BD AGRO Preliminary Financial Report for Decenber 1 - BD Agro AD

INCOME STATEMENT
REVENUE ON SALE
The Total Revenue on Sale for DECEMBER 2007
a) CORN MERCANTILE
b) VEGETABLES
c) MILK
d) LUNCH
e) VETERINARY STATION SERVICES
f) TRANSPORT, LADING AND UNLADING SERVICES
Increase from prior month (November 2007)
BD AGRO Preliminary Financial Report for Decenber 1
TOTAL
The main reasons for the increase in sales revenue is related with the larger sale of milk and
because of the providing of the transport services of building material for reconstruction of barns.
e) VETERINARY STATION SERVICES
BD Agro's veterinary station is, administratively, the independent legal entity.
This station can provide the veterinary services to other companies and private persons
as well as they work for BD Agro. Also they can provide the official veterinary
documentation, because they have the same rights as any other State-owned veterinary
station. For this reason they are in obligation to invoice their service to BD Agro
This amount is booked in Veterinary Station Income Statement, and the same amount
in BD Agro's statements is booked under expense category "OTHER OPERATING
SERVICES COSTS"
f) TRANSPORT, LADING AND UNLADING SERVICES
In December BD Agro invoiced the transport, lading and unlading service to a company Vihor
which is working on barn reconstruction project. BD Agro transported with its own machinery
rocks, sand and other building material and for that service they invoiced the amount of EUR
ADJUSTED VALUE OF LIVESTOCK AND INVENTORY
The Total Adjusted Value of Livestock and Inventory for DECEMBER 2007 amounts to
In this account category the following are included:
1,1 Livestock movements
1,2 Increase in Inventory-Finished Products
1,3 Decrease in Inventory-Half-Finished Products
BD AGRO
PRELIMINARY DECEMBER 2007
TOTAL

SUBVENTION / DONATION / PREMIUM
BD AGRO Preliminary Financial Report for Decenber 2
a) Milk Premiums
b) Subvention for cows giving birth for first time
TOTAL
In December BD Agro received the subvention for first 7 cows from the new herd which
gave birth for the first time
OTHER REVENUES
The total Other Revenues in December amounts to:
b) Positive Exchange Rate (NLB-Bank Bank Financial and Commercial Loan)
c) Positive Exchange Rate (S-Leasing)
d) Positive Exchange Rate (Massey Ferguson)
e) Reimbursement of the cell phones cost from workers
f) Revenue from expired payables
g) Rent Revenue: Rent on Antenna on the Water Tower
h) Revoke of the calculated default interest to company "Beoinoks"
i) Decrease of the tax for transferring the absolute rights over land
j) Return of the invoiced spare parts
h) Revoke of the calculated default interest to company "Beoinoks"
TOTAL
BD Agro in previous period calculated and invoiced the default interest toward this company
because of delay in payment. This company immediately after paid their bill. BD Agro
as a sign of good gesture decided to revoke the calculated default interest, and because
of that this item is negative
i) Decrease of the tax for transferring the absolute rights over land
In 2004 BD Agro sold a land parcel to the private person, former employee. This person
was in obligation to pay the tax for transferring of the absolute rights over land in the
same year. But he did not pay this amount until the end of 2006. City Taxes calculated
the default interest for delay in payment and obligated BD Agro to pay the amount of
BD Agro contacted this former employee and he accepted to pay this interest amount.
Further more he transferred more funds than he was in obligation because BD Agro
invoiced him the larger amount in order to protect it self of another delay payment.
This private person paid on BD Agro's bank account the amount of
The difference of mentioned amounts is now booked as an decrease of this category.
and because of that this item is negative and amounts to
j) Return of the invoiced spare parts
BD Agro sold in February 2007 some tractor spare parts that were not compatible with new
BD Agro's equipment. But the buyer did not pay for it, and BD Agro decided to turn back
the goods. This is the reason for negative amount of this item.

