!..5!,Ç2%0/24Ç`Ç COMPANYÇPROFILE

MANAGEMENT,

VISION AND VALUES about us

Trace Group Hold PLC takes part in any sliding areas and emergency reconstruction activities activity related to construction and enterprises at times of natural disasters. associated with it. Trace Group Hold PLC is very successful Trace Group Hold PLC takes part in in the field of high construction. projects of national and regional importance The holding carries out projects under the and international projects, as well. Its market Operative Programs of the European Union. It activity includes construction, reconstruction meets the requirements and criteria for participation and rehabilitation of roads, highways, airports, in international procedures of NATO through the underground stations and underground railways, NATO Agency for Maintenance and Supplies. ground railroads and facilities, urban infrastructure Trace Group Hold PLC is a Bulgarian group and road marking. which performs its activities in conformity with The group constructs water-supplying and gas- the strict quality requirements and criteria of the distributing networks and wastewater treatment plants. international construction industry. Participates in the national program for strengthening

4 ANNUAL REPORT Trace Group Hold PLC has been a public Trace Group Hold PLC is a member of the company since December 2007 when it set a Bulgarian Construction Chamber, the Bulgarian record in oversubscription of initial public offers Branch Chamber “Roads”, the Bulgarian Industrial of 200 000 new shares at the Bulgarian Stock Capital Association and of the Bulgarian Chamber Exchange - . of Commerce and Industry.

The holding incorporates over 23 interconnected companies with headquarters at the main regional centers in .

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ANNUAL REPORT 5 corporate management

Good corporate management is crucial for allow for establishing of efficient risk control and achieving the strategic goals of Trace Group management, and timely consideration of the Hold PLC. Its main objective is long-term regulation changes and acquiring of information. stable results and benefits for the shareholders, The corporate management of Trace employees and the society as a whole. Group Hold PLC is a system of clearly defined The management of the group is based on functions, rights and obligations at different levels internationally recognized standards of good - the Board of Directors of the group, managing corporate management, accepted by the European bodies and boards of directors of the subsidiaries Community and the National Code of Corporate and their executives. Management. As a public company, Trace Group Hold PLC The Board of Directors manages the holding observes the principles of transparency, equality, and takes all decisions about its activity with the accountability and objectivity. These values exception of those which are up to the General are the core of its business practice and they Assembly of the shareholders.

6 ANNUAL REPORT board of directors

Assoc. Prof. Dipl.- Dipl.-Eng. Dipl.-Eng. Eng. Dr. Tsvetan Tsonev Ivan Hristov Nikolay Mihaylov CEO and deputy Chief Administrative Chairman of the Board chairman of the Board and Human Resources of Directors of of Directors of Executive and a Trace Group Hold PLC Trace Group Hold PLC member of the Board of Directors of Trace Group Hold PLC

Manol Denev Miroslav Manolov Prof. Dipl.-Eng. Dr. Academician Commercial Director Chief Legal Adviser Ivan Trifonov Anton Donchev and a member of the and a member of the An independent An independent Board of Directors of Board of Directors of member of the Board member of the Board Trace Group Hold PLC Trace Group Hold PLC of Directors of of Directors of Trace Group Hold PLC Trace Group Hold PLC

ANNUAL REPORT 7 vision and values

Eng. Martin Slavov, European Сommissioner of Regional Policy Paul Sametski, Minister of Regional Development Rosen Plevneliev and the Chairman of the Board of Directors of TRACE GROUP HOLD PLC Prof. Dipl. -Eng. Dr. Nikolay Mihaylov (from left to right)

The autonomy of Trace Group Hold international projects. We guarantee: PLC and its good corporate management •High quality in all aspects of our work are starting points in carrying out major infrastructure •Observing the main principles of engineering: projects of international, national and regional safety, reliability, latest technology, efficiency importance. and aesthetics European quality, efficient conceptions •Preservation of environment and society and competitive prices are the advantages of •Benefits for the clients, contractors and society the holding company. Its employees are united by We are proud with establishing creative and common values, the most important of which are: professional relations within Trace Group Hold •Sustainability PLC and we are equally proud with the honest and •Excellence creative cooperation with suppliers and clients, •Safety universities and academic organizations, Bulgarian •Innovation and foreign companies. These relations are deeply •Reliability rooted in the mutual respect for personal and It is important for us to play an efficient cultural differences. Such relations help us to build role in the development of Bulgaria inside and facilities which make our life easier and better. outside its boundaries by participating in major

