Holding Varna AD (BUL:HVAR)

Holding Varna AD Income Statement

Financials in millions BGN. Fiscal year is January - December.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Sep 30, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Operating Revenue	99.75	85.25	84.88	72.28	62.67	47.9
Other Revenue	-	-	-	0.24	-	-
Revenue	99.75	85.25	84.88	72.52	62.67	47.9
Revenue Growth (YoY)	12.74%	0.44%	17.04%	15.72%	30.84%	-31.52%
Cost of Revenue	55.52	48.61	49.69	46.55	35.28	29.39
Gross Profit	44.23	36.63	35.18	25.97	27.39	18.5
Selling, General & Admin	24.51	23.67	21.16	19.89	17.79	16.12
Other Operating Expenses	-2.2	0.41	1.55	-2.6	-2.52	-1.27
Operating Expenses	27.93	29.46	29.39	23.66	23.21	26.52
Operating Income	16.29	7.18	5.79	2.31	4.18	-8.02
Interest Expense	-7.47	-8.58	-8.18	-5.74	-6.21	-7.18
Interest & Investment Income	1.29	1.3	1.28	1.25	1.58	2.28
Earnings From Equity Investments	0.12	0.12	-1.09	-0.62	-0.09	-0.05
Currency Exchange Gain (Loss)	-0.14	-0.14	0.01	-0.08	-0.05	0.04
Other Non Operating Income (Expenses)	1.03	-0.39	0.7	-0.24	-0.61	0.9
EBT Excluding Unusual Items	11.13	-0.51	-1.48	-3.12	-1.19	-12.02
Impairment of Goodwill	-0.31	-0.31	-	-	-	-
Gain (Loss) on Sale of Investments	3.07	3.07	3.21	1.11	2.44	0.79
Gain (Loss) on Sale of Assets	-0.48	-0.48	0.09	0.03	1.75	0.04
Asset Writedown	0.35	0.35	-0.89	3.5	-0.31	0.29
Other Unusual Items	0.32	0.32	0.18	0.04	0.21	0.34
Pretax Income	14.09	2.45	1.11	1.56	2.89	-10.57
Income Tax Expense	-0.05	0.25	0.85	0.31	0.49	-0.58
Earnings From Continuing Operations	14.13	2.2	0.26	1.26	2.4	-9.99
Minority Interest in Earnings	-4.63	-0.51	0.84	1.19	-0.61	4.23
Net Income	9.5	1.69	1.1	2.44	1.79	-5.76
Net Income to Common	9.5	1.69	1.1	2.44	1.79	-5.76
Net Income Growth	362.38%	53.78%	-55.06%	36.37%	-	-
Shares Outstanding (Basic)	6	6	6	6	6	6
Shares Outstanding (Diluted)	6	6	6	6	6	6
Shares Change (YoY)	-	-	-	-	0.20%	3.12%
EPS (Basic)	1.47	0.26	0.17	0.38	0.28	-0.89
EPS (Diluted)	1.47	0.26	0.17	0.38	0.28	-0.89
EPS Growth	362.38%	53.78%	-55.06%	36.37%	-	-
Free Cash Flow	9.64	38.17	2.71	-2.35	-3.88	0.56
Free Cash Flow Per Share	1.49	5.88	0.42	-0.36	-0.60	0.09
Gross Margin	44.34%	42.97%	41.45%	35.82%	43.71%	38.63%
Operating Margin	16.33%	8.42%	6.83%	3.19%	6.67%	-16.74%
Profit Margin	9.53%	1.98%	1.29%	3.37%	2.86%	-12.03%
Free Cash Flow Margin	9.66%	44.77%	3.19%	-3.24%	-6.20%	1.17%
EBITDA	21.9	12.54	10.97	7.42	9.31	-2.52
EBITDA Margin	21.96%	14.71%	12.92%	10.23%	14.86%	-5.25%
D&A For EBITDA	5.61	5.37	5.17	5.1	5.14	5.5
EBIT	16.29	7.18	5.79	2.31	4.18	-8.02
EBIT Margin	16.33%	8.42%	6.83%	3.19%	6.67%	-16.74%
Effective Tax Rate	-	10.13%	76.80%	19.64%	17.02%	-
Advertising Expenses	-	6.84	4.8	-	3.5	3.18

Source: S&P Global Market Intelligence. Standard template. Financial Sources.