYORNI SERVIZI OOD OPERATION MANAGEMENT SERVICES OOD ET SASHKO-SASHKO TODOROV ASANSYOR 91 OOD START-AP EOOD GUMI - GRUP OOD ROSEN YANEV OOD KARON EOOD TEHNOKAR OOD STRELETS 2007 EOOD BIMEKS TM2 EOOD PERITUS EOOD KANEVI OOD KRASIMEKS EOOD TOSS AD SD ZLATKOV VERTTRANS I SIE EVROKOPI OOD MAKSI SERVIZ OOD NIKTRONIKS OOD ET VASKAT-VASIL KATRANDZHIEV GARAZH BROS EOOD PREOS EOOD PSIT PLOVDIV EOOD DZZD IN KOMERS RADKA SARAFOVA ET ENREM EOOD DEKA 10 EOOD RAKOV-77 EOOD AVI-SARVIZ EOOD ET TSVETAN VALCHEV RVP ILIENCI OOD METALMEBEL OOD KUUL SISTEMS EOOD RAPID GRELE EOOD AMELID EOOD IK INZHINERING EOOD KONTROL OOD BM TREYDING EOOD RETRO AVANGARDOOD RMP OOD ET PETYO RUSENOV-52 ET KOLBEN - NIKOLA BENEV ET MARTI - KIRIL STOYANOV VELDER 2008 EOOD ARGONETIKS EOOD ET VASIL ZRANCHEV-RAMEG ZHELYAZKOV-INZHENERING OOD VALENTINO SERVIZ 2 EOOD TEHNOKOM OOD VLADIMA OOD CHERNOMORSKI VODOLAZEN TSENTAR OOD TITAN ASANSYORI OOD ZLATEVI ART OOD GAZSERVIZ OOD DZZD BOYCHINOVI ET ANALOG-HRISTOMIR BRANZOV ENTERPRISE COMMUNICATIONS GROUP OOD YUNIVARS 91 DIMITAR STANEV ET T&D ENGINEERING OOD SD MAKRIS-KAZANDZHIEV I SIE SILISTRA ET RUSALENA - MIHAIL VALCHEV ET UEYNING SISTEMS-MAKSIM DIMITROV DZZD ALFORI GRUP ET TIA GRUP- P.NAYDENOV BM VASILIS MUSTIS EOOD ET EMNITO-NIKOLINA TOPALOVA ELTEH OOD NIKI REYSING TIM - NIKOLA PEKOV ET MI PI EOOD REMKRAN EOOD POMPEN TSENTAR - ST. ZAGORA EOOD PUSALSKI I SIN EOOD TEHNOMARIN OOD SD HIDRAVLIKA-POPOVI I SIE TRAFOREMONT EOOD BATERFLAY 2012 EOOD HAN KARDAM OOD TERMO TOP INZHENERING BG EOOD DEMA DASKALOV 2002 OOD BIMERAUTO EOOD MERITAYM SARVISIZ EOOD GONOV M EOOD ET AB-52-ATANAS ATANASOV KARKALE EOOD SINERDZHI 2003 DZZD ZRV EOOD RMK INZHENERING OOD VIA STROY EOOD ET DIMOVI 94 - ATANAS DIMOV DZHI EM DZHI 92 EOOD ET TONI-ANTON HRISTOV KARDIOTEH SERVIZ-BOGDAN NIKOLOV-ET VALMIR MEHANIK EOOD AKS - 2012 EOOD SD VERTIKAL 100 GADEV YORDANOV SIE VISTA GRUP 2005 OOD TSEK AUTO EOOD PRO UELDING EOOD INKOMM OOD DIGIKOM EOOD YURAPIAN TABAKO SARVISIZ EOOD ELMASHEXPORT-ENGINEERING OOD KRISIT ELEKTRONIKS EOOD STS SOLAR AD MARIYN FAYER SEYFTI SISTEM EOOD R I A SERVIZ OOD SAVENA BG EOOD HROMS TEHNIKS EOOD DZHI ES AR EM EOOD TEHNOMED EOOD GANEV OOD AERO TECHNIC BG OOD SIMAKS - OYL SERVIZ OOD SISTEM BG ET BORISLAV BRATOEV OOD DENCHEV I SIN OOD GANCHO GANCHEV I SIE SD SD ITA - NIKOLOV I SIE ROTOR EOOD ET IVEL-MARIYKA VENKOVA KOMETA EOOD PETRONIKS 1 EOOD KAR KLIMA EOOD INDUSTRIALNO KOOPERIRANE EOOD BOYORD OOD INKOTEKS SARVIS EOOD VALCHEVI BG EOOD BOTABI OOD YAK SERVIZ EOOD LKV MIS EOOD ENERGOREMONT - VARNA EAD ET DIMITRINKA DELCHEVA - KRASIMIR DELCHEV SMART KLIMA EOOD SNEZHEL 08 EOOD NORD BILD OOD GPI GRUP EOOD ET MV - 133- MANOY MANOEV DIAN DINEV EOOD ANCHOV AVIEYSHAN EOOD ET ARKALIEV-HRISTOFOR ARKALIEV ET STOYAN DOYCHEV - DOYCHA MYU-KO DZZD PANGRATS EOOD DIGALOG TEHNIKA OOD SOROKOV INSTRUMENTS OOD DIDZHITREYD OOD KOHTA 07 EOOD DITAL ILEKTRIK OOD GRANITTI EOOD INDUSTRIALEN SERVIZ OOD MERGS EOOD MIKONT OOD ASANSYORI STOYANOV I SIE OOD ET OVELAM - DIMITAR TERZIEV MULTIBLAST EOOD RADEVI KOREKT EOOD AVTOMATIZATSIYA TREYD OOD NITRA EOOD MIK ELEKTRONIKS EOOD VENMAR GRUP EOOD KATRINA-M EOOD AGROTEH - ROSATA EOOD VIP NYU VIZHAN EOOD BEGAKAR EOOD MAIS OOD KIROV INZHENERING EOOD VITERAKS RENT EOOD TEREM-KRZ FLOTSKI ARSENAL - VARNA OOD ET MANOLCHO MANOLOV FRIGOFE OOD GEOTEHSERVIZ OOD TOKOMI EOOD DZHUHOLD OOD 13 SeeNews Industry Report

