bio-corn ltd. business - unibg...bio-corn ltd. answering the challenges and changed economical...

Bio-Corn Ltd. Business plan

2007 February 15.

© Bio-Corn Ltd. Project plan V2_2

The Business Plan of Bio-Corn Ltd.Making more added values with the use of corn for energetic purpose. Building of Bio ethanol, Biogas,

Oil press and Extruding plants.

Confidential page 2./24. 2007/02/15/


1 Table of Contents

1 Table of Contents .................................................................................................................... 3 2 Summary ................................................................................................................................. 4 3 Introducing the Company ........................................................................................................ 5 3.1 Bio-Corn Ltd. ...................................................................................................................... 5 3.1.1 Mission statement ............................................................................................................. 5 3.1.2 Introduction ....................................................................................................................... 5 3.1.3 Products ............................................................................................................................. 6 3.2 Project introduction .............................................................................................................. 7 3.2.1 Human resources ............................................................................................................... 7 3.2.2 Technology ........................................................................................................................ 9 3.2.3 Prodcts ............................................................................................................................. 10 4 Market analysis ..................................................................................................................... 11 4.1 Environmental Conditions ................................................................................................. 11 4.2 Economical trends .............................................................................................................. 11 4.2.1 Raw material market ....................................................................................................... 11 4.2.2 Ethanol market ................................................................................................................ 12 4.2.3 Food corn market ............................................................................................................ 14 4.2.4 Corn-oil ............................................................................................................................ 16 4.2.5 Germcake ......................................................................................................................... 16 4.2.6 DGS .................................................................................................................................. 17 4.2.7 Electricity ......................................................................................................................... 17 4.3 Marketing mix ..................................................................................................................... 17 4.3.1 Distributing channels ...................................................................................................... 18 4.3.2 Promotion ........................................................................................................................ 18 4.3.3 Price formation ................................................................................................................ 18 5 Business Plan ......................................................................................................................... 19 5.1 Introduction of the Investment ........................................................................................... 19 5.2 Balance ................................................................................................................................ 21 5.3 Profit and Loss Statement .................................................................................................. 22 5.4 Cash-Flow ........................................................................................................................... 24 5.5 Indicators ............................................................................................................................. 24



2 Summary

Bio-Corn Ltd. is a determinant member of the Hungarian corn-processing market. It has a decade long experience and knowledge of the market. The company is a reliable partner and the management and the owners of the company see quality as a proper base for long-term partnership.

Bio-Corn Ltd. answering the challenges and changed economical environment is planning large scope investments. The planned investments, by taking part in the full corn pallette of the market, would provide the most added value. The Bio-Corn Ltd., based on its market and sector experience created a one-and-only compact corn-processing system with the largest possible added value content. So far in the world only separate or partly combined plants existed.

With the investment the following plants will be built:•Storage capacity expansion•Mill modernization•Bioethanol plant•Biogas plant•Oil press (crushing-mill)•Extruding plant

With this investment the plant will be able to process 90.000 tons of corn. The changed product structure will open new markets for the company. Product structure:

•Ethanol 25 000 m3•Corn grit 12 000 t•Cornflakes 1 300 t•Oil 1 800 t

The development happens with creating a liveable habitat in the area, Monostorpályi and surroundings, the processing plant would use all by-products without contaminating the environment.

The value of the development is 7,6 billion HUF, which would be acquired through subsidisation, bank loan and private capital.

According to economic calculation the payback period of the investment is about 8 years.



3 Introducing the Company

3.1 Bio-Corn Ltd.

3.1.1 Mission statement

Bio-Corn Ltd. is a determinant member of the Hungarian corn-processing market. Its decade long experience and knowledge of the market makes it suitable for diversification. The company was founded by Hungarian private entities and the ownership and the management is committed to the cause of sustainable development.

It mainly provides primary materials for the food industry (beer, cornflake, breakfast cereal, baby soups production), but the pharmaceutical industry and the pet feed industry also uses the base materials provided by the company. The name of the Bio-Corn Ltd. Is well-known outside the borders of Hungary, especially in Poland, Romania, Russia and Belarus.

The necessary amount of corn is produced in the vicinity of the mill in an integrated producing environment, by producers with whom the company has long-term contracts. The corn is turned into primary materials at a high technological level according to the strict regulations of HACCP and ISO 9001/2000 standards.

3.1.2 Introduction

The company is running its corn processing plant since 1996, today it processes about 21.000 tons of corn and also has a storage capacity of 20.000 tons.

The Company is situated in the middle of the best corn producing region of Hungary, in a 50 km radius area 200.000 tons of corn is produced yearly. The average yield is 10 tons/ha which is well above the national average. The company has a good connection with the producers, and integrates 200 producers, who are capable of providing 90.000 tons of corn for the Bio-Corn Ltd.

Presently the company is capable of storing 20,000 tons of corn and is planning to build another storage facility, regardless of other projects, with 20,000 tons of capacity and the contracted producers also have storage capacities.

The company can sell or use the by products.

The company has a really good connection with the local authorities as the largest company in the area.



SWOT AnalysisStrength Opportunities

●Raw material integration●Knowledge on the area●Good connections with the local authorities●Audit, quality control●Project management knowledge

●Full raw material supply security●Assistance in by-products sale●Risk reduction●Locality

Weaknesses Threats●Missing technology know-how●Ethanol market knowledge●Inexperience in biogas production

●Spreading of technology●Too much ethanol●Unfavourable changes in international trends

3.1.3 Products

Presently the company produces 22 different products developed according to the demands of our customers. We are specialized in the area of producing extruded grits for cornflakes.

Our technology was developed so that with the possible shortest changing time we are capable of manufacturing products with different specifications in large quantities.

The production palette also contains raw materials, corn grist, for human and animal food companies.

• Main products:• corn flour, • corn grit, • Forage non-degerminated flour

Standard grit is the brewing grit and the grits produced for direct usage for human consumption, in small packaging (corn grit, corn flour).

Packaging is done according to demands:• Bulkload in containers,• 1 ton Big-Bag containers,• 25-50 kg Polypropylen sacks,• 25-50 kg paper sacks,• ½ kg in BOPP foil,• 1 kg papersacks.



3.2 Project introduction

Bio-Corn Ltd. answering the challenges and changed economical environment is planning large scope investments. The planned investments, by taking part in the full corn palette of the market, would provide the most added value. Bio-Corn Ltd., based on its market and sector experience created a one-and-only compact corn-processing system with the largest possible added value content. So far in the world only separate or partly combined plants existed.

The individual characteristic of the Bio-Corn system is its complexity. It makes it possible for the operator to make decisions on different levels of the corn processing and so to be able to adapt, quickly and cheaply to the challenges of the economic environment.

In the 3.2.2 Technology section the used technology and the flow of the raw material (Corn-flow chart) is shown in details. The flow of the raw materials between the different parts of the plant can be easily followed visually.

