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.

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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

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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, Monostorplyi 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.

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3 Introducing the Company

3.1 Bio-Corn Ltd.
3.1.1 Mission statement
Bio-Corn Ltd. is a determinant member of the Hungarian cornprocessing 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 BioCorn 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.

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SWOT Analysis
Strength
Raw

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

Opportunities
Full

raw material supply security

in by-products sale
Risk reduction
Locality
Assistance

Weaknesses
Missing

technology know-how
Ethanol market knowledge
Inexperience in biogas production

Threats
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,
kg in BOPP foil,
1 kg papersacks.

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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 (Cornflow 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

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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 szak-Alfld 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

Administration

Secretary

Logistic Dir.

Administration

Production
Dir.

Marketing
Dir.

Administration

Controlling
(3 p)

Finance/
Account
(2 p)

HR
(1 p)

Administration

Integration
(1 p)

Mill
(9 p)

Storage
(4 p)

Oil press
(4 p)

Transport
(6 p)

Biogas
(2 p)

SR/
MM
(4 p)

Ethanol
(13 p)

Extruding
(5 p)

Maintenance
(9 p)

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3.2.2 Technology

Corn

Mill

Ethanol

Bran

Germ

Ethanol plant

Grits

Oil press

Ethanol

Oil byprod.

DGS

Extruding

Oil

Cornflakes

Biogas plant

Heat

Electricity

Fertilizer

MARKET

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3.2.3 Products
1. Table: Product structure
Raw
material
90 000t Germ

Lha (biogz)
Grit
Ethanol flour

9 000t Oil
Cake

1 800t
7 200t Forage
Biogas

3 600t
3 600t

12150t
1350t
25 200m3
28 350t Forage
Biogas

2 835t
25 515t

4 500t
Brewing
13 500t grit
Extruded
63 000t Ethanol
DDGS

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.

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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.

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

Kukorica tzsdei ra
45 000 Ft
40 000 Ft
35 000 Ft
30 000 Ft
25 000 Ft
20 000 Ft
15 000 Ft
10 000 Ft
5 000 Ft

19
90
19 . M
90 rc
.
iu
19 199 Okt s
91 1. be
. S M r
19 ze rci
91 pte us
.D m
ec be
r
19 199 emb
92 2. er
. N J
o liu
19 vem s
19 93. ber
93 M
19 . O jus
94 kt
19 . M ber
94 rc
19 . O ius
95 kt
19 . M ber
95 rc
19 . O ius
96 kt
19 . M ber
96 rc
19 . O ius
97 kt
19 . M ber
97 rc
19 . O ius
98 kt
19 . M ber
98 rc
19 . O ius
99 kt
19 . M ber
99 rc
20 . O ius
20 00 ktb
00 . M er
. N rc
ov iu
e s
20 200 mb
01 1. er
. D M
e ju
20 cem s
20 02. ber
20 03 Jl
03 . M ius
. N rc
ov iu
e s
2
20 00 mb
04 4. er
. D M
ec jus
20 200 emb
05 5. er
. D J
e liu
2 ce s
20 006 mb
06 . J er
De li
c u
20 em s
07 be
J r
liu
s

0 Ft

Kukorica tzsdei ra

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

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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 Gyri 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
#
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
1836

Name
BIO-CORN KF
Gyri szeszgyr Zrt.
Hungrana Zrt.
Magyar Bioenergetika Zrt.
(Mabio)

Sekab

Els Magyar Bioetanol Zrt.

Bio-Tech-Energy Kft.
Rodeport Kft.
United Bio-Fuels Holding
Europe AG

Location

Capacity (t)
Present Planned
Monostorp
25 000
Gyr
5 000
15 000
Szabadegyhza 56 000
148 200
Csabacsd
Bcsalms
Dunaalms
?
?
Mohcs
Marcali
Gny
Kaba
Hajdsmson
Marcali
Fadd-Dombori
Mohcs
Csrg

19 small plants (Ministry of

Agriculture)
Total

90 000
90 000
90 000
90 000
90 000
120 000
120 000
120 000
120 000
300 000
100 000
100 000

Raw material
need (t)
Type
90 000 Corn
20 000 Grain
500 000 Corn
350 000
350 000
350 000
350 000
350 000
375 000
375 000
375 000
375 000
1 000 000
300 000
300 000

