##### Table of Contents



UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
 Washington, D.C. 20549
 FORM 10-Q
 þ
    
    Quarterly report under Section 13 or 15(d) of the Securities Exchange Act of 1934.
 For the quarter ended March 31, 2009
 OR
 o
    
    Transition report under Section 13 or 15(d) of the Exchange Act.
 For the transition period from  to
 Commission file number 000-52429
 CENTRAL IOWA ENERGY, LLC
  Iowa
    
    71-0988301(State or other jurisdiction of
    
    (I.R.S. Employer Identification No.)incorporation or organization)
 3426 EAST 28 TH STREET N.
NEWTON, IOWA 50208
 (641) 791-1010
  þ o
 o Yes o No
  Large Accelerated Filer o
    
    Accelerated filer o
    
    Non-Accelerated Filer o
    
    Smaller reporting company þ
 o þ




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##### 



INDEX
 Page No.PART I. FINANCIAL INFORMATION
    
    
    3Item 1. Unaudited Financial Statements
    
    
    3Item 2. Managements Discussion and Analysis of Financial Condition and Results of
Operations
    
    
    15Item 3. Quantitative and Qualitative Disclosures About Market Risk
    
    
    27Item 4T. Controls And Procedures
    
    
    27PART II. OTHER INFORMATION
    
    
    27Item 1. Legal Proceedings
    
    
    27Item 1A. Risk Factors
    
    
    28Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
    
    
    29Item 3. Defaults Upon Senior Securities
    
    
    30Item 4. Submission of Matters to a Vote of Security Holders
    
    
    30Item 5. Other Information
    
    
    30Item 6. Exhibits
    
    
    30SIGNATURES
    
    
    32Exhibit 10.1Exhibit 10.2Exhibit 10.3Exhibit 10.4Exhibit 10.5Exhibit 10.6Exhibit 10.7Exhibit 10.8Exhibit 31.1Exhibit 31.2Exhibit 32.1Exhibit 32.2
   2




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PART I. FINANCIAL INFORMATION
 
 Item 1. Unaudited Financial Statements
 CENTRAL IOWA ENERGY, LLC
  March 31,
    
    
    September 30,2009
    
    
    2008(Unaudited)ASSETSCurrent AssetsCash and equivalents
    
    $
    846,751
    
    
    $
    690,509Due from Broker
    
    
    75
    
    
    
    218,680Trade accounts receivable  related party, less allowance for
doubtful
accounts of $1,021,916 and $0 in 2009 and 2008, respectively
    
    
    43,090
    
    
    
    1,200,587Federal incentive receivable
    
    
    554,213
    
    
    
    457,218Prepaid expenses
    
    
    81,532
    
    
    
    62,610Derivative instruments
    
    
    
    
    
    
    70,556Inventories
    
    
    787,960
    
    
    
    7,776,472Total current assets
    
    
    2,313,621
    
    
    
    10,476,632Property and EquipmentLand and improvements
    
    
    7,680,111
    
    
    
    7,680,111Office equipment
    
    
    40,603
    
    
    
    40,603Office building
    
    
    629,300
    
    
    
    629,300Plant and process equipment
    
    
    32,683,498
    
    
    
    32,593,225Construction in Process
    
    
    
    
    
    
    47,08341,033,512
    
    
    
    40,990,322Less accumulated depreciation
    
    
    5,078,083
    
    
    
    3,798,838Net property and equipment
    
    
    35,955,429
    
    
    
    37,191,484Other AssetsFinancing costs, net of amortization
    
    
    267,105
    
    
    
    307,046Restricted cash
    
    
    403,667
    
    
    
    Total other assets
    
    
    670,772
    
    
    
    307,046Total Assets
    
    $
    38,939,822
    
    
    $
    47,975,162LIABILITIES AND EQUITYCurrent LiabilitiesCurrent maturities of long-term debt
    
    $
    24,025,192
    
    
    $
    24,811,856Revolving line of credit
    
    
    1,050,000
    
    
    
    3,000,000Accounts payable
    
    
    180,796
    
    
    
    1,111,983Accounts payable  related party
    
    
    31,144
    
    
    
    423,041Accrued interest payable
    
    
    183,618
    
    
    
