The audit didn‘t bring significant changes to Albena‘s financials; Net income increased by BGN 431k on taxation provision reversal (NEUTRAL)

29.03.2023 Source: Albena; FFBH

Albena's audit of the individual financial statements led to some minor changes. Revenue was increased from BGN 79.5m in the preliminary to BGN 86.7m (+43.1% YoY), mainly due to shifting revaluation gains of BGN 5m to revenue from financial income. The geographical breakdown of revenue revealed a shift more towards the domestic market, as the biggest market in 2021 – Romania, fell to the second spot with BGN 12.4m (-27.5% YoY). On the other hand, the domestic market occupied the first spot with BGN 23.3m (+47.1% YoY). The third biggest market – Germany advanced to BGN 6.9m (+54.6% YoY) as pandemic-related travelling restrictions were completely lifted this year. The most notable change in the statements was the reversal of BGN 353k of taxation provision in the preliminary to negative BGN 66k in the audit. This resulted in bottom line of BGN 992k (-66.1% YoY; EPS of BGN 0.23), compared to BGN 561k in the preliminary. The auditor noted that current liabilities (BGN 20.5m) are considerably higher than current assets (BGN 10.9m), which may be a source of risk. However, management is confident that the operations of the company will not be disrupted by this.