Development:

For providing the secure corn raw material provision two new silo plants are needed. One will be the expansion of the present storage capacity and the other will be a new plant 50 km from the main plant. The main reason behind it is the closer connection to the producers and also to lock out other buyers.

Modernization of the mill technology for producing the best industrial ethanol input. The plant will be responsible for degermination and producing the raw material for the corn-oil section. A third product, corn grit, is done by this mill.

Building of an ethanol plant. According to EU directives the sustainable energy resources have a priority above the traditional resources. The EU commission directive would like to decrease the import dependency from 40% to 20% by 2020. The mid-term ethanol demands are controlled by this directive.

Building of a biogas plant. The ethanol and the oil-press by-products are not necessarily products to be sold since the these products can be used as alternative energy resources, thus stabilizing the company, by using it in the biogas plant for making electric and heat energy.

Building of an oil-press (crushing-mill). The main reason for this plant is the biggest added value. The extraction of the oil content of the germ can open new market possibilities for our company.

The building of an extruding plant. Just as with the oil press it serves the increasing of mobility and the more secure production. By further processing the corn grit the company would have newer market possibilities.

3.2.1 Human resources



Presently our company employs 28 persons, with the development the number of employees would be 72.

The necessary workforce can be attained by different methods. The higher level employees can be chosen with the help of recruitment agencies. The skilled and unskilled workforce can be acquired with the help of the unemployment office. The present employees will have a role in the new structure, their work experience is absolutely necessary.

The company is entitled for non-refundable subsidies for its retraining program, organized with the Észak-Alföld Regional Unemployment Office. The business plan does not calculate with these funds.

The next chart shows the new structural design emerging after the investment.


Director

Logistic Dir. Production Dir.

Marketing Dir.

Controlling (3 p)

Finance/ Account

(2 p)

Secretary Administ-ration

HR (1 p)

Integration (1 p)

Storage (4 p)

Mill (9 p)

Oil press (4 p)

Biogas (2 p)

Ethanol (13 p)

Extruding (5 p)

Maintenance (9 p)

Administ-ration

Transport (6 p)

Administ-ration

Administ-ration

SR/ MM (4 p)

MARKET

Ethanol plant

Biogas plant

Oil press Extruding

Ethanol Oil byprod.DGS Oil

Ethanol GritsGermBran

ElectricityHeat

Cornflakes

Corn

Fertilizer

Mill

©


3.2.2 Technology



3.2.3 Products

1. Table: Product structureRaw material 90 000t Germ 9 000t Oil 1 800t Cake 7 200t Forage 3 600t Biogas 3 600t Léha (biogáz) 4 500t

Grit 13 500tBrewing grit 12150t

Extruded 1350t Ethanol flour 63 000t Ethanol 25 200m3 DDGS 28 350t Forage 2 835t Biogas 25 515t

Table 1. (Corn-flow chart) shows the flow of the raw materials in the designated direction. The incoming 90,000 tons of corn is calculated in the business plan, of which the product quantities can be changed according to the demands of the market.

Products to be sold:• Bioethanol• Corngrit• Cornflake• Corn-oil• Oilcake• DDGS• Electricity

The Market Analysis section introduces the characteristics and market attributes of the products in more detail.



4 Market analysis

4.1 Environmental Conditions

By joining the Eu the Hungarian companies are faced with the same challenges and demands as in other member states. This procedure presupposes that for the same challenges similar solutions are provided. The progressions in the EU for decreasing its energy dependency crate a good environment for using the agricultural products in energetic solutions. Bio-Corn Ltd. would like to use these changes for its advantage.

The uniform EU legislation is good for such innovative companies as the Bio-Corn Ltd., which are willing to take part in spreading technology and information. For our company this means that by developing a workable system for the energetic usage of the agricultural products it can become an example for other companies. This would mean economical and prestige advantages for our company.

The Hungarian economy is a small and open economy, the international macro economical trends can be felt in a short time. 70% of the Hungarian export is directed to Germany, so the changes of the trends there has a big influence on the Hungarian economy. On a macro economical level the Hungarian economy can become more stable, more independent if the agricultural products of the country are further used in more branches of the industrial world and Hungarian companies are not just raw material contractors.

The unemployment rate in Hungary is higher than the desirable 3%, this could mean that possible skilled workforce can be found in the vicinity of the plant.

4.2 Economical trends

4.2.1 Raw material market

Presently 8 million tons of corn is produced on 1.2 million ha in Hungary. About 300,000 tons are used in mills, processed by 7 mills scattered around the country. Our Company is in the middle range companies with 100 tons daily capacity.



1. chart Corn prices on the commercial exchange 1990-2007

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4.2.2 Ethanol market

According to EU directives the sustainable energy resources have a priority above the traditional resources. The EU commission directive would like to decrease the import dependency from 40% to 20% by 2020. The mid-term ethanol demands are controlled by this directive.

Legislation background in Hungary, Political milestones:• June 2006. governmental decision about the E85 fuel standardization.• The Ministry of Economics begun the procedure of standardization of E85 fuel.• At 1st of September 2006 the Bureau of Standards declared fuel the E85.• The Ministry of Economics and the Bureau of Standards cooperate with the producers

in the classification process of declaration fuel the E 95 as well.

E85=personal car fuel (85% ethanol- 15% petrol), E95=bus fuel – for diesel motors (95% ethanol, 5% additive)

Taxation background• The government in June 2006 started the procedure of tax reduction on ethanol to

zero. • Governmental support for ethanol business investments• Took ethanol in alternative energy strategy• Change of public transport subsiding system



Ethanol was introduced on Chicago stock exchange in 2005. Since than it is tradable and the average contracts are 15 per day. In Europe Germany could be the first country where ethanol might be tradable at stock market. Hungary as a major producer of bioethanol in Europe could easily become the central place of ethanol trading. There is such an intention by the side of Budapest Exchange.

Stakeholders of ethanol business:• Automobile factories• Fuel companies, producers and traders• Authorities• Operators• Consumers• Government• Local government

Competitors

There are only two operating alcohol producing companies in Hungary, the Győri alcohol factory and the Hungrana Zrt. (a closed joint-stock company) The building of some bigger and 19-20 smaller ethanol plants (subsidized by the Ministry of Agriculture) is planned. (Details are shown in Table 2.) The raw material capacities, prescribed by the ministry, in order to get the subsidies is 30,000 tons, mainly corn. In 2007 5 plants can get AVOP subsidy.