Corn
Corn
Corn
Corn
Corn
Corn
Corn
Corn
Corn
Corn
Corn
Corn

80 000
80 000

300 000 Corn

300 000 Corn

10 000
1 778 200

30 000 Corn
4 740 000 Corn
1 320 000 Grain

Source: BBJ, Ministry of Agriculture

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Chart 2. Location of planned bioethanol plants

4.2.3 Food corn market

Domestic customers:
Industrial usage, food industry:
oPharmaceutical companies
oSweet producing companies
obaking industry
For food purposes:
oFood wholase-business
osupermarkets
Forage:
oanimal breeding farms,
oforage producing companies
oforage stores
Competitors
Presently there are seven corn processing plants scattered in Hungary. The biggest one , with
240 tons daily capacity is situated in Bbolna. 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

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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 Hungary

Company Name
IKR Kukoricafeldolgoz Kft.
Cerbona Rt.
Maselis Kft.
Abomill Rt.
Abomill Rt.
Nyrgabona Kft.
Bio-Corn Kft.
Total:

Geographical
location
Bbolna
Szkesfehrvr
Csvharaszt
Tiszafred
Gyula
Tiszavasvri
Monostorplyi
-

Daily nominal corn

processing capacity
240 t.
150 t.
150 t.
100 t.
80 t.
60 t.
100 t.
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 structure

Export
Brewing companies
Extruded corn crisps (Kuki)
Cornflakes
Total

40-50 thousand tons

27-30 thousand tons
5-7 thousand tons
3-4 thousand tons
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.

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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 jfehrt 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
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-oil

Description
Palmitic acid (16:0)
Stearic acid (18:0)
Oleic acid (18:1)
Linoleic acid (18:2)
Linolenic acid (18:3)
Otther fatty acids
Unsaponifiable matter (%)
Tokoferol content (mg/kg)
Point of solidification ( C) -

Corn germ oil

7,0
3,0
45,0
40,0
1,0
4,0
1,3-2,0
800-1200
(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.

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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
(Distillers dried grains with solubles). It is a well accepted and popular forage material in the
USA.
Table 6 DDGS content

Description
Protein, %
Fat, %
NDF, %
DE, (kcal/kg)
ME, (kcal/kg)
Lys, %
Met, %
Thr, %
Trp, %
Ca, %
Available P, %

DDGS
30,6
10,7
43,6
4011
3827
0,83
0,55
1,13
0,24
0,06
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 prices

Period
Peak
Off-peak
Very off-peak

Delivery Price
32,54 Ft/kw
17,56 Ft/kw
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.

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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.Directly
2.Classic: through retail and wholesale
3.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.

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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/m3
Price of Corn: 30 000 HUF/t
Used Energy 800 kw/t
Statistical staff: 72 persons
Interest rate: 4%
The expected payback period of the investment is about 8-10 years.
Table 8. shows the costs and the needed capitals

Confidential

page 19./24.

2007/02/15/

REVENUES - DETAIL

Corn grits
Price (Ft/t)
Quantity (t)
Extruded product price (Ft/t)
Quantity (t)
Oil
Price (Ft/t)
Quantity (t)
Biogas
Price (Ft/Mw)
Quantity (t)
Ethanol
Quantity (m3)
Price (Ft/l)

Other Income
DGS
Price(Ft/t)
Quantity (t)
Oilcake
Price(Ft/t)
Quantity (t)

Raw material (t)

Biogas formation (m3/t)

Energy content (kw/m3)
Biogas plant Input (t)
Bran (biogas)
Cake
DGS
Fertilizer
Cornstalk

2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
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
4.968.066
846.450.000 Ft
846.450.000 846.450.000 846.450.000 846.450.000 846.450.000 846.450.000 846.450.000 846.450.000 846.450.000 846.450.000 846.450.000 846.450.000 846.450.000
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
53.000
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
12.150
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
150.000
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
180.000.000 Ft 180.000.000 Ft 180.000.000 180.000.000 180.000.000 180.000.000 180.000.000 180.000.000 180.000.000 180.000.000 180.000.000 180.000.000 180.000.000 180.000.000
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
100.000
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
485.615.592 Ft 485.615.592 Ft 485.615.592 485.615.592 485.615.592 485.615.592 485.615.592 485.615.592 485.615.592 485.615.592 485.615.592 485.615.592 485.615.592 485.615.592
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
22.000
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
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 3.402.000.000
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
25.200
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

