Devin Expects 100 Mln Leva in Revenues and Profit at 9.9 Mln Leva in 2012

Devin AD expects profit in the amount of 6 mln leva (3.067 mln euros), and 80 mln leva (40.903 mln euros) in revenues in 2010. For 2012 the company expects revenues to reach100 mln leva (51.129 mln euros) and profit to amount to 9.898 mln leva (5.060 mln euros), shows data from the company's prospectus and registration papers filed with the BSE.

Over the past three years Devin invested a total of 8.01 mln leva (4.095 mln euros) in equipment, machines, distribution vehicles, glass door refrigerators and others.

Statistics shows that the company's sales revenues increase each year. In 2004 net sales revenues stood at 15.1 mln leva (7.720 mln euros), in 2005 at 21.1 mln leva (10.788 mln euros), 2006 - 30.2 mln leva (15.441 mln euros) - i.e. sales increase by 40% each year. Sales by litres have also increased significantly. In 2004 the company sold 72 mln litres of mineral water,109 mln litres in 2005, and 145 mln litres in 2006.

Since 2006 Devin has been exporting production for USA, Greece and Germany. Export is in the amount of 134,000 litres, or 44% of total sales.

According to data provided by the Bulgarian Soft Drinks Association, consumption of bottled mineral water in Bulgaria stood at 621.8 mln litres, against 507.8 mln litres in 2005, and 419.2 mln litres in 2004.

Devin AD is the leader on the market of bottled mineral water in Bulgaria with a market share of 30%, according to international consultants Canadean. Since the beginning of the year the company represents the label Red Bull on the Bulgarian market, and has also entered the market of fizzy drinks with the Everdrink label.

Devin AD was founded by physical persons and the Municipality of Devin in 1992 as a limited liability company. It became a joint stock company in 1999 with 100% own capital. At the beginning of 2006 Devin was acquired by investment fund Soravia Equity, controlled by Austrian Soravia Group. Devin's core activity is bottling and sales of mineral water, spring water, fizzy drinks and other soft drinks.

The members of the Board of Directors Tsvetan Lajanski, Valentin Ignatov and Georgi Serafimov have 397,102 shares, or 1.38% of the capital each. They acquired their stakes in the last capital increase, which the company carried out with own funds, via the issuance of 1.191 mln shares with a face value of 1 lev and emission value of 1.38 leva.

Orders for Devin's IPO may be submitted June 25. The price will be determined by the book-building method.

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