Table 2. Planned bioethanol plants in Hungary1

# Name Location Capacity (t)Raw material

need (t) Type Present Planned 1 BIO-CORN KF Monostorpá 25 000 90 000 Corn2 Győri szeszgyár Zrt. Győr 5 000 15 000 20 000 Grain3 Hungrana Zrt. Szabadegyháza 56 000 148 200 500 000 Corn

4Magyar Bioenergetika Zrt. (Mabio) Csabacsűd 90 000 350 000 Corn

5 Bácsalmás 90 000 350 000 Corn6 Dunaalmás 90 000 350 000 Corn7 ? 90 000 350 000 Corn8 ? 90 000 350 000 Corn9 Sekab Mohács 120 000 375 000 Corn

10 Marcali 120 000 375 000 Corn11 Gönyü 120 000 375 000 Corn12 Első Magyar Bioetanol Zrt. Kaba 120 000 375 000 Corn13 Bio-Tech-Energy Kft. Hajdúsámson 300 000 1 000 000 Corn14 Marcali 100 000 300 000 Corn15 Rodeport Kft. Fadd-Dombori 100 000 300 000 Corn

16United Bio-Fuels Holding Europe AG Mohács 80 000 300 000 Corn

17 Csúrgó 80 000 300 000 Corn18-36

19 small plants (Ministry of Agriculture) 10 000 30 000 Corn

Total 1 778 200 4 740 000 Corn 1 320 000 Grain

1 Source: BBJ, Ministry of Agriculture



Chart 2. Location of planned bioethanol plants

4.2.3 Food corn market

Domestic customers:

•Industrial usage, food industry:oPharmaceutical companiesoSweet producing companiesobaking industry

•For food purposes:oFood wholase-businessosupermarkets

•Forage:oanimal breeding farms,oforage producing companiesoforage stores

Competitors

Presently there are seven corn processing plants scattered in Hungary. The biggest one , with 240 tons daily capacity is situated in Bábolna. Bio-Corn Ltd. is among the middle-sized companies with 100 tons daily capacity.

Hungary has countless wheat mills but there are only seven corn mills, which are positioned quite far from each other, that is why, even though they are rivals, still there is a partnership between these companies. In the last couple of years both the quantity and the quality (accordance with EU regulations) demands increased. Thanks to the privatisation of the



brewing companies, the brewing grit technologies appeared in Hungary, offering new markets for the mills. The privatisation of the brewing companies of the neighbouring countries bring new challenges for the Hungarian corn-mills.The following table contains the most important known information on the milling companies.

Table 3. Corn-mills in HungaryCompany Name Geographical

locationDaily nominal corn processing capacity

IKR Kukoricafeldolgozó Kft. Bábolna 240 t.Cerbona Rt. Székesfehérvár 150 t.Maselis Kft. Csévharaszt 150 t.Abomill Rt. Tiszafüred 100 t.Abomill Rt. Gyula 80 t.Nyírgabona Kft. Tiszavasvári 60 t.Bio-Corn Kft. Monostorpályi 100 t.Total: - 880 t.

Product structure

It can be seen from the above table that presently 880 tons of corn are processed daily in Hungary. The production can be divided as follows: 48% corn grit, 10% corn flour and 42% other milling products, this means the production of 408 tons of grit, 85 tons of flour and 357 tons of different quality forage flour. This, calculating 220 working days a year, means the production of 89760 tons of grit, 18700 tons of flour and 78540 tons of forage flour.The above detailed mill capacity is fully used. The market distribution of the grit is the following:

Table 4. Product structureExport 40-50 thousand tonsBrewing companies 27-30 thousand tonsExtruded corn crisps (“Kuki”) 5-7 thousand tonsCornflakes 3-4 thousand tonsTotal 90 thousand tons

Brewing grit

There is about 30,000 tons of brewing grits sold in Hungary. The market share of Bio-Corn Ltd. Is about 20% and because of its so-far favourable image it can be increased. It is not the best paying part of the market, but it is stable and means a larger quantity in comparison with the other parts of the market.

Cornflake

The share of cornflakes on the food palette is dynamically increasing. We can find extruded corn products in every store (cornflakes, chips, snacks). The corn grit, corn flour can be used in gluten-free and diabetic diets. The various and delicious breads and cookies made of corn grit or corn flour can be part of a diversified diet and help to comply with dietary regulations.



The extruded cornflake has a higher added value compared to brewing grit. In Hungary there are 80-100 smaller family businesses on the extruding market, usually situated in a garage sized building. Just in the neighbourhood of Debrecen and Újfehértó there are 25 small plants, and the corn grit is supplied to them by Bio-Corn Ltd. They cannot be seen as a rivalry for the planned extruding facility of our company since they only produce one kind of an extruded snack, the so-called “kuki”.

There are only two high capacity plants in Hungary owned by Chio and Cerbona. Formerly Pepsico Lays was also producing here in Hungary but they moved their plant to Poland. Because of the geographical closeness the European Food company, situated in Oradea, Romania, deserves some attention, which is dynamically increases its market share in the Romanian market.

4.2.4 Corn-oil

Corn is made of the germ of the corn. In these days about two million tons of corn-oil is produced around the world (in quantity the 10th largest important grease). In Hungary a small amount (6,000 tons of corn-oil made out of 20,000 tons of germ) is produced, but in the future this market probably will grow.

The average oil content of the corn is about 3.5-7%, but some variety contain more oil. About ¾ of the oil content can be found in the germ, its oil content is about 22-25%.

It is a very good quality oil. Very similar to sunflower seed-oil, but the linoleic acid content is smaller and it also contains about 1% linolenic acid. Its tokoferol content is high 800-1200 mg/kg. It can be used as cooking oil, for salad dressings and for producing margarine and food grease.

Table 5 The average fatty acid composition of the corn-germ-oilDescription Corn germ oil

Palmitic acid (16:0) 7,0Stearic acid (18:0) 3,0Oleic acid (18:1) 45,0Linoleic acid (18:2) 40,0Linolenic acid (18:3) 1,0Otther fatty acids 4,0Unsaponifiable matter (%) 1,3-2,0Tokoferol content (mg/kg) 800-1200Point of solidification (° C) - (10-15)

We consider the cold-pressed edible oil producing as a market possibility. A risk decreasing and stabilizing factor can be the use of the oil for energetic purposes since its energy content is about 10 Mwatt/ton.



4.2.5 Germcake

A germ byproduct of germ oil production. Because of its high energy content it is a popular forage material. According to the markets demands we will either sell it or use it for biogas production.

4.2.6 DGS

Byproduct of ethanol production. It can be either sold or used for biogas production (depending on the market demands). As a forage it is distributed in a dried form as DDGS (Distiller’s dried grains with solubles). It is a well accepted and popular forage material in the USA.

Table 6 DDGS contentDescription DDGS

Protein, % 30,6Fat, % 10,7NDF, % 43,6DE, (kcal/kg) 4011ME, (kcal/kg) 3827Lys, % 0,83Met, % 0,55Thr, % 1,13Trp, % 0,24Ca, % 0,06Available P, % 0,80

4.2.7Electricity

In Hungary the 2005/90 Ministry of Economy decree regulates the delivery price of electricity and sustainable energy source electricity.

