Industry Report Repair and installation of machinery and equipment 2017

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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

industry. In 2015 their number totalled 2,514.

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 2017 2016 2015 industry in Bulgaria was represented by 2,625 companies at REPAIR OF MACHINERY 1,150 1,111 1,078 the end of 2017, compared to 2,611 in the previous year and INSTALLATION OF INDUSTRIAL MACHINERY 298 295 280 2,514 in 2015. AND EQUIPMENT REPAIR AND MAINTENANCE OF OTHER 238 223 222 The industry's net profit amounted to BGN 153,954,000 in TRANSPORT EQUIPMENT 2017. REPAIR OF ELECTRICAL EQUIPMENT 229 239 236 REPAIR AND MAINTENANCE OF SHIPS AND 205 220 207 The industry's total revenue was BGN 1,148,145,000 in BOATS 2017, up by 8.29% compared to the previous year. REPAIR OF ELECTRONIC AND OPTICAL 192 199 204 EQUIPMENT

REPAIR OF OTHER EQUIPMENT 147 146 131 The combined costs of the companies in the Repair and REPAIR OF FABRICATED METAL PRODUCTS 130 146 125 installation of machinery and equipment industry reached REPAIR AND MAINTENANCE OF AIRCRAFT AND 36 32 31 BGN 976,466,000 in 2017, up by 0.29% year-on-year. SPACECRAFT

The industry's total revenue makes up 1.20% to the

country's Gross domestic product (GDP) in 2017, compared to 1.14% for 2016 and 1.13% in 2015. III. REVENUES A total of 14,991 people were employed in the Repair and installation of machinery and equipment industry in 2017, The total revenue in the industry was BGN 1,148,145,000 in compared to 15,783 in 2016 and 15,670 in 2015. 2017, BGN 1,060,212,000 in 2016 and 1,010,256,000 in 2015.

Most of the companies in the industry are based in Sofia, followed by Varna and Plovdiv. Total revenue Net sales revenue 1,200,000,000 1,148,145,000

II. INTRODUCTION 1,100,000,000 1,060,212,000 1,010,256,000

1,000,000,000 1,056,464,000 In 2017 the companies in the Repair and installation of 1,003,435,000 machinery and equipment industry numbered 2,625, 900,000,000936,452,000 distributed in 9 sectors. 800,000,000

700,000,000

600,000,000 INDUSTRY STRUCTURE BY SECTORS AND NUMBER OF COMPANIES BGN 238 500,000,000 298 400,000,000 229 300,000,000

200,000,000

100,000,000 505 205 0 2015 2016 2017

The companies in the Repair and installation of machinery and equipment market of Bulgaria earned combined net sales revenues of BGN 1,056,464,000 in 2017.

In annual terms, sales marked a rise of 5.28% compared to 2016. In comparison to 2015 they rose by 12.82%. In 2016 1,150 sales grew by 7.15% 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 1.2% to the country's GDP in Repair and maintenance of other transport equipment 2017, compared to 1.14% for 2016 and 1.13% in 2015. Repair of electrical equipment Repair and maintenance of ships and boats Others

In 2016 there were a total of 2,611 companies operating in the 2 SeeNews Industry Report

Share in GDP 1.2% NET SALES REVENUE BY SECTORS 1.2 1.13% 1.14% RANK SECTOR NET SALES REVENUE (BGN) 1.1 1 REPAIR OF MACHINERY 338,288,000 2 REPAIR AND MAINTENANCE OF SHIPS AND BOATS 242,651,000 1 3 REPAIR AND MAINTENANCE OF AIRCRAFT AND 162,132,000 0.9 SPACECRAFT 4 INSTALLATION OF INDUSTRIAL MACHINERY AND 152,708,000 0.8 EQUIPMENT 5 REPAIR OF ELECTRONIC AND OPTICAL EQUIPMENT 60,782,000 0.7 6 REPAIR OF ELECTRICAL EQUIPMENT 51,982,000

0.6 7 REPAIR OF FABRICATED METAL PRODUCTS 26,461,000 8 REPAIR AND MAINTENANCE OF OTHER TRANSPORT 11,368,000 0.5 EQUIPMENT 9 REPAIR OF OTHER EQUIPMENT 10,092,000 0.4

0.3

0.2 INDUSTRY'S NET SALES REVENUE STRUCTURE BY SECTORS 0.1 15.35%

0 2015 2016 2017 14.45% 9.46%

In 2017 the Repair and installation of machinery and equipment industry contributed to GDP BGN 983,157,000 in Gross value added (GVA) accounting for 0.58% of the total for 5.75% the country's economy.

In the previous year, the industry's GVA amounted BGN 848,075,000, accounting for 0.56% of the total for the country in 2016. In 2015 the GVA of the Repair and installation 22.97% of machinery and equipment was BGN 793,148,000, or 0.51% of the GVA for the country's economy.

GVA BY SECTORS 32.02% RANK SECTOR BGN SHARE OF THE COUNTRY'S GVA (%)

1 REPAIR OF MACHINERY 315,191,000 0.19 Repair of machinery 2 REPAIR AND MAINTENANCE OF SHIPS AND 239,443,000 0.14 Repair and maintenance of ships and boats BOATS Repair and maintenance of aircraft and spacecraft 3 REPAIR AND MAINTENANCE OF AIRCRAFT 156,772,000 0.09 AND SPACECRAFT Installation of industrial machinery and equipment 4 INSTALLATION OF INDUSTRIAL MACHINERY 129,656,000 0.08 Repair of electronic and optical equipment AND EQUIPMENT Others 5 REPAIR OF ELECTRICAL EQUIPMENT 54,304,000 0.03

6 REPAIR OF ELECTRONIC AND OPTICAL 41,308,000 0.02 The highest growth, of 68.16%, was recorded by Repair of EQUIPMENT electronic and optical equipment, while Repair and 7 REPAIR OF FABRICATED METAL PRODUCTS 28,704,000 0.02 maintenance of other transport equipment registered the 8 REPAIR OF OTHER EQUIPMENT 9,011,000 0.01 sharpest decline, of 33.75%. 9 REPAIR AND MAINTENANCE OF OTHER 8,768,000 0.01 TRANSPORT EQUIPMENT TOP COMPANIES' REVENUE BY SECTORS SEGMENT COMPANY TOTAL REVENUE NET SALES (BGN) REVENUE (BGN) We expect, based on the trend in the last three years, the total REPAIR OF OTHER EQUIPMENT revenue of the Repair and installation of machinery and BREZENT D END D EOOD 1,277,000 1,177,000 equipment industry to change at a compound annual growth GUMI - GRUP EOOD 936,000 936,000 rate (CAGR) of 6.61% in 2018. TEMIL EOOD 851,000 851,000 INSTALLATION OF INDUSTRIAL MACHINERY AND EQUIPMENT MAGNUM 7 OOD 23,399,000 23,182,000 KOSHIN EOOD 12,261,000 12,261,000 SYSTEMS AUTOMATION TECHNOLOGIS 10,538,000 4,283,000 /SAT/ EOOD REPAIR OF FABRICATED METAL PRODUCTS ENERGOREMONT KOZLODUY EOOD 9,806,000 9,502,000 ENERGOREMONT - BOBOV DOL EAD 5,105,000 3,254,000 ENERGOREMONT-RUSE EAD 4,681,000 34,000

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REPAIR OF ELECTRONIC AND OPTICAL EQUIPMENT 8 IPO OOD 32,955,000 PENTAX MEDICAL BULGARIA EOOD 28,409,000 28,383,000 9 TEREM -KRZ FLOTSKI ARSENAL - VARNA EOOD 30,071,000 ENSI CONTROL EOOD 8,901,000 8,901,000 10 PENTAX MEDICAL BULGARIA EOOD 24,105,000 DANLEX EOOD 8,889,000 8,631,000 REPAIR OF MACHINERY ATOMENERGOREMONT AD 53,955,000 50,585,000 TOP 10 COMPANIES WITH HIGHEST ANNUAL GROWTH IN DEVARO EOOD 16,301,000 16,276,000 OPERATING REVENUE IN REPAIR AND INSTALLATION OF VESTAS BULGARIA EOOD 15,993,000 11,605,000 MACHINERY AND EQUIPMENT RANK COMPANY Y/Y GROWTH REPAIR AND MAINTENANCE OF SHIPS AND BOATS 1 EUROPE INDUSTRY EOOD 53583.33% MTG-DOLPHIN AD 50,569,000 48,366,000 2 SILIKOR EOOD 3700.00% ODESSOS SHIPREPAIR YARD AD 32,121,000 30,845,000 3 INDUSTRIALAIR EOOD 3650.00% TEREM -KRZ FLOTSKI ARSENAL - VARNA 28,521,000 12,354,000 EOOD 4 LIMAN YAHTING OOD 3600.00% REPAIR OF ELECTRICAL EQUIPMENT 5 LAMDATECH EOOD 3100.00% T&D ENGINEERING EOOD 10,745,000 10,744,000 6 HRISTOSKOV EOOD 3100.00% TSENTRALNA ENERGOREMONTNA BAZA 9,371,000 7,748,000 7 REQUEST GROUP OOD 2882.46% EAD 8 ASM ZORNIZA 1 EOOD 2400.00% OPERATION MANAGEMENT SERVICES OOD 3,452,000 1,997,000 9 ATLAS ANTIKOROZIA EOOD 2385.00% REPAIR AND MAINTENANCE OF OTHER TRANSPORT EQUIPMENT 10 F.A.I. IMPIANTI OOD 2300.00% RAILWAY - TRACTION EOOD 2,344,000 2,316,000 EVROPA GUMI KNYAZHEVO OOD 967,000 967,000 M & M AUTO REPAIR EOOD 432,000 432,000 TOP 10 COMPANIES BY TOTAL REVENUE IN THE SECTOR REPAIR REPAIR AND MAINTENANCE OF AIRCRAFT AND SPACECRAFT OF OTHER EQUIPMENT WERE: LUFTHANSA TECHNIK SOFIA OOD 121,710,000 121,710,000 COMPANY BGN AVIONAMS AD 27,943,000 22,707,000 BREZENT D END D EOOD 1,277,000 AERO TECHNIC BG OOD 6,445,000 6,145,000 GUMI - GRUP EOOD 936,000 TEMIL EOOD 851,000 KUFFERATH BULGARIA OOD 474,000 The top 10 companies in terms of total revenue in Repair and M1M OOD 464,000 installation of machinery and equipment accounted for TEHNOKONT OOD 306,000 34.74% of the industry's total in 2017, 34.53% in 2016 and TEHNO BG OOD 290,000 33.50% in 2015. KARLO 2002 EOOD 284,000 KRIPS 78 EOOD 271,000 TOP 10 COMPANIES BY TOTAL AND NET SALES REVENUE IN THE NELI KARAPACHOVA KIRCHEVA ET 263,000 INDUSTRY RANK COMPANY TOTAL REVENUE NET SALE (BGN) REVENUE (BGN) 1 LUFTHANSA TECHNIK SOFIA OOD 121,710,000 121,710,000 The 10 largest companies in terms of total revenue in sector 2 ATOMENERGOREMONT AD 53,955,000 50,585,000 Repair of other equipment earned total revenue of BGN 5,416,000 and accounted for 0.47% of the industry's total 3 MTG-DOLPHIN AD 50,569,000 48,366,000 revenue. 4 ODESSOS SHIPREPAIR YARD AD 32,121,000 30,845,000

5 TEREM -KRZ FLOTSKI ARSENAL - VARNA 28,521,000 12,354,000 EOOD TOP 10 COMPANIES BY TOTAL REVENUE IN THE FIELD 6 PENTAX MEDICAL BULGARIA EOOD 28,409,000 28,383,000 INSTALLATION OF INDUSTRIAL MACHINERY AND EQUIPMENT 7 AVIONAMS AD 27,943,000 22,707,000 WERE: COMPANY BGN 8 MAGNUM 7 OOD 23,399,000 23,182,000 MAGNUM 7 OOD 23,399,000 9 DEVARO EOOD 16,301,000 16,276,000 KOSHIN EOOD 12,261,000 10 VESTAS BULGARIA EOOD 15,993,000 11,605,000 SYSTEMS AUTOMATION TECHNOLOGIS /SAT/ EOOD 10,538,000

ENTERPRISE COMMUNICATIONS GROUP OOD 9,484,000

ATIS INZHENERING OOD 4,856,000 The total revenues of the top 10 companies in the Repair and STENLI FRIGO EOOD 4,278,000 installation of machinery and equipment were 0.42% of GDP HOFMANN CONSULT BULGARIA EOOD 3,532,000 in 2017, compared to 0.39% for 2016 and 0.38% in 2015. PROEKTEN MENIDZHMANT I KONSULTIRANE OOD 3,348,000

The top 10 by assets in the Repair and installation of BONETI EOOD 3,073,000 machinery and equipment industry made up BGN ADEN GROUP OOD 3,046,000 353,532,000, or 33.46% of the total net sales revenue.