PRO-TEH SARVISIZ OOD ROTEKS-2 OOD ET UNIVERSAL-90-VASIL DIMOV INTERNATSIONAL MARIN END AVIEYSHAN ADZHENSIS EOOD HEVIKS EOOD FRIMA OOD HRANKO OOD KRISTEL 2009 EOOD EKSTREMTEK EOOD ET OREL-TSVETAN ZDRAVKOV MEDIKOM OOD MARI BENTTS EOOD SO EOOD BVA I SIE OOD ASI SARVIZ EOOD EOOD MONOPOL GRUP SERVIZ EOOD ELEKTRA K EOOD ULTRAMARINE OOD MIG AUTO 2015 OOD MITE- GEORGI ZDRAVKOV DZZD KLIMA-AYS CHOCHI 1965 EOOD ET MARIO YANAKIEV-VILI GEORGI YORDANOV-KONSUL ET GRANIT - VALENTIN VASILEV PLANAT EOOD SINERGA OOD 5 INOKS EOOD GLOBAL EAR SERVIZ EOOD DZHORDZH SOLDZHAR ENTARPRAYSIZ EOOD NEGA OOD HIDRAVLON-1 EOOD CHERNO MORE R EOOD ET IRINCHO IRINCHEV - IRIMED FRAN MENIDZHMANT EOOD POLIKORP EOOD PRESPA 05 EOOD VAL INZHENERING BG EOOD ET AKVA BILDING -TOMO VALEV OYL STEYSHAN SERVIZ OOD ET EL IV GARANT- IVO SHOYLEKOV SP KOMERS 2015 EOOD TRANS LES EOOD TSUTSOV RMM EOOD SPEKTRO BG EOOD DI SI DI KOREKT EOOD EKSTRIYM SOFT EOOD ET DAKI - DRAGOYA DRAGOEV SPSA EOOD VOLTA IZH EOOD RIS6 EOOD YAHT SARVIZ EOOD MEDIKAL IMEYDZHING SARVIZ OOD DZZD KONSORTSIUM DZHENERAL ENERGO SHUMED EOOD METAN SERVIZ OOD ET TSAMAK - TONI MAKAVEEV OOD HIDROKONTROL 1 ARHI ARS PIEYCHVI END UIND ENERDZHI EOOD SOLARPRO OM AD TENEV-ELEKTRONIKA EOOD PRESPA VALCHEV I S-IE SD AYA DZZD ET VANTO-VASIL VASILEV KOREKT 88 EOOD SILKOM INZHENERING EOOD ET ELEKTRON LIMA DAVIDOV 05 EOOD GREEN BUILD OOD OELT - SERVIZ EOOD FEDAR EAR EOOD GRAND OOD POPOV 2000 EOOD ELBI-BISER KOLEV EOOD LIFT TRANS EOOD ET TEO IZA INZHENERING OOD ET ORHIDEYA - ILIYA PARVANOV STOEV 2013 EOOD ET STOYKA METODIEVA - ANALITIK MOTOSEGA OOD PERNIK EKOENERGIYA-SPASOVA EOOD LIFTSERVIZ OOD ET AYVI - GEORGI DIMITROV O I M RINYUABALS EOOD SIYTEK EOOD ET DIMIMED - DIMITAR NIKOLOV ET DIMI - DINKA MINEVA ALFATIM EOOD ALEKSITA EOOD BLAST KONSTRUKSHAN EOOD MEDISERVIZ OOD PROMAKSSIS EOOD MIRMED 2003 OOD ET NIK MI - NIKOLAY VASILEV ELEVEYTARS BULGARIA EAD BIO BILE OOD ET DODI - DIMITAR VALCHEV SERVIZ - PRO OOD ET IVAN MANOLOV KONTSEPT BATS EOOD M - TEH SERVIZ EOOD CHAYM OOD K.A.G. - 2013 EOOD SOLAR VIZHAN OOD ANYA FIT EOOD KRANTEKS EOOD ELEKTRA EARUEYS EOOD VARNA ELEKTRONIKS OOD RKM-1 EOOD ODESSOS SHIPREPAIR YARD AD OOD EDINSTVO - OOD - KLON AVIONAMS AD AMKO-2 APOSTOLOV HRISTOV SIE SD HEMUS MOTOR OOD TERS-MOSHINO AD VITAKOM EOOD TOPLOTEHNIKA BURGAS OOD OSKAR AVTOMATIZATSIYA OOD T-TAYARS EOOD ET BOBO-BOYKO ZAHARIEV BEVIS V EOOD ET STOYU ILKOV - ASANSYOR PROGRES ET PMP - PLAMEN POPOV TSINTSAROV EOOD BIG TIM AUTO EOOD KRISIVAN OOD FLASH 2011 EOOD ET DENTATEH - VASKO MARKOV BOBI-BORISLAV BAKARDZHIEV ET SD ELTI-ATANASOV ZHELEV I SIE ET MALNIYA - HRISTO HADZHITSANEV VELNED EOOD AKVATRAKS EOOD DZHIMI KOMERS EOOD ASHO-TEH OOD PRO SHIPING BG EOOD PEPO 02 EOOD FRIGOSIST OOD KND YAHT SERVIZ OOD VKV SOFIYA EOOD KIROV SV GRUP EOOD MILOV EOOD NAR 2016 OOD GANCHO MIHOV 2 OOD SPIIDTREYD-BG OOD ET IVAN NACHEV NOTEKS VANTOMAT OOD ET ATANAS KANEV AVIS 97 EOOD ET ANTON GEORGIEV - 2000 GROZEV SERVIZ EOOD BALKANGAZ 2000 EOOD EL NIKTON EOOD ELIT ASANSYOREN SERVIZ EOOD MOTOROUD OOD DD - 97 EOOD GALAKSI MARINA OOD BLUPAUAR EOOD BORVAS OOD PENEV - P.AT EOOD HIDROMARK 2008 OOD SI EY PI- BULGARIA EOOD OFISSISTEMS OOD M PROEKT EOOD ELGRID EOOD V.R.I TREYDING EOOD DZZD NEDEV 2012 ET ENERGETIK - BLAGOY BOGDANOV VVEM-S EOOD STEFI 80 EOOD STERIMED 93 OOD TEHTIM EOOD TPK VITOSHA LIFT KOOP ET SARIKO - SLAVI ZYUMBYULEV PROFIT AY DZHI OOD NENI GRELE EOOD ITALTEH SERVIZ BULGARIA EOOD ET ASANSYORI-NIKOLA STOYANOV ET KARAKANOVSKI KULFIKS OOD VENTIS OOD ET BACHO KOLYU I SINOVE - PENKO STANCHEV ET STOYAN TSOLOV ESA-BULTEHNIKS EOOD VRV GRUP EOOD RETRO EU EOOD ELEKTRIK BILD EOOD BARZAKA EOOD ET RADOY LYULYUKOV - YODAR ET SERZH-96 - SERGEY HRISTOV EKIP - 2015 EOOD START - 5 - 65 EOOD ET DIMOV-76 - STOYAN DIMOV EN - ZHI BULGARIA EOOD BOLGARIKA BG EOOD ASANSYOR 02 OOD UNIDEY DENTAL EOOD NUMERIK EOOD SD PASONAR - GINOVI I SIE POZHARI EOOD MIS EOOD TSIEM IMPULS ET ET VENUS - VLADIMIR GRUEV MARIN ELEKTRONIKS EOOD ARBUL 8 EOOD HRISTOFOROV72 EOOD IST MARIYN YAHT SARVIZ OOD REPAYER - TEHNO GRUP EOOD BACHO KOLYU I SINOVE-1 OOD ORN EOOD ELPIDA TRADE OOD VIKKEA EOOD SEMERINA OOD INTERPRIBORSERVICE OOD ET DINEY - DIMITAR DIMITROV TEHMASH HIDROSISTEM EOOD REDO K EOOD AKVA CHEK EOOD ET STEFAN DRUMEV DOVEREN KONSULTANT EOOD ET FRIGO -PAVLIN FILIPOV PROFI SERVICE OOD ET IVAN PIPALOV- APOGEY DIBO-21 OOD SD VALSPORT - VASILEVI I SIE TENTI BREZENTI EOOD ROMIS GRUP EOOD LEO SERVIZ OOD TRAFOREMONT OOD TINEL ELEKTRONIKS OOD ET SERVIZ 21 - IVAN KOTSAKOV STAM SERVIS OOD RENHAD OOD VERTEKS SERVIZ OOD ET VIOLETA IRINCHEVA ET DIANZHELI TODOR TODOROV FAIAR OOD IVIN EOOD ELEKTRON SERVIZ OOD BI FIKS EOOD ET KRISTI-53-HRISTO HRISTOV ET NADKO GEORGIEV - MEL ROSHIL EOOD BG KOMERS EOOD ET MEDISNABTEH - STANCHO MIHOV EOOD REA TREYDING 2000 DIYOMA EOOD BILKOM EOOD INDASTRI END SAYT EKUIPMENT EOOD KARAT 94-KRASIMIR KAMENOV ET CENTRALNA ENERGOREMONTNA BAZA AD MEGA - VO EOOD ATIS EOOD DOKTOR MOTORS EOOD ET ALPEN-SASHO ALEKSIEV OHLADITELNI SISTEMI I KONSTRUKTSII OOD LIFT VERTIKAL EOOD MONDI PEYPAR OOD ET MARINCHO MARINOV-MERKI I TEGLILKI 14 SeeNews Industry Report

LYUVE-EL EOOD KLIMEKS EOOD ELKABEL KO-M EOOD ET TOVETON ET CHELEBIEV 66 PENKA DINEVA KUTSAROV 62 EOOD GRIYN KLIMATEH OOD TIAL OOD VI BUILD 1 OOD ET ETALON - GEORGI GEORGIEV ET NIKOLA SIRAKOV KANGO SERVIZ BANCHEVI OOD SD DAK 90 YANEV DAKOV I SIE YAHT SARVIZ BULGARIA OOD REMPUS EOOD OR-TI EOOD KEMAL SARIEV ET LIFT SERVIZ DZH OOD STOYANOV TREYD EOOD ZENIT - MV OOD PROMISHLENI SISTEMI EOOD D I V KOMERS AD GED 69 EOOD DZHI ER LIFT OOD ET VEDA-TSVETAN STEFANOV SBM SERVIZ OOD BALKANI-NEFTGAZSTROY EAD SGS AVIESHAN EOOD MIO EOOD SKR AM EOOD ET TEHNOINZHENERING - A YANCHEV PLEVEN ET ASM ZORNITSA - ZHEKO STAYKOV ELKONSULT - INZHENERING EOOD PERFEKT LMT EOOD SD BULLIFT- KOSTOV OGNYANOV VELEV I SIE INSTABILD EOOD DAR-S-SERVIZ EOOD SID 97 PAVLOV OOD TURBO BUL OOD RITEYL INZHENERING OOD ELGO-07 EOOD KURTEV SERVIZ BULGARIA EOOD TIS DZZD YASPIS-PETKO YOTOV EOOD B.A. PEYCHEV EOOD MARAK BULGARIA EOOD VGA OOD ELSERVIZ EOOD ET SAVENA - TODOR SAVOV ET RENHAD KORRO FORSE EOOD OYL FRIY KOMPRESORI EOOD ET KLIMAT - PENKO PENEV ELBA KONSULT EOOD ET ILIYAN - ILIYA STOILOV APAS EOOD ELREM EOOD DZZD SANBRAYT LED KOLDASHKI EOOD AGENTSIYA VSELENA - AG OOD ORITEL OOD TOP AUTO 2012 OOD ET KOZME-TEH - KONSTANTIN KOSTOV ET SONI STOYAN PASHOV K I K OOD ET FRIKOM - GEORGI GEORGIEV ET DIMINZHENERING - D. TONCHEV EVROMED 7 OOD TEHNOMASHPROEKT OOD KLIMATECHNIKA AD TIR SERVIZ EOOD LYUDYANI 2002 OOD GAMA CHEK OOD PITKAR EOOD MINKOV SARVIZ EOOD ET VLADISLAV YANEV KEYS SERVIZ OOD NESTO EOOD EKOKLAYMAT OOD ARP-28 OOD TOP 100 RISARCH EOOD NEKI EOOD ELEKTROREMONT DEVNYA OOD ES PI DI EOOD OOD BARAKUDA PIK OOD FRIGO TERM SERVIZ OOD ASSAREL - REMONT OOD ALEKSANDRA LIFT EOOD HIDRO INVEST KONSULT OOD A I EN LIFT EOOD TRANSKIBERNETIKA VH OOD TRIKS BOKS EOOD ET VEZNA - DANCHO IVANOV ET NIVO - NINA YAKIMOVA ET PETAR KARAIVANOV ET MILKO MULEVSKI DEL-TO EOOD PRODJECT CONSULTING & MANAGEMENT OOD MIRCHA EOOD EKA SERVIZ OOD YATOKAR SERVIZ EOOD HIDRONETIKS EOOD ENTRETIEN EOOD OOD MADARA HG ILI MART SHIPING EOOD AKVATON-B EOOD D I D INTERNESHANAL BULGARIA EOOD VELEV 2003 EOOD CHVO EOOD DORN PLYUS EOOD METALKONSTRUKT EOOD ET AGROMETAL-HRISTOV VAKUPRO EOOD IVANOVI TREYD EOOD EKO SAN NIKOLA AD ENERGOREMONT INZHENERING OOD MYULHAN BALGALIYA EOOD ET SIMONA - SOFIYA 91 PETAR GEORGIEV RODOPI TREYD MENIDZHMANT EOOD SANGOLD EOOD ET MILKO PETKOV BELT BG EOOD SAN INZHENERING EOOD ARKOM 3 OOD TERATEH OOD PRES AL EOOD ET NIKO -35 YORDAN NIKOLOV GROMAN BULGARIA INZHENERING OOD ET REMTEH - MONTANA - ALEKSEY ILIEV ET STOIL KOSTOV KOTLOREMONT OOD ET VISOKO TM - ERINA HRISTOVA EVROKARI EOOD ET MABO - KK - MALCHO KOSTADINOV NIKIMI EOOD BG MEDIKA OOD FARST PARTNAR EOOD MOTOR GAZ OOD SPAYDAR ELEKTRONIKS EOOD EF DE EOOD EOOD BOVATO BAGER-REMONT SERVIZ OOD DIKO ELEKTRONIKS OOD VELINOV 95 EOOD EN DZHI SAPORT EOOD ET NIKOLINA PETKOVA KAM INZHENERING I SERVIZ EOOD IMPAS SEKYURITI OOD ET VILI NIKOLA PASKALEV BINARA BISER ODAZHIEV ET ET ITSO HRISTO HRISTOV YOBI-YO EOOD ET IVAN SHTEREV OTTO LIFT EOOD ET INTREGRAL DIANA PANOVA NPNS INDUSTRIAL EOOD ET KLIMATEH ATANAS YANCHEV AKTUAL INZHINERING EOOD ARA OOD MSE SERVIZ EOOD DINAMIK MARIN SARVISES EOOD OOD TRIKAR ILRASH EOOD EOOD DIAMANT- DEYAN BELCHEV AVTOMATIKA ELEKTRONIKA I ELEKTROTEHNIKA TEKPAK EOOD GAZ SIST - 5 EOOD EOOD KAVAMED EOOD ET VALEMO - EMIL CHAKAROV RESKYU.NET KLIMA.M 2013 EOOD NETI SHIPING EOOD AY TI KLIMA EOOD TRIPOID EOOD ENERGOREMONT - RUSE AD KOMPRESORS BG EOOD ET VASIL PETROV HELLENIKA OOD ALEKS 2007 EOOD LIBRA INZHINERING OOD IKOTEH OOD EKOGAZ PROEKT OOD M & M AUTO REPAIR OOD DIVATRANS BULGARIA EOOD ADD HELP EOOD ELEKT EOOD KRAVT EOOD ARGON 79 EOOD ASKOS SERVIZ EOOD ENERDZHI MARIN SARVIZ EOOD AVROV EOOD FAYER INZHENERING EOOD KONTROL - TEHNICHESKA ZASHTITA EOOD POLIMED INZHENERING EOOD ET SUPER - SABKO IVANOV ET DIMITAR DICHEV - DICHEV ZHOKER KIT EOOD ES DZHI EM 15 EOOD DARAS OOD DZZD HIDROGRUP EOOD TITAN-59 SMT-GRUP EOOD MARVEL TSPU MASHINI EOOD TONI LIFT - R OOD EYCH DI 73 EOOD VASI-2 EOOD ELTED-TM EOOD ALEKS KARI EOOD KLIMA 98 OOD KIROV K EOOD RADO-KAR EOOD ET MIHAIL 86 - AKSINIYA SIMEONOVA EOOD STANDART 99 ET IVAYLO NIKIFORSKI IRINEKS OOD GLOBAL ENERDZHI SARVISIS SIEMSA S.A. KLON ET MEGI - MARIYA GERCHEVA ET MERDZHO - VENELIN MERDZHANOV BULGARIA KCHT ET UNIVERSAL - 250 - KALCHO BELOV HRISTO BALBOLOV EOOD EDI I ELI EOOD ET VESELIN DIMCHEV IZGREV 80 OOD PAMAN INZHENERING EOOD ET KLIMA ELEKTRONIK SATE OOD MISA-KONSULT OOD ET ELKOPI-2013-ROSITSA YANCHEVA-STOEVA DZZD GIB TRIKOM - V EOOD TONISOFT EOOD ET POPOV - IVAN TODOROV POPOV MASTER LAB SERVIZ EOOD ET CHAVDAR ANDREEV -A -A ET AKUMSTROY PETAR GARCHEV BULKAR SERVIZ 21 EOOD SPINOR BG EOOD KLIMATEHNIKA EOOD ET AVTOSERVIZ TONI 2001 TABAK TEKNIK EOOD ATANASOV-SOFIYA EOOD DAYNOKO EOOD ET METAL - 49 - TODOR PARVANOV DAKS - N EOOD ARIGAGO OOD IVOMIRA METAL EOOD RUDMETAL-TEHNOMASH OOD TURBOLAZ OOD BULSKALA EOOD DOBRICH LIFT 08 OOD KOSTA ZHELYAZKOV EOOD VANEKS AGRO EOOD ELEKTROTEHNIKA 95 OOD ELTREYD - 04 EOOD ET IVAN STOEV BIOTEHKLIYN EOOD SHIPKOM 1 EOOD ET ATANAS SARBOV-ELEKTROMOTOR IPON INZHENERING 99 OOD PERM - SERVIZ OOD 15 SeeNews Industry Report