Table 7. Electricity delivery pricesPeriod Delivery Price

Peak 32,54 Ft/kwOff-peak 17,56 Ft/kwVery off-peak 3,00 Ft/kw

4.3 Marketing mix

On the ethanol market we can speak of a very homogenous product. The specifications and usage of ethanol are regulated by law. This also means a secure trading area. It can become a competitor for the fossile energy resources.



In the case of brewing grits the quality highly depends on the applied technology. The buyers are price sensitive but they know the difference between good and bad grit, so they are ready to spend more in order to secure the right quality. Bio-Corn Ltd. sells the most expensive brewing grit, because of the customer behaviour it can be said that our company produces the best quality in the market.

The cornflake market is suitable for price differentiation and product diversification. It is characterized by a heterogeneous product structure. There are many different products are present on the market. The customer structure is also very diversified there are price sensitive, quality sensitive, elderly and young, wage earners and dependants among them. A diversified target audience also means a diversified marketing strategy in order to achieve the best results.

The corn germ oil market is only in its initial phase and has serious potential. The healthy lifestyle is a growing trend in our country, and the corn-oil fits well into that segment of the market.

4.3.1 Distributing channels

Bio-Corn Ltd. reaches its customers through three channels.1.Directly2.Classic: through retail and wholesale3.Through agents

The use of the right channel is determined by the market.

4.3.2 Promotion

The corn oil and cornflake as an FMCG market needs the most costly promotion. The most diversified means are needed in order to achieve the desired results. Pull strategy is needed to directly attract the customers. The recent food scandals in Hungary wavered the customers trust in the food industry. Because of that it is more to the purpose to address the customer than the retailer since the shopping does not fully trust them either.

•ATL marketing: Press advertising, Posters, radio•BTL marketing: flyers•Exhibitions•Sales promotion, it is important to be present at the moment of decision, so the different actions, promotional games and mall displays are very important•Personal sales for the wholesale business.

Electricity: The price is guaranteed by the state so tere is only need for PR.

The ethanol sales, as the main product of the company, are only done in personal selling.

Brewing grits also require personal selling.



4.3.3 Price formation

The pricing policy of the Bio-Corn Ltd. is to distribute good quality products on a higher price level.

In the case of regulated markets the company distributes its product on the regulated prices.

5 Business Plan

5.1 Introduction of the Investment

The planned costs of the investment is about 7.6 billion HUF. It means that two new silo plants, a new mill technology an ethanol plant, a biogas plant, an oil-press and an extruding plant will be realised.

The financing is based on three sources: bank loan, subsidies, and private capital.

Base facts for economic calculations:Price of ethanol: 550€/m3Price of Corn: 30 000 HUF/tUsed Energy 800 kw/tStatistical staff: 72 personsInterest rate: 4%

The expected payback period of the investment is about 8-10 years.

Table 8. shows the costs and the needed capitals


REVENUES - DETAIL

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 20194.968.066 4.968.066 4.968.066 4.968.066 4.968.066 4.968.066 4.968.066 4.968.066 4.968.066 4.968.066 4.968.066 4.968.066 4.968.066 4.968.066

Corn grits 846.450.000 Ft 846.450.000 846.450.000 846.450.000 846.450.000 846.450.000 846.450.000 846.450.000 846.450.000 846.450.000 846.450.000 846.450.000 846.450.000 846.450.000Price (Ft/t) 53.000 Ft 53.000 Ft 53.000 53.000 53.000 53.000 53.000 53.000 53.000 53.000 53.000 53.000 53.000 53.000Quantity (t) 12.150 12.150 12.150 12.150 12.150 12.150 12.150 12.150 12.150 12.150 12.150 12.150 12.150 12.150Extruded product price (Ft/t) 150.000 Ft 150.000 Ft 150.000 150.000 150.000 150.000 150.000 150.000 150.000 150.000 150.000 150.000 150.000 150.000Quantity (t) 1350 1350 1.350 1.350 1.350 1.350 1.350 1.350 1.350 1.350 1.350 1.350 1.350 1.350

Oil 180.000.000 Ft 180.000.000 Ft 180.000.000 180.000.000 180.000.000 180.000.000 180.000.000 180.000.000 180.000.000 180.000.000 180.000.000 180.000.000 180.000.000 180.000.000Price (Ft/t) 100.000 Ft 100.000 Ft 100.000 100.000 100.000 100.000 100.000 100.000 100.000 100.000 100.000 100.000 100.000 100.000Quantity (t) 1.800 1.800 1.800 1.800 1.800 1.800 1.800 1.800 1.800 1.800 1.800 1.800 1.800 1.800

Biogas 485.615.592 Ft 485.615.592 Ft 485.615.592 485.615.592 485.615.592 485.615.592 485.615.592 485.615.592 485.615.592 485.615.592 485.615.592 485.615.592 485.615.592 485.615.592Price (Ft/Mw) 22.000 Ft 22.000 Ft 22.000 22.000 22.000 22.000 22.000 22.000 22.000 22.000 22.000 22.000 22.000 22.000Quantity (t) 22.073 22.073 22.073 22.073 22.073 22.073 22.073 22.073 22.073 22.073 22.073 22.073 22.073 22.073

Ethanol 3.402.000.000 3.402.000.000 3.402.000.000 3.402.000.000 3.402.000.000 3.402.000.000 3.402.000.000 3.402.000.000 3.402.000.000 3.402.000.000 3.402.000.000 3.402.000.000 3.402.000.000 3.402.000.000Quantity (m3) 25.200 25.200 25.200 25.200 25.200 25.200 25.200 25.200 25.200 25.200 25.200 25.200 25.200 25.200Price (Ft/l) 135 Ft 135 Ft 135 Ft 135 Ft 135 Ft 135 Ft 135 Ft 135 Ft 135 Ft 135 Ft 135 Ft 135 Ft 135 Ft 135 Ft

Other Income 82.350 82.350 82.350 82.350 82.350 82.350 82.350 82.350 82.350 82.350 82.350 82.350 82.350 82.350DGS 28.350.000 28.350.000 28.350.000 28.350.000 28.350.000 28.350.000 28.350.000 28.350.000 28.350.000 28.350.000 28.350.000 28.350.000 28.350.000 28.350.000

Price(Ft/t) 10.000 Ft 10.000 Ft 10.000 Ft 10.000 Ft 10.000 Ft 10.000 Ft 10.000 Ft 10.000 Ft 10.000 Ft 10.000 Ft 10.000 Ft 10.000 Ft 10.000 Ft 10.000 FtQuantity (t) 2.835 2.835 2.835 2.835 2.835 2.835 2.835 2.835 2.835 2.835 2.835 2.835 2.835 2.835

Oilcake 54.000.000 Ft 54.000.000 Ft 54.000.000 54.000.000 54.000.000 54.000.000 54.000.000 54.000.000 54.000.000 54.000.000 54.000.000 54.000.000 54.000.000 54.000.000Price(Ft/t) 15.000 Ft 15.000 Ft 15.000 15.000 15.000 15.000 15.000 15.000 15.000 15.000 15.000 15.000 15.000 15.000Quantity (t) 3.600 3.600 3.600 3.600 3.600 3.600 3.600 3.600 3.600 3.600 3.600 3.600 3.600 3.600

