Industry Report Repair and installation of machinery and equipment 2016 BULGARIA

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

I. KEY INDICATORS

II. INTRODUCTION

III. REVENUES

IV. EXPENSES

V. PROFITABILITY

VI. EMPLOYMENT 1 SeeNews Industry Report

the industry. In 2014 their number totalled 2,409.

I. KEY INDICATORS NUMBER OF COMPANIES IN REPAIR AND INSTALLATION OF MACHINERY AND EQUIPMENT INDUSTRY BY SECTORS The Repair and installation of machinery and equipment SECTOR 2016 2015 2014 industry in Bulgaria was represented by 2,611 companies at REPAIR OF MACHINERY 1,111 1,078 1,030 the end of 2016, compared to 2,514 in the previous year INSTALLATION OF INDUSTRIAL MACHINERY 295 280 269 and 2,409 in 2014. AND EQUIPMENT REPAIR OF ELECTRICAL EQUIPMENT 239 236 249 The industry's net profit amounted to BGN 73,366,000 in REPAIR AND MAINTENANCE OF OTHER 223 222 197 2016. TRANSPORT EQUIPMENT REPAIR AND MAINTENANCE OF SHIPS AND 220 207 191 The industry's total revenue was BGN 1,060,212,000 in BOATS 2016, up by 4.94% compared to the previous year. REPAIR OF ELECTRONIC AND OPTICAL 199 204 198 EQUIPMENT

REPAIR OF OTHER EQUIPMENT 146 131 114 The combined costs of the companies in the Repair and REPAIR OF FABRICATED METAL PRODUCTS 146 125 135 installation of machinery and equipment industry reached REPAIR AND MAINTENANCE OF AIRCRAFT AND 32 31 26 BGN 973,634,000 in 2016, up by 1.28% year-on-year. SPACECRAFT

The industry's total revenue makes up 1.14% to the

country's Gross domestic product (GDP) in 2016, compared to 1.13% for 2015 and 1.17% in 2014. III. REVENUES A total of 15,783 people were employed in the Repair and installation of machinery and equipment industry in 2016, The total revenue in the industry was BGN 1,060,212,000 in compared to 15,670 in 2015 and 14,586 in 2014. 2016, BGN 1,010,256,000 in 2015 and 1,001,927,000 in 2014.

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

1,100,000,000 1,060,212,000 1,001,927,000 1,010,256,000 II. INTRODUCTION 1,000,000,000 1,003,435,000 In 2016 the companies in the Repair and installation of 900,000,000 936,452,000 878,732,000 machinery and equipment industry numbered 2,611, 800,000,000 distributed in 9 sectors. 700,000,000

600,000,000

INDUSTRY STRUCTURE BY SECTORS AND NUMBER OF COMPANIES

BGN 500,000,000 239 295 400,000,000

223 300,000,000

200,000,000

220 100,000,000 523 0 2014 2015 2016

The companies in the Repair and installation of machinery and equipment market of Bulgaria earned combined net sales revenues of BGN 1,003,435,000 in 2016.

In annual terms, sales marked a rise of 7.15% compared to 2015. In comparison to 2014 they rose by 14.19%. In 2015 1,111 sales increased by 6.57% year-on-year.

Repair of machinery The Repair and installation of machinery and equipment Installation of industrial machinery and equipment industry total revenue make up 1.14% to the country's GDP in Repair of electrical equipment 2016, compared to 1.13% for 2015 and 1.17% in 2014. Repair and maintenance of other transport equipment Repair and maintenance of ships and boats Others

In 2015 there were a total of 2,514 companies operating in 2 SeeNews Industry Report

Share in GDP NET SALES REVENUE BY SECTORS 1.21.17% 1.13% 1.14% RANK SECTOR NET SALES REVENUE (BGN) 1.1 1 REPAIR OF MACHINERY 303,919,000 2 REPAIR AND MAINTENANCE OF SHIPS AND BOATS 274,405,000 1 3 INSTALLATION OF INDUSTRIAL MACHINERY AND 157,248,000 0.9 EQUIPMENT 4 REPAIR AND MAINTENANCE OF AIRCRAFT AND 128,302,000 0.8 SPACECRAFT 5 REPAIR OF ELECTRICAL EQUIPMENT 50,824,000 0.7 6 REPAIR OF ELECTRONIC AND OPTICAL EQUIPMENT 36,145,000

0.6 7 REPAIR OF FABRICATED METAL PRODUCTS 28,059,000 8 REPAIR AND MAINTENANCE OF OTHER TRANSPORT 17,159,000 0.5 EQUIPMENT 9 REPAIR OF OTHER EQUIPMENT 7,374,000 0.4

0.3

0.2 INDUSTRY'S NET SALES REVENUE STRUCTURE BY SECTORS 0.1 12.79% 0 15.67% 2014 2015 2016 8.84% In 2016 the Repair and installation of machinery and equipment industry contributed to GDP BGN 848,075,000 in Gross value added (GVA) accounting for 0.56% of the total for 5.07% the country's economy.

In the previous year, the industry's GVA amounted BGN 793,148,000, accounting for 0.51% of the total for the country in 2015. In 2014 the GVA of the Repair and installation of 27.35% machinery and equipment was BGN 845,694,000, or 0.59% of the GVA for the country's economy.

GVA BY SECTORS 30.29% RANK SECTOR BGN SHARE OF THE COUNTRY'S GVA (%)

1 REPAIR OF MACHINERY 276,983,000 0.18 Repair of machinery 2 REPAIR AND MAINTENANCE OF SHIPS AND 193,938,000 0.13 Repair and maintenance of ships and boats BOATS Installation of industrial machinery and equipment 3 INSTALLATION OF INDUSTRIAL MACHINERY 131,146,000 0.09 AND EQUIPMENT Repair and maintenance of aircraft and spacecraft 4 REPAIR AND MAINTENANCE OF AIRCRAFT 119,302,000 0.08 Repair of electrical equipment AND SPACECRAFT Others 5 REPAIR OF ELECTRICAL EQUIPMENT 45,179,000 0.03

6 REPAIR OF ELECTRONIC AND OPTICAL 33,379,000 0.02 The highest growth, of 28.22%, was recorded by Repair of EQUIPMENT electronic and optical equipment, while Repair of other 7 REPAIR OF FABRICATED METAL PRODUCTS 27,274,000 0.02 equipment registered the sharpest decline, of 35.91%. 8 REPAIR AND MAINTENANCE OF OTHER 14,482,000 0.01 TRANSPORT EQUIPMENT 9 REPAIR OF OTHER EQUIPMENT 6,392,000 0.00 TOP COMPANIES' REVENUE BY SECTORS SEGMENT COMPANY TOTAL REVENUE NET SALES (BGN) REVENUE (BGN) REPAIR OF OTHER EQUIPMENT We expect, based on the trend in the last three years, the total BREZENT D END D EOOD 935,000 935,000 revenue of the Repair and installation of machinery and TEMIL EOOD 807,000 807,000 equipment industry to change at a compound annual growth GUMI - GRUP EOOD 622,000 622,000 rate (CAGR) of 2.87% in 2017. INSTALLATION OF INDUSTRIAL MACHINERY AND EQUIPMENT MAGNUM 7 OOD 19,722,000 16,781,000 SMARTCOM-BULGARIA AD 13,943,000 13,652,000 KOSHIN EOOD 8,613,000 8,366,000 REPAIR OF FABRICATED METAL PRODUCTS ENERGOREMONT KOZLODUY EOOD 9,867,000 9,590,000

ENERGOREMONT - BOBOV DOL EAD 3,549,000 3,271,000

ENERGOREMONT IDA DZZD 2,075,000 2,065,000

REPAIR OF ELECTRONIC AND OPTICAL EQUIPMENT

DANLEX EOOD 8,970,000 8,605,000

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ENSI CONTROL EOOD 8,468,000 8,460,000 PENTAX MEDICAL BULGARIA EOOD 3,968,000 3,968,000 9 IPO OOD 32,914,000 REPAIR OF MACHINERY 10 AVIONAMS AD 27,864,000 ATOMENERGOREMONT AD 49,764,000 48,747,000 VESTAS BULGARIA EOOD 19,291,000 18,642,000 IPO OOD 17,830,000 16,783,000 TOP 10 COMPANIES WITH HIGHEST ANNUAL GROWTH IN REPAIR AND MAINTENANCE OF SHIPS AND BOATS OPERATING REVENUE IN REPAIR AND INSTALLATION OF TEREM -KRZ FLOTSKI ARSENAL - VARNA 58,132,000 56,715,000 MACHINERY AND EQUIPMENT EOOD RANK COMPANY Y/Y GROWTH MTG-DOLPHIN AD 33,652,000 31,104,000 1 ALPIN 5 EOOD 49180.00% ODESSOS SHIPREPAIR YARD AD 31,225,000 29,724,000 2 RMK INJENERING OOD 15600.00% REPAIR OF ELECTRICAL EQUIPMENT 3 SEA RIDING SQUADS OOD 7200.00% TSENTRALNA ENERGOREMONTNA BAZA 12,680,000 11,570,000 4 DIMEKS EOOD 6600.00% EAD 5 BLASTING 2015 OOD 5873.81% T&D ENGINEERING EOOD 6,245,000 6,243,000 6 DAEMONIC EOOD 5766.67% SIEMENS GAMESA RENEWABLE ENERGY 4,927,000 4,536,000 7 MEDIKA SERVIZ OOD YAMBOL 4500.00% EOOD 8 BI FIKS EOOD 4250.00% REPAIR AND MAINTENANCE OF OTHER TRANSPORT EQUIPMENT 9 NENI GRELE EOOD 4100.00% RVP SOFIA EOOD 6,131,000 5,923,000 10 VILI DIMO POPOV EOOD 4100.00% RAILWAY - TRACTION EOOD 1,442,000 1,422,000 VAGONOREMONTEN ZAVOD - LEVSKI AD 1,211,000 755,000 REPAIR AND MAINTENANCE OF AIRCRAFT AND SPACECRAFT TOP 10 COMPANIES BY TOTAL REVENUE IN THE SECTOR REPAIR LUFTHANSA TECHNIK SOFIA OOD 109,092,000 109,092,000 OF OTHER EQUIPMENT WERE: AVIONAMS AD 5,330,000 3,384,000 COMPANY BGN TEREM-LETETZ EOOD 5,100,000 4,828,000 BREZENT D END D EOOD 935,000 TEMIL EOOD 807,000 GUMI - GRUP EOOD 622,000 The top 10 companies in terms of total revenue in Repair and TEHNO BG OOD 191,000 installation of machinery and equipment accounted for CONCEPT BOATS EOOD 178,000 34.53% of the industry's total in 2016, 33.50% in 2015 and DAEMONIC EOOD 176,000 40.11% in 2014. KRIPS 78 EOOD 157,000 MG LIFT EOOD 149,000 TOP 10 COMPANIES BY TOTAL AND NET SALES REVENUE IN THE NELI KARAPACHOVA KIRCHEVA ET 147,000 INDUSTRY CITY M LIFT EOOD 120,000 RANK COMPANY TOTAL REVENUE NET SALE (BGN) REVENUE (BGN) 1 LUFTHANSA TECHNIK SOFIA OOD 109,092,000 109,092,000 2 TEREM -KRZ FLOTSKI ARSENAL - VARNA 58,132,000 56,715,000 The 10 largest companies in terms of total revenue in sector EOOD Repair of other equipment earned total revenue of BGN 3 ATOMENERGOREMONT AD 49,764,000 48,747,000 3,482,000 and accounted for 0.33% of the industry's total 4 MTG-DOLPHIN AD 33,652,000 31,104,000 revenue. 5 ODESSOS SHIPREPAIR YARD AD 31,225,000 29,724,000 6 MAGNUM 7 OOD 19,722,000 16,781,000 TOP 10 COMPANIES BY TOTAL REVENUE IN THE SECTOR 7 VESTAS BULGARIA EOOD 19,291,000 18,642,000 INSTALLATION OF INDUSTRIAL MACHINERY AND EQUIPMENT 8 IPO OOD 17,830,000 16,783,000 WERE: 9 SMARTCOM-BULGARIA AD 13,943,000 13,652,000 COMPANY BGN MAGNUM 7 OOD 19,722,000 10 BULYARD SHIPBUILDING INDUSTRY AD 13,483,000 12,713,000 SMARTCOM-BULGARIA AD 13,943,000 KOSHIN EOOD 8,613,000 The total revenues of the top 10 companies in the Repair and PROEKTEN MENIDZHMANT I KONSULTIRANE OOD 7,653,000 installation of machinery and equipment were 0.39% of GDP ENTERPRISE COMMUNICATIONS GROUP OOD 6,726,000 in 2016, compared to 0.38% for 2015 and 0.47% in 2014. ATIS INZHENERING OOD 6,608,000 SYSTEMS AUTOMATION TECHNOLOGIS /SAT/ EOOD 6,262,000 The top 10 by assets in the Repair and installation of ATP-ATOMTOPLOPROEKT OOD 6,262,000 machinery and equipment market made up BGN STENLI FRIGO EOOD 3,447,000 327,853,000, or 32.67% of the total net sales revenue. SIPIPII S.A. 3,110,000