    162,146Accrued expenses
    
    
    265,050
    
    
    
    278,012Total current liabilities
    
    
    25,735,800
    
    
    
    29,787,038Long-Term Debt, less current maturities
    
    
    
    
    
    
    Deferred Grant Financing
    
    
    745,000
    
    
    
    745,000Commitments and ContingenciesMembers EquityMember contributions, net of costs related to capital contributions,
26,672 units outstanding
    
    
    23,849,120
    
    
    
    23,849,120Deficit accumulated
    
    
    (11,390,098
    )
    
    
    (6,405,996
    )Total members equity
    
    
    12,459,022
    
    
    
    17,443,124Total Liabilities and Members Equity
    
    $
    38,939,822
    
    
    $
    47,975,162
   3




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CENTRAL IOWA ENERGY, LLC
  Three Months Ended
    
    
    Three Months EndedMarch 31, 
2009
    
    
    March 31, 
2008(Unaudited)
    
    
    (Unaudited)RevenuesSales to related party
    
    $
    1,718,310
    
    
    $
    12,847,227Federal incentives
    
    
    574,996
    
    
    
    2,142,6512,293,306
    
    
    
    14,989,878Cost of Goods Sold
    
    
    3,464,582
    
    
    
    15,401,575Gross Loss
    
    
    (1,171,276
    )
    
    
    (411,697
    )Operating ExpensesProfessional fees
    
    
    98,540
    
    
    
    91,690General and administrative
    
    
    348,005
    
    
    
    502,485Total
    
    
    446,545
    
    
    
    594,175Operating Loss
    
    
    (1,617,821
    )
    
    
    (1,005,872
    )Other Income (Expenses)Interest income
    
    
    4,852
    
    
    
    4,953Interest (expense)
    
    
    (466,405
    )
    
    
    (544,207
    )Total
    
    
    (461,553
    )
    
    
    (539,254
    )Net Loss
    
    $
    (2,079,374
    )
    
    $
    (1,545,126
    )Weighted Average Units Outstanding
    
    
    26,672
    
    
    
    26,672Net Loss Per Unit  Basic and Diluted
    
    $
    (77.96
    )
    
    $
    (57.93
    )
   4




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CENTRAL IOWA ENERGY, LLC
  Six Months Ended
    
    
    Six Months EndedMarch 31,
    
    
    March 31,2009
    
    
    2008(Unaudited)
    
    
    (Unaudited)RevenuesSales to related party
    
    $
    6,815,823
    
    
    $
    27,182,283Federal incentives
    
    
    1,175,852
    
    
    
    5,619,4757,991,675
    
    
    
    32,801,758Cost of Goods Sold
    
    
    10,949,742
    
    
    
    34,475,516Gross Loss
    
    
    (2,958,067
    )
    
    
    (1,673,758
    )Operating ExpensesProfessional fees
    
    
    235,299
    
    
    
    180,294General and administrative
    
    
    781,963
    
    
    
    1,054,229Total
    
    
    1,017,262
    
    
    
    1,234,523Operating Loss
    
    
    (3,975,329
    )
    
    
    (2,908,281
    )Other Income (Expenses)Interest income
    
    
    9,802
    
    
    
    21,318Interest (expense)
    
    
    (1,018,575
    )
    
    
    (1,153,711
    )Total
    
    
    (1,008,773
    )
    
    
    (1,132,393
    )Net Loss
    
    $
    (4,984,102
    )
    
    $
    (4,040,674
    )Weighted Average Units Outstanding
    
    
    26,672
    
    
    
    26,672Net Loss Per Unit  Basic and Diluted
    
    $
    (186.87
    )
    
    $
    (151.49
    )
   5




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CENTRAL IOWA ENERGY, LLC
  Six Months Ended
    
    
    Six Months EndedMarch 31,
    
    
    March 31,2009
    
    
    2008(Unaudited)
    
    
    (Unaudited)Cash Flows from Operating ActivitiesNet loss
    
    $
    (4,984,102
    )
    
    $
    (4,040,674
    )Adjustments to reconcile net loss to net cash provided by
(used in) operating
activities:Depreciation and amortization
    
    
    1,319,186
    
    
    
    1,285,866Change in assets and liabilitiesDue from Broker
    
    
    218,605
    
    
    