82.350
28.350.000
10.000 Ft
2.835
54.000.000 Ft
15.000 Ft
3.600

82.350
28.350.000
10.000 Ft
2.835
54.000.000 Ft
15.000 Ft
3.600

90.000 Germ (t)

82.350
28.350.000
10.000 Ft
2.835
54.000.000
15.000
3.600

10%

Bran (biogas)
Grits

5%
15%

Ethanol flour

70%

280
5,5
39.815 Biogas (m3)
4.500
3.600 Fertilizer (t)
25.515
6.200
0

82.350
28.350.000
10.000 Ft
2.835
54.000.000
15.000
3.600

82.350
28.350.000
10.000 Ft
2.835
54.000.000
15.000
3.600

82.350
28.350.000
10.000 Ft
2.835
54.000.000
15.000
3.600

82.350
28.350.000
10.000 Ft
2.835
54.000.000
15.000
3.600

82.350
28.350.000
10.000 Ft
2.835
54.000.000
15.000
3.600

82.350
28.350.000
10.000 Ft
2.835
54.000.000
15.000
3.600

82.350
28.350.000
10.000 Ft
2.835
54.000.000
15.000
3.600

9.000 Oil
Cake

20%
80%

1.800
7.200 Forage
Biogas

50%
50%

3.600
3.600

4.500
13500 Corn grits
Extruded
63000 Ethanol (m3)
DGS

90%
10%
32%
45%

12150
1350
25200
28350 Forage
Biogas

10%
90%

2.835
25.515

11.148.200 Electricity (kw

Heat (kw)
27.871

36%
44%

22.073.436
26.978.644

82.350
28.350.000
10.000 Ft
2.835
54.000.000
15.000
3.600

82.350
28.350.000
10.000 Ft
2.835
54.000.000
15.000
3.600

82.350
28.350.000
10.000 Ft
2.835
54.000.000
15.000
3.600

82.350
28.350.000
10.000 Ft
2.835
54.000.000
15.000
3.600

Material Cost (e Ft)

Row material
Price (ft/t)
Quantity (t)
Water l
Price (ft/l)
need (water l/corn t)
Energy
Energy cost ft/t
Energiy price (ft/kw)
need(kw/t)
Own production (kw/t)
Corn-stalk
Price (Ft/t)
Marketing
Servicing

Overheads
Transport
Price (Ft/km)
Corn distance (km)
Fertilizer (km)
Quantity (t)
Corn-stlk (km)
Quantity (t)
Fertilizer (km)
Quantity (t)
Ethanol (km)
Quantity (t)
Oil (km)
Quantity (t)
Corn grits (km)
Quantity (t)
Extruded prod. (km)
Quantity (t)
DGS (km)
Quantity (t)
Oil cake (km)
Quantity (t)
Cost of management

Wages/labor
President
Chief executive officer
Logistic director
Production director
Marketing director
Trader
HR
Financial administrator
Controlling/Quality assurance
Administrator
Corn growing consultant
Quartermaster
Quayside worker
Transporter
Head miller
Miller
Picker
Packer
Oil press leader
Oil press worker
Ethanol plant leader
Still master
worker
Extruding plant leader
Engineer
Packer
Senior repairer engineer
Engine fitter
Machinist
Electrician
Payroll Taxes

2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
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
3.147.271
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
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 Ft
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
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
22.680.000
0
0
0
0
0
0
0
0
0
0
0
0
0
0
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
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
244.590.800
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
2.718
10
10
10
10
10
10
10
10
10
10
10
10
10
10
700
700
700
700
700
700
700
700
700
700
700
700
700
700
428
428
428
428
428
428
428
428
428
428
428
428
428
428
0
0
0
0
0
0
0
0
0
0
0
0
0
0
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
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
100.000.000
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
80.000.000

258.243
222.242.750
200 Ft
100
20
6.200
100
0
50
27.871
200
25.200
0
1.800
500
12.150
200
1.350
50
2.835
50
3.600
36.000.000 Ft

258.243
222.242.750
200 Ft
100
20
6.200
100
0
50
27.871
200
25.200
0
1.800
500
12.150
200
1.350
50
2.835
50
3.600
36.000.000 Ft

258.243
222.242.750 Ft
200 Ft
100
20
6.200
100
0
50
27.871
200
25.200
0
1.800
500
12.150
200
1.350
50
2.835
50
3.600
36.000.000 Ft

258.243
222.242.750
200 Ft
100
20
6.200
100
0
50
27.871
200
25.200
0
1.800
500
12.150
200
1.350
50
2.835
50
3.600
36.000.000 Ft

