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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© Bio-Corn Ltd. Project plan V2_2

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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© Bio-Corn Ltd. Project plan V2_2

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.

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© Bio-Corn Ltd. Project plan V2_2

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.

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SWOT Analysis
Strength Opportunities
●Raw material integration ●Fullraw material supply security
●Knowledge on the area ●Assistance in by-products sale
●Good connections with the local ●Risk reduction
authorities ●Locality
●Audit, quality control
●Project management knowledge

Weaknesses Threats
●Missing technology know-how ●Spreadingof technology
●Ethanol market knowledge ●Too much ethanol
●Inexperience in biogas production ●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.

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© Bio-Corn Ltd. Project plan V2_2

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

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© Bio-Corn Ltd. Project plan V2_2

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

Secretary Administ-
ration

Logistic Dir. Production Marketing Controlling Finance/ HR

Dir. Dir. (3 p) Account (1 p)
(2 p)

Administ- Administ- Administ-

ration ration ration

Integration Mill SR/

(1 p) (9 p) MM
(4 p)

Storage Oil press

(4 p) (4 p)

Transport Biogas
(6 p) (2 p)

Ethanol
(13 p)

Extruding
(5 p)

Maintenance
(9 p)

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© Bio-Corn Ltd. Project plan V2_2

3.2.2 Technology

Corn

Mill

Ethanol Bran Germ Grits

Ethanol plant Oil press Extruding

Ethanol DGS Oil byprod. Oil Cornflakes

Biogas plant

Heat Electricity Fertilizer

MARKET

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© Bio-Corn Ltd. Project plan V2_2

3.2.3 Products

1. Table: Product structure

Raw
material 90 000t Germ 9 000t Oil 1 800t
Cake 7 200t Forage 3 600t
Biogas 3 600t
Léha (biogáz) 4 500t
Brewing
Grit 13 500t 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.

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© Bio-Corn Ltd. Project plan V2_2

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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© Bio-Corn Ltd. Project plan V2_2

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

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© Bio-Corn Ltd. Project plan V2_2

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

Raw material
# Name Location Capacity (t) need (t) Type
Present Planned
1 BIO-CORN KF Monostorpá 25 000 90 000 Corn
2 Győri szeszgyár Zrt. Győr 5 000 15 000 20 000 Grain
3 Hungrana Zrt. Szabadegyháza 56 000 148 200 500 000 Corn
Magyar Bioenergetika Zrt.
4 (Mabio) Csabacsűd 90 000 350 000 Corn
5 Bácsalmás 90 000 350 000 Corn
6 Dunaalmás 90 000 350 000 Corn
7 ? 90 000 350 000 Corn
8 ? 90 000 350 000 Corn
9 Sekab Mohács 120 000 375 000 Corn
10 Marcali 120 000 375 000 Corn
11 Gönyü 120 000 375 000 Corn
12 Első Magyar Bioetanol Zrt. Kaba 120 000 375 000 Corn
13 Bio-Tech-Energy Kft. Hajdúsámson 300 000 1 000 000 Corn
14 Marcali 100 000 300 000 Corn
15 Rodeport Kft. Fadd-Dombori 100 000 300 000 Corn
United Bio-Fuels Holding
16 Europe AG Mohács 80 000 300 000 Corn
17 Csúrgó 80 000 300 000 Corn
18- 19 small plants (Ministry of
36 Agriculture) 10 000 30 000 Corn
Total 1 778 200 4 740 000 Corn
1 320 000 Grain

1
Source: BBJ, Ministry of Agriculture

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© Bio-Corn Ltd. Project plan V2_2

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 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

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© Bio-Corn Ltd. Project plan V2_2

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 Geographical Daily nominal corn
location 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 structure

Export 40-50 thousand tons
Brewing companies 27-30 thousand tons
Extruded corn crisps (“Kuki”) 5-7 thousand tons
Cornflakes 3-4 thousand tons
Total 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 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-oil

Description Corn germ oil
Palmitic acid (16:0) 7,0
Stearic acid (18:0) 3,0
Oleic acid (18:1) 45,0
Linoleic acid (18:2) 40,0
Linolenic acid (18:3) 1,0
Otther fatty acids 4,0
Unsaponifiable matter (%) 1,3-2,0
Tokoferol content (mg/kg) 800-1200
Point 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.

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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
(Distiller’s dried grains with solubles). It is a well accepted and popular forage material in the
USA.

Table 6 DDGS content

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

Period Delivery Price
Peak 32,54 Ft/kw
Off-peak 17,56 Ft/kw
Very 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.

