Industry Report Civil engineering 2018

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

I. KEY INDICATORS

II. INTRODUCTION

III. REVENUES

IV. EXPENSES

V. PROFITABILITY

VI. EMPLOYMENT 1 SeeNews Industry Report

NUMBER OF COMPANIES IN CIVIL ENGINEERING INDUSTRY BY I. KEY INDICATORS SECTORS SECTOR 2018 2017 2016 The Civil engineering industry in Bulgaria was represented CONSTRUCTION OF OTHER CIVIL 843 875 937 by 2,041 companies at the end of 2018, compared to 2,076 ENGINEERING PROJECTS N.E.C. in the previous year and 2,351 in 2016. CONSTRUCTION OF ROADS AND MOTORWAYS 480 478 587 CONSTRUCTION OF UTILITY PROJECTS FOR 328 319 320 The industry's net profit amounted to BGN 134,293,000 in ELECTRICITY AND TELECOMMUNICATIONS 2018. CONSTRUCTION OF UTILITY PROJECTS FOR 172 183 238 FLUIDS The industry's total revenue was BGN 5,911,620,000 in CONSTRUCTION OF WATER PROJECTS 137 141 188 2018, up by 19.54% compared to the previous year. CONSTRUCTION OF RAILWAYS AND 66 64 65 UNDERGROUND RAILWAYS

The combined costs of the companies in the Civil CONSTRUCTION OF BRIDGES AND TUNNELS 15 16 16 engineering industry reached BGN 5,743,698,000 in 2018, up by 21.15% year-on-year.

The industry's total revenue makes up 5.97% to the III. REVENUES country's Gross domestic product (GDP) in 2018, compared to 5.15% for 2017 and 5.08% in 2016. The total revenue in the industry was BGN 5,911,620,000 in 2018, BGN 4,945,319,000 in 2017 and 4,711,522,000 in 2016. A total of 32,540 people were employed in the Civil engineering industry in 2018, compared to 32,556 in 2017 and 35,593 in 2016. Total revenue Net sales revenue 5,911,620,000 Most of the companies in the industry are based in , 6,000,000,000 followed by Varna and . 5,500,000,000 4,945,319,000 5,466,509,000 II. INTRODUCTION 5,000,000,0004,711,522,000 4,500,000,000 4,463,551,000 4,000,000,000 In 2018 the companies in the Civil engineering industry 4,152,375,000 numbered 2,041, distributed in 7 sectors. 3,500,000,000

3,000,000,000 BGN 2,500,000,000 INDUSTRY STRUCTURE BY SECTORS AND NUMBER OF COMPANIES 328 2,000,000,000

172 1,500,000,000

1,000,000,000

500,000,000 137 0 480 2016 2017 2018 81

The companies in the Civil engineering market of Bulgaria earned combined net sales revenues of BGN 5,466,509,000 in 2018.

In annual terms, sales marked a growth of 22.47% compared to 2017. In comparison to 2016 they rose by 31.65%. In 2017 sales grew by 7.49% year-on-year.

843 The Civil engineering industry total revenue make up 5.97% to

Construction of other civil engineering projects n.e.c. the country's GDP in 2018, compared to 5.15% for 2017 and 5.08% in 2016. Construction of roads and motorways

Construction of utility projects for electricity and telecommunications

Construction of utility projects for fluids Construction of water projects Others

In 2017 there were a total of 2,076 companies operating in the industry. In 2016 their number totalled 2,351.

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Share in GDP 5.97% 6 CONSTRUCTION OF WATER PROJECTS 230,770,000 6 7 CONSTRUCTION OF BRIDGES AND TUNNELS 148,010,000

5.5 5.15% 5.08% 5

4.5 INDUSTRY'S NET SALES REVENUE STRUCTURE BY SECTORS

4 6.93% 14.20% 3.5 6.64%

3 6.45% 2.5

2 5.47%

1.5

1

0.5

0 2016 2017 2018

In 2018 the Civil engineering industry contributed to GDP 60.31% BGN 5,454,851,000 in Gross value added (GVA) accounting for 2.99% of the total for the country's economy. Construction of roads and motorways Construction of other civil engineering projects n.e.c. In the previous year, the industry's GVA amounted BGN Construction of railways and underground railways 4,514,144,000, accounting for 2.65% of the total for the Construction of utility projects for electricity and telecommunications country in 2017. In 2016 the GVA of the Civil engineering was BGN 4,294,571,000, or 2.81% of the GVA for the country's Construction of utility projects for fluids economy. Others

GVA BY SECTORS The highest growth, of 39.54%, was recorded by Construction RANK SECTOR BGN SHARE OF THE of roads and motorways, while Construction of water projects COUNTRY'S GVA (%) registered the sharpest decline, of 24.59%. 1 CONSTRUCTION OF ROADS AND 3,345,055,000 1.83 MOTORWAYS TOP COMPANIES' REVENUE BY SECTORS 2 CONSTRUCTION OF OTHER CIVIL 752,503,000 0.41 SEGMENT COMPANY TOTAL REVENUE NET SALES ENGINEERING PROJECTS N.E.C. (BGN) REVENUE (BGN) CONSTRUCTION OF OTHER CIVIL ENGINEERING PROJECTS N.E.C. 3 CONSTRUCTION OF RAILWAYS AND 362,825,000 0.20 UNDERGROUND RAILWAYS SIENIT CONSTRUCTION GROUP AD 53,269,000 49,269,000 4 CONSTRUCTION OF UTILITY PROJECTS 321,765,000 0.18 VODNO STROITELSTVO BLADOEVGRAD AD 42,863,000 38,203,000 FOR ELECTRICITY AND START ENGINEERING AD 34,703,000 33,726,000 TELECOMMUNICATIONS CONSTRUCTION OF BRIDGES AND TUNNELS 5 CONSTRUCTION OF UTILITY PROJECTS 297,166,000 0.16 DVU DZZD 87,963,000 87,282,000 FOR FLUIDS EURO ALLIANCE TUNNELS EAD 67,473,000 57,198,000 6 CONSTRUCTION OF WATER PROJECTS 220,197,000 0.12 GE 7 EOOD 942,000 940,000 7 CONSTRUCTION OF BRIDGES AND 155,340,000 0.09 TUNNELS CONSTRUCTION OF RAILWAYS AND UNDERGROUND RAILWAYS TRACE-SOFIA EAD 53,743,000 51,113,000 METRO DRUZHBA EOOD 52,508,000 52,499,000 We expect, based on the trend in the last three years, the total GORNA BANYA DZZD 39,291,000 39,291,000 revenue of the Civil engineering industry to change at a CONSTRUCTION OF WATER PROJECTS compound annual growth rate (CAGR) of 12.01% in 2019. HYDROENERGY COMPANY AD 43,382,000 41,064,000 STANILOV EOOD 28,505,000 22,681,000 NET SALES REVENUE BY SECTORS V I K 2014 DZZD 18,462,000 18,462,000 RANK SECTOR NET SALES REVENUE (BGN) CONSTRUCTION OF ROADS AND MOTORWAYS 1 CONSTRUCTION OF ROADS AND MOTORWAYS 3,296,736,000 HYDROSTROY AD 265,339,000 242,142,000 2 CONSTRUCTION OF OTHER CIVIL ENGINEERING 776,217,000 G P GROUP AD 212,031,000 204,005,000 PROJECTS N.E.C. TRACE GROUP HOLD PLC AD 197,877,000 188,838,000 3 CONSTRUCTION OF RAILWAYS AND UNDERGROUND 363,134,000 CONSTRUCTION OF UTILITY PROJECTS FOR FLUIDS RAILWAYS INTERPROM EOOD 31,965,000 27,133,000 4 CONSTRUCTION OF UTILITY PROJECTS FOR 352,781,000 RAICOMMERCE CONSTRUCTION EAD 25,541,000 21,166,000 ELECTRICITY AND TELECOMMUNICATIONS GALCHEV ENGENEERING EOOD 23,280,000 22,315,000 5 CONSTRUCTION OF UTILITY PROJECTS FOR FLUIDS 298,861,000 CONSTRUCTION OF UTILITY PROJECTS FOR ELECTRICITY AND TELECOMMUNICATIONS

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RUDIN OOD 28,075,000 27,412,000 TOP 10 COMPANIES BY TOTAL REVENUE IN THE SECTOR IMPULS CO OOD 27,409,000 26,689,000 CONSTRUCTION OF OTHER CIVIL ENGINEERING PROJECTS N.E.C. INTERCOMPLEX OOD 20,138,000 19,927,000 WERE: COMPANY BGN SIENIT CONSTRUCTION GROUP AD 53,269,000 The top 10 companies in terms of total revenue in Civil VODNO STROITELSTVO BLADOEVGRAD AD 42,863,000 engineering accounted for 22.56% of the industry's total in START ENGINEERING AD 34,703,000 2018, 22.34% in 2017 and 21.95% in 2016. REMONTSTROJ AD 26,195,000 FAMUR - BALGARSKA ENERGETIKA 24,658,000 TOP 10 COMPANIES BY TOTAL AND NET SALES REVENUE IN THE TRANSSTROY - VARNA AD 23,793,000 INDUSTRY EKO TRADEX GROUP AD 18,656,000 RANK COMPANY TOTAL REVENUE NET SALE KONSORTSIUM REMONTSTROY KERAMIKA BURGAS 2014 DZZD 17,426,000 (BGN) REVENUE (BGN) 1 HYDROSTROY AD 265,339,000 242,142,000 ETS TECHNOLOGY 15,860,000 2 G P GROUP AD 212,031,000 204,005,000 DZZD VMV 15,773,000 3 TRACE GROUP HOLD PLC AD 197,877,000 188,838,000 4 GBS INFRASTRUCTURE CONSTRUCTION AD 129,092,000 127,359,000 The 10 largest companies in terms of total revenue in sector 5 ISA 2000 EOOD 107,667,000 104,377,000 Construction of other civil engineering projects n.e.c. earned 6 INGSTROYENGINEERING EOOD 92,152,000 86,992,000 total revenue of BGN 273,196,000 and accounted for 4.62% 7 DVU DZZD 87,963,000 87,282,000 of the industry's total revenue. 8 PST GROUP EAD 81,191,000 48,875,000

9 AVTOMAGISTRALI EAD 80,407,000 78,929,000 TOP 10 COMPANIES BY TOTAL REVENUE IN THE FIELD 10 GROMA HOLD EOOD 80,178,000 63,902,000 CONSTRUCTION OF BRIDGES AND TUNNELS WERE: COMPANY BGN DVU DZZD 87,963,000 The total revenues of the top 10 companies in the Civil EURO ALLIANCE TUNNELS EAD 67,473,000 engineering were 1.35% of GDP in 2018, compared to 1.15% GE 7 EOOD 942,000 for 2017 and 1.12% in 2016. TECHNICAL CONSTRUCTION COMPANY BG OOD 570,000 M INZHENERING OOD 433,000 The top 10 by assets in the Civil engineering sector made up TEA-ST EOOD 306,000 BGN 940,805,000, or 17.21% of the total net sales revenue. NESSEBAR ONE 252,000

OBEDINENIE INTERNOVA SOFIA DZZD 245,000 TOP 10 BY TOTAL ASSETS IN THE INDUSTRY KT STROY DZZD 243,000 RANK COMPANY BGN 1 SAUT STRIYM TRANSPORT B.V., KLON BULGARIA KCHT 588,031,000 MOSTREMONT VARNA OOD 189,000 2 PST GROUP EAD 220,360,000 3 TRACE GROUP HOLD PLC AD 167,473,000 4 GBS INFRASTRUCTURE CONSTRUCTION AD 139,264,000 The 10 largest companies in terms of total revenue in sector Construction of bridges and tunnels earned total revenue of 5 PROJECT STROY 1 EOOD 132,567,000 BGN 158,616,000 and accounted for 2.68% of the industry's 6 GROMA HOLD EOOD 132,512,000 total revenue. 7 SAIPEM S.P.A. - BULGARIA BRANCH 132,228,000