258.243
222.242.750
200 Ft
100
20
6.200
100
0
50
27.871
200
25.200
0
1.800
500
12.150
200
1.350
50
2.835
50
3.600
36.000.000 Ft

258.243
222.242.750
200 Ft
100
20
6.200
100
0
50
27.871
200
25.200
0
1.800
500
12.150
200
1.350
50
2.835
50
3.600
36.000.000 Ft

258.243
222.242.750
200 Ft
100
20
6.200
100
0
50
27.871
200
25.200
0
1.800
500
12.150
200
1.350
50
2.835
50
3.600
36.000.000 Ft

258.243
222.242.750
200 Ft
100
20
6.200
100
0
50
27.871
200
25.200
0
1.800
500
12.150
200
1.350
50
2.835
50
3.600
36.000.000 Ft

258.243
222.242.750
200 Ft
100
20
6.200
100
0
50
27.871
200
25.200
0
1.800
500
12.150
200
1.350
50
2.835
50
3.600
36.000.000 Ft

258.243
222.242.750
200 Ft
100
20
6.200
100
0
50
27.871
200
25.200
0
1.800
500
12.150
200
1.350
50
2.835
50
3.600
36.000.000 Ft

258.243
222.242.750
200 Ft
100
20
6.200
100
0
50
27.871
200
25.200
0
1.800
500
12.150
200
1.350
50
2.835
50
3.600
36.000.000 Ft

258.243
222.242.750
200 Ft
100
20
6.200
100
0
50
27.871
200
25.200
0
1.800
500
12.150
200
1.350
50
2.835
50
3.600
36.000.000 Ft

258.243
222.242.750
200 Ft
100
20
6.200
100
0
50
27.871
200
25.200
0
1.800
500
12.150
200
1.350
50
2.835
50
3.600
36.000.000 Ft

258.243
222.242.750
200 Ft
100
20
6.200
100
0
50
27.871
200
25.200
0
1.800
500
12.150
200
1.350
50
2.835
50
3.600
36.000.000 Ft

219.000
13200000
10800000
7200000
7200000
7200000
19200000
4800000
6000000
9000000
14400000
4800000
3000000
5400000
14400000
3600000
7200000
5400000
3600000
3600000
5400000
3600000
9600000
14400000
3600000
4800000
3600000
4800000
7200000
7200000
4800000

219.000
13200000
10800000
7200000
7200000
7200000
19200000
4800000
6000000
9000000
14400000
4800000
3000000
5400000
14400000
3600000
7200000
5400000
3600000
3600000
5400000
3600000
9600000
14400000
3600000
4800000
3600000
4800000
7200000
7200000
4800000

219.000
13200000
10800000
7200000
7200000
7200000
19200000
4800000
6000000
9000000
14400000
4800000
3000000
5400000
14400000
3600000
7200000
5400000
3600000
3600000
5400000
3600000
9600000
14400000
3600000
4800000
3600000
4800000
7200000
7200000
4800000

219.000
13200000
10800000
7200000
7200000
7200000
19200000
4800000
6000000
9000000
14400000
4800000
3000000
5400000
14400000
3600000
7200000
5400000
3600000
3600000
5400000
3600000
9600000
14400000
3600000
4800000
3600000
4800000
7200000
7200000
4800000

219.000
13200000
10800000
7200000
7200000
7200000
19200000
4800000
6000000
9000000
14400000
4800000
3000000
5400000
14400000
3600000
7200000
5400000
3600000
3600000
5400000
3600000
9600000
14400000
3600000
4800000
3600000
4800000
7200000
7200000
4800000

219.000
13200000
10800000
7200000
7200000
7200000
19200000
4800000
6000000
9000000
14400000
4800000
3000000
5400000
14400000
3600000
7200000
5400000
3600000
3600000
5400000
3600000
9600000
14400000
3600000
4800000
3600000
4800000
7200000
7200000
4800000

219.000
13200000
10800000
7200000
7200000
7200000
19200000
4800000
6000000
9000000
14400000
4800000
3000000
5400000
14400000
3600000
7200000
5400000
3600000
3600000
5400000
3600000
9600000
14400000
3600000
4800000
3600000
4800000
7200000
7200000
4800000

219.000
13200000
10800000
7200000
7200000
7200000
19200000
4800000
6000000
9000000
14400000
4800000
3000000
5400000
14400000
3600000
7200000
5400000
3600000
3600000
5400000
3600000
9600000
14400000
3600000
4800000
3600000
4800000
7200000
7200000
4800000

