Review of operational shipyards in Serbia

M.C.I. Shipyard, Novi Becej:

FINANCIALS (in 000 EUR)

year 2009 2008 2007
Total Assets 3,954 1,830 31
Capital 3,708 1,597 9
Business Income 868 479 146
Net Profit 30 5 1
No. employees 59 27 14

OWNERHIP STRUCTURE
NAME COUNTRY OF ORIGIN %
Nister Ltd. Nicosia, Cyprus 70.16
Tole doo Kotor, Montenegro 29.84

Belgrade Shipyard:

FINANCIALS (in 000 EUR)

year 2009 2008 2007
Total Assets 1,564 808 759
Capital 590 508 498
Business Income 2,550 2,474 2,156
Net Profit 121 40 18
No. employees 133 133 109

OWNERHIP STRUCTURE
NAME COUNTRY OF ORIGIN %
Vahali S&M B.V. Gend, Netherlands 99.94

Bomex 4M Shipyard, Zrenjanin:

FINANCIALS (in 000 EUR)

year 2009 2008 2007
Total Assets 15,095 16,757 2,241
Capital 2,770 986 1
Business Income 10,400 8,213 2,228
Net Profit 1,171 706 323
No. employees 148 112 23

OWNERHIP STRUCTURE
NAME COUNTRY OF ORIGIN %
Bomex Holding Belgrade, Serbia 56.0
Marjan Gerasimov Serbia 24.0
Milenko Lepovic Serbia 10.0
Milomir Zlatic Serbia 10.0

Begej shipard, Zrenjanin:

 FINANCIALS (in 000 EUR)
year 2009 2008 2007
Total Assets 13,698 15,426 14,599
Capital 6,343 6,516 8,531
Business Income 7,562 8,107 4,964
Net Profit 323 47 392
No. employees 223 247 188

OWNERHIP STRUCTURE
NAME COUNTRY OF ORIGIN %
Mercurius International Zwijndrecht, Netherlands 96.41
Mer Corporation doo Zrenjanin, Serbia 2.45

Rhein-Donau shipyard, Kladovo:

* FINANCIALS (in 000 EUR)

year 2009 2008 2007
Total Assets n/a 3,583 3,360
Capital n/a 3,250 3,012
Business Income n/a 2,255 1,583
Net Profit n/a 151 -1,197
No. employees n/a 146 122

OWNERHIP STRUCTURE
NAME COUNTRY OF ORIGIN %
Gebr. De Jonge B.V. Lochem, Netherlands 90.00
Decast Ltd Nicosia, Cyprus 10.00
* Consolidated report

Terra Trade shipyard, Backi Monostor:

FINANCIALS (in 000 EUR)

year 2009 2008 2007
Total Assets 4,721 4,591 4,022
Capital 729 765 789
Business Income 4,456 4,774 4,302
Net Profit 22 20 20
No. employees 167 157 136

OWNERHIP STRUCTURE
NAME COUNTRY OF ORIGIN %
Terra Trade doo Serbia 90.44
Share fund RS Serbia 0.24

Apatin Shipyard, Apatin:

FINANCIALS (in 000 EUR)
year 2009 2008 2007
Total Assets 11,883 12,336 11,923
Capital 0 0 3,195
Business Income 1,613 1,752 1,287
Net Profit -448 -978 -764
No. employees 208 224 227
 OWNERHIP STRUCTURE
NAME COUNTRY OF ORIGIN %
XL Master Ltd. Hong Kong 68.03
Share fund RS Serbia 0.48

Note: Bankruptcy procedure under way

Dunav shipyard, Bezdan:

FINANCIALS (in 000 EUR)

year 2009 2008 2007
Total Assets 2,778 2,719 2,892
Capital 0 0 168
Business Income 502 173 857
Net Profit -228 -880 -176
No. employees 114 120 117

OWNERHIP STRUCTURE
NAME COUNTRY OF ORIGIN %
Share fund RS Serbia 24.20
Squadra Belgrade, Serbia 15.00
PIO fund RS Serbia 6.66
Adacom Belgrade, Serbia 6.54
PIMA doo Belgrade, Serbia 4.88

Note: Bankruptcy procedure under way

Sava shipyard, Macvanska Mitrovica:

FINANCIALS (in 000 EUR)

year 2009 2008 2007
Total Assets 18,006 18,363 18,613
Capital 0 0 8,199
Business Income 2,335 1,603 1,460
Net Profit -1,135 -1,762 -831
No. employees 52 248 216

OWNERHIP STRUCTURE
NAME COUNTRY OF ORIGIN %
Republic of Serbia Serbia 96.09

Note: Bankruptcy procedure under way