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Agenda
1.      How we create value
2.      Company Overview
3.      History
4.      4 Year Projections


                           Feedback: Giuseppe Mascarella
                                    giuseppe@viovijuice.com
                                      Cell: +1 425 269 5478

                    CONFIDENTIAL
                     CONFIDENTIAL
13/01/2008                                                    2
VioVi Adds Value In The Value Chain

 Commodity                    Commodity                   Private
                                                                                             + $ 1,75
   Juice                       & Italian                                       Brand Juice    per Kg
                                                         Label MIX
                              Juices MIX                                          MIX          Juice

 0.75 $/Kg                  1.35 €/Kg ( + 0,40) 1.80 $/Kg(+ 0,50 ) 2.50 $/Kg (+ 0,70 )
                             € 1.50                                             € 1.50
             Market Price




                                                                 € 1.20
                             € 1.00                   € 0.90
                                         € 0.50
                             € 0.50

                               €-
                                      Brasilian   Brasilian & Private
                                        Juice                               Brand
                                                    Italian   Label Mix   Juice Mix
                                                     Juice
Tasty
                               Healthy           Exotic




VioVi’ is a premuim brand
targeting baby boomers
leveraging the delicious and
health vitalizing juice from
Italian Blood Oranges.
VioVi
 1. Brands in Antioxidant Drinks Are Hot
    Pepsi just bought AmaCoco, Coke responded with with
    ZiCO (Coco Water) to gain control over exotic healthy
    beverages.
 2. Market Momentum
    Blood Oranges ranked #1 novelty trend by IFT (USA)
 3. Unique Benefits
    Over 50 scientific publications
 4. Expertise
    Italian manufacturing plant has been producing private
    labels for over 10 years.



                                CONFIDENTIAL
VioVi Potential in USA/Canada
Proven in Italy and France where Blood Orange Juice has been one of the best seller for years.




   Category : Healthy Foods in US                       Growth of Color Heathy Foods (including Juice)
   will be $150 bil in 2012              Rev $ bn

   Beverages Part Growing faster
   than food at 30% /yr                        600
                                               500
                                               400
                                               300
                                               200
                                               100
             Blood Orange                           0
                                                         2002   2003   2004     2005     2006    2007
             Juice in US is up
                                           Rev $ bn 309.4452 336.3535 369.6192 410.688   446.4   480
             400% in 2009

                                              Source: Ewa Hudson EUROMONITOR Research
Addressable market in USA for the:




                                Consumer Taste
                         1990    2000        2005   2010
                        Sweet                       TART
                                                           $0.5Bil    2008 Market
                                                                      Growth: 9%


                                     $3Bil

                                                             Easy Orange Juice
                                                             Upgrade
                                                             Market: $1Bil

                                        CONFIDENTIAL
Health Benefits of Blood Orange Juice
       Based on Publications
PROMOTES CARDIOVASCULAR HEALTH
 Flavonoids from Blood Orange juice
                                                           300% more
can prevent heart attacks and strokes.                      Antioxidants
 GOOD ENERGY SOURCE
 A research study found an accelerated recovery
 experienced by professional handball players (Bonina et
 al. 2005).

SUPPORTS BRAIN FUNCTIONS
It slows down the damaging effects of aging on
nerve cell function and supports a bright mood.


HEALTHIER SKIN
A study shows that BOJ support reversing the signs
of aging due to UV (Sun). (Proteggente 2003)




                       CONFIDENTIAL
Agenda
1.      How we create value
2.      Company Overview
3.      History
4.      4 Year Projections


                           Feedback: Giuseppe Mascarella
                                    giuseppe@viovijuice.com
                                      Cell: +1 425 269 5478

13/01/2008           CONFIDENTIAL                             9
Capitalizing the on the profit opportunity
   with the antioxidant Blood Oranges
A. VioVi, Premium Healthy Brand
   In USA/Canada with great marketing.

