!..5!,Þ2%0/24Þ #/.4%.43

Þ-%33!'%Þ4/Þ4(%Þ3(!2%(/,$%23Þ

ÞÞ"5,'!2)!Þ).Þ Þ %CONOMYÞ/VERVIEWÞÞ )NSURANCEÞ-ARKETÞ

ÞÞ!2-%%#Þ).Þ Þ !BOUTÞTHEÞ#OMPANYÞ -ARKETÞ0OSITIONÞ "USINESSÞ2ESULTSÞÞ +EYÞ&INANCIALÞ$ATAÞ /VERVIEWÞOFÞ!CTIVITIESÞ &UTUREÞ$EVELOPMENT

ÞÞ&).!.#)!,Þ34!4%-%.43Þ 3TATEMENTÞOFÞ&INANCIALÞ0OSITIONÞ 3TATEMENTÞOFÞ#OMPREHENSIVEÞ)NCOMEÞ 3TATEMENTÞOFÞ#HANGESÞINÞ%QUITYÞ 3TATEMENTÞOFÞ#ASHÞ&LOWS

ÞÞ).$%0%.$%.4Þ!5$)4/2³3Þ2%0/24

ÞÞ$)342)"54)/.Þ!.$Þ"2!.#(Þ.%47/2+Þ

!..5!,Þ2%0/24Þ   !..5!,Þ2%0/24Þ -%33!'%Þ4/Þ4(%Þ3(!2%(/,$%23

$EARÞ3HAREHOLDERS Þ

4HEÞYEARÞÞWASÞAÞMILESTONEÞINÞTHEÞDEVELOPMENTÞOFÞTHEÞCOMPANYÞ ÞTHEÞTHÞANNIVERSARYÞOFÞITSÞFOUNDATIONÞ!LTHOUGHÞTHISÞ PERIODÞISÞNOTÞSOÞLONG ÞITÞWASÞSUFFICIENTÞTOÞESTABLISHÞ!RMEECÞ*SCÞASÞAÞMODERNÞCOMPANYÞWHICHÞSETSÞHIGHÞSTANDARDSÞINÞTHEÞ "ULGARIANÞINSURANCEÞMARKETÞ4HEÞBRANDÞ°!RMEEC±ÞBECAMEÞAÞBENCHMARKÞINÞINSURANCE ÞANDÞTHISÞISÞAMONGÞTHEÞMOSTÞVALUABLEÞ COMPETITIVEÞADVANTAGESÞOFÞTHEÞCOMPANYÞANDÞALSOÞAÞHUGEÞRESPONSIBILITYÞÞ

2UMENÞ'EORGIEV 4SVETANKAÞ+RUMOVA #HAIRMANÞOFÞTHEÞ-ANAGEMENTÞ"OARD -EMBERÞOFÞTHEÞ-ANAGEMENTÞ"OARD ANDÞ%XECUTIVEÞ$IRECTOR Þ ANDÞ%XECUTIVEÞ$IRECTOR

Þ WASÞ ALSOÞ REMARKABLEÞ FORÞ THEÞ CONSOLIDATIONÞ OFÞ THEÞ COMPANY³SÞ LEADINGÞ POSITIONÞ 4HEÞ UPWARDÞ TRENDÞ INÞ THEÞ DEVELOPMENTÞ OFÞ !RMEECÞ *SCÞ CULMINATEDÞ INÞ REACHINGÞ THEÞ SECONDÞ PLACEÞ ONÞ THEÞ "ULGARIANÞ INSURANCEÞÞ MARKETÞ)NÞFIGURES ÞTHISÞMEANSÞAÞPREMIUMÞINCOMEÞOFÞABOUTÞ"'.ÞÞMILLION ÞANÞINCREASEÞOFÞOVERÞÞCOMPAREDÞTOÞTHEÞÞ PREVIOUSÞYEARÞANDÞAÞMARKETÞSHAREÞOFÞÞ4HESEÞPARAMETERSÞDEFINEÞTHEÞNEWÞIMAGEÞOFÞ!RMEECÞ ÞAFTERÞÞYEARSÞOFÞÞ PRESENCEÞINÞTHEÞINSURANCEÞMARKET ÞTHEÞCOMPANYÞISÞALREADYÞANÞESTABLISHEDÞBRANDÞANDÞONEÞOFÞTHEÞLARGESTÞNON BANKINGÞÞ FINANCIALÞ INSTITUTIONSÞ INÞ "ULGARIAÞ &ORÞ NINEÞ CONSECUTIVEÞ YEARSÞ THEÞ COMPANY³SÞ GROWTHÞ HASÞ BEENÞ OUTPACINGÞ THEÞ MARKETÞ GROWTH Þ WHICHÞ PROVESÞ THATÞ OURÞ SUCCESSÞ ISÞ NOTÞ JUSTÞ AÞ COINCIDENCE Þ BUTÞ THEÞ RESULTÞ OFÞ ANÞ EFFECTIVEÞ COMBINATIONÞ OFÞ FACTORS Þ INCLUDINGÞ AÞ CLEARÞ STRATEGYÞ FORÞ DEVELOPMENT Þ REALISTICÞ GOALSÞ ANDÞ AÞ TEAMÞ OFÞ HIGHLYÞ MOTIVATEDÞ EXPERTSÞ

3IMULTANEOUSLY ÞTHEÞINCREASEDÞPORTFOLIOÞANDÞTHEÞREGULATORYÞCHANGES ÞINTRODUCEDÞINÞ ÞSETÞBEFOREÞTHEÞCOMPANYÞNEWÞ CHALLENGESÞASSOCIATEDÞWITHÞENHANCEMENTÞOFÞTHEÞINSURANCEÞBUSINESSÞPROCESSES ÞIMPLEMENTATIONÞOFÞNEWÞTECHNOLOGICALÞ SOLUTIONSÞANDÞENSURINGÞTHEÞNECESSARYÞCAPACITYÞOFÞPROFESSIONALSÞTOÞPROVIDEÞQUALITY ÞFASTÞSERVICEÞANDÞEFFICIENCYÞATÞWORKÞ 4HESEÞWEREÞTHEÞAREASÞINÞWHICHÞTHEÞEFFORTSÞOFÞTHEÞMANAGEMENTÞWEREÞFOCUSEDÞDURINGÞTHEÞYEARÞ

!..5!,Þ2%0/24Þ  7EÞCONTINUEDÞOURÞWORKÞONÞTAILORINGÞPRODUCTSÞTOÞCUSTOMERÞREQUIREMENTSÞANDÞACHIEVINGÞBETTERÞACCESSIBILITYÞOFÞOURÞSERVICESÞ BYÞUSINGÞTHEÞBRANCHÞANDÞDISTRIBUTIONÞNETWORKÞANDÞTHEÞINTERNETÞTOOLSÞ4HEÞCOMPANY³SÞEFFORTSÞTOÞIMPROVEÞTHEÞFLEXIBILITYÞOFÞITSÞ PRODUCTÞPORTFOLIOÞFOUNDÞRECOGNITIONÞATÞTHEÞENDÞOFÞ ÞWHENÞ!RMEECÞ*SCÞWASÞNAMEDÞBESTÞINÞ'ENERALÞ)NSURANCEÞINÞAÞPOLLÞ ORGANIZEDÞBYÞTHEÞ"ULGARIANÞ!SSOCIATIONÞOFÞ)NSURANCEÞ"ROKERS Þ)NSURANCEBG ÞINÞPARTNERSHIPÞWITHÞTHEÞ"ULGARIANÞ!SSOCIATIONÞ OFÞ6ICTIMSÞINÞ2OADÞ!CCIDENTS

4HEÞFUTUREÞDEVELOPMENTÞOFÞ!RMEECÞ*SCÞISÞCLOSELYÞRELATEDÞTOÞTHEÞIMPROVEMENTÞOFÞTHEÞMACROECONOMICÞENVIRONMENT ÞTHEÞ REGULATORYÞCHANGESÞANDÞTHEÞINCREASEDÞCOMPETITIONÞ!SÞFARÞASÞTHEÞINSURANCEÞBUSINESSÞISÞCONCERNED ÞAÞLOTÞOFÞWORKÞHASÞTOÞBEÞ DONEÞTOÞMAINTAINÞOURÞSUSTAINABLEÞGROWTHÞINÞTHEÞFUTUREÞ4HEÞMARKETÞPOSITIONSÞOFÞ!RMEECÞAREÞAÞGREATÞSTARTINGÞPOINTÞFORÞTHEÞ TIMEÞWHENÞTHEÞECONOMYÞWILLÞRECOVERÞFROMÞRECESSIONÞ7EÞRELYÞONÞOURÞPARTNERSHIPÞWITHÞTHEÞCOMPANIESÞINÞ#HIMIMPORTÞ(OLDINGÞ TOÞACHIEVEÞSYNERGYÞINÞOURÞCOMMONÞGOALSÞANDÞPROJECTSÞ4HEÞEXPANSIONÞOFÞOURÞBUSINESSÞINÞFOREIGNÞMARKETSÞANDÞTHEÞLISTINGÞ ONÞTHEÞ"ULGARIANÞ3TOCKÞ%XCHANGEÞSEEMÞAÞFEASIBLEÞGOAL

)NÞTHEÞCOMPETITIVEÞMARKETÞENVIRONMENTÞTHEÞCOMPANY³SÞPHILOSOPHYÞISÞTOÞPLACEÞHIGHÞONÞTHEÞAGENDAÞCREATIVITYÞANDÞNEWÞIDEASÞ ASÞDRIVERSÞFORÞSUCCESSÞINÞTHEÞCOMINGÞYEARS

2UMENÞ'EORGIEV 4SVETANKAÞ+RUMOVA #HAIRMANÞOFÞTHEÞ-ANAGEMENTÞ"OARD -EMBERÞOFÞTHEÞ-ANAGEMENTÞ"OARD ANDÞ%XECUTIVEÞ$IRECTORÞÞÞÞÞÞÞÞÞÞÞÞÞÞÞÞÞÞÞÞÞÞÞÞÞÞÞÞÞÞÞÞÞÞÞÞÞÞÞÞÞÞÞÞÞÞÞÞÞÞÞ ANDÞ%XECUTIVEÞ$IRECTORÞÞÞÞÞÞÞÞÞÞÞÞÞÞÞÞÞÞÞÞÞÞÞÞÞÞÞÞÞÞÞÞÞÞÞÞÞÞÞÞÞÞÞÞÞÞÞÞÞÞÞÞÞÞÞÞÞÞÞÞÞÞÞÞÞÞÞÞÞÞÞÞÞÞÞÞÞÞÞÞÞÞÞÞÞÞÞÞÞÞÞ

 !..5!,Þ2%0/24Þ "5,'!2)!Þ).Þ

Þ%#/./-9Þ/6%26)%7Þ )NÞÞTHEÞECONOMICÞACTIVITYÞINÞTHEÞCOUNTRYÞWASÞSLOWLYÞRECOVERINGÞ4HEÞANNUALÞRATEÞOFÞGROWTHÞOFÞREALÞGROSSÞDOMESTICÞ PRODUCTÞ'$0 ÞACCELERATEDÞFROMÞÞINÞÞTOÞÞINÞÞ0OSITIVEÞREALÞGROWTHÞWASÞMAINLYÞDUEÞTOÞFOREIGNÞTRADEÞ BALANCEÞASÞAÞRESULTÞOFÞTHEÞACTIVITYÞOFÞEXPORT ORIENTEDÞSECTORSÞ'ROSSÞDOMESTICÞPRODUCTÞAMOUNTEDÞTOÞ"'.ÞÞÞMILLIONÞ ATÞCURRENTÞPRICES

4HEÞCURRENTÞACCOUNTÞBALANCEÞIMPROVEDÞFURTHERÞAÞSURPLUSÞOFÞ%52ÞÞMILLIONÞWASÞREPORTEDÞFORÞTHEÞPERIODÞ*ANUARYÞ ÞÞ $ECEMBER ÞWHICHÞAMOUNTEDÞTOÞÞOFÞ'$0

'ROSSÞVALUEÞADDEDÞINÞECONOMYÞROSEÞBYÞÞINÞREALÞTERMSÞ-AINÞCONTRIBUTIONÞFORÞTHISÞRESULTÞHADÞTHEÞINDUSTRY ÞWHEREÞTHEÞ GROWTHÞWASÞ

.ETÞ INFLOWÞ OFÞ DIRECTÞ INVESTMENTSÞ WASÞ POSITIVEÞ ANDÞ ATÞ THEÞ YEAR ENDÞ AMOUNTEDÞ TOÞ %52Þ Þ MILLION Þ REPORTINGÞ ANÞÞ INCREASEÞOFÞ%52ÞÞMILLIONÞDURINGÞTHEÞYEARÞ