    82,975Accounts receivable
    
    
    1,157,497
    
    
    
    383,909Other receivable
    
    
    (96,995
    )
    
    
    (404,674
    )Inventories
    
    
    6,988,512
    
    
    
    (3,278,364
    )Prepaid expenses
    
    
    (18,922
    )
    
    
    (29,593
    )Derivative instruments
    
    
    70,556
    
    
    
    (374,023
    )Accounts payable
    
    
    (1,323,084
    )
    
    
    2,269,765Accrued expenses
    
    
    (12,962
    )
    
    
    137,288Accrued interest payable
    
    
    21,472
    
    
    
    (45,793
    )Net cash provided by (used in) operating activities
    
    
    3,339,763
    
    
    
    (4,013,318
    )Cash Flows from Investing ActivitiesCapital expenditures
    
    
    (43,190
    )
    
    
    Increase in restricted cash
    
    
    (403,667
    )
    
    
    Sales tax refund from equipment purchases
    
    
    
    
    
    
    461,517Net cash provided by (used in) investing activities
    
    
    (446,857
    )
    
    
    461,517Cash Flows from Financing ActivitiesProceeds on revolving line of credit
    
    
    
    
    
    
    2,500,000Payments on revolving line of credit
    
    
    (1,950,000
    )
    
    
    Proceeds from long-term debt
    
    
    
    
    
    
    400,000Payments for long-term debt
    
    
    (786,664
    )
    
    
    (1,066,379
    )Net cash provided by (used in) financing activities
    
    
    (2,736,664
    )
    
    
    1,833,621Net Increase (Decrease) in Cash
    
    
    156,242
    
    
    
    (1,718,180
    )Cash and cash equivalents  Beginning of Period
    
    
    690,509
    
    
    
    2,268,725Cash and cash equivalents  End of Period
    
    $
    846,751
    
    
    $
    550,545Supplemental Disclosure of Cash Flow Information,Cash payments for interest, net of amount capitalized
    
    $
    957,162
    
    
    $
    1,179,991
   6




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CENTRAL IOWA ENERGY, LLC
NOTES TO UNAUDITED FINANCIAL STATEMENTS
March 31, 2009 and 2008
 NOTE A: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
 PRINCIPAL BUSINESS ACTIVITY 
 BASIS OF PRESENTATION 
  USE OF ESTIMATES 
 REVENUE RECOGNITION 
 FEDERAL INCENTIVE PAYMENTS AND RECEIVABLES 
 CASH AND EQUIVALENTS 
  ACCOUNTS RECEIVABLE 
   7




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CENTRAL IOWA ENERGY, LLC
NOTES TO UNAUDITED FINANCIAL STATEMENTS
March 31, 2009 and 2008
  INVENTORIES 
 DERIVATIVE INSTRUMENTS  Accounting for Derivative Instruments and Hedging Activities
   Three Months
    
    
    Three Months
    
    
    Six Months
    
    
    Six MonthsEnded
    
    
    Ended
    
    
    Ended
    
    
    EndedMarch 31,
    
    
    March 31,
    
    
    March 31,
    
    
    March 31,2009
    
    
    2008
    
    
    2009
    
    
    2008Realized gain/(loss)
    
    $
    414,853
    
    
    $
    (2,048,480
    )
    
    $
    1,241,595
    
    
    $
    (2,770,653
    )Change in unrealized gain
(loss)
    
    
    (402,239
    )
    
    
    1,613,003
    
    
    
    (70,556
    )
    
    
    374,023Net gain (loss)
    
    $
    12,614
    
    
    $
    (435,477
    )
    
    $
    1,171,039
    
    
    $
    (2,396,630
    )
 PROPERTY AND EQUIPMENT 
  Land improvements
    
    15-20 yearsOffice building
    
    10-20 yearsOffice equipment
    
    5 yearsPlant and process equipment
    
    10-20 years
  8




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CENTRAL IOWA ENERGY, LLC
NOTES TO UNAUDITED FINANCIAL STATEMENTS
March 31, 2009 and 2008
  RESTRICTED CASH 
 FINANCING COSTS 
 FAIR VALUE OF FINANCIAL INSTRUMENTS 
 DEFERRED GRANT FINANCING 
 INCOME TAXES 
 RECLASSIFICATIONS 
 NOTE B: INVENTORIES
  2009
    