TOP 10 BY TOTAL ASSETS IN THE INDUSTRY RANK COMPANY BGN The 10 largest companies in terms of total revenue in sector 1 BULYARD SHIPBUILDING INDUSTRY AD 92,958,000 Installation of industrial machinery and equipment earned 2 ATOMENERGOREMONT AD 83,946,000 total revenue of BGN 82,346,000 and accounted for 7.77% of 3 MTG-DOLPHIN AD 76,617,000 the industry's total revenue. 4 LUFTHANSA TECHNIK SOFIA OOD 72,800,000 5 ODESSOS SHIPREPAIR YARD AD 70,074,000 6 RUSENSKA KORABOSTROITELNITSA AD 59,144,000 7 VESTAS BULGARIA EOOD 46,824,000 8 TEREM -KRZ FLOTSKI ARSENAL - VARNA EOOD 40,885,000

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TOP 10 COMPANIES BY TOTAL REVENUE IN THE MARKET REPAIR TOP 10 COMPANIES BY TOTAL REVENUE IN THE SECTOR REPAIR OF FABRICATED METAL PRODUCTS WERE: AND MAINTENANCE OF SHIPS AND BOATS WERE: COMPANY BGN COMPANY BGN ENERGOREMONT KOZLODUY EOOD 9,867,000 TEREM -KRZ FLOTSKI ARSENAL - VARNA EOOD 58,132,000 ENERGOREMONT - BOBOV DOL EAD 3,549,000 MTG-DOLPHIN AD 33,652,000 ENERGOREMONT IDA DZZD 2,075,000 ODESSOS SHIPREPAIR YARD AD 31,225,000 REMONT INJENERING 2000 AD 1,682,000 BULYARD SHIPBUILDING INDUSTRY AD 13,483,000 MONTAZH INZHENERING EOOD 1,224,000 HELLENIKA OOD 11,567,000 KOTLOREMONT EOOD 936,000 PERLA 2 EOOD 10,032,000 CONTROL OOD 912,000 ALPIN 5 EOOD 9,856,000 ENERGOREMONT RUSE EAD 816,000 FEYS PROTEKSHAN EOOD 7,462,000 BORIANI - 08 EOOD 748,000 NYU PRODZHEKT OOD 6,577,000 KONTINENTALIK OOD 717,000 BUMERANG SHIPPING OOD 6,039,000

The 10 largest companies in terms of total revenue in sector The 10 largest companies in terms of total revenue in sector Repair of fabricated metal products earned total revenue of Repair and maintenance of ships and boats earned total BGN 22,526,000 and accounted for 2.12% of the industry's revenue of BGN 188,025,000 and accounted for 17.73% of the total revenue. industry's total revenue.

TOP 10 COMPANIES BY TOTAL REVENUE IN THE INDUSTRY REPAIR TOP 10 COMPANIES BY TOTAL REVENUE IN THE MARKET REPAIR OF ELECTRONIC AND OPTICAL EQUIPMENT WERE: OF ELECTRICAL EQUIPMENT WERE: COMPANY BGN COMPANY BGN DANLEX EOOD 8,970,000 TSENTRALNA ENERGOREMONTNA BAZA EAD 12,680,000 ENSI CONTROL EOOD 8,468,000 T&D ENGINEERING EOOD 6,245,000 PENTAX MEDICAL BULGARIA EOOD 3,968,000 SIEMENS GAMESA RENEWABLE ENERGY EOOD 4,927,000 GENERAL ELECTRIC INTERNATIONAL - BRANCH BULGARIA 1,379,000 SOLARPRO AD 3,363,000 COOL TECH EOOD 1,090,000 OPERATION MANAGEMENT SERVICES OOD 2,741,000 VILA BULGARIA EOOD 1,079,000 SKY SOLAR BULGARIA CO EOOD 2,123,000 ORITEL EOOD 1,049,000 ABC WIND FARM OOD 1,890,000 PALMED AD 941,000 EL TIM EOOD 1,037,000 PROXEL ENGINEERING EOOD 906,000 EFACEC CENTRAL EUROPE BRANCH BULGARIA 1,018,000 CHEM AS ENGINEERING OOD 665,000 PPMEO OOD 971,000

The 10 largest companies in terms of total revenue in sector The 10 largest companies in terms of total revenue in sector Repair of electronic and optical equipment earned total Repair of electrical equipment earned total revenue of BGN revenue of BGN 28,515,000 and accounted for 2.69% of the 36,995,000 and accounted for 3.49% of the industry's total industry's total revenue. revenue.

TOP 10 COMPANIES BY TOTAL REVENUE IN THE SECTOR REPAIR TOP 10 COMPANIES BY TOTAL REVENUE IN THE FIELD REPAIR AND OF MACHINERY WERE: MAINTENANCE OF OTHER TRANSPORT EQUIPMENT WERE: COMPANY BGN COMPANY BGN ATOMENERGOREMONT AD 49,764,000 RVP SOFIA EOOD 6,131,000 VESTAS BULGARIA EOOD 19,291,000 RAILWAY - TRACTION EOOD 1,442,000 IPO OOD 17,830,000 VAGONOREMONTEN ZAVOD - LEVSKI AD 1,211,000 COMPLEX INDUSTRIAL SERVICE EOOD 9,739,000 EVROPA GUMI KNYAZHEVO OOD 923,000 SIGMA IS AD 9,621,000 M & M AUTO REPAIR EOOD 574,000 DEVARO EOOD 9,566,000 DN-MOTORS EOOD 545,000 RIMAKEM EOOD 8,179,000 IV KAR SERVIZ OOD 435,000 INTERPRIBORSERVICE OOD 6,529,000 EKO BETONI EOOD 394,000 MINSTROY REMOTEKS DZZD 6,434,000 LUCKY 07 - ENGINEERING EOOD 274,000 MAN ENERGY SOLUTIONS BULGARIA EOOD 5,013,000 2 MART EOOD 257,000

The 10 largest companies in terms of total revenue in sector The 10 largest companies in terms of total revenue in sector Repair of machinery earned total revenue of BGN Repair and maintenance of other transport equipment earned 141,966,000 and accounted for 13.39% of the industry's total total revenue of BGN 12,186,000 and accounted for 1.15% of revenue. the industry's total revenue.

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Total Expenses TOP 10 COMPANIES BY TOTAL REVENUE IN THE SECTOR REPAIR AND MAINTENANCE OF AIRCRAFT AND SPACECRAFT WERE: Operational expenses COMPANY BGN 1,000,000,000 961,311,000 973,634,000 LUFTHANSA TECHNIK SOFIA OOD 109,092,000 887,424,000 AVIONAMS AD 5,330,000 900,000,000 952,864,000 TEREM-LETETZ EOOD 5,100,000 906,188,000 800,000,000 AERO TECHNIC BG OOD 4,922,000 844,870,000 TEOKOM 2001 EOOD 2,031,000 700,000,000 ELEKTRA TRANS GLOBUL OOD 1,233,000

PLANE ASSISTANCE EOOD 941,000 600,000,000 APS AVIATION PAINTING SOLUTIONS EOOD 506,000 AVIOREMONT ZAVOD EOOD 176,000 500,000,000 BGN ALENIA AERONAUTIKA TP 173,000 400,000,000

300,000,000 The 10 largest companies in terms of total revenue in sector

Repair and maintenance of aircraft and spacecraft earned 200,000,000 total revenue of BGN 129,504,000 and accounted for 12.21% of the industry's total revenue. 100,000,000

PRODUCTION SALES FIGURES FOR REPAIR AND INSTALLATION OF 0 MACHINERY AND EQUIPMENT IN 2016 2014 2015 2016 SECTOR SALES IN BGN INCL. SALES ON INCL. EXPORTS IN THE DOMESTIC BGN MARKET IN BGN In annual terms, total expenses grew by 1.28% compared to REPAIR AND MAINTENANCE OF SHIPS 250,731,000 45,501,000 205,230,000 AND BOATS 2015 and went up by 9.71% in comparison to 2014. REPAIR OF MACHINERY 237,404,000 217,457,000 19,947,000 The total operating expenses of the companies in the Repair REPAIR AND MAINTENANCE OF AIRCRAFT 125,902,000 9,622,000 116,280,000 AND SPACECRAFT and installation of machinery and equipment industry were INSTALLATION OF INDUSTRIAL 103,833,000 79,690,000 24,143,000 BGN 952,864,000 in 2016. MACHINERY AND EQUIPMENT REPAIR OF ELECTRICAL EQUIPMENT 30,851,000 28,534,000 2,317,000 Operating costs rose by 5.15% compared with the previous REPAIR OF ELECTRONIC AND OPTICAL 25,375,000 20,390,000 4,985,000 year and increased by 12.78% when compared to 2014. EQUIPMENT REPAIR OF FABRICATED METAL 19,042,000 18,154,000 888,000 We expect, based on the trend in the last three years, the total PRODUCTS costs of the Repair and installation of machinery and REPAIR AND MAINTENANCE OF OTHER 6,333,000 6,128,000 205,000 equipment industry to change at a compound annual growth TRANSPORT EQUIPMENT rate (CAGR) of 4.74% in 2017. REPAIR OF OTHER EQUIPMENT 2,107,000 1,933,000 174,000

TOTAL COSTS BY SECTORS RANK SECTOR TOTAL COSTS (BGN) 1 REPAIR AND MAINTENANCE OF SHIPS AND BOATS 287,802,000 IV. EXPENSES 2 REPAIR OF MACHINERY 276,269,000 3 INSTALLATION OF INDUSTRIAL MACHINERY AND 153,524,000 The combined costs of the companies in the Repair and EQUIPMENT installation of machinery and equipment industry reached 4 REPAIR AND MAINTENANCE OF AIRCRAFT AND 126,444,000 BGN 973,634,000 in 2016. SPACECRAFT 5 REPAIR OF ELECTRICAL EQUIPMENT 45,715,000 6 REPAIR OF ELECTRONIC AND OPTICAL EQUIPMENT 32,141,000 7 REPAIR OF FABRICATED METAL PRODUCTS 29,877,000 8 REPAIR AND MAINTENANCE OF OTHER TRANSPORT 16,345,000 EQUIPMENT 9 REPAIR OF OTHER EQUIPMENT 5,517,000

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Employment expenses INDUSTRY'S TOTAL COSTS STRUCTURE BY SECTORS Salaries expenses 12.99% Social security expenses 15.77% 283,817,000 290,000,000

261,000,000 250,070,000 8.62% 226,838,000 232,000,000 240,534,000

203,000,000 4.70% 209,339,000 174,000,000189,461,000

145,000,000 BGN 28.38% 116,000,000

87,000,000

58,000,000 43,063,000 29.56% 36,065,000 39,348,000 29,000,000

0 Repair and maintenance of ships and boats 2014 2015 2016 Repair of machinery Installation of industrial machinery and equipment Repair and maintenance of aircraft and spacecraft The highest growth in labour costs, of 29.35%, was registered by Repair and maintenance of other transport equipment, Repair of electrical equipment while Repair of other equipment marked the sharpest fall, of Others 58.53%.