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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

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REVENUES - DETAIL

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
Corn grits 846.450.000 Ft 846.450.000 846.450.000 846.450.000 846.450.000 846.450.000 846.450.000 846.450.000 846.450.000 846.450.000 846.450.000 846.450.000 846.450.000 846.450.000
Price (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 53.000
Quantity (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 12.150
Extruded product price (Ft/t) 150.000 Ft 150.000 Ft 150.000 150.000 150.000 150.000 150.000 150.000 150.000 150.000 150.000 150.000 150.000 150.000
Quantity (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 180.000.000 180.000.000 180.000.000 180.000.000 180.000.000 180.000.000 180.000.000 180.000.000 180.000.000 180.000.000 180.000.000 180.000.000
Price (Ft/t) 100.000 Ft 100.000 Ft 100.000 100.000 100.000 100.000 100.000 100.000 100.000 100.000 100.000 100.000 100.000 100.000
Quantity (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 485.615.592 485.615.592 485.615.592 485.615.592 485.615.592 485.615.592 485.615.592 485.615.592 485.615.592 485.615.592 485.615.592 485.615.592
Price (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 22.000
Quantity (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 3.402.000.000
Quantity (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 25.200
Price (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 82.350
DGS 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 Ft
Quantity (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 54.000.000
Price(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 15.000
Quantity (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% 1.800
Cake 80% 7.200 Forage 50% 3.600
Biogas 50% 3.600
Bran (biogas) 5% 4.500
Grits 15% 13500 Corn grits 90% 12150
Extruded 10% 1350
Ethanol flour 70% 63000 Ethanol (m3) 32% 25200
DGS 45% 28350 Forage 10% 2.835
Biogas 90% 25.515