    
    2008Raw materials
    
    $
    362,374
    
    
    $
    2,753,646Work in process
    
    
    
    
    
    
    155,988Finished goods
    
    
    425,586
    
    
    
    6,265,664Total
    
    $
    787,960
    
    
    $
    9,175,298
  9




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CENTRAL IOWA ENERGY, LLC
NOTES TO UNAUDITED FINANCIAL STATEMENTS
March 31, 2009 and 2008
 NOTE C: RELATED PARTY TRANSACTIONS
    NOTE D: REVOLVING LINE OF CREDIT
   10




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CENTRAL IOWA ENERGY, LLC
NOTES TO UNAUDITED FINANCIAL STATEMENTS
March 31, 2009 and 2008
 NOTE E: LONG-TERM DEBT
  2009Mortgage Term Note payable to F & M Bank  Iowa  See details below
    
    $
    18,616,732Iowa Department of Economic Development  See details below
    
    
    345,000Term Revolving Note payable to F & M Bank  Iowa  See details below
    
    
    5,000,000Equipment capital lease, due in monthly installments of $3,345
through August 2010 with a final option payment of $11,500 for the
purchase of the equipment.
    
    
    63,460$
    24,025,192
         NOTE F: RETIREMENT PLAN
   11




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CENTRAL IOWA ENERGY, LLC
NOTES TO UNAUDITED FINANCIAL STATEMENTS
March 31, 2009 and 2008
 NOTE G: COMMITMENTS AND CONTINGENCIES
 Utility Contracts
    Contingencies
  NOTE H: GOING CONCERN
    12




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CENTRAL IOWA ENERGY, LLC
NOTES TO UNAUDITED FINANCIAL STATEMENTS
March 31, 2009 and 2008
    
    
    Raising equity through one or more private placement offerings or state registered
offering of the Companys membership units;
    
    Seeking additional sources of short-term debt financing and credit facilities;
    
    Refinancing the current debt financing and credit facilities; or
    
    Seeking strategic business opportunities, including with other biodiesel plants;
    NOTE I: SUBSEQUENT EVENT
   13




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CENTRAL IOWA ENERGY, LLC
NOTES TO UNAUDITED FINANCIAL STATEMENTS
March 31, 2009 and 2008
   14




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Item 2. Managements Discussion and Analysis of Financial Condition and Results of Operations
  Cautionary Statements Regarding Forward Looking Statements
 RISK FACTORS
 
    
    Changes in interest rates or the availability, terms and conditions of credit;
    
    Our ability to generate free cash flow to invest in our business and service our debt;
    
    Our ability to raise additional equity capital proceeds;
    
    Overcapacity within the biodiesel industry resulting in increased competition and costs for feedstock and/or decreased
prices for our biodiesel and glycerin;
    
    Decrease in the demand for biodiesel;
    
    Actual biodiesel and glycerin production varying from expectations;
    
    Availability and cost of products and raw materials, particularly soybean oil, animal fats, and methanol;
    
    Changes in the price and market for biodiesel and its co-products, such as glycerin;
    
    Our ability to market and our reliance on third parties to market our products;
    
    Changes in or elimination of governmental laws, tariffs, trade or other controls or enforcement practices such as:
 
    
    national, state or local energy policy;
    
    federal and state biodiesel tax incentives;
    
    legislation establishing a renewable fuel standard or other legislation mandating the use of biodiesel or other
lubricity additives; or
    
    environmental laws and regulations that apply to our plant operations and their enforcement;
 
    
    Total U.S. consumption of
diesel fuel and biodiesel, fuel prices, and consumer attitudes regarding the use of biodiesel;
    
    Overcapacity within the biodiesel industry resulting in increased competition and costs for feedstock and/or decreased
prices for our biodiesel and glycerin;
    
    Fluctuations in petroleum and diesel prices;
    
    Changes in plant production capacity or technical difficulties in operating the plant;
    
    Changes in our business strategy, capital improvements or development plans;
    
    Results of our hedging strategies;
    
    Competition with other manufacturers in the biodiesel industry;
    