EL EVRO EOOD ALPIN 5 OOD ERGO SISTEMS OOD KALIBRA 04 EOOD LIFT BO-AL SD AVI PROEKTI EOOD ASI 2013 EOOD VOLTA KOM-S EAD MANEV-M OOD ET STEFAN KAVARDZHIKOV STIV 96 BG EOOD KOMFORT - KOLEV EOOD NIKOLAS TEHNO EOOD MERI I SIE OOD BULMASTER OOD ET ELANA TRANSPORT - PETAR PETROV TETA INZHENERING EOOD MEDIM OOD MEGAFROST EOOD ET PEEV - DIMO PEEV SOLARKO EOOD MOBIL VENDING SARVIZ EOOD VANITEH EOOD BLEK SIY GARDAN EOOD PETCO PETCOV - 24 EOOD GRATEL OOD GARANT BULGARIA 09 EOOD FARST KLIMA OOD ZHOKER KIT 2 EOOD BALKAN GRUP KAR-BULGARIA EOOD ATOMENERGOREMONT AD GAZOSTANTSIYA CHAYKA OOD MIHAIL ZAHARIEV 2008 EOOD VESATI 63 OOD SLAVYANI 55 EOOD ELUS D EOOD LEONARD INTERNATSIONAL SERVIS OOD ET GEORGI GEORGIEV - K SIMA MA EOOD BOOT SARVIS OOD ANKOR 90 EOOD ASHO-TEN EOOD IVESA 74 EOOD BALKAN AVIEYSHAN SARVISIZ EOOD ET STEFAN TERZIEV EOOD AKSINIYA SIMEONOVA-EOOD POLIMER KADANS OOD TSM INZHENERING EOOD ET ANRAD-ANGEL RADEV TISPO OOD MARINAR MKK OOD GARANT 76 OOD SYSTEMS AUTOMATION TECHNOLOGIS /SAT/ GEKOM EOOD DSR EVROPA OOD AGRONAVT ER EOOD OOD SIY IGAL OOD ET IVAN SIMEONOV EKOMARIS OOD ET TRANSVERTIKAL PAVLIN PELOV SELECT SURFACE PROTECTION OOD ET MEDKOM - STOYAN KOCHEV NAS AUTO EOOD IZH SERVIZ EOOD ET ELEKTRIK - MILKO ZHILEVSKI VACHI KRAFT SERVIZ EOOD VASAT EOOD ET MAKSIM - MAKSIM PENCHEV EKSPRES GRELE EOOD ET VANO-IVAN KURDOV ET BANKO BANKOV ET KLEOS - KOYCHO GANEV ELINOR 2000 OOD ELMA SERVIZ-RS OOD ELAS KRUMOV EOOD DI KOMERS INTERKAR BG EOOD REKOMA OOD DAY ENERGY OOD ENCOME ENERGY PERFORMANCE OOD NIAS-73 EOOD NOVACHKI EOOD BOBEV VEZNI-L.BOBEV ET ET TEA-58- VASIL STAYKOV ET KARINO-IVAYLO MISHEV BB INZHENERING EOOD STRIYMARS MARIYN SARVISIZ OOD REALID - B EOOD DPF EKOKLINING EOOD KATSIS EOOD OPTIMAL INDASTRIS LIMITID EOOD KONSTANTA KLIMA EOOD DALILA 96 EOOD ET MIRO SISTEMS - MIROSLAV ATANASOV MARINAS 50 EOOD MULTI TEHNOLODZHIK GRUP OOD KOVELI EOOD DATKOM OOD RSTS SOFIYA EOOD LILOV A. M. EOOD ET EDAN - NIKOLA NIKOLOV ET BAYK-GEORGI ANDONOV SPI ELEVATOR OOD MNGTK EOOD REMONT INZHENERING 2000 AD OZON -5 OOD STROYMAT VARNA 2000 EOOD MASHININVEST EOOD NOVA - V 2015 EOOD DIZEL REPEARS EOOD TERMOINVEST OOD ZAKO - 90 - ZAMFIR TSENOV RUMEDIT R EOOD EOOD KOLDEST TEMENUZHKATA EOOD BAGER HIDRAVLIKA - 2 OOD PALI-2013 EOOD DANI - INTERMONTAZH EOOD RIOSS AGRO OOD ET MITO - DIMITAR DIMITROV S I S SERVIZ EOOD DELFIN 07 OOD RIVSIN EOOD HERA SOFIYA EOOD TEHNOSERVIZ 1 EOOD ET TACHEV I TACHEV - STOYAN TACHEV ET ARP-RUMYANA RADEVA DOBIV OOD TALOS SHIP OOD STS KOMPYUTAR YUVITI AD SKILTEH EOOD DZZD LIFT TIYM DZHAKI - TRA EOOD TUNDZHAROV EOOD SAMYA OOD TRADEKS - GRUP AD ET STEFANSON II - BONO STEFANOV SD KANTSELARSKI MASHINI -DARMONEV S-IE KODZHA - LYUBEN KODZHABASHEV EOOD ET LIHACHOV VASIL LIHACHOV AVIOREMONT ZAVOD OOD STOYCHEVI - AVTO EOOD ENERGOREMONT-KOZLODUY OOD DZZD VYUZHAN EKSPRES AGROMETAL GROUP EOOD EAR SENS EOOD VIHAR METAL EOOD ILIYA KARACHOROV ET DIMAKRA EOOD VAVA LIFT EOOD SIOS EOOD OOD DOZIMED ANRO KLIMA OOD ET TOCHNA MERKA - RADOSLAV BOROV ZRVENDING EOOD OBRESHKOV I SIN EOOD GASKOIN 73 EOOD ET METROLOG DRUMI DRUMEV DZZD KONSORTSIUM BALKAN ELSIST EOOD TITAN LIFT OOD ELSTROY-DRYANOVO EOOD INDUSTRIAL MUVING OOD POSEYDON 2 D EOOD IZOTSERVIZ OOD TANYA 2006 OOD ABB AG - AVSTRIYA ET ARSUS - DIAN STOYANOV VI BI EM DI OOD EMSI SERVIZ OOD ET IGNAT IGNATOV 91 ET ATIKA- KATYA PERENTIDIS KARI- I EOOD SAVOV SERVIZ EOOD FRENKITO EOOD ET BRADAR SERVIZ-BOYKO KOVACHEV FRAM 3 OOD KARGAS ENERDZHI EOOD DISIES EOOD PROKOL EOOD IZOT ELEKTRONIKS EOOD ELEKTROPLYUS BURGAS EOOD SERVIZ - M EOOD SINTERMAT AD INSISTEL EOOD ET ALEKSANDAR NESTOROV KLEVARTAN INTERNESHANAL LTD EOOD MTG-DOLPHIN AD PRISTA M EOOD DESTA 07 OOD BARBELA OOD HED 66 EOOD KOOPERATSIYA REMMASH TOCHNA VEZNA EOOD MEDITSINSKA TEHNIKA OOD EPOZID BG VARNA EOOD VESKONTI EOOD KOMPYUTAR SARVIS EOOD GAGARIN COMPANY EOOD AS NA BADESHTETO EOOD EOOD SERVIZ - TSANYATA ELMO 2014 EOOD VIANOR OOD VERTRAN EOOD ET MAYAK - GEORGI YANEV ET GERO - KIRIL GEGOV ET KUGAR NIKOLAY NEYKOV VEKO-TREYD OOD BULBIO EOOD ET KOSTADIN PEEV AZIMUT EOOD DENCHEV EOOD CLIMA TRADE ENGINEERING OOD STENLI - FRIGO EOOD GMG MONTAZHGRUP EOOD REMO-TEH OOD GR.NOVA ZAGORA VENID DARS YAH SERVIZ OOD KRAKRA LIFT EOOD SEM REMONT 2 OOD TIP - SERVIZ EOOD VENARK EOOD ATR-ALTERNATIVNI TEHNOLOGICHNI RESHENIYA GLOBAL INZHENERING KONSULT EOOD BRAMAND EOOD BLITS EOOD OOD BULLIFT SERVIZ EOOD ET GEORGI DIMITROV - ZHORO MULTIMED OOD ET NIKO R - RUMEN TSANOV ET SIMI IVAN KUMANOV YORDAN LYUBOMIROV SLAVKOV EOOD ET GENKO - GENKO GEORGIEV VIMESS EOOD AH-KOMERS OOD ET MARGARIT YOTOV ET VALI-MED-VALENTINA TSIKALOVA DIANA KOMERS EOOD NORDA MARIN EOOD KALISTEL SARVIS EOOD ET MILEN NIKOLOV-GARANTKOPI MUDAFI OOD PLP AVTOMEYSHAN BG OOD ET NIKOLA ANGELOV ORION VELEV LIFT EOOD NEOPLAST EOOD AY TI AY BI YU EOOD SIBI-KAR-EOOD TSOLOV KONSTRAKSHANS EOOD I EM TI OOD ET AS- PETKO PETKOV ELPAK MEDTEH EOOD YOANKAR EOOD KRISTIYAN 2008 EOOD DRUZHBA 77 EOOD ELSISTEM INZHENERING EAD NIKI SERVIZ OOD EVARLIFT EOOD STAR TEHNOLODZHI SARVIS OOD MEDIKOM OOD ROKSIST EOOD AV - FRIGO EOOD GESH TRETI OOD 16 SeeNews Industry Report