Repair of electronic and optical equipment marked the The monthly costs per employee in the Repair and installation highest annual increase in total expenses, of 26.66%, while of machinery and equipment industry averaged BGN 1,499 in total expenses decreased the most, by 49.05%, for Repair of 2016, BGN 1,330 in 2015 and BGN 1,296 in 2014. other equipment. The monthly social security costs per employee in the In terms of operating expenses, the highest increase, of industry averaged BGN 227 in 2016, versus BGN 209 in 2015 26.60%, was recorded by the Repair of electronic and optical and BGN 206 in 2014. equipment sector. The sharpest drop was posted by Repair of other equipment - 49.21%. EMPLOYMENT EXPENSES IN REPAIR AND INSTALLATION OF MACHINERY AND EQUIPMENT BY SECTORS IN 2016 The biggest spenders in the industry, with costs of over 10% RANK SECTOR EMPLOYMENT AVERAGE EXPENSES (BGN) EXPENSES PER of industry's costs, numbered 12, including TEREM -KRZ EMPLOYEE FLOTSKI ARSENAL - VARNA EOOD, ODESSOS SHIPREPAIR (BGN) YARD AD, ATOMENERGOREMONT AD, MTG-DOLPHIN AD, 1 REPAIR OF MACHINERY 85,739,000 14,911 MAGNUM 7 OOD. The medium spenders, or those in the 5% 2 REPAIR AND MAINTENANCE OF SHIPS AND 80,242,000 18,502 and 10% range count 24 and include RIMAKEM EOOD, NYU BOATS PRODZHEKT OOD, RVP SOFIA EOOD, T&D ENGINEERING 3 REPAIR AND MAINTENANCE OF AIRCRAFT 48,238,000 31,121 AND SPACECRAFT EOOD, ENSI CONTROL EOOD. Below 5% threshhold are 4 INSTALLATION OF INDUSTRIAL MACHINERY 32,264,000 18,901 2,575 companies, including TEKNO SOFIYA EOOD, ET AND EQUIPMENT SHNEK-2 -DANCHO KOLEV KOLEV, IZOTECH SERVICE 5 REPAIR OF ELECTRONIC AND OPTICAL 11,428,000 25,914 EOOD, ET VLADI-LYUBOMIR VESELINOV, LAMDATECH EQUIPMENT EOOD. 6 REPAIR OF ELECTRICAL EQUIPMENT 11,249,000 14,919 7 REPAIR OF FABRICATED METAL PRODUCTS 10,777,000 13,488 Employment expenses in the Repair and installation of 8 REPAIR AND MAINTENANCE OF OTHER 3,054,000 9,009 machinery and equipment industry went up by 13.50% on the TRANSPORT EQUIPMENT year to BGN 283,817,000 in 2016. 9 REPAIR OF OTHER EQUIPMENT 826,000 7,792

THE TOP 10 COMPANIES BY AVERAGE MONTHLY COSTS PER EMPLOYEE IN THE INDUSTRY RANK COMPANY BGN 1 REMONT INJENERING 2000 AD 39,188 2 TECHNICAL SERVICES SUPPORT EOOD 19,500 3 VENIDA EOOD 14,917 4 ULTRAMARINE EOOD 12,625 5 DANLEX EOOD 7,322 6 SIEMENS GAMESA RENEWABLE ENERGY EOOD 6,833 7 ELAS-KRUMOV EOOD 6,667

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8 MAN ENERGY SOLUTIONS BULGARIA EOOD 6,528 Net profit/loss 9 SIKONIKS OOD 6,125 10 BULMAR SERVICES EOOD 5,833 Operating profit/loss 120,000,000113,430,000

110,000,000 The industry's tax expenses stood at BGN 13,212,000 in 2016. In 2015 it paid taxes of BGN 13,267,000. In 2014 the industry 100,000,000 paid BGN 12,711,000 in taxes. 101,792,000 90,000,000 86,578,000

80,000,000 Average taxes expenses by company 70,000,000 6,000 73,366,000

60,000,000 5,5005,276 5,277 5,060 BGN 49,040,000 50,000,000 5,000

40,000,000 4,500 30,000,000 35,678,000 4,000 20,000,000 3,500 10,000,000

3,000 0 BGN 2,500 2014 2015 2016

2,000 TOP 10 COMPANIES BY HIGHEST NET PROFIT IN REPAIR AND 1,500 INSTALLATION OF MACHINERY AND EQUIPMENT RANK COMPANY BGN 1,000 1 ATOMENERGOREMONT AD 16,604,000 500 2 PERLA 2 EOOD 5,457,000 3 LUFTHANSA TECHNIK SOFIA OOD 4,460,000 0 4 MTG-DOLPHIN AD 3,447,000 2014 2015 2016 5 ODESSOS SHIPREPAIR YARD AD 3,047,000 6 SIEMENS GAMESA RENEWABLE ENERGY EOOD 2,590,000 EXPENSES ON TAXES BY SECTORS 7 HELLENIKA OOD 2,336,000 RANK SECTOR BGN Y/Y CHANGE 8 IPO OOD 2,203,000 1 REPAIR OF MACHINERY 5,079,000 14.62% 9 SMARTCOM-BULGARIA AD 1,980,000 2 REPAIR AND MAINTENANCE OF SHIPS AND 3,840,000 -21.76% 10 ALPIN 5 EOOD 1,517,000 BOATS

3 INSTALLATION OF INDUSTRIAL MACHINERY 1,677,000 -12.34% AND EQUIPMENT 4 REPAIR OF ELECTRICAL EQUIPMENT 931,000 -8.90% TOP COMPANIES BY HIGHEST NET LOSS IN REPAIR AND INSTALLATION OF MACHINERY AND EQUIPMENT 5 REPAIR OF ELECTRONIC AND OPTICAL 592,000 33.33% RANK COMPANY BGN EQUIPMENT 1 RUSENSKA KORABOSTROITELNITSA ZAPAD AD 35,577,000 6 REPAIR AND MAINTENANCE OF AIRCRAFT AND 386,000 -712.70% SPACECRAFT 2 BULYARD SHIPBUILDING INDUSTRY AD 2,796,000 7 REPAIR OF FABRICATED METAL PRODUCTS 315,000 16.67% 3 ULTRAMARINE EOOD 2,012,000 8 REPAIR AND MAINTENANCE OF OTHER 242,000 71.63% 4 AVIONAMS AD 1,776,000 TRANSPORT EQUIPMENT 5 SYSTEMS AUTOMATION TECHNOLOGIS /SAT/ EOOD 1,594,000 9 REPAIR OF OTHER EQUIPMENT 150,000 -25.37%

The combined operating earnings of the companies in the Repair and installation of machinery and equipment field V. PROFITABILITY increased by 76.55% y/y to BGN 86,578,000 in 2016.

OPERATING PROFIT/LOSS BY SECTORS (BGN) The industry's net profit amounted to BGN 73,366,000 in SECTOR 2016 2015 2014 2016, compared to a net profit of BGN 35,678,000 in 2015 REPAIR OF MACHINERY 47,964,000 32,175,000 31,741,000 and a net profit of BGN 101,792,000 in 2014. INSTALLATION OF INDUSTRIAL 15,417,000 18,355,000 10,098,000 MACHINERY AND EQUIPMENT REPAIR OF ELECTRICAL EQUIPMENT 9,572,000 10,209,000 10,164,000 REPAIR OF ELECTRONIC AND OPTICAL 5,890,000 4,870,000 3,286,000 EQUIPMENT REPAIR AND MAINTENANCE OF AIRCRAFT 4,460,000 -384,000 2,329,000 AND SPACECRAFT REPAIR AND MAINTENANCE OF OTHER 2,219,000 1,051,000 473,000 TRANSPORT EQUIPMENT REPAIR OF OTHER EQUIPMENT 2,050,000 854,000 2,156,000

8 SeeNews Industry Report

LEADING INDUSTRY'S SECTORS BY ROA REPAIR OF FABRICATED METAL PRODUCTS 1,149,000 1,418,000 2,047,000 17.65 REPAIR AND MAINTENANCE OF SHIPS AND -2,143,000 -19,508,000 51,136,000 18 BOATS 16.5 15

The profit margin for the Repair and installation of machinery 13.5 and equipment industry stood at 8.23% in 2016, while in 2015 12 it amounted to 4.94% and 11.52% in 2014. 10.45 10.5 9.67

9 PROFIT MARGIN BY SECTORS RANK SECTOR PROFIT 7.5 MARGIN 1 REPAIR OF OTHER EQUIPMENT 27.13% 6 2 REPAIR OF ELECTRICAL EQUIPMENT 17.86% 4.5 3 REPAIR OF ELECTRONIC AND OPTICAL EQUIPMENT 15.54% 3 4 REPAIR OF MACHINERY 14.91% 1.5 5 REPAIR AND MAINTENANCE OF OTHER TRANSPORT 11.96% 0 EQUIPMENT Repair of other Repair of electronic Installation of 6 INSTALLATION OF INDUSTRIAL MACHINERY AND 9.18% equipment and optical industrial machinery equipment and equipment EQUIPMENT 7 REPAIR OF FABRICATED METAL PRODUCTS 3.71%

8 REPAIR AND MAINTENANCE OF AIRCRAFT AND 3.42% LEADING INDUSTRY'S SECTORS BY ROE SPACECRAFT 37 36.71 9 REPAIR AND MAINTENANCE OF SHIPS AND BOATS -0.76% 33.3

29.6 The Repair and installation of machinery and equipment 27.05 industry's return on equity (ROE) is 8.77% compared to 5.82% 25.9 in 2015 and 15.75% in 2014. 22.2

The Repair and installation of machinery and equipment's 18.5 return on assets (ROA) was 5.07%, while in 2015 it amounted 16.16 to 2.86% and 8.48% in 2014. 14.8 11.1 ROE 7.4 ROA 3.7 15.75% 16 0 Repair and Repair of other Installation of 14.4 maintenance of other equipment industrial machinery transport equipment and equipment

12.8 TOP 10 COMPANIES BY HIGHEST AVERAGE NET PROFIT PER 11.2 EMPLOYEE IN REPAIR AND INSTALLATION OF MACHINERY AND EQUIPMENT 9.6 8.77% RANK COMPANY BGN COMPANY HEADQUARTERS (CITY) 8.48%8 1 SIEMENS GAMESA RENEWABLE ENERGY 2,590,000 SOFIA EOOD 6.4 5.82% 2 I G M EOOD 1,137,000 VIDIN 3 VILA BULGARIA EOOD 515,000 SOFIA 4.8 5.07% 4 TECHNICAL SERVICES SUPPORT EOOD 302,000 SOFIA

3.2 5 PROXEL ENGINEERING EOOD 237,000 ASENOVGR AD 2.86% 1.6 6 MARITINE SERVISES EOOD 215,500 ZLATOGRA D

0 7 AY TI AY BI YU EOOD 199,000 SLIVEN 2014 2015 2016 8 TURBO BUL OOD 175,000 VARNA 9 CONCEPT BOATS EOOD 163,000 PETRICH 10 INDUSTRIAL SERVICE OOD 138,000 BURGAS

About 30.00% of the 10 leading companies in terms of net profit per employee are located in SOFIA, while 10.00% are SLIVEN-based and 10.00% are headquartered in BURGAS.

The average net sales revenue per employee in the Repair and installation of machinery and equipment industry amounted to BGN 63,577 in 2016, up by 6.39% compared to 2015 and 9 SeeNews Industry Report

up by 5.53% compared to 2014. REPAIR OF MACHINERY 52,855 55,964 56,388 5,750 The industry's average operating revenue per employee went REPAIR AND MAINTENANCE OF 63,271 65,202 65,866 4,337 up by 5.23% year-on-year in 2016 to BGN 66,615. It dropped SHIPS AND BOATS by 1.34% compared to 2014. REPAIR OF ELECTRICAL 67,406 71,061 73,325 754 EQUIPMENT The Repair and installation of machinery and equipment REPAIR AND MAINTENANCE OF 50,617 54,749 54,761 339 OTHER TRANSPORT EQUIPMENT industry generated an average BGN 67,174 in total revenue REPAIR AND MAINTENANCE OF 82,775 84,078 84,454 1,550 per employee. In 2015 and 2014 the figure was BGN 64,471 AIRCRAFT AND SPACECRAFT and BGN 68,691, respectively.