Biogas formation (m3/t) 280

Energy 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% 26.978.644
Cake 3.600 Fertilizer (t) 27.871
DGS 25.515
Fertilizer 6.200
Cornstalk 0
 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Material 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 3.147.271
Row 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 Ft
Quantity (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 22.680.000
Price (ft/l) 0 0 0 0 0 0 0 0 0 0 0 0 0 0
need (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 244.590.800 244.590.800 244.590.800 244.590.800 244.590.800 244.590.800 244.590.800 244.590.800 244.590.800 244.590.800 244.590.800 244.590.800 244.590.800 244.590.800
Energy 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 2.718
Energiy price (ft/kw) 10 10 10 10 10 10 10 10 10 10 10 10 10 10
need(kw/t) 700 700 700 700 700 700 700 700 700 700 700 700 700 700
Own 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 0
Price (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 100.000.000 100.000.000 100.000.000 100.000.000 100.000.000 100.000.000 100.000.000 100.000.000 100.000.000 100.000.000 100.000.000 100.000.000 100.000.000 100.000.000
Servicing 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 258.243 258.243 258.243 258.243 258.243 258.243 258.243 258.243 258.243 258.243 258.243 258.243 258.243 258.243
Transport 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 Ft
Corn distance (km) 100 100 100 100 100 100 100 100 100 100 100 100 100 100
Fertilizer (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 6.200
Corn-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 0
Fertilizer (km) 50 50 50 50 50 50 50 50 50 50 50 50 50 50
Quantity (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 27.871
Ethanol (km) 200 200 200 200 200 200 200 200 200 200 200 200 200 200
Quantity (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 25.200
Oil (km) 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Quantity (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
Corn grits (km) 500 500 500 500 500 500 500 500 500 500 500 500 500 500
Quantity (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 12.150
Extruded prod. (km) 200 200 200 200 200 200 200 200 200 200 200 200 200 200
Quantity (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 1.350
DGS (km) 50 50 50 50 50 50 50 50 50 50 50 50 50 50
Quantity (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
Oil cake (km) 50 50 50 50 50 50 50 50 50 50 50 50 50 50
Quantity (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 219.000 219.000 219.000 219.000 219.000 219.000 219.000 219.000 219.000 219.000 219.000 219.000 219.000 219.000
President 13200000 13200000 13200000 13200000 13200000 13200000 13200000 13200000 13200000 13200000 13200000 13200000 13200000 13200000
Chief executive officer 10800000 10800000 10800000 10800000 10800000 10800000 10800000 10800000 10800000 10800000 10800000 10800000 10800000 10800000
Logistic director 7200000 7200000 7200000 7200000 7200000 7200000 7200000 7200000 7200000 7200000 7200000 7200000 7200000 7200000
Production director 7200000 7200000 7200000 7200000 7200000 7200000 7200000 7200000 7200000 7200000 7200000 7200000 7200000 7200000
Marketing director 7200000 7200000 7200000 7200000 7200000 7200000 7200000 7200000 7200000 7200000 7200000 7200000 7200000 7200000
Trader 19200000 19200000 19200000 19200000 19200000 19200000 19200000 19200000 19200000 19200000 19200000 19200000 19200000 19200000
HR 4800000 4800000 4800000 4800000 4800000 4800000 4800000 4800000 4800000 4800000 4800000 4800000 4800000 4800000
Financial administrator 6000000 6000000 6000000 6000000 6000000 6000000 6000000 6000000 6000000 6000000 6000000 6000000 6000000 6000000
Controlling/Quality assurance 9000000 9000000 9000000 9000000 9000000 9000000 9000000 9000000 9000000 9000000 9000000 9000000 9000000 9000000
Administrator 14400000 14400000 14400000 14400000 14400000 14400000 14400000 14400000 14400000 14400000 14400000 14400000 14400000 14400000
Corn growing consultant 4800000 4800000 4800000 4800000 4800000 4800000 4800000 4800000 4800000 4800000 4800000 4800000 4800000 4800000
Quartermaster 3000000 3000000 3000000 3000000 3000000 3000000 3000000 3000000 3000000 3000000 3000000 3000000 3000000 3000000
Quayside worker 5400000 5400000 5400000 5400000 5400000 5400000 5400000 5400000 5400000 5400000 5400000 5400000 5400000 5400000
Transporter 14400000 14400000 14400000 14400000 14400000 14400000 14400000 14400000 14400000 14400000 14400000 14400000 14400000 14400000
Head miller 3600000 3600000 3600000 3600000 3600000 3600000 3600000 3600000 3600000 3600000 3600000 3600000 3600000 3600000
Miller 7200000 7200000 7200000 7200000 7200000 7200000 7200000 7200000 7200000 7200000 7200000 7200000 7200000 7200000
Picker 5400000 5400000 5400000 5400000 5400000 5400000 5400000 5400000 5400000 5400000 5400000 5400000 5400000 5400000
Packer 3600000 3600000 3600000 3600000 3600000 3600000 3600000 3600000 3600000 3600000 3600000 3600000 3600000 3600000
Oil press leader 3600000 3600000 3600000 3600000 3600000 3600000 3600000 3600000 3600000 3600000 3600000 3600000 3600000 3600000
Oil press worker 5400000 5400000 5400000 5400000 5400000 5400000 5400000 5400000 5400000 5400000 5400000 5400000 5400000 5400000
Ethanol plant leader 3600000 3600000 3600000 3600000 3600000 3600000 3600000 3600000 3600000 3600000 3600000 3600000 3600000 3600000
Still master 9600000 9600000 9600000 9600000 9600000 9600000 9600000 9600000 9600000 9600000 9600000 9600000 9600000 9600000
worker 14400000 14400000 14400000 14400000 14400000 14400000 14400000 14400000 14400000 14400000 14400000 14400000 14400000 14400000
Extruding plant leader 3600000 3600000 3600000 3600000 3600000 3600000 3600000 3600000 3600000 3600000 3600000 3600000 3600000 3600000
Engineer 4800000 4800000 4800000 4800000 4800000 4800000 4800000 4800000 4800000 4800000 4800000 4800000 4800000 4800000
Packer 3600000 3600000 3600000 3600000 3600000 3600000 3600000 3600000 3600000 3600000 3600000 3600000 3600000 3600000
Senior repairer engineer 4800000 4800000 4800000 4800000 4800000 4800000 4800000 4800000 4800000 4800000 4800000 4800000 4800000 4800000
Engine fitter 7200000 7200000 7200000 7200000 7200000 7200000 7200000 7200000 7200000 7200000 7200000 7200000 7200000 7200000
Machinist 7200000 7200000 7200000 7200000 7200000 7200000 7200000 7200000 7200000 7200000 7200000 7200000 7200000 7200000
Electrician 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 532.857 532.857 532.857 532.857 532.857 532.857 437.019 532.857 532.857 420.319 237.677 237.677 237.677 525.190
2% 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 30.668
5% 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 0 287.513
10% 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 2.808.590
Building 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 1.104.048
Devices 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 1.242.054
Machines 1.629.238 1.341.725 1.054.213 766.700 479.188 191.675 750.000 462.488 174.975 0 0 0 750.000 462.488
Intangible 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 0 750.000