8 HYDROSTROY AD 128,960,000 TOP 10 COMPANIES BY TOTAL REVENUE IN THE FIELD 9 PATENGINEERINGSTROY T EAD 120,742,000 CONSTRUCTION OF RAILWAYS AND UNDERGROUND RAILWAYS 10 G P GROUP AD 110,347,000 WERE: COMPANY BGN TRACE-SOFIA EAD 53,743,000 TOP 10 COMPANIES WITH HIGHEST ANNUAL GROWTH IN METRO DRUZHBA EOOD 52,508,000 OPERATING REVENUE IN CIVIL ENGINEERING GORNA BANYA DZZD 39,291,000 RANK COMPANY Y/Y GROWTH OBEDINENIE EVROPEYSKI ZHELEZNITSI DZZD 36,258,000 1 HVP DZZD 393511.11% METROBILD ZAPAD DZZD 28,375,000 2 NIK BILDING-RUSE EOOD 55350.00% GEOMETRO ZEMLYANE DZZD 24,997,000 3 NICOPOLIS CONSTRUCTION EOOD 36650.00% TRANSPORTNO STROITELSTVO I VAZSTANOVYAVANE 20,778,000 4 EVKLIPS ENERGY OOD 33300.00% METRO STROITELSTVO DZZD 19,189,000 5 I GROUP EOOD 23633.33% TERNA AKCIONERNO TURISTICHESKO TEHNICHESKO I 13,985,000 6 DZZD GIS AKVA BG 18141.07% KORABOPLAVATELNO DRUJESTVO - KLON BULGARIA BRANCH 7 VIDSTROY INZHENERING OOD 12200.00% OBEDINENIE METRO BILD TSENTAR DZZD 13,858,000 8 AGROBULSTROI OOD 12183.33% 9 BECHTEL-BULGARIA EOOD 10544.44% 10 EVP OOD 10000.00% The 10 largest companies in terms of total revenue in sector Construction of railways and underground railways earned total revenue of BGN 302,982,000 and accounted for 5.13% of the industry's total revenue.

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TOP 10 COMPANIES BY TOTAL REVENUE IN THE INDUSTRY TOP 10 COMPANIES BY TOTAL REVENUE IN THE SECTOR CONSTRUCTION OF WATER PROJECTS WERE: CONSTRUCTION OF UTILITY PROJECTS FOR ELECTRICITY AND COMPANY BGN TELECOMMUNICATIONS WERE: HYDROENERGY COMPANY AD 43,382,000 COMPANY BGN STANILOV EOOD 28,505,000 RUDIN OOD 28,075,000 V I K TRASTENIK 2014 DZZD 18,462,000 IMPULS CO OOD 27,409,000 AQUA TEMPUS OOD 14,540,000 INTERCOMPLEX OOD 20,138,000 HHC BULGARIA 13,410,000 ELECTROLUX TABAKOV AND SONS OOD 16,481,000 AQUATEC OOD 12,333,000 KRASIN OOD 13,522,000 GELAK OOD 11,014,000 GREENTECH ENGINEERING SOLUTIONS AD 11,960,000 KONSORTSIUM SHTRABAG STANILOV DZZD 6,791,000 EL KONTROL EOOD 10,896,000 DZZD 90 6,096,000 MARMET AD 10,438,000 AQUAPRO OOD 6,052,000 ELECTROCONSORTIUM OOD 9,878,000 ELECTROSTROEJI AD 8,602,000

The 10 largest companies in terms of total revenue in sector Construction of water projects earned total revenue of BGN The 10 largest companies in terms of total revenue in sector 160,585,000 and accounted for 2.72% of the industry's total Construction of utility projects for electricity and revenue. telecommunications earned total revenue of BGN 157,399,000 and accounted for 2.66% of the industry's total TOP 10 COMPANIES BY TOTAL REVENUE IN THE FIELD revenue. CONSTRUCTION OF ROADS AND MOTORWAYS WERE: COMPANY BGN HYDROSTROY AD 265,339,000 G P GROUP AD 212,031,000 IV. EXPENSES TRACE GROUP HOLD PLC AD 197,877,000 GBS INFRASTRUCTURE CONSTRUCTION AD 129,092,000 The combined costs of the companies in the Civil engineering ISA 2000 EOOD 107,667,000 industry reached BGN 5,743,698,000 in 2018. INGSTROYENGINEERING EOOD 92,152,000 PST GROUP EAD 81,191,000 Total Expenses AVTOMAGISTRALI EAD 80,407,000 Operational expenses GROMA HOLD EOOD 80,178,000 6,000,000,000 5,743,698,000 INFRA EXPERT AD 79,597,000 5,500,000,000 5,534,317,000 5,000,000,000 4,740,953,000 The 10 largest companies in terms of total revenue in sector 4,589,963,000 Construction of roads and motorways earned total revenue of 4,500,000,000 BGN 1,325,531,000 and accounted for 22.42% of the 4,600,798,000 4,000,000,0004,320,662,000 industry's total revenue. 3,500,000,000 TOP 10 COMPANIES BY TOTAL REVENUE IN THE MARKET 3,000,000,000

CONSTRUCTION OF UTILITY PROJECTS FOR FLUIDS WERE: BGN COMPANY BGN 2,500,000,000 INTERPROM EOOD 31,965,000 2,000,000,000 RAICOMMERCE CONSTRUCTION EAD 25,541,000

GALCHEV ENGENEERING EOOD 23,280,000 1,500,000,000 TORKRET EOOD 16,818,000 1,000,000,000 DZZD LOZENETS-NEDYALSKO 13,097,000 INFRASTROEJI OOD 12,543,000 500,000,000 PROSTREAM GROUP EOOD 10,925,000 0 GLAVBOLGARSTROY INTERNATIONAL AD 9,377,000 2016 2017 2018 VODSTROI AD 8,964,000 CHERNOMORSKA GAZOVA KOMPANIA EOOD 8,390,000 In annual terms, total expenses grew by 21.15% compared to 2017 and grew by 25.14% in comparison to 2016. The 10 largest companies in terms of total revenue in sector Construction of utility projects for fluids earned total revenue The total operating expenses of the companies in the Civil of BGN 160,900,000 and accounted for 2.72% of the engineering industry were BGN 5,534,317,000 in 2018. industry's total revenue. Operating costs grew by 20.29% compared with the previous year and increased by 28.09% when compared to 2016.

We expect, based on the trend in the last three years, the total costs of the Civil engineering industry to change at a compound annual growth rate (CAGR) of 11.86% in 2019.

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increased by 12.94% on the year to BGN 605,349,000 in 2018. TOTAL COSTS BY SECTORS RANK SECTOR TOTAL COSTS (BGN) 1 CONSTRUCTION OF ROADS AND MOTORWAYS 3,428,516,000 Employment expenses 2 CONSTRUCTION OF OTHER CIVIL ENGINEERING 907,125,000 Salaries expenses PROJECTS N.E.C. Social security expenses 3 CONSTRUCTION OF RAILWAYS AND UNDERGROUND 389,157,000 RAILWAYS 700,000,000 4 CONSTRUCTION OF UTILITY PROJECTS FOR 334,462,000 605,349,000 ELECTRICITY AND TELECOMMUNICATIONS 600,000,000 5 CONSTRUCTION OF UTILITY PROJECTS FOR FLUIDS 318,192,000 536,010,000 6 CONSTRUCTION OF WATER PROJECTS 233,063,000 515,997,000 500,000,000 7 CONSTRUCTION OF BRIDGES AND TUNNELS 133,183,000 519,362,000

458,536,000 400,000,000444,655,000 BGN 300,000,000 INDUSTRY'S TOTAL COSTS STRUCTURE BY SECTORS 6.38% 15.79% 200,000,000 6.78% 85,708,000 100,000,00071,094,000 76,735,000 5.82%

0 5.54% 2016 2017 2018

The highest growth in labour costs, of 23.70%, was registered by Construction of roads and motorways, while Construction of other civil engineering projects n.e.c. marked the sharpest fall, of 5.65%.

The monthly costs per employee in the Civil engineering industry averaged BGN 1,550 in 2018, BGN 1,372 in 2017 and BGN 1,208 in 2016. 59.69%

The monthly social security costs per employee in the Construction of roads and motorways industry averaged BGN 219 in 2018, versus BGN 196 in 2017 Construction of other civil engineering projects n.e.c. and BGN 166 in 2016. Construction of railways and underground railways Construction of utility projects for electricity and telecommunications EMPLOYMENT EXPENSES IN CIVIL ENGINEERING BY SECTORS IN Construction of utility projects for fluids 2018 Others RANK SECTOR EMPLOYMENT AVERAGE EXPENSES (BGN) EXPENSES PER EMPLOYEE (BGN) Construction of roads and motorways marked the highest 1 CONSTRUCTION OF ROADS AND 312,407,000 20,439 annual rise in total expenses, of 36.80%, while total expenses MOTORWAYS fell the most, by 27.00%, for Construction of water projects. 2 CONSTRUCTION OF OTHER CIVIL 106,031,000 16,213 ENGINEERING PROJECTS N.E.C. In terms of operating expenses, the highest growth, of 3 CONSTRUCTION OF UTILITY PROJECTS FOR 55,203,000 13,001 37.98%, was recorded by the Construction of roads and ELECTRICITY AND TELECOMMUNICATIONS motorways sector. The sharpest fall was posted by 4 CONSTRUCTION OF UTILITY PROJECTS FOR 46,957,000 17,760 FLUIDS Construction of water projects - 26.47%. 5 CONSTRUCTION OF WATER PROJECTS 38,787,000 19,870

6 CONSTRUCTION OF RAILWAYS AND 24,585,000 18,611 The biggest spenders in the industry, with costs of over 10% UNDERGROUND RAILWAYS of industry's costs, numbered 52, including PATSTROY 7 CONSTRUCTION OF BRIDGES AND TUNNELS 21,379,000 38,730 BURGAS EOOD, TRACE-SOFIA EAD, GBS INFRASTRUCTURE

CONSTRUCTION AD, RAICOMMERCE CONSTRUCTION EAD,

PATENGINEERINGSTROY T EAD. The medium spenders, or THE TOP 10 COMPANIES BY AVERAGE MONTHLY COSTS PER those in the 5% and 10% range count 48 and include DZZD EMPLOYEE IN THE INDUSTRY PATNO PODDARZHANE OBLAST , DZZD AB - RANK COMPANY BGN , ELECTROLUX TABAKOV AND SONS OOD, 1 AVTOMAGISTRALI TCHERNO MORE AD 97,785 INTERCOMPLEX OOD, SPEDSTROY EOOD. Below 5% 2 AQUATEC OOD 50,396 threshhold are 1,941 companies, including PATENGINEERING 3 CONSTRUCTION TS OOD 14,833 EOOD, TEHNOPROGRES M EOOD, PROEKT KONSULT - M 4 SEMITA BUILD EOOD 11,333 EOOD, KONSORTSIUM ELPROMPROEKT DZZD, BRAND 5 SALP AD - KLON BULGARIA KCHT 11,000 STROY EOOD. 6 TRACE GROUP HOLD PLC AD 8,940