The average total revenue per company in the Repair and AVERAGE REVENUE PER COMPANY IN REPAIR AND INSTALLATION installation of machinery and equipment industry went up to OF MACHINERY AND EQUIPMENT IN 2016 BGN 406,056 in 2016 from BGN 401,852 in 2015. The 2014 SECTOR AVERAGE NET AVERAGE AVERAGE NUMBER OF SALES OPERATING TOTAL COMPANIES value was BGN 415,910. REVENUE REVENUE REVENUE (BGN) (BGN) (BGN) A company in the Repair and installation of machinery and REPAIR AND MAINTENANCE OF 4,009,438 4,072,531 4,090,750 32 equipment field made on average a net sales revenue of BGN AIRCRAFT AND SPACECRAFT 384,311 in 2016, compared to BGN 372,495 in 2015 and BGN REPAIR AND MAINTENANCE OF 1,247,295 1,285,373 1,298,450 220 SHIPS AND BOATS 364,770 in 2014. INSTALLATION OF INDUSTRIAL 533,044 569,176 572,681 295 MACHINERY AND EQUIPMENT The Repair and installation of machinery and equipment REPAIR OF MACHINERY 273,554 289,644 291,839 1,111 industry made 0.41% of the overall sales country-wide, REPAIR OF ELECTRICAL 212,653 224,184 231,326 239 increasing its market share by 0.03 pp. EQUIPMENT REPAIR OF FABRICATED METAL 192,185 212,151 212,507 146 Operating profit per employee for the industry as a whole was PRODUCTS BGN 5,486 in 2016. For comparison in 2015 it amounted to REPAIR OF ELECTRONIC AND 181,633 190,482 191,111 199 BGN 3,130 and BGN 3,130 in 2014. OPTICAL EQUIPMENT REPAIR AND MAINTENANCE OF 76,946 83,229 83,247 223 OTHER TRANSPORT EQUIPMENT THE TOP BY OPERATIONAL PROFIT PER EMPLOYEE IN REPAIR AND REPAIR OF OTHER EQUIPMENT 50,507 51,760 51,829 146 INSTALLATION OF MACHINERY AND EQUIPMENT RANK COMPANY BGN 1 SIEMENS GAMESA RENEWABLE ENERGY EOOD 2,879,000 2 I G M EOOD 1,264,000 The total indebtedness of the companies in the Repair and 3 VILA BULGARIA EOOD 573,000 installation of machinery and equipment industry was BGN 4 TECHNICAL SERVICES SUPPORT EOOD 335,000 567,418,000 versus BGN 605,618,000 a year ago. In 2014 the 5 PROXEL ENGINEERING EOOD 263,000 industry's indebtedness totalled BGN 535,855,000.

INDUSTRY'S INDEBTEDNESS BY SECTORS (BGN) SECTOR 2016 2015 2014 TOP 10 COMPANIES WITH HIGHEST CORRELATION OPERATING REPAIR OF MACHINERY 183,961,000 148,876,000 159,627,000 REVENUE - NUMBER OF EMPLOYEES - EMPLOYMENT EXPENSES* REPAIR AND MAINTENANCE OF SHIPS 165,261,000 242,584,000 172,821,000 RANK COMPANY NAME CORRELATION (BGN) AND BOATS 1 SIEMENS GAMESA RENEWABLE ENERGY EOOD 4,454,000 REPAIR AND MAINTENANCE OF AIRCRAFT 77,107,000 71,082,000 82,952,000 AND SPACECRAFT 2 I G M EOOD 4,395,000 INSTALLATION OF INDUSTRIAL 51,991,000 52,139,000 50,204,000 3 TECHNICAL SERVICES SUPPORT EOOD 1,836,000 MACHINERY AND EQUIPMENT 4 AY TI AY BI YU EOOD 1,594,000 REPAIR OF ELECTRICAL EQUIPMENT 28,595,000 37,710,000 21,561,000 5 MAN ENERGY SOLUTIONS BULGARIA EOOD 1,592,667 REPAIR OF FABRICATED METAL 27,632,000 23,966,000 21,820,000 6 VILA BULGARIA EOOD 1,052,000 PRODUCTS 7 PROXEL ENGINEERING EOOD 893,000 REPAIR AND MAINTENANCE OF OTHER 17,760,000 15,467,000 18,600,000 8 SLAVOV CASTING - SERVICE AND TECHNOLOGY EOOD 582,500 TRANSPORT EQUIPMENT 9 MARITINE SERVISES EOOD 549,000 REPAIR OF ELECTRONIC AND OPTICAL 11,374,000 7,773,000 4,279,000 EQUIPMENT 10 ATIS INZHENERING OOD 536,917 REPAIR OF OTHER EQUIPMENT 3,737,000 6,021,000 3,991,000

*The correlation is calculated by subtracting the quotient of the operating profit, and the employment expenses to the number of employees. Debt-to-assets ratio of the companies in the industry is 0.39 in 2016. It was 0.48 in 2015 and 0.45 in 2014. AVERAGE REVENUES PER EMPLOYEE IN REPAIR AND INSTALLATION OF MACHINERY AND EQUIPMENT IN 2016 SECTOR AVERAGE NET AVERAGE AVERAGE NUMBER OF SALES OPERATING TOTAL EMPLOYEES VI. EMPLOYMENT REVENUE REVENUE REVENUE (BGN) (BGN) (BGN) REPAIR OF OTHER EQUIPMENT 69,566 71,292 71,387 106 A total of 15,783 people were employed in the Repair and INSTALLATION OF INDUSTRIAL 92,120 98,364 98,970 1,707 installation of machinery and equipment industry at the end MACHINERY AND EQUIPMENT of 2016, compared to 15,670 in 2015 and 14,586 in 2014. REPAIR OF FABRICATED METAL 35,118 38,766 38,831 799 PRODUCTS REPAIR OF ELECTRONIC AND 81,961 85,955 86,238 441 OPTICAL EQUIPMENT 10 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 1 300 INDUSTRY 1 234 TOTAL 1 200 REPAIR OF MACHINERY 5,750 36.43% 1 100 REPAIR AND MAINTENANCE OF SHIPS AND BOATS 4,337 27.48% 1 000 INSTALLATION OF INDUSTRIAL MACHINERY AND 1,707 10.82% EQUIPMENT 900 REPAIR AND MAINTENANCE OF AIRCRAFT AND 1,550 9.82% 800 SPACECRAFT REPAIR OF FABRICATED METAL PRODUCTS 799 5.06% 700 REPAIR OF ELECTRICAL EQUIPMENT 754 4.78% 600 REPAIR OF ELECTRONIC AND OPTICAL EQUIPMENT 441 2.79% 500 REPAIR AND MAINTENANCE OF OTHER TRANSPORT 339 2.15% 400 EQUIPMENT REPAIR OF OTHER EQUIPMENT 106 0.67% 300 200

100 47 8 Small Medium Big ALLOCATION OF EMPLOYEES BY INDUSTRY'S SECTORS 1,707 1,640 The employees of the leading 10 companies when it comes to numbers make up 32.28% of the workforce in the industry in 2016. 1,550 TOP 10 FIRMS BY SHARE IN INDUSTRY'S TOTAL NUMBER OF EMPLOYEES RANK COMPANY NUMBER OF SHARE EMPLOYEES 799 1 LUFTHANSA TECHNIK SOFIA OOD 952 6.03% 4,337 2 ATOMENERGOREMONT AD 815 5.16% 3 TEREM -KRZ FLOTSKI ARSENAL - VARNA EOOD 708 4.49% 4 ODESSOS SHIPREPAIR YARD AD 702 4.45% 5 MTG-DOLPHIN AD 621 3.93% 6 COMPLEX INDUSTRIAL SERVICE EOOD 293 1.86% 7 AVIONAMS AD 282 1.79% 8 RIMAKEM EOOD 276 1.75% 9 ENERGOREMONT KOZLODUY EOOD 247 1.56% 5,750 10 BULYARD SHIPBUILDING INDUSTRY AD 198 1.25%

Repair of machinery Repair and maintenance of ships and boats The Repair and installation of machinery and equipment Installation of industrial machinery and equipment industry is the 32nd largest employer in the country with Repair and maintenance of aircraft and spacecraft 15,783 employees with the largest employer being Retail Repair of fabricated metal products trade, except of motor vehicles and motorcycles with 234,189 and Libraries, archives, museums and other cultural activities Others at the bottom with 54 employees.

The analysis on companies' sizes by the number of The Repair and installation of machinery and equipment's employees, shows that 1234 firms have less than 50 share in the country's total employment was 0.68% in 2016, employees*, 47 have between 50 and 250 employees* and 8 0.79% in 2015 and 0.79% in 2014. companies employ more than 250*.

We expect, based on the trend in the last three years, the * Companies without data in the number of employees at end of the year are not taken into consideration. number of employees of the Repair and installation of machinery and equipment industry to change at a compound annual growth rate (CAGR) of 4.02% in 2017.