)NÞÞTHEÞVOLUMEÞOFÞNETÞFOREIGNÞDIRECTÞINVESTMENTSÞ&$) ÞINÞTHEÞCOUNTRYÞWASÞ%52ÞÞMILLION ÞWHICHÞWASÞ%52ÞÞÞ MILLIONÞ MOREÞ THANÞ THEÞ PREVIOUSÞ YEARÞ 4HEÞ BREAKDOWNÞ BYÞ COUNTRYÞ SHOWSÞ THATÞ MOSTÞ &$)Þ INÞ Þ WEREÞ THOSEÞ OFÞ THEÞÞ .ETHERLANDSÞANDÞ!USTRIA

4HEÞGROSSÞEXTERNALÞDEBTÞCONTINUEDÞTOÞDECLINEÞ!TÞTHEÞENDÞOFÞÞITÞWASÞ%52ÞÞBILLION ÞACCOUNTINGÞFORÞÞOFÞ'$0Þ 4HEÞDECREASEÞOFÞÞONÞANÞANNUALÞBASISÞWASÞMAINLYÞDUEÞTOÞCONTRACTIONÞOFÞTHEÞEXTERNALÞDEBTÞOFÞTHEÞBANKINGÞSECTORÞBYÞ 

)NÞÞTHEÞNOMINALÞGROWTHÞRATEÞOFÞEXPORTSÞ ÞCONTINUEDÞTOÞOUTPACEÞTHATÞOFÞIMPORTSÞ ÞLEADINGÞTOÞSHRINKAGEÞOFÞ THEÞNEGATIVEÞTRADEÞBALANCE Þ &INALÞCONSUMPTIONÞEXPENDITUREÞOFÞHOUSEHOLDSÞDURINGÞTHEÞYEARÞFELLÞBYÞ ÞINÞREALÞTERMSÞDUEÞTOÞUNCERTAINTYÞINÞINCOMEÞANDÞ POSTPONINGÞEXPENSESÞTOÞFUTUREÞPERIODS Þ )NÞÞTHEÞEMPLOYMENTÞINÞ"ULGARIAÞCONTINUEDÞTOÞDECLINE ÞALBEITÞATÞAÞSLOWERÞPACEÞ4HEÞNUMBERÞOFÞEMPLOYEDÞDECREASEDÞBYÞ Þ4HISÞDIRECTLYÞAFFECTEDÞTHEÞUNEMPLOYMENTÞRATE ÞWHICHÞROSEÞFROMÞÞINÞÞTOÞÞPERCENTÞINÞÞ4HEÞINCOMEÞ OFÞEMPLOYEDÞINCREASEDÞBYÞ ÞPARTLYÞASÞAÞRESULTÞOFÞTHEÞREDUCTIONÞINÞEMPLOYMENT Þ ,ABOURÞPRODUCTIVITYÞCONTINUEDÞTOÞRISEÞANDÞFORÞTHEÞYEARÞINCREASEDÞONÞAVERAGEÞBYÞÞCOMPAREDÞTOÞANÞINCREASEÞOFÞÞ INÞ  Þ 3INCEÞEARLYÞ Þ INFLATIONÞSLOWEDÞDOWNÞ ANDÞATÞ THEÞENDÞ OFÞTHEÞ YEARÞITÞ AMOUNTEDÞTOÞ Þ ÞINÞTHEÞ PREVIOUSÞYEAR Þ !NNUALÞINFLATIONÞSTOODÞATÞÞÞINÞ 

3OURCEÞ"." Þ&3#

!..5!,Þ2%0/24Þ  Þ).352!.#%Þ-!2+%4 )NÞ Þ AÞ NUMBERÞ OFÞ UNFAVORABLEÞ FACTORSÞ SUCHÞ ASÞ THEÞ ONGOINGÞ DEBTÞ CRISISÞ INÞ THEÞ EUROÞ AREA Þ THEÞ NATURALÞ DISASTERSÞÞ DURINGÞTHEÞYEARÞEGÞTHEÞEARTHQUAKEÞINÞ*APAN ÞTHEÞPOLITICALÞTURMOILÞINÞTHEÞ-IDDLEÞ%ASTÞANDÞTHEÞTENSEÞECONOMICÞSITUATIONÞINÞ 'REECEÞIMPACTEDÞNEGATIVELYÞONÞTHEÞSITUATIONÞINÞ"ULGARIA

!DVERSEÞINTERNATIONALÞECONOMICÞENVIRONMENTÞSIGNIFICANTLYÞREDUCEDÞTHEÞEXPECTATIONSÞFORÞIMPROVEMENTÞOFÞTHEÞ"ULGARIANÞ ECONOMYÞANDÞINÞPARTICULARÞTHEÞSITUATIONÞONÞTHEÞINSURANCEÞMARKETÞ4HEÞSLOWÞRECOVERYÞOFÞECONOMICÞACTIVITYÞINÞTHEÞCOUNTRY Þ THEÞCONTINUINGÞDECLINEÞINÞEMPLOYMENTÞANDÞUNCERTAINÞFINANCIALÞSITUATIONÞOFÞFIRMSÞANDÞHOUSEHOLDSÞWEREÞCRUCIALÞTOÞTHEÞWEAKÞ DOMESTICÞDEMANDÞANDÞREDUCEDÞCONSUMPTIONÞ!LBEITÞATÞAÞSLOWERÞPACE ÞTHEÞDECLINEÞINÞSALESÞOFÞNEWÞANDÞLEASEDÞCARSÞALSOÞ CONTINUED

,OWERÞ BUSINESSÞ ACTIVITYÞ ANDÞ CAUTIOUSÞ LENDINGÞ BYÞ BANKSÞ ALSOÞ NEGATIVELYÞ INFLUENCEDÞ THEÞ SECTORÞ /VERALL Þ THEÞ TRENDÞ OFÞÞ REDUCEDÞDEMANDÞFORÞINSURANCEÞPRODUCTSÞWASÞMAINTAINED ÞWHICHÞAFFECTEDÞTHEÞANNUALÞRESULTSÞOFÞTHEÞINSURANCEÞMARKET

4HEÞDOWNWARDÞTRENDÞINÞGROSSÞPREMIUMÞINCOMEÞCONTINUEDÞINÞ ÞALTHOUGHÞAÞSLOWDOWNÞWASÞREGISTEREDÞINÞCOMPARISONÞWITHÞ Þ!CCORDINGÞTOÞTHEÞ&INANCIALÞ3UPERVISIONÞ#OMMISSIONÞDURINGÞTHEÞYEARÞGROSSÞPREMIUMSÞEARNEDÞFROMÞGENERALÞINSURANCEÞ INÞ"ULGARIAÞAMOUNTEDÞTOÞ"'.ÞÞÞMILLION ÞREPRESENTINGÞAÞDECREASEÞOFÞÞONÞAÞYEAR OVER YEARÞBASIS ÞCOMPAREDÞTOÞ PREMIUMSÞOFÞ"'.ÞÞÞMILLIONÞANDÞAÞFALLÞOFÞÞINÞTHEÞPREVIOUSÞYEARÞ

4HEÞINSURANCEÞPENETRATIONÞINÞGENERALÞINSURANCEÞWASÞCALCULATEDÞTOÞÞCOMPAREDÞWITHÞÞINÞÞANDÞTHEÞINSURANCEÞ DENSITYÞWASÞ"'.ÞÞPERÞCAPITAÞINÞCOMPARISONÞWITHÞ"'.ÞÞPERÞCAPITAÞINÞ

02%-)5-Þ).#/-%Þ/&Þ4(%Þ./. ,)&%Þ).352!.#%Þ-!2+%4Þ&/2Þ4(%Þ0%2)/$Þ Þ"'.Þ²

ÞÞ ÞÞ ÞÞ

ÞÞ ÞÞ ÞÞ ÞÞ ÞÞ

ÞÞ ÞÞ

ÞÞ

Þ ÞÞ ÞÞ

ÞÞ Þ ÞÞ ÞÞ

Þ

Þ

 Þ Þ Þ

Þ     

 !..5!,Þ2%0/24Þ -OTORÞ INSURANCEÞ TRADITIONALLYÞ DOMINATEDÞ THEÞ NON LIFEÞ INSURANCEÞ MARKETÞ INÞ Þ 4HEÞ BIGGESTÞ SHAREÞ BELONGEDÞ TOÞ THEÞÞ -OTORÞ40,ÞANDÞ-OTORÞ#ASKOÞPOLICIES ÞWHICHÞGENERATEDÞRESPECTIVELYÞÞANDÞÞOFÞPREMIUMSÞ4HEÞREPORTEDÞPREMIUMÞ INCOMEÞFROMÞ-OTORÞ40,ÞAMOUNTEDÞTOÞ"'.ÞÞMILLIONÞ4HEÞHIGHERÞPREMIUMÞINCOMEÞFROMÞ-OTORÞ40,ÞINSURANCEÞWASÞDUEÞ TOÞTHEÞINCREASEÞINÞTHEÞAVERAGEÞANNUALÞPREMIUMÞUNDERÞONE YEARÞCONTRACTSÞFROMÞ"'.ÞÞINÞÞTOÞ"'.ÞÞINÞÞÞ 4HEÞ-OTORÞ#ASKOÞINSURANCEÞREPORTEDÞAÞPREMIUMÞINCOMEÞOFÞ"'.ÞÞMILLIONÞANDÞDECLINEÞATÞAÞSLOWERÞPACE ÞWHICHÞWASÞÞ ONÞANÞANNUALÞBASISÞCOMPAREDÞTOÞÞINÞ

0ROPERTYÞINSURANCEÞCOMPRISEDÞÞOFÞTHEÞPREMIUMÞINCOMEÞINÞNON LIFEÞINSURANCEÞ)NÞÞPREMIUMSÞFROMÞTHISÞBUSINESSÞ AMOUNTEDÞTOÞ"'.ÞÞMILLION ÞDOWNÞÞCOMPAREDÞTOÞAÞDECREASEÞOFÞÞINÞÞ

"2%!+$/7.Þ/&Þ02%-)5-Þ).#/-%Þ"9Þ,).%Þ/&Þ"53).%33Þ).Þ

#ARGOÞ Þ

&INANCIALÞ2ISKSÞ Þ -ARINEÞ Þ

_VIATIONÞ Þ

,IABILITIESÞ Þ -OTORÞ40,Þ Þ 0ERSONALÞ!CCIDENTÞ Þ

0ROPERTYÞ Þ

-OTORÞ#ASKOÞ Þ

#LAIMSÞMADEÞUNDERÞGENERALÞINSURANCEÞWENTÞDOWNÞBYÞÞONÞANÞANNUALÞBASISÞANDÞAMOUNTEDÞTOÞ"'.ÞÞÞTHOUSANDÞ 4HEÞAMOUNTÞOFÞINDEMNITIESÞPAIDÞINÞÞALSOÞREGISTEREDÞAÞDECLINEÞOFÞÞTOÞ"'.ÞÞMILLIONÞ4HEÞINDEMNITIESÞPAIDÞÞ UNDERÞMOTORÞINSURANCEÞÞ-OTORÞ40,ÞANDÞ-OTORÞ#ASKOÞ ÞCOMPRISEDÞTHEÞLARGESTÞSHAREÞ Þ ÞFOLLOWEDÞBYÞPROPERTYÞINSURANCE Þ WHICHÞACCOUNTEDÞFORÞÞOFÞTHEÞPAIDÞINDEMNITIES

!..5!,Þ2%0/24Þ   !..5!,Þ2%0/24Þ !2-%%#Þ).Þ

Þ!"/54Þ4(%Þ#/-0!.9 "2)%&Þ()34/29

4HEÞJOINT STOCKÞINSURANCEÞCOMPANYÞ!RMEECÞWASÞESTABLISHEDÞONÞ!PRILÞ Þ

0URSUANTÞTOÞ,ICENCEÞ.OÞ ÞISSUEDÞONÞTHÞ*UNEÞÞBYÞTHEÞ.ATIONALÞ)NSURANCEÞ#OUNCILÞATÞTHEÞ#OUNCILÞOFÞ-INISTERSÞOFÞTHEÞ 2EPUBLICÞOFÞ"ULGARIA Þ!RMEECÞ*SCÞWASÞGRANTEDÞTHEÞRIGHTÞTOÞOPERATEÞINÞTHEÞFIELDÞOFÞGENERALÞINSURANCEÞ)NÞÞTHEÞCOMPANYÞ WASÞLICENSEDÞBYÞTHEÞ&INANCIALÞ3UPERVISIONÞ#OMMISSIONÞTOÞPERFORMÞREINSURANCEÞBUSINESS

)NÞ*ULYÞÞ!RMEECÞ*SCÞBECAMEÞAÞPARTÞOFÞ#HIMIMPORTÞ(OLDING ÞWHICHÞACQUIREDÞÞOFÞTHEÞCOMPANYÞCAPITALÞ!SÞOFÞ Þ#HIMIMPORTÞHELDÞDIRECTLYÞORÞTHROUGHÞRELATEDÞPARTIESÞÞOFÞTHEÞCOMPANYÞCAPITAL

