Sopharma unconsolidated sales increased by 17% YoY for the nine months of 2007 and reached BGN 122m. The increase was driven mainly by company exports which stood at BGN 62m in Jan-Sep 2007, 31% up YoY. In 9mo 2007 we saw improved cost efficiency in Sopharma which was witnessed by just BGN 7.6m YoY increase in operating expenses, to BGN 84m in end-Sep 2007. This caused an improvement in EBITDA margin to 31% from 21% in Sep 2006. Net financial expenses of Sopharma increased since the beginning of 2007 to BGN 4m, up almost 4 times. Despite the latter the increase in sales was transferred to the bottom line where we see a 37% YoY growth to BGN 26m. The net profit margin also improved to 21% from 18% a year before. On the balance sheet, the total assets have grown by 12% since the beginning of the year to BGN 318m. The increase was supported by increased capital expenditures of Sopharma (PPE stands at BGN 94m in Sep 2007 compared to BGN 87m in end-2006) and increased stakes in associates and portfolio investments. During the quarter Sopharma increased its stake in Momina Krepost (BSE Ticker: MOMKR) up to 36%. The pharmaceutical company also increased insignificantly its stakes in Doverie United Holding (BSE: DOVUHL) and Lavena (BSE: LAVEN). Sopharma total debt has increased since the beginning of the year and has reached BGN 97m compared to BGN 83m in end-2006. However Debt-to-Assets ratio remains stable at about 30%. We note that Sopharma debt structure is changing as long term debt was only 34% of total debt in end-Sept vs 42% in the beginning of the period.