Zarneni Hrani’s unconsolidated revenues in 2008 amounted to BGN 183m. No annual comparison is possible since the company was established in the fourth quarter of last year through the merger of eight different firms. Trade of vegetable oil (sunflower and rapeseed) was the biggest revenue generator, with 68% of all revenues, followed by trade of grains with 25%, sale of biodiesel with 7%, trade of fertilizers with 5%, and grain storage with 1%. The company’s 2008 EBITDA was BGN 6m, resulting in a 3.2% operating margin. Depreciation expenses of BGN 3m and interest expenses of BGN 6m (caused by the substantial investment program) would have taken the company into the red was it not for a BGN 14m net income from investments, for which Zarneni Hrani does not disclose any information. Instead, the firm reported a net income for 2008 of BGN 8m.