3(!2%(/,$%23

!SÞATÞÞ$ECEMBERÞÞTHEÞPAID UPÞCAPITALÞOFÞ!RMEECÞ*SCÞWASÞ"'.ÞÞÞTHOUSANDÞ4HEÞMAJORÞSHAREHOLDERSÞOFÞTHEÞ COMPANYÞARE ÞASÞFOLLOWS

#/-0!.9 .5-"%2Þ/&Þ3(!2%3Þ Þ

##"Þ'ROUPÞ,TD Þ Þ

.IKOÞ#OMMERCE ÞÞÞÞ ÞÞÞ

#HIMIMPORTÞ)NVESTÞ*SC ÞÞÞÞ ÞÞÞ

#HIMIMPORTÞ!$Þ ÞÞÞÞ ÞÞÞ

ANDÞOTHERÞMINORITYÞSHAREHOLDERS

-!.!'%-%.4 !RMEECÞ*SCÞHASÞAÞTWO TIERÞMANAGEMENTÞSYSTEMÞCONSISTINGÞOFÞ3UPERVISORYÞ"OARDÞANDÞ-ANAGEMENTÞ"OARD

350%26)3/29Þ"/!2$

#HAIRMANÞ #HIMIMPORTÞ!$ ÞREPRESENTEDÞBYÞ.IKOLAÞ-ISHEV

-EMBERSÞ 0ROFÞ.ANSENÞ!LFREDÞ"EHAR #ENTRALÞ#OOPERATIVEÞ"ANKÞ0LC ÞREPRESENTEDÞBYÞ'EORGIÞ+ONSTANTINOV )VAYLOÞ$ONCHEV Þ3AVAÞ3TOINOVÞANDÞ4IHOMIRÞ!TANASOV

-!.!'%-%.4Þ"/!2$

#HAIRMAN 2UMENÞ'EORGIEV

-EMBERS 6ALENTINÞ$IMOV Þ!LEXANDERÞ+EREZOV Þ4SVETANKAÞ+RUMOVA

4HEÞCOMPANYÞISÞREPRESENTEDÞBYÞTHEÞ%XECUTIVEÞ$IRECTORSÞ2UMENÞ'EORGIEVÞANDÞ4SVETANKAÞ+RUMOVA

!..5!,Þ2%0/24Þ  ).352!.#%Þ"53).%33

!RMEECÞ*SCÞISÞLICENSEDÞTOÞPERFORMÞINSURANCEÞACTIVITIESÞONÞTHEÞTERRITORYÞOFÞ"ULGARIAÞANDÞTHEÞ%UROPEANÞ5NIONÞ)TÞISÞAÞNON LIFEÞ INSURANCEÞCOMPANY ÞWHICHÞISÞLICENSEDÞTOÞPERFORMÞINSURANCEÞACTIVITIESÞINÞALLÞLINESÞOFÞGENERALÞINSURANCEÞ ÞMOTOR ÞPROPERTY Þ AVIATION ÞMARINE ÞCONSTRUCTION ÞCROPÞANDÞLIVESTOCK ÞTOURISTÞANDÞPERSONALÞINSURANCES ÞINSURANCEÞOFÞLIABILITIES ÞFINANCIALÞANDÞ COMMERCIALÞRISKSÞINSURANCE

2%).352!.#%Þ02/'2!-

4HEÞ COMPANYÞ REINSURESÞ SOMEÞ OFÞ THEÞ RISKSÞ INÞ ORDERÞ TOÞ CONTROLÞ ITSÞ EXPOSUREÞ TOÞ LOSSESÞ ANDÞ PROTECTÞ ITSÞ CAPITALÞ RESOURCESÞÞ 4RADITIONALLYÞ !RMEECÞ *SCÞ PLACESÞ ITSÞ REINSURANCEÞ PROGRAMÞ WITHÞ LARGEÞ INTERNATIONALÞ REINSURANCEÞ BROKERSÞ SUCHÞÞ ASÞ!ON "ENFIELD Þ7ILLISÞANDÞOTHERS ÞBASEDÞINÞ,ONDON Þ5+ Þ !RMEECÞ*SCÞHASÞESTABLISHEDÞBUSINESSÞRELATIONSÞWITHÞREINSURANCEÞCOMPANIESÞOFÞTHEÞHIGHESTÞCLASS ÞNAMELYÞ-ITSUIÞ3UMITOMOÞ 2EINSURANCEÞ,TD Þ*APANÞ(ANNOVERÞ2E Þ'ERMANYÞ3WISSÞ2E Þ0ARTNERÞ2EÞETC

-%-"%23()0Þ!.$Þ#2%$)4Þ2!4).'

!RMEECÞ *SCÞ ISÞ AÞ MEMBERÞ OFÞ AÞ NUMBERÞ OFÞ "ULGARIANÞ ANDÞ INTERNATIONALÞ ORGANIZATIONS Þ SUCHÞ ASÞ THEÞ !SSOCIATIONÞ OFÞÞ "ULGARIANÞ)NSURERS ÞTHEÞ.ATIONALÞÞ"UREAUÞOFÞ"ULGARIANÞ-OTORÞ)NSURERS ÞTHEÞ"ULGARIANÞ#HAMBERÞOFÞ#OMMERCEÞANDÞ)NDUSTRY ÞTHEÞ3OFIAÞ #HAMBERÞOFÞ#OMMERCEÞANDÞ)NDUSTRY ÞTHEÞ"ULGARIAN 2USSIANÞ#HAMBERÞOFÞ#OMMERCEÞANDÞ)NDUSTRY ÞTHEÞ"ULGARIANÞ.ATIONALÞ )NSURANCEÞ.UCLEARÞ0OOL

)NÞ!UGUSTÞÞTHEÞ"ULGARIANÞ#REDITÞ2ATINGÞ!GENCYÞ"#2! ÞCONFIRMEDÞTHEÞLONG TERMÞRATINGÞOFÞ!RMEECÞ*SCÞFORÞITSÞCAPABILITYÞ TOÞPAYÞCLAIMSÞI"""ÞSTABLEÞPERSPECTIVE ÞSHORT TERMÞRATINGÞIA 

34!&&Þ!.$Þ"2!.#(Þ.%47/2+

4HEÞCOMPANYÞOPERATESÞTHROUGHÞÞAGENCIESÞANDÞÞREPRESENTATIVEÞOFFICESÞTHROUGHOUTÞTHEÞCOUNTRYÞ4HEÞDISTRIBUTIONÞOFÞTHEÞ INSURANCEÞPRODUCTSÞISÞALSOÞCARRIEDÞOUTÞBYÞMOREÞTHANÞÞINSURANCEÞBROKERSÞANDÞÞINSURANCEÞAGENTS

!SÞATÞÞ$ECEMBERÞÞTHEÞNUMBERÞOFÞEMPLOYEESÞTOTALLEDÞÞ4HEÞANALYSISÞOFÞTHEÞAGEÞINDEXÞSHOWSÞTHATÞTHEÞMAJORITYÞÞ OFÞEMPLOYEESÞAREÞAGEDÞUPÞTOÞÞYEARSÞ Þ ÞANDÞTHEÞUNIVERSITYÞGRADUATESÞCOMPRISEÞTHEÞLARGESTÞNUMBERÞOFÞALLÞ®Þ

$)342)"54)/.Þ/&Þ0%23/..%,Þ"9Þ0/3)4)/.3Þ 

4OTALÞNUMBER OFÞEMPLOYEES

      

)NSURERS

(EADÞOFFICE STAFFÞEXPERTS ANDÞDIRECTORS

!DMINISTRATIVE PERSONNEL

      

    

 !..5!,Þ2%0/24Þ Þ-!2+%4Þ0/3)4)/. !SÞOFÞÞ$ECEMBERÞÞTHEÞMARKETÞSHAREÞOFÞ!RMEECÞ*SCÞWASÞÞAGAINSTÞÞATÞTHEÞENDÞOFÞÞ4HEÞCOMPANYÞ RANKEDÞSECONDÞINÞTHEÞGENERALÞINSURANCEÞMARKET ÞREPORTINGÞAÞPREMIUMÞINCOMEÞOFÞ"'.ÞÞMILLION ÞWHICHÞISÞDUEÞTOÞ ACHIEVEDÞGOODÞRESULTSÞINÞMOSTÞTYPESÞOFÞBUSINESS ÞESPECIALLYÞINÞMOTOR ÞAVIATIONÞANDÞPERSONALÞACCIDENTÞINSURANCE

#/-0!.9Þ 02%-)5-Þ).#/-%ÞÞ"'.Þ² Þ$:)Þ'ENERALÞ)NSURANCEÞ*SC Þ Þ!RMEECÞ)NSURANCEÞ*SC Þ Þ"ULSTRADÞ6IENNAÞ)NSURANCEÞ'ROUP Þ Þ,EVÞ)NSÞ!$ Þ Þ:!$Þ!LLIANZÞ"ULGARIA Þ Þ"ULÞ)NSÞ!$ Þ Þ5NIQAÞ!$Þ ÞÞ Þ%UROINSÞ!$ ÞÞ Þ:!$Þ%NERGIAÞ ÞÞ Þ:!$Þ6ICTORIAÞ ÞÞ Þ'ENERALIÞ)NSURANCEÞ!$Þ ÞÞ Þ)NTERAMERICANÞ"ULGARIAÞ:%!$Þ ÞÞ Þ-UNICIPALÞ)NSURANCEÞ#OMPANYÞ!$Þ ÞÞ Þ"ULGARSKIÞIMOTIÞ!$Þ ÞÞ Þ($)Þ)NSURANCEÞ!$Þ ÞÞ Þ"ULGARIANÞ%XPORTÞ)NSURANCEÞ!GENCYÞ ÞÞÞ Þ'ROUPAMAÞ)NSURANCEÞ%!$Þ ÞÞÞ Þ5""Þ Þ#HARTISÞ ÞÞÞ Þ'RAWEÞ"ULGARIAÞ'ENERALÞ)NSURANCEÞ  4/4!, ÞÞÞÞÞÞÞÞÞÞÞ

!..5!,Þ2%0/24Þ  )NÞÞ!RMEECÞ*SCÞWASÞTHEÞMOSTÞSUCCESSFULÞMOTORÞINSURERÞINÞ"ULGARIAÞ4HEÞCOMPANYÞRANKEDÞFIRSTÞINÞ-OTORÞ#ASKOÞWITHÞ PREMIUMSÞOFÞABOUTÞ"'.ÞÞMILLIONÞANDÞAÞMARKETÞSHAREÞOFÞ

4HEÞOTHERÞCARÞINSURANCEÞ-OTORÞ40,ÞREGISTEREDÞAÞSTEADYÞGROWTHÞOFÞÞCOMPAREDÞWITHÞÞ4HEÞCOMPANYÞREPORTEDÞAÞ PREMIUMÞINCOMEÞOFÞNEARLYÞ"'.ÞÞMILLIONÞANDÞAÞMARKETÞSHAREÞOFÞÞANDÞRANKEDÞFOURTHÞINÞTHEÞMARKETÞFORÞTHISÞLINEÞOFÞ BUSINESS

)NÞÞ!RMEECÞ*SCÞWASÞTHEÞLEADERÞINÞAVIATIONÞINSURANCEÞWITHÞAÞMARKETÞSHAREÞOFÞOVERÞÞANDÞAÞPREMIUMÞINCOMEÞOFÞ"'.Þ ÞMILLION ÞANÞINCREASEÞOFÞÞOVERÞTHEÞPREVIOUSÞYEAR

)NÞ 0ERSONALÞ !CCIDENTÞ ANDÞ 4RAVELÞ !SSISTANCEÞ INSURANCEÞ !RMEECÞ *SCÞ TOOKÞ THEÞ FIRSTÞ PLACEÞ ONÞ THEÞ MARKETÞ WITHÞ AÞ TOTALÞ PREMIUMÞINCOMEÞFROMÞBOTHÞINSURANCESÞAMOUNTINGÞTOÞNEARLYÞ"'.ÞÞMILLIONÞANDÞAÞMARKETÞSHAREÞOFÞ

-!2+%4Þ3(!2%Þ/&Þ!2-%%#Þ*3#Þ"9Þ,).%Þ/&Þ"53).%33Þ!3Þ/&ÞÞ$%#%-"%2Þ

     

0ERSONALÞ!CCIDENT -OTORÞ#ASKO !VIATION

     

#ARGO 0ROPERTY -OTORÞ40,

     