7 CONSULT - 64 OOD 8,708 Employment expenses in the Civil engineering industry

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8 PORR BAU GMBH - NIEDERLASSUNG SOFIA BRANCH 7,565 Net profit/loss 9 GASSTROY AD 7,306 10 KONSORTSIUM AMFISIA DZZD 6,771 Operating profit/loss 220,000,000 204,366,000

The industry's tax expenses stood at BGN 33,629,000 in 2018. 200,000,000 In 2017 it paid taxes of BGN 25,515,000. In 2016 the industry 180,000,000 167,922,000 paid BGN 26,452,000 in taxes. 178,851,000 160,000,000

Average taxes expenses by company 140,000,000 121,559,000 18,000 120,000,000 134,293,000 16,476 16,500

BGN 100,000,000

15,000 80,000,00095,107,000

13,500 12,290 60,000,000 12,00011,251 40,000,000

10,500 20,000,000

9,000 0 BGN 7,500 2016 2017 2018

6,000 TOP 10 COMPANIES BY HIGHEST NET PROFIT IN CIVIL 4,500 ENGINEERING RANK COMPANY BGN 3,000 1 DVU DZZD 27,452,000 1,500 2 HYDROSTROY AD 18,243,000 3 G P GROUP AD 10,117,000 0 4 PATENGINEERINGSTROY T EAD 8,274,000 2016 2017 2018 5 PATNO PODDARZHANE EOOD 7,411,000 6 RUDIN OOD 7,397,000 EXPENSES ON TAXES BY SECTORS 7 SIENIT CONSTRUCTION GROUP AD 7,038,000 RANK SECTOR BGN Y/Y CHANGE 8 INFRA EXPERT AD 6,645,000 1 CONSTRUCTION OF ROADS AND 13,986,000 15.45% 9 TRACE GROUP HOLD PLC AD 6,073,000 MOTORWAYS 10 KRASIN OOD 5,985,000 2 CONSTRUCTION OF OTHER CIVIL 7,493,000 26.08% ENGINEERING PROJECTS N.E.C. 3 CONSTRUCTION OF UTILITY PROJECTS FOR 4,906,000 61.70% ELECTRICITY AND TELECOMMUNICATIONS TOP COMPANIES BY HIGHEST NET LOSS IN CIVIL ENGINEERING 4 CONSTRUCTION OF BRIDGES AND TUNNELS 3,078,000 445.74% RANK COMPANY BGN 1 ELEKTRA YURAP AD 101,675,000 5 CONSTRUCTION OF UTILITY PROJECTS FOR 1,809,000 -2.90% FLUIDS 2 SEMITA BUILD EOOD 14,966,000 6 CONSTRUCTION OF WATER PROJECTS 1,656,000 9.74% 3 TRANSPORTNO STROITELSTVO I VAZSTANOVYAVANE 5,405,000 7 CONSTRUCTION OF RAILWAYS AND 701,000 43.65% 4 ESKANA RUSIYA EOOD 5,266,000 UNDERGROUND RAILWAYS 5 EURO ALLIANCE TUNNELS EAD 5,036,000

The combined operating earnings of the companies in the V. PROFITABILITY Civil engineering sector fell by 17.83% y/y to BGN 167,922,000 in 2018.

The industry's net profit amounted to BGN 134,293,000 in OPERATING PROFIT/LOSS BY SECTORS (BGN) 2018, compared to a net profit of BGN 178,851,000 in 2017 SECTOR 2018 2017 2016 and a net profit of BGN 95,107,000 in 2016. CONSTRUCTION OF ROADS AND 125,651,000 102,166,000 25,863,000 MOTORWAYS CONSTRUCTION OF UTILITY PROJECTS 42,812,000 28,642,000 43,448,000 FOR ELECTRICITY AND TELECOMMUNICATIONS CONSTRUCTION OF BRIDGES AND 25,807,000 5,711,000 1,013,000 TUNNELS CONSTRUCTION OF WATER PROJECTS 18,340,000 17,892,000 23,586,000 CONSTRUCTION OF UTILITY PROJECTS 14,698,000 218,000 1,921,000 FOR FLUIDS CONSTRUCTION OF RAILWAYS AND -7,507,000 5,374,000 5,895,000 UNDERGROUND RAILWAYS CONSTRUCTION OF OTHER CIVIL -51,879,000 44,363,000 19,833,000 ENGINEERING PROJECTS N.E.C.

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The profit margin for the Civil engineering industry stood at LEADING INDUSTRY'S SECTORS BY ROA 2.87% in 2018, while in 2017 it amounted to 4.21% and 2.71% 20 19.33 in 2016. 18

PROFIT MARGIN BY SECTORS 16 RANK SECTOR PROFIT MARGIN 14 1 CONSTRUCTION OF BRIDGES AND TUNNELS 16.44% 12 2 CONSTRUCTION OF UTILITY PROJECTS FOR ELECTRICITY 11.45% AND TELECOMMUNICATIONS 10 8.08 3 CONSTRUCTION OF WATER PROJECTS 7.43% 8 4 CONSTRUCTION OF UTILITY PROJECTS FOR FLUIDS 4.47% 6 5 CONSTRUCTION OF ROADS AND MOTORWAYS 3.58% 4.57 6 CONSTRUCTION OF RAILWAYS AND UNDERGROUND -1.98% 4 RAILWAYS 7 CONSTRUCTION OF OTHER CIVIL ENGINEERING PROJECTS -6.14% 2 N.E.C. 0 Construction of Construction of Construction of bridges and tunnels utility projects for water projects electricity and The Civil engineering industry's return on equity (ROE) is telecommunications 6.82% compared to 9.21% in 2017 and 4.67% in 2016.

LEADING INDUSTRY'S SECTORS BY ROE The Civil engineering's return on assets (ROA) was 1.92%, 70 while in 2017 it amounted to 2.73% and 1.50% in 2016. 65.53

60 ROE ROA 50

10 9.21% 40

9 30 8

6.82% 20 7 14.19 13.11

6 10

4.67%5 0 Construction of Construction of Construction of bridges and tunnels utility projects for roads and motorways 4 electricity and telecommunications

3 TOP 10 COMPANIES BY HIGHEST AVERAGE NET PROFIT PER 2.73% 2 EMPLOYEE IN CIVIL ENGINEERING 1.92% RANK COMPANY BGN COMPANY HEADQUARTERS 11.5% (CITY) 1 INFRAINVEST EOOD 1,398,000 SOFIA 0 2 NIK BILDING-RUSE EOOD 435,000 RUSE 2016 2017 2018 3 BIOSISTEM-23 EOOD 269,000 4 RIBOVADSTVO OSTRITSA OOD 261,000 OSTRITSA 5 ELTEL-8 EOOD 261,000 SOFIA 6 TERMO INSTAL BG EOOD 190,000 7 F INVEST EOOD 190,000 SOFIA 8 VN GRUP OOD 187,250 9 50 HERTZ AD 178,500 SOFIA 10 AQUATEC OOD 178,000 VARNA

About 40.00% of the 10 leading companies in terms of net profit per employee are located in SOFIA, while 10.00% are OSTRITSA-based and 10.00% are headquartered in RUSE.

The average net sales revenue per employee in the Civil engineering industry amounted to BGN 167,994 in 2018, up by 22.53% compared to 2017 and up by 44.00% compared to 2016.

The industry's average operating revenue per employee went 8 SeeNews Industry Report

up by 20.57% year-on-year in 2018 to BGN 179,577. It increased by 42.75% compared to 2016. AVERAGE REVENUE PER COMPANY IN CIVIL ENGINEERING IN 2018 The Civil engineering sector generated an average BGN SECTOR AVERAGE NET AVERAGE AVERAGE TOTAL NUMBER OF SALES OPERATING REVENUE (BGN) COMPANIES 181,672 in total revenue per employee. In 2017 and 2016 the REVENUE REVENUE (BGN) (BGN) figure was BGN 151,902 and BGN 132,372, respectively. CONSTRUCTION OF BRIDGES 9,867,333 10,463,800 10,599,333 15 AND TUNNELS The average total revenue per company in the Civil CONSTRUCTION OF ROADS AND 6,868,200 7,319,377 7,404,515 480 engineering industry grew to BGN 2,896,433 in 2018 from MOTORWAYS BGN 2,382,138 in 2017. The 2016 value was BGN 2,004,050. CONSTRUCTION OF RAILWAYS 5,502,030 5,733,136 5,782,576 66 AND UNDERGROUND RAILWAYS A company in the Civil engineering industry made on average CONSTRUCTION OF UTILITY 1,737,564 1,909,587 1,935,407 172 a net sales revenue of BGN 2,678,348 in 2018, compared to PROJECTS FOR FLUIDS BGN 2,150,073 in 2017 and BGN 1,766,217 in 2016. CONSTRUCTION OF WATER 1,684,453 1,800,774 1,835,058 137 PROJECTS

CONSTRUCTION OF UTILITY 1,075,552 1,140,439 1,150,226 328 The Civil engineering industry made 1.88% of the overall sales PROJECTS FOR ELECTRICITY AND country-wide, increasing its market share by 0.23 pp. TELECOMMUNICATIONS CONSTRUCTION OF OTHER CIVIL 920,779 1,003,032 1,014,527 843 Operating profit per employee for the industry as a whole was ENGINEERING PROJECTS N.E.C. BGN 5,160 in 2018. For comparison in 2017 it amounted to BGN 6,277 and BGN 6,277 in 2016. The total indebtedness of the companies in the Civil THE TOP BY OPERATIONAL PROFIT PER EMPLOYEE IN CIVIL engineering industry was BGN 4,866,878,000 versus BGN ENGINEERING 4,435,760,000 a year ago. In 2016 the industry's indebtedness RANK COMPANY BGN totalled BGN 4,149,291,000. 1 INFRAINVEST EOOD 1,553,000 2 NIK BILDING-RUSE EOOD 484,000 INDUSTRY'S INDEBTEDNESS BY SECTORS (BGN) 3 BIOSISTEM-23 EOOD 299,000 SECTOR 2018 2017 2016 4 ELTEL-8 EOOD 290,000 CONSTRUCTION OF ROADS AND 2,487,571,000 2,541,676,000 2,323,338,000 MOTORWAYS 5 RIBOVADSTVO OSTRITSA OOD 290,000 CONSTRUCTION OF UTILITY 924,093,000 337,796,000 322,412,000 PROJECTS FOR FLUIDS CONSTRUCTION OF OTHER CIVIL 689,957,000 815,789,000 799,458,000 TOP 10 COMPANIES WITH HIGHEST CORRELATION OPERATING ENGINEERING PROJECTS N.E.C. REVENUE - NUMBER OF EMPLOYEES - EMPLOYMENT EXPENSES* CONSTRUCTION OF RAILWAYS 278,332,000 274,505,000 252,285,000 RANK COMPANY NAME CORRELATION AND UNDERGROUND RAILWAYS (BGN) 1 INFRAINVEST EOOD 67,656,000 CONSTRUCTION OF WATER 211,041,000 201,667,000 212,973,000 PROJECTS 2 ELECTROCONSORTIUM OOD 4,864,500 CONSTRUCTION OF UTILITY 195,429,000 155,866,000 142,750,000 3 AVTOMAGISTRALI TCHERNO MORE AD 4,792,917 PROJECTS FOR ELECTRICITY AND 4 TRACE GROUP HOLD PLC AD 3,245,789 TELECOMMUNICATIONS 5 METRO DRUZHBA EOOD 3,055,471 CONSTRUCTION OF BRIDGES 80,455,000 108,461,000 96,075,000 6 TOVER GRUP EOOD 2,952,000 AND TUNNELS 7 AQUATEC OOD 2,477,750 8 RUEN HOLDING AD 2,124,000 Debt-to-assets ratio of the companies in the industry is 0.69 9 DZZD KONSORTSIUM ALFA 1,986,000 in 2018. It was 0.68 in 2017 and 0.65 in 2016. 10 BECHTEL-BULGARIA EOOD 1,720,200

