MONBAT AD ANNOUNCED THE 2018 H1 CONSOLIDATED FINANCIAL REPORT

Financial
August 29, 2018

As at 30.06.2018 MONBAT AD reports consolidated net sales revenues in the amount of BGN 133 035 000 which represents an decrease by 9,93 % compared to the consolidated net sales revenues generated as of 30.06.2017 in the amount of BGN 147 709 000.

The consolidated profit before taxes generated by MONBAT AD as at 30.06.2018 is in the amount of BGN 3 167 000 compared to the consolidated profit before taxes as at 30.06.2017 in the amount of BGN 13 945 000. This represents an decrease of the consolidated profit before taxes by 77,29 %.

The consolidated net profit of MONBAT AD as at 30.06.2018 is in the amount of BGN 2 700 000 and reports an decrease by 77.75 % compared to the consolidated net profit of the company as at 30.06.2017 which is in the amount of BGN 12 137 000.

As at 30.06.2018 EBITDA (profit before interest +amortization, decreased with financial incomes and increased with financial expenses) of MONBAT AD on a consolidated basis is in the amount of BGN 12 975 000 compared to EBITDA reported as at 30.06.2017 on a consolidated basis in the amount of BGN 21 292 000. This represents an EBITDA decrease by 39.06 %.

As at 30.06.2018 EBIT (profit before interest, decreased with financial incomes and increased with financial expenses) of MONBAT AD on a consolidated basis is in the amount of BGN 5 810 000 compared to EBIT on a consolidated basis in the amount of BGN 14 703 000 as at 30.06.2017. This represents an EBIT decrease by 60.48 %.

Important note: EBITDA and profit before taxes for the comparative period of 2017 are adjusted downwards with:

1) 2 050 000 BGN representing the H1 2017 effect stemming from the correction of the accounting error with respect to the non-elimination of intragroup profit on unrealized inventory. More details about the accounting error could be found in the consolidated audited financial report of Monbat as at 31.12.2017.

2) 964 000 BGN with respect to the effect on the H1 2017 comparative figures coming from the lack of government subsidy in Monbat Recycling Serbia. The expected subsidy was initially accounted in the Consolidated Financial Statements of Monbat AD for 2017 but was consequently reversed due to the occurrence of adjusting subsequent events which are described in more detail in the consolidated audited financial report of Monbat as at 31.12.2017

contact for investors
Daniela Peeva
Investor Relations Director
tel. +359 2 988 2413
e-mail: investorrelations@monbat.com

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