8 ANNUAL REPORT PROJECTS

ACCOMPLISHED lot 1

Country: Republic of Bulgaria Employer: National Road Agency, Project: Trakia Motorway - LOT 1 - republic of Bulgaria orizovo - Stara Zagora Financing: NRI Fund, Budget of Bulgaria from km 171+360 to km 210+100 Project budget (EUR): 93 038 943 € Construction type: New construction Construction started: 04.03.2003 Construction completed: 05.10.2007

The new route of Trakia motorway, which two mobile asphalt plants with a capacity exceeding is part of Corridor № 8, connects Chirpan with 200 tons/hour, and the aggregates were supplied Stara Zagora and provides a direct link between from four fixed and three mobile crushing plants. Sofia and Stara Zagora. Improved road conditions Excavations: 8 687 504 m3 and removal of transit traffic increase traffic safety Embankments: 4 551 830 m3 and comfort of passengers, reduce road distances, Base of crushed stone: 578 500 m3 travel time, transportation and operating costs. Asphalt works: 831 805 t Average per day more than 4700 tons of Bridge structures: 27 pieces asphalt were paved. Average per day 4 km of elastic Concrete works: 81 112 m3 fence was installed. The huge overpass over the Reinforcing steel: 2 800 t railway line Sofia-Burgas (2 x 150 m) was built in less Bridge beams: 606 pieces than 180 days and the last overpass at km 209+300 Drainage: 35 000 m - for thirty days (from 20.08.2007 to 20.09.2007). Trenches: 88 000 m Scope of the works: Directly involved in assembly Culverts: 5 000 m and construction activities throughout the area Orizovo Fence: 84 000 m - Stara Zagora km 171+360 to km 210+100 were Guard railings: 135 500 m over 1000 people, 300 trucks and highly specialized Horizontal marking: 45 000 m2 road construction equipment. For the fast, efficient Landscaping - trees and bushes: 60 000 pieces and professional project completion were installed Grassing: 247 018 m2

10 ANNUAL REPORT road I - 7

Country: Republic of Bulgaria Employer: National Road Agency, Project: Road I-7 “Elhovo - Granitovo - republic of Bulgaria lesovo - New Border Checkpoint” Financing: NRI Fund, Budget of Bulgaria from km 0+000 to km 20+858 Project budget (EUR): 19 587 494 € Construction type: New construction Construction started: 2001 Construction completed: 2006

Basic types of construction and installation work Drainage system - 18 960 m performed on site: Pipe and slab culverts - 1 400 m Earthworks - 1 592 550 m3 Bridge structures - 10 pieces, of them Asphalt works - 98 500 t underpasses - 6 pieces, overpasses - 2 Concrete works - 6 860 m3 Road junction “Trumpet” at km 8+705 - 1 piece Crushed-stone surface - 113 950 m3 Road junction “Trumpet” at km 4+082 - 1 piece

ANNUAL REPORT 11 airport “graf ignatievo”

Country: Republic of Bulgaria Financing: Ministry of Defence Fund, Project: Reconstruction of airport Budget of Bulgaria “Graf Ignatievo” Project budget (EUR): 16 783 938 € Construction type: Reconstruction Construction started: 01.04.2001 Employer: Ministry of Defence, Construction completed: 01.07.2001 republic of Bulgaria

Scope of the works: Treatment of cracks and joints with •Reconstruction of the runway for takeoff polymer-modified paste - 164 495 m and landing Light system - laying 200 km of cable •Reconstruction of pathways for taxiing Vertical signalization •Reconstruction of aircraft parking lots Horizontal marking - 25 000 m •Installation of lighting system of runways Drilling crossings - 27 pieces, each of 90 m Basic types of construction and installation works performed on site: Military airport “Graf Ignatievo” was the Asphalt works - 245 000 t Concrete works - 11 000 m3 largest construction project in Bulgaria in 2001. Earthworks - 99 189 m3 Its reconstruction was carried out for three Geo-grid placing - 136 000 m2 months. This allowed the conduct of the largest Drainage system with pipes Ø200, Ø400, training program for Eastern Europe by NATO: Ø500, Ø600, Ø800 - 7 000 m “Cooperative Key 2001”.