According to market experts, the greatest impact on the

*The correlation is calculated by subtracting the quotient of the operating profit, and development of the Civil engineering industry has net sales the employment expenses to the number of employees. revenue to raw materials value ratio. In 2018 it stood at 125,808, according to the financial statements of the AVERAGE REVENUES PER EMPLOYEE IN CIVIL ENGINEERING IN companies in the industry. In 2017 the figure was 121,421 and 2018 94,810 in 2016. SECTOR AVERAGE NET AVERAGE AVERAGE NUMBER OF SALES OPERATING TOTAL EMPLOYEES REVENUE REVENUE REVENUE (BGN) (BGN) (BGN) CONSTRUCTION OF OTHER CIVIL 118,688 129,290 130,772 6,540 VI. EMPLOYMENT ENGINEERING PROJECTS N.E.C. CONSTRUCTION OF BRIDGES AND 268,134 284,342 288,025 552 A total of 32,540 people were employed in the Civil TUNNELS engineering field at the end of 2018, compared to 32,556 in CONSTRUCTION OF RAILWAYS 274,893 286,440 288,910 1,321 AND UNDERGROUND RAILWAYS 2017 and 35,593 in 2016. CONSTRUCTION OF WATER 118,222 126,386 128,793 1,952 PROJECTS CONSTRUCTION OF ROADS AND 215,684 229,853 232,526 15,285 MOTORWAYS CONSTRUCTION OF UTILITY 113,034 124,224 125,904 2,644 PROJECTS FOR FLUIDS CONSTRUCTION OF UTILITY 83,085 88,098 88,854 4,246 PROJECTS FOR ELECTRICITY AND TELECOMMUNICATIONS 9 SeeNews Industry Report

COMPANIES IN THE INDUSTRY BY SIZE IN TERMS OF NUMBER OF EMPLOYEES NUMBER OF EMPLOYEES BY INDUSTRY SECTORS SECTOR NUMBER SHARE OF 1 000 INDUSTRY 943 TOTAL 900 CONSTRUCTION OF ROADS AND MOTORWAYS 15,285 46.97% CONSTRUCTION OF OTHER CIVIL ENGINEERING PROJECTS 6,540 20.10% 800 N.E.C. CONSTRUCTION OF UTILITY PROJECTS FOR ELECTRICITY 4,246 13.05% 700 AND TELECOMMUNICATIONS CONSTRUCTION OF UTILITY PROJECTS FOR FLUIDS 2,644 8.13% 600 CONSTRUCTION OF WATER PROJECTS 1,952 6.00% 500 CONSTRUCTION OF RAILWAYS AND UNDERGROUND 1,321 4.06% RAILWAYS 400 CONSTRUCTION OF BRIDGES AND TUNNELS 552 1.70% 300 200 146 100 ALLOCATION OF EMPLOYEES BY INDUSTRY'S SECTORS 25 4,246 Small Medium Big 2,644 The employees of the leading 10 companies in terms of numbers make up 15.86% of the workforce in the industry in 1,952 2018. 6,540

TOP 10 FIRMS BY SHARE IN INDUSTRY'S TOTAL NUMBER OF 1,873 EMPLOYEES RANK COMPANY NUMBER OF SHARE EMPLOYEES 1 TRANSPORTNO STROITELSTVO I 635 1.95% VAZSTANOVYAVANE 2 ISA 2000 EOOD 603 1.85% 3 HYDROENERGY COMPANY AD 588 1.81% 4 PATENGINEERINGSTROY T EAD 526 1.62% 5 G P GROUP AD 522 1.60% 6 PATNI STROEZHI - AD 504 1.55% 7 HYDROSTROY AD 503 1.55% 15,285 8 GBS INFRASTRUCTURE CONSTRUCTION AD 477 1.47% Construction of roads and motorways 9 BUL STROY GRUP IG EOOD 427 1.31% Construction of other civil engineering projects n.e.c. 10 TRACE-ROAD CONSTRUCTION AD 375 1.15% Construction of utility projects for electricity and telecommunications Construction of utility projects for fluids The Civil engineering industry is the 20th largest employer in Construction of water projects the country with 32,540 employees with the largest employer Others being Retail trade, except of motor vehicles and motorcycles with 222,070 and Extraction of crude petroleum and natural The analysis on companies' sizes by the number of gas at the bottom with 28 employees. employees, shows that 943 firms have less than 50 employees*, 146 have between 50 and 250 employees* and The Civil engineering's share in the country's total 25 companies employ more than 250*. employment was 1.40% in 2018, 1.78% in 2017 and 1.85% in 2016. * Companies without data in the number of employees at end of the year are not taken into consideration. We expect, based on the trend in the last three years, the number of employees of the Civil engineering industry to change at a compound annual growth rate (CAGR) of -4.38% in 2019.

10 SeeNews Industry Report

The industry is represented by the following companies

PATENGINEERING EOOD SAIPEM S.P.A. - BULGARIA BRANCH TS 2017 NEKTON 2 OOD PATSTROY BURGAS EOOD VANSTON EOOD SKALOTECHNIKI OOD ELMIT EOOD TEHNOPROGRES M EOOD ALBA MONTAZH OOD ET HIDROKONSULT - IGNAT IGNATOV DIDIDOM EOOD PROEKT KONSULT - M EOOD VODOKANAL TORKRET DZZD MANASTIRSKI RID CHARODEIKA 90 OOD KONSORTSIUM ELPROMPROEKT DZZD OBEDINENIE GRUP INZHENERING DZZD DZZD KONSORTSIUM PATNO PODDARZHANE PLANT EN SERVICE EOOD RUSE 2014 BRAND STROY EOOD MIZA 1 EOOD AKZ EOOD VALMIS OOD PATNO PODDARGANE - EOOD BIPAS GROUP OOD AQUA TEMPUS OOD VIAGROUP EOOD AKVA BILD DZZD YU ES VI INZHENERING EOOD TERRALL EOOD EURO STROI CORECT OOD TRANSSTROY - BURGAS AD PROEKT SITI BILD EOOD MINERAL BG 2009 EOOD SET ENERGY OOD EKO KANSTRAKT EOOD DZZD PATNO PODDARZHANE MONOLIT-T OOD ELDE 2000 EOOD ENERGOMONTAZH R AD ET PIK - PAVEL PAVLOV MONTSTART-INZHENERING OOD INFRAGRUP 2018 STROYMONTAZ EOOD DZZD EKO-PAT GEO-PAT EOOD STRABAG INTERNATIONAL GMBH MAGIK POOL OOD STIKOM-94 EOOD DANIEL-2017 EOOD ELMONT - NIKOLA VLACHKOV ET ET VLADIMIR STANCHEV - 2016 ET REYN - MILEN MANEV DAISY CONSTRUCTION EOOD TERMO MIG OOD DZZD STRABAG - PLOVDIV DZZD TREYS EAR GLASSHOUSE ENGINEERING EOOD RUMI STROI - EMINE SPAHI ET EVKLIPS ENERGY OOD STIL 55 EOOD S AND G SOLAR OOD VIA KONSTRUKSHAN EOOD ROSINZHSTROY EOOD VODOKANALSTROY-KOSTOVI EOOD MEHANIZATSIA I BORBA S EROZIATA OOD ITALSYSTEM GROUP OOD DZZD PATNO PODDARZHANE OBLAST ROADS NORHWEST 2016 STRONGS AR EOOD BLAGOEVGRAD OBEDINENIE PAT II 59 DZZD ES- 3 OOD PATNI STROEZHI 2001 BURGAS KRAYEZERNA STROY - KASA BELLA EOOD CK GROUP BG EOOD GINS OOD TERRA GROUP EAD PRESPA INVEST EOOD FUTURA SYSTEMS AD ENERGOMONTAGE - EM EOOD SUN LINE BG EOOD VALGER OOD LEOPOLD TEMPER BULINVEST OOD TRIMS - D OOD KANALI SOFIA 2015 DZZD BULKOMERS OOD DZZD INZHENERING INTERCOMPLEX OOD DOCHEV INZHENERING EOOD ARIANA BORISOVA DIMITROVA ET M & KO BUILD EOOD PRESLAV 2017 DZZD SELEKT OOD VIKING RENEWABLE BG EOOD EM CONSTRUCTION AND SERVISES EOOD PATNO PODDARGANE EOOD PATNO PODDARJANE EOOD FIBRANT EOOD SMART KANSTRAKSHAN EOOD SUZANA 97 EOOD INFRAKOREKT STROY EOOD MELAINVEST I PARTNYORI OOD VEKTRON EOOD SPEDSTROY EOOD BITULEIT OOD POLIS ENGENEERING EOOD TOPMETAL EOOD DZZD BURGAS EKO DEPO 2012 ILDICOM 2018 EOOD GIGASTROY OOD GERT GROUP EOOD KALORIA VAK OOD STROY - NIK OOD SEMIKS GRUP EOOD SKB - EOOD MONACO A& M OOD DIKISTROY EOOD VODEX EOOD ECO-EL INGENERING OOD STIYL 88 GRUP EOOD TREYS KORDEEL DZZD ORBEL DIVELOPMANT AD POLISTROY 21 EOOD PSK DETELINA EOOD ROSITSA PV VASILKA PANAYOTOVA ET DZHI VI ES EOOD ZELEN-IMPRO OOD LOZA - DP OOD EKO ENERDZHI OOD ELSTORM EOOD MACOS EOOD MEGASTROY 2015 EOOD PATISHTA AD DZZD STROITELSTVO 2018 VILA TERRA EOOD MOSTSTROY EAST AD FORMEYSHAN ENTARPRAYZIS OOD PLANS EOOD GORCHEVA EOOD OBEDINENIE AKTORHELEKTOR AD DZZD AQUA GROUP PRAVEC RAICOMMERCE CONSTRUCTION EAD MD ENTERPRISE OOD INTERDUM OOD SHESTIYAT ELEMENT OOD MEIKOVO 2018 MST 2016 EOOD ALL-FENCING EOOD DZZD KONSORTSIUM GLAVBOLGARSTROY TRANS LOGISTIKA EOOD DZZD OBEDINENIE PATISHTA I SAORAZHENIYA - ELSTROI EOOD A B F - TP EOOD 2014 NIBORO EOOD PRISTANISHTE 2014 DZZD GIKH-S OOD STUDIO PIC EOOD ELIT - MONTAJ EOOD STEFAL 77 EOOD TEH ENERDZHI SALYUSHANS EOOD BULDOM VARNA EOOD PATENGINEERINGSTROY T EAD GRANDSTROY OOD MAK - KOMPLEKT EOOD DEM 2013 2018 DZZD ELECTROLUX TABAKOV AND SONS OOD NIKATI OOD VENTO ENERDGZI EOOD ENVAYROTEH AD DZZD ROUDSTRIIT BILD KOME-M OOD VIDSTROY INZHENERING OOD PROMAKS EOOD HIDRO SISTEM INGENERING EOOD TOTAL INTERSTROY EOOD EURODESIGN ENERGY OOD VICTORIO EOOD SAMUEL GRUP EOOD ET BILDING-5 - MINKA FILIPOVA KONSORTSIUM HIDRO VM DZZD TOMINO OOD YOU AND PARTNERS EOOD VIPS DZZD HIDROTEH-STROY EOOD AY SI DZHI BI AD KONSORTSIUM AKVA KOREKT DZZD AQUATEC OOD SEVERNI VODI OOD URDOVIZA DZZD SDRUZHENIE 2013 DZZD EDIFIKO SDRUZHENIE TRP MARITSA 2016 ANZA EOOD TEDI 008 EOOD MOSTOVIK BG OOD TRACE-SOFIA EAD DZZD AB - HASKOVO DONEV CORRECT STROY EOOD PRONO KOM OOD DZZD METRO SIFER AY DI EM OOD PATNO STROITELSTVO AD SOLAR - M EAD PRESTA ENGINEERING EOOD ISE MONTAGEN OOD STROYKO 2002 EOOD SAMARA VZHG OOD TRAVEL SANDS EOOD KO BILD DZZD GREYT-888 EOOD DZZD KONSORTSIUM INFRASTRUKTURNO DAINA EOOD BULGARIAN TRANSPORT INFRASTRUCTURE OOD ET GRUDI PRODANOV - BISER PRODANOV STROITELSTVO NVISION ENGINEERING EOOD WELDING SERVICES PETROV 2016 EOOD EL-SI-TREID OOD TEKNOGIPS EOOD TUBIS BULGARIA EOOD RALCHEV EOOD KONSORTSIUM ZA PSOV-MONTANA KONSORTSIUM SHTRABAG STANILOV DZZD DZHI PI M KMK INGENEERING GEODETAIL EOOD GEOMAR 90 ABIBE IBRYAM ET V STROY DZZD GBS INFRASTRUCTURE CONSTRUCTION AD DZZD BELMEKEN 2015 IVESA EOOD VIPCOM INVEST EOOD 11 SeeNews Industry Report