219.000
13200000
10800000
7200000
7200000
7200000
19200000
4800000
6000000
9000000
14400000
4800000
3000000
5400000
14400000
3600000
7200000
5400000
3600000
3600000
5400000
3600000
9600000
14400000
3600000
4800000
3600000
4800000
7200000
7200000
4800000

219.000
13200000
10800000
7200000
7200000
7200000
19200000
4800000
6000000
9000000
14400000
4800000
3000000
5400000
14400000
3600000
7200000
5400000
3600000
3600000
5400000
3600000
9600000
14400000
3600000
4800000
3600000
4800000
7200000
7200000
4800000

219.000
13200000
10800000
7200000
7200000
7200000
19200000
4800000
6000000
9000000
14400000
4800000
3000000
5400000
14400000
3600000
7200000
5400000
3600000
3600000
5400000
3600000
9600000
14400000
3600000
4800000
3600000
4800000
7200000
7200000
4800000

219.000
13200000
10800000
7200000
7200000
7200000
19200000
4800000
6000000
9000000
14400000
4800000
3000000
5400000
14400000
3600000
7200000
5400000
3600000
3600000
5400000
3600000
9600000
14400000
3600000
4800000
3600000
4800000
7200000
7200000
4800000

219.000
13200000
10800000
7200000
7200000
7200000
19200000
4800000
6000000
9000000
14400000
4800000
3000000
5400000
14400000
3600000
7200000
5400000
3600000
3600000
5400000
3600000
9600000
14400000
3600000
4800000
3600000
4800000
7200000
7200000
4800000

219.000
13200000
10800000
7200000
7200000
7200000
19200000
4800000
6000000
9000000
14400000
4800000
3000000
5400000
14400000
3600000
7200000
5400000
3600000
3600000
5400000
3600000
9600000
14400000
3600000
4800000
3600000
4800000
7200000
7200000
4800000

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
2%
5%
15%
10%
Nett Value
Building
Devices
Machines
Intangible goods
Investment
Building
Devices
Machines
Intangible goods
Interest payment
Borrowing
Repayment
Project financing
4,00%
Loan
Interest payment
Principal repayment
Dept service

