Enemona posts BGN 26.2m revenues in May 2013; backlog falls 18% YoY to BGN 115m (NEUTRAL)

Enemona’s preliminary consolidated revenues for May 2013 came to BGN 26.2m, from BGN 12m in April. The largest share in consolidated revenues came from construction and energy efficiency – 66%, while revenues from the sale of electricity ranked second with a share of 25.3%. According to the management, operating revenues are expected to reach BGN 36.8m in Q2 2013, down by 8.6% compared to the same period of 2012. The value of the new construction and engineering contracts signed in May totalled BGN 9.4m. As a result, by the end of May 2013 the Construction Backlog Indicator (CBI) on a consolidated basis amounted to BGN 115m, a 19.5% decrease as compared to the end of May 2012. The contracts carried out by the group abroad had the largest share, amounting to over 85% of the total value.