Monbat Q3’20 revenue grew 5.1% YoY and reached BGN 83.4m, as a result of 8.6% YoY increase in sales in the lead batteries segment, which is the biggest revenue contributor with 90.2% share. The lithium-ion battery sales advanced 13.2% YoY to BGN 744k, while sales of the recycling segment plunged 15.28% to BGN 6.9m. Sales of the Italy segment declined 59.21% to BGN 521k. OPEX added 3.48% YoY, due to increases in the cost of materials (+3.1% YoY), cost of hired services (+3.96% YoY) and personnel expenses (+7.67% YoY), while other operating expenses fell 14.65%. As a result, EBITDA stood at BGN 10.6m (+17.8% YoY). The respective margin improved 1.4pp and reached 12.7%. However, in Q3’20 the company registered a FX loss of BGN 468k, compared to BGN 128k gain a year earlier. The FX losses were related to the weakening of the US dollar and the Nigerian naira to the euro. This resulted in almost flat EBT of BGN 4.4m (+0.5% YoY). However, the net profit registered 38.9% YoY drop to BGN 3.6m after the accounting of the BGN 2.5m profit from discontinued operations of Octa Light in Q3 2019. EPS amounted to BGN 0.09. 9-mo revenue fell 5.5% YoY to BGN 220.5m. The biggest market for the company was Germany with 8.9% share, followed by France (8.1%) and Saudi Arabia (7.6%). OPEX for the Jan-Sept period amounted to BGN 192.8m (-6.5% YoY), which resulted in EBITDA of BGN 27.8m (+2.7% YoY). However, higher depreciations and FX losses increase of BGN 1.4m on an yearly basis led to 22.3% YoY decline in profit before discontinued operations and non-controlling interest (NCI). Bottomline was again distorted by last years’ disposal of Octa Light which resulted in 35.3% YoY drop in earnings to BGN 7.7m. 9-mo EPS stood at BGN 0.2. The company has decreased significantly its CAPEX, as fixed assets purchases declined to BGN 11.7m (-39.7% YoY) in 9mo 2020 and no purchase of investments was made, compared to BGN 9.1m a year earlier. This helped a BGN 4m YtD decrease in IB debt to BGN 194.4m.