COST OF MATERIALS
The total Cost of Materials for December amounts to
BD AGRO Preliminary Financial Report for Decenber 3
a) Meal Cost
b) Fertilizer
c) Seeds
d) Plant Protection Materials
e) Veterinary Medicine
f) Cattle Feed
g) Small inventory (tool kits, drills, saws, grinders, etc.)
j) Other Material (various material mainly for barns reconstruction project, etc.)
Increase from prior month (November 2007)
WAGES ACCOUNTS
The Gross Wages for December amount to
The total number of employees on the November 30 th , 2007 payroll was 272.
In December 2 employees left the company
In this month BD Agro hired:
* one employee on probation period (lawyer)
The total number of employees on the December 31st, 2007 payroll was 271.
The following were the expenses in the category:
MISCELLANEOUS EMPLOYEE FARES:
a) Severance pay (for three employees)
b) Transport costs for workers to and from work
c) Business trip costs
d) Contracted work (for 12 workers)
e) Labor workers wages
f) New Year presents for children of workers
g) Aid in case of the illness for two BD Agro employees
AUXILIARY MATERIAL
a) Spare Parts
b) Car Tires
c) Office Supplies
The expense for car tired increased in December due to the purchase
of winter tires for BD Agro's vehicles.
TOTAL
TOTAL

PETROL / ELECTRICITY
a) Petrol and lubricants
b) Electricity
BD AGRO Preliminary Financial Report for Decenber 4
Petrol and lubricants expense increased in this month because of the seeding of
crop and land tillage. Also in this month BD Agro used larger quantity of heating oil
because of the beginning of winter season.
TELEPHONE / TRANSPORT
a) Telephone expenses
MAINTENANCE
a) Physical and chemical degreasing of the kitchen ventilation system
b) Pressure pump reparation service
c) Mechanical cleaning of the caldrons and chimneys
d) Coffee machine reparation service
e) Copy machine reparation service
f) Tractor reparation service
g) Vehicles
OTHER OPERATING SERVICES COSTS
a) Veterinary Station Services
b) Various Quality Analysis Services (food, seed germination, blood analysis, fuel)
c) Software Maintenance (for two months)
d) Highway Toll Fees
e) Public Utility Fees
f) Installment of the barn equipment
g) Corn drying service
h) Slaughtering services for canteen
i) Insect and Rodent Removal Service
a) Veterinary Station Services
Detail explanation about this item is under category "REVENUE ON SALE" in IS page 1.
DEPRECIATION
The total depreciation for December amounts to
UNPRODUCTIVE SERVICES
The total amount for this account category in December amounts to
BD Agro incurred for this amount Government Business Publications
TOTAL
TOTAL
TOTAL
TOTAL

INSURANCE
The total Insurance expenses for December amount to
The insurance expenses include:
a) Employees
b) Cattle
c) Mechanization and Fixed Assets
d) Inventory of finished products
e) Vehicle
BD AGRO Preliminary Financial Report for Decenber 5
e) Vehicle
Vehicle insurance amount increased in this month because of the annual insurance
policy for registration of a car
CITY TAXES
The total expenses for December amount to
a) Municipal Draining tax
b) Chamber of Commerce Membership fee
c) Municipal Billboard Tax
d) City Land Tax
e) Tax for keeping the weapons
TAXES / ADVERTISE / NON-MATERIAL COSTS
The total expenses for December amount to
The following are the expenses:
a) Center for Urban Planning
b) Shooting service for documentary film of barn reconstruction project
c) Expenses and fees for taking the visas for traveling
d) "Royal Deboer" barn equipment installment and supervisor service
e) Hotel Stay for "Royal Deboer" barn equipment installment supervisors
f) Advertisements in daily newspapers for shareholders meeting
g) Various Taxes
h) Vehicle registration
i) Internet subscription
Translation service
Lawyer Services (Srbokoka Law suit)
Sanitary inspection Tax
Parking tickets, copying services, various other fees
New Year expenses
Monthly Belgrade Stock Exchange Fee
Making of the Signet
TOTAL
TOTAL