11 SeeNews Industry Report

The industry is represented by the following companies

TEKNO SOFIYA EOOD REKOVERI TEHNOLODZHI OOD NOVA TEMP EOOD SALUS - TODOR TODOROV ET ET SHNEK-2 -DANCHO KOLEV KOLEV SLAVOMECCANICA EOOD BETA TREYD 07 EOOD VAYDA-HAUS-BG EOOD IZOTECH SERVICE EOOD DZZD PATSTROY TBM - BG EOOD HAYKOMTEH EOOD ET VLADI-LYUBOMIR VESELINOV NORD SOLAR OOD ELPAK SPECIAL SERVICE EOOD ERMANG D OOD LAMDATECH EOOD DI END DZHI FOREVAR MITE- GEORGI ZDRAVKOV GANCHO MIHOV ET ENERGOREMONT RADNEVO EOOD VITAPEN OOD POWER ENGINEERING STARA ZAGORA OOD MULTIBLAST EAD OPTRON GLOBAL SERVICES EOOD IZOTSERVIZ SHUMEN OOD PPMEO OOD TECHNICAL SERVICES SUPPORT EOOD TIREX AP EOOD MED TECHNOSERVICE EOOD BULREM EOOD EUROSERVISE-6987 EOOD FLASHELEKTRIK EOOD HOSPIS OOD TEMIL EOOD ALESDAS EOOD ET EVGENI ATANASOV - ETAL ELVA VASIL VASILEV ET FENIX-2002 EOOD TEDI - TODOR ANGELOV EOOD RUS SPETS SERVIS EOOD ET BOYKO VASEV-BONIK-V LIFT - SERVIZ 08 OOD VLADAYSKA PARTNERS OOD KOMTEH STABIL EOOD BORD SISTEMS EOOD VARNA SHARK EOOD ET BONIEF - STOYAN BONEV - ANETA BONEVA STAMBATA - XC EOOD YUUPPI EOOD S T INNOVATORS EOOD IDARMED OOD AMADINA STOYAN VASILEV ET GAMA SPEKTAR 96 EOOD SIV 90 EOOD SERVIZ TSANQTA EOOD ET PETAR STOIMENOV - FLEKS ALEKSANDAR MEDIKA EOOD ET IKAR - ALEKSI ALEKSIEV PN-REMO OOD SISTEMI ZA AVTOMATIZATSIA EOOD ET RENESANS-GEORGI MIHOV ENERGOREMONT-ROMAN EOOD MISSO.LTD EOOD MINNA AGENTSIA EOOD PETIRADIS OOD REQUEST OOD TEHNIKOSERVIZ EOOD HERMES CLIMA EOOD MRD 2015 EOOD TITAN EOOD AM SISTEMS OOD TRUCKS ENGINEERING EOOD IL DI 67 EOOD PETROLIUM SERVIZ EOOD MOBIL VENDING SERVICE EOOD DANI-82 OOD EL SHIP EOOD EFIR KOMERS EOOD TURBO MARINE EOOD MALINKA LYUBOMIROVA IVANOVA EOOD PLYWORLD EOOD VISTA GRUP EOOD OL SPEYS EOOD DABAL D GRUP OOD PASAT-M 07 EOOD VAST EOOD PERFECT ELECTRA OOD REAL SERVIZ EOOD MVS - TEHNIK EOOD TERMINAL 3 TINCHO TRIFONOV ET BESHKOV - SIS EOOD ICEBERG INTERNATIONAL EOOD SIKONIKS OOD ET MERKURIY 69 - NIKOLAY NIKOLOV STANCHEV - KLIMA 2 EOOD ET STRELETS-KIRIL RADEV DANI LIFT EOOD KAR SERVIZ 2007 EOOD ROSITSA NIKOLOVA ET ET ESI - TOTYO KANEV ET TRANSVERTIKAL PAVLIN PELOV KRANI 2009 OOD ALTEH SERVIZ EOOD ET VALAB - VALERI VELCHEV MIM SERVIZ EOOD NEOBLAST EOOD HIDROKAZ - PISTEN BULLI EOOD J - CONSULT EOOD LEOSYSTEM OOD EURO SHIPPING OOD DRIM - T EOOD KAZAKOV 65 OOD ET IVAN STEVOV ET VANTO - VALENTIN IVANOV TEO METALS OOD 485 EOOD MOBAYL TAYARS GRUP OOD KODINOVS OOD HYMAC INTERNATIONAL EOOD KAPITORIYA OOD ISKAR SERVICE EOOD YANI 05 EOOD HIDROMA EOOD PROIZVODSTVENA KOOPERATSIA BITOVA SHKODROV EOOD ET B.B.DENT-S-PETAR STOYANOV KRANTEH INGENERING OOD TEHNIKA KOOP X EOOD BALANS 2000 EOOD FRIMA - 2 EOOD TERMO MONTAJ 2011 EOOD SPECIAL SYSTEM EOOD SEACOMM VARNA OOD ET BNS-BORISLAV SIMEONOV HIRUTEH-93 OOD TRAKTER SERVICE OOD ET TEKAR - IVAN IVANOV ELCONSULT OOD ET DENI-DINKO DIKOV ET MIG 33 MINKA GENESHKA OBEDINENIE SANBRAYT 2015 D AND P AUTO OOD DIACOM 7 EOOD ASANSIORNI SERVIZI SS OOD ELETEO EOOD SPEED BOAT SERVICES SBS OOD PEGAS UNION OOD ET NARIA - KRASIMIR ALEKSIEV RIMAKEM EOOD PREMIERE GROUP OOD MV - LIDER EOOD ELMONT-1 EOOD SPAYDAR 1 OOD ELSYST ENGINEERING OOD AUTO SHANS 78 EOOD B A PEYCHEV BLAGOY ALEKSANDROV PEYCHEV MENA FAYER OOD TERMOREM EOOD SIPGER M EOOD ET BULRANG - VATEV I SIE OOD RENI LIFT 22 EOOD DZHI EM EM TREYD EOOD NIKOL 2017 EOOD ET KALI - PETAR VASILEV PADI AVIATION EOOD D A R K -2002 EOOD EL MAKS EOOD NIDAS SERVICE OOD NIKOLINKA ILIEVA GALITSA ET MAIAK-2-GEORGIEVA-SENICHKA GENCHEVA ET SANDRA-I- ALEXANDER STUMBOV ET KM TREYDING 2012 OOD TEO ELEKTROMOTOR EOOD START INVEST GROUP OOD ET IVAN LANKOV DZHAN-EST EOOD ET SIMONA SOFIYA 91 PETAR GEORGIEV EVOLYUSHAN 16 EOOD KARMELO-VESELIN MANCHEV ET SITRONIKS TEHNIKI EOOD SATECH SOLUTIONS OOD DIMAST M EOOD ET TIM - YORDAN IVANOV UNISHIP EOOD KITCHEN SERVICES EOOD ET PETAR DIMOV ET DENTATEH - VASKO MARKOV RALIART-BI4 OOD BUL REM-DRAGAN GANCHEV ET MM HIDRAVLIK EOOD OVK-SERVICE EOOD UNIPRIBOR EOOD DI VI JL SERVICE EOOD OBSEG EOOD KLIMATENGINEERING-21 AG AD PROFFI PAINT EOOD KASEL - 10 EOOD S DRIVE EOOD SKL SERVICE EOOD HYDRALIFT CRANES EOOD ET ELTEH - AHMED EBAZEROV HIDROSISTEM EOOD AQUA PROM EOOD DANI INGENERING EOOD BREZENT D END D EOOD ELSTROI NEDELCHEV EOOD S-AKIS ELEKTRONIC ENGINEERING & SERVICE SIEL 78 SIMEON FILIPOV ET ET PANI -PARVAN ANDONOV EOOD HIDRAVLIKA EOOD REMETECH EOOD VENKAS EOOD LM KLIMA EOOD ET ANVENA - VELKO CHIVILIEV ILIYAN NEDKOV ET MITKO LIFT EOOD MEREDIAN-KO-70 EOOD EY EF I ES OOD TRINEL OOD EN SI SI EYT EOOD FILEL EOOD MEDIKA SERVIZ AD OOD STROITELSTVO I REMONT AD IZOMATIK-KOMPLEKT OOD ABC WIND FARM OOD TERMO-PROFIL-GEORGI POPOV ET SAVI LIFT OOD IZOTSERVIZ BM EOOD BI ER EL OOD PRO-TECH SERVI ES OOD STROITELNO MONTAJNO PREDPRIATIE-SMP MERIDIAN 999 EOOD EOOD 12 SeeNews Industry Report

DS KOSTADINOVI OOD LKV MIS EOOD KRISIT ELEKTRONIKS EOOD VISTA GRUP 2005 OOD BIZNES KONSULTING 55 EOOD CORAL EXPERT EOOD SAVENA BG EOOD DIGIKOM EOOD ARNIKA KONSULT OOD BOLKAN LEND INVEST EOOD NOVA-V 2015 EOOD STS SOLAR AD LAVA SERVIZ EOOD SNEZHEL 08 EOOD DN-MOTORS EOOD CHROMS TECHNIQUES EOOD INTEGRAL A G EOOD DIAN DINEV EOOD SD UNISET YANAKIEV I SIE AERO TECHNIC BG OOD ATARK EOOD GARANT EXPRESS 1990 OOD BORISLAV BRATOEV ET PROMAXSYS EOOD AUTOSERVICE OOD INDUSTRIAL SERVICE OOD ROTOR EOOD OOD DENCHEV I SIN OOD DENIFRIGO EOOD ET IVIN - IVAN MINCHEV KAR KLIMA EOOD INDUSTRIAL COOPERATION EOOD VEGA OOD NITRA EOOD SEA STARS 88 EOOD BOTABI OOD ASP PLYUS EOOD KIROV INJENERING EOOD VALCHEVI BG SLTD EOOD ET DIMITRINKA DELCHEVA - KRASIMIR DELCHEV ET EL KING-TODOR RABOTOV FRIGOFE OOD ENERGOREMONT-VARNA EAD GPI GRUP EOOD HETA - TONEV EOOD IV-AVTO 70 EOOD NORD BILD OOD PEL 53 PELAO STOYKOV ET VLASHKI ENGINEERING EOOD YANDI OOD ANCHOV AVIEYSHAN EOOD ET ARKALIEV-HRISTOFOR ARKALIEV TEHNIKOSERVIZ SIRAKOV S IE SD EL VIT TODOR PLACHKOV ET KOHTA 07 EOOD DIGALOG-TEHNIKA OOD EXPERT CLIMA BOURGAS EOOD TAKS KONSULT OOD MERGS EOOD DITAL ELECTRIC OOD FULCHARDZHAR BULGARIA AD AGRO SERVIZ 2014 EOOD IST MARINE YACHT SERVICE EOOD PALMAS 2016 EOOD ELFITRON - DIMITAR SERAFIMOV EOOD POLIELEKTRONIK SERVIZ OOD MIK ELECTRONICS EOOD MICONT OOD DES 96 EOOD OMEGA INS EOOD VITERAKS RENT EOOD RADEVI KOREKT EOOD SEKOMA EOOD TRAKIA LIFT OOD NOVA MEDICAL OOD VENMAR GRUP EOOD SERVIZ DINKOV STEFAN DINKOV ET ARCAS - 97 OOD KLB ENGINEERING OOD BEGAKAR EOOD HYDRAULICS GROUP EOOD ENERGY INVEST PRO EOOD SAUT UEST EOOD TEREM -KRZ FLOTSKI ARSENAL - VARNA EOOD IZOTSERVIZ - SMOLYAN OOD LIFTKOM SERVICE EOOD PROMODUL EOOD TRIUMF-MM MARIAN MARINOV ET VEI START EOOD KIMTEH GRUP OOD ELEKTRONNI I MEHANICHNI PRIBORI OOD TOKOMI OOD NYU PRODZHEKT OOD IV KAR SERVIZ OOD MITROV EOOD TEHNOLAB EOOD DAIG OOD DANINDUSTRY EOOD DZZD DESTINATSIYA BULGARIA - YUMAS INFRASTRUKTURA TEHNOLODZHI SERVISIZ I INZHENERING BULGARIA EOOD OPERATION MANAGEMENT SERVICES OOD ET FILIP STOYANOV CNC-TECHNIK PETER ISRAEL OOD DENI 82 EOOD GUMI - GRUP EOOD PARTNER OOD SD BULTEKS-25 TATAROVA I SIE VASANO EOOD PRO MACH EOOD 6 M S OOD AKZ ENERGIYA OOD AVTO SPEKTAR EOOD KRASIMEKS EOOD BORALEK EOOD DIANZHELI LIFT EOOD LEONLIFT OOD MAXI SEVICE EOOD ET MAYAK-KRASEN PETROV DINAMO RUSEV EOOD TI-ANN EOOD PREOS EOOD TEHNOSAT EOOD CHERKEZOV EOOD GENERAL PARTNERSHIP INTIEL - TODOROVI I SIE KOLOR KAR EOOD ALUDIES CORRECTION EOOD IZA INZHENERING OOD SD ET T. S. 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TERMO - 99 OOD GANCHO MIHOV 2 OOD KIROV SV GRUP EOOD ET IVAN NACHEV NOTEKS ELBO OOD ATANAS KANEV ET EL NIKTON EOOD ANTON GEORGIEV 2000 ET ZLATEVI ART OOD DD - 97 EOOD GALAXY MARINE EOOD V R I TREYDING EOOD ENTERPRISE COMMUNICATIONS GROUP OOD PENEV - P.AT EOOD HIDROMARK 2008 EOOD STEFI 80 OPLTD EOOD ET RUSALENA - MIHAIL VALCHEV M PROEKT EOOD ELGRID EOOD VADIS OOD BM VASILIS MUSTIS EOOD VRT EOOD VVEM S EOOD SIG SERVIZ EOOD DANI KLIMA VD OOD TEHTIM EOOD ITALTEH SERVIZ BULGARIA EOOD ET SARIKO - SLAVI ZYUMBYULEV TEHNOMARIN OOD VD PRO OOD VENTIS OOD ET ASANSYORI-NIKOLA STOYANOV MARITIME SERVICES EOOD NENI GRELE EOOD ET RADOY LYULYUKOV - YODAR ET BACHO KOLYU I SINOVE - PENKO STANCHEV DIMOVI 94 ATANAS DIMOV ET COOLFIX OOD DIMOV 76 - STOYAN DIMOV ET N-J-BULGARIA EOOD CEK AUTO EOOD MARKONI 2007 EOOD UNIDEY DENTAL EOOD NUMERIC EOOD EUPORIAN TABACO SERVICES EOOD ESA - BULTECHNICS EOOD M I S EOOD TSIEM IMPULS ET SIMAKS-OYL SERVIZ OOD YORDAN AVRAMOV EOOD ARBUL 8 EOOD ORN EOOD GANCHEV I SIE SD START - 5 - 65 EOOD BACHO KOLYU I SINOVE 1 OOD INTERPRIBORSERVICE OOD FINN COATING SYSTEMS OOD VAST 2 EOOD ISKAR STROY EOOD AKVA CHEK EOOD RIMMA SOFIA EOOD YO VI-M EOOD SEMERINA OOD PROFI SERVICE EOOD KOMETA EOOD ASANSYOR 02 OOD GREYS - 97 OOD TINEL-ELECTRONICS OOD BOYORD OOD EVOLUTION GREEN ENERGY OOD VALSPORT VASILEVI S IE SD VERTEX SERVICE OOD YAK SERVIZ EOOD ET KLEOS - KOYCHO GANEV TRAFOREMONT OOD IVIN EOOD ET STOYAN DOYCHEV - DOYCHA POJARI EOOD GEOTEHSERVIZ EOOD ET NADKO GEORGIEV - MEL ASANSIORI-STOIANOV I SIE OOD MARINE ELECTRONICS EOOD RENHAD OOD REA TRADING 2000 EOOD AVTOMATIZATSIA TREYD OOD TECHMASH HYDROSYSTEM EOOD TRI VALENTAS EOOD KALCHEV KLIMA EOOD EKSPRES MATEV EOOD DOVEREN KONSULTANT EOOD EXPERT LIFT SERVICES EOOD MONDI PEYPAR OOD KATRINA-M EOOD LEO SERVIZ OOD FAIAR OOD INTERNATIONAL MARINE END AVIATION AGENCIES EOOD MAIS OOD STAMH SERVICE OOD ET KRISTI-53-HRISTO HRISTOV EOOD EUROHIMIKA 2016 AV - FRIGO EOOD ET DIANZHELI TODOR TODOROV ET TONI-P - PETKO TONEV TONEV KRISTEL - 2009 EOOD ET MANOLCHO MANOLOV EVROPA GUMI KNYAZHEVO OOD ET TOCHNA MERKA - RADOSLAV BOROV BELEV AUTO EOOD DJUHOLD OOD BI FIKS EOOD INDASTRI END SAYT EKUIPMENT EOOD MARI BENTTS EOOD BULTRAK SERVICE EOOD DMV SUPPORT EOOD LIFT VERTIKAL EOOD MONOPOL GRUP SERVIZ EOOD HEVIKS EOOD BG - KOMERS EOOD KIKI CHEA EOOD VENIKA KOM EOOD XTRMTE EOOD ET IRINCHO IRINCHEV - IRIMED PERIT EOOD TONISOFT EOOD SO EOOD ET ILSTOK - ILIYA KOEV ZRV EOOD HIDRAVLON 1 EOOD ELEKTRA K EOOD BILKOM EOOD HRANKO OOD POLICORP EOOD GLOBAL AIR SERVICE EOOD COOLING SYSTEMS AND CONSTRUCTIONS OOD MEDIKOM OOD CUCOV - RMM EOOD CHERNO MORE - R EOOD ROTEX-2 OOD ET MEDKOM - STOYAN KOCHEV ET DAKI - DRAGOYA DRAGOEV ALBUSTEEL EOOD FRIMA OOD ASI SERVICE EOOD YACHT SERVICE EOOD PRESPA 05 EOOD BVA I SIE OOD EUROLIT OOD METAN SERVIZ OOD ET EL IV GARANT- IVO SHOYLEKOV ULTRAMARINE EOOD SINERGA OOD SOLARPRO AD SPSA EOOD CHOCHI 1965 EOOD ZP N I N ET VANTO-VASIL VASILEV MEDIKAL IMEYDZHING SARVIZ OOD PLANAT EOOD FRAN MENIDZHMANT EOOD TERRATECH ENGINEERING EOOD ET TSAMAK - TONI MAKAVEEV VAL ENGINEERING BG EOOD ET AKVA BILDING -TOMO VALEV GRAND OOD PANGRATZ EOOD SP KOMERS 2015 EOOD IMPAS SECURITY OOD VADIK EOOD TENEV ELEKTRONIKA EOOD DI SI DI KOREKT EOOD BLEK SIY GARDAN EOOD DIMEKS EOOD KOREKT 88 EOOD KONSORTSIUM DZHENERAL ENERGO DZZD NAS AUTO EOOD TEO TEOFIL FILOV ET DENTAL MEDIKA 42-IVAN KOVACHEV EOOD HIDROKONTROL 1 OOD ET ESPIRIT - EMIL MAKEDONSKI ET STOYKA METODIEVA - ANALITIK ET ANTON ATANASOV 98 SILKOM ENGINEERING EOOD EXTREME SOFT OOD ET AYVI - GEORGI DIMITROV MOTOSEGA OOD PERNIK OELT - SERVIZ EOOD RIS 6 EOOD MIKROOPTIKA ET O & M RENEWABLES EOOD ELBI-BISER KOLEV EOOD AYA DZZD DIMI DINKA MINEVA ET ALVARA 97 L T D OOD ET ORHIDEYA - ILIYA PARVANOV FEATHER AIR EOOD MEDISERVIZ OOD BIO BILE OOD RUDMETAL-TEHNOMASH OOD LIFT TRANS SLTD EOOD ET IVAN MANOLOV CONCEPT BOATS EOOD KOSTA ZHELYAZKOV EOOD STOEV 2013 EOOD PK SAGLASIE SOLAR VISION OOD EKOENERGIQ - PASOVA EOOD LIFTSERVICE OOD TERS-MOSHINO EAD VARNA ELECTRONICS OOD SIYTEK OOD V-G HRISTO BELCHEV FAGUS 2015 EOOD AVIONAMS AD ALEKSITA EOOD ET DIMIMED - DIMITAR NIKOLOV T-TAYARS EOOD VITACOM EOOD INFINITY OOD BLAST KONSTRUKSHAN EOOD ET PMP - PLAMEN POPOV CARMOTION OOD M - TECH SERVICE EOOD SERVIZ PRO OOD FLASH - 2011 EOOD ENDOREP EOOD ANYA FIT EOOD METALNI IZDELIA I KONSTRUKTSII EOOD ET MALNIYA - HRISTO HADZHITSANEV TSINTSAROV EOOD TITAN ASANSYORI EOOD CHIME OOD PI ES DZHI AUTOMATIKS EOOD KOUTROULOS NAFTOSOL EOOD RKM 1 EOOD KRANTEX EOOD ASHO-TEH OOD ELENI TEHNIKI EOOD AMKO 2 APOSTOLOV HRISTOV SIE SD ODESSOS SHIPREPAIR YARD AD KND -YACHT SERVICE OOD VELNED EOOD TOPLOTEHNIKA BURGAS OOD HEMUS MOTOR OOD NAR 2016 OOD PRO SHIPING BG EOOD BEVIS-V EOOD KRISIVAN OOD VANTOMAT OOD ET BANKO BANKOV BIG TIM AUTO EOOD SD ELTI-ATANASOV ZHELEV I SIE GROZEV SERVICE EOOD VKV SOFIA EOOD BOBI BORISLAV BAKARDZHIEV ET DZHIMI KOMERS EOOD MOTOROUD EOOD ET OREL-TSVETAN ZDRAVKOV AKVATRAKS EOOD FRIGOSYST OOD BORVAS EOOD ET ILKO VALCHEV GARANT 14 SeeNews Industry Report