,IABILITY &INANCIALÞ2ISKS 4RAVELÞ!SSISTANCE

 !..5!,Þ2%0/24Þ Þ"53).%33Þ2%35,43 .OTWITHSTANDINGÞTHEÞCONTINUOUSÞTRENDÞOFÞAÞSHRINKINGÞINSURANCEÞMARKETÞINÞ"ULGARIAÞTHEÞYEARÞÞWASÞAÞSUCCESSFULÞONEÞ FORÞ!RMEECÞ*SCÞ4HEÞCOMPANYÞGENERATEDÞAÞPREMIUMÞINCOMEÞOFÞ"'.ÞÞMILLION ÞANÞINCREASEÞOFÞÞOVERÞTHEÞPREVIOUSÞ YEARÞ&ORÞNINTHÞCONSECUTIVEÞYEARÞTHEÞPREMIUMÞINCOMEÞOFÞ!RMEECÞ*SCÞREPORTEDÞAÞGROWTHÞ

'2/74(Þ/&Þ02%-)5-Þ).#/-%Þ/&Þ./. ,)&%Þ).352!.#%Þ-!2+%4Þ!.$Þ!2-%%#Þ*3#Þ 

_RMEEC 

 -ARKET   



           

     

!RMEECÞ*SCÞADDEDÞ"'.ÞÞMILLIONÞTOÞTHEÞREPORTEDÞPREMIUMÞINCOMEÞFORÞÞANDÞTHISÞRESULTÞDROVEÞTHEÞCOMPANYÞTOÞ SECONDÞPLACEÞINÞTHEÞRANKINGÞOFÞTHEÞNON LIFEÞINSURANCEÞCOMPANIES

!..5!,Þ2%0/24Þ  02%-)5-Þ).#/-%Þ/&Þ!2-%%#Þ*3#Þ&/2Þ4(%Þ0%2)/$Þ Þ"'.Þ²

Þ

Þ Þ Þ Þ Þ Þ Þ Þ Þ Þ Þ

Þ Þ Þ Þ Þ Þ Þ Þ Þ Þ Þ Þ

     

)NÞÞTHEÞMOTORÞINSURANCEÞDOMINATEDÞTHEÞPORTFOLIOÞOFÞ!RMEECÞ*SCÞ!TÞTHEÞYEAR ENDÞ-OTORÞ#ASKOÞHADÞAÞRELATIVEÞSHAREÞOFÞ OVERÞ ÞANDÞ-OTORÞ40,ÞINSURANCEÞ ÞNEARLYÞÞ0ROPERTYÞANDÞAVIATIONÞINSURANCEÞRESPECTIVELYÞACCOUNTEDÞFORÞÞANDÞ ÞANDÞTHEÞJOINTÞSHAREÞOFÞ0ERSONALÞ!CCIDENTÞANDÞ4RAVELÞ!SSISTANCEÞWASÞÞ

02%-)5-Þ).#/-%Þ&2/-Þ#!3+/Þ).352!.#%Þ "'.Þ-),,)/.

_RMEEC  -ARKET





    

Þ 



     

4HEÞCOMPANYÞWASÞTHEÞMOSTÞPREFERREDÞMOTORÞINSURERÞDURINGÞTHEÞYEARÞANDÞRANKEDÞFIRSTÞINÞ-OTORÞ#ASKOÞINSURANCEÞWITHÞAÞ PREMIUMÞINCOMEÞOFÞNEARLYÞ"'.ÞÞMILLIONÞANDÞAÞMARKETÞSHAREÞOFÞ

02%-)5-Þ).#/-%Þ&2/-Þ-/4/2Þ40,Þ"'.Þ-),,)/.

_RMEEC  -ARKET





    Þ  Þ 

     

4HEÞOTHERÞMOTORÞLINEÞ®Þ-OTORÞ40,ÞREGISTEREDÞAÞSTEADYÞGROWTHÞOFÞÞOVERÞTHEÞPREVIOUSÞYEARÞ7ITHÞAÞPREMIUMÞINCOMEÞOFÞ AROUNDÞ"'.ÞÞMILLIONÞFORÞÞTHEÞCOMPANYÞWASÞFOURTHÞINÞTHEÞMARKETÞFORÞTHISÞINSURANCE

 !..5!,Þ2%0/24Þ )NÞÞ!RMEECÞ*SCÞWASÞAGAINÞTHEÞLEADERÞINÞAVIATIONÞINSURANCEÞ4HEÞCOMPANYÞRANKEDÞFIRSTÞWITHÞMARKETÞSHAREÞOFÞOVERÞÞ ANDÞPREMIUMÞINCOMEÞOFÞ"'.ÞÞMILLION ÞUPÞÞCOMPAREDÞWITHÞTHEÞPREVIOUSÞYEAR

02%-)5-Þ).#/-%Þ&2/-Þ!6)!4)/.Þ).352!.#%Þ 02%-)5-Þ).#/-%Þ&2/-Þ02/0%249Þ).352!.#%Þ "'.Þ-),,)/. "'.Þ-),,)/.  _RMEEC  _RMEEC -ARKET  -ARKET  

 

            Þ Þ  

           

4HEÞPROPERTYÞINSURANCEÞMAINTAINEDÞITSÞSHAREÞINÞTHEÞCOMPANYÞPORTFOLIOÞ)NÞÞTHEÞPREMIUMÞINCOMEÞFROMÞTHISÞBUSINESSÞ AMOUNTEDÞTOÞ"'.ÞÞMILLION

02%-)5-Þ).#/-%Þ&2/-Þ0%23/.!,Þ!##)$%.4Þ).352!.#%Þ 02%-)5-Þ).#/-%Þ&2/-Þ42!6%,Þ!33)34!.#%Þ "'.Þ-),,)/. "'.Þ-),,)/. _RMEEC _RMEEC -ARKET  -ARKET                                        

)NÞÞTHEÞ0ERSONALÞ!CCIDENTÞANDÞ4RAVELÞ!SSISTANCEÞLINESÞREACHEDÞAÞTOTALÞGROWTHÞOFÞOVERÞÞ4HEÞCOMPANYÞTOOKÞTHEÞFIRSTÞ PLACEÞINÞTHEÞMARKETÞWITHÞINSURANCEÞPREMIUMSÞFROMÞBOTHÞLINESÞAMOUNTINGÞTOÞNEARLYÞ"'.ÞÞMILLIONÞANDÞAÞMARKETÞSHAREÞOFÞ 

02%-)5-Þ).#/-%Þ&2/-Þ#!2'/Þ).352!.#% 02%-)5-Þ).#/-%Þ&2/-Þ-!2).%Þ).352!.#%Þ Þ"'.Þ-),,)/. "'.Þ-),,)/. _RMEEC _RMEEC -ARKET -ARKET                                         

)NÞ THEÞ LASTÞ YEARÞ !RMEECÞ *SCÞ REPORTEDÞ RESPECTIVELYÞ AÞ GROWTHÞ OFÞ Þ INÞ #ARGOÞ INSURANCEÞ ANDÞ Þ INÞ -ARINEÞ INSURANCE Þ COMPAREDÞWITHÞ

!..5!,Þ2%0/24Þ  02%-)5-Þ).#/-%Þ/&Þ!2-%%#Þ*3#Þ"9Þ,).%Þ/&Þ"53).%33Þ 

ÞÞÞ!SÞOFÞÞ$ECEMBERÞ Þ!SÞOFÞÞ$ECEMBERÞ #(/ 4IBSF  #(/ 4IBSF 

0ERSONALÞ!CCIDENT ÞÞ  ÞÞ 

-OTORÞ#ASKO ÞÞ  ÞÞ 

!VIATION ÞÞ  ÞÞ 

-ARINE Þ  Þ 

#ARGO Þ  Þ 

0ROPERTY ÞÞ  ÞÞ 

-OTORÞ40, ÞÞ  ÞÞ 

,IABILITIES ÞÞ  ÞÞ 

&INANCIALÞ2ISKS ÞÞ  ÞÞ 

4RAVELÞ!SSISTANCE ÞÞ  ÞÞ 

4OTAL ÞÞ  ÞÞ 

)NÞÞTHEÞCLAIMSÞPAIDÞBYÞ!RMEECÞ*SCÞINCREASEDÞBYÞÞOVERÞTHEÞPREVIOUSÞYEARÞ4HEÞCLAIMSÞPAIDÞUNDERÞ-OTORÞ#ASKOÞ COMPRISEDÞTHEÞLARGESTÞSHAREÞ Þ ÞANDÞTHOSEÞPAIDÞUNDERÞ-OTORÞ40,ÞACCOUNTEDÞFORÞABOUTÞÞ4HEÞNUMBERÞOFÞPAIDÞCLAIMSÞ DURINGÞTHEÞYEARÞDECREASEDÞBYÞ ÞDOWNÞÞONÞTHEÞPREVIOUSÞYEARÞ4HEÞAVERAGEÞPAIDÞCLAIMÞINÞÞAMOUNTEDÞTOÞ"'.Þ ÞAGAINSTÞ"'.ÞÞINÞ

/VERÞ THEÞ LASTÞ YEARÞ NOÞ GREATÞ NATURALÞ DISASTERSÞ ORÞ MAJORÞ ACCIDENTSÞ WEREÞ RECORDEDÞ TOÞ ACCUMULATEÞ GREATÞ CLAIMSÞ FORÞ THEÞ COMPANYÞ4HEÞRISKÞDEVELOPMENTÞINÞMOSTÞLINESÞOFÞBUSINESSÞWASÞWITHINÞTHEÞEXPECTEDÞLIMITS

#,!)-3Þ0!)$Þ"9Þ!2-%%#Þ*3#Þ"9Þ,).%Þ/&Þ"53).%33Þ 

ÞÞÞ!SÞOFÞÞ$ECEMBERÞ Þ!SÞOFÞÞ$ECEMBERÞ #(/ 4IBSF  #(/ 4IBSF 

0ERSONALÞ!CCIDENT Þ  ÞÞ 

-OTORÞ#ASKO ÞÞ  ÞÞ 

!VIATION ÞÞ  Þ 

-ARINE Þ  Þ 

#ARGO Þ  Þ 

0ROPERTY ÞÞ  ÞÞ 

-OTORÞ40, ÞÞ  ÞÞ 

,IABILITIES Þ  Þ 

&INANCIALÞ2ISKS ÞÞ  ÞÞ 

4RAVELÞ!SSISTANCE Þ  Þ 

4OTAL ÞÞ  ÞÞ 

 !..5!,Þ2%0/24Þ Þ+%9Þ&).!.#)!,Þ$!4! 4HEÞ OWNÞ FUNDSÞ OFÞ !RMEECÞ *SCÞ ASÞ ATÞ Þ $ECEMBERÞ Þ WEREÞ "'.Þ ÞÞ THOUSANDÞ ANDÞ THEÞ SOLVENCYÞ MARGINÞÞ PURSUANTÞ TOÞ !RTÞ Þ OFÞ THEÞ /RDINANCEÞ ONÞ THEÞ OWNÞ FUNDSÞ ANDÞ SOLVENCYÞ MARGINÞ OFÞ INSURERSÞ ANDÞ HEALTHÞ INSURANCEÞÞ COMPANIES Þ WASÞ "'.Þ ÞÞ THOUSANDÞ 4HEÞ OWNÞ FUNDSÞ OFÞ THEÞ COMPANYÞ MEETÞ THEÞ STATUTORYÞ REQUIREMENTSÞ INÞÞ RESPECTÞ OFÞ THEÞ SOLVENCYÞ MARGINÞ 4HEÞ GUARANTEEÞ CAPITALÞ OFÞ !RMEECÞ *SCÞ AMOUNTEDÞ TOÞ "'.Þ ÞÞ THOUSANDÞ

4HEÞASSETSÞOFÞTHEÞCOMPANYÞGUARANTEEÞTHEÞCOMMITMENTSÞUNDERÞTHEÞINSURANCEÞCONTRACTSÞANDÞENSUREÞITSÞFINANCIALÞSTABILITYÞ TOGETHERÞWITHÞTHEÞREINSURANCEÞPROGRAMÞ4HEÞLONGÞTERMÞASSETSÞOFÞ!RMEECÞ*SCÞASÞOFÞÞ$ECEMBERÞÞAMOUNTEDÞTOÞ"'.Þ ÞÞTHOUSANDÞANDÞCOMPRISEDÞÞOFÞTHEÞCOMPANYÞASSETS