TOP 10 BY TOTAL ASSETS IN THE INDUSTRY The 10 largest companies in terms of total revenue in sector RANK COMPANY BGN Installation of industrial machinery and equipment earned 1 MTG-DOLPHIN AD 117,140,000 total revenue of BGN 77,815,000 and accounted for 6.78% of 2 ATOMENERGOREMONT AD 110,557,000 the industry's total revenue. 3 BULYARD SHIPBUILDING INDUSTRY AD 91,104,000 4 LUFTHANSA TECHNIK SOFIA OOD 88,879,000 5 ODESSOS SHIPREPAIR YARD AD 69,652,000 6 VESTAS BULGARIA EOOD 37,016,000 7 AVIONAMS AD 34,761,000

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TOP 10 COMPANIES BY TOTAL REVENUE IN THE FIELD REPAIR OF TOP 10 COMPANIES BY TOTAL REVENUE IN THE SECTOR REPAIR FABRICATED METAL PRODUCTS WERE: AND MAINTENANCE OF SHIPS AND BOATS WERE: COMPANY BGN COMPANY BGN ENERGOREMONT KOZLODUY EOOD 9,806,000 MTG-DOLPHIN AD 50,569,000 ENERGOREMONT - BOBOV DOL EAD 5,105,000 ODESSOS SHIPREPAIR YARD AD 32,121,000 ENERGOREMONT-RUSE EAD 4,681,000 TEREM -KRZ FLOTSKI ARSENAL - VARNA EOOD 28,521,000 CONTROL OOD 1,517,000 HELLENIKA OOD 15,405,000 KOTLOREMONT EOOD 1,215,000 BULYARD SHIPBUILDING INDUSTRY AD 14,227,000 MONTAZH INZHENERING EOOD 1,007,000 ALPIN 5 EOOD 14,139,000 PROMISHLENA ENERGETIKA-VT AD 963,000 NYU PRODZHEKT OOD 8,486,000 BORIANI - 08 EOOD 843,000 PERLA 2 EOOD 7,302,000 KBB EOOD 778,000 MAIAK-K OOD 6,371,000 DANI - INTERMONTAGE OOD 500,000 START KOATING EOOD 4,602,000

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 26,415,000 and accounted for 2.30% of the industry's revenue of BGN 181,743,000 and accounted for 15.83% 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 INDUSTRY REPAIR OF ELECTRONIC AND OPTICAL EQUIPMENT WERE: OF ELECTRICAL EQUIPMENT WERE: COMPANY BGN COMPANY BGN PENTAX MEDICAL BULGARIA EOOD 28,409,000 T&D ENGINEERING EOOD 10,745,000 ENSI CONTROL EOOD 8,901,000 TSENTRALNA ENERGOREMONTNA BAZA EAD 9,371,000 DANLEX EOOD 8,889,000 OPERATION MANAGEMENT SERVICES OOD 3,452,000 VILA BULGARIA EOOD 1,702,000 SOLARPRO AD 3,282,000 RETERA MARINETECH EOOD 1,169,000 SKY SOLAR BULGARIA CO EOOD 2,216,000 GENERAL ELECTRIC INTERNATIONAL - BRANCH BULGARIA 1,121,000 SOLAR INVEST TREYDING EOOD 2,160,000 PALMED AD 677,000 ABC WIND FARM OOD 2,048,000 ALEKSANDAR MEDIKA EOOD 570,000 ENERGY INVEST PRO EOOD 1,409,000 COOL TECH EOOD 468,000 PPMEO OOD 1,317,000 CHEM AS ENGINEERING OOD 465,000 PRIMA EL VERONIKA PARASHKANSKA ET 1,201,000

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 52,371,000 and accounted for 4.56% of the 37,201,000 and accounted for 3.24% of the industry's total industry's total revenue. revenue.

TOP 10 COMPANIES BY TOTAL REVENUE IN THE MARKET REPAIR TOP 10 COMPANIES BY TOTAL REVENUE IN THE MARKET REPAIR OF MACHINERY WERE: AND MAINTENANCE OF OTHER TRANSPORT EQUIPMENT WERE: COMPANY BGN COMPANY BGN ATOMENERGOREMONT AD 53,955,000 RAILWAY - TRACTION EOOD 2,344,000 DEVARO EOOD 16,301,000 EVROPA GUMI KNYAZHEVO OOD 967,000 VESTAS BULGARIA EOOD 15,993,000 M & M AUTO REPAIR EOOD 432,000 IPO OOD 14,686,000 KRISTIAN 2008 EOOD 345,000 SIGMA IS AD 11,684,000 LUCKY 07 - ENGINEERING EOOD 294,000 COMPLEX INDUSTRIAL SERVICE EOOD 10,918,000 SEP CONSULT EOOD 291,000 MINSTROY REMOTEKS DZZD 9,381,000 MOTOROUD EOOD 217,000 KRONES SERVICE EUROPE EOOD 8,750,000 ITEA - 2014 EOOD 215,000 ENERGOREMONT-VARNA EAD 8,567,000 MERIDIAN 999 EOOD 196,000 RIMAKEM EOOD 8,296,000 SAS GROUP EOOD 195,000

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 158,531,000 Repair and maintenance of other transport equipment earned and accounted for 13.81% of the industry's total revenue. total revenue of BGN 5,496,000 and accounted for 0.48% of the industry's total revenue.

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TOP 10 COMPANIES BY TOTAL REVENUE IN THE FIELD REPAIR AND TOTAL COSTS BY SECTORS RANK SECTOR TOTAL COSTS MAINTENANCE OF AIRCRAFT AND SPACECRAFT WERE: (BGN) COMPANY BGN 1 REPAIR OF MACHINERY 308,020,000 LUFTHANSA TECHNIK SOFIA OOD 121,710,000 2 REPAIR AND MAINTENANCE OF SHIPS AND BOATS 211,977,000 AVIONAMS AD 27,943,000 3 REPAIR AND MAINTENANCE OF AIRCRAFT AND 158,215,000 AERO TECHNIC BG OOD 6,445,000 SPACECRAFT TEREM-LETETZ EOOD 4,642,000 4 INSTALLATION OF INDUSTRIAL MACHINERY AND 150,219,000 PLANE ASSISTANCE EOOD 2,346,000 EQUIPMENT ELEKTRA TRANS GLOBUL OOD 2,093,000 5 REPAIR OF ELECTRICAL EQUIPMENT 52,183,000 APS AVIATION PAINTING SOLUTIONS EOOD 599,000 6 REPAIR OF ELECTRONIC AND OPTICAL EQUIPMENT 49,588,000 TEOKOM 2001 EOOD 415,000 7 REPAIR OF FABRICATED METAL PRODUCTS 28,389,000 S R P EOOD 242,000 8 REPAIR AND MAINTENANCE OF OTHER TRANSPORT 9,380,000 PADI AVIATION EOOD 203,000 EQUIPMENT 9 REPAIR OF OTHER EQUIPMENT 8,495,000

The 10 largest companies in terms of total revenue in sector Repair and maintenance of aircraft and spacecraft earned total revenue of BGN 166,638,000 and accounted for 14.51% of the industry's total revenue. INDUSTRY'S TOTAL COSTS STRUCTURE BY SECTORS 16.20%

IV. EXPENSES 15.38% 9.82%

The combined costs of the companies in the Repair and installation of machinery and equipment industry reached BGN 976,466,000 in 2017. 5.34%

Total Expenses Operational expenses 976,466,000 1,000,000,000961,311,000 973,634,000 21.71%

900,000,000 952,864,000 959,296,000 906,188,000 800,000,000 31.54%

700,000,000

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

500,000,000 Repair and maintenance of aircraft and spacecraft

BGN Installation of industrial machinery and equipment 400,000,000 Repair of electrical equipment

300,000,000 Others

200,000,000 Repair of electronic and optical equipment marked the highest annual increase in total expenses, of 54.28%, while 100,000,000 total expenses went down the most, by 42.61%, for Repair and maintenance of other transport equipment. 0

2015 2016 2017 In terms of operating expenses, the highest rise, of 55.04%, was recorded by the Repair of other equipment sector. The In annual terms, total expenses increased by 0.29% compared sharpest fall was posted by Repair and maintenance of other to 2016 and went up by 1.58% in comparison to 2015. transport equipment - 42.52%.

The total operating expenses of the companies in the Repair The biggest spenders in the industry, with costs of over 10% and installation of machinery and equipment industry were of industry's costs, numbered 14, including TEREM -KRZ BGN 959,296,000 in 2017. FLOTSKI ARSENAL - VARNA EOOD, AVIONAMS AD, ODESSOS SHIPREPAIR YARD AD, MAGNUM 7 OOD, KOSHIN EOOD. The Operating costs rose by 0.68% compared with the previous medium spenders, or those in the 5% and 10% range count 20 year and increased by 5.86% when compared to 2015. and include ENERGOREMONT-RADNEVO EOOD, ENTERPRISE COMMUNICATIONS GROUP OOD, RIMAKEM We expect, based on the trend in the last three years, the total EOOD, COMPLEX INDUSTRIAL SERVICE EOOD, T&D costs of the Repair and installation of machinery and ENGINEERING EOOD. Below 5% threshhold are 2,591 equipment industry to change at a compound annual growth companies, including ELTRON SERVICE EOOD, VIKTOR rate (CAGR) of 0.79% in 2018. LOZANOV ET, TEKNO SOFIYA EOOD, SHNEK 2 - DANCHO KOLEV KOLEV ET, IZOTECH SERVICE EOOD. 6 SeeNews Industry Report

Employment expenses in the Repair and installation of THE TOP 10 COMPANIES BY AVERAGE MONTHLY COSTS PER machinery and equipment industry increased by 9.02% on the EMPLOYEE IN THE INDUSTRY year to BGN 309,431,000 in 2017. RANK COMPANY BGN 1 LIFTKOM SERVICE EOOD 35,958 2 SPB AUTOMATION EOOD 24,417 Employment expenses 3 FISCHER ENERGY OOD 18,167 Salaries expenses 4 ULTRAMARINE EOOD 12,333 Social security expenses 5 DANLEX EOOD 12,268 309,431,000 6 DEYLAYT NETUARK DIVELAPMANT EOOD EOOD 9,917 310,000,000 283,817,000 7 GEOSERVIZ-VARNA EOOD 9,375 279,000,000 8 ENERGOREMONT - BOBOV DOL EAD 9,373 250,070,000 9 KA - 21 EOOD 6,298 248,000,000 263,981,000 10 INDUSTRIAL SERVICE OOD 6,000 240,534,000 217,000,000

209,339,000 186,000,000 The industry's tax expenses stood at BGN 17,725,000 in 2017. In 2016 it paid taxes of BGN 13,212,000. In 2015 the industry 155,000,000

BGN paid BGN 13,267,000 in taxes. 124,000,000

93,000,000 Average taxes expenses by company 7,000 6,752 62,000,000 39,348,000 43,063,000 45,282,000

31,000,000 6,000

0 5,277 5,060 2015 2016 2017 5,000

The highest growth in labour costs, of 133.90%, was registered by Repair of other equipment, while Repair and 4,000 maintenance of other transport equipment marked the BGN sharpest fall, of 46.95%. 3,000

The monthly costs per employee in the Repair and installation of machinery and equipment industry averaged BGN 1,720 in 2,000 2017, BGN 1,499 in 2016 and BGN 1,330 in 2015.

The monthly social security costs per employee in the 1,000 industry averaged BGN 252 in 2017, versus BGN 227 in 2016 and BGN 209 in 2015. 0 EMPLOYMENT EXPENSES IN REPAIR AND INSTALLATION OF 2015 2016 2017 MACHINERY AND EQUIPMENT BY SECTORS IN 2017 RANK SECTOR EMPLOYMENT AVERAGE EXPENSES (BGN) EXPENSES PER EXPENSES ON TAXES BY SECTORS EMPLOYEE RANK SECTOR BGN Y/Y CHANGE (BGN) 1 REPAIR OF MACHINERY 6,066,000 19.43% 1 REPAIR OF MACHINERY 102,437,000 17,818 2 REPAIR AND MAINTENANCE OF SHIPS AND 5,698,000 48.39% 2 REPAIR AND MAINTENANCE OF SHIPS AND 79,860,000 20,551 BOATS BOATS 3 INSTALLATION OF INDUSTRIAL MACHINERY 1,567,000 -6.56% 3 REPAIR AND MAINTENANCE OF AIRCRAFT 56,064,000 33,431 AND EQUIPMENT AND SPACECRAFT 4 REPAIR OF ELECTRONIC AND OPTICAL 1,243,000 109.97% 4 INSTALLATION OF INDUSTRIAL MACHINERY 31,690,000 20,632 EQUIPMENT AND EQUIPMENT 5 REPAIR AND MAINTENANCE OF AIRCRAFT AND 1,203,000 211.66% 5 REPAIR OF ELECTRICAL EQUIPMENT 13,385,000 17,894 SPACECRAFT 6 REPAIR OF ELECTRONIC AND OPTICAL 12,873,000 29,124 6 REPAIR OF ELECTRICAL EQUIPMENT 849,000 -8.81% EQUIPMENT 7 REPAIR OF FABRICATED METAL PRODUCTS 657,000 108.57% 7 REPAIR OF FABRICATED METAL PRODUCTS 9,570,000 15,288 8 REPAIR AND MAINTENANCE OF OTHER 241,000 -0.41% 8 REPAIR OF OTHER EQUIPMENT 1,932,000 13,800 TRANSPORT EQUIPMENT 9 REPAIR AND MAINTENANCE OF OTHER 1,620,000 8,663 9 REPAIR OF OTHER EQUIPMENT 201,000 34.00% TRANSPORT EQUIPMENT

V. PROFITABILITY

The industry's net profit amounted to BGN 153,954,000 in 2017, compared to a net profit of BGN 73,366,000 in 2016

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and a net profit of BGN 35,678,000 in 2015. REPAIR OF FABRICATED METAL PRODUCTS 5,598,000 1,149,000 1,418,000 REPAIR AND MAINTENANCE OF OTHER 2,350,000 2,219,000 1,051,000 TRANSPORT EQUIPMENT Net profit/loss REPAIR OF OTHER EQUIPMENT 2,005,000 2,050,000 854,000 Operating profit/loss 180,000,000 171,679,000 The profit margin for the Repair and installation of machinery 165,000,000 and equipment industry stood at 15.09% in 2017, while in

150,000,000 2016 it amounted to 8.23% and 4.94% in 2015. 153,954,000 135,000,000 PROFIT MARGIN BY SECTORS RANK SECTOR PROFIT 120,000,000 MARGIN

105,000,000 1 REPAIR AND MAINTENANCE OF SHIPS AND BOATS 20.43% 86,578,000 2 REPAIR OF ELECTRONIC AND OPTICAL EQUIPMENT 20.09% 90,000,000 3 REPAIR AND MAINTENANCE OF OTHER TRANSPORT 20.04% BGN EQUIPMENT 75,000,000 4 REPAIR OF OTHER EQUIPMENT 19.10% 73,366,000 60,000,00049,040,000 5 REPAIR OF MACHINERY 17.09%