Raw material (t) 90.000 Germ (t) 10% 9.000 Oil 20% 1.800Cake 80% 7.200 Forage 50% 3.600

Biogas 50% 3.600Bran (biogas) 5% 4.500Grits 15% 13500 Corn grits 90% 12150

Extruded 10% 1350Ethanol flour 70% 63000 Ethanol (m3) 32% 25200

DGS 45% 28350 Forage 10% 2.835Biogas 90% 25.515

Biogas formation (m3/t) 280Energy content (kw/m3) 5,5 Biogas plant Input (t) 39.815 Biogas (m3) 11.148.200 Electricity (kw 36% 22.073.436

Bran (biogas) 4.500 Heat (kw) 44% 26.978.644Cake 3.600 Fertilizer (t) 27.871 DGS 25.515Fertilizer 6.200Cornstalk 0

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019Material Cost (e Ft) 3.147.271 3.147.271 3.147.271 3.147.271 3.147.271 3.147.271 3.147.271 3.147.271 3.147.271 3.147.271 3.147.271 3.147.271 3.147.271 3.147.271Row material 2.700.000.000 Ft 2.700.000.000 Ft 2.700.000.000 Ft 2.700.000.000 Ft 2.700.000.000 Ft 2.700.000.000 Ft 2.700.000.000 Ft 2.700.000.000 Ft 2.700.000.000 Ft 2.700.000.000 Ft 2.700.000.000 Ft 2.700.000.000 Ft 2.700.000.000 Ft 2.700.000.000 Ft

Price (ft/t) 30.000 Ft 30.000 Ft 30.000 Ft 30.000 Ft 30.000 Ft 30.000 Ft 30.000 Ft 30.000 Ft 30.000 Ft 30.000 Ft 30.000 Ft 30.000 Ft 30.000 Ft 30.000 FtQuantity (t) 90.000 90.000 90.000 90.000 90.000 90.000 90.000 90.000 90.000 90.000 90.000 90.000 90.000 90.000

Water l 22.680.000 22.680.000 22.680.000 22.680.000 22.680.000 22.680.000 22.680.000 22.680.000 22.680.000 22.680.000 22.680.000 22.680.000 22.680.000 22.680.000Price (ft/l) 0 0 0 0 0 0 0 0 0 0 0 0 0 0need (water l/corn t) 1.200 1.200 1.200 1.200 1.200 1.200 1.200 1.200 1.200 1.200 1.200 1.200 1.200 1.200

Energy 244.590.800 244.590.800 244.590.800 244.590.800 244.590.800 244.590.800 244.590.800 244.590.800 244.590.800 244.590.800 244.590.800 244.590.800 244.590.800 244.590.800Energy cost ft/t 2.718 2.718 2.718 2.718 2.718 2.718 2.718 2.718 2.718 2.718 2.718 2.718 2.718 2.718Energiy price (ft/kw) 10 10 10 10 10 10 10 10 10 10 10 10 10 10need(kw/t) 700 700 700 700 700 700 700 700 700 700 700 700 700 700Own production (kw/t) 428 428 428 428 428 428 428 428 428 428 428 428 428 428

Corn-stalk 0 0 0 0 0 0 0 0 0 0 0 0 0 0Price (Ft/t) 1.000 5.000 5.000 5.000 5.000 5.000 5.000 5.000 5.000 5.000 5.000 5.000 5.000 5.000

Marketing 100.000.000 100.000.000 100.000.000 100.000.000 100.000.000 100.000.000 100.000.000 100.000.000 100.000.000 100.000.000 100.000.000 100.000.000 100.000.000 100.000.000Servicing 80.000.000 80.000.000 80.000.000 80.000.000 80.000.000 80.000.000 80.000.000 80.000.000 80.000.000 80.000.000 80.000.000 80.000.000 80.000.000 80.000.000

Overheads 258.243 258.243 258.243 258.243 258.243 258.243 258.243 258.243 258.243 258.243 258.243 258.243 258.243 258.243Transport 222.242.750 222.242.750 222.242.750 Ft 222.242.750 222.242.750 222.242.750 222.242.750 222.242.750 222.242.750 222.242.750 222.242.750 222.242.750 222.242.750 222.242.750

Price (Ft/km) 200 Ft 200 Ft 200 Ft 200 Ft 200 Ft 200 Ft 200 Ft 200 Ft 200 Ft 200 Ft 200 Ft 200 Ft 200 Ft 200 FtCorn distance (km) 100 100 100 100 100 100 100 100 100 100 100 100 100 100Fertilizer (km) 20 20 20 20 20 20 20 20 20 20 20 20 20 20

Quantity (t) 6.200 6.200 6.200 6.200 6.200 6.200 6.200 6.200 6.200 6.200 6.200 6.200 6.200 6.200Corn-stlk (km) 100 100 100 100 100 100 100 100 100 100 100 100 100 100

Quantity (t) 0 0 0 0 0 0 0 0 0 0 0 0 0 0Fertilizer (km) 50 50 50 50 50 50 50 50 50 50 50 50 50 50Quantity (t) 27.871 27.871 27.871 27.871 27.871 27.871 27.871 27.871 27.871 27.871 27.871 27.871 27.871 27.871Ethanol (km) 200 200 200 200 200 200 200 200 200 200 200 200 200 200Quantity (t) 25.200 25.200 25.200 25.200 25.200 25.200 25.200 25.200 25.200 25.200 25.200 25.200 25.200 25.200Oil (km) 0 0 0 0 0 0 0 0 0 0 0 0 0 0Quantity (t) 1.800 1.800 1.800 1.800 1.800 1.800 1.800 1.800 1.800 1.800 1.800 1.800 1.800 1.800Corn grits (km) 500 500 500 500 500 500 500 500 500 500 500 500 500 500Quantity (t) 12.150 12.150 12.150 12.150 12.150 12.150 12.150 12.150 12.150 12.150 12.150 12.150 12.150 12.150Extruded prod. (km) 200 200 200 200 200 200 200 200 200 200 200 200 200 200Quantity (t) 1.350 1.350 1.350 1.350 1.350 1.350 1.350 1.350 1.350 1.350 1.350 1.350 1.350 1.350DGS (km) 50 50 50 50 50 50 50 50 50 50 50 50 50 50Quantity (t) 2.835 2.835 2.835 2.835 2.835 2.835 2.835 2.835 2.835 2.835 2.835 2.835 2.835 2.835Oil cake (km) 50 50 50 50 50 50 50 50 50 50 50 50 50 50Quantity (t) 3.600 3.600 3.600 3.600 3.600 3.600 3.600 3.600 3.600 3.600 3.600 3.600 3.600 3.600