LOAN INTEREST / FOREIGN EXCHANGE DIFF.
BD AGRO Preliminary Financial Report for Decenber 6
a) Default interest for delay payment of taxes and contributions from prior period
b) Default interest for delay payment toward company "Milsped"
c) Negative Exchange Rate (NLB bank)
d) Negative Exchange Rate (S-Leasing)
e) Tax for blocking the funds on Bank Account
a) Default interest for delay payment of taxes and contributions from prior period
BD Agro planed to compensate the VAT overpayment with obligations for
taxes and contributions on wages from prior period. But the Tax Department
did not accepted this, and blocked BD Agro's account to receive this funds
WRITE-OFF / SHORTAGE / OTHER EXPENSES
a) Write off of the paid advances to suppliers from period before the privatization
b) Write off of the part of the bad debts from previous period
c) Rebooking of the adjustment value of the last part of sold livestock in August
d) Write off of the dairy equipment
e) Rebooking of the write off amount of dairy assets estimated in March 2007
a) Write off of the paid advances to suppliers from period before the privatization
BD Agro in December wrote off the advances to suppliers that were paid in 2004.
This amount represent the total advance amount that BD Agro paid to 6 different
companies
c) Rebooking of the adjustment value of the last part of sold livestock in August
In August when BD Agro sold the last part of leucosis cattle, they booked the decrease as
decrease of the "Adjusted Value of Livestock Revanue" category. Now is rebooked from
as an expense.
DEVALUATION OF ASSETS
a) Revoke of the devaluation of canteen booking value
b) Other devaluation
a) Revoke of the devaluation of canteen booking value
Detail explanation about this item is under category "Capital Assets-Building" in BS
DEFERRED TAX EXPENSES
This category in December amounts to
due to the deferred tax expenses that BD Agro is in obligation to pay in future period.

BALANCE SHEET
DEFERRED CHARGES
Advanced calculated insurance premium expenses
Advanced calculated interest on leasing
ACCOUNTS RECEIVABLES
The total Accounts Receivables at the and of December amount to
The category Accounts Receivables consists of the following accounts:
a) Customers
b) Dairy receivables
c) Veterinary station receivables
d) Insurance claim receivables
e) VAT over payment receivables
The Accounts Receivables category decreased in the amount of
BD AGRO Preliminary Financial Report for Decenber 7
Decrease incurred mainly due to the the decrease of the VAT overpayment of
that BD Agro should receive from the Government
a) Customers
The following are the Customers with the largest owing amount at the end of
of December 2007:
COMPANY
ECO-ORGANIC
HYPERMARKET IDEA
AD IMLEK
SOJA PROTEIN
SRBOKOKA
GOLIJA
PIK PESTER
VECTRA-CO
ZZINC
BUDUCNOST ZZ DOBANOVCI
DESCRIPTION
hen layers equipment
vegetables
milk
soy and sunflower
eggs
cows
feed mix
milk
feed mix
fertilizer, seeds
TOTAL
TOTAL
TOTAL
Table 1. List of customers with the largest owning amount at the end of December, 2007
SHORT TERM INVESTMENT
Changings in this category refer on the providing the short term loan to
BD Agro's employees

