Monbat reported BGN 93.5m unconsolidated sales in H1 2008, up 83% YoY, supported by the good performance in the first quarter. Core revenues increased 73% YoY to BGN 85m, while non-core revenues posted a 7x YoY increase to BGN 8m. Monbat revenues in Q2 2008 stood at BGN 38m, up 52% YoY. The slower than usual growth can be explained by the higher base and the significant drop in international lead prices, resulting in some decrease in end-customer prices. Unconsolidated EBITDA increased 90% YoY to BGN 17.7m in H1 2008. EBITDA margin during the period was 18.9% - just 0.7% higher than in H1 2007. The marginal increase in operating profitability was caused by the 103% YoY growth of costs of materials to BGN 64m which offset improvements in cost of hired services and compensation expenses to sales ratios. Despite the almost flat EBITDA margin, EBT margin improved to 16.4% in H1 2008 (13.4% in H1 2007) following the change in accounting policy as depreciation allowances on machinery has dropped to 10% since beginning of 2008 from 15% previously. As a result EBT grew 125% YoY to BGN 15.3m. On the balance sheets assets decreased 1% QoQ to BGN 138m as inventory and receivables decreased on lower lead and production prices and better collection. In Q2 Monbat continued to implement its BGN 39m investment program for 2008 seen from CFI where capex amounted to almost BGN 17m in H1 2008.