Holding Roads reported Q3 2011 consolidated revenues of BGN 70.5m, registering 264.14% YoY growth. Operating expenses grew at faster pace – 30.7% YoY to BGN 66.5m as cost of hired services (mostly for subcontractors) surged more than 10-fold to BGN 40.4m. EBITDA increased by 31.5% to BGN 4m. Below the EBITDA line depreciation charges fell 57.4% to BGN 1m while net financial expenses declined 25.4% to BGN 1.1m. EBT for the group came to positive BGN 1.9m compared to negative BGN 0.7m in 9m 2010. The loss before tax for equity holders came to BGN 0.05m, while minority interest was at positive BGN 1.95m. The company divested 3 of its most profitable subsidiaries last year, keeping 32% stakes, while still consolidating them. For the 9m 2011, revenues of the group surged 116.8% YoY to BGN 124m. EBITDA for the period fell 16.4% YoY to BGN 1.8m while net financial expenses grew 6-fold to BGN 5.7m. EBT for the group came at BGN 7.8m loss, including BGN 10.3m loss for equity holders and BGN 2.5m minority profit. On the asset side we noticed BGN 23.4m increase of short-term financial assets and BGN 27.9m increase of receivables. The PPE account declined by BGN 5.4m as the company has invested only BGN 1.6m in PPE for the period. Accounts payable increased by BGN 81.3m on YTD basis. The book value of equity is at the alarming level of BGN 6.6m.