45,000,000 6 REPAIR OF FABRICATED METAL PRODUCTS 16.50% 7 REPAIR OF ELECTRICAL EQUIPMENT 13.76% 30,000,000 35,678,000 8 INSTALLATION OF INDUSTRIAL MACHINERY AND 8.87% EQUIPMENT 15,000,000 9 REPAIR AND MAINTENANCE OF AIRCRAFT AND 6.09% 0 SPACECRAFT 2015 2016 2017

The Repair and installation of machinery and equipment TOP 10 COMPANIES BY HIGHEST NET PROFIT IN REPAIR AND industry's return on equity (ROE) is 17.92% compared to 8.77% INSTALLATION OF MACHINERY AND EQUIPMENT in 2016 and 5.82% in 2015. RANK COMPANY BGN

1 ATOMENERGOREMONT AD 23,789,000 The Repair and installation of machinery and equipment's 2 PENTAX MEDICAL BULGARIA EOOD 6,803,000 return on assets (ROA) was 11.06%, while in 2016 it amounted 3 LUFTHANSA TECHNIK SOFIA OOD 5,765,000 to 5.07% and 2.86% in 2015. 4 MTG-DOLPHIN AD 5,420,000 5 TEREM -KRZ FLOTSKI ARSENAL - VARNA EOOD 5,054,000 6 HELLENIKA OOD 4,497,000 ROE 7 PERLA 2 EOOD 4,433,000 ROA 17.92% 8 ENERGOREMONT-RUSE EAD 3,442,000 18 9 DEVARO EOOD 2,509,000 10 ODESSOS SHIPREPAIR YARD AD 2,463,000 16.5

15

TOP COMPANIES BY HIGHEST NET LOSS IN REPAIR AND 13.5

INSTALLATION OF MACHINERY AND EQUIPMENT 12 RANK COMPANY BGN 1 KALVACHA INZHENERING AD 2,098,000 10.5 11.06% 8.77% 2 TSENTRALNA ENERGOREMONTNA BAZA EAD 1,136,000 9 3 BULYARD SHIPBUILDING INDUSTRY AD 999,000 4 ENERGOREMONT - BOBOV DOL EAD 923,000 7.5 5.82% 5 EN SI SI EYT EOOD 699,000 6

4.5 5.07% The combined operating earnings of the companies in the 3 Repair and installation of machinery and equipment sector 2.86% went up by 98.29% y/y to BGN 171,679,000 in 2017. 1.5 0 OPERATING PROFIT/LOSS BY SECTORS (BGN) 2015 2016 2017 SECTOR 2017 2016 2015 REPAIR OF MACHINERY 62,433,000 47,964,000 32,175,000 REPAIR AND MAINTENANCE OF SHIPS AND 54,061,000 -2,143,000 -19,508,000 BOATS INSTALLATION OF INDUSTRIAL 14,581,000 15,417,000 18,355,000 MACHINERY AND EQUIPMENT REPAIR OF ELECTRONIC AND OPTICAL 12,439,000 5,890,000 4,870,000 EQUIPMENT REPAIR AND MAINTENANCE OF AIRCRAFT 10,154,000 4,460,000 -384,000 AND SPACECRAFT REPAIR OF ELECTRICAL EQUIPMENT 8,058,000 9,572,000 10,209,000

8 SeeNews Industry Report

LEADING INDUSTRY'S SECTORS BY ROA The industry's average operating revenue per employee rose 18 by 13.93% year-on-year in 2017 to BGN 75,892. It increased 16.5 16.32 by 19.89% compared to 2015. 15.47 15 13.68 The Repair and installation of machinery and equipment field 13.5 generated an average BGN 76,589 in total revenue per 12 employee. In 2016 and 2015 the figure was BGN 67,174 and 10.5 BGN 64,471, respectively. 9 The average total revenue per company in the Repair and 7.5 installation of machinery and equipment industry grew to 6 BGN 437,389 in 2017 from BGN 406,056 in 2016. The 2015 4.5 value was BGN 401,852.

3 A company in the Repair and installation of machinery and 1.5 equipment sector made on average a net sales revenue of 0 BGN 402,462 in 2017, compared to BGN 384,311 in 2016 and Repair of other Repair of electronic Repair of fabricated equipment and optical metal products BGN 372,495 in 2015. equipment The Repair and installation of machinery and equipment

LEADING INDUSTRY'S SECTORS BY ROE industry made 0.39% of the overall sales country-wide, decreasing its market share by 0.02 pp. 39 38.33

35.1 Operating profit per employee for the industry as a whole was BGN 11,452 in 2017. For comparison in 2016 it amounted to 31.2 30.92 BGN 5,486 and BGN 5,486 in 2015. 27.3 24.78 THE TOP BY OPERATIONAL PROFIT PER EMPLOYEE IN REPAIR AND 23.4 INSTALLATION OF MACHINERY AND EQUIPMENT 19.5 RANK COMPANY BGN 1 ENERGOREMONT-RUSE EAD 3,828,000 15.6 2 V.T. PEYTING SARVIS - SAPLAYS EOOD EOOD 686,000 11.7 3 I G M EOOD 629,000 4 MARITINE SERVISES EOOD 430,750 7.8 5 ULTRAMARINE EOOD 405,500 3.9

0 Repair and Repair of fabricated Repair of electronic TOP 10 COMPANIES WITH HIGHEST CORRELATION OPERATING maintenance of other metal products and optical transport equipment equipment REVENUE - NUMBER OF EMPLOYEES - EMPLOYMENT EXPENSES* RANK COMPANY NAME CORRELATION (BGN) TOP 10 COMPANIES BY HIGHEST AVERAGE NET PROFIT PER 1 ENERGOREMONT-RUSE EAD 4,639,000 EMPLOYEE IN REPAIR AND INSTALLATION OF MACHINERY AND 2 I G M EOOD 4,299,000 EQUIPMENT 3 GENERAL ELECTRIC INTERNATIONAL - BRANCH BULGARIA 1,028,000 RANK COMPANY BGN COMPANY HEADQUARTERS 4 V.T. PEYTING SARVIS - SAPLAYS EOOD EOOD 807,000 (CITY) 5 BONETI EOOD 760,750 1 ENERGOREMONT-RUSE EAD 3,442,000 RUSE 6 AP MARINE ELETRICAL SYSTEM EOOD 743,000 2 V.T. PEYTING SARVIS - SAPLAYS EOOD EOOD 686,000 KULATA 7 MARITINE SERVISES EOOD 727,000 3 I G M EOOD 566,000 VIDIN 8 TECHNOMASHPROJECT EOOD 679,000 4 MARITINE SERVISES EOOD 430,750 ZLATOGRAD 9 TEA - 58 - VASIL STAIKOV ET 612,000 5 ULTRAMARINE EOOD 405,500 VARNA 10 EM KONSULT 2016 EOOD EOOD 591,333 6 PARADISE TOUR INVEST OOD 339,000 RAVDA 7 EM KONSULT 2016 EOOD EOOD 302,333 PLOVDIV 8 VILA BULGARIA EOOD 274,000 SOFIA *The correlation is calculated by subtracting the quotient of the operating profit, and 9 ENERGY INVEST PRO EOOD 265,250 SOFIA the employment expenses to the number of employees. 10 GAITANOS LIFTA EOOD 256,000 BLAGOEVGR AD AVERAGE REVENUES PER EMPLOYEE IN REPAIR AND INSTALLATION OF MACHINERY AND EQUIPMENT IN 2017 SECTOR AVERAGE NET AVERAGE AVERAGE NUMBER OF SALES OPERATING TOTAL EMPLOYEES About 20.00% of the 10 leading companies in terms of net REVENUE REVENUE REVENUE (BGN) (BGN) (BGN) profit per employee are located in SOFIA, while 10.00% are REPAIR OF OTHER EQUIPMENT 72,086 74,986 75,000 140 BLAGOEVGRAD-based and 10.00% are headquartered in INSTALLATION OF INDUSTRIAL 99,419 106,984 107,292 1,536 RUSE. MACHINERY AND EQUIPMENT REPAIR OF FABRICATED METAL 42,270 54,189 54,292 626 The average net sales revenue per employee in the Repair and PRODUCTS installation of machinery and equipment industry amounted REPAIR OF ELECTRONIC AND 137,516 140,063 140,333 442 to BGN 70,473 in 2017, up by 10.85% compared to 2016 and OPTICAL EQUIPMENT up by 17.93% compared to 2015. 9 SeeNews Industry Report

REPAIR OF MACHINERY 58,843 63,549 64,438 5,749 REPAIR AND MAINTENANCE OF 62,442 68,082 68,461 3,886 NUMBER OF EMPLOYEES BY INDUSTRY SECTORS SHIPS AND BOATS SECTOR NUMBER SHARE OF INDUSTRY REPAIR OF ELECTRICAL 69,495 78,303 80,536 748 TOTAL EQUIPMENT REPAIR OF MACHINERY 5,749 38.35% REPAIR AND MAINTENANCE OF 60,791 62,722 62,727 187 REPAIR AND MAINTENANCE OF SHIPS AND BOATS 3,886 25.92% OTHER TRANSPORT EQUIPMENT REPAIR AND MAINTENANCE OF AIRCRAFT AND 1,677 11.19% REPAIR AND MAINTENANCE OF 96,680 99,484 100,399 1,677 SPACECRAFT AIRCRAFT AND SPACECRAFT INSTALLATION OF INDUSTRIAL MACHINERY AND 1,536 10.25% EQUIPMENT REPAIR OF ELECTRICAL EQUIPMENT 748 4.99% AVERAGE REVENUE PER COMPANY IN REPAIR AND INSTALLATION REPAIR OF FABRICATED METAL PRODUCTS 626 4.18% OF MACHINERY AND EQUIPMENT IN 2017 REPAIR OF ELECTRONIC AND OPTICAL EQUIPMENT 442 2.95% SECTOR AVERAGE NET AVERAGE AVERAGE NUMBER OF SALES OPERATING TOTAL COMPANIES REPAIR AND MAINTENANCE OF OTHER TRANSPORT 187 1.25% REVENUE REVENUE REVENUE (BGN) (BGN) (BGN) EQUIPMENT REPAIR AND MAINTENANCE OF 4,503,667 4,634,306 4,676,917 36 REPAIR OF OTHER EQUIPMENT 140 0.93% AIRCRAFT AND SPACECRAFT REPAIR AND MAINTENANCE OF 1,183,663 1,290,576 1,297,746 205 SHIPS AND BOATS INSTALLATION OF INDUSTRIAL 512,443 551,436 553,020 298 MACHINERY AND EQUIPMENT ALLOCATION OF EMPLOYEES BY INDUSTRY'S SECTORS REPAIR OF ELECTRONIC AND 316,573 322,438 323,057 192 OPTICAL EQUIPMENT 1,677 1,536 REPAIR OF MACHINERY 294,163 317,689 322,133 1,150 REPAIR OF ELECTRICAL 226,996 255,769 263,061 229 EQUIPMENT 1,395 REPAIR OF FABRICATED METAL 203,546 260,938 261,438 130 PRODUCTS REPAIR OF OTHER EQUIPMENT 68,653 71,415 71,429 147 REPAIR AND MAINTENANCE OF 47,765 49,282 49,286 238 748 OTHER TRANSPORT EQUIPMENT 3,886

The total indebtedness of the companies in the Repair and installation of machinery and equipment industry was BGN 493,913,000 versus BGN 567,418,000 a year ago. In 2015 the industry's indebtedness totalled BGN 605,618,000.

INDUSTRY'S INDEBTEDNESS BY SECTORS (BGN) SECTOR 2017 2016 2015 5,749 REPAIR OF MACHINERY 152,382,000 183,961,000 148,876,000 REPAIR AND MAINTENANCE OF AIRCRAFT 93,484,000 77,107,000 71,082,000 Repair of machinery AND SPACECRAFT Repair and maintenance of ships and boats REPAIR AND MAINTENANCE OF SHIPS 83,862,000 165,261,000 242,584,000 Repair and maintenance of aircraft and spacecraft AND BOATS Installation of industrial machinery and equipment INSTALLATION OF INDUSTRIAL 69,072,000 51,991,000 52,139,000 MACHINERY AND EQUIPMENT Repair of electrical equipment REPAIR OF ELECTRICAL EQUIPMENT 37,980,000 28,595,000 37,710,000 Others REPAIR OF ELECTRONIC AND OPTICAL 22,945,000 11,374,000 7,773,000 EQUIPMENT The analysis on companies' sizes by the number of REPAIR OF FABRICATED METAL 17,211,000 27,632,000 23,966,000 employees, shows that 1210 firms have less than 50 PRODUCTS employees*, 37 have between 50 and 250 employees* and 9 REPAIR AND MAINTENANCE OF OTHER 13,853,000 17,760,000 15,467,000 TRANSPORT EQUIPMENT companies employ more than 250*. REPAIR OF OTHER EQUIPMENT 3,124,000 3,737,000 6,021,000 * Companies without data in the number of employees at end of the year are not taken into consideration.

Debt-to-assets ratio of the companies in the industry is 0.35 in 2017. It was 0.39 in 2016 and 0.48 in 2015.

VI. EMPLOYMENT

A total of 14,991 people were employed in the Repair and installation of machinery and equipment market at the end of 2017, compared to 15,783 in 2016 and 15,670 in 2015.

10 SeeNews Industry Report

COMPANIES IN THE INDUSTRY BY SIZE IN TERMS OF NUMBER OF EMPLOYEES 1 300 1 210 1 200 1 100 1 000 900 800 700 600 500 400 300 200 100 37 9 Small Medium Big

The employees of the leading 10 companies when it comes to numbers make up 34.36% of the workforce in the industry in 2017.