+%9Þ&).!.#)!,Þ).$)#!4/23Þ/&Þ!2-%%#Þ*3#

Þ  Þ Þ Þ 

'ROSSÞPREMIUMÞINCOMEÞTHOUSANDÞ"'. Þ Þ Þ Þ Þ

-ARKETÞSHAREÞ     

!NNUALÞGROWTHÞOFÞGROSSÞPREMIUMÞINCOMEÞ     

!NNUALÞGROWTHÞOFÞTHEÞNON LIFEÞINSURANCEÞMARKETÞ     

0ROFITÞÞLOSSÞTHOUSANDÞ"'.  Þ Þ Þ Þ

.ETÞPROFITÞÞNETÞLOSSÞTHOUSANDÞ"'.  Þ Þ Þ Þ

!SSETSÞTHOUSANDÞ"'. Þ Þ Þ Þ Þ

%QUITYÞTHOUSANDÞ"'. Þ Þ Þ Þ Þ Þ

3HAREÞCAPITALÞTHOUSANDÞ"'. Þ Þ Þ Þ Þ

.ETÞWRITTENÞPREMIUMSÞTHOUSANDÞ"'. Þ Þ Þ Þ Þ

4ECHNICALÞRESULTÞTHOUSANDÞ"'.   Þ Þ Þ

,OSSÞRATIOÞ Þ     

!..5!,Þ2%0/24Þ  )NÞTHEÞYEARÞÞTHEÞPROFITÞBEFOREÞTAXATIONÞAMOUNTEDÞTOÞ"'.ÞÞTHOUSANDÞANDÞTHEÞNETÞPROFITÞTOTALLEDÞ"'.ÞÞTHOUSAND 4HEÞPOSITIVEÞFINANCIALÞRESULTÞWASÞDUEÞTOÞTHEÞGOODÞDEVELOPMENTÞOFÞRISK

!33%43Þ/&Þ!2-%%#Þ*3#Þ&/2Þ4(%Þ0%2)/$ÞÞ®ÞÞ"'.Þ²

Þ

Þ Þ Þ Þ

Þ Þ

Þ Þ

Þ

     

 !..5!,Þ2%0/24Þ Þ/6%26)%7Þ/&Þ!#4)6)4)%3Þ )NÞ Þ SOMEÞ MAJORÞ CHANGESÞ TOOKÞ PLACE Þ WHICHÞ DIRECTLYÞ INFLUENCEDÞ THEÞ "ULGARIANÞ INSURANCEÞ COMPANIESÞ 3INCEÞ THEÞ BEGINNINGÞ OFÞ THEÞ YEARÞ AÞ Þ TAX Þ ADOPTEDÞ ASÞ ANÞ ANTI CRISISÞ MEASURE Þ ONÞ THEÞ INSURANCEÞ PREMIUMSÞ WASÞ IMPOSEDÞÞ 4HEÞADMINISTRATIONÞOFÞTHEÞTAXÞLEDÞTOÞADDITIONALÞCOSTSÞFORÞTHEÞINSURERS

4HEÞ IMPLEMENTATIONÞ OFÞ THEÞ MANDATORYÞ ELECTRONICÞ POLICYÞ INÞ -OTORÞ 40,Þ INSURANCEÞ INÞ THEÞ MIDDLEÞ OFÞ Þ IMPROVEDÞ THEÞÞ EFFICIENCYÞANDÞQUALITYÞOFÞTHEÞBUSINESSÞPROCESSESÞANDÞCREATEDÞOPPORTUNITIESÞFORÞEFFECTIVEÞCONTROLÞTHROUGHÞAÞCENTRALIZEDÞ INFORMATIONÞSYSTEM ÞWHICHÞISÞAÞPREREQUISITEÞFORÞINTRODUCTIONÞOFÞAÞ°BONUS MALUS±ÞSYSTEM

&ORÞTHEÞFIRSTÞTIMEÞINÞTHEÞYEARÞÞTHEÞ"ULGARIANÞ)NSURERSÞWEREÞINCLUDEDÞINÞTHEÞSTRESSÞTEST ÞWHICHÞTHEÞ%UROPEANÞ)NSURANCEÞ ANDÞ/CCUPATIONALÞ0ENSIONSÞ!UTHORITYÞ%)/0! ÞCONDUCTEDÞINÞTHEÞINSURANCEÞSECTORÞINÞTHEÞ%5Þ4HEÞOVERALLÞRESULTSÞSHOWEDÞ THATÞ%UROPEANÞINSURERS ÞINCLUDINGÞ"ULGARIANÞINSURANCEÞCOMPANIES ÞAREÞABLEÞTOÞRESISTÞECONOMICÞSHOCKS %VENÞINÞAÞSHRINKINGÞMARKET ÞTHEÞSUSTAINABLEÞGROWTHÞOFÞ!RMEECÞ*SCÞCONTINUEDÞINÞÞ4HEÞCOMPANY³SÞACTIVITIESÞDURINGÞ THEÞYEARÞWEREÞFOCUSEDÞONÞTHEÞACHIEVEMENTÞOFÞITSÞMAINÞOBJECTIVESÞMAINTAININGÞCUSTOMERÞCONFIDENCEÞANDÞCASHÞFLOWSÞOFÞTHEÞ COMPANY ÞANDÞFURTHERÞRECOGNITIONÞOFÞTHEÞBRANDÞ°!RMEEC±ÞONÞTHEÞ"ULGARIANÞMARKETÞ)NÞTHEÞLASTÞYEARÞ!RMEECÞ*SCÞREPORTEDÞ INCREASEDÞPREMIUMÞINCOMEÞANDÞSTABLEÞDEVELOPMENTÞINÞMOSTÞLINESÞOFÞBUSINESS ÞWHICHÞGUARANTEEDÞITSÞSECONDÞPLACEÞINÞTHEÞ RANKINGÞOFÞTHEÞINSURANCEÞCOMPANIES

)NÞ Þ AÞ NEWÞ INSURANCEÞ PRODUCTÞ °&INANCIALÞ CARRIER³SÞ LIABILITY±Þ WASÞ LAUNCHED Þ WHICHÞ ENLARGEDÞ FURTHERÞ THEÞ COMPANY³SÞÞ PORTFOLIOÞ$URINGÞTHEÞYEARÞ!RMEECÞ*SCÞCONTINUEDÞTOÞIMPROVEÞITSÞSERVICESÞTHROUGHÞOPTIMIZATIONÞOFÞTHEÞINSURANCEÞPRODUCTSÞANDÞ PACKAGES ÞWHICHÞPROVIDEÞCOVERAGEÞOFÞAÞWIDEÞRANGEÞOFÞRISKSÞATÞMOSTÞCOMPETITIVEÞPRICES

4AILORINGÞOFÞPRODUCTSÞTOÞCUSTOMERÞREQUIREMENTSÞISÞIMPLEMENTEDÞALSOÞTOÞTHEÞMETHODSÞOFÞSALEÞ®ÞBYÞINTERACTIVEÞCONCLUSIONÞÞ OFÞPOLICIESÞVIAÞTHEÞ)NTERNETÞANDÞTELEPHONE ÞANDÞONLINEÞPAYMENTSÞ$URINGÞTHEÞYEARÞ!RMEECÞ*SCÞCONTINUEDÞITSÞWORKÞFORÞENSURINGÞ BETTERÞACCESSIBILITYÞTOÞITSÞSERVICESÞBYÞUSINGÞTHEÞBRANCHÞANDÞDISTRIBUTIONÞNETWORKÞANDÞTHEÞCOMPANYÞWEBSITEÞ&URTHERÞINCREASEÞ OFÞTHEÞPOINTSÞOFÞSALEÞWASÞREGISTERED ÞBOTHÞTHROUGHÞCOMPANY³SÞOFFICESÞANDÞAGENCIES ÞANDÞTHROUGHÞPARTNERSHIPSÞWITHÞTHEÞ COMPANIESÞOFÞ#HIMIMPORTÞ(OLDING ÞANDÞESPECIALLYÞWITHÞ#ENTRALÞ#OOPERATIVEÞ"ANKÞ0LCÞ&ORÞSEVERALÞYEARSÞNOWÞINSURANCESÞ OFÞ!RMEECÞ*SCÞCANÞBEÞTAKENÞOUTÞINÞTHEÞOFFICESÞOFÞ##"ÞANDÞINÞMANYÞBRANCHESÞOFÞTHEÞBANKÞWORKPLACESÞAREÞARRANGEDÞFORÞ EMPLOYEESÞOFÞTHEÞCOMPANY

)NÞÞ!RMEECÞ*SCÞCELEBRATEDÞITSÞTHÞANNIVERSARYÞ4HEÞEVENTÞWASÞMARKEDÞBYÞAÞCOCKTAILÞPARTYÞATÞ"OYANAÞ2ESIDENCE Þ WHICHÞWASÞATTENDEDÞBYÞMANYÞBUSINESSÞPARTNERSÞANDÞCLIENTSÞOFÞTHEÞCOMPANY ÞREPRESENTATIVESÞOFÞTHEÞMEDIA ÞGOVERNMENTALÞ ANDÞPUBLICÞORGANIZATIONSÞ!FTERÞÞYEARSÞONÞTHEÞMARKETÞ!RMEECÞ*SC ÞWHICHÞWASÞINITIALLYÞAÞSMALLÞCOMPANYÞWITHÞLESSÞTHANÞÞ MARKETÞSHAREÞANDÞONÞTHÞPLACEÞINÞTHEÞRANKINGÞBYÞPREMIUMÞINCOME ÞBECAMEÞTHEÞSECOND LARGESTÞMARKETÞPLAYERÞWITHÞÞ MARKETÞSHAREÞINÞÞ4HEÞNAMEÞ°!RMEEC±ÞISÞOFÞHIGHÞVALUEÞANDÞAÞSYMBOLÞOFÞQUALITYÞANDÞSTABILITY

!ÞNEWÞSTAGEÞINÞTHEÞPOSITIONINGÞOFÞTHEÞBRANDÞ°!RMEEC±ÞMARKEDÞTHEÞCONTRACTÞFORÞGENERALÞSPONSORSHIPÞOFÞTHEÞMULTIFUNCTIONALÞ SPORTSÞHALLÞ Þ!RENAÞ!RMEECÞ3OFIA ÞNAMEDÞINÞ*ULYÞÞAFTERÞTHEÞCOMPANYÞ!RMEECÞ*SCÞISÞAÞLONGSTANDINGÞPARTNERÞOFÞSPORTING Þ SOCIALÞ ANDÞ CHARITABLEÞ ORGANIZATIONSÞ ANDÞ THROUGHÞ ITSÞ SPONSORSHIPÞ OFÞ THISÞ LARGESTÞ FACILITYÞ INÞ THEÞ "ALKANSÞ WORLD CLASSÞ SPORTSÞANDÞCULTURALÞEVENTSÞCANÞTAKEÞPLACEÞINÞ"ULGARIA

)NÞÞ!RMEECÞ*SCÞWASÞAÞPARTNERÞANDÞSPONSORÞOFÞAÞNUMBERÞOFÞLOCALÞANDÞNATIONALÞINITIATIVESÞ7ITHÞTHEÞSUPPORTÞOFÞTHEÞ COMPANYÞINÞ*UNEÞÞTHEÞ.INTHÞ)NTERNATIONALÞ7ORKERS³Þ&ESTIVALÞINÞ!LBENAÞWASÞHELDÞANDÞTHEÞCHARITYÞTENNISÞTOURNAMENT

!..5!,Þ2%0/24Þ  °!RMEECÞ #UP±Þ TOOKÞ PLACEÞ INÞ THEÞ TOWNÞ OFÞ 3LIVEN Þ THEÞ DONATIONSÞ FROMÞ WHICHÞ WEREÞ PROVIDEDÞ TOÞ THEÞ "ULGARIANÞ 3PORTSÞÞ &EDERATIONÞFORÞ#HILDRENÞ$EPRIVEDÞOFÞ0ARENTALÞ#ARE

4HEÞ COMPANY³SÞ INTERESTÞ INÞ ACTIVITIESÞ ANDÞ PROJECTSÞ RELATEDÞ TOÞ THEÞ PREVENTIONÞ OFÞ VARIOUSÞ RISKSÞ ISÞ DETERMINEDÞ BYÞ THEÞÞ SPECIFICSÞOFÞTHEÞINSURANCEÞBUSINESSÞ)NÞÞTHEÞCOMPANYÞONCEÞAGAINÞTOOKÞPARTÞINÞTHEÞNATIONALÞCAMPAIGNÞ°7ALKÞTOÞ3CHOOL± ÞÞ DECLARINGÞITSÞACTIVEÞCITIZENSHIPÞANDÞCOMMITMENTÞTOÞREDUCTIONÞOFÞTHEÞACCIDENTSÞINVOLVINGÞCHILDRENÞANDÞTHEÞTRAFFICÞACCIDENTSÞ ASÞAÞWHOLE

