Assets			Liabilities
Sections, Groups, Statues	BGN'000		Sections, Groups, Statues	BGN'000
Sections, Groups, Statues	2002	2001	Sections, Groups, Statues	2002	2001
а	1	2	а	1	2
А. Non-Current Assets			А. Equity
I. Non-Current Tangible Assets			I. Shareholder's Equity
1. Land		20	1. Subscribed Capital	5	5
2. Buildings		379	Total group I:	5	5
3. Equipment	102	179	II. Reserves
4.Vehicles	238	296	1. Reevaluation of Assets and Liabilities	13	13
5. Other LTTA	67	82	2. Special Reserves,	631	439
Total group I:	407	956	incl.:
II. Non-Current Intangible Assets	0	0	Other Reserves	631	439
1. Other Non-Current Intangible Assets		1	Total group II:	644	452
Total group II:		1	III. Financial Result
III. Investment Assets			1. Accumulated Profit (Loss)		(3)
1. Shares and Partnerships,			2. Current Profit (Loss)	406	(571)
incl. Associated companies	20		Total group III:	406	(574)
2. Buildings	326		Total Section А:	1,055	(117)
3. Other Non-Current Securities	69	70	B. Non-Current Liabilities
Other Non-Current Receivables	1		I. Non-Current Liabilities
Total group III:	416	70	1. Payables to Related Companies	143	1,450
IV. Goodwill	0	0	Total group I:	143	1,450
V. Accounts Payable	0	0	II. Accounts Receivable and Financing	0	0
Total Section А:	823	1,027	Total Group B:	143	1,450
			C. Current Liabilities
B. Current Assets			I. Accounts Payable
I. Inventory			1. Suppliers and Customers Payable	52	47
1. Materials	4	5	2. Employees Payable	5	24
2. Goods	83	27	3. Taxes Payable	19	9
Total group I:	87	32	4. Other	7
II. Current Receivables			Total group I:	83	80
1. Customer and Supplier Receivables	9	176	II. Accounts Receivable and Financing	59	60
2. Other Current receivables	1	3	Total Section C:	142	140
Total group II:	10	179
III. Current Financial Assets	0	0
IV. Cash
1. Cash	55	40
2. Deposits	123	165
3. Cash Equivalents	190
Total group IV:	368	205
V. Accounts Payable	52	30
Total section B:	517	446
Total Assets (А+B)	1,340	1,473	Total Liabilities (А+B+C)	1,340	1,473
C. Conditional Assets	24,910	38,015	D. Conditional Liabilities	24,910	38,015

“VELGRAF” LTD	BULSTAT-statistical ID number
118 str. Kiril & Metodi, the town of Elin Pelin	1 2 2 0 8 9 3 0 5

“VELGRAF” LTD	BULSTAT-statistical ID number
118 str. Kiril & Metodi, the town of Elin Pelin	1 2 2 0 8 9 3 0 5

Expenses (sections, groups, statues)	BGN'000		Revenue (sections, groups, statues)	BGN'000
Expenses (sections, groups, statues)	2002	2001	Revenue (sections, groups, statues)	2002	2001
а	1	2	а	1	2
А. Operating Expenses			А. Operating Revenue
I. Operating Economic Expenses			I. Net Revenue from Sales of:
1. Inventory Expenses	236	174	1. Goods	19	3
2. External Services Expenses	1,053	1,436	2. Services	526	503
3. Depreciation and Amortization Expenses	236	150	3. Other Sales Revenue	26	310
4. Wages Expenses	347	396	Total group I:	571	816
5. Social Security Expenses	104	115	II. Revenue from Financing	0	0
6. Other	54	149	III. Financial Revenue
incl.			1. Interest Revenue,	688	780
а) Asset Depreciation;		20	2. Partnership Revenue,		5
Total group I:	2,030	2,420	3. Profits from Financial Assets and Instruments Operation	6	1
II. Adjustable Amounts			4. Profit from Exchange Rate Operations	169	200
1. Balance value of sold Assets (excl. production)	46	266	5. Other Revenue from Financial Operations	1,105	617
2.Other adjustable amounts		(2)	Total group III:	1,968	1,603
Total group II:	46	264	B. Total Operating Revenue (I+II+III)	2,539	2,419
III. Financial Expenses			C. Operating Loss		578
1. Loss from Financial Assets and Interests Operations		1	IV. Extraordinary Revenue	15	4
2. Loss from Exchange Rate Operations	58	303	D. Total Revenue (B+IV)	2,554	2,423
	6	6	E. Loss (financial result) before Taxation		571
Total group III:	64	310	F. Loss (E+V)		571
B. Total Operating Expenses (I+II+III)	2,140	2,994
C. Operating Profit	414
IV. Extraordinary Expenses	0	0
D. Total Expenses (B+IV)	2,140	2,994
E. Profit before Taxation	414	0
V. Taxation Expenses	8	0
1. Income Taxes	8	0
F. Net Profit (E-V)	406	0
Total (D+V+F)	2,554	2,994	Total (D+F)	2,554	2,994