LONG TERM PLACEMENT
This category decreased in December in the amount of
BD AGRO Preliminary Financial Report for Decenber 8
due to the repayment of part of the long term loan that BD Agro provides to its employees
CAPITAL ASSETS - COMPANY LAND
This category increase in December for the amount of
due to the booking of Sokolac's land
CAPITAL ASSETS-BUILDING
Changes regarding this category in December are:
Increase:
a) Finalized part of works on reconstruction of water canals
b) Sokolac Equipment
c) Difference of estimate and real value of dairy that is written off
d) Combine Shed
Decrease:
e) Revoke of the estimated value of BD Agro's buildings
f) Sale of Sokolac's Silo
g) Write off of the old totally depreciated buildings of BD Agro
Total decrease of this category in December amounts to
e) Revoke of the estimated value of BD Agro's buildings
INCREASE
DECREASE
BD Agro decided to Revoke the estimated value of its buildings that was performed in
March. The main reason for this was the Tax amount that BD Agro was in obligation to
pay if the value remained as it was booked in March. Namely in Annual Tax report there
is a different base for calculation of present value of the assets. For an example the
accounting calculation of present values uses the new estimated value as a base for
If BD Agro did not revoke the estimated value the difference between the accounting and
tax depreciation would be enormous, and they would be in obligation to pay 10% of the
difference amount.
CAPITAL ASSETS-EQUIPMENT
This category increased in December for the amount of
due to these changes:
Part of the Royal DeBoer equipment that was implement and it is start with its use
Milking equipment
Two Kitchen Range
Sold 3 Old Selectors
Write off of the old totally depreciated equipment that is out of use
TOTAL

DEPRECIATION - BUILDING
BD AGRO Preliminary Financial Report for Decenber 9
a) Revoke of the written depreciation amount of buildings that were estimated in March
b) Depreciation for December
c) Write off of the old totally depreciated buildings of BD Agro
d) Difference amount between the Dairy Buildings that were estimated before demolishing
e) Revoke of the depreciation amount of buildings that were estimated in March
TOTAL
DEPRECIATION - BUILDING
a) Depreciation for December
b) Decrease of deprecition for sold equipment
c) Decrease of deprecition for written out equipment
LIVESTOCK
In December BD Agro booked the new purchased herd. This category amounts to
This category consists of:
Movement of heifers into cows category
Increase in Weight Gain Revenue
CAPITAL ASSETS IN CONSTRUCTION
This category in December increased for the amount of
for to the following changes:
Increase due to the part of building works from company Vihor
Increase due to the receiving of the part of barns equipment from Deboer
Decrease due to the put to work a part of the Deboer equipment
Purchase of highly pregnant heifers
Increase in Weight Gain Revenue
Decrease due to the movement of heifers into cows category
TOTAL
TOTAL INCREASE
This category will increase each month, until the project of reconstruction of the barns is over.
At the time when barns will be finished all the funds booked under this category will be
transferred on "Capital Assets-Buildings", "Capital Assets-Equipment", or "Livestock" category.
ADVANCES FOR FIXED ASSETS
This category decreased in December due to the
Decrease due to the finished part of construction building works - performed by Vihor
Increase due to the advance payment for part of the equipment from company "Royal Deboer"
Decrease due to the delivered equipment from company "Royal Deboer" for barn equipment
Decrease due to the delivered heifers
TOTAL

INVENTORY
The total for Inventory at the end of December amounts to
BD AGRO Preliminary Financial Report for Decenber 10
Due to the following changes; the Inventory category decreased in the amount of
a) FINISHED PRODUCTS
a-1) FINISHED PRODUCTS-that need extra work
c) HALF-FINISHED PRODUCTS
d) MATERIALS
ADVANCES TO SUPPLIERS
This category increased in December for the amount of
due to the these changes:
TOTAL DECREASE
Increase due to the advance payment to company Viktoria Oil for cattle feed
Decrease due to the delivery of cattle feed from company Viktoria Oil
Decrease due to the delivery of kitchen equipment from company "Tehnooprema"
Increase due to the payment for Government Publications
Decrease due to the write off of gave advances in period before privatization
TOTAL DECREASE
LOANS (LONG TERM)
Due to the following changes; the Loans (Long Term) category decreased in the amount of
a) NLB-Bank Financial Loan
b) Positive Exchange Rates
LOANS (SHORT TERM)
FINANCIAL LEASING
TOTAL
a) Lease obligations that are to be paid in next year
b) Short term loan provided by Obnova
c) Liability according to the overpayment of tax for transferring the absolute rights
TOTAL
Financial Leasing category at the end of December was in the amount of
This category decreased in December for the amount of
due to the:
Decrease due to the Positive Exchange Rate toward S-Leasing
Decrease due to the transfer of leasing obligations on short term loan
TOTAL DECREASE

