Sopharma reported preliminary unconsolidated 2010 sales of BGN 209.1m, up by 12.2% YoY. Exports rose 19.5% YoY to BGN 145.8m thus accounting for 69.7% of total sales, while domestic sales declined 1.6% YoY to BGN 63.3m. Total revenues for the period added 11.3% to BGN 227.8m. Operating expenses increased by 12.4% YoY and EBITDA for the period improved by 8.5% YoY to BGN 61.2m. Net income increased 21.4% YoY to BGN 40.7m with NI margin at 17.9%. Net income margin deteriorated in the last quarter as the company undertook investments’ impairment charges of BGN 6.9m. In Q4 2010 alone sales were down 3.1% YoY to BGN 55.1m as both exports and domestic sales declined by 1.4% and 6.9% respectively. Despite falling revenues, Q4 2010 EBITDA improved 4.8% to BGN 14.6m while net income rose 76.5% YoY to BGN 4.6m. On the balance sheet total interest-bearing debt added 11.8% YoY and 25% over the last quarter to BGN 145.6m and the term structure of the debt has changed. Short-term debt increased to 97% from 81% at the end of 2009. Receivables added 21.8m YoY to BGN 135.3m while cash & equivalents were up by 26.4m YoY.