TOP 10 COMPANIES BY SHARE IN INDUSTRY'S TOTAL NUMBER OF EMPLOYEES RANK COMPANY NUMBER OF SHARE EMPLOYEES 1 LUFTHANSA TECHNIK SOFIA OOD 1,019 6.80% 2 ATOMENERGOREMONT AD 825 5.50% 3 ODESSOS SHIPREPAIR YARD AD 712 4.75% 4 TEREM -KRZ FLOTSKI ARSENAL - VARNA EOOD 655 4.37% 5 MTG-DOLPHIN AD 624 4.16% 6 AVIONAMS AD 301 2.01% 7 ENERGOREMONT KOZLODUY EOOD 291 1.94% 8 RIMAKEM EOOD 260 1.73% 9 COMPLEX INDUSTRIAL SERVICE EOOD 259 1.73% 10 SIGMA IS AD 205 1.37%

The Repair and installation of machinery and equipment industry is the 31st largest employer in the country with 14,991 employees with the largest employer being Retail trade, except of motor vehicles and motorcycles with 200,534 and Extraction of crude petroleum and natural gas at the bottom with 27 employees.

The Repair and installation of machinery and equipment's share in the country's total employment was 0.65% in 2017, 0.82% in 2016 and 0.79% in 2015.

We expect, based on the trend in the last three years, the number of employees of the Repair and installation of machinery and equipment industry to change at a compound annual growth rate (CAGR) of -2.19% in 2018.

11 SeeNews Industry Report

The industry is represented by the following companies

ELTRON SERVICE EOOD D A R K -2002 EOOD KARMELO-VESELIN MANCHEV ET SIEL 78 SIMEON FILIPOV ET VIKTOR LOZANOV ET MAIAK-2-GEORGIEVA-SENICHKA GENCHEVA ET GEOTEHSERVIZ EOOD REMETECH EOOD TEKNO SOFIYA EOOD EVOLYUSHAN 16 EOOD PADOVANI E EOOD EOOD EUPORIAN TABACO SERVICES EOOD SHNEK 2 - DANCHO KOLEV KOLEV ET AVI SARVIZ EOOD KLIMATENGINEERING-21 AG AD ILIYAN NEDKOV ET IZOTECH SERVICE EOOD DIMAST M EOOD SKL SERVICE EOOD COMPLEX INDUSTRIAL SERVICE EOOD VLADI - LYUBOMIR VESELINOV ET DEMA DASKALOV 2002 EOOD S-AKIS ELEKTRONIC ENGINEERING & SERVICE TRINEL OOD EOOD HERMES CLIMA EOOD ILPENI EOOD DM TRADING 2010 EOOD LM KLIMA EOOD IVST 2012 EOOD S DRIVE EOOD STROITELSTVO I REMONT AD ABC WIND FARM OOD LAMDATECH EOOD HIDROSISTEM EOOD SAVI LIFT OOD BI ER EL OOD GRAM STOYCHO PETROV ET ELSTROI NEDELCHEV EOOD STROITELNO MONTAJNO PREDPRIATIE-SMP NOVA TEMP EOOD EOOD ENERGOREMONT-RADNEVO EOOD HIDRAVLIKA EOOD BETA TREYD 07 EOOD VALERI 35 - VALERI IVANOV ET OPTRON GLOBAL SERVICES EOOD KONVERTEH OOD TBM - BG EOOD SALUS - TODOR TODOROV ET OBSEG EOOD MEDIKA SERVIZ AD OOD ELPAK SPECIAL SERVICE EOOD VAYDA-HAUS-BG EOOD TIREX AP EOOD TERMO-PROFIL-GEORGI POPOV ET POWER ENGINEERING STARA ZAGORA OOD HAYKOMTEH EOOD ESK OOD PROFESSIONELLE YACHT EOOD PPMEO OOD ORIANTHI HELLAS OOD FLASHELEKTRIK EOOD PRO-TECH SERVI ES OOD GALAXY MARINE EOOD LEONARD INTERNATIONAL SERVICE OOD KOMTEH-STABIL EOOD REKOVERI TEHNOLODZHI OOD DIMEKS EOOD ERMANG D OOD MRD 2015 EOOD NORD SOLAR OOD BULREM EOOD ASHO-TEN EOOD STAMBATA - XC EOOD DI END DZHI FOREVAR EOOD LIFT - SERVIZ 08 OOD GANCHO MIHOV ET AMADINA STOYAN VASILEV ET VENMAR GRUP EOOD ENTERPRISE COMMUNICATIONS GROUP OOD MULTIBLAST EAD AP MARINE ELETRICAL SYSTEM EOOD MANEV - MM EOOD ASHO-TEH OOD TECHNICAL SERVICES SUPPORT EOOD PETAR STOIMENOV - FLEKS ET HOFMANN CONSULT BULGARIA EOOD S T INNOVATORS EOOD HRISI - BONCHO DIMOV ET FRIMA - 2 EOOD VITAPEN OOD MINNA AGENTSIA EOOD ALESDAS EOOD SISTEMI ZA AVTOMATIZATSIA EOOD IZOTSERVIZ SHUMEN OOD SIV 90 EOOD TEDI - TODOR ANGELOV EOOD FORKS EOOD MED TECHNOSERVICE EOOD IKAR - ALEKSI ALEKSIEV ET VLADAYSKA PARTNERS OOD AERO RIPEARS EOOD EOOD PIC SERVISE EOOD PROMISHLENI SISTEMI EOOD SIILEVAL OOD OOD TRUCKS ENGINEERING EOOD KATRINA - M EOOD B A PEYCHEV EOOD IDARMED OOD PETROLIUM SERVIZ EOOD GAMA SPEKTAR 96 EOOD VISTA GRUP EOOD MEDITRON SERVIZ OOD MONTAJ SERVIZ K2 EOOD ALEKSANDAR MEDIKA EOOD BULGARIA YACHTING 2017 OOD SERVIZ TSANQTA EOOD DANI-82 OOD BID EOOD GRATEL OOD MISSO.LTD EOOD VEZNA KR MINEV EOOD IL DI 67 EOOD MERKURIY 69 - NIKOLAY NIKOLOV ET TEHNIKOSERVIZ EOOD MALINKA LYUBOMIROVA IVANOVA EOOD V I M 65 OOD KRANI 2009 OOD AM SISTEMS OOD OOD REAL SERVIZ EOOD BLACK SEA YACHT SERVICE OOD TEHNOINZHENERING - ALEKSANDAR YANCHEV PENKILER - RAZGRAD EOOD IVETA 2015 EOOD EL SHIP EOOD ET MOBIL VENDING SERVICE EOOD LAURI-BULGARIA OOD BULLIFT TREYDING 1 EOOD NEOBLAST EOOD BENI KOMERS - VENTSISLAV BENOVSKI ET ICEBERG INTERNATIONAL EOOD CARMOTION OOD EURO SHIPPING OOD PERFECT ELECTRA OOD STRELETS - KIRIL RADEV ET PLYWORLD EOOD VANTO - VALENTIN IVANOV ET NIDI KOMFORT EOOD ESI-TOTYO KANEV ET PASAT-M 07 EOOD KODINOVS OOD BESHKOV - SIS EOOD RUSE AUTO EOOD DANI LIFT EOOD EOOD UNIVIS OOD STANCHEV - KLIMA 2 EOOD VALAB - VALERIY VALCHEV ET TRANSVERTIKAL - PAVLIN PELOV ET BALANS 2000 EOOD ROSITSA NIKOLOVA ET J - CONSULT EOOD MIM SERVIZ EOOD TEKAR - IVAN IVANOV ET ALTEH SERVIZ EOOD KAZAKOV 65 OOD IVAN STEVOV ET ELETEO EOOD FINN COATING SYSTEMS OOD D AND P AUTO OOD KLON NA PUBLICHNO AKTSIONERNO RIMAKEM EOOD DRUZHESTVO „SILOVI MASHINI – ZTL, LMZ, RSC SOFIA EOOD STAS - AUTO EOOD ELEKTROSILA, ENERGOMASHEKSPORT” V MENA FAYER OOD HYMAC INTERNATIONAL EOOD TERMO MONTAJ 2011 EOOD REPUBLIKA BULGARIA KCHT TRIOTERM OOD MARINER MKK EOOD MALNIA 58 KIRIL KAMENOV ET EVOLUTION GREEN ENERGY OOD BULRANG - VATEV I SIE OOD VACHI CRAFT SERVICE EOOD NORTAN MARIN EOOD GESH TRETI OOD TESA KARS EOOD EOOD HIDROMA EOOD HIRUTEH-93 OOD ISKAR SERVICE EOOD NIDAS SERVICE OOD KRANTEH INGENERING OOD DENI - DINKO DIKOV ET SHKODROV EOOD SHAFER - VESELIN SHAFEROV ET BIS - BORISLAV SIMEONOV ET DIACOM 7 EOOD X EOOD KM TREYDING 2012 OOD SPI ELEVATOR OOD PEGAS UNION OOD ASANSIORNI SERVIZI SS OOD DZHAN-EST EOOD SIYAYA - BORISLAV MITOV ET AUTO SHANS 78 EOOD ELMONT 1 EOOD ABVER EOOD ELCONSULT OOD ROZMED - ROZKA KALAYDZHIEVA ET DI FOR ES OOD KD-MD CONSULTING EOOD NIKULO EOOD NITRON 52 NONYU NIKOLOV ET B A PEYCHEV BLAGOY ALEKSANDROV PEYCHEV UNISHIP EOOD ET PREMIERE GROUP OOD SIPGER M EOOD UNIPRIBOR EOOD ELGRID EOOD ELSYST ENGINEERING OOD BOCHEV I DINEV OOD PROFFI PAINT EOOD EL MAKS EOOD RENI LIFT 22 EOOD ROTAKER EOOD SIMEKS-M EOOD GROZEV SERVICE EOOD PADI AVIATION EOOD MELIOR EXPERT LLC EOOD DANI INGENERING EOOD IVAN LANKOV ET NIKOLINKA ILIEVA GALITSA ET MAYAK- KRASEN PETROV ET NIK CREATIVE OOD 12 SeeNews Industry Report

