Q2’16 sales of Fazerles up by 12.4% YoY; the bottom line reverted to positive (POSITIVE)

The Q2’16 revenue of Fazerles increased by 12.4% YoY to BGN 4.3m, while the OPEX added only 5.5% YoY to BGN 3.7m. The increase in the OPEX was on higher materials expenses (+17.3% YoY to BGN 2.0m), whereas the other OPEX components registered a decrease. As a result, the EBITDA totalled BGN 0.6, up by 97.5% YoY and the EBITDA margin increased to 13.2% vs 7.5% in Q2’15. With the D&A declining by 17.0% YoY to BGN 0.3m and with no other significant changes below the operating line, the EBT was BGN 246k vs a loss of BGN 113k in the corresponding year-ago period. On a cumulative basis, H1 revenue decreased by 0.2% YoY to BGN 7.9m, while the OPEX declined by 0.5% YoY, resulting in an EBITDA of BGN 1.0m, up by 2.1% YoY, and an EBITDA margin of 13.2% vs 12.9% in H1’15. In addition, the D&A declined by 16.1% YoY to BGN 650k, whereby the EBT added 68.4% YoY to BGN 389k and the EBT margin jumped to 4.9% from 2.9% in the previous year.