Zarneni Hrani [ZHBG] FY 2007 preliminary consolidated statement covers only the period from Nov 26th to Dec 31st, 2007, Mr. Trifonov, CEO, explained yesterday to FFBH. For these 22 official working days the company realised €23.1m of revenues (36% of its FY 2007 forecast of €63.7m) and €6m of net profit (96% of its forecast). Furthermore, the figures from the consolidated report are to be added to the 9mo audited report, the CEO insisted. That implies that without accounting Oct and almost the whole Nov (these are quite active months of grain trading), the company had realised €49.8m of revenues and €9.3m of net profit, the latter being 1.5x above the 2007 annual forecast. We expect the accounting statement for Oct and Nov to be delivered soon. At this point, we remain very cautious with ZHBG. Numerous accounting deficiencies and a significant lack of transparency make any conclusion about the company’s performance precipitated.