DURGA 2 EOOD GEORGI RUSEV 53 EOOD ZHELYAZKOV INZHENERING OOD VERTIKAL - SAVOV EOOD LILOV - A M EOOD GASSERVIZ OOD CHERNOMORSKI VODOLAZEN TSENTAR OOD RMP OOD TEO ELEKTROMOTOR EOOD YUNIVARS 91 DIMITAR STANEV ET AGRO MASTAR SERVIZ EOOD ANTANI - 2009 EOOD SIMONA-SOFIYA 91 - PETAR GEORGIEV ET POJARI EOOD DZZD BOYCHINOVI ETOP ENGENERING EOOD SHIP & INDUSTRIAL SERVICE OOD UEYNING SISTEMS - MAKSIM DIMITROV ET T&D ENGINEERING EOOD VALENTINO SERVIZ 2 EOOD MEDEL - STOYAN MEDNIKAROV ET EMNITO - NIKOLINA TOPALOVA ET SPECTRO BG EOOD ANALOG - HRISTOMIR BRANZOV ET SATECH SOLUTIONS OOD AGROMETAL GROUP EOOD DZZD ALFORI GRUP MAKRIS KAZANDZHIEV I S IE SD ATLAS ANTIKOROZIA EOOD HIDRAVLIKA-POPOVI I SIE GP L X OOD NYU VENTUS INDASTRIAL PAUER SOLYUSHANS EOOD EOOD KITCHEN SERVICES EOOD THERMO TOP ENGENEERING BG EOOD AB 52 ATANAS ATANASOV ET NIKI REYSING TIM - NIKOLA PEKOV ET BUL-REM - DRAGAN GANCHEV ET DZHI EM DZHI 92 EOOD RMK INJENERING OOD PUSALSKI AND SON EOOD IHNIKA EOOD BALKAN AVIATION TECHNIC OOD STRIYT VENDING EOOD BUTTERFLY 2012 EOOD A-R-S GMBH OOD PRO WELDING SLTD EOOD VISITSHIP OOD KARKALE EOOD DEYZI SERVIZ OOD FACTOR PRO ACTIV EOOD TONI - ANTON HRISTOV ET VIA STROY EOOD DI VI JL SERVICE EOOD BORDO KATYA GEORGIEVA ET LIBRA ASSIST EOOD N AND K 2017 OOD KASEL - 10 EOOD R & A SERVICE OOD INKOMM OOD MECHANOTECH EOOD ELTEH - AHMED EBAZEROV ET TEXNOMED EOOD KRISIT ELEKTRONIKS EOOD VISTA GRUP 2005 OOD PANI - PARVAN ANDONOV ET GAL -IV EOOD COOL SYSTEMS EOOD SKYWAY TRADE OOD VENKAS EOOD ITA - NIKOLOV I S-IE SD SAVENA BG EOOD SIS MASTER EOOD BEBETO 2015 EOOD MARINE ENGINEERING SERVICES OOD TRASAN AUTO EOOD CHROMS TECHNIQUES EOOD AP SERVICE EOOD PETRONIKS 1 EOOD DELTA DIAMANT - BOGDAN MILENOV ET AERO TECHNIC BG OOD MITKO LIFT EOOD INCOTEX SERVICE OOD BORISLAV BRATOEV ET PROMAXSYS EOOD IZOMATIK-KOMPLEKT OOD DUNAV AUTO GRUP OOD ROTOR EOOD DENCHEV I SIN OOD IZOTSERVIZ BM EOOD LKV MIS EOOD TSAMAK - TONI MAKAVEEV ET INDUSTRIAL COOPERATION EOOD MERIDIAN 999 EOOD CORAL EXPERT EOOD KAR KLIMA EOOD BOTABI OOD KIRIL PILEV - KESH-95 ET SNEZHEL - 08 EOOD SEA STARS 88 EOOD DIMITRINKA DELCHEVA - KRASIMIR DELCHEV ET AUTOKOM - GEORGI TSEKOV ET DIAN DINEV EOOD VALCHEVI BG SLTD EOOD ARKALIEV - HRISTOFOR ARKALIEV ET SAAN TECHNIEK EOOD GARANT EXPRESS 1990 OOD ENERGOREMONT-VARNA EAD PROIZVODSTVENA KOOPERATSIA BITOVA LAVA SERVIZ EOOD REBUILDERS FACTORY OOD NORD BILD OOD TEHNIKA KOOP INTEGRAL A G EOOD INDUSTRIAL SERVICE OOD OTISEN OOD DIGALOG-TEHNIKA OOD ATARK EOOD AGROTEH ROSATA EOOD PANGRATZ EOOD SILVIYA - KOTSO GERGOV ET KARLO 2002 EOOD KIROV INJENERING EOOD KOHTA 07 EOOD DITAL ELECTRIC OOD AUTOSERVICE OOD FRIGOFE OOD POINT EDNO OOD MICONT OOD DENIFRIGO EOOD IV-AVTO 70 EOOD MERGS EOOD RADEVI KOREKT EOOD VEGA OOD YANDI OOD MIK ELECTRONICS EOOD BEGAKAR EOOD SVETLI-DIZEL 2011 EOOD EOOD EL VIT TODOR PLACHKOV ET NOVA MEDICAL OOD REMIKA LIFT EOOD ASP PLYUS EOOD AGRO SERVIZ 2014 EOOD SINTEKS INZHENERING EOOD TEREM -KRZ FLOTSKI ARSENAL - VARNA EOOD EL KING-TODOR RABOTOV ET POLIELEKTRONIK SERVIZ OOD SAUT UEST EOOD TOKOMI OOD HETA - TONEV EOOD OMEGA INS EOOD FEATHER AIR EOOD TEHNOLAB EOOD TEHNIKOSERVIZ SIRAKOV S IE SD ARCAS - 97 OOD MITROV EOOD DENI 82 EOOD IKAR 2017 EOOD LIFTKOM SERVICE EOOD DZZD DESTINATSIYA BULGARIA - YUMAS VASANO EOOD ASANSIORI-STOIANOV I SIE OOD FILIP STOYANOV ET VALEKS HEKSOD EOOD AVTO SPEKTAR EOOD EMIL KITANOV ET PARTNER OOD AKZ ENERGIYA OOD LEONLIFT OOD VLADI NAUMOV-VLADI 95 ET BORALEK EOOD IZOLATSIYA PLYUS EOOD EOOD TI-ANN EOOD EXPERT CLIMA BOURGAS EOOD TEHNOSAT EOOD CHERKEZOV EOOD GENERAL PARTNERSHIP INTIEL - TODOROVI I SIE FULCHARDZHAR BULGARIA AD ALUDIES CORRECTION EOOD STARGON EOOD SD ELFITRON - DIMITAR SERAFIMOV EOOD LAMBEV ELECTRIC EOOD ELOPAK EOOD ECOSIM OOD HIDROMASH-P.R. - SEMO GEORGIEV ET TOF-N-2016 EOOD AVISTA ELECTRIC OOD PRO SERVIZ EOOD SEKOMA EOOD ILKONIKA OOD STOLEX BROTHERS OOD BIZON INS OOD SERVIZ DINKOV STEFAN DINKOV ET EKSPERT - MONTAZH EOOD LIFTKOM RZ EOOD AS - 07 OOD HYDRAULICS GROUP EOOD AUTO VE GE DZZD TSE VE KOMERS EOOD GENERAL ELECTRIC INTERNATIONAL - BRANCH BULGARIA IZOTSERVIZ - SMOLYAN OOD LOCHERS BG OOD APOLLONIAN SEA SERVICES OOD SNEVA - V EOOD DAIG OOD SEVIN AUTO EOOD KOEENI EOOD ELMONT-RUSE OOD MSG GROUP EOOD INSTEL 999 OOD ASANSYOR - 91 OOD - 02 OOD OPERATION MANAGEMENT SERVICES OOD ZHIVKO KALACHEV ET KARON EOOD RAMAR-TSANKO MARKOVSKI ET GUMI - GRUP EOOD KAR KOREKT 71 EOOD PERITUS EOOD ENERCON SERVICES BULGARIA OOD KRASIMEKS EOOD ELPAK SERVIZ EOOD S A P - GLOBAL EOOD BONETI EOOD MAXI SEVICE EOOD LZR ENGINEERING EOOD ZLATKOV VERTTRANS S IE DIMITROVI SD LIFT KOREKT EOOD KOLOR KAR EOOD BICHOS EOOD VASKAT - VASIL KATRANDZHIEV ET ASANSYORNI SERVIZI OOD PIT TSPU SERVIZ EOOD SERVICE MACHINERY EOOD GRUDEV SERVIZ OOD KRAFTMANN BULGARIA EOOD BITOVA TEHNIKA GARANT AD SPEKTAR SERVICE EOOD IN KOMERS DZZD TEHNOKAR OOD PLAMEN KOZALIEV ET ROSEN YANEV OOD RAKOV-77 EOOD KANEVI OOD EKTO EOOD PEPO 02 EOOD GYUNTER BILD EOOD KLIMA D EOOD CO-YACHT EOOD PSIT - PLOVDIV EOOD METALMEBEL OOD PRIMA - ZHEKO PETROV ET DZZD MINSTROY -FUGO DEKA 10 EOOD IC-ENGINEERING EOOD GARAZH BROS EOOD TAYGAR 2010 OOD THERM IN PANEL EOOD VEN-CO SERVICE EOOD RADKA SARAFOVA ET VLADIMA OOD 13 SeeNews Industry Report

B.B.DENT-S-PETAR STOYANOV ET VITACOM EOOD EL NIKTON EOOD DZHIMI KOMERS EOOD OBEDINENIE RILA SARVIZ KIRYAKOVI AVTO OOD ENTRETIEN EOOD FRIGOSYST OOD FENIKS ENERGETIKA REMONT OOD AUTOSERVICE SOFIA OOD HIDROMARK 2008 EOOD UNIVERSAL 48 PARASKEV PARASKEVOV ET ANVENA - VELKO CHIVILIEV ET ENDOREP EOOD CREATION GROUP - ALEXA OOD IVAN NACHEV - NOTEKS ET SINTERMAT AD KOUTROULOS NAFTOSOL EOOD VVEM S EOOD ANTON GEORGIEV 2000 ET CONTROL OOD VELNED EOOD ITALTEH SERVIZ - BULGARIA EOOD SIG SERVIZ EOOD SOLUTION EOOD PRO SHIPING BG EOOD VENTIS OOD SERZH-96 - SERGEY HRISTOV ET PETYO RUSENOV - 52 ET VAST 2 EOOD DIMOV 76 - STOYAN DIMOV ET FRIGO SEST OOD ARGONETIKS EOOD BANKO BANKOV ET UNIDEY DENTAL EOOD NUMERIC EOOD AVTOSERVIZ LEON EOOD EOOD ENERGOIMPORT EOOD M I S EOOD ORN EOOD IST MARINE YACHT SERVICE EOOD OREL - TSVETAN ZDRAVKOV ET BACHO KOLYU I SINOVE 1 OOD PSM SERVICE EOOD NARIA - KRASIMIR ALEKSIEV ET GANCHO MIHOV 2 OOD ISKAR STROY EOOD INTERPRIBORSERVICE OOD TERMO - 99 OOD ATANAS KANEV ET SEMERINA OOD PROFI SERVICE EOOD ELBO OOD Y - YANI GEORGIEV EOOD GREYS-97 OOD EL TIM EOOD RUSALENA - MIHAIL VALCHEV ET DD - 97 EOOD VALSPORT VASILEVI S IE SD SERVIZ ASANSYORI OOD TEHNOMARIN OOD PENEV P.AT. EOOD KARDIS EVROPA OOD VERTEX SERVICE OOD VAST EOOD VRT EOOD EOOD RENHAD OOD NADKO GEORGIEV - MEL ET MARITIME SERVICES EOOD TEHTIM EOOD TRI VALENTAS EOOD REA TRADING 2000 EOOD DIMOVI 94 ATANAS DIMOV ET VD PRO OOD EXPERT LIFT SERVICES EOOD SMART FRIGO HELLAS EOOD SIMAKS-OYL SERVIZ OOD COOLFIX OOD FAIAR OOD KALCHEV KLIMA EOOD GANCHEV I SIE SD ESA - BULTECHNICS EOOD GARANT 76 OOD KARAT-94-KRASIMIR KAMENOV ET ALFA - ALEKSANDROV GP DZHI PI ES SARVISIZ EOOD KRISTI-53 - HRISTO HRISTOV ET EUROHIMIKA 2016 EOOD KOMETA EOOD TRAFOREMONT OOD MARKONI 2007 EOOD KMT SHIPKA I SAGA STROY DZZD BOYORD OOD START - 5 - 65 EOOD MEDISNABTEH - STANCHO MIHOV ET KRISTEL - 2009 EOOD ENERGOMONTAGE ENGINEERING AD ATIS EOOD TOCHNA MERKA - RADOSLAV BOROV ET BELEV AUTO EOOD YAK SERVIZ EOOD ASANSYOR 02 OOD KOMUNALTEHMASH - 97 - M AD MARI BENTTS EOOD STOYAN DOYCHEV - DOYCHA ET MARINE ELECTRONICS EOOD TOCHNA VEZNA EOOD MONOPOL GRUP SERVIZ EOOD AGRO SERVICE TIM EOOD TECHMASH HYDROSYSTEM EOOD SPESIMA INZHENERING OOD PRESS EFFECT EOOD BATKO I BRATKO 2013 EOOD DOVEREN KONSULTANT EOOD LIFT VERTIKAL EOOD STOYCHEVI - AVTO EOOD AVTOMATIZATSIA TREYD OOD LEO SERVIZ OOD PERIT EOOD HIDRAVLON 1 EOOD MANOLCHO MANOLOV ET EVROPA GUMI KNYAZHEVO OOD HRANKO OOD POLICORP EOOD DJUHOLD OOD DMV SUPPORT EOOD MEDIKOM OOD CUCOV - RMM EOOD R S S OOD BG - KOMERS EOOD ASI SERVICE EOOD KALOS 7 EOOD NORDA MARIN EOOD TERRATECH ENGINEERING EOOD VANO IVAN KURDOV ET DAKI - DRAGOYA DRAGOEV ET HEVIKS EOOD IRIMED - IRINCHO IRINCHEV ET RENESANS - GEORGI MIHOV ET JP TEST OOD LIFT MONTAZHI BG OOD ILSTOK - ILIYA KOEV ET EUROLIT OOD YACHT SERVICE EOOD ELEKTRA K EOOD BILKOM EOOD SINERGA OOD METAN SERVIZ OOD 485 EOOD MEGA - VO EOOD DEN - 21 OOD SOLARPRO AD DIANEL 2000 EOOD OK TERM EOOD VSD SERVICE EOOD VANTO - VASIL VASILEV ET GRANIT - VALENTIN VASILEV ET ROTEX-2 OOD ZP N I N HIDRAVLIK SERVIZ I INZHENERING OOD DURYAS MG EOOD BVA I SIE OOD CALIBRA 04 EOOD GRAND OOD GLOBAL AIR SERVICE EOOD ULTRAMARINE EOOD FRAN MENIDZHMANT EOOD VADIK EOOD CHERNO MORE - R EOOD PLANAT EOOD AKVA BILDING - TOMO VALEV ET HEMUS MOTOR OOD ALBUSTEEL EOOD VAL ENGINEERING BG EOOD IMPAS SECURITY OOD TEO TEOFIL FILOV ET STEFANOV BIKE EOOD EOOD KBB EOOD BLEK SIY GARDAN EOOD MIKROOPTIKA ET EL IV GARANT - IVO SHOYLEKOV ET VOMA BG EOOD NAS AUTO EOOD DIMI DINKA MINEVA ET SPSA EOOD RONIT OOD EXTREME SOFT OOD MEDISERVIZ OOD MEDIKAL IMEYDZHING SARVIZ OOD KUTSAROV 62 EOOD RIS 6 EOOD EDINSTVO KLON MK SINHRON EOOD HIDROKONTROL 1 OOD ARCHI ARS PHV & WIND ENERGY EOOD FAGUS 2015 EOOD ZENIT ELEKTRONIKS EOOD TEHNO OOD AYA DZZD PMP - PLAMEN POPOV ET MIL TEH 1 EOOD EOOD SILKOM ENGINEERING EOOD STOEV 2013 EOOD FLASH - 2011 EOOD TENEV ELEKTRONIKA EOOD ELBI-BISER KOLEV EOOD LIFTSERVICE OOD MALNIYA-HRISTO HADZHITSANEV ET KOREKT 88 EOOD TSINTSAROV EOOD V-G - HRISTO BELCHEV ET KND -YACHT SERVICE OOD DENTAL MEDIKA 42-IVAN KOVACHEV EOOD ENERGOPROGRES EOOD KEY SI SARVISIZ EOOD EOOD MOTOROUD EOOD DINAMO RUSEV EOOD RUDMETAL-TEHNOMASH OOD DIMIMED - DIMITAR NIKOLOV ET BORVAS EOOD IZA INZHENERING OOD KOSTA ZHELYAZKOV EOOD VEGA TREYD TSENTAR EOOD EOOD OFFICESYSTEMS OOD O & M RENEWABLES EOOD SIYTEK OOD BLAST KONSTRUKSHAN EOOD DZZD NEDEV 2012 KRASIBO 71 EOOD ECOCLIIMAT OOD QUICK SALT EOOD IVAN KARAKANOVSKI ET BIO BILE OOD ALEKSITA EOOD SERVIZ PRO OOD ELEKTRIC BYLD EOOD CONCEPT BOATS EOOD MERTO - SABI KAVAZOV ET PROAP EOOD MONSTER GARAGE EOOD FISKAL SERVIZ OOD ANYA FIT EOOD CHIME OOD VENUS - VLADIMIR GRUEV ET EUROCOPY OOD TITAN ASANSYORI EOOD KRANTEX EOOD FRIMA OOD SOLAR VISION OOD BEVIS-V EOOD ODESSOS SHIPREPAIR YARD AD SEA ENGINEERING OOD VARNA ELECTRONICS OOD NSL-AUTO EOOD LR AUTO EOOD EOOD STEFAN DRUMEV ET AVIONAMS AD MIRCHA EOOD ELTI-ATANASOV, ZHELEV I SIE GP TI I ES I TI EYCH EOOD AKVATRAKS EOOD 14 SeeNews Industry Report