Cost of management 36.000.000 Ft 36.000.000 Ft 36.000.000 Ft 36.000.000 Ft 36.000.000 Ft 36.000.000 Ft 36.000.000 Ft 36.000.000 Ft 36.000.000 Ft 36.000.000 Ft 36.000.000 Ft 36.000.000 Ft 36.000.000 Ft 36.000.000 Ft

Wages/labor 219.000 219.000 219.000 219.000 219.000 219.000 219.000 219.000 219.000 219.000 219.000 219.000 219.000 219.000President 13200000 13200000 13200000 13200000 13200000 13200000 13200000 13200000 13200000 13200000 13200000 13200000 13200000 13200000Chief executive officer 10800000 10800000 10800000 10800000 10800000 10800000 10800000 10800000 10800000 10800000 10800000 10800000 10800000 10800000Logistic director 7200000 7200000 7200000 7200000 7200000 7200000 7200000 7200000 7200000 7200000 7200000 7200000 7200000 7200000Production director 7200000 7200000 7200000 7200000 7200000 7200000 7200000 7200000 7200000 7200000 7200000 7200000 7200000 7200000Marketing director 7200000 7200000 7200000 7200000 7200000 7200000 7200000 7200000 7200000 7200000 7200000 7200000 7200000 7200000Trader 19200000 19200000 19200000 19200000 19200000 19200000 19200000 19200000 19200000 19200000 19200000 19200000 19200000 19200000HR 4800000 4800000 4800000 4800000 4800000 4800000 4800000 4800000 4800000 4800000 4800000 4800000 4800000 4800000Financial administrator 6000000 6000000 6000000 6000000 6000000 6000000 6000000 6000000 6000000 6000000 6000000 6000000 6000000 6000000Controlling/Quality assurance 9000000 9000000 9000000 9000000 9000000 9000000 9000000 9000000 9000000 9000000 9000000 9000000 9000000 9000000Administrator 14400000 14400000 14400000 14400000 14400000 14400000 14400000 14400000 14400000 14400000 14400000 14400000 14400000 14400000Corn growing consultant 4800000 4800000 4800000 4800000 4800000 4800000 4800000 4800000 4800000 4800000 4800000 4800000 4800000 4800000Quartermaster 3000000 3000000 3000000 3000000 3000000 3000000 3000000 3000000 3000000 3000000 3000000 3000000 3000000 3000000Quayside worker 5400000 5400000 5400000 5400000 5400000 5400000 5400000 5400000 5400000 5400000 5400000 5400000 5400000 5400000Transporter 14400000 14400000 14400000 14400000 14400000 14400000 14400000 14400000 14400000 14400000 14400000 14400000 14400000 14400000Head miller 3600000 3600000 3600000 3600000 3600000 3600000 3600000 3600000 3600000 3600000 3600000 3600000 3600000 3600000Miller 7200000 7200000 7200000 7200000 7200000 7200000 7200000 7200000 7200000 7200000 7200000 7200000 7200000 7200000Picker 5400000 5400000 5400000 5400000 5400000 5400000 5400000 5400000 5400000 5400000 5400000 5400000 5400000 5400000Packer 3600000 3600000 3600000 3600000 3600000 3600000 3600000 3600000 3600000 3600000 3600000 3600000 3600000 3600000Oil press leader 3600000 3600000 3600000 3600000 3600000 3600000 3600000 3600000 3600000 3600000 3600000 3600000 3600000 3600000Oil press worker 5400000 5400000 5400000 5400000 5400000 5400000 5400000 5400000 5400000 5400000 5400000 5400000 5400000 5400000Ethanol plant leader 3600000 3600000 3600000 3600000 3600000 3600000 3600000 3600000 3600000 3600000 3600000 3600000 3600000 3600000Still master 9600000 9600000 9600000 9600000 9600000 9600000 9600000 9600000 9600000 9600000 9600000 9600000 9600000 9600000worker 14400000 14400000 14400000 14400000 14400000 14400000 14400000 14400000 14400000 14400000 14400000 14400000 14400000 14400000Extruding plant leader 3600000 3600000 3600000 3600000 3600000 3600000 3600000 3600000 3600000 3600000 3600000 3600000 3600000 3600000Engineer 4800000 4800000 4800000 4800000 4800000 4800000 4800000 4800000 4800000 4800000 4800000 4800000 4800000 4800000Packer 3600000 3600000 3600000 3600000 3600000 3600000 3600000 3600000 3600000 3600000 3600000 3600000 3600000 3600000Senior repairer engineer 4800000 4800000 4800000 4800000 4800000 4800000 4800000 4800000 4800000 4800000 4800000 4800000 4800000 4800000Engine fitter 7200000 7200000 7200000 7200000 7200000 7200000 7200000 7200000 7200000 7200000 7200000 7200000 7200000 7200000Machinist 7200000 7200000 7200000 7200000 7200000 7200000 7200000 7200000 7200000 7200000 7200000 7200000 7200000 7200000Electrician 4800000 4800000 4800000 4800000 4800000 4800000 4800000 4800000 4800000 4800000 4800000 4800000 4800000 4800000

Payroll Taxes 75.050 75.050 75.050 75.050 75.050 75.050 75.050 75.050 75.050 75.050 75.050 75.050 75.050 75.050

Depreciation 532.857 532.857 532.857 532.857 532.857 532.857 437.019 532.857 532.857 420.319 237.677 237.677 237.677 525.1902% 30.668 30.668 30.668 30.668 30.668 30.668 30.668 30.668 30.668 30.668 30.668 30.668 30.668 30.6685% 207.009 207.009 207.009 207.009 207.009 207.009 207.009 207.009 207.009 207.009 207.009 207.009 207.009 207.009

15% 287.513 287.513 287.513 287.513 287.513 287.513 191.675 287.513 287.513 174.975 0 0 0 287.51310% 7667 7.667 7.667 7.667 7.667 7.667 7.667 7.667 7.667 7.667 0 0 0 0

Nett Value 7.134.144 6.601.287 6.068.431 5.535.574 5.002.718 4.469.861 4.782.842 4.249.986 3.717.129 3.296.810 3.059.133 2.821.456 3.333.779 2.808.590Building 1.502.732 1.472.064 1.441.396 1.410.728 1.380.060 1.349.392 1.318.724 1.288.056 1.257.388 1.226.720 1.196.052 1.165.384 1.134.716 1.104.048Devices 3.933.171 3.726.162 3.519.153 3.312.144 3.105.135 2.898.126 2.691.117 2.484.108 2.277.099 2.070.090 1.863.081 1.656.072 1.449.063 1.242.054Machines 1.629.238 1.341.725 1.054.213 766.700 479.188 191.675 750.000 462.488 174.975 0 0 0 750.000 462.488Intangible goods 69.003 61.336 53.669 46.002 38.335 30.668 23.001 15.334 7.667 0 0 0 0 0