KAP OOD ELDI ELEKTRO EOOD SERVIZ ASANSYORI OOD TEHNOSISTEMS VARNA EOOD ET ASANSYOREN SERVIZ 55- PLAMEN DIMITROV SID SERVIZ EOOD ET VIKTOR - 1987 - TSVETAN HRISTOV PRO TEH INZHENERING OOD RIDIKO OOD REM-PSM OOD FENIKS - DI - 2013 EOOD ET NIKI DOBREV NIKO TERM-PLEVEN EOOD M END TSS EOOD ET SINUS- DIMITAR PETROV DIMITROV PENCHEV TRAFIK EOOD FARSTAR PLYUS OOD IZOT-SERVIZ OOD HODZHEV 2008 EOOD DANIMIRA-76 EOOD EOOD AVTODIAGNOSTIKA SLAVOV FRUTA MIO EOOD PROMISHLENA ENERGETIKA-VT AD V.TARNOVO ADEN GROUP OOD YORDAN YORDANOV-DANI 99 ET ET PETONI PETKO NIKOLOV METALURGREMONT 21 AD SARAKT 2012 EOOD ET MEDIKOELEKTRIK KOMERSIAL PETROV MIMO BG EOOD ET VALENTIN KOEV-69 YUNION 2002 OOD DORSAN EOOD ET ELMED YORDAN PANCHEV SLAVEYA 2003 EOOD PLAMITEH EOOD ELPAK TEH EOOD VSS INZHENERING EOOD ET SVOBODA TOMOVA ET UNIVERSAL - 2000 - KOLYO KOLEV AUTOKOLOR - K EOOD SAVOV AUTO EOOD VAL KRIS OOD EOOD BISKO - 97 FENIKA VERTIKAL OOD RASTON EOOD AVTOSISTEMI OOD KERAMIK TEHNO SERVIZ OOD KIROVAT-09 EOOD METAPROM EOOD TEHNOKARD EOOD ZHAKI ZHEKOVA EOOD ET GEORGI BYALKOV NOVA MEDICAL OOD GRIYN PAUAR BG OOD DBM SERVIZ OOD ET VIOLINA TSANOVA - KOMERS PERFEKT SERVIZ 2008 OOD MID 2000 OOD RE-INZHENERING EOOD NIKOL 2006 ART EOOD VARUZHAN - MM EOOD ELEKTRON EOOD HIDRO TERMA EOOD PROKOPIEV-KLIMATIK EOOD SKY SOLAR BULGARIA CO OOD EOOD DZHESTA ENERDZHI PLYUS - 1 OOD VISHAN-IVAN KOLAROV EOOD METEKO AD ZAUTEREM OOD MEDIN 98 EOOD K.A. SERVIZ VIDIN EOOD HORTEKS INTERNESHANAL EOOD MEDIKOM HR OOD NIKKOM EOOD AK AVIEYSHAN EOOD ET BODI - MP - BOYKO BANKOV ET BIMIDISTEL - BOYCHO BOYCHEV VAZHAROVA EOOD IZOT SERVIZ SSIM OOD ET VALERI RUSANOV DEMA DASKALOV OOD MAKANI EOOD ET VAL-SERVIZ-VALENTIN VLADIMIROV VEYDAR OOD BULGARIA ER TEHNIK EOOD NEDBIL - 2008 OOD ET BOELI-DANAIL GREBENAROV RIG SISTAMS EOOD FIL STAYL EOOD START-5-91 OOD EOOD MM HIDRAVLIK GESI-D EOOD DANI EM OOD NIKAD OOD MISHO MALCHEV EOOD KAMBOZ OOD EL I DI LAYTING MEYNTENANS OOD FRESHKLIMA EOOD SANIR EOOD PI EM EM EOOD KRIOGEN EOOD KEISIS-TM OOD AMTEK - A EOOD TEO SARVIZ EOOD MARKONI 2007 EOOD ET MAVI-DIMITAR VITANOV SD VERTIKAL 111 DOBREV I SIE ELTED DVIGATELI EOOD VELIKOV I SINOVE OOD GALREM EOOD SOLAR PIK EOOD GLOBAL SHIP INDUSTRI SARVIS EOOD D-D-L BG EOOD MAYSTOR GOGO 27 EOOD FILEL EOOD ET PRIMA - ZHEKO PETROV SHIPING YUNIVERS EOOD SNEVA - V EOOD BI ER EL OOD EMIKRON EOOD ELEKTROUNIVERS EOOD SARVIZ KLIMA BG 2011 EOOD PRIMA SERVIZ OOD ET CHANKO - CHANKO KANEV EMU - 2012 OOD ASANSYOREN SERVIZ AMADINA EOOD AVA 60 EOOD AVANGARDNI TEHNOLOGII I MASHINI EOOD ET DIMITAR PANDEV - GUMIKS ELEKTRA TRANS GLOBAL OOD ISLAYA SV STEFAN VASILEV ET STREMP 4 OOD SI BOATS END SERVISEZ EOOD DIMO POPOV - VILI 1 EOOD TELEKRANTENIK AVTOTSENTAR YANI EOOD ET NIKOLAY GEORGIEV BILDING SALYUSHANS OOD TEHTIM EA EOOD BINS INZHENERING OOD MICHMAND EOOD TRINITI MERITAYM SARVISEZ EOOD FRIGO BURGAS EOOD BACHO KOLYU I SINOVE EOOD VALENTIN GEORGIEV I KO OOD AYSBERG 1992 OOD VICHEV 62 EOOD MOTOROL-LT EOOD G.U.E.S. OOD TRIEST 5 EOOD DOBIMED M OOD ALVARA 97 OOD ET VLADI NIK - VLADIMIR NIKOLOV ET ALEKS-ALEKSANDAR STOILOV METRO - RUSEV KARAMCHIEV I SIE DOM KLIMA EOOD SERINITI INZHENERING EOOD ET MAGE-MARIN MARINCHEV EY PI INZHENERING EOOD ET DIMITAR STOYANOV ET ARMSTYUNING - STOYAN GEORGIEV SIOPI-TERM EOOD DANLEX OOD VANESA-M EOOD AERO KONTRAKTOR BG EOOD ET ANGEL ANGELOV VESMAR MASHINEKS EOOD TEHNO OOD ET SERVIZ DINKOV - STEFAN DINKOV RGB I IZOT-SERVIZ OOD ENERGOGAZ EOOD HETA OOD ET EL TRAFO-METODI LALKOVSKI SIV-21 OOD MAN DIESEL & TURBO BULGARIA OOD SERVIZ STROITELNA TEHNIKA 2 EOOD DANI - 96 SERVIZ EOOD ET IKO-EL - KONSTANTIN STOYANOV KONSTANT SERVIZ EOOD ET PAS - DIMITAR YARAMOV TEZHKO MASHINOSTROENE 97 AD NASA SISTEMS EOOD EKSKASTAMS OOD OPTELA - AVTOSERVIZI EOOD DEYMONIK EOOD ET LORA - BORYANA BORISOVA YUSEIN ALIEV KURDOV OOD FLUID ET Z VESI ZLATKA MIHALEVA EL BI SERVIZ EOOD INES OOD ET KONOVETS - VASKO TSANOV ET STANISLAV SHKODREV ET CHERVENKONDEV - TODOR ANASTASOV YASI-UEYS EOOD ELEKTRIKSITI BILD OOD ET TSAR SIMEON-4-STOYAN DOCHEV ENERGOINVEST REMONTNA KOMPANIA AD SPIYD BOOT SARVISIS SBS OOD AS FORI - 2011 EOOD ANDZHI MODEL - 76 EOOD ET SLAVI MARECHKOV ZEFIR EOOD BIMER MOTORS OOD LIFTINS EOOD ASTO 2010 EOOD KOSTOV 2000 EOOD IZODIMPEKS EOOD ET TON - ANTON STOYANOV PALMED AD GARANT-DS PRIMASTROY EOOD PEPI-07 EOOD IRIS KAR OOD GIG-2005 OOD BULFLEYM EOOD SIGMA IS AD KOPISTAR EOOD PROPETEH OOD ET AKSEL - LYUBOMIR IVANOV BULBIO ELEKTRONIKS OOD ZENIT INZHENERING EOOD EL EM PI INZHENERING EOOD SIM INZHENERING EOOD TERANAVIYA EOOD KONTROLERS EOOD A.EM.DE BG MONTAZHI SOLAR OOD MASHINSERVIZ-M EOOD SOMAT EKSTRIYM EOOD NOVEL INTERNESHANAL OOD INTEST EOOD DIMAKRA-2005 OOD RMZ GORNA ORYAHOVITSA EOOD ELEKT-57 OOD PARST-IVAN PARASHKEVOV-PARASHKEVOVI I SIE LETNITSA - KERAMIKA EOOD ET KOLARA GEORGI GERGOV SD LINKOLYUBE BALKAN BG OOD ESI - EMO EOOD ET NIKOLAY BOYCHEV ET TANTI - STANIMIR STANEV FIL 57 EOOD ET ZHIVKO KARPACHEV GALOF EOOD ET MISO DIMITAR GEORGIEV MINIKARS OOD MAGNUM 7 OOD D-BEST SARVIS EOOD ROSAUTO EOOD VILTEK SERVIZ EOOD ET TRANSSERVIZ - T NIDAS EOOD GLOBAL OFIS SARVISIS EOOD AGENTSIYA ZA STOPANSKA EFEKTIVNOST EOOD VERTIKAL LIFT - AS OOD ET IVAN PETROV ATANASOV SERVIZ SOFIYA OOD 17 SeeNews Industry Report