OFFICESYSTEMS OOD VILA BULGARIA EOOD ENERGOREMONT RUSE EAD MYU-KO DZZD DZZD NEDEV 2012 VENID - DARS YACHT SERVICE OOD M & M AUTO REPAIR EOOD TECHPOL 16 EOOD PROFIT AY DZHI OOD BIS - DI OOD KRAVT EOOD VALEMO - EMIL CHAKAROV ET ET YUNAK- PETAR NENOV KOMPRESORS BG EOOD AVROV EOOD A T KLIMA EOOD ELEKTRIC BYLD EOOD LIBRA ENGINEERING OOD STAS - AUTO EOOD ADD HELP EOOD EKIP - 2015 EOOD DIVATRANS BULGARIA EOOD SUPER SABKO IVANOV ET ASKOS SERVIZ EOOD ET VENUS - VLADIMIR GRUEV ARGON 79 EOOD DARAS OOD CONTROL - TEHNICHESKA ZASHTITA EOOD SEA ENGINEERING OOD FAYER INZHENERING EOOD MARVEL TSPU MASHINI EOOD ENERGY SERVICE EOOD ET DINEY - DIMITAR DIMITROV PRODAYVING EOOD ELTED TM EOOD ZHOKER KIT EOOD FRIGO COMPACT OOD VEBA 2016 EOOD RADO KAR EOOD EOOD TITAN-59 ET STEFAN DRUMEV ET DIMITAR DICHEV - DICHEV ARMATUREN SERVICE EOOD H& D 73 EOOD ET IVAN PIPALOV- APOGEY HIDROGRUP DZZD IRINEKS OOD CLIMA 98 OOD TED INZHENERING 2000 EOOD TONI LIFT - R OOD ET GRANIT - VALENTIN VASILEV XVT I KO EOOD TRABNI SISTEMI BG EOOD NEDELCHEV SERVIZ OOD SHARP TULS - GERALUMIN OOD EOOD STANDART 99 SHUMED EOOD ALEKS KARI EOOD ET UNIVERSAL - 250 - KALCHO BELOV ET MEGI - MARIYA GERCHEVA ROSHIL EOOD ET CHELEBIEV 66 PENKA DINEVA IZGREV 80 OOD HRISTO BALBOLOV EOOD AGROMON EOOD ET MIHAIL 86 - AKSINIYA SIMEONOVA SPINOR-BG EOOD ET ELKOPI-2013-ROSITSA YANCHEVA-STOEVA ET ALPEN-SASHO ALEKSIEV ET DIMITROV - VASIL IVANOV MISA KONSULT OOD ET POPOV - IVAN TODOROV POPOV MARINEPROTEKSHAN EOOD GLOBAL ENERGY SERVICES SIEMSA S.A. - VOS-BS EOOD TABAK TEKNIK EOOD SUCURSAL EN BULGARIA BRANCH ET IVAN SIMEONOV IMANDIEV EOOD DACS-N EOOD NIKI REYSING TIM EOOD ET LAVA SERVIZ-GEORGI ASPARUHOV MEDATEH EOOD FISKOM 33 EOOD ET VESELIN DIMCHEV VI BILD 1 OOD ET IVAN STOEV SPEKTRON EOOD CATE EOOD KEMAL SARIEV ET IPON INZHENERING 99 OOD ET ESTET-PETAR PENKOV KLIMATEHNIKA EOOD VEDA TSVETAN STEFANOV ET ELKABEL KO-M EOOD TURBOLAZ OOD IVOMIRA METAL EOOD MIO EOOD GRIYN KLIMATEH OOD VANEKS AGRO EOOD VARNA YACHT PAINT OOD ELKONSULT INZHENERING EOOD ET NIKOLA SIRAKOV IV SERVICE 2016 EOOD DOBRICH LIFT 08 OOD DAR S SERVIZ EOOD REMPUS EOOD BIOTEHKLIYN EOOD TOPSYSTEM EOOD ELGO-07 EOOD STOYANOV TREYD EOOD ET TOVETON ELTREYD 04 OOD B A PEYCHEV EOOD GED 69 EOOD TIAL OOD BOLTEK OOD ET SAVENA - TODOR SAVOV ET BOKAS - BOGDAN ALEKSANDROV AY END DZHI MARIN SARVIZ EOOD ET ATANAS SARBOV-ELEKTROMOTOR ET KLIMAT - PENKO PENEV BULLIFT KOSTOV OGNYANOV VELEV I SIE SD KANGO SERVIZ BANCHEVI OOD KLIMEKS EOOD ELREM EOOD TURBO BUL OOD OR-TI EOOD KUTSAROV 62 EOOD ORITEL EOOD TIS DZZD MV 133 MANOY MANOEV ET ET ETALON - GEORGI GEORGIEV KK OOD VGA OOD ZENIT - MV OOD LZ YACHT SERVICE OOD TECHNOMASHPROJECT EOOD AY TI AY BI YU EOOD DZHI ER LIFT OOD SERVICE DOBRICH OOD ET RENHAD KORRO FORSE EOOD SGS AVIESHAN EOOD LIFT SERVIZ DZH OOD BITUMI EOOD ET KOZME-TEH - KONSTANTIN KOSTOV ASM ZORNITSA ZHEKO STAYKOV ET SBM SERVIZ OOD GAMACHEK EOOD ET DIMINZHENERING - D. TONCHEV RETAIL INGENEERING OOD KIPARIS M OOD KEYS SERVIZ OOD TIR SERVIZ EOOD ELSERVIZ EOOD SKR AM EOOD TOP 100 RESEARCH EOOD ET CHAVDAR ANDREEV -A -A APAS EOOD S I D - 97 - PAVLOV OOD BARAKUDA OOD ESTEL OOD ET SONI STOYAN PASHOV ELBA KONSULT EOOD ALEXANDRA LIFT EOOD ECOCLIIMAT OOD EVROMED-7 OOD DZZD SANBRAYT LED TRIKS BOX EOOD FRIGO TERM SERVIZ OOD LYUDYANI 2002 OOD HRISTOSKOV EOOD EKA SERVIZ OOD A& N LIFT EOOD ET VLADISLAV YANEV TOP AUTO 2012 OOD OOD MADARA HG PROEKTEN MENIDZHMANT I KONSULTIRANE ARP-28 OOD ET FRIKOM - GEORGI GEORGIEV OOD TSVETANOV-INZHENERING EOOD SPD EOOD NESTO EOOD HIDRONETIKS EOOD VELEV 2003 EOOD ASSAREL - REMONT OOD NEKI EOOD AQUATON-B EOOD START KOATING EOOD TRANSKIBERNETIKA VH OOD PIK OOD DORN PLUS EOOD ENERGOREMONT INZHENERING OOD ET PETAR KARAIVANOV ET VEZNA - DANCHO IVANOV IVANOVI TREYD EOOD ET AVTO-TREYDING - PLAMEN PASKOV MIRCHA EOOD IATOKAR - SERVIZ EOOD BELT BG EOOD ARCTECH 1 OOD ENTRETIEN EOOD ILI MART SHIPING EOOD MARTIN STEEL EOOD ARKOM 3 OOD D& D INTERNACIONAL BULGARIA EOOD VACUPRO EOOD DEEP DIVE SYSTEMS EOOD GROHMANN BULGARIA ENGINEERING OOD METALKONSTRUKT EOOD ZHA ZHIVKO TODOROV 2010 EOOD ET STOIL KOSTOV BG MEDIKA OOD DIMITRINA KOCHEVA VASKO PLAST ET MUEHLHAN BULGARIA OOD CELMACCH EUROPE EOOD FD EOOD EKO SAN NIKOLA AD TERATEH OOD DORN - NIKOLA DOYCHINOV ET NEW ENTRY OOD RODOPI TRADE MANAGEMENT EOOD ET REMTEH - MONTANA - ALEKSEY ILIEV VENIDA EOOD VELINOV 95 OOD PANDO TREYD EOOD EVROKARI EOOD BAGER REMONT SERVIZ OOD AGROMETAL EOOD SAN INGENEERING EOOD ELEVATOR SERVICE EOOD MIRMED 2003 OOD ALMASA OOD SPESIMA INZHENERING OOD BOVATO EOOD NIKOLINA PETKOVA ET EKOGAZ PROEKT OOD ET UNIVERSAL-90-VASIL DIMOV EN DZHI SAPORT EOOD BINARA BISER ODAZHIEV ET JOBI-JO EOOD KOTLOREMONT EOOD ROSSI DESIGN EOOD OTTO LIFT EOOD VE - EF V EOOD SPAYDAR ELEKTRONIKS EOOD ET KLIMATEH ATANAS YANCHEV AKTUAL INZHINERING NBNS INDUSTRIAL EOOD BLUPOWER EOOD AUTOMATION BULGARIA EOOD UELDING KING EOOD EOOD DIAMANT- DEYAN BELCHEV EL TIM EOOD VITTO OOD TRIKAR OOD DZHI END PI AUTO OOD DZZD AMAZONKA AGROMACHINA BG DOBRICH EOOD TECHPACK EOOD 15 SeeNews Industry Report