ALEKSANDRYA 2011 EOOD DZZD MESTA - GRIYN PARK TERMO INSTAL BG EOOD INDUSTRIALNI STROEZHI EOOD DZZD KRAYMORIE EVROINZH SEKYURITI EOOD ROUD INVEST EOOD P S P EOOD VAK-02 OOD ET VNIMANIE - MEHMED YUSEIN DZZD ULICHNO OSVETLENIE YAMBOL GALCHEV ENGENEERING EOOD TELECON BULGARIA OOD BELFRAY BULGARIA AD PB KONSORTSIUM AD AMIRA INVEST EOOD RELEKS INZHENERING EOOD SMK PERELIK INVEST EOOD ULICHNO OSVETLENIE EAD VODNO STROITELSTVO BLADOEVGRAD AD HIDROTEH VARNA DZZD ELIT-PATNA SIGNALIZATSIYA EOOD VIDASTROY OOD OMAK EOOD TORENT OOD HVP YABLANITSA DZZD DZZD LENA ENZHENYARIYA I KONSHTRUSOYSH- DZZD VIK INZHENERING 2014 INZHSTROYIN.-P.-LOT4 STRENIDOM 2007 EOOD ET VEMA 2 - MARIANA DONCHEVA SLIVEN TRANSPORT DZZD GEPARD 2016 EOOD PST-VN INTERGAMA OOD KRIS MT OOD NIR STROI 2003 EOOD SWIETELSKY KLON BULGARIA BRANCH OPTIMA COMEERCE EOOD IVROTEH EOOD TECHNOSUN EOOD MIRA TRANS SZ EOOD DOSHA 2018 OOD UE SARVIZ EOOD EYCH AR 2000 EOOD REIJ OOD ETRA - EL OOD INTEA GRUP DZZD EUFORIA BILD EOOD VODEN PROEKT OOD TEMOS OOD ARIS EOOD RAIN SYSTEMS OOD FERITRANS EOOD IKI EOOD KONSORTSIUM EL GRUP DZZD ROY STROY EOOD LAZUR BG EOOD METRO DRUZHBA EOOD MAKROMAT EOOD DI KRAS SISTEM EOOD LIVIYA 7 EOOD SIA INZHENERING EOOD BG ASPHALT OOD TIMS - S ENERDZHI EOOD ELKONSULT 2003 OOD DZZD KONSORTSIUM ZA VIK GR.RUSE KAT WORK GROUP EOOD K S KOTSEV I TSVETANOV OOD REMONTSTROJ AD MILENIUM-90M EOOD INTERCAM EOOD AARONITE BULGARIA EOOD INZHSTROY MEHANIZATSIA OOD DL ELEKTRIK OOD ENERGOMONTAZH VETS AD BELOVO 2014 EAD SOFTSCRIPT EOOD RT SERVICE - 2008 EOOD INFRA ROADS EOOD NADIKO OOD DZZD AB - HOLDING BIOSTROY GRUP EOOD ET SIR - RANGEL STOILOV DZZD OBEDINENIE PATNA KOMPANIYA- PLEVEN SOLAR OOD THE STADIUM EOOD CK-13 HOLD-ING AD GEOSTROY-VODOKANALSTROY EKOEL BG OOD MONTAZHI KO TI VI BI DZZD HIMKOMERS-ENGENERING OOD YORDAN SOTIROV MIHAYLOV ET DZZD VADO S D CONSTRUCTIONS EOOD BLAGOUSTROYSTVENI STROEZHI EOOD INTERTEK PMOSTOVE DZZD MOKREN DZZD STROITELSTVO I STROITELNI MASHINI EOOD DZZD KONSORTSIUM VODSTROY - TEO MORIS VIKTOR DIMITROVSKI EOOD EMI KONSULT EOOD MARATON - SS EOOD CHERNO MORE 2016 DZZD SPA CREATIVE OOD VODOKANALSTROY OPEL PRO DZZD INFRAINVEST EOOD ATOMENERGOSTROYPROGRES - S EOOD OBEDINENIE RVP ILIENTSI - DZHI PI GRUP INFINITI SPA BG EOOD PORR GRADEZNISTVO DOOEL - 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99 EOOD MONTIPRO GMBH EOOD PUT 2004 OOD AGROBULSTROI OOD CHAYKA GRUP OOD INFORMINZHENERING STEFAN PESHEV ET ECO HYDRO 90 OOD TELENET BILD19 EOOD PATISHTA I SAORAZHENIJA EAD DZZD KONSORTSIUM KOLONADA HISAR A STROY EOOD KOMERS-BORINO OOD VODOKANALSTROY OOD GRIYN BILDING EOOD ET L.D.- LYUBEN DOYCHINOV OBEDINENIE BARIN KUBAR DZZD KONSORTSIUM ENSTROY DZZD DZZD EIK TRAKIYA IMPS WELDING SERVICE EOOD GLOBALSTROY INVEST OOD INTER PRO ENERDGY EOOD STS-INZHENERING EOOD RVP SOFIA EOOD IZOFLOR EOOD OGOSTA ENERDGY OOD PRIMA INZHENERING OOD FUNDAMENT-3-NESHO KALKANOV ET PATISHTA M EOOD PAT PERFECT EAD DZHISIEF - SK-13 -TREYS REYLINFRA BG NET STROY OOD AM STRUMA 3 1 DZZD KONSORTSIUM AD AY EM BI KD STROJMONTAG EAD VGT EOOD DZZD OKZ VODSTROY NIKOSTROY2 EOOD BEPANA EOOD ALEXANDER ELECTRIC EOOD TERMOKOMPLEKT OOD DZZD SOFT PROEKTIRANE TANDEM ALL SYSTEM EOOD FONSEKA BG STROY EOOD ERGATECH EOOD VEBAKOM PRO OOD TEHNOSTROY - G EOOD EIK FESTIVALNA DZZD DZZD KRUSHEVO DZZD AB-HIDRO AV TECHNICA OOD NODIG EOOD KASIE ROUDS EOOD VARNA BULEVARDI 2017 DZZD ESPO ENGINEERING OOD ZHP INFRASTRUKTURNO STROITELSTVO AD ELEKTRIKAL GRID EOOD MONTAJI VRATCA OOD RACOM NT OOD MAKAZA BETON EOOD TEHNOSTROY INZHENERING EOOD AM KAMCHIA DZZD PMV 2014 DZZD MTBS STALLNINGAR-90 EOOD EY I ES 2018 EOOD YURO PRAYM KONSULTING OOD MONTAZHI EM OOD KALORIA VIKTOR KIRILOV ET KONSORTSIUM REMONTSTROY KERAMIKA FARMVILLE EAD BURGAS 2014 DZZD FROSSI OOD ESKANA RUSIYA EOOD DVE CONSTRUCTION OOD PROJECT STROY 1 EOOD AVIS ENGEERING EOOD SDRUZHENIE MEDEN RUDNIK 2017 DZZD KONSULT STROYINZHENERING 777 OOD ELTEL-8 EOOD TRACE-ROAD CONSTRUCTION AD TLC 21 EOOD OBEDINENIE GID I KO DZZD EL EOOD REYCHAL EOOD SICHES ENDZHINIARS END KONSTRAKTARD SA MARISA GRUP EOOD -SHVEYTSRIYA DOBRI PANOV ET OPTILINK PLEVEN OOD DI PULS BULGARIA EOOD STROYKONSULT EOOD MARMET AD IMPULS 2000 EOOD VODNO STROITELSTVO OOD DZZD KONSORTSIUM V I K - ISPERIH 2013 12 SeeNews Industry Report

