Albena’s Q4’20 consolidated revenue slipped to BGN 5.4m (-42.6% YoY) as a result of the COVID-19 restrictions, which affected Tourism worldwide. The company announced that during the summer season opened only 19 out of 32 hotels. The severe cost cutting, on the other hand, limited the effect on profitability as OPEX fell to BGN 9m (-50% YoY) with cost of materials (BGN 2.6m; -37.5% YoY), personnel expenses (BGN 2.5m; -52.7% YoY) and other operating cost (BGN 0.8m; -85.9% YoY). Recall that in 2020 Albena booked BGN 4.6m impairments of receivables, which were most likely related to the insolvency of Thomas Cook. Q4’20 EBITDA amounted to negative BGN 3.6m, compared to negative BGN 8.6m a year earlier. Depreciation costs were slightly down to BGN 6m (-5.1% YoY). The company reported BGN 724k net financial expense, compared to BGN 9m financial income in Q4’19. Note that both in Q4’20 and in Q4’19, Albena sold stakes in subsidiaries bringing gains of respectively BGN 198k and BGN 9.5m. This weighed on the EPS, which dropped to negative BGN 2.46. 12-mo revenue fell 53% YoY to BGN 59.2m, while OPEX declined 49.9% YoY to BGN 49.6m, bringing 2020 EBITDA to BGN 9.6m (-64.3% YoY%) and the respective margin fell by 5.2 p.p. to 16.2%. Depreciation for 2020 was slightly higher YoY at BGN 23.9m (+0.1% YoY). YtD financial income came at negative BGN 1.9m, much lower than last year’s BGN 7.4m net financial income. All of these resulted in 2020 net loss of BGN 16.2m, compared to a net profit of BGN 8.8m in 2019. This translates into 2020 EPS of negative BGN 3.91. It has to be noted that the severe decline in Albena’s results was not unexpected, since the COVID-19 pandemic led to strict restrictions on travel. The company took precautions and refrained from big investments – CFI outflow amounted to only BGN 2.8m (-85.3% YoY) on sale of fixed assets for BGN 6.2m and significantly lower CAPEX. The company has taken advantage of the bank moratorium for both principal and interest payments from 1 July until 31 December 2020, when new repayment schedule was negotiated.