12 ANNUAL REPORT strengthening of landslides

Country: Republic of Bulgaria Financing: MRDPW and MEWB fund, Project: Strengthening of landslides in the Budget of Bulgaria region of tourist complex “Chaika” Project budget (EUR): 1 148 006 € Construction type: Strengthening of landslides Construction started: 09.01.2002 Employer: MRDPW, MEWB, Republic of Bulgaria Construction completed: 09.08.2002

Scope of the works: Strengthening of Excavation works - 240 000 m3 landslides in region Kabakum: bus stop “Horizont” Embankments - 71 000 m3 - bus stop “Pisatel” and Road IV-9003 Golden Reconstruction of electric power Sands Resort, Varna transmission 20 kV - 80 A Plumbing - 2 148 m Reconstruction of cable networks - 8 918 m Sewerage - 2 386 m Alley lighting 3 Retaining walls - 5 pieces Concrete works - 13 425 m Pilot structures - 3 pieces Reinforcing steel - 347 t 3 Anchor structures - 12 490 m Pavement - 38 800 m Drainage system of horizontal Asphalt works drillings - 2 385 m Pusher pump station

ANNUAL REPORT 13 historical museum, stara zagora

Country: Republic of Bulgaria Employer: Municipality of Stara Zagora, Project: Construction works on the exposition republic of Bulgaria building of Regional Historical Museum Financing: Budget of Municipality Stara Zagora in Stara Zagora Project budget (EUR): 1 101 913 € Construction type: Construction and Construction started: 12.10.2008 reconstruction Construction completed: 20.08.2009

Additional information: The building of the functions” in competition with other 10 buildings, Regional Historical Museum in Stara Zagora, including an aqua park, church, clinic, stations reconstructed from TRACE, received the etc. The national competition is organized under prestigious winning award in the national contest the auspices of the MRDPW and with the support “Building of the Year 2009”. The project was of professional organizations in architecture and awarded in category “Buildings with special construction in Bulgaria.

14 ANNUAL REPORT PROJECTS

IN PROGRESS extension

Country: Republic of Bulgaria Financing: Sofia Municipality, MRDPW, Project: Sofia Metro Extension, european Investment Bank metro diameter II, Separate LOT II, Project budget (EUR): 86 914 304 € section Patriarh Evt. Blvd. - Construction started: 01.12.2008 cherni Vrah. Blvd. Construction to be completed: 01.09.2012 Construction type: : New construction Stage of construction completed: 32% Employer: “Metropoliten” JSC

Project Description: •Supply and installation of automation equipment for transport management and •Implementation of structural and architectural regulation of train speed design of the 3 metro stations; including the •Complex equipment and construction of completion of partially built structures in the system for traction power by 7 power stations, section „NPC” - Museum “Earth and Man” railway and station facilities •Construction of two-way district tunnels with •Supply and installation of train radio system, total length of 2.6 km dispatching links, audiovisual and other low voltage systems. •Development and implementation of dispatching systems for traffic management, Additional information: LOT II has a length of electricity and sanitary facilities 2.6 km and 3 stations.

16 ANNUAL REPORT sofia metro extension

Country: Republic of Bulgaria Financing: Sofia Municipality, MRDPW, Project: Sofia Metro Extension, Metro diameter I, european Investment Bank Section Mladost 1 (metro station №13) - Project budget (EUR): 113 250 448 € Tsarigradsko shose (metro station №19) Construction started: 16.02.2009 with underground parking lot Construction to be completed: 16.05.2012 Construction type: New construction Stage of construction completed: 31% Employer: “Metropoliten” JSC

Scope of the works: The extension provides The Metro station has a central entrance hall, design and construction of 2.150 km railway, 2 located in the boulevard roadway and entrances metro stations and underground parking lot at two to the Expo center and the south side of the levels with capacity of 1500 places. boulevard opposite it. Proceeding from the fact that this avenue is Additional information: A part of the tunnels the largest input / output artery of Sofia, we intend (at the intersection of blvd “A. Malinov” and before to locate the first large parking lot in the capital blvd. “Tsarigradsko shose”) is built underground with real buffer functions in the east of the station according to New Austrian Tunneling Method. under the driveway of the boulevard. Thus, those The metro stations, the rest of the tunnels and traveling by car, rather than aggravate traffic and the buffer parking under “Tsarigradsko shose” parking in the central part of the capital at very are being constructed in an open process with high fees, will prefer to park in the much cheaper reinforced plates. buffer parking and through fast and convenient subway travel to go to do their jobs in the city.