KREON MIMITO EOOD VILMAK OOD SOSIETE ENDYUSTRIEL DYO L-ATLANTIK EAD ELNORM EOOD M P I ZH EOOD VALMAR SPORT EOOD ANIK-SOFIA EOOD IANI STROY 05 EOOD ELSOL OOD GARANT 90 EOOD EM BGSOLAR EOOD DZZD CHISTA VODA V-PROJECT OOD BIO PDS STROY EOOD I. ES. KON EOOD KTT - 2017 EOOD GREEN ENERGY SYSTEMS OOD UNIS-2001 OOD PADESH 2017 KARMEN 2000 EOOD DZZD ELIT SILLO-MOUNTING OOD PATISHTA OOD EURO ECO BUILD EOOD ANTEH BADZAK BULGARIA DZZD VALIRION EOOD KONSORTSIUM MORSKA ESTAKADA DZZD TECHNOEXPORT STORAGE EOOD DZZD ARMA INZHENERING DZZD VMV GORSKI PAT DZZD ISKRA ENERDZHI EOOD IVSI POOLS EOOD DANI EXTREME LLC EOOD OLGA DOM EOOD STAMGEZA - DS EOOD TELEKABELSTROY EOOD ILIYA MARINOV 71 EOOD DZHI EM INVESTMANT EOOD KABELKOM VARNA EOOD BUL STROY GRUP IG EOOD MAKBUL INFRASTRUKTURNO STROITELSTVO EAD TECHNICAL CONSTRUCTION COMPANY BG OOD AGROSAM - BPS STARTEX - ID EOOD COMMUNIKACION EOOD TRAKIYSKI LES AD M KOMERS 18 EOOD GORSKI PAT DZZD ECOSTROY ET ROSIES - ROSTISLAV KOLEV ROAD CONSTRUCTION EAD DJULIA STROI OOD MIRAL OOD IKA 2M EOOD PATNI STROEZHI - PALDIN AD OBSHTI REMONTI EOOD ET PEPO-PETAR RIZOV APOLITA OOD OVERGAS ENGINEERING AD DZZD APP LOT 27 GAZOV KONSORTSIUM ZA ENERGIYNA I EKOLOGICHNA EFEKTIVNOST 2007 AD ELMAKS I KO DZZD EM DZHI GRUP-77 EOOD EURO ALLIANCE TUNNELS EAD ANEL BG EOOD KAPITALNO TUNELNO STROITELSTVO EOOD 50 HERTZ AD SDRUZHENIE EKOSTROY AKTIV DZZD TECHNOSTROY ENGINEERING 99 AD ZHELEZOPATNA INFRASTRUKTURA DZZD HOLDING-PSP-PATNO STROITELSTVO MINSTROY AM CHERNO MORE DZZD MG STROY EOOD A-77 EOOD ETS TECHNOLOGY AGRO KAPITAL 2009 OOD ABV INZHENERING EOOD KALMO OOD DZZD YUNG PROEKT OOD, SPETSIALNI VI-DEY BURGAS MONTAZHI - NTP AD, KOREKT OOD MASTER PROJECT EOOD MOSTOVE I ESTAKADI EOOD ARKON - 03 OOD DIVEL-PST OOD TSE VI RA YU RUMEN STOYANOV ET ELIZ AD DZZD REKONSTRUKTSIYA OKOLOVRASTEN PAT - VBC ENERGY OOD PESHTERA SYSCOM ENGINEERING AD ORANZHERIYA DOLNA DIKANYA OOD ELMITRANS DZZD V D N EOOD EA OOD ELEKTRA YURAP AD KANALI SOFIA 2017 DZZD CAVE ENGINEERING NGP GRUP EOOD PATNO PODDARJANE I STROITELSTVO - 2009 EOOD BULINZHENERING EOOD SK BUILD-ES EOOD TARKTUR EOOD GEOMAR 90 EOOD ELIT INVEST VARNA ILIA ILIEV EOOD KA DZZD NAR OOD EKI 96 OOD LIMAR EOOD KGT BULGARIA EOOD GOLDEN STROY INTERNATIONAL EOOD JOINT VENTURE ORIAHOVO 2018 E FOUR IP OOD TELEKOMPLEKT TUPSIM OOD AY VIP SERVICE EOOD MAGIC WINE V.B. EOOD ANNEGERSI P KARAGEORGIS EOOD KONYARSKI EOOD GARANTSTROY KOMPLEKT AD CHIKOV ENGINEERING EOOD TEHNOMONTAJ EOOD AGROKOMPLEKT TRANS EOOD ET TONI 99 - RADKO IVANOV BG ENGINEERING 2014 OOD COOLING TOWERS OOD SOLOS OOD KARO PATSTROY DZZD KONSORTSIUM HIMSTROY MONTAZHI BURGAS PANOV EOOD EL SYSTEMS AD S D NET COMUNICATIONS OOD DZZD DZZD KONSORTSIUM ELEKTROLUKS PATNO PODDARZHANE PLEVEN 2009 AD GASSTROY AD SD SIMEON I - SIMEONOVI I SIE ELEKTROISTOK - IZGRADNYA VTV 66 EOOD TERRAMAR - BG EOOD PEBO - STROY EOOD STROITELEN KLASTER MONTANA OOD SDRUZHENIE STROITELNA MEHANIZATSIA ABI DZZD ASENOVGRAD 90 GRAND STROY-05 EOOD EVROSTROY INZHENERING EOOD DZZD DZZD VENIGAZ - DANI ELIT BILDING - 97 EOOD HYDROSTROY AD MONTAGE TEAM BG EOOD BG GRUP 2017 EOOD AQUAPRO OOD PATISHTA SOFIA OOD PROJECT SV OOD EVRAZIYA INZHENERING EOOD VIDZHI GRUP DZZD PATPRIBOR OOD ET AHMED SALIHOV PETAGOV RPM 2014 DZZD PATSTROY VARNA EOOD PAT STROY KONSULT EOOD PETER YAKOBSEN SHTRASEN UND TIEFBAU OOD ENGINEERING GROUP 04 EOOD & KO KD KCHT GSM PAUAR INZHENERING DZZD SILIGARDOS CONSTRUCTION EOOD SDRUZHENIE SEVERNA SKOROSTNA TANGENTA TECHCONS EOOD DOPELMAN EOOD VENTSISLAVA MARINE SERVICE EOOD 2016 DZZD PATNO PODDARZHANE ELHOVO EOOD INOS IMPEX EOOD TRACE GROUP HOLD PLC AD DZZD V V INZHENERING AMS KRISTAL OOD TELEFONSTROY AD AQUA MODUL AD ELSTART ENGINEERING EOOD SIGMA LOGISTIKA 2017 EOOD DZZD INFRATRANS - BATPEL ET AVS - DIMITAR ZOTKOV TOP HOUSE END KO OOD PROGRESS - D OOD KALIN EKO STROY OOD FALKON TEH EOOD EMAT-NES OOD SOFIYSKI VODOPROVODI 2014 DZZD GSI - BALKANI EOOD BLUESTROY EOOD KOSTAM OOD PATNO STROITELSTVO BURGAS DZZD ACA -MONTAGE SERVICE BG GMBH EOOD ENSTROY INVEST EOOD PATISHTA BURGAS DZZD BKS EOOD DZZD GBS I PARTNYORI AIR LUX HVAC EOOD GAZPROEKT YUG AD APK OOD NORDIKOM EOOD BOROVAN WORLD WIDE ENTERPRISES EOOD STEFSTROY 2010 EOOD STANDARTSTROY - BG EOOD ASO ASEN MLADENOV ET DANY STROY 2017 EOOD BKS - GORNA ORIAHOVICA AD DS MAKADAM OOD KONSORTSIUM PROFI STROY DZZD PATNA PODDRAZHKA I SIGNALIZACIA EOOD ET GEORGI ANGELOV-TROPIK BESTER GENERACION BULGARIA EOOD SOLARPRO CONSTRUCTION AD STABILITY LIFT 2014 OOD KARPI TEH B V NIDERLANDIA CK TOP ENGINEERING EOOD P-S KONSTRAKSHAN EOOD ZHELEZOPATNA INFRASTRUKTURA 2011 DZZD ASPHALTBAU EOOD SHREK - 73 EOOD PST EOOD SKELE EOOD KOSTRUTSIONI LINEE FEROVIARIE BULGARIA - SMC - VIDIN EOOD KLON KCHT ARDASTROY INVEST EOOD E.K. AGRO EKO INVESTMANT EOOD ENERGOMONTAZH-AEK AD VESDAN 81 VESELIN KEHAYOV ET N P M BUILD EOOD MADI I DIDI EOOD KELET AB OOD ITERATIO EAD SPIKO EOOD V I K TRASTENIK 2014 DZZD DZZD PAT GARANT NIG STROY EOOD IMPS GROUP BULGARIA OOD AQUA SYSTEMS EAD VODSTROI PLOVDIV AD ECORP EOOD M TOUCH BUILD AND REPAIR EOOD SOFIA INFO BORDS 2015 DZZD AS PERFEKT DZZD TEHNOSTROY KABEL OOD DZZD PSI ELECTROCONSORTIUM OOD HIDROSTROY INVEST-HOLDING AD DZZD SVEZHEST 2018 MEGA STROI - 1 EOOD MARKER I EOOD BLEK SIY GRUP SKY VISION ENGINEERING OOD BULSOFTCOM EOOD TERMOKAR EOOD URBAN ELECTRIC EOOD BRANI 1990 EOOD AQUA SYSTEMS EOOD ER I EM LOGISTIK EOOD METALSTROY74 EOOD 13 SeeNews Industry Report

