The audit of Speedy's 2020 consolidated report corrected revenue upward by BGN 126k to BGN 282.2m (+23.2% YoY). Core revenue jumped by 23.3% YoY to BGN 281.2m (-0.3% adjustment) as revenues from the domestic market increased by 17.5% YoY, while international deliveries soared 33.7% YoY. OPEX came at BGN 242.5m (+22.9% YoY; +1.1 vs prelim figure) mainly on upward revision of material costs to BGN 11.3m (+19.4% YoY; +6.4% vs prelim figure). As a result, 2020 cons EBITDA was restated at BGN 57.7m (+24.5% YoY; -3.8% vs prelim result) with margin of 20.4%, 0.8 p.p. lower than the prelim figure. Below the EBITDA line, auditor revised depreciation upward to BGN 23.4m (BGN 22.1m in the prelim cons 2020 statement) and interest costs were adjusted upward by BGN 1.5m to BGN 3.8m (+50.1% YoY). As a result, audited net profit came to BGN 26.8m (+41.1% YoY), down by 13.5% compared to preliminary financials with margin adjusted down by 1.5 p.p. to 9.5%. EPS for 2020 reached BGN 4.99 (BGN 5.77 in the prelim report). Balance sheet was also affected - PP&E increased by BGN 9.9m to BGN 97.2m and total lease obligations by BGN 4.7m bringing IB debt to BGN 81.7m (+15.3% YoY), with IB debt to assets of 39.8% (34.9% in the prelim report) in end-2020. CFO surged 68.8% YoY to BGN 65.3m (+7% vs prelim figure) on strong inflows from customers. The auditor AFA issued a qualified opinion. The reason for the qualified opinion was that the company did not provide the auditor with sufficient evidence to support the requirements for the proper assessment of the goodwill and intangibles for a total of BGN 16m acquired as a result of the business combination deals back in 2014.