Monbat’s unconsolidated sales for 2009 declined 31% YoY to BGN 125.9m, in line with the management’s forecast for full-year revenues of BGN 125.6m. The company’s EBITDA was 30.4% lower YoY at BGN 23.8m but the EBITDA margin remained unchanged at 19% as materials costs and compensations decreased more than revenue. The company’s net income fell 35% YoY to BGN 17.1m on higher depreciation. Monbat’s cash generation capability weakened as in 2009 the CFO was BGN 13.7m, down from BGN 39.2m for 2008. The IB debt at end-2009 rose to BGN 38.7m (32% IB debt-to-equity) from BGN 29.1m at the end of 2008 (27.3% IB debt-to-equity). The company’s cash position at end-2009 was BGN 5.5m, down from BGN 11.9m at the end of September but higher than the BGN 3.8m at end-2008. The company spent more than BGN 2m last year on buying back its own shares under the share buyback programme, which has been running since 2008. In January 2010 it bought back 48 986 own shares at an average price of BGN 6.46 per share. The total number of own shares hold by the company as of 29 January was 1 099 129 shares at the average price of BGN 6.03 per share.