DZZD OBEDINENIE INZHENERING SADINATA 2016 DZZD T I T ENGINEERING OOD VG BUILDING EOOD 2017 DOME HOMES OOD GN SYSTEM EOOD MARITSA 2017 DZZD ATILADORO OOD DP TRANSPORTNO STROITELSTVO I SANTEL EOOD HIDROSTROY OOD EVP OOD VAZSTANOVYAVANE PODELENIE PLOVDIV DZZD AB - MARITSA OPTIMAL INVEST EOOD BEKASTROI EAD AD GRUP STROY EOOD PSK VIASTROJ EOOD OBEDINENIE VASBILD DZZD ZHP INFRASTRUKTURA ZMEYOVO DZZD TRAKTSIYA PRKII KCHT OBEDINENIE PATISHTA DZZD ELIT 97 EOOD B I B BROTHERS BULGARIA EOOD ALSIS EOOD DZZD MARITSA HAYUEY DZHANI 66 EOOD RODOPI LEND DZZD DZZD GRADSKA SREDA TEMENA OOD ANIM EOOD BOZHI STOUN EOOD P D PROEKT 2014 DZZD OBEDINENIE PIRGOS 2012 DZZD 2018 DZZD TEO MONTAZH INZHENERING EOOD VIKTORIYA - AES EOOD PATSTROY OOD ENTI EOOD FYOLE GRUP OOD KIK ENGINEERING EOOD APP STOLICHNA OBSHTINA DZZD 5 M EOOD VISORT EOOD PATPERFECT-T EAD HIDROSTROY-YUG-97 AD SOUTH GOLF AD AKVA PLYUS EOOD REDZHO STROY EOOD DZZD AKVA PAUAR INZHENERING DZZD LED SVETLINA 2015 BEZOPASNI PATISHTA EOOD MAKS BILD INZHENERING OOD ABAK DS EOOD BKS-BADINSTROI AD VN CABLE EOOD PSI-USM EOOD DZZD MENTESHE DZZD STROY EKO YABLANITSA KROP FOR GAZ OOD DZZD RODOPI 2014 TELECOMPLECT EOOD I.E.S. BULGARIA OOD T - USMA EOOD AKVA 2017 DZZD DEMOLEX EOOD P SERVICES EOOD A I D BILD STROY EOOD ABC ENGINEERING EOOD UOTAR DZHI BG OOD ELEKTRA MS OOD VENI BLEND EOOD INTER PATISHTA 99 PAT CONSULT OOD PROMISHLENA ENERGETIKA AD HIDROSVYAT OOD PANSTROIMAR EOOD PATNO PODDARZHANE - LEVSKI EOOD ELKIP OOD DES 72 EOOD IMSTI EOOD SPA DESIGN BULGARIA EOOD CIDA GRUP EOOD VENIGAZ EOOD NOVAKO STROY EOOD KOSTOV INVEST EOOD KOMANS GRUP AD ELPROM-CERB OOD IMOBILARE OOD INFRAECO OOD ERP365 OOD HELPIK OOD TONI TODOROV OOD KELET AB DZZD VODSTROY VT AD HIDROTEK INVEST EOOD STROY - KOMERS 2016 KBK EOOD STROITEL RADOSLAV MARINCHEV ET IBUILD EOOD OLGEM OOD DZZD AKVA BRENITSA EMU AD VIELA 82 EOOD KARAVIDA EOOD MAXI-M - 2016 EOOD GM STORY 2015 EOOD MG STROY GROUP EOOD VIK BASH MAYSTORITE EOOD DENALI IN EOOD SANI - 20 EOOD PATREMONT 18 EOOD HIMREMONTSTROY BURGAS - 1977 EOOD INFRASTROY 2014 DZZD DIANA KOMERS EOOD CENSATEC TECHNOLOGIES AD FREE ACCESS AREA AD KODRAX EOOD DZZD MM STROY BULGARSKA HIDROSTROITELNA KOMPANIA OOD BRYUKSEL 2015 DZZD UNIVERS MMM OOD PATNO PODDARZHANE EOOD TEHNOINZHENERING EOOD RING P OOD INFRASTRUKTURNO STOITELSTVO MONTANA KONSORTSIUM PATNO PODDARZHANE REMONTSTROI-2005 EOOD EOOD OLGEM BIOPAUAR EOOD PSM INJENERING EOOD SOLAR ENERGY 82 EOOD EMU OOD DZZD STRANDZHA 2018 DZZD ARMA STROY ASFA OOD OPC - INFRASTRUCTURE OOD DOAN 13 EOOD ROUD PRODZHEKT EOOD SANRAYS 23 EOOD TECHNO CONSULT 2000 EOOD TIP 2012-2016 VEY STROY EAD GARANT 95 EOOD GE 7 EOOD KOM-SARVISIZ OOD DZZD AGROINVEST - BUMERANG 2000 STO.EL OOD PMG MONTANA 2018 MARKIROVKA 2014 DZZD OBEDINENIE NARODNI BUDITELI 2017 DZZD ENERGY SOLUTIONS EOOD BOSHKOV-BILD EOOD RAMIS 2013 EOOD VIA CONSTRUCT GROUP EOOD DZZD YANKO SAKAZOV 2018 SEMITA BUILD EOOD VESTA-17 EOOD ORPHEUS ENERGY GROUP EOOD STEEL TRADE BULGARIA EOOD VIHREN VAZHENI LINII OOD ELIT TEKNO GROUP EOOD PRESTIZH 2004 EOOD HELIOS PS EOOD APP PATISHTA DZZD HT GRUP KOMERS DZZD DANI EKOBULPLAST EOOD KUBRATOVO 2018 DZZD ELAN VINEYARD EOOD INTERNATIONAL OOD BAEV METALIK DZZD EKO BILD GRUP OOD TELECOM SERVICE BULGARIA EOOD MOBILE HOME EOOD OLOPLAST GRUP AD VODOHOSPODARSKE STAVBI AD DOBRICH 2011 OOD TOZHE EOOD DM TRADING EOOD VYURS EOOD ZHP - GARANT OOD ET STOYCHO IVANOV-PRIS EL CONSULT INVEST EOOD ILAN EOOD DIAMANT - STROI EOOD EKO DOM INVEST EOOD DZZD SEVEROIZTOK GRUP ET AHAT-87 - ATANAS PELTEKOV DZZD SPORT STROY DNEPAR M EOOD ELTAR 1 EOOD EL VI KO 5 EOOD SAHARA - 02 EOOD DZZD MAGISTRALI 2014 SF AUSTRIA EOOD DRUZHESTVO PO ZZD GP DZZD DZZD NEVROKOP - 2015 OBEDINENIE ROTONDA DZZD ET ZDRAVKO KERTOV TM PROEKT EOOD VIA INTELLEGO OOD OBEDINENIE EVROPEYSKI ZHELEZNITSI DZZD KARPI TEH BULGARIA EOOD HUTNI MONTAZHE A.S. KCHT ADOMIT OOD PET MAR EOOD ELHOVO 2018 DZZD INERT BETON TRANSPORTSTROY OOD SEVAR OOD AKVAPROVODI 2015 DZZD BOROVANSKI RABOTNIK EOOD PATNI STROEZHI EOOD SP-90-VENCISLAV PETROV-TONI PETROV ET STROITELNO MONTAZHNA KOMPANIA PERELIK GROMA HOLD EOOD PRETENDENT - V I K EOOD OOD ELEKTROMONTAZHI OOD ET OLIMPIYA- TERM- IVAN TERZIYSKI NOVA TEHNO BILDING EOOD DENDRIT OOD DZZD OBEDINENIE ARHIDOS - 2013 DZZD VITOSHA 2014 INVEST DZZD DON INGINERING EOOD DZZD PIRGOS HIDRO PATNI STROEZHI - VELIKO TARNOVO AD 7-PARTGRUP OOD PROLESSGRUP EOOD TERAKOMSTROY OOD BERKO 90 SD DZZD LOZENETS-NEDYALSKO MOTTO-ENGINEERING EOOD RADOVANOV OOD SVETOFAR DZZD ELEKTROLAYN AD - CHESHKA REPUBLIKA NESEBAR EKO DZZD GE GARANT EOOD INFRA SEYF ROUDS EOOD STRUMA-STROY OOD TOMSANS 2004 OOD MIKRA TRADING OOD HIDROSTROI BULGARIA EOOD AG STROY GRUP EOOD NRAVOTA EOOD SSS EURO SURVICE EOOD TABAKO NATURAL BG EOOD RODI-97 EOOD ALVE - TECHNOLOGY EOOD ASFALTING OOD DISKAVARI GARDAN OOD ROKSARD INDASTRIS EOOD ERAKLISS EOOD RENI EKO EOOD VODNO STROITELSTVO I REMONTI OOD ELTIP EOOD DAVCOM OOD EVBUILDING EOOD DANIA - 7 EOOD ALPINE STROY EOOD ILDICOM EOOD TE DI SA PERFECT OOD 14 SeeNews Industry Report

DIMAS GEOTEHNIKA PROEKT MONTAJ- PENKA FUCHEDZHEVA ET KOREL-ID EOOD KRIMAR 07 EOOD SITES OOD IZOSTROI - VD EOOD NOLA 7 OOD STOKITE DZZD EKOTRANS EOOD INSTALLING AND SYSTEMS OOD DRUM CONSULT EOOD ASKO 67 EOOD DZZD ELEKTRISITI LIFT MITASH-2015 EOOD TELEKOMPLEKT SAT OOD PORTDAYV EOOD KAPRI-10 OOD ACTUS EOOD AGRO HEATING-LTD EOOD MARINOV 2008 BG EOOD DZZD ZHELEZOPATNA BEZOPASNOST SINDEL MIKONSTROY EOOD EVROBILDING 2000 EOOD ANIVAL KAMPANI EOOD MEGAPROEKT DUPNITSA DZZD VELDAGE GRUP EOOD BOROGRANDE EOOD BITUMINA GMBH BULGARIA EOOD STOSIN 2010 EOOD DANIEL - S 67 EOOD PATSTROY - 92 AD PRISTANISHTE EZEROVO EAD PATNO PODDARZHANE LOM EOOD DZZD BALKANIKA INZHENERING VENI-97 EOOD BARS AD TORKRET EOOD VEBACOM EOOD MART - M EOOD KONSORTSIUM ZHELEZEN PAT 2012 2016 DZZD ENERGO REMONT GRUP - 87 EOOD AVENTUS EOOD MARATON SVETLA STOYANOVA ET HYDROENERGY COMPANY AD RAVDA 2013 OOD SONITA KONSULT 98 EOOD EIV OOD KALINOV STROJ EOOD ENERGY SYSTEM SERVICES OOD PATSTROY-GABROVO AD KRAF HOME AG EAD POWER STROY DEVIN OOD DP TS I VAZSTANOVYAVANE - PODELENIE VARNA DZHIRO 17 DZZD IVAN MAKOV EOOD NBT BULGARIA EOOD M ELEKTRIK EOOD STROI INJINERING 17 OOD IVANOV I RUSEV OOD PATSTROY BILD DZZD AKVANAVT OOD ELEKTROKONSORTSIUM BEL DZZD ELIYSKA 2018 DZZD DP TSV - PODLENIE G. ORYAHOVITSA SIG MARK 2015 DZZD GRANIT - 90 - CINCOVA EOOD SHIPI 94 EOOD ACTIVE BUILDING INC EOOD DZZD YAMBOL INSTROI EOOD GST SCAFFOLDING BULGARIA EOOD KOLHIDA EOOD NITFEM LIMITID EOOD DZZD GEOSTROY - MOSTREMONT 97 - PATSTROY JPOOLS EOOD VVM ENGINEERING EOOD 92 SMOLYAN YUG DZZD GEOMETRO ZEMLYANE DZZD DAGO STROI EOOD BULINVEST DZZD TELSTROY INZHENERING KA EOOD RODOPI INVESTING EOOD CELL SYSTEMS EOOD KRIS MONTAGGI 2010 EOOD PATINZHENERINGSTROY DZZD ALFA EKOBILD EOOD 3 - ASTROY EOOD KONSORTSIUM AMFISIA DZZD FENIKS OE OOD RUMINEX EOOD PATNO PODDARZHANE OOD PATSTROY 82 EOOD ORP 2014 DZZD EL I EM - 2010 EOOD SOLAR DIMOV EOOD AY Q EOOD TEDE-2-AN EOOD PLANIS - NIK EOOD SAAVPROEKT EOOD NYU ENERDZHI PRODZHEKTS EOOD STRABAG BP DZZD NIKI 999 OOD RIBOVADSTVO OSTRITSA OOD BIOTAL BULGARIA OOD ELEKTRIK G G EOOD MONTAJI-BV EOOD AKTOR AKTSIONERNO STROITELNO LUKSOR 2009 EOOD DRUZHESTVO KLON GAMMA ELECTRIC EOOD ELPOINT AD REMONTSTROY 97 EOOD KOMSTROY INZHENERING OOD NG STROY 2014 EOOD HIDROSTROY - SESTRIMO EOOD MONTREIS EOOD DZZD SPORTNI TERENI POPOV OOD SET 2017 DZZD DIK 93 DT EOOD SAMARA 2015 DZZD RELINA D EOOD ET BERCH - ERIK TEPELIKYAN DZZD HEMUS A2 DZZD KONSORTSIUM VIK MONTAZH - CARL WEILER ELEKTROTECHNIK OOD PISCO EOOD SEPTEMVRI INOX COMPLECT EOOD ENCHEVGRUP DZZD KA BE EF 2008 EOOD M INZHENERING OOD IMI 2008 EOOD STRABAG AG-AVSTRIYA DZZD PST BETON PATNA INFRASTRUKTURA SHUMEN PROMSTROI OOD SIDEROTEXNIKI EOOD HEFEST OOD ARSOV STROITELNI REMONTNI DEYNOSTI EOOD ET STEFAN IVANOV IVANOV - TSANKO PETKOV OSP SEVEREN TSENTRALEN TSVT DZZD DTA INVEST EOOD MSPORT BROS EOOD PATPERFEKT GRUP HOLDING EAD MEGAMETAL EOOD TELEINZHENERING EOOD SDRUZHENIE GRADSKA MOBILNOST 2018 DZZD DINKO 1 EOOD ULTRA BILD OOD USTREM 11 EURO STROY CONSTRUCTION EOOD PATNO PODDARZHANE - EOOD PULMAKS EOOD KRK-KALOTINA M STROY - 2014 EOOD TL-SERVICE OOD DZZD BKFI TEOPLAST EOOD DZZD PIBI - MARK OOD STROYREMONT ENGINEERING OOD UNIVERSAL KOMETA EOOD KONSORTSIUM KAPRI 10 KERAMIKA BURGAS PATNO PODDARZHANE EOOD FUNDAMENT OOD SPN KONSTRUKSHAN OOD DZZD TEL SAT INZHENERING EOOD INFRASTRUKTURNI SISTEMI EOOD PST GROUP EAD DZZD SKALNI VAYTAL STROY STILSTROI - KOMERS EOOD PATNO PODDARJANE-RUSE EOOD DEVA TRANS OOD NET COMS OOD TSARIGRADSKO KICKO EOOD ARIC-09 EOOD TENDAR 15 DZZD DUST STROJ OOD BELMONDO EOOD GERMANO BULGARSKI KONSORTSIUM ZELENA SREDA DZZD EUROSTAR BG - EU EOOD NATSIONALNO HRANILISHTE ZA RADIOAKTIVNI STROY TIS EOOD TREYS SOP EOOD OTPADATSI DZZD CONSTRUCTION MACHINERY AD ET BESLET - VASIL KOPRALEV ULITSI DZZD SICHES POLSKA SP. Z.O.O. - POLSHA NET GRUP PLYUS EOOD DM GROUP 13 EOOD RVS INZHENERING EOOD MIKO 7 OOD TORKRET EXPERT EOOD DZZD -2011 BECHTEL-BULGARIA EOOD I GROUP EOOD TIM INVEST EOOD TRAFIK MENIDZHMANT SOFIA DZZD IVI PAKET EOOD GENINSKI STROY KONSULT EOOD DOGUS INSAAT VE TICARET AS BULGARIA ELIT STROY 6 EOOD MOSTREMONT RL-GESHOV BRANCH POLITEHNIKS EOOD HIDRA BUILD EOOD BELLTEQ EOOD TEHNO MONTAZH 99 EOOD ALEKS - BILDING OOD STROY RE 2017 EOOD TEH KAR DZZD TREYS PRIBOR DZZD KONKOR BILD EOOD DZZD KONSORTSIUM STROITELSTVO I DEVEL PROJECTS OOD VITEH STROY EOOD LPROMPROEKT PODDARZHANE NA PATISHTA DLV EOOD ELPROJECT - D EOOD GLOBAL DIMENSION EOOD SEKSAGINTA PRISTA DZZD PATREMONT OOD DZZD DEPO MONTANA 2015 INZHENERING - 67 EOOD ULICHNO OSVETLENIE SM DZZD KRISI TRANS GRUP EOOD STROITELSTVO I MONTAGE OOD BURGASKA STROITELNA KOMPANIA AD ET STEP 99 - STEFAN STEFANOV R R INVEST 1 OOD ENERGO GRUP OOD PATNO PODDARZHANE SLIVEN EOOD INFRASTROEJI OOD MEDIGRAL EOOD KIBO 2 EOOD SENSTROY EOOD BRILIANT SLANCHEV BRIAG OOD EVROPEISKI PATISHTA AD KO INZHENERING 2000 EOOD ISAF - DRUZHESTVO ZA ZHELEZOPATNA STROITELSTVO I REMONT EOOD SIGNALIZATSIYA I AVTOMATIZATSIYA AD - KLON HEMUS 16320 DZZD BIOSISTEM-23 EOOD OBEDINENIE ZA KRASIVO HASKOVO DZZD SOFIYA KCHT GF 2016 DONELLI BULGARIA EOOD DZZD ELVAK IVI VAL 66 EOOD BILDING TEH GRUP EOOD ELIMAR EOOD HIDROMONTAG-L OOD HOTALICH DZZD ELEKTROIZGRAZHDANE EOOD STOKS OOD VIVA 2000 EOOD KONSORTSIUM SHTRABAG IKP DZZD 15 SeeNews Industry Report