4HEÞCOMPANY³SÞEFFORTSÞTOÞIMPROVEÞTHEÞFLEXIBILITYÞOFÞTHEÞPRODUCTÞPORTFOLIOÞFOUNDÞRECOGNITIONÞATÞTHEÞENDÞOFÞTHEÞYEARÞ!RMEECÞ *SCÞ WASÞ NAMEDÞ BESTÞ INÞ 'ENERALÞ )NSURANCEÞ INÞ AÞ POLLÞ ORGANIZEDÞ BYÞ THEÞ "ULGARIANÞ !SSOCIATIONÞ OFÞ )NSURANCEÞ "ROKERS Þ )NSURANCEBG ÞINÞPARTNERSHIPÞWITHÞTHEÞ"ULGARIANÞ!SSOCIATIONÞOFÞ6ICTIMSÞINÞ2OADÞ!CCIDENTS Þ 4HEÞFOURTHÞEDITIONÞOFÞ3%%Þ4OPÞÞRANKINGÞOFÞTHEÞNEWSÞAGENCYÞ3EE.EWSÞBROUGHTÞFURTHERÞRECOGNITIONÞOFÞ!RMEECÞ*SCÞ %ACHÞ YEARÞ 3%%Þ 4OPÞ Þ CHARTSÞ PRESENTÞ THEÞ RESULTSÞ OFÞ THEÞ LARGESTÞ NON FINANCIALÞ COMPANIES Þ BANKSÞ ANDÞ INSURERSÞ INÞÞ 3OUTHEASTERNÞ%UROPEÞ)NÞÞTHEIRÞNUMBERÞEXCEEDEDÞÞ!RMEECÞ*SCÞWASÞAMONGÞTHEÞTHREEÞMOSTÞSUCCESSFULLYÞPERFORMINGÞÞ "ULGARIANÞINSURERSÞANDÞRANKEDÞTWENTY THIRDÞINÞTHEÞOVERALLÞRANKINGÞOFÞTHEÞTOPÞINSURANCEÞCOMPANIESÞINÞ3OUTHEASTÞ%UROPEÞ

!RMEECÞ*SCÞISÞANÞACTIVEÞPARTNERÞINÞTHEÞLARGESTÞLOYALTYÞPROGRAMÞINÞ"ULGARIAÞÞ Þ##"Þ#LUBÞ4HEÞCOMPANYÞHASÞBEENÞWORKINGÞ CONSISTENTLYÞ TOÞ ENCOURAGEÞ CUSTOMERÞ LOYALTYÞ ANDÞ MAKEÞ THEMÞ USEÞ MOREÞ ACTIVELYÞ THEÞ PRODUCTSÞ ANDÞ SERVICESÞ OFÞ THEÞ COMPANIES ÞPARTICIPATINGÞINÞTHEÞPROGRAM

 !..5!,Þ2%0/24Þ Þ&5452%Þ$%6%,/0-%.4Þ 4HEÞ ACTIVITIESÞ OFÞ !RMEECÞ *SCÞ AREÞ FOCUSEDÞ ONÞ MAINTAININGÞ AÞ STABLEÞ MARKETÞ POSITIONÞ ANDÞ ACHIEVINGÞ POSITIVEÞ FINANCIALÞÞ RESULTSÞTHROUGHÞQUALITYÞANDÞPROFESSIONALISMÞINÞCUSTOMERÞSERVICE ÞDEVELOPMENTÞOFÞFLEXIBLEÞPACKAGEÞANDÞPRODUCTSÞTOÞPROVIDEÞ COMPREHENSIVEÞCAREÞFORÞTHEÞINSUREDSÞIMPROVINGÞTHEÞCLAIMSÞHANDLINGÞANDÞCLAIMSÞSETTLEMENTÞPROCEDURES ÞENHANCINGÞTHEÞ WORKÞWITHÞTHEÞINSURANCEÞBROKERSÞANDÞAGENTSÞACROSSÞTHEÞCOUNTRY

4HEÞFUTUREÞPLANSÞOFÞ!RMEECÞ*SCÞAREÞALSOÞASSOCIATEDÞWITHÞTHEÞJOINTÞACTIVITIESÞWITHÞTHEÞOTHERÞCOMPANIESÞINÞTHEÞ#HIMIMPORTÞ (OLDINGÞANDÞINCLUDEÞTHEÞDEVELOPMENTÞOFÞBANCASSURANCEÞPRODUCTSÞ4HEÞOPPORTUNITIESÞFORÞEXPANSIONÞOUTSIDEÞ"ULGARIAÞAREÞ CONSIDERED ÞAIMINGÞTOÞENSUREÞAÞSTEADYÞGROWTHÞINÞTHEÞCOMINGÞYEARSÞ4HEÞCOMPANYÞALSOÞENVISAGESÞSTARTINGÞPREPARATIONSÞFORÞ THEÞLISTINGÞONÞTHEÞ3TOCKÞ%XCHANGEÞDURINGÞTHEÞYEAR

!..5!,Þ2%0/24Þ   !..5!,Þ2%0/24Þ &).!.#)!,Þ34!4%-%.43

Þ34!4%-%.4Þ/&Þ&).!.#)!,Þ0/3)4)/.Þ!3Þ/&ÞÞ$%#%-"%2   !SSETS "'.Þ² "'.Þ²

.ON CURRENTÞASSETS

)NTANGIBLEÞASSETS Þ 

0ROPERTY ÞPLANTÞANDÞEQUIPMENT Þ Þ

)NVESTMENTSÞINÞSUBSIDIARIES  

)NVESTMENTÞPROPERTY Þ Þ

,ONG TERMÞFINANCIALÞASSETS  

$EFERREDÞTAXÞASSETS  

.ON CURRENTÞASSETS Þ Þ

#URRENTÞASSETS

&INANCIALÞASSETS ÞHELDÞFORÞTRADING Þ Þ

&INANCIALÞASSETS ÞAVAILABLEÞFORÞSALE ÞÞ Þ

)NSURANCEÞANDÞREINSURANCEÞRECEIVABLES Þ Þ

)NVENTORIES Þ Þ

4AXÞRECEIVABLES 

2ELATEDÞPARTYÞRECEIVABLESÞ Þ Þ

/THERÞRECEIVABLESÞ Þ Þ

#ASHÞANDÞCASHÞEQUIVALENTSÞ Þ Þ

#URRENTÞASSETS Þ Þ

4OTALÞASSETS ÞÞÞÞÞÞÞÞÞÞÞÞÞÞÞÞÞÞÞÞ Þ

0REPAREDÞBYY ÞÞ %XECUTIVEÞ$IRECTOR  *ULIAÞ3TANEVA*ULIAÞ3TA 2UMENÞ'EORGIEV2UMENÞ '

$ATEÞ %XECUTIVEÞ$IRECTORTOR  4SVETANKAÞ+RUMOVA4SVETANKA

!UDITEDÞACCORDINGÞTOÞTHEÞAUDITOR³SÞREPORTÞDATEDÞÞ

  -ARIYÞ!POSTOLOV $RÞ-ARIANAÞ-IHAYLOVA

!..5!,Þ2%0/24Þ  Þ34!4%-%.4Þ/&Þ&).!.#)!,Þ0/3)4)/.Þ!3Þ/&ÞÞ$%#%-"%2Þ#/.4).5%$

  %QUITY ÞINSURANCEÞRESERVES ÞANDÞLIABILITIES "'.Þ² "'.Þ²

%QUITY

3HAREÞCAPITAL Þ Þ

/THERÞRESERVES Þ Þ

2EVALUATIONÞRESERVE Þ Þ

2ETAINEDÞEARNINGS  Þ

4OTALÞEQUITY ÞÞÞÞÞÞÞÞ Þ

)NSURANCEÞRESERVES Þ Þ

,IABILITIES

.ON CURRENTÞLIABILITIES

0ENSIONÞANDÞOTHERÞEMPLOYEEÞOBLIGATIONS  

&INANCEÞLEASEÞLIABILITIES  

.ON CURRENTÞLIABILITIES  

#URRENTÞLIABILITIES

0ENSIONÞANDÞOTHERÞEMPLOYEEÞOBLIGATIONS Þ Þ

&INANCEÞLEASEÞLIABILITIESÞ  

)NSURANCEÞANDÞREINSURANCEÞCONTRACTSÞPAYABLES Þ Þ

3HORT TERMÞRELATEDÞPARTYÞPAYABLES  

4AXÞLIABILITIES  

/THERÞLIABILITIESÞ Þ 

#URRENTÞLIABILITIES Þ Þ

4OTALÞLIABILITIES Þ Þ

4OTALÞEQUITY ÞINSURANCEÞRESERVES ÞANDÞLIABILITIES ÞÞÞÞ Þ

0REPAREDÞBYY ÞÞ %XECUTIVEÞ$IRECTOR  *ULIAÞ3TANEVA*ULIAÞ3TA 2UMENÞ'EORGIEV2UMENÞ '

$ATEÞ %XECUTIVEÞ$IRECTORTOR  4SVETANKAÞ+RUMOVA4SVETANKA

!UDITEDÞACCORDINGÞTOÞTHEÞAUDITOR³SÞREPORTÞDATEDÞÞ

  -ARIYÞ!POSTOLOV $RÞ-ARIANAÞ-IHAYLOVA

 !..5!,Þ2%0/24Þ Þ34!4%-%.4Þ/&Þ#/-02%(%.3)6%Þ).#/-%Þ&/2Þ4(%Þ9%!2Þ%.$%$ÞÞ$%#%-"%2

  "'.Þ² "'.Þ²

0REMIUMÞINCOME Þ Þ

2EINSURERS³ÞSHAREÞPREMIUMÞ Þ Þ

.ETÞPREMIUMÞINCOME Þ Þ

))NSURANCEÞAMOUNTSÞANDÞCOMPENSATIONS Þ Þ

)NSURANCEÞAMOUNTSÞANDÞCOMPENSATIONSÞFROMÞREINSURERSÞ Þ Þ

)NSURANCEÞAMOUNTSÞANDÞCOMPENSATIONS ÞNET Þ Þ

.ETÞCHANGEÞINÞINSURANCEÞRESERVES Þ Þ

/THERÞINSURANCEÞANDÞREINSURANCEÞEXPENSES ÞNET Þ Þ Þ

/PERATINGÞPROFITÞ Þ Þ

!DMINISTRATIVEÞEXPENSES Þ Þ

%MPLOYEEÞBENEFITSÞEXPENSEÞ Þ Þ Þ

/THERÞEXPENSESÞ Þ 

/THERÞINCOMEÞ  

,OSSÞFROMÞINVESTMENTÞPROPERTYÞ  Þ 

.ETÞGAINÞFROMÞFINANCIALÞASSETSÞHELDÞFORÞTRADINGÞ  Þ

&INANCEÞEXPENSEÞ  

&INANCEÞINCOME Þ 

0ROFITÞBEFOREÞTAX  Þ

)NCOMEÞTAXÞEXPENSEÞ  Þ 

0ROFITÞFORÞTHEÞYEARÞ  Þ /THERÞCOMPREHENSIVEÞINCOME &INANCIALÞASSETSÞAVAILABLEÞFORÞSALE

ÞCURRENTÞYEARÞLOSSES ÞNETÞFROMÞTAXES  Þ 

/THERÞCOMPREHENSIVEÞINCOMEÞFORÞTHEÞYEAR ÞNETÞOFÞTAX  Þ 

4OTALÞCOMPREHENSIVEÞINCOMEÞFORÞTHEÞYEAR  Þ

0REPAREDÞBYY ÞÞ %XECUTIVEÞ$IRECTOR  *ULIAÞ3TANEVA*ULIAÞ3TA 2UMENÞ'EORGIEV2UMENÞ '

$ATEÞ %XECUTIVEÞ$IRECTORTOR  4SVETANKAÞ+RUMOVA4SVETANKA

!UDITEDÞACCORDINGÞTOÞTHEÞAUDITOR³SÞREPORTÞDATEDÞÞ

  -ARIYÞ!POSTOLOV $RÞ-ARIANAÞ-IHAYLOVA

!..5!,Þ2%0/24Þ  Þ34!4%-%.4Þ/&Þ#(!.'%3Þ).Þ%15)49Þ&/2Þ4(%Þ9%!2Þ%.$%$ÞÞ Þ$%#%-"%2Þ

2EVALUATION 2ETAINED !LLÞAMOUNTSÞAREÞPRESENTEDÞINÞ"'.Þ² 3HAREÞCAPITAL /THERÞRESERVES 4OTALÞEQUITY RESERVE EARNINGS

"ALANCEÞATÞÞ*ANUARYÞ ÞÞ ÞÞ Þ ÞÞ ÞÞ

0ROFITÞFORÞTHEÞYEAR Þ Þ

&INANCIALÞASSETSÞHELD FOR SALE Þ#URRENTÞYEARÞLOSSES   Þ

)NCOMEÞTAXÞRELATINGÞTOÞCOMPONENTSÞ Þ Þ OFÞOTHERÞCOMPREHENSIVEÞINCOME

4OTALÞCOMPREHENSIVEÞINCOMEÞFORÞ  Þ Þ THEÞYEAR

4RANSFERÞOFÞEARNINGSÞTOÞRESERVE ÞÞ Þ

"ALANCEÞATÞÞ$ECEMBERÞ ÞÞ ÞÞ Þ Þ ÞÞ

0REPAREDÞBYY ÞÞ %XECUTIVEÞ$IRECTOR  *ULIAÞ3TANEVA*ULIAÞ3TA 2UMENÞ'EORGIEV2UMENÞ '