DIKO-ELEKTRONIC OOD RUMEDIT - R EOOD TUNDGAROV EOOD RIOSS AGRO OOD KAM ENGINEERING & SERVICE EOOD PALI-2013 EOOD KANZELARSKI MASHINI-DARMONEV S-IE SD RIVSIN EOOD KRIS SERWIZ EOOD S I S SERVIZ EOOD STOYCHEVI - AVTO EOOD RUMYANA YORDANOVA RADEVA ARP ET KAPON - 85 EOOD PEPI 07 EOOD EAR SENS EOOD SAMYA OOD ET ITSO HRISTO HRISTOV TEHNOSERVIZ 1 EOOD ET MEDISNABTEH - STANCHO MIHOV VIKTOR-1987 - TCVETAN HRISTOV ET ET INTREGRAL DIANA PANOVA LAMDA SHIPPING OOD VAVA LIFT EOOD VIHAR METAL EOOD ARA EOOD JAKKE - TRA EOOD BULMAYN EOOD ATP-ATOMTOPLOPROEKT OOD VMH 33 EOOD STEDY SERVICE EOOD ET METROLOG DRUMI DRUMEV ZRVENDING EOOD GAZ SIST - 5 EOOD AGROMETAL GROUP EOOD PLAN SERVIZ OOD DZZD KONSORTSIUM BALKAN ET VALERI 35 VALERI IVANOV KAMIL PRIM-RUMEN STANOEV ET TANIA 2006 OOD ABB AG AVSTRIA RESKYU.NET ANRO KLIMA OOD EMSI SERVIZ OOD FRENKITO EOOD TRIPOID EOOD GASKOIN 73 EOOD JIVKO KARPACHEV ET DCS EOOD HELLENIKA OOD TITAN LIFT EOOD SAVOV SERVIZ EOOD MEGA VO EOOD ELEKT EOOD IZOTSERVIS OOD B AND D AUTO OOD SERVICE - M EOOD MSE-SERVICE EOOD V B M D OOD ELEKTROPLYUS BURGAS EOOD KLEVARTAN INTERNESHANAL EOOD ENERDZHI MARIN SARVIZ EOOD KARI I EOOD ET ALEKSANDAR NESTOROV ET BALANS 2003 - NIKOLAY KOLEV ES DZHI EM 15 EOOD FRAM 3 OOD DESTA-07 OOD SHIPYARD BOURGAS EOOD SPAYBOR EOOD IZOT ELEKTRONIKS EOOD COMPUTER SERVICE EOOD GENKO GENOV ET APOLON 71 EOOD INSYSTEL EOOD ELMO 2014 EOOD MEDITSINSKA TEHNIKA OOD SMT - GRUP EOOD KOOPERATSIYA REMMASH ET GEGO - KIRIL GEGOV OK TERM EOOD ELEVATORS BULGARIA EAD VESKONTI EOOD ET KOSTADIN PEEV GAGARIN COMPANY EOOD ET BAYK-GEORGI ANDONOV ENERGOREMONT KOZLODUY EOOD RETERA MARINETECH EOOD VIANOR EOOD VASI-2 EOOD STESLA 1 EOOD PRO TEH INZHENERING OOD SAS GROUP EOOD SM PARTS EOOD BULBIO EOOD STENLI FRIGO EOOD KOSHIN EOOD KIROV-K EOOD CLIMA TRADE ENGINEERING OOD AGROKRIMA-SERVIZ CVETKOVI EOOD GMG MONTAZH GRUP EOOD ET IVAYLO NIKIFORSKI ELEKTRON SERVIZ OOD KRAKRA LIFT EOOD SEM REMONT 2 OOD ET MERDZHO- VENELIN MERDZHANOV VENARK EOOD ATR ALTERNATIVNI TEHNOLOGICHNI RESHENIA AX-COMERCE OOD OOD EDI I ELI EOOD LITZ EOOD NORDA MARIN EOOD NIKO R RUMEN TSANOV ET ET KLIMA ELEKTRONIK MULTIMED OOD AS-PETKO PETKOV ET SMARTKIOSK OOD DZZD GIB ET GENKO - GENKO GEORGIEV DRUJBA 77 EOOD PROFINANCE D EOOD ATANASOV - SOFIA EOOD MNGTK EOOD GESH TRETI OOD VIMESS EOOD ET IMPULS - DIMITAR RADEV MILEN NIKOLOV - GARANTCOPY ET VOLTA KOM-S EAD I EM TI OOD ARIGATO OOD EFASEK ENDZHENARIYA S.A. - KLON BULGARIA TRIDAN EOOD KCHT KRISTIAN 2008 EOOD ENEV-5660 EOOD KOMFORT-KOLEV EOOD VELEV LIFT EOOD BISVEL - ANTONOV I SIE SD BULSCALA EOOD ET BOBI 69 - BORISLAV VUTOV TSOLOV KONSTRAKSHANS EOOD EVARLIFT EOOD ELEKTROTEHNIKA - 95 OOD MARINE RADIO SERVICE EOOD MONTAJ SERVIZ K2 EOOD ERGO SYSTEMS OOD SHIPKOM 1 EOOD ET ELANA TRANSPORT - PETAR PETROV MASHINSERVIZ MM EOOD ASI 2013 EOOD PERM SERVIZ EOOD FARST KLIMA OOD ALPIN 5 EOOD BULMASTER OOD EL EVRO EOOD HELIOS ELECTRIC EOOD AVI - PROEKTI EOOD MEGAFROST EOOD SD LIFT BO-AL ELUS D EOOD ET STEFAN KAVARDZHIKOV VANITEH EOOD MANEV-M OOD BOAT SERVICE OOD MERI I SIE OOD GARANT BULGARIA 09 EOOD NIKOLAS - TEHNO EOOD BALKAN AVIATION SERVICES EOOD ROBO TECHNOLOGY EOOD ATOMENERGOREMONT AD TETA INGENERING EOOD KLIMAT INZHENERING EOOD AVIOREMONT ZAVOD EOOD INDUSTRIALAIR EOOD HYDRO SMART EOOD EM-VI KONSULT OOD MEDIM OOD ET DANAIL YANEV - 76 SOLARKO EOOD COMICON OOD GRATEL OOD SIMA - MA EOOD PETCO PETCOV - 24 D EOOD TSM INZHENERING EOOD VESATI 63 OOD POLIMER KADANS EOOD JOKER KIT 2 EOOD TONADORA-TODORKA PETKOVA ET STROY-EXPERT 2000 EOOD PROCOL EOOD MIHAIL ZAXARIEV 2008 EOOD ARGONAVT-ER EOOD ASHO-TEN EOOD MARINER MKK EOOD LEONARD INTERNATIONAL SERVICE OOD EKOMARIS OOD AKSINIA SIMEONOVA EOOD D S R EVROPA OOD IV MAG EOOD ELAS-KRUMOV EOOD GEKOM EOOD PETROVI M I SIE SD ANKOR 90 EOOD PEM 16 EOOD SEA EAGLE EOOD VACHI CRAFT SERVICE EOOD ET STEFAN TERZIEV TEA - 58 - VASIL STAIKOV ET SELEKT SARFEYS PROTEKSHAN EOOD VANO IVAN KURDOV ET ET ANRAD-ANGEL RADEV REALID - B EOOD ET ELEKTRIK - MILKO ZHILEVSKI ELMA SERVICE-RS OOD SYSTEMS AUTOMATION TECHNOLOGIS /SAT/ KONSTANTA KLIMA EOOD EOOD EKSPRES GRELE EOOD BOBEV VEZNI-L.BOBEV ET LILOV - A M EOOD IZH SERVICE EOOD ELINOR 2000 OOD ALEKSANDAR B PEYCHEV SERVIZ ET IKRAMARIN EOOD MAKSIM MAKSIM PENCHEV ET REKOMA OOD STRIYMARS MARIYN SARVISIZ OOD MASHININVEST EOOD SD ROIL-XS-SABEV I SIE BB INZHENERING EOOD OPTIMAL INDUSTRIES LIMITED EOOD SD STIVAN- STOYNOV TRIFONOV I SIE NIAS 73 EOOD DATKOM OOD MARINAS 50 EOOD ZAKO 90 ZAMFIR TSENOV ET IVESA 74 EOOD OZON - 5 OOD SEMI - B EOOD BAGGER HYDRAULIK 2 OOD REMBUR OOD DIZEL REPEARS EOOD VAL SERVIZ 80 EOOD ET MITO - DIMITAR DIMITROV KOVELI EOOD KOLDEST EOOD DIMONO EOOD HERA - SOFIA EOOD KOVKO - METAL OOD DANI - INTERMONTAGE OOD RSC SOFIA EOOD LIFT TIYM DZZD ET EDAN - NIKOLA NIKOLOV DELFIN 07 EOOD SPI ELEVATOR OOD DZZD VYUZHAN EKSPRES KATSIS EOOD ET TACHEV I TACHEV - STOYAN TACHEV TERMOINVEST OOD ILIA KAPASHOROV ET REMONT INJENERING 2000 AD SC COMPUTER - UVT AD TEMENUZHKATA EOOD 16 SeeNews Industry Report

