Fazerles reported 8% YoY drop in its 9mo 2008 sales down to BGN 22.7m both due to some decline in its major markets and the stockpiling of production for big regular clients. Despite sales slow-down 9mo 2008 EBITDA actually increased 6% YoY to BGN 6.35m on energy efficiency improvements. Fazerles 9mo 2008 EBT remained flat at BGN 5.37m with EBT margin still at incredible 24% despite some slight decrease in profitability in Q3. In 9mo 2008 Fazerles non-cash working capital increased on raise in receivables collection period up to 32 days from 19 days in end-2007. The increase came both from some significant growth in ST tax receivables and hike in receivables from end-clients. All the above caused some deterioration in company CFO which dropped more than 41% YoY to BGN 2.8m.