In Q4 alone, revenues of Blagoevgrad BT added 4.8% YoY to BGN 55.4m as exports declined 5.1% while domestic sales surged 28.6%. EBITDA dropped to negative BGN 4m compared to negative BGN 1.3m in 2010 due to more than 8-fold increase of marketing cost as well as 29.2% increase of impairment charges. Blagoevgrad booked BGN 6.3m in Q4 net loss compared to net loss of BGN 0.6m in Q4’10. 2011 revenues increased by 15.8% YoY to BGN 201.1m as cigarette exports increased 12.2% YoY to BGN 140.4m, while domestic cigarette sales rose 13.7% YoY to BGN 44.2m. EBITDA declined 56.6% to BGN 6m mostly as a result of 45% increase of cost of hired services (4-fold growth of marketing cost). Below the EBITDA line the profitability was negatively affected by the BGN 5m net FX loss compared to BGN 0.7m FX profit in 2010 and the lower interest income. Blagoevgrad BT booked net loss of BGN 4.2m, compared to BGN 9.9m profit in 2010. Cash & equivalents declined by BGN 29.2m (+BGN 14.1m in Q4) mostly as a result of the BGN 31.2m in distributed dividends in Q3 2011. Tax payables declined by BGN 5.7m (+BGN 14.2m in Q4) to BGN 31.5m while accounts payable increased by BGN 17.1m (+BGN 19.8m in Q4). Cash per share, adjusted for tax & dividends payables amounted to BGN 19.5 as of the end of 2011.