Albena’s sales in the first half of the year increased 53% YoY and reached BGN 31m. This jump in sales had a positive effect on the company’s operating income which improved from negative BGN 3.3m in H1 2007 to positive BGN 1.1m in H1 2008. However, Albena’s increasing depreciation (28% YoY growth to BGN 8.6m) and financial (31% YoY growth to BGN 3.5m) expenses have led to a negative net income of BGN 12.3m – similar to the net income in H1 2007. Albena’s inventories and receivables jumped 1.30x and 1.82x, respectively but the company did not raise additional debt because it financed its current assets with payables which increased 2.34x to BGN 51.3m in H1 2008.