TED INZHENERING 2000 EOOD EOOD OELT - SERVIZ EOOD ARMATUREN SERVICE EOOD ADD HELP EOOD ELEKTRON SERVIZ OOD TRICOM-V EOOD IRINEKS OOD ASKOS SERVIZ EOOD REFSISTEMS EOOD DAN - PAN EOOD SHARP TULS - GERALUMIN OOD ENERGY SERVICE EOOD REQUEST OOD KLIMATEHNIKA EOOD UNIVERSAL 250 - KALCHO BELOV ET ZHOKER KIT EOOD VI BILD 1 OOD VESELIN PETROV - ALFA-TREYD ET IZGREV 80 OOD VIVA AGROSTROY-KONSULT EOOD DAK 90 YANEV DAKOV I S IE SD IVOMIRA METAL EOOD SPINOR-BG EOOD CLIMA 98 OOD VEDA TSVETAN STEFANOV ET VARNA YACHT PAINT OOD MISA KONSULT OOD RKM 1 EOOD ELKONSULT INZHENERING EOOD DOBRICH LIFT 08 OOD VOS-BS EOOD MEGI - MARIYA GERCHEVA ET DAR S SERVIZ EOOD TOPSYSTEM EOOD IMANDIEV EOOD HRISTO BALBOLOV EOOD KRASIMIR YORDANOV LIFT ET VAS LIFT EOOD TONISOFT EOOD CNC-TECHNIK PETER ISRAEL OOD CAREX EOOD ELTREYD 04 OOD REDZHO 2017 - REDZHEP EMINOV ET ET HERBIFIQUE EOOD SAVENA-TODOR SAVOV ET ATANAS SARBOV-ELEKTROMOTOR ET MEDATEH EOOD ELKOPI-2013-ROSITSA YANCHEVA-STOEVA ET KLIMAT - PENKO PENEV ET KLIMEKS EOOD IVAN STOEV ET TABAK TEKNIK EOOD ORITEL EOOD ETALON - GEORGI GEORGIEV ET IPON-INZHENERING 99 OOD DACS-N EOOD KK OOD LZ YACHT SERVICE OOD DAR FUUDS OOD SPEKTRON EOOD TECHNOMASHPROJECT EOOD LIFT SERVIZ DZH OOD NIKOLA SIRAKOV ET ESTET - PETAR PENKOV ET FRIGO KOREKT EOOD APOLON 71 EOOD REMPUS EOOD TURBOLAZ OOD GAMACHEK EOOD UNIEL ENGINEERING EOOD BULSCALA EOOD SPA SERVICE & ENGINEERING OOD KEYS SERVIZ OOD SBM SERVIZ OOD STOYANOV TREYD EOOD VANEKS AGRO EOOD TOP 100 RESEARCH EOOD EMI GRUP 91 EOOD TEMIL EOOD IV SERVICE 2016 EOOD BARAKUDA OOD KIPARIS M OOD GED 69 EOOD BIOTEHKLIYN EOOD ALEXANDRA LIFT EOOD SKR AM EOOD KAR SERVIZ 2007 EOOD GSRM EOOD MILKO MULEVSKI ET S I D - 97 - PAVLOV OOD BULLIFT KOSTOV OGNYANOV VELEV I SIE SD AY END DZHI MARIN SARVIZ EOOD EKA SERVIZ OOD KURTEV SERVIZ BULGARIA EOOD TURBO BUL OOD KANGO-SERVIZ BANCHEVI EOOD ANRO KLIMA OOD RENHAD-VLADISLAV HADZHIPETROV ET TIS DZZD OR-TI EOOD START KOATING EOOD ORISOFT EOOD ILIYAN-ILIYA STOILOV ET MV 133 MANOY MANOEV ET AGROMETAL-HRISTOV ET KVART - KRUM TURTANSKI ET KALI - PETAR VASILEV ET ZENIT - MV OOD VITELA 30 EOOD HRISTOSKOV EOOD KOLDASHKI EOOD SGS AVIESHAN EOOD AVTO-TREYDING - PLAMEN PASKOV ET TOP AUTO 2012 OOD KOZME TEH-KONSTANTIN KOSTOV ET KDK KAMPANI EOOD ARCTECH 1 OOD FRIKOM - GEORGI GEORGIEV ET DIMINZHINERING - DIMITAR TONCHEV ET ASM ZORNITSA ZHEKO STAYKOV ET MECCATRONICA EOOD MEDTEH SERVIZ-62 DZZD TIR-SERVIZ EOOD MARK SECURITY SYSTEMS EOOD INTER-BI-DZHEY OOD AUTO TECHNICS AND SERVICE EOOD CHAVDAR ANDREEV - A - A ET ELSERVIZ EOOD BG MEDIKA OOD NEKI EOOD INOX SOLUTION OOD APAS EOOD FD EOOD PIK OOD MINKOV SARVIZ EOOD KOMFORT - VN EOOD VELINOV 95 OOD VANO BG EOOD FRIGO TERM SERVIZ OOD JOVANNI AUTO EOOD EKOGAZ PROEKT OOD VEZNA - DANCHO IVANOV ET A& N LIFT EOOD KLIMA MONTAJI OOD KOREKT LIFT SERVIZ OOD PRIMA EL VERONIKA PARASHKANSKA ET RUMYANA DIMITROVA ET SONI-STOYAN PASHOV ET JOBI-JO EOOD IATOKAR - SERVIZ EOOD KRIPS 78 EOOD EVROMED-7 OOD VE - EF V EOOD ALMI PARTNERS EOOD PROEKTEN MENIDZHMANT I KONSULTIRANE LYUDYANI 2002 OOD OOD NBNS INDUSTRIAL EOOD VACUPRO EOOD STAMH SERVICE OOD TSOLOV KONSTRAKSHANS EOOD NEPET CHERNEV EOOD MUEHLHAN BULGARIA OOD ARP-28 OOD VELEV MACHINERY EOOD TERTEH EOOD ELTA OOD DIMARK 73 EOOD HIDRONETIKS EOOD BM SARVIS GRUP EOOD REMTEH - MONTANA - ALEKSEY ILIEV ET SPD EOOD MIGTON EOOD ALMAR 2014 OOD EVROKARI EOOD ASSAREL - REMONT OOD AQUATON-B EOOD DIAMANT- DEYAN BELCHEV EOOD ELEVATOR SERVICE EOOD FIRE SERVICE EOOD DORN PLUS EOOD MIKS 7 EOOD BOVATO EOOD KRISTAL PAK OOD MIRO SISTEMS - MIROSLAV ATANASOV ET EUROSERVISE-6987 EOOD GEORGI 2014 OOD TRANSKIBERNETIKA VH OOD BELT BG EOOD BIS - DI OOD EN DZHI SAPORT EOOD PETAR KARAIVANOV ET MBLS KARRY EOOD KOMPRESORS BG EOOD K MARCHEV EOOD METALKONSTRUKT EOOD DEEP DIVE SYSTEMS EOOD LIBRA ENGINEERING OOD KLIMATEH - ATANAS YANCHEV ET DIMITRINA KOCHEVA VASKO PLAST ET CELMACCH EUROPE EOOD DIVATRANS BULGARIA EOOD AUTOMATION BULGARIA EOOD EKO SAN NIKOLA AD DORN - NIKOLA DOYCHINOV ET ARGON 79 EOOD VITTO OOD ELDI HOUP OOD OOD VENIDA EOOD FAYER INZHENERING EOOD ENERGOREMONT-RUSE EAD RODOPI TRADE MANAGEMENT EOOD BAGER REMONT SERVIZ OOD PRODAYVING EOOD EOOD ABS EOOD SAN INGENEERING EOOD NIKOLINA PETKOVA ET VEBA 2016 EOOD M & M AUTO REPAIR EOOD UNIVERSAL-90 - VASIL DIMOV ET BISER ODAZHIEV-BINARA ET DIMITAR DICHEV - DICHEV ET NIKO TERM-PLEVEN EOOD IZZICO EOOD TETA INGENERING EOOD TONI LIFT - R OOD ELEKTRIK - MILKO ZHILEVSKI ET KOTLOREMONT EOOD OTTO LIFT EOOD NEDELCHEV SERVIZ OOD KRAVT EOOD PLAMA OILS OOD KASAMOV EOOD ELFITRON - 53 - TSENKA SERAFIMOVA ET AVROV EOOD BLUPOWER EOOD AKTUAL INZHINERING EOOD ALEKS KARI EOOD SUPER SABKO IVANOV ET DIKO-ELEKTRONIC OOD UELDING KING EOOD T SERVICE EOOD DARAS OOD KAM ENGINEERING & SERVICE EOOD GRAMATIKOV 81 EOOD MIHAIL 86 - AKSINIYA SIMEONOVA ET MARVEL TSPU MASHINI EOOD KRIS SERWIZ EOOD TRIKAR OOD VESELIN DIMCHEV ET PETAR PENEV 2017 EOOD EOOD &APOS HYDRAULIC SYSTEMS&APOS EOOD TECHPACK EOOD LGI ASTAHOV EOOD ELTED TM EOOD BM KOUTINGS EOOD VALEMO - EMIL CHAKAROV ET CATE EOOD RADO KAR EOOD ARA EOOD A T KLIMA EOOD MID 2000 OOD YORDAN TONOV 2016 EOOD EOOD 15 SeeNews Industry Report