TELMAN BULGARIA EOOD KLIMAT SERVIZ EOOD ET BOBI-BORISLAV SHOPOV YUTA-DIK OOD AGRO DEDAS EOOD DANCHO ATANASOV OOD TPK TEKSIM 90 RADI - IVETA EOOD PI VI SARVIS OOD STIVI PLAST EOOD ASANSYOREN SERVIZ DANI EOOD ET TRIUMF MM-MARIYAN MARINOV ET BEST SO-GEORGI SOTIROV ET MIKROOPTIKA - MIRCHO STANOEV BORAG-EL EOOD TEHNOPROGRES MM EOOD ZERMAN TREYD OOD ZIGER INZHENERING EOOD TEHNOMASH EOOD KAS SISTEM ELEKTRON OOD SANI ANALITIK DIMITAR SHUMANOV ET MEDIKA SERVIZ OOD YAMBOL ET BEKAVA- VALENTIN VELINOV DURGA EOOD VDM-TURBO EOOD KALIAKRA-5 EOOD ON UF INZHINERING EOOD EKOLD OOD VARNA MERITAYM OOD ET RAM KIRIL KOSTADINOV ET MAKDAG - PLAMEN PETROV SILVANO EOOD TPK BUK TSVETANOV-INZHENERING EOOD HIDRO-ELEKTRO INZHENERING EOOD TOSS DOBRICH OOD ROUSSE SHIPYARD WEST AD ET BOMA - BORIS STEPANYAN VAGONOREMONTEN ZAVOD - LEVSKI AD ET MISHO - MIHAIL ILIEV M.I. SHIP SERVIS EOOD LABSERVIZ PLYUS OOD BALENA 2010 EOOD ET UNIVERSAL IVAN IVANOV ET STOIL ATANASOV - ASN RATSIONAL-SERVIZ OOD KANTSELARSKI MASHINI EOOD ET EMANUIL-I - EMANUIL MANOLOV INOVEKS SERVIZ EOOD KLIMAT-D EOOD ET VERTIKAL-M.BALABANOV-N.BALABANOV AKVA SERVIS BULGARIA EOOD SG - GANCHEV EOOD HEVI EOOD ES DRAYV EOOD STATOR 66 EOOD RAVET1 EOOD ALEKSANDRA-BAKIEV EOOD TSERB EAD - RMI AD DZZD MAKS-AK EOOD AKEL EOOD O END M SIMONSFELD EOOD RVD 21 EOOD ET MITKO - MITKO PASEV KAS AUTO OOD TOPLINA PK EOOD PI TI EM METAL EOOD ET MEPA-MILKO KISHKILEV ET NEDYALKO - NEDYALKO IVANOV POLIMETA OOD ZHIVKO D.DIMITROV EOOD AGROFIKS - SERVIZ EOOD ET SKEY-KALINKA SOTIROVA SIPIPII S.A. FENIKA ELEKTRONIK EOOD BOBINAZH 68 EOOD TONI LIFT EOOD TANIVA 2014 EOOD EKO ENERGIYA HOLDING OOD AVTOTERM 2010 EOOD DZZD NASMAR 2006 KREON EOOD DZHULIANO TRANS EOOD ELSTI - M EOOD BERK INVEST EOOD KASAMOV EOOD ZHP TRAKTSIYA OOD KRIMPINGHOSES HIDRAVLIK EOOD ENERGOINZHENERING 89 OOD AVANTODIN OOD KOLORIT EOOD YORDAN AVRAMOV EOOD HEGET EOOD SHANS 2007 EOOD ELIT-57 EOOD TEHNIKAL SERVIZ OOD ST AUTOGAZ EOOD KARMOUSHAN EOOD VARIANT-10 EOOD EVROPA GUMI KNYAZHEVO OOD DANKO EOOD ET DZHIM-RUMEN ZHELEV KAF SISTEMS EOOD SKA STROY EOOD TEHMIKS OOD FINTREYD RESAYKLING EOOD VILI-DIMO POPOV EOOD IV-AVTO 70 EOOD SITI M LIFT EOOD ET PAVLOV EL BORISLAV PAVLOV HSV EOOD ET AMEGA-ATANAS ATANASOV M I SNN EOOD TARA AUTO - 13 EOOD ET KASI-99-ISAK MIHOVSKI VARNA SHIP SERVICE EOOD SGK-SKALA OOD ET MEGI -MARIN GEORGIEV EOOD PENKILER-RAZGRAD BE EKO - EU EOOD ALDIMARE EOOD EOOD MAKS SISTEMS TEHNOKLIMATERM EOOD PULSARK OOD MG LIFT EOOD STENLI EOOD ET ASV ELEKTRONIKA -96 - ANDREY VITANOV ET NORT - IVAYLO SULTANOV AKUST-A EOOD ET MEDITSINSKA TEHNIKA-STEFAN HRISTOV ET IVAN NIKOLOV 50 NEKSUS ELEKTRONIKS EOOD ET EKSPO-PETKO CHOLAKOV ISOMETRIX OOD FRIGO PLYUS EOOD BAS M BAS EOOD SEM REMONT OOD BULMAR SARVISIS EOOD BELTO MARIN IINTERLIFT GRUP OOD REMAT EOOD ET INIVEL - IVAN VELCHEV SPIYD TRANS AUTO EOOD TI I ES I TI EYCH EOOD LEON PRODZHEKTS EOOD OKEY SERVIZ EOOD TRIIRIS KANSTRAKSHAN EOOD LIMAN YAHTING OOD ET TUNDZHAROV - TODOR STOYKOV GALERA 07 OOD EUROPEAN TOBACCO SERVICES EOOD EKOLAYN GRUP OOD GAMA 666 EOOD FAGUS 2015 EOOD ET BORVAS - BORISLAV BORISOV ET EL VIT TODOR PLACHKOV SKAY SEKYURITI EOOD SD GARANT EKSPRES 90 ET DIMOV-27-TODOR ANKOV BULHELING EOOD BENEKS OOD TEHNOBANK OOD IN PRES BG AD GEOSERVIZ OOD ET SACHO ALEKSANDAR ALEKSANDROV FENIKA EOOD MEDIM-98 OOD AVVA EOOD ET FEAR PLEY - DIMITAR TSVETKOV MEGASPEKTAR EOOD ET ASANSYOREN SERVIZ - NAYDEN NEDEV IZOTSERVIZ VELIKO TARNOVO OOD PEPI T OOD SPEKTRON SERVIZ EOOD TAKT AMG EOOD ET DONIKS-SASHKO ANDONOV KODAR INZHENERING EOOD SIY RAYDING SKUADS OOD AGRO SERVIZ GUTLIS EOOD ET REMONT METAL TODOR HUBENOV VI RUS OOD MAYAK - K OOD ATMOS BG EOOD VALCHEV I SINOVE EOOD ICE TECHNIC OOD TORGOSERVIZ EOOD LUMEN BULGARIA EOOD KARAVANI-08 EOOD KOMITS - V.T. EOOD TEHNOKONT OOD BT AVIO MEYNTENANS EOOD IVANOV I PANDZHAROV OOD STESLA - 1 EOOD DZHANIELI LIFT EOOD ROSSI DIZAYN EOOD AGRO SERVIZ 2014 EOOD EOOD TOZER ET HIDRO-KONT-MILENA STOYANOVA TSIFRAL SERVIZ EOOD IZOTSERVIZ PLEVEN OOD ET DEMA 99 ALEKSANDAR ALEKSANDROV IVERA - 2012 EOOD EKOENERDZHI DIVELAPMANT EOOD KONIKOS 2007 EOOD KONSORTSIUM STROMAER ET SENA - GALINA DIMOVA EKO BETONI EOOD AMKO-2 EOOD TALDE EOOD ET VENKO KATSAROV AKVAKOM SERVIZ EOOD ET ILKO VALCHEV GARANT DYANKOVI EOOD ET DEKOR - RDM KIRIL GEROV NESFIKS EOOD ET RADI 2004 RADOSLAV DIMITROV 2 MART EOOD MONTAZH INZHENERING OOD SIRON MARIN EOOD PL SISTEMS EOOD KVANTEK OOD DEMYANSKI EOOD HEC SOLAR OOD N.I.N.-TEK EOOD KRIOKONTROL EOOD ET LIFT SERVIZ-IVAN CHAKAROV VI AR SERVIZ EOOD POLIGRAFTEHNIK - ALEKSANDAR ZHELEZAROV ET UOTAR TEHNOLADZHI BG EOOD REMONT - SERVIZ OOD RABADZHIYSKI 73 EOOD AUTO PEGAS OOD SLAVOV KASTING - SERVIZ I TEHNOLOGII EOOD PI END EYDZH SHIPS AUTOMEYSHAN OOD ET IVKOV IVAN KOVACHEV TI VI EYCH BULGARIA EOOD ZHORO AUTO SERVIZ EOOD ALIS - ALI EOOD YOT PEYNT SISTEM EOOD ET DENCHEV - TSANYO YORDANOV EVRORADAR TM EOOD ET VALDANO - VLADKO VELIKOV EOOD BULSKAY EL ES SARVIZ EOOD KORABNI KOMUNIKATSII EOOD KO-MONTAZH OOD TODEL SERVIZ EOOD D33D EAR KON SARVIZ DIMO POPOV VILI 3 EOOD ET VEDA ALBI YORDAN HADZHIKRASTEV ET TROPIKANA AYS - TEHNOLODZHI ENERGOTRANS 2002 OOD GINEV 2011 EOOD VENDIS 2012 EOOD SEID A EOOD ET LAVA SERVIZ-GEORGI ASPARUHOV DZZD PGA VARNA MSO - 09 EOOD MECHTA-2008 EOOD DUNAV KLIMA EOOD TAMEKS EOOD 18 SeeNews Industry Report

