Monbat’s Q3’12 consolidated revenues rose 11% YoY to BGN 51.1m as exports jumped 20% YoY to BGN 47.2m, while sales on the domestic market slumped by 46% YoY to BGN 3.6m. In Q3 exports to Germany and France were down 51% and 46%, respectively, but the drop was nearly offset by higher sales to Poland (+102%) and Greece (+66%) as part of Monbat’s strategy to diversify export markets. EBITDA was up 39% YoY to BGN 9.6m as profitability over the quarter improved significantly, mainly due to the materials costs optimisation, which was visible on unconsolidated basis. On consolidated basis the EBITDA margin rose to 18.9% for Q3’12 from 15.1% for Q3’11 as materials costs declined to 64% of sales from 67% for the year-ago period. Labour costs remained flat QoQ and hired services costs advanced at the speed of sales. Depreciation charges were 19% higher and net financial costs surged 55% YoY but still net income jumped 49% YoY to BGN 5.3m.
9-mo revenues advanced by 7% YoY to BGN 137.9m, with exports 10% higher YoY at BGN 126m and sales on the domestic market down 21% YoY to BGN 11.5m. Sales to Germany and France were down 53% and 14% YoY, respectively, which was more than covered by the growth recorded in Poland (+42% YoY) and Greece (+83% YoY). As a result, the share of Poland in exports jumped to 16% from 12% for 9-mo 2011 and the share of Greece has increased from 9% to 15%. EBITDA for 9-mo was down 4% YoY to BGN 22.3m as the materials cost optimisation didn’t take place before Q3. Net income declined 19% YoY to BGN 10.9m as the 23% YoY rise in depreciation charges following investments in machinery and higher FX losses weighed on the net result.
CFO fell to BGN 16.6m from BGN 19.1m for 9-mo 2011, mainly due to lower non-corporate tax in/outflows.