EDILEDILE SRLU EOOD GA - GA TRANSPORT OOD COMPUTER SERVICE EOOD TEHNOKONTROL 82 OOD HIDRO HIKS BULGARIA OOD KAMIL PRIM-RUMEN STANOEV ET ELMO 2014 EOOD RISOV MACHINERY EOOD ILRASH EOOD TITAN LIFT EOOD UESTRAK SERVIZ EOOD DBM SERVICE OOD GAZ SIST - 5 EOOD STEFAN KAVARDZHIKOV ET GEGO-KIRIL GEGOV ET AS-VENELIN YORGAKIEV ET TRIPOID EOOD SENSO EOOD KOSTADIN PEEV ET BULLIFT SERVICE EOOD HELLENIKA OOD AYS NORD EOOD SONYA ALEKSANDROVA ET STOILOV 62 EOOD ELEKT EOOD IZOTSERVIS OOD RETERA MARINETECH EOOD AX-COMERCE OOD MSE-SERVICE EOOD V B M D OOD DZHOGANSKI EOOD CLIMA TRADE ENGINEERING OOD ENERDZHI MARIN SARVIZ EOOD ERGO SYSTEMS OOD STENLI FRIGO EOOD M - TECH SERVICE EOOD ES DZHI EM 15 EOOD AUTIAGA EOOD KRAKRA LIFT EOOD AS-PETKO PETKOV ET 359 BULGARIA EOOD FRAM 3 OOD ATR ALTERNATIVNI TEHNOLOGICHNI RESHENIA VIP DIZAIN-PETROVA EOOD OOD RADOY LYULYUKOV - YODAR ET IZOT ELEKTRONIKS EOOD DRUJBA 77 EOOD NIKO R RUMEN TSANOV ET SMT - GRUP EOOD ECOLD OOD VOLTA KOM - S EAD SMARTKIOSK OOD ELEVATORS BULGARIA EAD INSYSTEL EOOD STEM M EOOD PROFINANCE D EOOD BAYK-GEORGI ANDONOV ET REMMASH TRIDAN EOOD VIMESS EOOD PAMS 9 - SVETLANA GEORGIEVA ET VESKONTI EOOD KOMFORT-KOLEV EOOD KLIMAT SERVIZ EOOD KIROV-K EOOD ENERGOREMONT KOZLODUY EOOD MARINE RADIO SERVICE EOOD FALKOR - D EOOD IVAYLO NIKIFORSKI ET BULBIO EOOD FARST KLIMA EOOD BISVEL - ANTONOV I SIE GP MERDZHO - VENELIN MERDZHANOV ET VENID - DARS YACHT SERVICE OOD VENIKA KOM EOOD BELANI 84 EOOD EDI I ELI EOOD VENARK EOOD G M ELECTRONICS OOD ASI 2013 EOOD KLIMA - ELEKTRONIK - DIMITAR DOYCHINOV ET LITZ EOOD HELIOS ELECTRIC EOOD BULMASTER OOD ATANASOV - SOFIA EOOD PARADISE TOUR INVEST OOD IVAN SIMEONOV ET MEGAFROST EOOD IMPULS - DIMITAR RADEV ET MILEN NIKOLOV - GARANTCOPY ET ELUS D EOOD DANIMASH EOOD ARIGATO OOD VELEV LIFT EOOD BOAT SERVICE OOD GARANT BULGARIA 09 EOOD ENEV - 5660 EOOD ELI-M - LUKAN MILEV ET BALKAN AVIATION SERVICES EOOD INDUSTRIALAIR EOOD ELEKTROTEHNIKA - 95 OOD EKSPRESNO VAZSTANOVYAVANE EOOD EOOD KLIMAT INZHENERING EOOD SIMA - MA EOOD PERM SERVIZ EOOD KLIMATIC-K K EOOD TSM INZHENERING EOOD POLIMER KADANS EOOD EL EVRO EOOD NIKI SERVIZ OOD ECO TRADE 2002 EOOD PROCOL EOOD MANEV-M OOD AVI - PROEKTI EOOD ARGONAVT-ER EOOD VISTA SERVIZ EOOD NIKOLAS - TEHNO EOOD MERI I SIE OOD EKOMARIS OOD D S R EVROPA OOD HYDRO SMART EOOD ROBO TECHNOLOGY EOOD BOBCAR BULGARIA EOOD MEDKOM - STOYAN KOCHEV ET SOLARKO EOOD AVIOREMONT ZAVOD EOOD ESPIRIT - EMIL MAKEDONSKI ET ELMA SERVICE-RS OOD PETCO PETCOV - 24 D EOOD MEDIM OOD BARLEV EOOD DOBREV 2013 EOOD JOKER KIT 2 EOOD BALKAN GRUP KAR-BULGARIA EOOD MNGTK EOOD ALEKSANDAR B PEYCHEV SERVIZ ET MIHAIL ZAXARIEV 2008 EOOD STROY-EXPERT 2000 EOOD GEORGI STANCHEV ET OPTIMAL INDUSTRIES LIMITED EOOD POPOV - IVAN TODOROV POPOV ET DZHITI SERVIZ OOD ZAKO 90 ZAMFIR TSENOV ET MARINAS 50 EOOD ANKOR 90 EOOD AKSINIA SIMEONOVA EOOD BAGGER HYDRAULIK 2 OOD SEMI - B EOOD MIK INVEST 7 EOOD LODKARSKA RABOTILNITSA OOD MITO - DIMITAR DIMITROV ET VAL SERVIZ 80 EOOD EL EY TEHNOLODZHI EOOD EOOD ATLANT LIFT EOOD IVAN CHAKAROV - CHIKO ET DIMONO EOOD SYSTEMS AUTOMATION TECHNOLOGIS /SAT/ SEA EAGLE EOOD HERA - SOFIA EOOD EOOD ATM ELEKTRONIKS MANYUFEKCHARING EOOD METAL - KRASIMIR DIMITROV ET ILIA KAPASHOROV ET RETAIL INGENEERING OOD ALEX COM 2 EOOD SELEKT SARFEYS PROTEKSHAN EOOD DOZIMED OOD POPRAVAK BRODSKIH MOTORA EOOD TERMOINVEST OOD DZZD AMAZONKA PAVLOV ELEKTRIC EOOD IZH SERVICE EOOD TEMENUZHKATA EOOD AVTO TREYD 17 EOOD EOOD OBRESHKOV I SIN EOOD MAKSIM MAKSIM PENCHEV ET RIOSS AGRO OOD EKSPRES GRELE EOOD FINAL SERVICE EOOD KLEOS - KOYCHO GANEV ET RIVSIN EOOD NOVACHKI EOOD ARGUS - DIAN STOYANOV ET SD ROIL-XS-SABEV I SIE RUMYANA YORDANOVA RADEVA ARP ET BB INZHENERING EOOD ATIKA - KATYA PERENTIDIS ET SVETLINA T H EOOD YOJI EOOD GREEN POWER BG EOOD EM KONSULT 2016 EOOD EOOD NIAS 73 EOOD ROSSI AUTO EOOD TERMINAL 3 TINCHO TRIFONOV ET MTG-DOLPHIN AD IVESA 74 EOOD VIHAR METAL EOOD OZON - 5 OOD HEAD 66 EOOD KONSTANTA M EOOD KATER MAR TEHNIKA EOOD EOOD KOLDEST EOOD PODEM SERVIZ KRAN EOOD ARBUL 8 EOOD SIOS EOOD DANI - INTERMONTAGE OOD EPOZID BG VARNA EOOD ANRAD - ANGEL RADEV ET ALPEK M EOOD KP TRANSMISHAN OOD OOD AS NA BADESHTETO EOOD REMBUR OOD ABB AG AVSTRIA TACHEV I TACHEV – STOYAN TACHEV ET KALVES EOOD KOVKO - METAL OOD FRENKITO EOOD SC COMPUTER - UVT AD VERTRAN EOOD EDAN - NIKOLA NIKOLOV ET DCS EOOD TUNDGAROV EOOD VEKO TREYD OOD KATSIS EOOD SERVICE - M EOOD KANZELARSKI MASHINI-DARMONEV S-IE SD KONSTANTINOS PALAPANU EOOD RUMEDIT - R EOOD KLEVARTAN INTERNESHANAL EOOD ASANSYORI - SHUMEN OOD DENCHEV EOOD SHOMI M EOOD BALANS 2003 - NIKOLAY KOLEV ET VAVA LIFT EOOD TIP - SERVICE EOOD PALI-2013 EOOD STESLA 1 EOOD METROLOG - DRUMI DRUMEV ET SHUMED EOOD M TRCK17 EOOD MEDITSINSKA TEHNIKA OOD TANIA 2006 OOD GEORGI DIMITROV - ZHORO ET S I S SERVIZ EOOD UNIKRA EOOD KARGAS ENERGY OOD YORDAN LYUBOMIROV SLAVKOV EOOD INTERSERVIZ KISYOV EOOD GAGARIN COMPANY EOOD ELEKTROPLYUS BURGAS EOOD YO VI-M EOOD TEHNOSERVIZ 1 EOOD SAS GROUP EOOD MAGNUM 7 OOD MARGARIT YOTOV ET JAKKE - TRA EOOD KOSHIN EOOD DESTA-07 OOD NIKOLA ANGELOV - ORION ET KND TECHNOLOGY EOOD GMG MONTAZH GRUP EOOD 16 SeeNews Industry Report

SIBI KAR EOOD LINKOLYUBE BALKAN BG OOD MAPEKS MATEEV I SIE SD TEZHKO MASHINOSTROENE-97 AD ELPAK MEDTEH EOOD MINIKARS OOD HETA OOD DAEMONIC EOOD YASEN MAZHDRAKOV EOOD EOOD SO EOOD POZHARNA I AVARIYNA SIGURNOST - DIMITAR ZVESI - ZLATKA MIHALEVA ET YARAMOV ET MEDIKOM OOD VILTEK SERVIZ EOOD ANDZHI MODEL 76 EOOD OPTELA - AUTOSERVICES OOD KAP OOD ELDI ELEKTRO EOOD BONIEF - 2016 EOOD FLUID OOD LBS SERVIZ 11 EOOD S VEDI OOD TON - ANTON STOYANOV ET XLIFT SERVICE EOOD RIDIKO OOD BULFRIGO EOOD PEPI 07 EOOD ASANSYORI VARNA OOD NORD GREYN EOOD SID SERVIZ EOOD SIGMA IS AD AS FORI-2011 EOOD DORSAN EOOD REM-PSM OOD DELFIN 07 EOOD SHKALOV EOOD EOOD SEP CONSULT EOOD ROSS SERVIZ EOOD EOOD SOLAR INVERT EOOD IZODIMPEX EOOD ELPAK LEASING EOOD M AND TSS EOOD KARI I EOOD PRIMASTROY EOOD RACKS INSTALL EOOD EN SI SI EYT EOOD MULTIMED OOD SIM INZHENERING EOOD INTER FRIGO EOOD IZOT-SERVIZ OOD BULBIO ELEKTRONIKS OOD VERCON OOD PHOENICIA VERTICALI OOD ALPIN 5 EOOD TERANAVIA EOOD BG MONTAZHI SOLAR EOOD KIROVAT-09 EOOD ELIT M EOOD NESTOS ELEKTRIK OOD INTEST EOOD GEORGI BYALKOV ET ENSI CONTROL EOOD AIDJI AUTO AUTO EOOD PARST IVAN PARASHKEVOV PARASHKEVOVI I SIE VIOLINA TSANOVA - KOMERS ET DZHI ER LIFT OOD MASHINSERVIZ M EOOD SD NIKOL 2006 ART EOOD AUTO IVKONI 71 EOOD BEISS SERVICE OOD TANTI - STANIMIR STANEV ET ELEKTRONNI I MEHANICHNI PRIBORI OOD VSS INGENERING EOOD SUN STORKS EOOD ROSAUTO EOOD VISHAN - IVAN COLAROV EOOD METAPROM EOOD LETNITSA KERAMIKA EOOD SERVIZ SOFIA OOD K.A. SERVIZ VIDIN EOOD MAKLIFT EOOD EUROPOOL PB GMBH EOOD HRISTOFOROV72 EOOD AK AVIATION EOOD VITERAKS RENT EOOD JIVKO KARPACHEV ET HODZHEV - 2008 OOD IZOT SERVIZ SSIM OOD PERFEKT SERVIZ 2008 OOD TRANSSERVIZ-T - YOSIF YOSIFOV ET PROMISHLENA ENERGETIKA-VT AD MM HIDRAVLIK EOOD SKY SOLAR BULGARIA CO EOOD EFACEC CENTRAL EUROPE BRANCH BULGARIA IRNESK EOOD RENOB EOOD METEKO YSC AD VERTIKAL LIFT-AS OOD METALURGREMONT 21 AD M I D SERVIZ OOD FRIGO BUL-MIROSLAV PETKOV ET TECHOSYSTEMS VARNA EOOD VALENTIN KOEV - 69 ET SANIR EOOD BODI-MP - BOYKO BANKOV ET PRO TEH INZHENERING OOD APETITO I EOOD AMTEK - A EOOD VALERI RUSANOV ET NIKI DOBREV - NIKOLAY DOBREV ET STERIMED 93 EOOD AIR POWER OOD VEYDAR OOD PANCHEV TRAFIK EOOD VAL - KRIS OOD ROKSIST EOOD RIG-SISTAMS EOOD ALFAVLADIMA EOOD STEFI 80 OPLTD EOOD SOLAR PIK EOOD STOYU ILKOV ASANSYOR PROGRES ET VEI START EOOD AVTOSISTEMI OOD ALPIQ WIND SERVICES EAD FIRE RESISTANCE EOOD DANIMIRA-76 EOOD PULSONIK EOOD DICHEV AUTO EOOD KAMBOZ OOD ADEN GROUP OOD TEHNOKARD EOOD KLIMA TSVETKOV SERVIZ EOOD NZH AUTO GAZ SISTEM EOOD SARAKT 2012 EOOD ISTINSKI NESHTA OOD FILEL EOOD KONOVETS VASKO TSANOV ET NYU PRODZHEKT OOD TRIEST 5 EOOD PRIMA SERVIZ OOD TISPO OOD UNION 2002 OOD VESATI 63 OOD SPB AUTOMATION EOOD AGRO INZHENERING 1 EOOD L PET EOOD GESTA EOOD ISLAYA-SV-STEFAN VASILEV ET TEO SERVICE EOOD AMKO 2 APOSTOLOV HRISTOV SIE SD DES 96 EOOD TELEKRANTECHNIC OOD ELTED DVIGATELI EOOD IVIN EOOD ZAUTERM OOD KRASEN OOD GLOBAL SHIP INDUSTRY SERVICE EOOD PLAMITEH EOOD SLAVIANI 55 EOOD TEHTIM EA EOOD EMIKRON EOOD SB - SNEJI EOOD VIVEKS STROI EOOD BRASSBULL EOOD CHANKO - CHANKO KANEV ET SHIPYARD BOURGAS EOOD MEDIKOM HR OOD VICHEV 62 EOOD AVANGARDNI TEHNOLOGII I MASHINI EOOD UNIVERSIAL-2000 - K KOLEV ET BIMIDISTEL - BOYCHO BOYCHEV ET DOBIMED M OOD GALATEK EOOD BISKO - 97 EOOD PROAUTOMEYSHAN OOD METRO - RUSEV, KARAMCHEV I SIE GP ORION - TODOR TODOROV ET VIKI - ANNA LAKOVA ET BULGARIA ER TEHNIK EOOD AP ENGINEERING EOOD MARITINE SERVISES EOOD BAGERI ERS 710 MACRON LAZER SUPPORT EOOD DANLEX EOOD DS KOSTADINOVI OOD KERAMIK TEHNO SERVIZ OOD FIL STYLE EOOD VESMAR MASHINEKS EOOD ZEMEDELSKA PROIZVODITELNA SADA EL EOOD DANI-EM OOD KOOPERATSIASATOVCHA KOOP ENERGOGAS OOD TEA - 58 - VASIL STAIKOV ET ESTEL OOD BINS ENGINEERING OOD CONSTANT SERVICE EOOD RE-ENGINERING EOOD VELIKOV I SINOVE - KRASIMIR VELIKOV OOD YORDANOV 69 EOOD EOOD AGROKRIMA-SERVIZ CVETKOVI EOOD FLUIDA - TERM EOOD SERVICE DOBRICH OOD BACHO KOLYU I SINOVE EOOD ABERP - ENGINEERING EOOD NIKKOM EOOD ELEKTROUNIVERS EOOD MOTOROL-LT EOOD HETA ALEKSANDAR OOD VAZHAROVA EOOD VILA BULGARIA EOOD ALVARA 97 L T D OOD YUSEIN ALIEV KURDOV OSLARKA AGRO EOOD EMU - 2012 OOD G S INTERNATIONAL SERVICE EOOD M & M AUTO 96 EOOD NEDBIL - 2008 OOD DIMITAR PANDEV - GUMIKS ET BOBO BOYKO ZAHARIEV ET EMO ELECTRIC EOOD START 5-91 OOD HELIBORNE EOOD LUMAKS EOOD ZEFIR EOOD REMO TEH EOOD NIKOLAY GEORGIEV ET DOM CLIMA D EOOD KOSTOV 2000 EOOD LYUBEN BOYCHEV - 2000 ET WIFORCE OOD DIMITAR VALKANOV ET GARANT DS OOD NIKAD EOOD G U E S OOD NENI GRELE EOOD GIG-2005 OOD VPD VIKI EOOD SERENITY ENGENEERING EOOD HEVI HRISTO HRISTOV ET LMP ENGINEERING EOOD ASANSYOREN SERVIZ 55 PLAMEN DIMITROV ET APOSTOLOV ENGINEERING AND CONSULTING KONTINENTALIK OOD START - UP EOOD EOOD FRESHCLIMA EOOD VANESA - M EOOD A M D OOD ARMSTUNING - STOYAN GEORGIEV ET MAVI- DIMITAR VITANOV ET BI FIKS EOOD ELEKT - 57 OOD AERO KONTRAKTOR BG EOOD MITKOV REM EOOD IMEKS-1970 OOD ELGO-07 EOOD EL-TRAFO-METODI LALKOVSKI ET HIDROMASHINA EOOD ELINEX PRO EOOD 17 SeeNews Industry Report