GRIFON AG OOD ET GENKO GENOV ET NIKAT - NIKOLAY TERZIEV HIDRONIKS-SERVIZ OOD ALEKS KOM EOOD IRA 2001 OOD I.V.E.T./IDEI I VIZHDANIYA ZA EKOLOGIYA I PROEKT - NM EOOD TURIZAM/ EOOD METALTEH 21 EOOD ELEKTRONNI INTEGRIRANI SISTEMI EOOD ET YOVKOV - TODOR YOVKOV UNI SARVIS OOD HIDRO STAR SLIVEN EOOD BULGARIA BLASTING EOOD EKSPERT LIFT EOOD STING METAL OOD AVI SERVIZ EOOD ELSTIL EOOD FAKTOR PRO EOOD ET DAR 90 - YULIYAN ATANASOV SHIPINGSTROY - 2013 EOOD MARIN RADIO SERVIZ EOOD ET AUTOFEYZ FEYZI MEHMED SD REA SERVIZ - VLADIMIROV I SIE PROSTROY KONSULT V EOOD DZZD TSIFROVI SISTEMI V ENERGETIKATA ADELAIDA OOD ET ROSI-98-DINYO YORDANOV TEHNOTON OOD ORTES OOD AUTOFIKS BG OOD EM DZHI SERVIZ EOOD ELEKTRIK EOOD SD MEGASPED - ILIEV I SIE ET DIMITAR MIHAYLOV - MIM ET DIMITROV - VASIL IVANOV SD UNIFEYS - YOVEV I S-IE ET CHIKO-IVAN CHAKAROV ET UNIVERSAL-48 - PARASKEV PARASKEVOV KOMTELS OOD ALPEK MM OOD REFSISTEMS EOOD GRUDOV EOOD VOLER EOOD RUGOS - 15 EOOD TEHNIK EKSPERT OOD ET FENIKS-VENTSESLAV KAMENOV SD FILTSBOR - KOSTADINOV I S-IE DEVES 2002 EOOD PTIMA EOOD ROMINAKAR EOOD TEHNO STAR 63 EOOD PARTNER-ZHSP EOOD SIMTIKAR OOD EL REMO EOOD FRIGONET EOOD ET ANGEL TILYANOV ET VENTRI - VENELIN TRIFONOV ET PANEV ELEKTRIK - DIMITAR PANEV ET BSM - BOZHIDAR SIMEONOV GARGOV - 78 EOOD ET RTS 91 EL.INS. EOOD MASLAROV- AUTO EOOD LUCKY 07 - ENGINEERING OOD MAGNUMSTOUN EOOD ARNIKA KONSULT OOD LIFT-33 OOD A-M EOOD PSI FAKTOR OOD MNS SERVIZ EOOD KA-21 EOOD RAFAILOV I KOEV OOD LIFT- MONTAZHI BG OOD OOD ET DOBRICH LIFT - DOCHO MANKOVSKI BV GRUP - KIRIL MIHAYLOV ET BULPOST - VENDITA EOOD ETIS OOD ET VASIL VASILEV - REMA STELENA EOOD DIKS 07 EOOD DENATA EOOD IVAVEL EOOD DIA EOOD RIVAR SERVIZ EOOD FILTSBOR-2 OOD IST MARIYN OOD KIRIL DELCHEV ET ET MEDIKA - YANKO VASEV TSENTRO-KLIMA INZHENERING OOD ET BODIST - BORISLAV DITSOV ILKAR 89 EOOD NERON - V EOOD ET DIMI-DIMITAR MIHAYLOV HIZA-K OOD ET ASTRA UNIVERSAL-HRISTO HRISTOV KRIPS 78 EOOD ET DEYVID - DAVID DAVIDOV TEHNO BG OOD ET TEHNO - TONI RAYNOV SD EDITA 91 UZUNOV I HRISTAKIEV ET AMD DIZAYN-ALEKSANDAR DIREKOV BARLEV EOOD EL PET-MONTAZH EOOD PRESLAV - AVTOMOBILNI NADSTROIKI AD BURGAS LIFT OOD BUL MONTAGE OOD LZR INZHENERING EOOD KOMEKO UNIVERS OOD STANCHEV-RUSE EOOD MF MONTAZHI EOOD DARMED OOD HVT I KO EOOD R MAINTENANCE DKI AVIATSIONNI USLUGI EOOD MILL TREYD EOOD MIG 33 EOOD ET KORN-1 - IVAYLO BOGOMILOV AUTOAVANGARD 2010 EOOD PANSNAB EOOD SKOLERKIONE EOOD ET NOVACHO RADULOV - IVETA VIPIMEKS OOD ET BOKAS - BOGDAN ALEKSANDROV VALEMO EOOD ORKAN EOOD DVD-92 OOD MEA OOD VMH 33 EOOD K.CHEPAKOV OOD DIGSIS EOOD MM 91 EOOD ENERGOINZHENERING EOOD LAZ EOOD KLIMA KOMPAS OOD DAKS INZHENERING EOOD VEDA GRUP M EOOD TARGOVSKA KOMPANIYA ALMA EOOD SD ASANSYORI GINEV PETROV I SIE IDA KONSULT EOOD OOD VEREYA INZHENERING DZHENIS 74 OOD ET VIKTOR LOZANOV ET PROKOL - KOSTADIN PETROV DURYAS OOD PROMISHLENA AVTOMATIKA EOOD KERAMICHNA KASHTA SERVIZ EOOD NOAK EOOD KOLIMECHKOV 2013 EOOD VERKON OOD SARMASHIK PG EOOD KAD KAS EOOD ELIT SERVIZ OOD BULPROMAR EOOD DEYZI - 2011 EOOD ET VASKO - VASIL ANGELOV SHOMI - M EOOD 'EMK - 1' EOOD VEL PAN KLIMA EOOD ET RVD - RUMEN DINEV SD SELENA - VASILEV I SIE EFES EOOD ET REMELMASH - ZDRAVKO MILUSHEV DIK MEHANIKA EOOD STEDI SERVIZ EOOD NIKI 2015 NEDYALKO IVANOV EOOD ET STOYAN BOGDANOV RENTGENOVA TEHNIKA OOD PLEYN ASISTANS OOD IRNESK EOOD D ZZD KONSORTSIUM ENERGOGRUP AGROREMONT-SLAVOV EOOD DOBREV 2013 EOOD ROBOKAR EOOD ET IVO 2002 IVAYLO DIMITROV INTER-BI-DZHEY OOD KOMSERVIZ EOOD GEOSERVIZ VARNA OOD ET ABV-ELENA MITKOVA ET DOBRO - PETAR VLADIKOV ELIT-SERVIZ 2009 OOD TEHNOLIFT 74 EOOD IZOT 2000 OOD VESTAS BULGARIA OOD LAMBEV ELEKTRIK EOOD ELKOMS 2000 OOD BALKANFERRO EOOD ELENI TEHNIKI EOOD ELEKTRODINAMIKA OOD TEREM-LETETZ OOD ET SKAT 2005 NIKOLAY SLAVOV MIZA OOD MEDIKA SERVIZ AA EOOD YAMBOL ZERMAN TEHNIKS OOD BULKEM EOOD KRIOGEN-BULGARIA EOOD - PLOVDIV IVEL - SERVIZ EOOD SERVIZ DOBRICH OOD LIDIYA ADVANS EOOD SE TSNTS I INTERNATSIONAL EOOD ILKONIKA OOD VIKTORIYA INZHENERING DIVELAPMANT EOOD ORION 1969 EOOD CHEFO BG EOOD EKS TUR EOOD KONSORTSIUM MSE MASHINEN REMONT OOD PRINTBOKS OOD BISVEL - ANTONOV I SIE SD BIZNESADVAYS EOOD KLIMA TSVETKOV SERVIZ EOOD S.VLAHOV-INZHENERING OOD CHAVDARSKI TEKS EOOD FITER EOOD ALEN AKSES EOOD ET CHECHI - STEFKO ZHELEV ET DANAIL YANEV - 76 SELENA - M EOOD ULTRAKOATING OOD ENERGOREMONT - BOBOV DOL AD SEVIN AUTO EOOD IMS IDA MARINE SARVISIS EOOD LIFT SERVIZ 2008 OOD POMPEKS OOD ASA EOOD TI ES INZHENERING OOD ENSI CONTROL OOD AGROMETAL EOOD BORDER EOOD EFACEC CENTRAL EUROPE – BRANCH BULGARIA ELEKTRIK INZHENERING - 2008 EOOD KCHT KONDIS OOD DENO EOOD KODI D OOD TERMO 97 EOOD HARVEST TAYM EOOD BARAKUDA SL EOOD VIP DIZAYN-PETROVA EOOD FULL SERVIZ EOOD EOOD GENEZIS INDUSTRIAL VOG KONSULT OOD BNNS OOD CHERNO MORE DZZD TERMO ELEKTRONIK OOD VARNA ET MAPET PETYO VALKANOV OLIMPIYA ER OOD ET BALANS 2003 - NIKOLAY KOLEV AVS-5 GRUP EOOD KRIST OOD ET NALBANTOV - TONCHO NALBANTOV ET NATALI - RUSKA YORDANOVA GARANT - SEVDALINA YANEVA EOOD SARAFOV HRANKOMPLEKT OOD FRIGO SERVIZ EOOD ASI 100 EOOD BOBKAR BULGARIA EOOD SARVIS GRUP 2012 EOOD MIKS 7 EOOD ET TSANKO KOLEV - MIKRIS ET GRIGOR STANIMIROV MILENIUM-2000 EOOD EDIGEN EOOD 19 SeeNews Industry Report