ANNUAL REPORT 17 water supply

Country: Republic of Bulgaria Employer: MRDPW Project: Construction of Water Supply and Financing: MRDPW sewerage Collectors - II phase, Project budget (EUR): 8 248 101 € •Extension of left Vladaiski collector Construction started: 22.10.2009 •Construction of new collector Bankya-Kakach Construction to be completed: 15.03.2011 •Rehabilitation of Rila Water-conduit Stage of construction completed: 61%

The project aims at improving water supply •Construction of new collector Bankya-Kakach and sewerage infrastructure in Sofia. By improving The collector, which is 8 km long, transports service levels in the water sector, it will supply the wastewater from the town of Bankya and the population with quality drinking water and free the adjacent villages and localities into the existing environment from of untreatable sewage water. shaft collector “Kakach”. The project comprises three sites. •Rehabilitation of Rila Water-conduit •Continuation of left Vladaiski collector Rehabilitation of water-conduit, 200 meters long. The route of the collector is about 4 kilometers The water-conduitt will be strengthened hrough long and ensures the removal of waste-water from injection works in the ground base and filling urban areas by the collector. joints and cracks inside the tube. Restoring the low water channel camera Simeonovo, which is part of Rila water-conduit.

18 ANNUAL REPORT trakia motorway lot 2

Country: Republic of Bulgaria Employer: National Road Agency, MRDPW, Project: Trakia Motorway - LOT 2 - republic of Bulgaria stara Zagora - Nova Zagora Financing: Operative Program from km 210+100 to km 241+900 “Transport” 2007-2013 Construction type: New construction Project budget (EUR): 70 491 000 € Construction started: 09.06.2010 Construction to be completed: 10.07.2012

Technical parameters of construction Gauge of Trakia Motorway - A - 29 •Reconstruction of high voltage transmission •Two lanes for each direction - 2 x 3.75 m lines and TM cables, pipelines, irrigation and •Guiding strips - 0.75 m drainage facilities •Emergency lanes (each way) - 2 x 2.50 m The project envisages the following •Banquets - 2 x 1.25 m construction of the road surface: •Central reserve - 3.50 m Asphalt courses: Main types of work involved in the project: •Wearing course of split mastics asphalt - 4 cm •Earthworks - about 8 million cubic meters •Binder - 6 cm •Production of materials and installation of •Bituminous base - 12 cm pavement Basic courses: •Bridge structures - 20 pieces •Cement-stabilized base - 20 cm •Road junctions - 2 pieces •Road base of crushed stone - 28 cm

ANNUAL REPORT 19

CERTIFICATES certificates

“Trace Group Hold” PLC and “Construction Company Trace“ JSC meet the high criteria set by NATO, and are listed in the database of candidates for participation in the NATO international procedures at the Ministry of Economy and Energy. This entitles the companies to tender in the international procurement procedures of the North Atlantic Treaty Organization (NATO) issued by the NATO Agency for Maintenance and Supply (NAMSA). “Trace Group Hold”PLC and “Construction Company Trace”JSC participated in international tenders organized by countries which are members of NATO: Germany, Czech, Belgium and NAMSA as host country for non-member countries in NATO: Serbia, Kosovo Afghanistan and others. “Construction Company Trace” JSC is one of the few companies in Bulgaria with issued by the State Commission on Information Security (SCIS) “Certificate for access to classified information to the national level” Secret “” and a unique identification number.

Trace Group Hold PLC and Construction Company Trace JSC meet the high criteria set by NATO. The companies are listed in the database of candidates for participation in the NATO international procedures at the Ministry of Economy and Energy. This entitles the companies to tender in the international procurement procedures of the North Atlantic Treaty Organization (NATO) issued by the NATO Agency for Maintenance and Supply (NAMSA). Trace Group Hold PLC and Construction Company Trace JSC participated in international tenders organized by countries which are members of NATO: Germany, Czech, Belgium and NAMSA as host for non-member countries in NATO: Serbia, Kosovo, Afghanistan and others. Construction Company Trace JSC is one of the few companies in Bulgaria which has been issued Certificate for access to classified information to the national level “Secret” and a unique identification number by the State Commission on Information Security (SCIS).