$ATEÞ %XECUTIVEÞ$IRECTORTOR  4SVETANKAÞ+RUMOVA4SVETANKA

!UDITEDÞACCORDINGÞTOÞTHEÞAUDITOR³SÞREPORTÞDATEDÞÞ

  -ARIYÞ!POSTOLOV $RÞ-ARIANAÞ-IHAYLOVA

 !..5!,Þ2%0/24Þ Þ34!4%-%.4Þ/&Þ#(!.'%3Þ).Þ%15)49Þ&/2Þ4(%Þ9%!2Þ%.$%$Þ ÞÞÞÞ$%#%-"%2Þ#/.4).5%$

2EVALUATION 2ETAINED !LLÞAMOUNTSÞAREÞPRESENTEDÞINÞ"'.Þ² 3HAREÞCAPITAL /THERÞRESERVES 4OTALÞEQUITY RESERVE EARNINGS

"ALANCEÞATÞÞ*ANUARYÞ ÞÞ ÞÞ Þ ÞÞ ÞÞ

0ROFITÞFORÞTHEÞYEAR ÞÞ ÞÞ

&INANCIALÞASSETSÞHELD FOR SALE Þ#URRENTÞYEARÞLOSSES   Þ

)NCOMEÞTAXÞRELATINGÞTOÞCOMPONENTS -   OFÞOTHERÞCOMPREHENSIVEÞINCOME

4OTALÞCOMPREHENSIVEÞINCOMEÞFOR  ÞÞ ÞÞ THEÞYEAR

4RANSFERÞOFÞEARNINGSÞTOÞRESERVE ÞÞ Þ

"ALANCEÞATÞÞ$ECEMBERÞ ÞÞ ÞÞ Þ ÞÞ ÞÞ

0REPAREDÞBYY ÞÞ %XECUTIVEÞ$IRECTOR  *ULIAÞ3TANEVA*ULIAÞ3TA 2UMENÞ'EORGIEV2UMENÞ '

$ATEÞ %XECUTIVEÞ$IRECTORTOR  4SVETANKAÞ+RUMOVA4SVETANKA

!UDITEDÞACCORDINGÞTOÞTHEÞAUDITOR³SÞREPORTÞDATEDÞÞ

  -ARIYÞ!POSTOLOV $RÞ-ARIANAÞ-IHAYLOVA

!..5!,Þ2%0/24Þ  Þ34!4%-%.4Þ/&Þ#!3(Þ&,/73Þ&/2Þ4(%Þ9%!2Þ%.$%$ÞÞ$%#%-"%2   "'.² "'.² /PERATINGÞACTIVITIES #ASHÞRECEIPTSÞFROMÞINSURANCEÞCONTRACTSÞ ÞÞ ÞÞ #ASHÞRECEIPTSÞFROMÞREINSURANCEÞCONTRACTS ÞÞ ÞÞ #ASHÞPAIDÞFORÞINSURANCEÞCONTRACTSÞ Þ Þ #ASHÞPAIDÞFORÞREINSURANCEÞCONTRACTSÞ Þ Þ #ASHÞRECEIPTSÞFROMÞCUSTOMERSÞ Þ Þ #ASHÞPAIDÞTOÞSUPPLIERSÞ Þ Þ #ASHÞPAIDÞTOÞEMPLOYEESÞANDÞSOCIALÞSECURITYÞINSTITUTIONSÞ Þ Þ )NCOMEÞTAXÞPAID Þ  /THERÞTAXESÞPAID Þ  /THERÞPAYMENTSÞFORÞOPERATINGÞACTIVITIES Þ Þ .ETÞCASHÞFLOWÞFROMÞOPERATINGÞACTIVITIESÞ ÞÞ ÞÞ )NVESTINGÞACTIVITIES ÞÞ 0URCHASEÞOFÞPROPERTY ÞPLANTÞANDÞEQUIPMENT   0URCHASEÞOFÞINTANGIBLEÞASSETS   0ROCEEDSÞFROMÞDISPOSALÞÌFÞFINANCIALÞASSETS ÞHELD FOR SALEÞ ÞÞ ÞÞ

!CQUISITIONÞOFÞFINANCIALÞASSETS ÞHELD FOR SALE Þ 

.ETÞCASHÞFLOWÞFROMÞINVESTINGÞACTIVITIESÞ  ÞÞ &INANCINGÞACTIVITIES ÞÞ 0AYMENTSÞFORÞFINANCEÞLEASESÞ   )NTERESTÞPAIDÞ   .ETÞCASHÞFLOWÞFROMÞFINANCINGÞACTIVITIES   .ETÞCHANGEÞINÞCASHÞANDÞCASHÞEQUIVALENTS ÞÞ ÞÞ #ASHÞANDÞCASHÞEQUIVALENTS ÞBEGINNINGÞOFÞYEARÞ ÞÞ ÞÞ ,OSSESÞFROMÞCURRENCYÞTRANSLATION   Þ

#ASHÞANDÞCASHÞEQUIVALENTS ÞENDÞOFÞYEAR ÞÞ ÞÞ

0REPAREDÞBYY ÞÞ %XECUTIVEÞ$IRECTOR  *ULIAÞ3TANEVA*ULIAÞ3TA 2UMENÞ'EORGIEV2UMENÞ '

$ATEÞ %XECUTIVEÞ$IRECTORTOR  4SVETANKAÞ+RUMOVA4SVETANKA

!UDITEDÞACCORDINGÞTOÞTHEÞAUDITOR³SÞREPORTÞDATEDÞÞ

  -ARIYÞ!POSTOLOV $RÞ-ARIANAÞ-IHAYLOVA

 !..5!,Þ2%0/24Þ ).$%0%.$%.4Þ!5$)4/2³3Þ2%0/24

4OÞTHEÞSHAREHOLDERSÞOF :!$Þ!RMEEC 3OFIA

2%0/24Þ/.Þ4(%Þ&).!.#)!,Þ34!4%-%.43

7EÞ HAVEÞ AUDITEDÞ THEÞ ACCOMPANYINGÞ FINANCIALÞ STATEMENTSÞ OFÞ :!$Þ !RMEECÞ WHICHÞ COMPRISEÞ THEÞ STATEMENTÞ OFÞ FINANCIALÞÞ POSITIONÞASÞOFÞÞ$ECEMBERÞ ÞANDÞTHEÞSTATEMENTÞOFÞCOMPREHENSIVEÞINCOME ÞSTATEMENTÞOFÞCHANGESÞINÞEQUITYÞANDÞSTATEMENTÞ OFÞCASHÞFLOWSÞFORÞTHEÞYEARÞTHENÞENDED ÞANDÞAÞSUMMARYÞOFÞSIGNIFICANTÞACCOUNTINGÞPOLICIESÞANDÞOTHERÞEXPLANATORYÞNOTES Þ

-ANAGEMENTÞ³SÞ2ESPONSIBILITYÞFORÞTHEÞ&INANCIALÞ3TATEMENTS

-ANAGEMENTÞISÞRESPONSIBLEÞFORÞTHEÞPREPARATIONÞANDÞFAIRÞPRESENTATIONÞOFÞTHESEÞFINANCIALÞSTATEMENTSÞINÞACCORDANCEÞWITHÞ )NTERNATIONALÞ&INANCIALÞ2EPORTINGÞ3TANDARDS ÞASÞADOPTEDÞBYÞ%5ÞANDÞ"ULGARIANÞLEGISLATIONÞANDÞFORÞSUCHÞINTERNALÞCONTROLÞ ASÞMANAGEMENTÞDETERMINESÞISÞNECESSARYÞTOÞENABLEÞTHEÞPREPARATIONÞOFÞFINANCIALÞSTATEMENTSÞTHATÞAREÞFREEÞFROMÞMATERIALÞ MISSTATEMENT ÞWHETHERÞDUEÞTOÞFRAUDÞORÞERROR

!UDITORÞ³SÞ2ESPONSIBILITY /URÞRESPONSIBILITYÞISÞTOÞEXPRESSÞANÞOPINIONÞONÞTHESEÞFINANCIALÞSTATEMENTSÞBASEDÞONÞOURÞAUDITÞ7EÞCONDUCTEDÞOURÞAUDITÞINÞ ACCORDANCEÞWITHÞ)NTERNATIONALÞ3TANDARDSÞONÞ!UDITINGÞ4HOSEÞSTANDARDSÞREQUIREÞTHATÞWEÞCOMPLYÞWITHÞETHICALÞREQUIREMENTÞ ANDÞPLANÞANDÞPERFORMÞTHEÞAUDITÞTOÞOBTAINÞREASONABLEÞASSURANCEÞWHETHERÞTHEÞFINANCIALÞSTATEMENTSÞAREÞFREEÞFROMÞMATERIALÞ MISSTATEMENT !NÞAUDITÞINVOLVESÞPERFORMINGÞPROCEDURESÞTOÞOBTAINÞAUDITÞEVIDENCEÞABOUTÞTHEÞAMOUNTSÞANDÞDISCLOSURESÞINÞTHEÞFINANCIALÞ STATEMENTSÞ4HEÞPROCEDURESÞSELECTEDÞDEPENDÞONÞTHEÞAUDITOR³SÞJUDGMENT ÞINCLUDINGÞTHEÞASSESSMENTÞOFÞTHEÞRISKSÞOFÞMATERIALÞ MISSTATEMENTÞOFÞTHEÞFINANCIALÞSTATEMENTS ÞWHETHERÞDUEÞTOÞFRAUDÞORÞERRORÞ)NÞMAKINGÞTHOSEÞRISKÞASSESSMENTS ÞTHEÞAUDITORÞ CONSIDERSÞINTERNALÞCONTROLÞRELEVANTÞTOÞTHEÞENTITY³SÞPREPARATIONÞANDÞFAIRÞPRESENTATIONÞOFÞTHEÞFINANCIALÞSTATEMENTSÞINÞORDERÞ TOÞDESIGNÞAUDITÞPROCEDURESÞTHATÞAREÞAPPROPRIATEÞINÞTHEÞCIRCUMSTANCES ÞBUTÞNOTÞFORÞTHEÞPURPOSEÞOFÞEXPRESSINGÞANÞOPINIONÞ ONÞTHEÞEFFECTIVENESSÞOFÞTHEÞENTITY³SÞINTERNALÞCONTROLÞ!NÞAUDITÞALSOÞINCLUDESÞEVALUATINGÞTHEÞAPPROPRIATENESSÞOFÞACCOUNTINGÞ POLICIESÞUSEDÞANDÞTHEÞREASONABLENESSÞOFÞACCOUNTINGÞESTIMATESÞMADEÞBYÞMANAGEMENT ÞASÞWELLÞASÞEVALUATINGÞTHEÞOVERALLÞ PRESENTATIONÞOFÞTHEÞFINANCIALÞSTATEMENTS 7EÞ BELIEVEÞ THATÞ THEÞ AUDITÞ EVIDENCEÞ WEÞ HAVEÞ OBTAINEDÞ ISÞ SUFFICIENTÞ ANDÞ APPROPRIATEÞ TOÞ PROVIDEÞ AÞ BASISÞ FORÞ OURÞ AUDITÞ OPINION /PINION )NÞ OURÞ OPINION Þ THEÞ FINANCIALÞ STATEMENTSÞ GIVEÞ AÞ TRUEÞ ANDÞ FAIRÞ VIEWÞ OFÞ THEÞ FINANCIALÞ POSITIONÞ OFÞ :!$Þ !RMEECÞ ASÞ OFÞÞ Þ$ECEMBERÞ ÞANDÞOFÞITSÞFINANCIALÞPERFORMANCEÞANDÞITSÞCASHÞFLOWSÞFORÞTHEÞYEARÞTHENÞENDEDÞINÞACCORDANCEÞWITHÞÞ )NTERNATIONALÞ&INANCIALÞ2EPORTINGÞ3TANDARDS ÞASÞADOPTEDÞBYÞ%5ÞANDÞ"ULGARIANÞLEGISLATION

!..5!,Þ2%0/24Þ  2%0/24Þ/.Þ/4(%2Þ,%'!,Þ!.$Þ2%'5,!4/29Þ2%15)2%-%.43Þ®Þ-!.!'%-%.4³3Þ2%0/24Þ&/2Þ4(%Þ9%!2Þ%.$%$Þ Þ$%#%-"%2Þ 7EÞHAVEÞREVIEWEDÞTHEÞMANAGEMENT³SÞREPORTÞFORÞTHEÞYEARÞENDEDÞÞ$ECEMBERÞÞOFÞ:!$Þ!RMEEC ÞWHICHÞISÞNOTÞPARTÞ OFÞTHEÞFINANCIALÞSTATEMENTSÞ4HEÞHISTORICALÞFINANCIALÞINFORMATIONÞINÞTHEÞMANAGEMENT³SÞREPORTÞCOMPLIESÞINÞITSÞMAINÞASPECTSÞ WITHÞTHEÞFINANCIALÞINFORMATION ÞPRESENTEDÞINÞTHEÞFINANCIALÞSTATEMENTSÞFORÞTHEÞYEARÞENDEDÞÞ$ECEMBERÞ ÞPREPAREDÞINÞÞ ACCORDANCEÞWITHÞ)NTERNATIONALÞ&INANCIALÞ2EPORTINGÞ3TANDARDS ÞASÞADOPTEDÞBYÞ%5ÞANDÞ"ULGARIANÞLEGISLATIONÞ4HEÞPREPARATIONÞ OFÞTHEÞMANAGEMENT³SÞREPORTÞISÞRESPONSIBILITYÞOFÞTHEÞMANAGEMENT

