Chimimport’s 9mo 2007 unconsolidated net income was €25.7m, of which 99.2% was investment income, which added €3.8m in Q3 07 alone. With no asset sales registered, we assume this should be unrealised profit on investments (presumably the trading portfolio), coupled probably with some dividends. We are awaiting comments from the company and will comment further if there is more to this figure. The unconsolidated balance sheet changed significantly in Q3: total assets rose 39% reaching €268m, cash almost tripled to €43m, the fair value of Chimimport’ investments in securities added €26m to the current €140m (vs €107m in the beginning of the year). In Q3 07, Chimimport spent €16m to acquire the majority stakes in Beck International and in Grain foods – Vulchi Dol, two grain companies which would further consolidate its presence in the grain industry. Long-term debt doubled to €43m. Furthermore, the holding apparently changed its working capital policies since the receivables of the company added 42% to €63m and the payables jumped with 241% to €66m. During the quarter CHIM implemented a capital raise with 20m shares being subscribed providing the holding with some €112m of fresh cash. This was, however, completed on 17 Oct, hence it was not effected in the 9mo 07 statements. Nevertheless, we think that part of the raised money held in escrow accounts was accounted as cash and payables, which distorts the figures somewhat. Another thing to note is that during the quarter US investment fund Julius Baer bought 8.39% stake in the holding. Separately, the BSE-Sofia announced that the newly issued shares were registered with the court as of 22 Oct 07. They now have to be registered with the Depository and the Stock exchange before they start trading.