STAR TECHNOLOGY SERVICE OOD SKEI - KALINKA SOTIROVA ET BOMA 48 BORIS STEPANYAN ET BORAG - EL EOOD SARVIZ KLIMA BG 2011 EOOD BRUNO - M EOOD EOOD VEDA-ALBI - YORDAN HADZHIKRASTEV ET PROTOTIP MONTAZH EOOD EOOD SMART SYSTEM EOOD TONI LIFT EOOD LABSERVICE PLUS OOD TEHNO DOM 2014 EOOD KLIMATIK SERVIZ EOOD ORKSIS EOOD HEVI EOOD TECHNO STARS 63 OOD ASANSYOREN SERVIZ AMADINA EOOD SMD TECH SERVICE EOOD O & M SIMONSFELD EOOD POWER ENGINEERING OOD KREMONIK GRUP EOOD VKRIS 22 OOD TOPLINA-PK EOOD BEKAVA - VALENTIN VELINOV ET PDR DENT REMOVAL EKSPRES EOOD EOOD IVIN-IVAN MINCHEV ET ROSSI DESIGN EOOD MILEN D. DIMITROV ET ET SILIKOR EOOD DZZD NASMAR 2006 POLIMETA EOOD ON-UF ENGINEERING EOOD RAIVAN OOD DZHEYEL GRUP OOD TANIVA 2014 EOOD HIDRO-ELEKTRO INZHENERING EOOD MOBI LIFT EOOD BOBINAZH 68 EOOD KREON EOOD GARANT EKSPRES GRUP OOD ELEKTRA TRANS GLOBUL OOD AVANGARDNA TARGOVIA I MULTISERVIZ ATM KRISTIAN 2008 EOOD VAGONO-REMONTEN ZAVOD-LEVSKI AD AD DIMO POPOV VILI 1 EOOD EL KONSTRAKSHANS EOOD KANZELARSKI MASHINI OOD BERK INVEST EOOD TRINITY MARITIME SERVICES EOOD AVANTODIN OOD VERTIKAL MIHAIL BALABANOV NIKOLAY BO-KLIMA OOD BALABANOV ET ICEBERG 1992 OOD ATE CONSULT EOOD HEGET EOOD METAL - APOSTOL ENEV ET ALEKSANDAR STOILOV - ALEKS ET MORYASHKI CENTAR-RUSE EOOD DANKO EOOD LEXCOM EOOD ABANOS 88+ EOOD COOL TECH EOOD VASIL ZRANCHEV - RAMET ET MALNIA - 76 EOOD GEOTEH VVG OOD VESITECH EOOD TEHMIKS OOD BORIS ANCHEV - MITKO GEORGIEV ET A I S FRIGO EOOD IVAN IVANOV - VLAST ET GOMS EOOD EOOD RVD 21 EOOD SIOPI TERM EOOD TARA AUTO - 13 EOOD CITY M LIFT EOOD ZHIVKO D DIMITROV EOOD KMM-MONTAJ RUSE OOD MEGI - MARIN GEORGIEV ET SGK - SKALA OOD VIK - VASIL KLYUCHAROV ET EMSI SERVIZ OOD MEDITSINSKA TEHNIKA-STEFAN HRISTOV ET MARCOS 72 EOOD HYDROLIA AD GRIGOROV AUTO EOOD EOOD DEVARO EOOD ITEA - 2014 EOOD TACHO - ESSL EOOD RGB & IZOT-SERVICE OOD KAYKO GENERATORS OOD MEDIKOELEKTRIK - KOMERSIAL - DIMITAR VENMAR GROUP RM EOOD SIV-21 EOOD BULMAR SERVICES EOOD PETROV ET EKO ENERGIYA HOLDING EOOD SAVOV SERVIZ EOOD STOYANOV-SS EOOD DAVIDOV 05 EOOD DGULIANO TRANS EOOD KAS SERVICE EOOD INIVEL - IVAN VELCHEV ET VARNA SHIP SERVICE EOOD RAILWAY - TRACTION EOOD NASA SYSTEMS EOOD AGR 45 EOOD SEM REMONT EOOD DEYLAYT NETUARK DIVELAPMANT EOOD EOOD ENERGOINVEST REMONTNA KOMPANIA AD OKEY SERVIZ EOOD TUNDZHAROV TODOR STOYKOV ET KOLORIT EOOD SLAVI MARECHKOV ET GALERA 07 OOD BENEX OOD TETE-3 OOD NI STA AVTO 89 EOOD MAG METAL EOOD AVTOSERVIZ RADOSTIN ALEKSOV EOOD ELIT 57 EOOD PALMED AD VGA OOD FINTRADE ENGINEERING EOOD VARIANT-10 EOOD IVAN PIPALOV - APOGEY ET TEHNOBANK OOD FILTSBOR KUMCHEV I S IE SD KAF SYSTEMS EOOD CONTROLERS EOOD KIRIL DELCHEV ET PEPI T OOD VILI DIMO POPOV EOOD IRIS KAR EOOD FENIKA EOOD KODAR INZHENERING EOOD OBEDINENIE SERVIZ ASANSYORI I ESKALATORI MIDA S R L EOOD SPECTRON SERVICE EOOD TEHNOLIFT 74 EOOD METRO SOFIA DZZD TERMOSTYLE EOOD SEA RIDING SQUADS OOD ICE TECHNIC EOOD HSV EOOD SOBOTRONIKA EOOD EOOD TORGOSERVIZ EOOD KOMITS V T EOOD KASI-99 - ISAK MIHOVSKI ET PLYUS NAVAL OOD VANITEH EOOD DIANEL SERVICE EOOD VENTSI STRATEV EOOD ZENIT INZHENERING EOOD TEHNOKONT OOD TOZER EOOD TEHNOKLIMATERM EOOD AGROSERVIZ 2017 EOOD ATOMENERGOREMONT AD AERODOC TECHNIK EOOD NIK AUTO INTERNESHANAL EOOD EOOD TURBOKOMPRESOR 2000 EOOD JANIELY LIFT EOOD TALDE EOOD ASV ELEKTRONIKA-96 ANDREY VITANOV ET SOMAT EXTREM EOOD HIDRO KONT MILENA STOYANOVA ET DYANKOVI EOOD IVAN NIKOLOV 50 ET RMZ GORNA ORYAHOVITSA EOOD LAK DOCTOR TT OOD KVANTEK OOD FRIGO PLYUS EOOD NIKOLAY BOYCHEV ET HYDRO INVEST KONSULT OOD CRYOCONTROL EOOD BELTO MARIN EOOD GALOF EOOD VITEZ VZH EOOD AVS-ALEKSANDAR VESELINOV STOYANOV ET TIENDA EOOD D-BEST SERVICE EOOD MINSTROY REMOTEKS DZZD SLAVOV CASTING - SERVICE AND TECHNOLOGY ELECTROREMONT BOJILOVI 2016 EOOD NIDAS OOD EOOD SENA-GALINA DIMOVA ET TRIIRIS KANSTRAKSHAN EOOD HIDROKAZ OOD EVRORADAR TM EOOD VENKO KATSAROV ET YURAPIAN TOBAKO SARVISIZ EOOD AGRO DEDAS EOOD TONI START EOOD RILMAN EOOD ANGELOV 61 EOOD PRIBOR STROY EOOD KSGI INZHENERINGI EOOD DECOR-RDM ET APS AVIATION PAINTING SOLUTIONS EOOD PI VI SARVIS OOD KIROV SV GRUP EOOD MONTAZH INZHENERING EOOD AUTOREP SERVICE EOOD BEST-SO-GEORGI SOTIROV ET KORABNI KOMUNIKATSII EOOD DEMYANSKI EOOD MEDIM 98 EOOD APOLO-KAN - KRUM AVRADALIEV ET DIMO POPOV VILI 3 EOOD LIFT SERVIZ - IVAN CHAKAROV ET ASANSYOREN SERVIZ - NAYDEN NEDEV ET SANI ANALITIK - DIMITAR SHUMANOV ET GINEV 2011 EOOD STARK-AVIATION EOOD AGRO SERVICE GOUTLIS EOOD VDM- TURBO EOOD STOYKA METODIEVA - ANALITIK ET P& H SHIPS AUTOMATION OOD ATMOS BG EOOD VARNA MARITIME OOD DANCHO ATANASOV OOD LYUBIS EOOD LUMEN BULGARIA EOOD STOIL ATANASOV ASN ET AYVI - GEORGI DIMITROV ET CHEM AS ENGINEERING OOD BT AVI MAINTENANCE EOOD INOVEX SERVICE EOOD ABV - ELENA MITKOVA ET VALDANO VLADKO VELIKOV ET NAR 2016 OOD SERVICE CLIMA BG 2015 EOOD ROTAMEN EOOD ELCOTECH OOD EKOENERDZHI DIVELAPMANT OOD TEHNOPROEKT KOMERS OOD STIVI PLAST EOOD MONTAZHI RD EOOD AQUACOM SERVICE EOOD SA 2017 DZZD IL INZHENERING EOOD MSO 09 EOOD SILVER TRAK EOOD VIANEL EU EOOD SIEGER ENGINEERING EOOD BOBI BORISLAV SHOPOV ET IMK EOOD SG GANCHEV EOOD MEDIKA SERVIZ OOD REMONTI PETROV OOD OOD NESFIX EOOD AKEL EOOD KALIAKRA-5 EOOD TPK TEXIM -90 KOOP. VR SERVICE EOOD MERI METAL EOOD EOOD RAM - KIRIL KOSTADINOV ET ASANSYOREN SERVIZ DANI EOOD RABADZHIYSKI 73 EOOD MARTI - KIRIL STOYANOV ET BULTECH TRADE EOOD 18 SeeNews Industry Report

IVKOV - IVAN KOVACHEV ET SARIKO - SLAVI ZYUMBYULEV ET TSANKOV - PLAMEN STANCHEV ET GEOSERVIZ-VARNA EOOD KLIMAKAR EOOD N I N -TEC EOOD VEDA GROUP M EOOD ELKOMS 2000 OOD BULSKAY EOOD POLIGRAFTEHNIK ALEKSANDAR ZHELEZAROV ET VEREYA ENGINEERING OOD TOSS AD TODEL SERVIZ EOOD AGROSTART SA EOOD ELIT SERVIZ OOD TEREM-LETETZ EOOD ASANSYORNI SERVIZI SOFIA AD AUTO PEGAS OOD SELENA VASILEV I SIE SD BITUMI EOOD DU MARON OOD TVH BULGARIA EOOD SASHO ALEKSIEV - ALPEN ET CONSORTIUM MS& E (METEOROLOGICAL SYSTEMS AND EQUIPMENT) OOD VIPROM OOD OOD ND GRUP EOOD STEDY SERVICE EOOD INGETEAM BULGARIA EAD GLOBUS EE - ENCHO ENCHEV ET DENCHEV - TSANYO YORDANOV ET PLANE ASSISTANCE EOOD BUSINESSADVICE EOOD TROPIKANA AYS TEHNOLODZHI SVETOSLAV ENERDZHI DD 2012 EOOD TANTEKS-90 EOOD STOYANOV ET SELENA-M EOOD LS SERVICE EOOD KOMSERVIZ EOOD SEID A EOOD TS INGENERING EOOD ENERGY INVEST PRO EOOD ASA EOOD STEFAN TERZIEV ET TERMO-97 EOOD LAVA SERVIZ - ET ELIT SERVICE 2009 OOD VESTAS BULGARIA EOOD CHERNO MORE DZZD DUNAV CLIMA EOOD KA-STO 7580 EOOD KLIMA SARVIZ 80 EOOD NATALI RUSKA YORDANOVA ET GRIFON AG OOD ELECTRODYNAMICS OOD KARDIOTEH SERVIZ - BOGDAN NIKOLOV ET ASI-100 EOOD ALEKS KOM EOOD MEDIKA SERVIZ AA EOOD DAN INDUSTRY R EOOD SKY ELECTRIC GROUP EOOD PETIVO EOOD EOOD IVEL SERVIZ EOOD UTA-DIK OOD TSANKO KOLEV - MIKRIS ET AL MAR.AKOM. 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CHEFO BG EOOD ULTRACOATING OOD PEPO-REMONT EOOD SILVER I KO OOD PRINTBOKS OOD VIKING SISTEM EOOD GROHMANN BULGARIA ENGINEERING OOD REPAIRING AND INSTALLING YACHT WINDOWS EOOD S VLAHOV ENGINEERING OOD BNNS EOOD DIMEKSKAR EOOD ELSYST TECHNOLOGY EOOD CHECHI - STEFKO ZHELEV ET OLIMPIA ER EOOD STIK BELT-KRASIMIR SLAVOV ET SINUS - DIMITAR DIMITROV ET TRAFOREMONT EOOD NALBANTOV - TONCHO NALBANTOV ET T I M - YORDAN IVANOV ET MILOV EOOD ENERGOREMONT - BOBOV DOL EAD FRIGO SERVICE EOOD HIBRIDNA MIKROELEKTRONIKA AD CARDIOTECH SUPPORT EOOD DITO METALWORKS OOD EDIGEN EOOD ALIS EOOD MAKSY LIFT EOOD SKAFALDING YOT SISTEMS EOOD KONSTANTA KLIMA EOOD MIKRON 2004 - GEORGI KACHOV ET PEL 53 PELAO STOYKOV ET ITEM INZHENERING AD DRAGANOV 55 EOOD BLASTING 2015 OOD NELI KARAPACHOVA KIRCHEVA ET AGROMETAL EOOD ART.LINE. 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