ELMEC SPORT BULGARIA EOOD

“Elmec Sport Bulgaria” ЕООDReport and Financial Statements for the year ended 31 December 2008____________________________________________________________________According to the Bulgarian legislation, the management should draw up the financial statements forevery fiscal year, which will give a true and fair view of the Company financial condition by the end ofthe year, of its financial performance and monetary flows.The management confirms the fact that it has consistently applied adequate accounting policies in thepreparation of the annual financial statement by 31 December 2008, and has made reasonable andprudent evaluations, assumptions and approximate appraisals.The management also confirms that it has adhered to the accounting standards in force, the financialstatement being drawn up according to the going concern principle.The management shall be held responsible for the correct maintenance of the accounting registers, ofthe appropriate control of the assets, and for undertaking the necessary measures to avoid anddisclose possible abuses or other irregularities.Human resourcesPersonnelThe Company has by 31 December 2008 a workforce of 92 employees available, as compared with the60 employees by 31 December 2007.SalaryThe funds calculated and paid up for salaries during the elapsed year, are in the amount of BGN 1 071thousand.Analysis of the revenue and structure of the expensesThe main share of the Company revenue has come from the sale of sports goods.The structure of the revenue coming from the core activity is as follows: sale of sports goods – 100%.The expenses for the core activity are in the amount of BGN 4 910 thousand.Investment projectsThe Company has tangible assets available of the following groups: lands and buildings, vehicles,equipment, expenses for the acquisition of tangible assets, improvements on hired assets.The intangible assets amount to BGN 98 thousand, and consist mainly of trade marks and licences andsoftware.Capital structureThe Company share capital is BGN 10 030 thousand.No events have happened after the date of financial statement preparation, which would reflect on theCompany result during the next accounting period.The management does not envisage changes in the development of the Company core activity within thenear future.Fair value:24