DRAGANOV 55 EOOD ET AVTOELEKTRA - TSVETAN PETKOV KARAT NOVA KRASIMIR KAMENOV EOOD KIPARIS M EOOD LABORATORIYA ZA INTEGRIRANI SISTEMI ISL OOD BITOVA TEHNIKA - GARANT AD HIDROMONTAZH 2003 OOD VALIS EOOD ET ZHORO ZAPRYANOV DZHI EM EM ELEKTRONIKS OOD KNEZIM AD ET EKOKLIMAT1-IVANKA KOLEVA HOD SERVIZ EOOD KRASI SERVIZ 2015 EOOD ET KOREKT - VLADIMIR EMILOV SD PETROVI M I SIE DIT-M OOD VEKTOR 1 OOD ET PODEMMASH - NIKOLA NIKOLOV DALILA - 58 EOOD ET ELEKTROEROZIYA ANATOLIY PETROV RUMEDIT EOOD ET ILEMA - IVAN LALEV ELFILIFT OOD DSK INTER EOOD SIKO EOOD MN BLAST EOOD ET VIP 22 - EMIL GOTSEV ET VIKTOR HAYDUDOV VIM-65 OOD KOMARS STROYINVEST SD PIT - AS -SIE IL INZHENERING EOOD SD ASANSYOREN SERVIZ - BOZHKOV SIE BUMERANG SHIPPING OOD V.I-07 EOOD ANZHELIKA DEGMA - IV EOOD ET TEDI MARIN DOCHEV RMU DOBRIN YORDANOV EOOD SIANA I TOMAS OOD BAUMASHINEN EOOD TOP KUOLITI SARVIS EOOD DIBO-SARVIZ OOD FAYERTEH INZHENERING EOOD PAVLOV ELEKTRIK EOOD T.I.-SERVIZ OOD SIMI LIFT OOD STRIMON AVE EOOD MARI BENTTS ET AMOD EOOD LABSERVIZ OOD PARUSHEV I SINOVE EOOD I-SERVIZ OOD UNIDI EOOD AVTOSERVIZ GENCHEV STANEV STROY EOOD MEMO TAKT EOOD NEMAK 69 EOOD EM BI EL ES SERVIZ EOOD GOLIAT 2006 EOOD ET PLAMEN NIKOLOV-VIPS MORYASHKI TSENTAR-RUSE EOOD PEGASUS ANTIKOROZIYA EOOD STEM-M EOOD ET BONCHO ZAPRYANOV ALEKTOR EOOD K - GEORGI GEORGIEV EOOD AYA - FMI OOD COMPLEX INDUSTRIAL SERVICE OOD APOLON KLIMAT INZHENERING OOD MEDIKOM-NV EOOD LIFTINZHENERING OOD VEGA VARBENOV OOD SINERDZHI SARVIS OOD DENTAL EOOD MISO SERVIZ EOOD ET HRISTO TSONEV - 93 BORIANI - 08 OOD KDMD EOOD MASTORES EOOD K-TEHNO EOOD BLEK SIY APARTMANT EOOD ET YAK-YANI DIMITROV KOSTADINOV ET MEDIKOM - INZH. NIKOLAY VALCHEV ET YOLE -YONKO EVLOGIEV ET DINAMO - KOLYO KONKILEV TONI EOOD MAXSTONE EOOD STIVIRO EOOD BG PLANT EOOD ET APOLO - KAN - KRUM AVRADALIEV ALDO SHIPING ALMIUS K EOOD LAZER PLANT EOOD NYU ELEKTRO TERMO KONTSEPT OOD EVRORADAR EOOD VEGA 72 EOOD ES END AY MAKS INFO - ADL EOOD ET ROYD - ALEKSANDAR ROYDEV VESTA-M OOD ELEKT-SM EOOD STIYL RAM EOOD DEK 14 EOOD DZHOVANNI AUTO EOOD ET VIK - VASIL KLYUCHAROV SVEMAR AGRO OOD ARNO 46 EOOD GAYAK EOOD PAYP INZHENERING OOD RUMEDIT 98 AD SITI LIFT SERVIZ EOOD ET PROMED OGNYAN DYANKOV HOMOFABER - DIMITAR DIMITROV ET AUTO MIK EOOD BULTEH TREYD EOOD ELZHI ASTAHOV EOOD MEDIREM EOOD PENTAX MEDICAL BULGARIA OOD RUSKO-BALGARSKI NANOTEHNOLOGICHEN HOVENES EOOD ET MARIN KAMBUROV - MARSA IMPREZA - 87 EOOD TSENTAR PI ES DZHI AUTOMATIKS EOOD BRATYA 2 OOD TENCHO PETEV EOOD ET KLIMA INZHENERING - TOSHO SHAHANOV BOZHKILOV - MIT EOOD TOMI EKSPRES EOOD SI EN DZHI SARVIZ OOD F.A.I. IMPIANTI OOD STANIKA OOD PODEM REMONT EOOD ELVIRA-T EOOD YANIS 2001 EOOD NEKSUS INZHENERING OOD PULSAR YANAKIEV OOD ET ELI - M LUKAN MILEV RVTS OOD DTS OOD ET TOEL ET POLIKONTROL - PAVLINKA SIMOVA RB EOOD ET SIMEON TSENEV SI MART IVAN TSENEV ET TRANSSERVIZ-DT - TODOR RADEV ET SERVOMED - IVAN IVANOV BG FEB 97 EOOD PALITRA 13 EOOD MIG 2005 EOOD VIKSO EOOD DZZD KOMPLEKS 2014 BRANI-88 EOOD TIM EA INZHENERING EOOD TEHNOTREYD ARTON SISTEMS EOOD RITEL EOOD PROXEL ENGINEERING OOD ET EMIL KITANOV ET TINO - 88 YURI GEORGIEV LILIYA TRANS-99 EOOD PI END DI LAYN EOOD MAINTEC SERVICE OOD KNK EOOD ELREMO OOD PAUAR SARVIS EOOD PLAMEN PETROV 2015 EOOD GRUDEV SERVIZ OOD IVATEH EOOD VSD SERVIZ EOOD VANS MARIN EOOD ET - LINA - H - LIFT BK AVIATSIONNI USLUGI EOOD MK INZHENERING 2011 EOOD PERLA 2 OOD VADIKOM OOD ZHOZER EOOD MOTOMAT EOOD ET IVAN IVANOV EMIL SERVIZ EOOD BIS - DI OOD ELPAS SERVIZ EOOD DESI GT 2008 EOOD EOOD SIGNALKOMPLEKT MAYNING INZHENERING OOD SD ROIL HS SABEV I SIE ET BELBEROV HAMDI BELBEROV ET TONEM-TODOR NENOV TEHNOKOMPLEKS EOOD SPEKTAR SERVIZ EOOD SEYF AVIEYSHAN SALYUSHANS EOOD IVANOV MOTORS EOOD SMT EOOD ET DZHAMP - ATANAS ACHKOV SITI LIFT SARVIS OOD INAD EOOD LUKAS BALANS EOOD PALMA EOOD ET YONCHO KARDZHILOV - LIFT SERVIZ 95 KUKLEN 2002 OOD SLAVINA 19 EOOD EMERAN EOOD FACE PROTECTION OOD P.K.M.S. OOD ET MLIFT- DIMITAR DIMITROV MASHINSERVIZ OOD ET ENIGMA - ILCHO DINEV I. G. M. EOOD ET TEHNOTRON SERVIZ - ALEKSANDAR IV MAG EOOD ET SIBIRYAK-ZHEKO ZHEKOV AB SERVIZ 2014 OOD KOVACHEV VERTTRANS AS EOOD ALBA TIM EOOD ELKA - 72 EOOD KASRA 77 EOOD ET.REDI RAYNA SPASOVA SVS - EVROPA EOOD GRIYN TEK EOOD DIMAL-1968 OOD IMEKS 1970 OOD ETA OFIS OOD NEO PODEM OOD ET PERFEKT LMT MOTOROL EOOD ADASIS OOD AYS KLIMA EOOD ZIK APARATS OOD SILVER I KO OOD MEDITRON OOD ELDI - SOLAR EOOD DOBRICH LIFT 09 OOD ET HOD STEFAN POPOV VETA TREYD EOOD ET ELKOM - YANAKI ZABIROV BEL ELEKTRIK OOD KARDIOTEH SAPORT EOOD ET RUMYAN DIMOV ET VZHZH UNIVERS EFIR-REMONT VERIZHNI MASHINI EOOD MAKSI LIFT EOOD ET KONSELT - GEORGI GAYDARDZHIEV PSM SERVIZ EOOD BURGASKI KORABOSTROITELNITSI AD - IN BANKRUPTCY PROCEEDINGS ET PEL - 53 - PELYO STOYKOV K MARCHEV EOOD LINK GRUP EOOD ET ELEKTRIK DM - DIMITAR MITEV ET NELI KARAPACHOVA-KIRCHEVA REMEKSPRES - 2009 EOOD PRIMA BLOK OOD ET TIM - YORDAN IVANOV SD STIVAN- STOYNOV TRIFONOV I SIE ET GOGO - GANCHO STEFANOV ET ELMEH - KRASIMIR ZHELYAZKOV HME AD GENERAL ELECTRIC INTERNATIONAL - BRANCH SD REKOM DIMITROVI IV-AYS GRUP EOOD BULGARIA, BRANCH OF A FOREIGN TRADER ALIS EOOD EY PI PRODZHEKTS EOOD 20 SeeNews Industry Report

