Holding Varna AD Balance Sheet

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

Millions BGN. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Cash & Equivalents	2.41	48.27	12.6	12.95	12.11
Short-Term Investments	-	16.96	25.43	23.92	34.31
Trading Asset Securities	11.21	37.22	33.3	29.93	36.86
Cash & Short-Term Investments	13.62	102.45	71.34	66.81	83.28
Cash Growth	-86.70%	43.62%	6.78%	-19.79%	4.04%
Accounts Receivable	15.52	18.99	25.08	25.76	36.51
Other Receivables	-	0.64	0.22	1.35	-0.7
Receivables	28.14	19.64	25.31	27.11	35.82
Inventory	0.05	19.97	15.52	9.96	2.73
Other Current Assets	-	2.88	2.82	15.38	17.56
Total Current Assets	41.81	144.94	114.99	119.25	139.39
Property, Plant & Equipment	50.93	211.43	208.23	209.94	212.79
Long-Term Investments	127.88	28.59	26.14	24.85	17.21
Goodwill	-	36.69	36.99	36.98	38.13
Other Intangible Assets	0	20.02	19.17	18.51	17.94
Long-Term Deferred Tax Assets	0.3	3.19	3.36	3.03	2.72
Other Long-Term Assets	50.85	40.3	43.26	43.43	38.52
Total Assets	271.76	485.17	452.13	456	466.69
Accounts Payable	1.17	8.97	10.02	8.87	6.64
Accrued Expenses	0.06	5	4.36	4.18	3.44
Short-Term Debt	-	9.24	8.21	22.23	23.08
Current Portion of Long-Term Debt	29.68	66.02	62.04	55.63	63.42
Current Portion of Leases	-	0.36	0.91	1.53	1.49
Current Income Taxes Payable	-	0.34	0.33	0.22	0.32
Current Unearned Revenue	-	1.44	0.66	0.54	0.8
Other Current Liabilities	1.36	39.57	3.68	3.6	3.45
Total Current Liabilities	32.26	130.94	90.22	96.81	102.63
Long-Term Debt	27.3	122.29	133.96	132.92	137.66
Long-Term Leases	-	0.52	0.34	1.14	2.17
Pension & Post-Retirement Benefits	-	0.38	0.29	0.22	0.24
Long-Term Deferred Tax Liabilities	-	3.01	3.44	2.82	2.45
Other Long-Term Liabilities	-	1.47	1.47	0	-
Total Liabilities	59.56	258.61	229.71	233.91	245.15
Common Stock	6.49	6.49	6.49	6.49	6.49
Additional Paid-In Capital	156.82	-	-	-	156.82
Retained Earnings	48.41	14.8	16.18	15.26	17.3
Comprehensive Income & Other	0.49	165.73	165.23	164.98	4.17
Total Common Equity	212.2	187.02	187.89	186.73	184.77
Minority Interest	-	39.55	34.53	35.36	36.78
Shareholders' Equity	212.2	226.56	222.42	222.09	221.54
Total Liabilities & Equity	271.76	485.17	452.13	456	466.69
Total Debt	56.98	198.43	205.46	213.45	227.82
Net Cash (Debt)	-43.36	-95.98	-134.13	-146.65	-144.53
Net Cash Per Share	-6.68	-14.80	-20.68	-22.61	-22.28
Filing Date Shares Outstanding	6.49	6.49	6.49	6.49	6.49
Total Common Shares Outstanding	6.49	6.49	6.49	6.49	6.49
Working Capital	9.55	14	24.76	22.45	36.76
Book Value Per Share	32.72	28.83	28.97	28.79	28.49
Tangible Book Value	212.2	130.3	131.73	131.24	128.69
Tangible Book Value Per Share	32.72	20.09	20.31	20.23	19.84
Land	-	45.31	45.19	45.22	45.81
Buildings	-	117.57	113.04	105.84	106.18
Machinery	-	104.5	101.57	92.51	91.34

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