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

Interest payment 296.600 296.600 280.891 264.554 247.564 229.894 211.517 192.405 172.528 151.857 130.358 108.000 108.000 108.000
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 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 2.700.000 2.700.000 2.700.000
Project financing
4,00% Term: 10
Loan 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 0
Interest 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 0
Principal repayment 0 392.717 408.425 424.762 441.753 459.423 477.800 496.912 516.789 537.460 558.958 0 0 0
Dept 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
© Bio-Corn Ltd. Project plan V2_2

Table 8. Costs and needed capital (thousand HUF)

Development plan Price Own capital Subsidies Bank loan
1000
Drier tons/day 170 000 34 000 20% 68 000 40% 68 000 40%
20000
Silos tons 300 000 60 000 20% 120 000 40% 120 000 40%
300
Mill tons/day 1 000 000 200 000 20% 400 000 40% 400 000 40%
15000
Ethanol plant 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%
700
Drier tons/days
20000
Silos 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

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5.2Balance
Table 9. Balance 2008-2019 (thousand HUF)
BALANCE 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
A. 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 0
II. 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 2 821 456
III. INVESTED MONETARY
ASSETS
B. 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 9 577 352
I. 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 2 700 000
II. LIABILITIES
III. SECURITIES 0 0 0 0 0 0 0 0 0 0 0 0
IV. 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 6 877 352
C. ACTIVE ACCRUED AND
DEFERRED ASSETS
10 933 10 970
ASSETS in TOTAL 10 804 972 10 850 228 10 892 970 099 508 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 9 698 808
I. ISSUED CAPITAL 300 000 300 000 300 000 300 000 300 000 300 000 300 000 300 000 300 000 300 000 300 000 300 000
II. ISSUED BUT UNPAID CAPITAL
III. 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 2 652 000
IV. 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 5 902 461
V. FIXED RESERVES
VI. VALUATION RESERVES
VII. 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
E. PROVISIONS FOR EXPECTED
LIABILITIES
F. 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 2 700 000
I. DEFERRED LIABILITIES
II. 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 0
II. 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 2 700 000
G. PASSIVE ACCRUED AND
DEFERRED ITEMS 0
10 933 10 970
TOTAL EQUITY AND LIABILITIES 10 804 972 10 850 228 10 892 970 099 508 11 005 091 11 117 237 11 145 821 11 171 225 11 287 854 11 554 461 12 398 808

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 © 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 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
I. 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 3 147 271
Value of employed services 258 243 258 243 258 243 258 243 258 243 258 243 258 243 258 243 258 243 258 243 258 243 258 243
Value 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 219 000 219 000 219 000 219 000 219 000 219 000 219 000 219 000 219 000 219 000 219 000 219 000
Other 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 294 050 294 050 294 050 294 050 294 050 294 050 294 050 294 050 294 050 294 050 294 050 294 050
VI. Annual Depriciation 532 857 532 857 532 857 532 857 532 857 532 857 437 019 532 857 532 857 420 319 237 677 237 677
VII. 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

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 © 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 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 296 600 296 600 280 891 264 554 247 564 229 894 211 517 192 405 172 528 151 857 130 358 108 000
B. 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 -108 000
C. 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 1 005 175
X. Non-recurring receipts 0 0 0 0 0 0 0 0 0 0 0 0
XI. Extraordinary expenses
D. Non-recurring receipts 0 0 0 0 0 0 0 0 0 0 0 0
E. PBT 521 396 521 396 537 104 553 441 570 432 588 102 702 316 625 591 645 467 778 677 982 817 1 005 175
XII. LIABILITY TO PAY TAXES 83 423 83 423 85 937 88 551 91 269 94 096 112 371 100 095 103 275 124 588 157 251 160 828
F. 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 0
G. 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

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 © Bio-Corn Ltd projekt plan V2

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 2019
Opening 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 532 857 532 857 532 857 532 857 532 857 532 857 437 019 532 857 532 857 420 319 237 677 237 677
Operation 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 0
Investment 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 -2 700 000
Financing Cash-flow 4 715 000 -392717 -408425 -424762 -441753 -459423 -477800 -496912 -516789 -537460 -558958 0
Dividend 0 0 0 0 0 0 0 0 0 0 0 0
Cash 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 1 082 024
Closing 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 5 050 416
Total 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 4 045 240
Return 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 1 113 175
EBITDA 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 1 350 852
ROE 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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