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IMPIANTI OOD ASANSYORI - GINEV - PETROV I SIE SD BOZHKILOV MIT EOOD ET GAI - GEORGI ILIEV JANIS-2001 EOOD ET VIKTOR LOZANOV STANIKA OOD BRATYA 2 OOD RB EOOD KERAMICHNA KASHTA SERVIZ EOOD NEKSUS INZHENERING OOD KIBERTEL OOD MASTER UNITI OOD DEYZI 2011 EOOD DTS OOD TOMI EKSPRES EOOD BG FEB 97 EOOD VELPAN KLIMA EOOD ET SIMEON TSENEV SI MART IVAN TSENEV ARGUS M OOD DZZD KOMPLEKS 2014 TERTEH EOOD ET KARINO-IVAYLO MISHEV OBEDINENIE TMO 2015 DZZD RITEL EOOD ET REMELMASH - ZDRAVKO MILUSHEV PALITRA 13 EOOD PULSAR YANAKIEV OOD AY PI TI MOTORS EOOD WELDIN OOD BRANI 88 EOOD KM METAL EOOD IVATEH EOOD ET STOYAN BOGDANOV PROXEL ENGINEERING EOOD ET TOEL BK AVIATSIONNI USLUGI EOOD ENERGOGRUP DZZD TRICOM-V EOOD TIM EA INJENERING EOOD TEHNOKOMPLEKS EOOD ABV - ELENA MITKOVA ET JOVANNI AUTO EOOD ET EMIL KITANOV S R P EOOD IZOT 2000 OOD P & D LINE EOOD YADRENA TEHNIKA OOD SMT EOOD BALKANFERRO EOOD KREON EOOD PIT TSPU SERVIZ EOOD LUKAS BALANS EOOD BULKEM EOOD MK ENGINEERING OOD AVTOSTAKLA SEDEF EOOD SLAVINA 19 EOOD LIDIA ADVANCE EOOD ELPAK SERVIZ EOOD PLAMEN PETROV 2015 EOOD M LIFT - DIMITAR DIMITROV ET AGENTSIYA VSELENA - AG OOD SPEKTAR SERVICE EOOD VANS MARIN EOOD TECHNOTRON SERVICE - ALEKSANDAR KLIMA TSVETKOV SERVIZ EOOD CHIFLIKAT EOOD PERLA 2 EOOD KOVACHEV ET ALEN AKSES EOOD ET DZHAMP - ATANAS ACHKOV DESI - GT 2008 EOOD ET PEEV - DIMO PEEV ULTRACOATING OOD EMERAN EOOD NCL EQUS EOOD MARINOV AUTO EOOD ET TRANSSERVIZ - T MASHINSERVIZ OOD SEYF AVIEYSHAN SALYUSHANS EOOD KASRA 77 EOOD LIFT - SERVIZ 2008 OOD ET YAVOR KARADZHOV CITY LIFT SERVICE OOD DIMAL-1968 OOD ELEKTRIC ENGENERING-2008 EOOD VERTTRANS AS EOOD ET YONCHO KARDZHILOV - LIFT SERVIZ 95 NZH AUTO GAZ SISTEM EOOD KODI - D OOD ET.REDI RAYNA SPASOVA FEYS PROTEKSHAN EOOD ELEKTRA DE SOL EOOD VIP DIZAIN-PETROVA EOOD KONSORTSIUM ZEKA EK ET ENIGMA - ILCHO DINEV DOBRICH LIFT - 09 OOD BNNS OOD IMEKS 1970 OOD ET SIBIRYAK-ZHEKO ZHEKOV HIBRIDNA MIKROELEKTRONIKA AD OLIMPIA ER EOOD GARANT 76 OOD ALBA TIM EOOD ALIS EOOD ET NALBANTOV - TONCHO NALBANTOV MOTOROL EOOD ET BAFALO GEORGI TOPALOV ET MIKRON 2004- GEORGI KACHOV FRIGO SERVICE EOOD SILVER I KO OOD DIA SERVIZ EOOD ORION - 1969 EOOD MIKS 7 EOOD ET HOD STEFAN POPOV SVS - EVROPA EOOD GE-SERVIZ EDIGEN EOOD ET SINUS- DIMITAR PETROV DIMITROV ETA OFIS OOD BITOVA TEHNIKA GARANT AD DRAGANOV 55 EOOD MILOV EOOD ADASIS OOD G M ELECTRONICS OOD LABORATORIA ZA INTEGRIRANI SISTEMI- ISL OOD CARDIOTECH SUPPORT EOOD AVTOSERVIZ DODI EOOD BLASTING 2015 OOD MAYAK 2016 EOOD MAKSY LIFT EOOD ET LIHACHOV VASIL LIHACHOV EXPOCAR SERVICE EOOD ET ZHORO ZAPRYANOV NELI KARAPACHOVA KIRCHEVA ET ET RUMYAN DIMOV KRASI SERVICE 2015 EOOD GUGOMANOV CLIMA ENGINEERING EOOD GENERAL ELECTRIC INTERNATIONAL - BRANCH ET KUGAR NIKOLAY NEYKOV VECTOR - 1 OOD BULGARIA SARMASHIK PG EOOD K MARCHEV EOOD RUMEDIT EOOD KARAT NOVA KRASIMIR KAMENOV EOOD HOD SERVIZ EOOD TELENIKA EOOD AUTOMEYSHAN MARIN SENTER OOD VALEKS HEKSOD EOOD DIT-M OOD REMEXPRES-2009 EOOD SIKO EOOD HIDROMONTAZH 2003 OOD ET ELEKTROEROZIYA ANATOLIY PETROV ET GOGO - GANCHO STEFANOV SERENITY ENGENEERING EOOD C E M S - ENGINEERING EOOD ET VIKTOR HAYDUDOV SD REKOM DIMITROVI V I M 65 OOD KNEZIM AD RIMEX SERVICE OOD 20 SeeNews Industry Report

ET MEDITSINSKA TEHNIKA-STEFAN HRISTOV VALENTIN ZHELEV VZHZH UNIVERS ET OGAN BIZNES EOOD FORTEH - HRISTOFOR SIMOV ET VALIS EOOD ET KARAKANOVSKI KALIN NAYDENOV ET INKOMSSERVIZ OFISSISTEM OOD ET EKOKLIMAT1-IVANKA KOLEVA PSM SERVICE EOOD GENERA SERVICE OOD MULTITEH INDASTRI SARVISIZ EOOD PRINSIPI EOOD TEHNO GAMI EOOD TECHNIKAL EXPERT EOOD PROAP EOOD DALILA -58 EOOD TOP STANDART EOOD NIKOLA HRISTOV POPOV ET LIFT SERVIZ-IVAN CHAKAROV ELFILIFT OOD LINK GROUP EOOD TEHNOSTAR-68 EOOD STASCOLD EOOD ELCOTECH OOD ELMECH - KRASIMIR ZHELYAZKOV ET ET MILKO PETKOV VILI 11 EOOD ET VIP 22 - EMIL GOTSEV IV-ICE GRUP EOOD KD 11 EOOD TRANSKOM 1 OOD SD PIT - AS -SIE MEDTEH SERVIZ-62 DZZD SKYWAY TRADE OOD ROMINACAR EOOD ET VASIL PETROV ET LM - 22 - MARIYANA LULEVA MAYNING INZHENERING OOD MARINA SOZOPOL SARVIS EOOD V I 07 EOOD RVC OOD 3S - BULGARIA EOOD FORTUNA GV OOD RMU - DOBRIN YORDANOV EOOD K.A.SERVIZ VIDIN EOOD GEORCHEV-2014 EOOD KARAGEN EOOD DIBO SARVIZ OOD KONSORTSIUM ATOMENERGOREMONT ET ELEKTRIK DM - DIMITAR MITEV DZZD BILD A VARNA SIMI LIFT OOD ET MAGAP - MAGDALENA POLYANOVA ZEFIR KLIMATICHNI SISTEMI EOOD SD BMK-K BRESKOVSKI I BOYADZHIYAN SIE VELES EM EOOD NORLAYT LIMITID EOOD B I V OOD HIKS EOOD LABSERVICE OOD DEKOR-RDM EOOD LIFT BO IF EOOD IVO 2002 IVAYLO DIMITROV ET LIFT-68 EOOD DDM 2009 EOOD HIDRAVLIK GARANT OOD DINAMIK M MITKO DYAKOV ET SEIK ELEKTROREMONT EOOD KONOVETS VASKO TSANOV ET NIKOLAOS PETROU EOOD MASHINEN REMONT OOD K - GEORGI GEORGIEV EOOD VEKO INZHENERING AD ET KOEV - TSONYO KOEV ADN 4 EOOD MEDIKOM NV EOOD HEVI HRISTO HRISTOV ET ET DARZHA-STOIL DARZHALIEV AVAL OOD FEROKOMPLEKT EOOD MEDITEH 94 EOOD ET DIMITAR CHOBANOV - M.T. 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PEYTING SARVIS - SAPLAYS EOOD M - KLIMA - 2008 EOOD INAD EOOD HIDROKAZ OOD TEOKOM 2001 EOOD ART LIDER GRUP EOOD ENERGOREMONT IDA DZZD MECHANOTECH EOOD ET NIKI - NIKOLAY STANCHEV BLAGA EP OOD FILTSBOR KUMCHEV I S IE SD ZABONARYAZVANE 2007 OOD ET KONKURENT 2-ZHEKO POPOV ET DOVERIE-STEFAN MATEV I G M EOOD ZHOZER EOOD KA-STO 7580 EOOD ET MARINA ILIEVA SAINIDIS NIKOS EOOD ALENIA AERONAUTIKA TP AUTOEXPERT - 5M EOOD DZZD AGROMA SS SOLAR OOD LUFTHANSA TECHNIK SOFIA OOD MAGE OOD OFIS SERVIZ EOOD GREEN TEK EOOD PEGASUS ANTIKOROZIA EOOD MIRELA - 94AS EOOD IKNOWEUROPE OOD BULLIFT SERVICE EOOD NOMAN EOOD ATOMENERGOREMONT GALABOVO EOOD JAMBO OOD NEO PODEM OOD VERT TRANS MALINOVI I S IE SD MEDIN 98 EOOD SWISS COFFE 11 EOOD AYS KLIMA EOOD LUNEN OREOL EOOD ELEKTROKRAN - PODEM OOD SIMI 2 OOD ELDI - SOLAR EOOD HIKSPORT EOOD DELTA HYDRAULIC OOD SMIKATA EOOD FIRETECH EOOD ARBO OOD DZZD LETISHTE SOFIYA 2016 DIMEKSKAR EOOD ELKOM - YANAKI ZABIROV ET PENTAGRAM ENGINEERING OOD SD TEHNOKLIMATERM-STANCHEV I SIE V HIDROTEH EOOD LIKVIDATSIYA 21 SeeNews Industry Report

PROGRES 2006 EOOD ECOLLECT EOOD STARTING 10 EOOD YAN GAZ EOOD REDO K EOOD ET PLAMAK - PLAMEN KOSTOV COLD EOOD NIKI-AUTO-2005 OOD ZAHICH SHIPING EOOD REQUEST GROUP OOD PRO KITCHEN OOD WORLD MARINE SAFETYLTD EOOD ET IVAN HRISTOV- 60 ET STIK BELT- KRASIMIR SLAVOV SERVICE MISSO EOOD SARVIZ END TREYD EOOD SG KAR OOD ELTA OOD KUFFERATH BULGARIA OOD ESKADA EOOD INDUSTRIAL VENTILATION EOOD ARKTIK 2007 EOOD KROMMIDAS KIMON LIFTS EOOD ELECTRIC UNION OOD P N ELEKTRONIKS EOOD NENKOM OOD DAVIDOV 05 EOOD ZAGORA AKVA HIM EOOD RVD-RUMEN EOOD BALKAN BG KLIMA OOD VISTA OK EOOD DIMO POPOV VILI 2 EOOD POWER ENGINEERING OOD PAVIMENTI DARKO EOOD APRATSIVEL OOD AHEYA OOD SERVIZ IMPULS EOOD NATSIONALNA INZHENERINGOVA KOMPANIYA EOOD 22 SeeNews Industry Report

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