SHAREHOLDER LOAN
This category decreased in December for the amount of
ACCOUNTS PAYABLE
The total Accounts Payable at the and of December amount to
The Accounts Payable category decreased in the amount of
BD AGRO Preliminary Financial Report for Decenber 11
The main reason of this increase is taking over of the Sokolac's Bank Loan in the amount of
The following are the suppliers with the largest outstanding amount at the end of
December 2007
COMPANY
SOKOLAC
DDOR-NOVI SAD
MILSPED
ECO ORGANNC
ELEKTRODISTRIBUCIJA
CORN INSTITUTE
VIHOR
SAVA - WATER COMPANY
SRBIJA VODE WATER COMPANY
GD GOLIJA
A.D. INEX
RES TRADE
SHOP TRADE
BD AGRO VETERINARY STATION
AGRO SEME
RELATED PARTIES TRANSACTION LIABILITIES
DESCRIPTION
taking of the loan obligation
insurance
customs and similar fees
fertilizer
electricity
seeds
building service
municipal draining fee
municipal draining fee
meat
construction materials
mechanization service and repair
spare parts
veterinary service
seeds
In this category the internal liabilities between BD Agro, Dairy and Veterinary Station
(sister companies) are found.
WAGES PAYABLE
The changes to the wages payable are as follows:
The total amount for unpaid wages on December 31 was in the amount of
Decrease due to the payment of the net wage for November and part of the contributions
for October and first part of November
Increase due to the booking of gross wage for December
The total amount for unpaid wages on December 31 amounts to TOTAL
TOTAL
Table 3. List of suppliers with the largest outstanding amount at the end of DECEMBER, 2007

INTERESTS
December's changes of this category are:
BD AGRO Preliminary Financial Report for Decenber 12
a) Increase due to the booking of the interest on contributions form previous period
c) Decrease due to the payment of the part of the interest on contributions
TOTAL DECREASE
VAT / OTHER TAXES
This category increased in November for the amount of:
Increase due to the booking of the VAT liability
Decrease due to the paid Property Tax
Decrease due to the paid VAT for Veterinary Station
Increase due to the booking of Tax for temporary contracted workers
Municipal Billboard Tax
City Land Tax
Increase due to the booking of differed income tax obligation
REVALUATION RESERVES
TOTAL INCREASE
This category decreased in December for the amount of
due to the revoking of the estimated value of BD Agro's buildings.
Detail information regarding this item is under category "Capital Assets-Buildings" in BS
The exchange rate on December 31st, 2007:
NOTE:
The account categories that remained the same in comparison with the prior month, do not have
explanation, however there are some differences in values that refer to the exchange rate variations.

BD AGRO
ELIMINARY DECEMBER 2007
port, lading and unlading service to a company Vihor
project. BD Agro transported with its own machinery
nd for that service they invoiced the amount of EUR
BD AGRO Preliminary Financial Report for Decenber 13
45.081,64
7.768,49
1.092,25
2.071,78
12.652,52
4.686,12
16.810,50
45.081,64
4.055,64
-503.779,67
164.666,30
101.587,56
-770.033,53
-503.779,67

BD AGRO Preliminary Financial Report for Decenber 14
138,12
309,20
447,32
574.117,72
21.030,44
20.699,71
205,66
3.830,85
501,50
-626,50
-4.093,96
-5.257,36
610.408,04
15.972,62
20.066,59
-4.093,96