B. Largest Juice production & copacking plant in Italy




                             CONFIDENTIAL                10
A) VioVI Sales and Marketing USA


US National Sales Management (3)
US Regional Sales Managers (16)
Canadian Sales Manger (1)




 Hotel and Restaurants
 Piggy Back on Upper Scale Dessert Channel




                                             CONFIDENTIAL
B) Overview of The Italian Production Plant
1.   Largest Blood Orange Juice plant
     –   93,527 sq m of manufacturing park (50% covered)
     –   9000 unit/hr packing technology by Elopack
     –   90,000 MT/Year production capacity
2.   Ample Supply of Fruit: Over 3000 farmers are partners. Tot. market value 260
     mil/year
3.   Experience: 60 employees trained by Parmalt Enginnering
4.   Certifications: USDA Organic, EU Biologic, Kosher, COKE certified, etc
5.   Innovative: Scientific Advisory Board with over 50 scientists
     worldwide collaborating in protected web




                                     CONFIDENTIAL                            12
Cold Store




CONFIDENTIAL
Products
From Sicilian Blood oranges, Blond Oranges, Lemons,
  Grapefruit we produce:
• Juice
• Juice Concentrate , Cloudy, Comminuted
• Italian Soda Syrups, ICE Cream Base
• Orange Pulp
• Essential Oil for perfume, flavoring
• Oil and Water Phase for cosmetics
• Orange Peel Dried (Food and Heating)
• Prebiotic
• D-Limonene
                       CONFIDENTIAL
Talented Management




                                                                                                                         CONFIDENTIAL- CIPRO GEST BUSINESS PLAN 2008
 Giuseppe Mascarella (73%)
President of O’Biolla and VioVi
Resident Seattle(USA). He is leading the conversion of a $38
million mature technologplant (formerly owned by Parmalat),
into a larger innovative biotech company specializing in
“nutraceuticals.
Before coming to O’Biolla, Giuseppe was a Group Manager at
Microsoft Corporation, driving the historical success of
Microsoft Office.. He firmly believes he can replicate that
success with the launch of the new O'Biolla product

He holds a master in Manufacturing Engineering, MBA from
MIT and JCU.


 Fabio Borsellino (18%)                                        Alessandro Rampolla (9%)
 CEO of CiproGest. Living in Palermo Italy                     HR Executive Consultant
                                                                Alessandro Rampolla, has been production plant
 He has worked as Strategy Consulting Manager for
                                                                manager for Procter & Gambles .
 few a leading American Corporations such as Ernest             Today he leads the Human Resources division in
 and Young, ATHOS, Gartner Group, for 14 years.                 Brussels.
                                                               He holds a Master in Production Engineering.
 Fabio Borsellino holds a Bocconi MBA and a Master
 in Electrical Engineering.
 •                                                                                                           Pagina 15
ORANGE/LEMON PRODUCTION In Sicily
2008-09 FORECAST
Tot. Italian Orange Production over 2 mil Tons
Tot. Sicil Lemon Production over 5 mil Tons
                          Source: ISMEA (Government)


       Cipro Gest

                                        132.000 T
                                                          130.000 T




                                                                      Reggio Calabria    525.000 T



                                                                                    300.000 T

                                                                                    115.600 T




                                                                                   253.000 T

                            92.000 T                                               92.000 T

                            3.000 T                 CONFIDENTIAL
      13/01/2008                                                                                16
Agenda
1.      How we create value
2.      Company Overview
3.      History
4.      4 Year Projections


                            Feedback: Giuseppe Mascarella
                                     giuseppe@viovijuice.com
                                       Cell: +1 425 269 5478

                     CONFIDENTIAL
                      CONFIDENTIAL
13/01/2008                                                     17
VioVi Plant (Cipro Gest Srl, Italy)
HISTORICAL VIEW 2007-2009
   July 2007 – Acquisition of Plant from Parmalat Bankruptcy
   July 2007/2010 - One Time Re-Start Maintenance
   Jan 2008 – Juice Production with € 7 Mil production
   2008 – Biotechnologies R&D
   2009 – Private Label
R EVEN U ES                                                                                                     FY2009                  YT D
                                                               FY 2007       %       FY 2008          %                         %                      %
(Amounts in thousands of euros)                                                                               (Projection)              06.09