LOKI 77 EOOD VICTORIA 1103 EOOD STROITEL KRIVODOL EOOD ENI PYPE SYSTEMS EOOD MT ENGINEERING EOOD TRAKIYA RM EOOD ELEKTROMONTAZH I NALADKA EOOD INFRASTRUKTURA I SERVIZ GRUP DZZD STARS EOOD STANILOV EOOD ADM-ENGINEERING OOD ELMI OOD DRAGIEV & CO OOD TELEKOMUNIKATSIONNO I VISOKO VIK MREJI EOOD MIRAMAR OOD STROITELSTVO INKOM OOD KONSORTSIUM TSV GTD BETON SHTIP DZZD MAYNING KONSTRUKSHAN KAMPANI OOD RAZVITIE 2018 DZZD MONTANA DZZD TELEKOMSTROY OOD VALMAR 10 EOOD KONSORTSIUM DZHI PI GRUP VIK ROSENETS PATNO PODDARJANE- EOOD DZZD EURO ALLIANCE ENGINEERING EAD ELEKTROIZGRAJDANE - S I OOD DZZD VDS 2015 CHERITA OOD SHERPA EOOD PTS STROY EOOD DZZD VIA - TRP AQUEDUCT 2013 EOOD ED. TSYUBLIN AG VODIMET EOOD NIAL TRADE OOD HIDROREMONT IG OOD BAS 66 BOYKO SIMEONOV ET INVEST AD ELIS 80 EOOD PIPERITA AD PSK PATSTROY EOOD ES BILD 2012 EOOD MURDZHEV TRANS EOOD HAYLIT+VYORNER BAU OOD - KLON SOFIYA JOINT VENTURE KIPARIS KONSORTSIUM INZHENERING KCHT MISTARBILD OOD DZZD GRAFIT KOMERS OOD ENERJI 71 EOOD PATNO PODDARJANE EOOD TREND CONSTRUCTIONS COMPANY OOD EUROGEO GROUP OOD PATISHTA I MOSTOVE EOOD DZZD INZHENERING NIKOPOL 2013 POWERENT OOD HHC BULGARIA ABM-STROY OOD BGNOVA AD PAT INZHENERING 2013 OOD ARBA STROY OOD MIKON - V EOOD SEYHANTEH EOOD MT STROY EOOD PANDORA EOOD INFAST OOD KONSORTSIUM STRUMA LOT 3 3 DZZD GAZKOMPLEKT OOD TELEPARTNER EOOD VODNO STROITELSTVO- AD KONSORTSIUM ELEKTROIZGRAZHDANE VARNA KONSORTSIUM HOLDING PATISHTA PI ES PI ADH OOD OOD DZZD MIMI VIKI 2006 EOOD YELOU DRAGONFLAY EOOD PIM T DZZD ER I EM INJENERING EOOD DZZD PONT DESIGN BG EOOD DZZD MIRKOVO 2013 VIJOM EOOD TRANSPORTNO STROITELSTVO I ROSSTROY - IS EOOD VAZSTANOVYAVANE TESTEL INGENEERING OOD DIM STROY INZHENERING EOOD KSV EOOD INOTRANSENGINEERING OOD MINSTROY MARITSA IZTOK AD SITI PAT EOOD CREATIVE BUILD OOD STEEL ROAD EOOD SOFT A BILD OOD ORIGINAL ZAHARI ZAHARIEV ET N. 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OBEDINENIE LOZENETS RORTEHNIK DZZD DZZD VIAM STROY TERMIS OOD PATREMONT OOD ET DI-HEL - ALEKSANDAR IVANOV DANI 17 OOD BS ZHPS EOOD OBEDINENIE OBHOD MONTANA DZZD DZZD KLOKOTNITSA OBEDINENIE DM STROY DZZD ELECTROSTROEJI AD ET VEMA - VESELIN DONCHEV ZHP STROY EAD PB INFRASTRUKTURA DZZD BLV PROJECT EOOD ELEKTRONBUL EOOD ANTIK 2004 OOD GLOBUS OOD KARO TRADING OOD PLAN INVEST CONSULT EOOD BG DIVE SOLUTIONS OOD GOCHEV STIL EOOD VAK INVEST OOD TEA-ST EOOD SIGROTECH TECHNOLOGY EOOD PATNO PODDARGANE - HASKOVO EOOD INFRA EXPERT AD ZLATNA ROZA OOD SLIVEN PARTNARS DZZD VESSITAMED EOOD BUILDING SUPPORT EOOD LIDER DINAMIC EOOD IKON 7 EOOD GABROVO TSENTAR DZZD PAG INZHENERING DZZD TEMPEST TECHNOLOGY DZZD KONSORTSIUM PAT INVEST - 7 ZHI EM EL GAZ ENERDZHI OOD DZZD VODA I PROGRES - GORNA BANYA DZZD FINES-T EOOD MOKS-STEFKO STANEV ET PATINZHENERING AD KONSORTSIUM HIDROENERGIYNO TREND DIVELOPMENT EOOD CULVERT EOOD TELEBUILD OOD STROITELSTVO EOOD SPA KERAMIK EOOD INTE GAZ EOOD SI BI EM AY KANSTRAKSHAN KO BULGARIA KLON ZDRAVKO GALABOV ET DEPO SILISTRA DZZD METAN MONTAJ EAD DZZD KONSORTSIUM PATNO PODDARZHANE INTERPROM EOOD BURGAS 2014 BILDING PERFEKT EOOD 4M ENERGY OOD KONSORTSIUM AKZ KKS5 2016 DZZD ROKS TREYD EOOD DZZD KONSORTSIUM BILDNIKS - BSK DOUBLE A ENGINEERING EOOD HIDROSTOP - PV OOD KONSORTSIUM PLOVDIVTSI DZZD DAR - 55 EOOD POMA GROUP BOURGAS EOOD MONTAGI VARNA AD ELIT KAR STROI EOOD STRABAG EAD EGOLI EOOD GVL 63 BUILDING EOOD VIADUKT AB BINKOS OOD DROMOS CONSTRUCTION BG EOOD ROKFOL OOD AYA 2017 OOD VIA SECURITY EOOD SIG SOLAR EUROPE OOD AYVAZOV EOOD PATSTROYMONTAG EOOD DZZD DINATSTROY-VODSTROY 98 KUBAR STROY EOOD DELIA 09 EOOD DZZD GEOMETRO B.P. 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KT ELEKTRIK EOOD PROMISHLENI MONTAZHI EOOD DRUZHESTVO PO ZZD SOFTA DZZD DVG INNOVATE EOOD NFRASTRUKTURNI PROEKTI SZ EOOD GTI 2008 EOOD TRANSSTROY - VARNA AD ISS INVEST EOOD OBEDINENIE GRAZHDANSKO DRUZHESTVO EIK VIKS GROUP OOD NEVE TOURS EOOD KONSORTSIUM STROITELSTVO SLIVEN - SPORTEN DRAGALEVTSI DZZD KOMPLEKS ASENOVETS KERAM ENGINEERING AD EVROPRESTIZH KONSTRAKSHANS OOD AKVA STROY INZHENERING 77 EOOD ELECTROMONTAJI VARNA OOD VI KEY INZHENERING EOOD CHERNOMORSKA GAZOVA KOMPANIA EOOD TSM - 3 OOD IVKOM 63 EOOD TRI MSV EOOD ELINOR EOOD YUGOSTROI-66 EOOD EMISHA 97 EOOD SOLARITY BG OOD DZHI PI TRANS DZZD MULTI KORPOREYSHAN EOOD INGSTROYENGINEERING EOOD PARTNYORI MARITSA DZZD DZZD STILSTROY-VEYL PSVT DZZD ATALENA - 2 EOOD KONSORTSIUM TBS 2012 2016 DZZD DA NET LAN EOOD KRAMAR 2010 OOD GRADSKA SREDA PATSTROY GABROVO DZZD DZZD TSOPA I SIE SANI PUULS EOOD MIREL-BG EOOD INFRA RAILWAYS EOOD DZZD PATNO PODDARZHANE RUSE 2014 KOOPERATIVA MURATORI & CHEMENTISTI - STROITELNA KOMPANIA VALZAH EOOD CHI.EM.CHI. 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NIKOZ 74 EOOD BUL STROY INZHENERING AD PENON EOOD GLAVBOLGARSTROY INTERNATIONAL AD ELEN INVEST EOOD VIVACOM EOOD SMART - BG6 EOOD M STROY INZHENERING OOD BAZALT EOOD STROYMONTAGHGRUP OOD ARDASTROY EOOD AI BI SI - 09 EOOD EXPO TECH EOOD MARTI PROEKT EOOD PATISHTA 2016 1 ETAP DZZD STROY GROUP BG - 81 EOOD STROIKOMFORT EOOD DANI CONSTRUCTION EOOD DUPNITSA 2018 DZZD TRACE YAMBOL AD NEW TECHNOLOGIES OF BULGARIA AD 19 SeeNews Industry Report

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