532.857
30.668
207.009
287.513
7667

532.857
30.668
207.009
287.513
7.667

532.857
30.668
207.009
287.513
7.667

532.857
30.668
207.009
287.513
7.667

532.857
30.668
207.009
287.513
7.667

532.857
30.668
207.009
287.513
7.667

437.019
30.668
207.009
191.675
7.667

532.857
30.668
207.009
287.513
7.667

532.857
30.668
207.009
287.513
7.667

420.319
30.668
207.009
174.975
7.667

237.677
30.668
207.009
0
0

237.677
30.668
207.009
0
0

237.677
30.668
207.009
0
0

525.190
30.668
207.009
287.513
0

7.134.144
1.502.732
3.933.171
1.629.238
69.003

6.601.287
1.472.064
3.726.162
1.341.725
61.336

6.068.431
1.441.396
3.519.153
1.054.213
53.669

5.535.574
1.410.728
3.312.144
766.700
46.002

5.002.718
1.380.060
3.105.135
479.188
38.335

4.469.861
1.349.392
2.898.126
191.675
30.668

4.782.842
1.318.724
2.691.117
750.000
23.001

4.249.986
1.288.056
2.484.108
462.488
15.334

3.717.129
1.257.388
2.277.099
174.975
7.667

3.296.810
1.226.720
2.070.090
0
0

3.059.133
1.196.052
1.863.081
0
0

2.821.456
1.165.384
1.656.072
0
0

3.333.779
1.134.716
1.449.063
750.000
0

2.808.590
1.104.048
1.242.054
462.488
0

7.667.000
1.533.400
4.140.180
1.916.750
76.670

100%
20%
54%
25%
1%

0
0
0
0
0

0
0
0
0

0
0
0
0

0
0
0
0
0

750.000
0
0
750.000
0

0
0
0
0

0
0
0
0

0
0
0
0

0
0
0
0

0
0
0
0
0

750.000
0
0
750.000
0

0
0
0
0

296.600
7.415.000
2.700.000

296.600
2.700.000
3.092.717

280.891
2.700.000
3.108.425

264.554
2.700.000
3.124.762

247.564
2.700.000
3.141.753

229.894
2.700.000
3.159.423

211.517
2.700.000
3.177.800

192.405
2.700.000
3.196.912

172.528
2.700.000
3.216.789

151.857
2.700.000
3.237.460

130.358
2.700.000
3.258.958

108.000
2.700.000
2.700.000

108.000
2.700.000
2.700.000

108.000
2.700.000
2.700.000

4.715.000
188.600
0
188.600

10
4.715.000
188.600
392.717
581.317

4.322.283
172.891
408.425
581.317

3.913.858
156.554
424.762
581.317

3.489.095
139.564
441.753
581.317

3.047.342
121.894
459.423
581.317

2.587.919
103.517
477.800
581.317

2.110.119
84.405
496.912
581.317

1.613.207
64.528
516.789
581.317

1.096.419
43.857
537.460
581.317

558.958
22.358
558.958
581.317

0
0
0
0

0
0
0
0

0
0
0
0

Term:

 Bio-Corn Ltd.

Project plan V2_2

Table 8. Costs and needed capital (thousand HUF)

Development plan
Price
Own capital
1000
Drier
tons/day
170 000
34 000
20%
20000
Silos
tons
300 000
60 000
20%
300
Mill
tons/day
1 000 000
200 000
20%
15000
Ethanol plant
tons/year 3 000 000
570 000
19%
Biogas plant
3 MW
700 000
140 000
20%
Extrudl zem 500 kg/h
600 000
120 000
20%
Oil-press
100 000
20 000
20%
Additional
600 000
300 000
50%
Pavements
Office
Scale
Labor
Site-II.
500 000
100 000
20%
700
Drier
tons/days
20000
Silos
tons
Reserve
10%
697 000
0
0%
Total
7 667 000
1 544 000 20,1%
Sources
7 667 000

Confidential

page 20./24.

Subsidies

Bank loan

68 000

40%

68 000

40%

120 000

40%

120 000

40%

400 000

40%

400 000

40%

330 000
70 000
180 000
40 000
0

11%
10%
30%
40%
0%

2 100 000
490 000
300 000
40 000
300 000

70%
70%
50%
40%
50%

200 000

40%

200 000

40%

0
1 408 000

18,4%

697 000
4 715 000

100%
61,5%

2007/02/15/

 Bio-Corn Ltd

projekt plan V2

5.2Balance
Table 9. Balance 2008-2019 (thousand HUF)
BALANCE
A. FIXED ASSETS
I. INNTANGIBLE GOODS
II. TANGIBLE ASSETS
III. INVESTED MONETARY
ASSETS
B. CURRENT ASSETS
I. INVENTORY
II. LIABILITIES
III. SECURITIES
IV. LIQUID ASSETS
C. ACTIVE ACCRUED AND
DEFERRED ASSETS
ASSETS in TOTAL
D. OWN EQUITY
I. ISSUED CAPITAL
II. ISSUED BUT UNPAID CAPITAL
III. CAPITAL RESERVES
IV. ACCUMULATED PROFIT
RESERVE
V. FIXED RESERVES
VI. VALUATION RESERVES
VII. CONSOLIDATED PROFIT
E. PROVISIONS FOR EXPECTED
LIABILITIES
F. LIABILITIES
I. DEFERRED LIABILITIES
II. LONG TERM LIABILITIES
II. SHORT TERM LIABILITIES
G. PASSIVE ACCRUED AND
DEFERRED ITEMS
TOTAL EQUITY AND LIABILITIES