Revenues from PRIVATE LABEL MIX                                         0    0.00%              0    0.00%            893     12.90%            11    0.47%


Revenues from JUICE IN DRUMS                                          33     9.47%        3,856      60.71%         5,977     86.38%       3,336 141.79%


Revenues from D-LIMONENE & ESSENTIAL OILS                               0    0.00%             406   6.39%               50     0.72%           15    0.64%

N e t R e v e nue s                                                   33     9.47%       4,261       67.10%        6,919 100.00%          3,362 142.89%

Inventory Variation                                                  315    90.53%        2,089      32.90%              0      0.00%     -1,009     -42.89%

VALU E OF PR OD U CT ION                                             348 100.00%         6,351 100.00%             6,919 100.00%          2,353 100.00%


                                                          Value of Production 2007-2009
                                                                  Net Revenues   Inventory Variation

                                                  8,000

                                                  7,000

                                                  6,000
                             Thousands of Euros




                                                                                      2,089
                                                  5,000

                                                  4,000
                                                                                                                 6,919
                                                  3,000

                                                  2,000                               4,261

                                                  1,000
                                                             33
                                                     0
                                                           FY 2007                   FY 2008              FY2009 (Projection)
2008-2009 INCOME STATEMENTS
INCOME STATEMENT                                       % on       FY 2008  % on       FY 2009   % on       FY 2009  % on
(Amounts in thousands of euros)            FY 2008    Value of   One Time Value of   Projectio Value of   One Time Value of
                                                       Prod.      Restart  Prod.         n      Prod.      Restart  Prod.
Revenues from Private Label Mix                   0        0%                              893    12.9%
Revenues from Juice in Drums                  3,856       61%                            5,977    86.4%
Revenues from D-Limonene / Oils                 406        6%                               50     0.7%
NET REVENUES                                 4,261        67%                           6,919    100.0%
Inventory Variation                           2,089       33%                               0        0%

VALUE OF PRODUCTION                           6,351      100%                            6,919    100%

COGS                                        -5,311        -84%     -2,473     -39%     (5,806)     -84%     (1,092)   -16%
GROSS MARGIN                                 1,040        16%      -2,473     -39%      1,113      16%      -1,092    -16%
S, G&A                                      -1,482        -23%        -65      -1%     (1,569)     -23%        (38)    -1%
EBITDA                                        -442         -7%     -2,538     -40%       -457       -7%     -1,130    -16%
Total Amortization                          -2,758        -43%                         (1,970)     -28%
OPERATING INCOME (EBIT)                     -3,200        -50%     -2,538     -40%     -2,427      -35%     -1,130    -16%
Interest Expense                              -269         -4%                           (387)      -6%
Extraordinary Income (less Extr Charges)       -22          0%                            150        2%
NET INCOME BEFORE TAXES                     -3,491        -55%     -2,538     -40%     -2,664      -39%     -1,130    -16%
Taxes                                          -65         -1%                            (62)      -1%
NET INCOME (LOSS)                           -3,556        -56%     -2,538     -40%     -2,727      -39%     -1,130    -16%
Agenda
1.      Company Overview
2.      Investment Opportunity
3.      History
4.      4 Year Projections


                           Feedback: Giuseppe Mascarella
                                    giuseppe@viovijuice.com
                                      Cell: +1 425 269 5478

13/01/2008           CONFIDENTIAL                             21
Break Even in 2010
                          Net Revenues             COGS           Other Costs          One Time Restart                                    Net Profit (Loss)

                           25,000                                                                                                          Net Profit (Without Amortization & One Time Restart Costs)
                                                                                                                                       6,000                                                     4,338         4,937
                                                                                                                                                                                        3,565
                           20,000                                                                                                      4,000                                   2,664
     Thousands of Euros