MEDTEH SERVIZ-62 DZZD ZEFIR KLIMATICHNI SISTEMI EOOD INTERNTERNESHANAL TEHNOLODZHIK MASHIN EOOD KONSORTSIUM ATOMENERGOREMONT B I V OOD MARTI - MM EOOD SERVIZ IMPULS EOOD ILINELI EOOD NORELA EOOD ET MAGAP - MAGDALENA POLYANOVA LIFT BO IV EOOD ET RONSET - ROSEN VELKOV NORLAYT LIMITID EOOD HIDRAVLIK GARANT OOD RIMMA SOFIYA EOOD DEKOR-RDM EOOD NIKOLAOS PETRU EOOD YUNAYTED LIFT OOD DDM - 2009 EOOD PEPO-REMONT EOOD SD MAPEKS-MATEEV I SIE MASTER YUNITI OOD ET DIMITAR CHOBANOV - M.T. ZAPRYANOV-ST EOOD VEKO INZHENERING AD DIZEL-RASHKOV OOD INTEH EOOD ET ST-97 - BORISLAV PETKOV DEA MOTORS KAMPANI EOOD SD VAZHOD REMAS SIMANOVI I SIE ET HEVI - HRISTO HRISTOV KALVACHA INZHENERING AD ET VESELIN PETROV - ALFATREYD MEDITEH - 94 EOOD ET PENCHEV-GEORGI PENCHEV CHIZI AUTO EOOD DKVN SERVIZ EOOD ET VIKTORIYA EM - PLAMEN DIMOV ET LIN - LILYANA DARAKCHIEVA ET T.BAYKOV - T.HRISTOV TACHO - ESSL EOOD KM METAL EOOD KARAIVANOVI KOMERSIAL EOOD ET MEIM SERVIZ BOZHIL YANACHKOV YADRENA TEHNIKA ET ASI-STEFAN ANDREEV SA SOLYUSHANS OOD ET HS TSVETILA - HRISTO IBREV DISTEM EOOD TURBOKOMPRESOR 2000 EOOD REMA-1 EOOD KOSMOS AVIEYSHAN KOMPANI EOOD DONKO KLIMA EOOD ET KRASI SERVIZ 2000-KRASIMIR MARKOV PRESTIZH KLIMA OOD VITEZ-VZH EOOD SMARTCOM-BULGARIA AD ES EY PI-GLOBAL EOOD BLEZ INZHENERING OOD PROELA OOD ET T M D - 94 - TODOR TODOROV RUMA TEH EOOD KIONA EOOD REDOKS SISTEM OOD BALKANLIFT.BG EOOD M KLIMA 2008 EOOD ET MERTO - SABI KAVAZOV DZZD MINSTROY-REMOTEKS ELKOTEH OOD MOTIVI - 2REM EOOD ET STEFAN STOEV KONSULT PROEKT 2003 EOOD VENIKA 2009 OOD ET SNEVA-SNEZHANA KOLAROVA ART LIDER GRUP EOOD DEYTA RUSE EOOD K END P AUTO EOOD BLAGA EP EOOD SD NIKEANA - GARDEV I S-IE FRIGOSISTEM EOOD ET ELKATEH - VASIL KATSAROV ET ASSIMO 7 PETAR MAKARIEV ASANSYOREN SERVIZ EOOD ET MARINA ILIEVA KAMENA OOD TERIKS BILDING 2010 EOOD DZZD AGROMA ET DIMO IVANOV BAGALEV LIFT SERVIZ EOOD OFIS-SERVIZ OOD ATIS TELEKONTROL OOD TEOKOM 2001 OOD MONTAZHI RD EOOD RIS KONSULT 2 OOD ET NIKI - NIKOLAY STANCHEV SUIS KAFE 11 EOOD BATERFLAY - DIANA KORDOVA EOOD ET KONKURENT 2-ZHEKO POPOV SIMI 2 EOOD TI END PI INZHENERING EOOD KA STO 7580 EOOD SMIKATA EOOD KMM MONTAZH RUSE OOD SD MIKON KOLEV I SIE DIMEKSKAR EOOD ANALIKS OOD ATOMENERGOREMONT GALABOVO OOD HIDROTEH EOOD DBN - MEDIKAL EOOD RILMAN EOOD PROGRES 2006 EOOD AL DAN I KO EOOD ET ENDZHEY- 2008 ATANAS KOYNOV STARTING 10 EOOD KLIMASTORM EOOD ET PENKA MLADENOVA - 61 MARI BOS EOOD YATANAS EOOD ELEKTROKRAN PODEM OOD ET PLAMAK - PLAMEN KOSTOV HIDROKAZ OOD DELTA HYDRAULIC OOD KOLD EOOD MEHANOTEH EOOD SD TEHNOKLIMATERM-STANCHEV I SIE V LIKVIDATSIYA PRO KITCHAN EOOD ZABONARYAZVANE KIROV OOD ET FORTEH-HRISTOFOR SIMOV ET IVAN HRISTOV- 60 ALENIA AERONAUTICA TP INKOMSSERVIZ-OFISSISTEM OOD ET STIK BELT- KRASIMIR SLAVOV LUFTHANSA TECHNIK SOFIA OOD PROAP EOOD SERVIZ MISO EOOD NOMAN EOOD STASKOLD EOOD SARVIZ END TREYD EOOD TERATEH INZHENERING EOOD EOOD VILI - 11 SG KAR OOD SD VERT TRANS MALINOVI I SIE TRANSKOM-1 OOD ESKADA EOOD LUNEN OREOL EOOD MARINA SOZOPOL SARVIS EOOD ARKTIK-2007 EOOD BREZENT D&D OOD FORTUNA GV OOD ELEKTRIK YUNION OOD ARBO OOD DZZD BILD A VARNA P N ELEKTRONIKS EOOD PENTAGRAM INZHENERING OOD SD BMK-K BRESKOVSKI I BOYADZHIYAN SIE NENKOM OOD ET KALIN NAYDENOV HIKS EOOD REAL SERVIZ EOOD DRUZHESTVO PO ZZD REHABILITATSIYA - 2009 ET 'DINAMIK M - MITKO DYAKOV' ZAGORA AKVA HIM EOOD BITRON EOOD ET SILVAR - KAMELIYA KUMANOVA ET MIKRON 2004- GEORGI KACHOV GENERA SERVIZ OOD ADN 4 EOOD EOOD SPRINT LIFT TEHNIKAL EKSPERT EOOD AVAL OOD E.T. 'E PLYUS V - BORISLAV SVESHTAROV' ET STERODENT - 1 - TODOR TODOROV SIS MASTER EOOD VISTA OK EOOD TEHNOSTAR-68 EOOD MULTIMODUL EOOD DIMO POPOV VILI 2 EOOD KD 11 OOD RELAKS 1 OOD POWER ENGINEERING OOD SKAYUEY TREYD OOD VITTO OOD APRAZIVEL OOD ELTA OOD GR.NOVA ZAGORA DOBRICH LIFT OOD AHEYA OOD 3S - BULGARIA EOOD BUL INZH KOM EOOD ENERGIYA-2001 EOOD GEORCHEV-2014 EOOD MALNIYA - 76 EOOD NATSIONALNA INZHENERINGOVA KOMPANIYA KANIDO EOOD EOOD 21 SeeNews Industry Report

material, misinterpretation and any all loss, disappointment, negligence or damage caused by reliance Do not hesitate to on the information contained in the industry report or any failure or alleged failure in the delivery of the services referred to herein, or in the event of contact us bankruptcy,liquidation or cessation of trade of any company, individual or firm referred to herein. Confirmation of the information accuracy should be sought from the establishments concerned or from We’d be glad to discuss our services or your project in SeeNews upon explicit request. detail and help you come up with a solution. 6. SeeNews shall not be liable for any damages (including, without limitation, damages for loss of business or loss of Email us at [email protected] profits) arising in contract, tort or otherwise from the use Call us on +359 2 80 12 630 of or inability to use this industry report, or any data Live chat available at SeeNews.com contained in it, or from any action or decision taken as a result of using this industry report or any such Disclaimer information.

Whilst the information contained in this industry report 7. SeeNews accepts no responsibility for the content of any has been given in good faith and every effort has been site to which a hypertext link from this industry report made to ensure its accuracy, SeeNews cannot guarantee exists. Such links are provided for your convenience on an the accuracy of this information and hereby expressly “as is” and “as available” basis with no warranty, express or disclaims any responsibility for error, mis-interpretation implied, for the information provided within them. and any and all loss, disappointment, negligence or damage caused by reliance on the information contained 8. If any of these terms should be determined to be illegal, in the industry report or any failure or alleged failure in the invalid or otherwise unenforceable by reason of the laws delivery of the Service referred to herein, or in the event of of any state or country in which these terms are intended bankruptcy, liquidation or cessation of trade in any to be effective, then to the extent and within the company, individual or firm referred to herein. jurisdiction in which that term is illegal, invalid or Confirmation of the information accuracy should be enforceable, it shall be severed and deleted from the clause sought from the establishments concerned. Unless concerned and the remaining terms and conditions shall otherwise stated, the copyrights and any other rights in all remain in full force and effect and continue to be binding material on this site are owned by SeeNews. Use of this and enforceable. industry report is provided by SeeNews subject to the following Terms and Conditions: 9. By accessing and reading any part of this industry report, you should have accepted these Terms in full. 1. Use of this industry report constitutes your acceptance of these Terms and Conditions which take effect when All rights reserved. Downloads and print extracts of you first use this industry report. SeeNews reserves the SeeNews are allowed for personal and non-commercial right to change these terms and conditions at any time by use only. Re-publication or redistribution of content, posting changes online. You are responsible for reviewing including by framing, is strictly prohibited without the regularly information posted online to obtain timely prior written consent of SeeNews Ltd., Sofia, Bulgaria. notice of such changes. Your continued use of the industry report after changes are posted constitutes your acceptance of this agreement.

2. Neither SeeNews nor other related parties, whilst endeavouring to provide 24/7 availability, will be held liable if for any reason the industry report is unavailable at any time.

3. Access to this industry report may be suspended temporarily or permanently and without notice.

4. Whilst SeeNews endeavours to ensure that the information on this site is correct and up-to-date, no warranty, express or implied, is given as to its accuracy and SeeNews does not accept any liability for error or omission.

5. Part of this industry report contains materials submitted to SeeNews by third parties. Third parties are responsible for ensuring that materials submitted for inclusion on this industry report complies with national and relevant international law. SeeNews can not guarantee the accuracy of this material and hereby expressly disclaims any responsibility for error, omission or inaccuracy in the

Powered by TCPDF (www.tcpdf.org)