    Our liability resulting from litigation;
    
    Our ability to retain key employees and maintain labor relations;
    
    Changes and advances in biodiesel production technology;
    
    Competition from alternative fuels and alternative fuel additives;
    
    The occurrence of events of
default under our financing agreements, our failure to comply with loan covenants contained in our financing agreements and the response of our lender to our
failure to comply with such covenants;
  15




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
    
    Our ability to continue to export our biodiesel;
    
    The imposition of tariffs or other duties on biodiesel imported into Europe;
    
    Current unfavorable domestic and international economic conditions;
    
    Our ability to enter into toll manufacturing agreements or other arrangements that shift responsibility for feedstock
procurement and costs to other parties;
    
    Changes in plant production capacity or technical difficulties in operating the plant for any reason, including changes
due to events beyond our control or as a result of intentional reductions in production or plant shutdowns;
    
    The closing, or the failure to close, of the transaction contemplated by the asset purchase agreement entered into by
the Companys board of directors with REG and other parties affiliated with REG;
    
    Our ability to generate profits; and
    
    Other factors described elsewhere in this report.
  Overview
    16




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17




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Proposed Asset Purchase Transaction with Renewable Energy Group, Inc.
       18




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Results of Operations for the Three Months Ended March 31, 2009 and 2008
  Three Months Ended March 31, 2009
    
    
    Three Months Ended March 31, 2008(Unaudited)
    
    
    (Unaudited)Income Statement Data
    
    Amount
    
    
    Percent
    
    
    Amount
    
    
    PercentRevenues
    
    $
    2,293,306
    
    
    
    100.00
    %
    
    $
    14,989,878
    
    
    
    100.00
    %Cost of Goods Sold
    
    
    3,464,582
    
    
    
    151.07
    %
    
    
    15,401,575
    
    
    
    102.75
    %Gross Loss
    
    
    (1,171,276
    )
    
    
    (51.07
    %)
    
    
    (411,697
    )
    
    
    (2.75
    %)Operating Expenses
    
    
    446,545
    
    
    
    19.47
    %
    
    
    594,175
    
    
    
    3.96
    %Operating Loss
    
    
    (1,617,821
    )
    
    
    (70.54
    %)
    
    
    (1,005,872
    )
    
    
    (6.71
    %)Other Expense
    
    
    (461,553
    )
    
    
    (20.13
    %)
    
    
    (539,254
    )
    
    
    (3.60
    %)Net Loss
    
    
    (2,079,374
    )
    
    
    (90.67
    %)
    
    
    (1,545,126
    )
    
    
    (10.31
    %)
 Revenues
  Three Months Ended March 31, 2009
    
    
    Three Months Ended March 31, 2008Revenue Source
    
    Amount
    
    
    % of Revenues
    
    
    Amount
    
    
    % of RevenuesBiodiesel Sales
    
    $
    2,042,097
    
    
    
    89
    %
    
    $
    14,354,129
    
    
    
    96
    %Glycerin Sales
    
    
    25,748
    
    
    
    1
    %
    
    
    423,665
    
    
    
    3
    %Fatty Acid and Soapstock Sales
    
    
    225,461
    
    
    
    10
    %
    
    
    212,084
    
    
    
    1
    %Total Revenues
    
    $
    2,293,306
    
    
    
    100
    %
    
    $
    14,989,878
    
    
    
    100
    %
     19




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20




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Cost of Goods Sold
       Commodity Risk Protection
  21




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Operating Expenses
  Other Income (Expenses)
  Results of Operations for the Six Months Ended March 31, 2009 and 2008
  Six Months Ended March 31, 2009
    
    
    Six Months Ended March 31, 2008(Unaudited)
    
    
    (Unaudited)Income Statement Data
    
    Amount
    
    
    Percent
    
    
    Amount
    
    
    PercentRevenues
    
    $
    7,991,675
    
    
    
    100.00
    %
    
    $
    32,801,758
    
    
    
    100.00
    %Cost of Goods Sold
    
    
    10,949,742
    
    
    
    137.01
    %
    
    
    34,475,516
    
    
    
    105.10
    %Gross Profit (Loss)
    
    
    (2,958,067
    )
    
    
    (37.01
    %)
    