2008
7 134 144
69 003
7 065 141

2009
6 601 287
61 336
6 539 951

2010
6 068 431
53 669
6 014 762

2011
5 535 574
46 002
5 489 572

2012
5 002 718
38 335
4 964 383

2013
4 469 861
30 668
4 439 193

2014
4 782 842
23 001
4 759 841

2015
4 249 986
15 334
4 234 652

2016
3 717 129
7 667
3 709 462

2017
3 296 810
0
3 296 810

2018
3 059 133
0
3 059 133

2019
2 821 456
0
2 821 456

3 670 829
2 700 000

4 248 941
2 700 000

4 824 540
2 700 000

5 397 525
2 700 000

5 967 791
2 700 000

6 535 230
2 700 000

6 334 395
2 700 000

6 895 836
2 700 000

7 454 096
2 700 000

7 991 044
2 700 000

8 495 328
2 700 000

9 577 352
2 700 000

0
970 829

0
1 548 941

0
2 124 540

0
2 697 525

0
3 267 791

0
3 835 230

0
3 634 395

0
4 195 836

0
4 754 096

0
5 291 044

0
5 795 328

0
6 877 352

10 804 972 10 850 228 10 892 970

10 933
099

10 970
508 11 005 091 11 117 237 11 145 821 11 171 225 11 287 854 11 554 461

12 398 808

3 389 972
300 000

3 827 945
300 000

4 279 113
300 000

4 744 003
300 000

5 223 166
300 000

5 717 172
300 000

6 307 118
300 000

6 832 614
300 000

7 374 807
300 000

8 028 895
300 000

8 854 461
300 000

9 698 808
300 000

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

2 652 000

2 652 000

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

5 902 461

437 972

437 972

451 168

464 891

479 163

494 006

589 946

525 496

542 193

654 088

825 566

844 347

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

2 700 000

4 322 283
3 092 717

3 913 858
3 108 425

3 489 095
3 124 762

3 047 342
3 141 753

2 587 919
3 159 423

2 110 119
3 177 800

1 613 207
3 196 912

1 096 419
3 216 789

558 958
3 237 460

0
3 258 958

0
2 700 000

0
2 700 000

10 804 972 10 850 228 10 892 970

10 933
099

10 970
508 11 005 091 11 117 237 11 145 821 11 171 225 11 287 854 11 554 461

12 398 808

Confidential

page 21./24.

2007/02/15/

 Bio-Corn Ltd

projekt plan V2

5.3 Profit and Loss Statement

Table 10. Profit and Loss Statement 2008-2019 (e Ft)
Profit and Loss Statement
I. Net Yield of Sales
Changes in the Private production
supplies
Value of private production
II. Value of active own production
III. Other revenues
Material costs
Value of employed services
Value of other performances
Historic cost of products sold
Value of sold (mediated) services
IV. Material investment
Expenditure on wages
Other personal expenses
Wage contributions
V. Personal expenses
VI. Annual Depriciation
VII. Sundry
A. INCOME FROM OPERATION

2008
4 968 066

2009
4 968 066

2010
4 968 066

2011
4 968 066

2012
4 968 066

2013
4 968 066

2014
4 968 066

2015
4 968 066

2016
4 968 066

2017
4 968 066

2018
4 968 066

2019
4 968 066

82 350
3 147 271
258 243

82 350
3 147 271
258 243

82 350
3 147 271
258 243

82 350
3 147 271
258 243

82 350
3 147 271
258 243

82 350
3 147 271
258 243

82 350
3 147 271
258 243

82 350
3 147 271
258 243

82 350
3 147 271
258 243

82 350
3 147 271
258 243

82 350
3 147 271
258 243

82 350
3 147 271
258 243

3 405 514
219 000

3 405 514
219 000

3 405 514
219 000

3 405 514
219 000

3 405 514
219 000

3 405 514
219 000

3 405 514
219 000

3 405 514
219 000

3 405 514
219 000

3 405 514
219 000

3 405 514
219 000

3 405 514
219 000

75 050
294 050
532 857

75 050
294 050
532 857

75 050
294 050
532 857

75 050
294 050
532 857

75 050
294 050
532 857

75 050
294 050
532 857

75 050
294 050
437 019

75 050
294 050
532 857

75 050
294 050
532 857

75 050
294 050
420 319

75 050
294 050
237 677

75 050
294 050
237 677

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

Confidential

page 22./24.