                                                                                                                  Thousands of Euros
                                                                                                                                       2,000
                           15,000                                                                                                                                -756                                          2,285
                                                                                                                                                    -797
                                                                                                                                            0                                                    1,119
                                                                                                                                                                                        583
                           10,000                                                                                                      -2,000                                  -659
                                                                                                                                       -4,000
                            5,000                                                                                                                                -3,857
                                                                                                                                       -6,000
                                                                                                                                                   -6,094
                                  0                                                                                                    -8,000

                                         FY 2008        FY 2009   FY 2010    FY 2011    FY 2012     FY 2013                                       FY 2008 FY 2009 FY 2010 FY 2011 FY 2012 FY 2013

                                          FY 2008                     FY 2009                     FY 2010                                FY 2011                        FY 2012                  FY 2013
                                                             %                          %                        %                                           %                           %                         %
                                          (€ / 1.000)                 (€ / 1.000)                 (€ / 1.000)                             (€ / 1.000)                     (€ / 1.000)            (€ / 1.000)


              Net Revenues                     4.261         67,1%          6.919      100,0%        17.330     100,0%                          18.781      100,0%           20.526     100,0%      22.231        100,0%
 Inventory Variation                           2.089         32,9%              0        0,0%             0       0,0%                               0        0,0%                0       0,0%           0             0,0%

                          Gross Profit         6.351        100,0%          6.919      100,0%        17.330     100,0%                       18.781         100,0%           20.526     100,0%      22.231        100,0%

                                COGS           5.311         83,6%          5.806       83,9%        12.315      71,1%                          12.822       68,3%           13.769      67,1%      14.881         66,9%
     Admin. & Mktg                             1.482         23,3%          1.569       22,7%         1.724       9,9%                           1.771        9,4%            1.848       9,0%       1.892             8,5%
   Interest Expense                              269          4,2%            387        5,6%           458       2,6%                             413        2,2%              340       1,7%         243             1,1%
     Taxes & Others                               86          1,4%            -88       -1,3%           169       1,0%                             210        1,1%              230       1,1%         278             1,2%
                   Amortization                2.758         43,4%          1.970       28,5%         3.323      19,2%                           2.982       15,9%            3.220      15,7%       2.652         11,9%
  One Time Restart                             2.538         40,0%          1.130       16,3%             0       0,0%                               0        0,0%                0       0,0%           0             0,0%


   Net Profit (Loss)                          -6.094         -96,0%         -3.857     -55,7%            -659    -3,8%                            583         3,1%             1.119      5,4%        2.285        10,3%

Net Profit (Without
Amortization & One                               -797        -12,6%          -756      -10,9%          2.664     15,4%                           3.565       19,0%             4.338     21,1%        4.937        22,2%
Time Restart Costs)
(Thousands of Euros)                 EBITDA          EBIT       Net Profit    Cash Flow
                         FY 2008          -442         -3.200        -3.556
                         FY 2009          -457         -2.427        -2.727
                         FY 2010         3.291            -32          -659               739
                         FY 2011         4.188          1.205           583             1.287
                         FY 2012         4.909          1.689         1.119             1.834
                         FY 2013         5.458          2.806         2.285             2.277



                       6,000

                       5,000

                       4,000

                       3,000
  Thousands of euros




                       2,000                                                                              EBITDA
                       1,000                                                                              EBIT
                           0                                                                              Net Profit
                       -1,000
                                                                                                          Cash Flow

                       -2,000

                       -3,000

                       -4,000
                                   FY 2009       FY 2010        FY 2011       FY 2012           FY 2013
Creating Value with Premium Blood Orange Juice

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Creating Value with Premium Blood Orange Juice