    
    (1,673,758
    )
    
    
    (5.10
    %)Operating Expenses
    
    
    1,017,262
    
    
    
    12.73
    %
    
    
    1,234,523
    
    
    
    3.77
    %Operating Income (Loss)
    
    
    (3,975,329
    )
    
    
    49.74
    %
    
    
    (2,908,281
    )
    
    
    (8.87
    %)Other Income (Expense)
    
    
    (1,008,773
    )
    
    
    (12.62
    %)
    
    
    (1,132,393
    )
    
    
    (3.45
    %)Net Income (Loss)
    
    
    (4,984,102
    )
    
    
    (62.36
    %)
    
    
    (4,040,674
    )
    
    
    (12.32
    %)
 Revenues
  Six Months Ended March 31, 2009
    
    
    Six Months Ended March 31, 2008Revenue Source
    
    Amount
    
    
    % of Revenues
    
    
    Amount
    
    
    % of RevenuesBiodiesel Sales
    
    $
    7,492,560
    
    
    
    94
    %
    
    $
    31,396,119
    
    
    
    96
    %Glycerin Sales
    
    
    123,919
    
    
    
    2
    %
    
    
    1,063,490
    
    
    
    3
    %Fatty Acid and
Soapstock Sales
    
    
    375,196
    
    
    
    4
    %
    
    
    342,149
    
    
    
    1
    %Total Revenues
    
    $
    7,991,675
    
    
    
    100
    %
    
    $
    32,801,758
    
    
    
    100
    %
   22




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Cost of Goods Sold
  Operating Expense
  Other Income (Expenses)
  Changes in Financial Condition for the Six Months Ended March 31, 2009
  March 31,
    
    
    September 30,2009
    
    
    2008Current Assets
    
    $
    2,313,621
    
    
    $
    10,476,632Current Liabilities
    
    $
    25,735,800
    
    
    $
    29,787,038Members Equity
    
    $
    12,459,022
    
    
    $
    17,443,124
 Current Assets
 Current Liabilities
 Members Equity
 Cash Flows
 Cash Flow from Operating Activities .
  23




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Cash Flow from Investing Activities .
 Cash Flow from Financing Activities .
 Liquidity and Capital Resources
 Short Term and Long-Term Debt Sources
  th Wall Street Journal
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Overview  Proposed Asset Purchase Agreement with Renewable Energy
Group, Inc.
 Government Programs and Grants
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Commodity Price Risk Protection
    Distribution to Unit Holders
  Critical Accounting Estimates
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Revenue Recognition
  Derivative Instruments and Hedging Activities
 Accounting for Derivative Instruments and
Hedging Activities
 Impairment of long-lived assets
  Off-Balance Sheet Arrangements
  
 Item 3. Quantitative and Qualitative Disclosures About Market Risk
  
 Item 4T. Controls And Procedures
   
 PART II. OTHER INFORMATION
 
 Item 1. Legal Proceedings.
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Item 1A. Risk Factors.
 There are doubts about our ability to continue as a going concern and if we are unable to
continue our business, our units may have little or no value.
 REGs termination of the MOSA could cause a material adverse effect on our ability to produce,
sell and market biodiesel.
 The Company is currently experiencing liquidity problems and it does not expect to have
sufficient working capital available in the foreseeable future to produce biodiesel other than in
connection with toll processing arrangements pursuant to which feedstock is supplied by third
parties .
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The asset purchase agreement entered into by the Companys board of directors, REG, and
certain other REG affiliates is subject to a variety of closing conditions, including the consent
of our lender, and may not close. Proposed Asset
Purchase Transaction with Renewable Energy Group, Inc
 The imposition of duties or tariffs by the European Commission on biodiesel imported into
Europe could cause a significant decrease in our revenues.
 The EPAs recent findings that soy-based biodiesel does not meet the requirements under the
RFS to reduce greenhouse emissions could reduce demand for soy-based biodiesel and reduce our
profitability.
 
 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.
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Item 3. Defaults Upon Senior Securities.
  
 Item 4. Submission of Matters to a Vote of Security Holders.
  
 Item 5. Other Information.
  
 Item 6. Exhibits.
  ExhibitNo.
    