Investment 7.667.000 100% 0 0 750.000 0 750.000Building 1.533.400 20% 0 0 0 0 0 0 0 0 0 0 0 0Devices 4.140.180 54% 0 0 0 0 0 0 0 0 0 0 0 0Machines 1.916.750 25% 0 0 0 0 750.000 0 0 0 0 0 750.000 0Intangible goods 76.670 1% 0 0 0 0 0 0 0 0 0 0 0 0

Interest payment 296.600 296.600 280.891 264.554 247.564 229.894 211.517 192.405 172.528 151.857 130.358 108.000 108.000 108.000Borrowing 7.415.000 2.700.000 2.700.000 2.700.000 2.700.000 2.700.000 2.700.000 2.700.000 2.700.000 2.700.000 2.700.000 2.700.000 2.700.000 2.700.000Repayment 2.700.000 3.092.717 3.108.425 3.124.762 3.141.753 3.159.423 3.177.800 3.196.912 3.216.789 3.237.460 3.258.958 2.700.000 2.700.000 2.700.000Project financing

4,00% Term: 10Loan 4.715.000 4.715.000 4.322.283 3.913.858 3.489.095 3.047.342 2.587.919 2.110.119 1.613.207 1.096.419 558.958 0 0 0Interest payment 188.600 188.600 172.891 156.554 139.564 121.894 103.517 84.405 64.528 43.857 22.358 0 0 0Principal repayment 0 392.717 408.425 424.762 441.753 459.423 477.800 496.912 516.789 537.460 558.958 0 0 0Dept service 188.600 581.317 581.317 581.317 581.317 581.317 581.317 581.317 581.317 581.317 581.317 0 0 0


Table 8. Costs and needed capital (thousand HUF)Development plan Price Own capital Subsidies Bank loan

Drier1000 tons/day 170 000 34 000 20% 68 000 40% 68 000 40%

Silos20000 tons 300 000 60 000 20% 120 000 40% 120 000 40%

Mill300 tons/day 1 000 000 200 000 20% 400 000 40% 400 000 40%

Ethanol plant15000 tons/year 3 000 000 570 000 19% 330 000 11% 2 100 000 70%

Biogas plant 3 MW 700 000 140 000 20% 70 000 10% 490 000 70%Extrudáló üzem 500 kg/h 600 000 120 000 20% 180 000 30% 300 000 50%Oil-press 100 000 20 000 20% 40 000 40% 40 000 40%Additional 600 000 300 000 50% 0 0% 300 000 50%

Pavements Office Scale Labor

Site-II. 500 000 100 000 20% 200 000 40% 200 000 40%

Drier700 tons/days

Silos20000 tons

Reserve 10% 697 000 0 0% 0 697 000 100%Total 7 667 000 1 544 000 20,1% 1 408 000 18,4% 4 715 000 61,5%Sources 7 667 000


© Bio-Corn Ltd projekt plan V2

5.2BalanceTable 9. Balance 2008-2019 (thousand HUF)

BALANCE 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019A. FIXED ASSETS 7 134 144 6 601 287 6 068 431 5 535 574 5 002 718 4 469 861 4 782 842 4 249 986 3 717 129 3 296 810 3 059 133 2 821 456 I. INNTANGIBLE GOODS 69 003 61 336 53 669 46 002 38 335 30 668 23 001 15 334 7 667 0 0 0II. TANGIBLE ASSETS 7 065 141 6 539 951 6 014 762 5 489 572 4 964 383 4 439 193 4 759 841 4 234 652 3 709 462 3 296 810 3 059 133 2 821 456III. INVESTED MONETARY ASSETSB. CURRENT ASSETS 3 670 829 4 248 941 4 824 540 5 397 525 5 967 791 6 535 230 6 334 395 6 895 836 7 454 096 7 991 044 8 495 328 9 577 352I. INVENTORY 2 700 000 2 700 000 2 700 000 2 700 000 2 700 000 2 700 000 2 700 000 2 700 000 2 700 000 2 700 000 2 700 000 2 700 000II. LIABILITIESIII. SECURITIES 0 0 0 0 0 0 0 0 0 0 0 0IV. LIQUID ASSETS 970 829 1 548 941 2 124 540 2 697 525 3 267 791 3 835 230 3 634 395 4 195 836 4 754 096 5 291 044 5 795 328 6 877 352C. ACTIVE ACCRUED AND DEFERRED ASSETS

ASSETS in TOTAL 10 804 972 10 850 228 10 892 97010 933

09910 970

508 11 005 091 11 117 237 11 145 821 11 171 225 11 287 854 11 554 461 12 398 808 D. OWN EQUITY 3 389 972 3 827 945 4 279 113 4 744 003 5 223 166 5 717 172 6 307 118 6 832 614 7 374 807 8 028 895 8 854 461 9 698 808I. ISSUED CAPITAL 300 000 300 000 300 000 300 000 300 000 300 000 300 000 300 000 300 000 300 000 300 000 300 000II. ISSUED BUT UNPAID CAPITALIII. CAPITAL RESERVES 2 652 000 2 652 000 2 652 000 2 652 000 2 652 000 2 652 000 2 652 000 2 652 000 2 652 000 2 652 000 2 652 000 2 652 000IV. ACCUMULATED PROFIT RESERVE 437 972 875 945 1 327 113 1 792 003 2 271 166 2 765 172 3 355 118 3 880 614 4 422 807 5 076 895 5 902 461V. FIXED RESERVESVI. VALUATION RESERVESVII. CONSOLIDATED PROFIT 437 972 437 972 451 168 464 891 479 163 494 006 589 946 525 496 542 193 654 088 825 566 844 347E. PROVISIONS FOR EXPECTED LIABILITIESF. LIABILITIES 7 415 000 7 022 283 6 613 858 6 189 095 5 747 342 5 287 919 4 810 119 4 313 207 3 796 419 3 258 958 2 700 000 2 700 000I. DEFERRED LIABILITIESII. LONG TERM LIABILITIES 4 322 283 3 913 858 3 489 095 3 047 342 2 587 919 2 110 119 1 613 207 1 096 419 558 958 0 0 0II. SHORT TERM LIABILITIES 3 092 717 3 108 425 3 124 762 3 141 753 3 159 423 3 177 800 3 196 912 3 216 789 3 237 460 3 258 958 2 700 000 2 700 000G. PASSIVE ACCRUED AND DEFERRED ITEMS 0

TOTAL EQUITY AND LIABILITIES 10 804 972 10 850 228 10 892 97010 933

09910 970

508 11 005 091 11 117 237 11 145 821 11 171 225 11 287 854 11 554 461 12 398 808



5.3 Profit and Loss StatementTable 10. Profit and Loss Statement 2008-2019 (e Ft)

Profit and Loss Statement 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019I. Net Yield of Sales 4 968 066 4 968 066 4 968 066 4 968 066 4 968 066 4 968 066 4 968 066 4 968 066 4 968 066 4 968 066 4 968 066 4 968 066