22 ANNUAL REPORT human resources

STRATEGY

(2 COMPLIANCE MISSION OPERATIONS

EMPLOYEE PERFORMANCE

Investing in our employees is the prime high quality and in conformity with international principle of management policy of TRACE practices thereof. The management experience GROUP HOLD PLC. and professional qualification of experts and The management of human resources professionals make possible implementation of is a leading factor in the corporate policy of innovational practices and modern technologies the group. TRACE GROUP HOLD PLC employs when performing infrastructure projects. There highly qualified professionals successfully are over 1000 highly qualified experts working in implementing the most complicated projects in TRACE GROUP HOLD PLC. all construction fields, accordingly completed with

ANNUAL REPORT 23

FINANCIAL

HIGHLIGHTS main results for the year

Net Sales Revenue Ç

Ç  Ç

 Ç

Ç 4HOUSANDSÇ%52 

Ç

 0RODUCTION 3ERVICES 'OODS /THERS .ETÇ3ALES 2EVENUE

Generated operating income in 2009 amounted to 105 608 thousands EUR or 186% more than in 2008 and 157% more than in 2007. The structure of net sales revenue is as follows:

Тype Thousands EUR 2009 share % 2008 share % 2007 share % Production 1 056 1,00% 3 420 6,01% 9 409 13,94% Services 100 644 95,30% 49 253 86,55% 52 681 78,05% Goods 1 690 1,60% 245 0,43% 540 0,80% Others 2 218 2,10% 3 989 7,01% 4 866 7,21% Net Sales Revenue 105 608 100% 56 907 100% 67 496 100%

26 ANNUAL REPORT Expenditures on Activity Ç

Ç   Ç 

4HOUSANDSÇ%52 Ç



/THERÇ%XPENDITURES )MPAIRMENTÇOFÇASSETS %XPENDITURESÇONÇSALARIES %XPENDITURESÇONÇMATERIALS %XPENDITURESÇONÇOUTSIDEÇSERVISES%XPENDITURESÇONÇDEPRECIATION

Incurred expenses amount to 97 370 thousands EUR and are divided into economic elements, as follows:

Тype Thousands EUR 2009 share % 2008 share % 2007 share % Expenditures on materials 17 019 17,47% 20 827 35,27% 22 679 39,48% Expenditures on outside servises 66 487 68,28% 25 380 42,98% 24 512 42,67% Expenditures on amortization 2 237 2,30% 3 023 5,12% 2 206 3,84% Expenditures on salaries, 9 217 9,47% 8 173 13,84% 6 348 11,05% social allowances Impairment of assets 689 0,71% 295 0,50% 241 0,42% Other Expenditures 1 720 1,77% 1 352 2,29% 1 459 2,54% Total Expenditures on Activity 97 370 100% 59 051 100% 57 445 100%

ANNUAL REPORT 27 investment policy

In 2009, TRACE GROUP HOLD PLC continues its investment policy in respect to construction equipment and machinery. New frame contracts for lease with INTERLEASE JSC and INTERLEASE AUTO JSC amounted to 10 000 thousands EUR. Within 2009 the holding has acquired 3 pieces Asphalt-mixing plant CB 150P, Asphalt-mixing plant CB 180, 2 pieces mini front loaders GEHL, 2 pieces Bitumen installations Gieb, 6 pieces rollers type HAMM HD 90 and 4 pieces rollers type HAMM HD150TT for laying road pavements, 20 pieces of cars and light trucks.

Long-term investments made in 2009         ,AND "UILDINGS &ACILITIES -ACHINESÇANDÇEQUIPMENT 4RANSPORTÇVECHICLES /THERÇASSETS   #OMPOUNDINGÇEXPENDITURES    

Continues the acquiring of framework contracts for assumption of credit commitments from 2008 to 2009 with UNICREDIT BULBANK for issuing bank guarantees amounting to EUR 12.015 million and EUR 0.76 million overdraft, MKB UNION BANK – for issuing bank guarantees amounting to EUR 10.70 million, letters of credit amounting to EUR 0.56 million and with FIRST INVESTMENT BANK - for issuing of bank guarantees of EUR 12.78 million; with CCB 8.6 million EUR.

