The wide-format printing business of Billboard (the unconsolidated report) registered a weak quarter in Q2, with sales for the 3 months of only BGN 2.5m, compared to BGN 4.0m in the same quarter of last year. On a cumulative basis, for the first half of the year Billboard registered a 21% YoY drop in sale of production, to BGN 3.8m, and a 13% YoY drop in overall sales, to BGN 5.7m. BGN 2.4m of that was to related parties (subsidiaries), which is a normal part of the business, but will be eliminated in consolidation. Operational profitability in the parent company suffered, with EBITDA margin falling to 38% compared to (admittedly, the exceptionally high) 51% in H1 ’08, but was a slight improvement on the 37% in Q1. Materials cost as a % of sales of production actually fell YoY, but compensation costs and costs of hired services took a toll on the profitability ratios. Net interest costs fell YoY on the back of interest income on loans to related parties, and net profit came at BGN 0.4m, compared to BGN 1.2m a year earlier. For the quarter the profit was merely BGN 0.16m, even lower than the 0.22m in the traditionally weaker Q1. Receivables continued to rise, albeit it at a much slower pace compared to Q1, reaching BGN 6.7m, from BGN 6.5m in Q1. Of that BGN 1.3m was from “advance payments”, and BGN 3.3m is receivables from the subsidiaries. The company continues to hold BGN 4.2m of short-term investments in securities, primarily in FairPlay Commercial. Interest-bearing debt is roughly stable, at BGN 11.6m, 24% of assets. Cash flows from operations, however, has deteriorated significantly, coming at BGN 1.3m, compared to BGN 4.5m in H1 ’08, mainly on the back of 47% weaker inflows from counter-parties. In Q2 alone the company generated slightly less cash then in Q1, at BGN 0.66m. Interest coverage is rather weak at 1.4x, and short-term debt is BGN 4.0m, of which BGN 2.0m is a revolving facility.