2007/02/15/

 Bio-Corn Ltd

projekt plan V2

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

296 600

296 600

280 891

264 554

247 564

229 894

211 517

192 405

172 528

151 857

130 358

108 000

296 600

296 600

280 891

264 554

247 564

229 894

211 517

192 405

172 528

151 857

130 358

108 000

-296 600

-296 600

-280 891

-264 554

-247 564

-229 894

-211 517

-192 405

-172 528

-151 857

-130 358

-108 000

521 396
0

521 396
0

537 104
0

553 441
0

570 432
0

588 102
0

702 316
0

625 591
0

645 467
0

778 677
0

982 817
0

1 005 175
0

0
521 396
83 423
437 972

0
521 396
83 423
437 972

0
537 104
85 937
451 168

0
553 441
88 551
464 891

0
570 432
91 269
479 163

0
588 102
94 096
494 006

0
702 316
112 371
589 946

0
625 591
100 095
525 496

0
645 467
103 275
542 193

0
778 677
124 588
654 088

0
982 817
157 251
825 566

0
1 005 175
160 828
844 347

0
437 972

0
437 972

0
451 168

0
464 891

0
479 163

0
494 006

0
589 946

0
525 496

0
542 193

0
654 088

0
825 566

0
844 347

Losses on the exchange of share

Payments and reimbursements
Exchange loss of investments and bank
deposits
Other financial expenditures
IX. Other financial expenditures
B. PROFIT OR LOSS ON FINANCIAL
EXPENSES
C. PROFIT OR LOSS FROM
ORDINARY ACTIVITIES
X. Non-recurring receipts
XI. Extraordinary expenses
D. Non-recurring receipts
E. PBT
XII. LIABILITY TO PAY TAXES
F. PROFIT AFTER TAX
ACCUMULATED PROFIT RESERVE
FOR DIVIDENDS
ALLOCATED DIVIDENT
G. CONSOLIDATED PROFIT

Confidential

page 23./24.

2007/02/15/

 Bio-Corn Ltd

projekt plan V2

5.4 Cash-Flow
Table 11. Cash Flow 2008-2019 (thousand HUF)
CASH-FLOW
Opening monetary stock
+ Net profit
+ Depreciation
Operation Cash-flow
- Physical Assets investments
Investment Cash-flow
+ Borrowing
- Repayment
Financing Cash-flow
Dividend
Cash changes in Total
Closing Monetary Stock

2008
2009
2010
2 952 000
970 829 1 548 941
437 972
437 972
451 168
532 857
532 857
532 857
970 829
970 829
984 024
-7 667 000
0
0
-7 667 000
0
0
7 415 000 2 700 000 2 700 000
-2 700 000 -3 092 717 -3 108 425
4 715 000
-392717
-408425
0
0
0
-1 981 171
578 112
575 599
970 829 1 548 941 2 124 540

2011
2 124 540
464 891
532 857
997 747
0
0
2 700 000
-3 124 762
-424762
0
572 985
2 697 525

2012
2 697 525
479 163
532 857
1 012 019
0
0
2 700 000
-3 141 753
-441753
0
570 266
3 267 791

2013
3 267 791
494 006
532 857
1 026 862
0
0
2 700 000
-3 159 423
-459423
0
567 439
3 835 230

2014
3 835 230
589 946
437 019
1 026 965
-750 000
-750000
2 700 000
-3 177 800
-477800
0
-200 835
3 634 395

2015
3 634 395
525 496
532 857
1 058 353
0
0
2 700 000
-3 196 912
-496912
0
561 441
4 195 836

2016
4 195 836
542 193
532 857
1 075 049
0
0
2 700 000
-3 216 789
-516789
0
558 261
4 754 096

2011

2012

2013

2014

2015

2016

2017
4 754 096
654 088
420 319
1 074 407
0
0
2 700 000
-3 237 460
-537460
0
536 947
5 291 044

2018
5 291 044
825 566
237 677
1 063 243
0
0
2 700 000
-3 258 958
-558958
0
504 285
5 795 328

2019
5 795 328
844 347
237 677
1 082 024
0
0
2 700 000
-2 700 000
0
0
1 082 024
6 877 352

5.5Indicators
Table 12. Ratios 2008-2019 (thousand HUF)
2008
Total Sales
Total Cost
Return on sales
EBIT
EBITDA
ROE
Foreign capital rate

5 050 416
4 529 020
8,7%
817 996
1 350 852
12,9%
69%

2009
5 050 416
4 529 020
8,7%
817 996
1 350 852
11,4%
65%

Confidential

2010
5 050 416
4 513 311
8,9%
817 996
1 350 852
10,5%
61%

5 050 416
4 496 974
9,2%
817 996
1 350 852
9,8%
57%

5 050 416
4 479 984
9,5%
817 996
1 350 852
9,2%
52%

page 24./24.

5 050 416
4 462 314
9,8%
817 996
1 350 852
8,6%
48%

5 050 416
4 348 099
11,7%
913 833
1 350 852
9,4%
43%

5 050 416
4 424 825
10,4%
817 996
1 350 852
7,7%
39%

5 050 416
4 404 948
10,7%
817 996
1 350 852
7,4%
34%

2007/02/15/

2017
5 050 416
4 271 739
13,0%
930 533
1 350 852
8,1%
29%

2018
5 050 416
4 067 599
16,3%
1 113 175
1 350 852
9,3%
23%

2019
5 050 416
4 045 240
16,7%
1 113 175
1 350 852
8,7%
22%