    Description10.1+
    
    
    Toll Processing Arrangement between REG Processing Systems, LLC and Central Iowa
Energy, LLC dated November 24, 2008.10.2+
    
    
    Toll Processing Agreement between REG Marketing & Logistics Group, LLC and
Central Iowa Energy, LLC dated January 6, 2009.10.3+
    
    
    Addendum #1 to Toll Processing Agreement between REG Marketing & Logistics
Group, LLC and Central Iowa Energy, LLC dated January 14, 2009.10.4+
    
    
    Addendum #2 to Toll Processing Agreement between REG Marketing & Logistics
Group, LLC and Central Iowa Energy, LLC dated January 14, 2009.10.5+
    
    
    Addendum #3 to Toll Processing Agreement between REG Marketing & Logistics
Group, LLC and Central Iowa Energy, LLC dated March 4, 2009.10.6+
    
    
    Addendum #4 to Toll Processing Agreement between REG Marketing & Logistics
Group, LLC and Central Iowa Energy, LLC dated January 14, 2009.10.7
    
    
    Exhibit E to Toll Processing Agreement between REG Marketing & Logistics Group,
LLC and Central Iowa Energy, LLC dated March 4, 2009.
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ExhibitNo.
    
    Description10.8
    
    
    Asset Purchase Agreement between REG Newco, Inc., REG Newton, LLC, Central Iowa
Energy, LLC, and Renewable Energy Group, Inc. dated May 8, 2009.31.1
    
    
    Certificate pursuant to 17 CFR 240 13a-14(a)31.2
    
    
    Certificate pursuant to 17 CFR 240 13a-14(a)32.1
    
    
    Certificate pursuant to 18 U.S.C. Section 135032.2
    
    
    Certificate pursuant to 18 U.S.C. Section 1350
 (+)
    
    Material has been omitted pursuant to a request for confidential treatment and such
materials have been filed separately with the Securities and Exchange Commission.  31




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SIGNATURES
  CENTRAL IOWA ENERGY, LLCDate: May 15, 2009
    
    /s/ John E. Van ZeeJohn E. Van Zee
President and Chief Executive Officer(Principal Executive Officer)Date: May 15, 2009
    
    /s/ Kimberly SmithKimberly SmithChief Financial Officer(Principal Financial and Accounting Officer)
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##### Table of Contents



EXHIBIT INDEX
 ExhibitNo.
    
    Description10.1+
    
    
    Toll Processing Arrangement between REG Processing Systems, LLC and Central Iowa
Energy, LLC dated November 24, 2008.10.2+
    
    
    Toll Processing Agreement between REG Marketing & Logistics Group, LLC and
Central Iowa Energy, LLC dated January 6, 2009.10.3+
    
    
    Addendum #1 to Toll Processing Agreement between REG Marketing & Logistics
Group, LLC and Central Iowa Energy, LLC dated January 14, 2009.10.4+
    
    
    Addendum #2 to Toll Processing Agreement between REG Marketing & Logistics
Group, LLC and Central Iowa Energy, LLC dated January 14, 2009.10.5+
    
    
    Addendum #3 to Toll Processing Agreement between REG Marketing & Logistics
Group, LLC and Central Iowa Energy, LLC dated March 4, 2009.10.6+
    
    
    Addendum #4 to Toll Processing Agreement between REG Marketing & Logistics
Group, LLC and Central Iowa Energy, LLC dated January 14, 2009.10.7
    
    
    Exhibit E to Toll Processing Agreement between REG Marketing & Logistics Group,
LLC and Central Iowa Energy, LLC dated March 4, 2009.10.8
    
    
    Asset Purchase Agreement between REG Newco, Inc., REG Newton, LLC, Central Iowa
Energy, LLC, and Renewable Energy Group, Inc. dated May 8, 2009.31.1
    
    
    Certificate pursuant to 17 CFR 240 13a-14(a)31.2
    
    
    Certificate pursuant to 17 CFR 240 13a-14(a)32.1
    
    
    Certificate pursuant to 18 U.S.C. Section 135032.2
    
    
    Certificate pursuant to 18 U.S.C. Section 1350
 (+)
    
    Material has been omitted pursuant to a request for confidential treatment and such
materials have been filed separately with the Securities and Exchange Commission.  33