Frame contracts for bank guarantees up to 31.12.2009 /Thousands EUR/ Guarantee in force Name of bank Value of contract limit up to 31.12.2009 First Investment Bank 12 782 11 009 MKB Unionbank 10 737 5 098 UniCredit Bulbank 12 015 4 019 Corporate Commercial Bank 8 692 3 185 Total: 44 227 23 311

28 ANNUAL REPORT consolidated profit loss account

Consolidated Profit Loss Account/ Income Statement /Thousands EUR/ 2009 2008 Income Net Sales Income 105 608 56 907 Services 100 635 49 255 Production 975 3 419 Goods 1 771 247 Others 2 226 3 986 Financial Income 230 613 Grants provided by the state 25 5 Total Income 105 863 57 525 Expenditures Expenditures on Activity -97 370 -59 051 Expenditures on materials -17 019 -20 829 Expenditures on outside services -66 487 -25 382 Expenditures on amortization -2 237 -3 025 Expenditures on salaries, social allowances -9 217 -8 172 Impairment of assets -689 -292 Other Expenditures -1 720 -1 351 Corrective Amounts -2 017 2 297 Financial Expenditures -2 521 -1 263 Total Expenditures without Taxes -101 908 -58 018

Result from release of fixed assets -12 1 430

Share of results of associated companies 998

Profit/Loss before Taxes 4 941 937

Taxes -654 -283

Profit/Loss on Continuing Activities 4 287 654

Net Income 4 287 654

Basic net profit per share 2,408 0,169

ANNUAL REPORT 29 consolidated balance sheet

Consolidated Balance Sheet /Thousands EUR/ 31.12.2009 31.12.2008 01.01.2008 Assets Fixed Assets Property, plant and equipment 26 598 26 068 15 551 Long-term intangible assets 542 579 180 Non-current financial assets 923 31 3 Investments according to equity method 1 001 11 10 Non-current receivables 3 035 15 Deferred tax assets 611 409 223 Corporate reputation 229 412 184 Total Fixed Assets 32 940 27 510 16 166 Current Assets Inventories 5 095 7 385 2 901 Accounts receivables 68 975 26 989 25 038 Refundable taxes 2 304 963 252 Current financial assets 3 165 6 338 10 063 Cash and cash equivalents 3 258 6 929 5 856 Total Current Assets 82 798 48 605 44 110 Total Assets 115 738 76 115 60 277 Liabilities and Equity Long-term Liabilities Long-term financial liabilities 4 247 4 591 2 333 Long-term payables 2 025 1 187 146 Long-term provisions 126 108 88 Deferred tax liability 282 287 359 Total Long-term Liabilities 6 680 6 172 2 927 Short-term Liabilities Short-term financial liabilities 8 262 7 048 4 076 Accounts payable 67 088 32 904 23 862 Current income tax liabilities 1 249 1 783 1 563 Liabilities to employees 1 779 1 083 923 Current provisions 827 140 Grants provided by the state 25 31 Total Long-term Liabilities 79 206 42 843 30 594 Equity Share Equity 1 125 1 125 1 125 Share Premiums 11 126 11 126 11 126 Reserve from recalculation -106 -95 Reserves 9 585 7 560 4 260 Financial Result 7 954 4 507 7 742 Holding Equity 29 684 24 223 24 254 Uncontrolled Share 168 2 876 26 756 Total Equity 29 852 27 099 26 756 Total Liabilities and Equity 115 738 76 115 60 277

30 ANNUAL REPORT financial ratios

Financial Ratios /Thousands EUR/ Coefficients 2009 2008 Difference Value Value Value % Profitability: On Equity 0,18 0,02 0,16 1057% On Assets 0,05 0,00 0,04 832% On Passives 0,06 0,01 0,05 709% On Sales Income 0,05 0,01 0,04 664% Efficiency: Of expenditures 1,04 0,99 0,05 5% Of incomes 0,96 1,01 -0,05 -5% Liquidity: Total liquidity 1,05 1,13 -0,08 -8% Quick liquidity 0,98 0,96 0,02 2% Instant liquidity 0,08 0,31 -0,23 -74% Absolute liquidity 0,04 0,16 -0,12 -75% Liquidity Financial autonomy 0,35 0,50 -0,15 -30% Leverage/Gearing 2,89 2,02 0,87 43%

ANNUAL REPORT 31 www.tracebg.com