-ARIYÞ!POSTOLOVÞ $RÞ-ARIANAÞ-IHAYLOVA 2EGISTEREDÞ!UDITOR 2EGISTEREDÞ!UDITOR -ANAGINGÞPARTNER

'RANTÞ4HORNTONÞ,TD !UDITINGÞ#OMPANYÞ

Þ-ARCHÞ "ULGARIA Þ3OFIA

 !..5!,Þ2%0/24Þ $)342)"54)/.Þ!.$Þ"2!.#(Þ.%47/2+

!SÞATÞÞ$ECEMBERÞÞTHEÞCOMPANYÞPERFORMEDÞACTIVITIESÞTHROUGHÞÞAGENCIESÞANDÞÞREPRESENTATIVEÞOFFICESÞ!LLÞTYPESÞ OFÞNON LIFEÞINSURANCEÞPRODUCTSÞAREÞOFFEREDÞINÞTHEÞOFFICESÞOFÞ!RMEECÞ*SCÞANDÞTHROUGHÞTHEÞINSURANCEÞBROKERSÞANDÞAGENTS Þ WORKINGÞWITHÞTHEÞCOMPANY

(%!$Þ/&&)#% 3OFIA ÞÞ3TEFANÞ+ARADZHAÞ3TR ÞPHONEÞ ÞÞÞÞ

3OFIA ÞÞ&REDERICÞ*OLIOTÞ#URIEÞ3TR ÞPHONEÞ ÞÞÞÞ 3OFIA Þ_Þ3LIVNITSAÞ"LVD ÞPHONEÞ ÞÞÞÞ 3OFIA Þ3OFIAÞ!IRPORT Þ4ERMINALÞ ÞPHONEÞ ÞÞÞÞ

#,!)-3Þ(!.$,).'Þ!.$Þ35"2/'!4)/.Þ/&&)#%3 3OFIA ÞÞ&REDERICÞ*OLIOTÞ#URIEÞ3TR ÞPHONEÞ ÞÞÞÞ 3OFIA Þ_Þ3LIVNITSAÞ"LVD ÞPHONEÞ ÞÞÞÞ 6ARNA Þ!Þ6LADISLAVÞ6ARNENCHIKÞ"LVD ÞPHONEÞ ÞÞÞ "OURGAS ÞÞ3TEFANÞ3TAMBOLOVÞ3TR ÞPHONEÞ ÞÞÞ 0LOVDIV Þ_Þ-ENDELEEVÞ3TR ÞPHONEÞ ÞÞÞ 6ELIKOÞ4ARNOVO ÞÞ+OZLUDZHAÞ3TR ÞPHONEÞ ÞÞÞ 0LEVEN ÞÞ)VANÞ2ILSKIÞ3TR ÞPHONEÞ ÞÞÞ 'ABROVO ÞÞ"RYANSKAÞ3TR ÞPHONEÞ ÞÞÞ 0ERNIK ÞÞ9URIÞ'AGARINÞ3TR Þ)NDUSTRIALNAÞZONA ÞPHONEÞ ÞÞÞ 3TARAÞ:AGORA ÞÞ(ADJIÞ$IMITARÞ!SSENOVÞ3TR ÞPHONEÞ ÞÞÞ (ASKOVO ÞÞ"ULGARIAÞ"LVD ÞSTÞFLOOR ÞOFFICEÞ ÞPHONEÞ ÞÞÞ "LAGOEVGRAD ÞÞ!LEXANDERÞVONÞ(UMBOLDTÞ3TR ÞPHONEÞ ÞÞÞ ,OVECH ÞÞ"ULGARIAÞ"LVD ÞPHONEÞ ÞÞÞ

!..5!,Þ2%0/24Þ  !'%.#)%3Þ/&Þ!2-%%#Þ*3# "ANSKO ÞÞ0IRINÞ3TR ÞPHONEÞ ÞÞÞ "LAGOEVGRAD ÞÞ"RATJAÞ+ITANOVIÞ3TR ÞPHONEÞ ÞÞÞ "OURGAS ÞÞ+ONSTANTINÞ&OTINOVÞ3TR ÞPHONEÞ ÞÞÞ 6ARNA ÞÞ2ADKOÞ$IMITRIEVÞ3TR ÞPHONEÞ ÞÞÞ 6ARNA ÞÞ'ENERALÞ0ARENSOVÞ3TR ÞNDÞFLOOR ÞPHONEÞ ÞÞÞ 6ELIKOÞ4ARNOVO ÞÞ.IKOLAÞ'ABROVSKIÞ3TR ÞPHONEFAXÞ ÞÞÞ 6IDIN ÞÞ4ZARÞ3IMEONÞ3TR ÞPHONEÞ ÞÞÞ 6RATSA ÞÞ+RASTYUÞ"ALGARIYATAÞ3TR ÞPHONEÞ ÞÞÞ 'ABROVO ÞÞ"RYANSKAÞ3TR ÞPHONEÞ ÞÞÞ 'OTZEÞ$ELCHEV ÞÞ2AKOVSKIÞ3TR ÞPHONEÞ ÞÞÞ $OBRICH ÞÞ%KZARHÞ9OSIFÞ3TR ÞPHONEÞ ÞÞÞ $UPNICA ÞÞ(RISTOÞ"OTEVÞ3TR ÞPHONEÞ ÞÞÞ +AZANLAK ÞÞ!LÞ"ATENBERGÞ"LVD ÞOFFICEÞ ÞÞPHONEFAXÞ ÞÞÞ +ARDZHALI ÞÞ2EPUBLIKANSKAÞ3TR ÞPHONEÞ ÞÞÞ ,OVECH ÞÞ"ULGARIAÞ"LVD ÞFLÞ ÞPHONEÞ ÞÞÞ ,OVECH ÞÞ$IMITARÞ0ASHKOVÞ3TR ÞPHONEÞ ÞÞÞ -ONTANA Þ!Þ'RAFÞ)GNATIEVÞ3TR ÞPHONEÞ ÞÞÞ 0AZARDZHIK ÞÞ+ONSTANTINÞ6ELICHKOVÞ3TR ÞPHONEÞ ÞÞÞ 0AZARDZHIK ÞÞ!LÞ3TAMBOLIYSKIÞ"LVD ÞPHONEÞ ÞÞÞ 0ERNIK Þ9URIÞ'AGARINÞ3TR ÞBLÞ ÞPHONEÞ ÞÞÞ 0ERNIK ÞÞ+RAKRAÞ3TR ÞPHONEÞ ÞÞÞ 0ETRICH ÞÞ#APTÞ.IKOLAÞ0ARAPANOVÞ3TR ÞPHONEÞ ÞÞÞ 0LEVEN ÞÞ$ANAILÞ0OPOVÞ3TR ÞPHONEÞ ÞÞÞ 0LEVEN ÞÞ+IRILÞIÞ-ETODIJÞ3TR ÞPHONEFAXÞ ÞÞÞ 0LOVDIV Þ_Þ-ENDELEEVÞ3TR ÞPHONEÞ ÞÞÞÞÞ 0LOVDIV ÞÞ4ZARIBRODÞ3TRÞ*UMAJATA ÞPHONEÞ ÞÞÞ 0LOVDIV ÞÞ3AMARAÞ3TR ÞPHONEÞ ÞÞÞ 2AZGRAD ÞÞ"ELIÞ,OMÞ3TR ÞSTÞFLOOR ÞAPT ÞPHONEÞ ÞÞÞ 2OUSSE ÞÞ3VETAÞ4ROITZAÞ3Q ÞPHONEÞ ÞÞÞÞFAXÞ ÞÞÞ 3AMOKOV ÞÞ)SKARÞ"LVD ÞPHONEÞ ÞÞÞ 3ANDANSKI ÞÞ-AKEDONIAÞ3TR ÞPHONEÞ ÞÞÞÞÞ 3ILISTRA ÞÞ2AKOVSKAÞ3TR ÞPHONEÞ ÞÞÞ 3LIVEN ÞÞ4ZARÞ/SVOBODITELÞ"LVD ÞPHONEÞ ÞÞÞ 3MOLYAN ÞÞ$IMITARÞ"LAGOEVÞ3TR ÞPHONEÞ ÞÞÞ 3OFIA ÞÞ'ENERALÞ'URKOÞ3TR ÞPHONEÞ ÞÞÞÞÞÞÞ 3OFIA ÞÞ*AMESÞ"AUCHERÞ"LVD ÞNDÞFLOOR ÞPHONEÞ ÞÞÞÞ 3OFIA Þ Þ(ADZHIÞ$IMITARÞ3TR ÞPHONEÞ ÞÞÞÞÞÞÞ 3OFIA ÞÞ!LEXANDERÞ3TAMBOLIYSKIÞ"LVD ÞPHONEÞ ÞÞÞÞ 3OFIA Þ)ZTOK ÞÞ&REDERICÞ*OLIOTÞ#URIEÞ3TR ÞBLÞ  ÞPHONEÞ ÞÞÞÞ 3OFIA ÞÞ3HIPCHENSKIÞ0ROHODÞ"LVD ÞBLÞ ÞENTRÞ_ ÞSTÞFLOOR ÞPHONEÞ ÞÞÞÞ 3OFIA ÞÞ6ITOSHAÞ"LVD ÞENTRÞÞ ÞSTÞFLOOR ÞPHONEÞ ÞÞÞÞ 3OFIA Þ-LADOSTÞ Þ"Þ!NDREYÞ3AHAROVÞ"LVD ÞPHONEÞ ÞÞÞÞ 3OFIA ÞÞ+LIMENTÞ/HRIDSKIÞ"LVD ÞPHONEÞ ÞÞÞÞ 3OFIA Þ/VCHAÞ+UPEL Þ Þ-ESECHINKAÞ3TR ÞNDÞFLOOR ÞOFFICEÞ ÞPHONEÞ ÞÞÞÞ

 !..5!,Þ2%0/24Þ 3OFIA ÞÞ'OTZEÞ$ELCHEVÞ"LVD ÞBLÞ ÞPHONEÞ ÞÞÞÞ 3OFIA Þ)ZTOK Þ_Þ2AYKOÞ!LEXIEVÞ3TR ÞPHONEÞ ÞÞÞÞ 3OFIA ÞÞ$RAGANÞ4ZANKOVÞ"LVD ÞPHONEÞ ÞÞÞÞ 3OFIA Þ,OZENETZ ÞÞ3TOYANÞ-IHAILOVSKIÞ3TR ÞGROUNDÞFLOOR ÞPHONEÞ ÞÞÞÞ 3OFIA ÞÞ.IKOLAÞ'ABROVSKIÞ"LVD ÞPHONEÞ ÞÞÞÞ 3TARAÞ:AGORA ÞÞ-ETODIÞ+USEVÞ3TR ÞPHONEÞ ÞÞÞÞÞ 3TARAÞ:AGORA ÞÞ'ENERALÞ'URKOÞ3TR ÞNDÞFLOOR ÞPHONEÞ ÞÞÞ 4ARGOVISHTE ÞÞ6ASSILÞ,EVSKIÞ3TR ÞPHONEÞ ÞÞÞ (ASKOVO ÞÞ3AEDINENIEÞ"LVD ÞPHONEÞ ÞÞÞÞÞ 3HUMEN ÞÞ0ATLEYNAÞ3TR ÞPHONEFAXÞ ÞÞÞ 9AMBOL ÞÞ3TRAHILÞ6OYVODAÞ3TR ÞSTÞFLOOR ÞOFFICEÞ ÞPHONEFAXÞ ÞÞÞÞ

Silistra

Vidin Ruse Dulovo Lom Isperih

Targovishte

Troian Montana Gorna Oryahovtsa Berkovitsa Shumen Varna Vratsa Lovech Provadia Mezdra Omurtag Sevlievo Veliko Tarnovo Svoge Botevgrad Pleven Gabrovo Bankia Pirdop Aytos Pernik Karlovo Kazanlak Panagyurishte Bourgas Stara Zagora Kyustendil Samokov Pazardzhik Chirpan Dupnitsa Plovdiv Blagoevgrad Asenovgrad Dimitrovgrad Velingrad Peshtera Haskovo Razlog Bansko Svilengrad Gotse Delchev Kardzhali Smolyan Petrich

!..5!,Þ2%0/24Þ