Changes in the Private production supplies

Value of private production II. Value of active own production III. Other revenues 82 350 82 350 82 350 82 350 82 350 82 350 82 350 82 350 82 350 82 350 82 350 82 350

Material costs 3 147 271 3 147 271 3 147 271 3 147 271 3 147 271 3 147 271 3 147 271 3 147 271 3 147 271 3 147 271 3 147 271 3 147 271Value of employed services 258 243 258 243 258 243 258 243 258 243 258 243 258 243 258 243 258 243 258 243 258 243 258 243Value of other performances Historic cost of products sold

Value of sold (mediated) services IV. Material investment 3 405 514 3 405 514 3 405 514 3 405 514 3 405 514 3 405 514 3 405 514 3 405 514 3 405 514 3 405 514 3 405 514 3 405 514

Expenditure on wages 219 000 219 000 219 000 219 000 219 000 219 000 219 000 219 000 219 000 219 000 219 000 219 000Other personal expenses Wage contributions 75 050 75 050 75 050 75 050 75 050 75 050 75 050 75 050 75 050 75 050 75 050 75 050

V. Personal expenses 294 050 294 050 294 050 294 050 294 050 294 050 294 050 294 050 294 050 294 050 294 050 294 050VI. Annual Depriciation 532 857 532 857 532 857 532 857 532 857 532 857 437 019 532 857 532 857 420 319 237 677 237 677VII. Sundry A. INCOME FROM OPERATION 817 996 817 996 817 996 817 996 817 996 817 996 913 833 817 996 817 996 930 533 1 113 175 1 113 175



Dividends and shares

Gain on the exchange of shares

Interest and gain on the invested assets Other acquired and interest like

revenues Other income from financial

VIII. Other income of Financial activities 0 0 0 0 0 0 0 0 0 0 0 0

Losses on the exchange of share

Payments and reimbursements 296 600 296 600 280 891 264 554 247 564 229 894 211 517 192 405 172 528 151 857 130 358 108 000

Exchange loss of investments and bank deposits

Other financial expenditures IX. Other financial expenditures 296 600 296 600 280 891 264 554 247 564 229 894 211 517 192 405 172 528 151 857 130 358 108 000B. PROFIT OR LOSS ON FINANCIAL EXPENSES -296 600 -296 600 -280 891 -264 554 -247 564 -229 894 -211 517 -192 405 -172 528 -151 857 -130 358 -108 000C. PROFIT OR LOSS FROM ORDINARY ACTIVITIES 521 396 521 396 537 104 553 441 570 432 588 102 702 316 625 591 645 467 778 677 982 817 1 005 175X. Non-recurring receipts 0 0 0 0 0 0 0 0 0 0 0 0XI. Extraordinary expenses D. Non-recurring receipts 0 0 0 0 0 0 0 0 0 0 0 0E. PBT 521 396 521 396 537 104 553 441 570 432 588 102 702 316 625 591 645 467 778 677 982 817 1 005 175XII. LIABILITY TO PAY TAXES 83 423 83 423 85 937 88 551 91 269 94 096 112 371 100 095 103 275 124 588 157 251 160 828F. PROFIT AFTER TAX 437 972 437 972 451 168 464 891 479 163 494 006 589 946 525 496 542 193 654 088 825 566 844 347

ACCUMULATED PROFIT RESERVE FOR DIVIDENDS

ALLOCATED DIVIDENT 0 0 0 0 0 0 0 0 0 0 0 0G. CONSOLIDATED PROFIT 437 972 437 972 451 168 464 891 479 163 494 006 589 946 525 496 542 193 654 088 825 566 844 347



5.4 Cash-Flow

Table 11. Cash Flow 2008-2019 (thousand HUF)CASH-FLOW 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019Opening monetary stock 2 952 000 970 829 1 548 941 2 124 540 2 697 525 3 267 791 3 835 230 3 634 395 4 195 836 4 754 096 5 291 044 5 795 328 + Net profit 437 972 437 972 451 168 464 891 479 163 494 006 589 946 525 496 542 193 654 088 825 566 844 347 + Depreciation 532 857 532 857 532 857 532 857 532 857 532 857 437 019 532 857 532 857 420 319 237 677 237 677Operation Cash-flow 970 829 970 829 984 024 997 747 1 012 019 1 026 862 1 026 965 1 058 353 1 075 049 1 074 407 1 063 243 1 082 024 - Physical Assets investments -7 667 000 0 0 0 0 0 -750 000 0 0 0 0 0Investment Cash-flow -7 667 000 0 0 0 0 0 -750000 0 0 0 0 0 + Borrowing 7 415 000 2 700 000 2 700 000 2 700 000 2 700 000 2 700 000 2 700 000 2 700 000 2 700 000 2 700 000 2 700 000 2 700 000 - Repayment -2 700 000 -3 092 717 -3 108 425 -3 124 762 -3 141 753 -3 159 423 -3 177 800 -3 196 912 -3 216 789 -3 237 460 -3 258 958 -2 700 000Financing Cash-flow 4 715 000 -392717 -408425 -424762 -441753 -459423 -477800 -496912 -516789 -537460 -558958 0Dividend 0 0 0 0 0 0 0 0 0 0 0 0Cash changes in Total -1 981 171 578 112 575 599 572 985 570 266 567 439 -200 835 561 441 558 261 536 947 504 285 1 082 024Closing Monetary Stock 970 829 1 548 941 2 124 540 2 697 525 3 267 791 3 835 230 3 634 395 4 195 836 4 754 096 5 291 044 5 795 328 6 877 352

5.5Indicators

Table 12. Ratios 2008-2019 (thousand HUF) 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

Total Sales 5 050 416 5 050 416 5 050 416 5 050 416 5 050 416 5 050 416 5 050 416 5 050 416 5 050 416 5 050 416 5 050 416 5 050 416Total Cost 4 529 020 4 529 020 4 513 311 4 496 974 4 479 984 4 462 314 4 348 099 4 424 825 4 404 948 4 271 739 4 067 599 4 045 240Return on sales 8,7% 8,7% 8,9% 9,2% 9,5% 9,8% 11,7% 10,4% 10,7% 13,0% 16,3% 16,7%EBIT 817 996 817 996 817 996 817 996 817 996 817 996 913 833 817 996 817 996 930 533 1 113 175 1 113 175EBITDA 1 350 852 1 350 852 1 350 852 1 350 852 1 350 852 1 350 852 1 350 852 1 350 852 1 350 852 1 350 852 1 350 852 1 350 852ROE 12,9% 11,4% 10,5% 9,8% 9,2% 8,6% 9,4% 7,7% 7,4% 8,1% 9,3% 8,7%Foreign capital rate 69% 65% 61% 57% 52% 48% 43% 39% 34% 29% 23% 22%


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