Sino Agro Food Inc (fka SIAF)

[viking86]

I finally had a chance to look at the Sweden Presentation spreadsheet that you sent me and did some number crunching. That presentation lays out indeed a very bullish roadmap for the next 3 years and sets higher revenue targets for 2011 than the 57.7m that has floated around. Acc. to the spreadsheet, they project 2011 rev to grow 77% vs. 2010, so 40.55m x 1.77 = 71.8m. That may be one of the reasons why Jordan Fund feels Q2 and 2011 rev will come in higher than generally expected here in the US based on the 57.7m revenue.

Here is a detailed breakdown for 2011 revenue projections by segment:

Segment (%Rev) $Rev (%GP)

Fishery (48.7) 35.0m (57%)

HU/Asp. (11.0) 7.9m (14%)

HuangYuan (10.0) 7.2m (6%)

AP Linli (14.8) 10.6m (12%)

AP Enping
Cattle/Lamb (2.9) 2.1m (1%)

Trading
(Exports) (8.0) 5.7m (2%)

Technology
(Consulting/
Enzyme Dev) (4.6) 3.3m (8%)

TOTAL = (100%) 71.8m (100%)

Note: Percentages are given in parentheses to make it easier to read. I rounded some % to match a total of 100% for the sum. The %GP does not indicate the absolute Gross Margin but rather the weight of that segment in the total Gross Margin assumed to be 100%.