BD AGRO Preliminary Financial Report for Decenber 15
17.807,74
73.686,52
3.134,36
9.910,38
382,30
4.510,85
4.983,96
18.029,15
132.445,26
10.281,09
11.582,84
2.963,18
663,30
5.898,43
914,57
3.270,94
252,41
25.545,67
9.909,72
3.149,78
1.151,66
14.211,17

BD AGRO Preliminary Financial Report for Decenber 16
49.247,28
3.561,36
52.808,64
2.200,36
2.200,36
197,07
212,36
458,50
24,57
82,47
123,77
388,98
1.487,73
4.686,12
557,83
3.932,89
264,15
118,13
1.012,98
3.393,01
832,78
328,87
15.126,75
15.126,75
12.928,51
117,44

BD AGRO Preliminary Financial Report for Decenber 17
883,56
1.547,86
1.881,43
93,72
2.294,74
6.701,31
4.274,09
375,99
374,65
78,64
86,83
5.190,20
2.233,83
597,70
1.023,84
477,46
409,80
447,07
658,28
248,37
729,72
348,48
183,20
327,87
106,26
82,03
44,05
7.917,96

BD AGRO Preliminary Financial Report for Decenber 18
59.380,15
240,32
1.621,81
122,95
208,24
2.029,91
63.603,38
4.508,72
785,84
151.703,89
2.702,04
-39.932,72
119.767,77
-56.860,96
0,18
-56.860,79
10.675,10

BD AGRO Preliminary Financial Report for Decenber 19
22.928,59
67.431,82
90.360,41
595.094,89
522.597,34
31.845,33
710,02
212.137,25
1.362.384,84
501.682,98
AMOUNT
12.917,08
7.632,24
26.054,41
4.775,33
126.910,43
10.882,48
50.893,05
259.673,90
13.828,59
17.972,96
531.540,47

BD AGRO Preliminary Financial Report for Decenber 20
4.491,50
6.748.000,24
32.583,84
1.761.697,94
12.155,54
4.291,78
1.810.729,09
3.278.094,73
705.676,95
38.630,10
4.022.401,78
2.211.672,68
453.981,87
481.171,71
1.196,42
791,56
-2.986,71
-26.191,11
453.981,87

BD AGRO Preliminary Financial Report for Decenber 21
2.048.661,65
19.286,98
-38.620,88
-32.631,31
-51.471,32
1.945.225,12
53.862,20
-4.231,84
-26.191,11
23.439,25
26.305,53
25.403,20
902,33
26.305,53
2.032.464,23
1.821.742,24
554.955,52
-481.171,71
150.281,48
12.059,89
-25.403,20
2.032.464,23
-1.814.684,97
302.881,62
-258.604,65
-150.281,48
-1.920.689,49

BD AGRO Preliminary Financial Report for Decenber 22
2.222.608,55
434.152,50
-332.051,70
-770.033,53
-136.820,95
-804.753,68
3.574,12
-3.596,34
-791,56
139,06
-4.508,72
-5.183,43
296.415,80
-591.459,24
-295.043,44
109.594,20
37.861,48
4.093,96
151.549,64
23.436,67
109.594,20
133.030,87

BD AGRO Preliminary Financial Report for Decenber 23
202.178,68
6.695.518,39
6.272.912,37
6.382.608,31
AMOUNT
6.382.608,31
121.876,65
28.721,66
4.003,76
4.156,27
3.942,52
8.327,58
13.415,62
45.787,81
5.347,41
14.947,91
27.399,99
2.393,05
2.389,06
0,00
6.665.317,58
275.964,12
-127.711,96
155.203,94
27.491,98

es in values that refer to the exchange rate variations.
BD AGRO Preliminary Financial Report for Decenber 24
59.380,15
-86.975,04
-27.594,89
59.040,87
-6.090,54
-1.324,91
-2.871,45
374,65
78,64
10.675,10
59.882,36
-5.343.136,12
79,2362