“VELGRAF” LTD	BULSTAT-statistical ID number
118 str. Kiril & Metodi, the town of Elin Pelin	1 2 2 0 8 9 3 0 5

BGN'000
CASH FLOWS	2002			2001
CASH FLOWS	Revenue	Expenses	Net Cash-flow	Revenue	Expenses	Net Cash-flow
а	1	2	3	4	5	6
А. Operating Cash-Flow
Cash Flow related to Trade Partners	796	1,336	(540)	677	1,823	(1,146)
Cash Flow related to Current Financial Assets, held for commercial purposes	1,105	0	1,105	612	0	612
Cash Flow related to Wages	4	446	(442)	10	499	(489)
Cash Flow related to interests, commissions, dividends etc.	692	6	686	658	6	652
Cash Flow related to Profit and Loss of Currency Exchange Operations	3	14	(11)	24	24	0
Other Operating Cash-Flow	15	104	(89)	3	177	(174)
Total Operating Cash-Flow(А)	2,615	1,906	709	1,984	2,529	(545)
B.Investment Cash-Flow
Cash Flow related to Long-Term Assets	28	139	(111)	278	163	115
Cash Flow related to Current Financial Assets	148	160	(12)	0	5	(5)
Cash Flow related to interests, commissions, dividends etc.	2	0	2
Total Cash-Flow (B)	178	299	(121)	278	168	110
C. Cash-Flow from Financial Activity
Cash Flow related to additional contributions and their reimbursement to the owners	766	0	766	439	0	439
Cash Flow related to obtained or received debt	226	1,417	(1,191)	371	325	46
Total Cash-Flow (C)	992	1,417	(425)	810	325	485
D. Cash-Flow Changes for the period (А+B+C)	3,785	3,622	163	3,072	3,022	50
E. Beginning Cash			205			155
F. Ending Cash			368			205

Indicators	Shareholder's Equity	Reserves					Financial Result		Reserve from transfers	Total Shareholder's Equity
		Issue Premiums	Reserve from Reevaluation of Assets and Liabilities	Special Reserves			Profit	Loss
		Issue Premiums	Reserve from Reevaluation of Assets and Liabilities	Total	Specia lized	Others	Profit	Loss
Beginning Balance	5		13			439	3	(577)		(117)
1. Changes for the owner's account, incl.
- increase						766				766
- decrease
2. Current Financial Result							406			406
3. Distribution of Profit
incl. For Dividends
4. Loss Coverage						(574)	(3)	577		0
5. Further Evaluations of Long-Term Tangible Assets, incl:
- increase
- decrease
6. Further evaluations of Financial Assets and Instruments incl:
- increase
- decrease
7. Changes in Accounting Policy, mistakes and others
8. Other Changes in Shareholder's Equity
Ending Balance	5		13			631	406	0		1,055
9. Changes from transfers of Annual Financial Statements of Foreign Companies
10. Changes from recalculation of Financial Statements in Hyperinflation
Reestimated Shareholder's Equity to the end of the period	5		13			631	406	0		1,055