  • 1.
  • 2. Agenda 1. How we create value 2. Company Overview 3. History 4. 4 Year Projections Feedback: Giuseppe Mascarella giuseppe@viovijuice.com Cell: +1 425 269 5478 CONFIDENTIAL CONFIDENTIAL 13/01/2008 2
  • 3. VioVi Adds Value In The Value Chain Commodity Commodity Private + $ 1,75 Juice & Italian Brand Juice per Kg Label MIX Juices MIX MIX Juice 0.75 $/Kg 1.35 €/Kg ( + 0,40) 1.80 $/Kg(+ 0,50 ) 2.50 $/Kg (+ 0,70 ) € 1.50 € 1.50 Market Price € 1.20 € 1.00 € 0.90 € 0.50 € 0.50 €- Brasilian Brasilian & Private Juice Brand Italian Label Mix Juice Mix Juice
  • 4. Tasty Healthy Exotic VioVi’ is a premuim brand targeting baby boomers leveraging the delicious and health vitalizing juice from Italian Blood Oranges.
  • 5. VioVi 1. Brands in Antioxidant Drinks Are Hot Pepsi just bought AmaCoco, Coke responded with with ZiCO (Coco Water) to gain control over exotic healthy beverages. 2. Market Momentum Blood Oranges ranked #1 novelty trend by IFT (USA) 3. Unique Benefits Over 50 scientific publications 4. Expertise Italian manufacturing plant has been producing private labels for over 10 years. CONFIDENTIAL
  • 6. VioVi Potential in USA/Canada Proven in Italy and France where Blood Orange Juice has been one of the best seller for years. Category : Healthy Foods in US Growth of Color Heathy Foods (including Juice) will be $150 bil in 2012 Rev $ bn Beverages Part Growing faster than food at 30% /yr 600 500 400 300 200 100 Blood Orange 0 2002 2003 2004 2005 2006 2007 Juice in US is up Rev $ bn 309.4452 336.3535 369.6192 410.688 446.4 480 400% in 2009 Source: Ewa Hudson EUROMONITOR Research
  • 7. Addressable market in USA for the: Consumer Taste 1990 2000 2005 2010 Sweet TART $0.5Bil 2008 Market Growth: 9% $3Bil Easy Orange Juice Upgrade Market: $1Bil CONFIDENTIAL
  • 8. Health Benefits of Blood Orange Juice Based on Publications PROMOTES CARDIOVASCULAR HEALTH Flavonoids from Blood Orange juice 300% more can prevent heart attacks and strokes. Antioxidants GOOD ENERGY SOURCE A research study found an accelerated recovery experienced by professional handball players (Bonina et al. 2005). SUPPORTS BRAIN FUNCTIONS It slows down the damaging effects of aging on nerve cell function and supports a bright mood. HEALTHIER SKIN A study shows that BOJ support reversing the signs of aging due to UV (Sun). (Proteggente 2003) CONFIDENTIAL
  • 9. Agenda 1. How we create value 2. Company Overview 3. History 4. 4 Year Projections Feedback: Giuseppe Mascarella giuseppe@viovijuice.com Cell: +1 425 269 5478 13/01/2008 CONFIDENTIAL 9
  • 10. Capitalizing the on the profit opportunity with the antioxidant Blood Oranges A. VioVi, Premium Healthy Brand In USA/Canada with great marketing. B. Largest Juice production & copacking plant in Italy CONFIDENTIAL 10
  • 11. A) VioVI Sales and Marketing USA US National Sales Management (3) US Regional Sales Managers (16) Canadian Sales Manger (1) Hotel and Restaurants Piggy Back on Upper Scale Dessert Channel CONFIDENTIAL
  • 12. B) Overview of The Italian Production Plant 1. Largest Blood Orange Juice plant – 93,527 sq m of manufacturing park (50% covered) – 9000 unit/hr packing technology by Elopack – 90,000 MT/Year production capacity 2. Ample Supply of Fruit: Over 3000 farmers are partners. Tot. market value 260 mil/year 3. Experience: 60 employees trained by Parmalt Enginnering 4. Certifications: USDA Organic, EU Biologic, Kosher, COKE certified, etc 5. Innovative: Scientific Advisory Board with over 50 scientists worldwide collaborating in protected web CONFIDENTIAL 12
  • 14. Products From Sicilian Blood oranges, Blond Oranges, Lemons, Grapefruit we produce: • Juice • Juice Concentrate , Cloudy, Comminuted • Italian Soda Syrups, ICE Cream Base • Orange Pulp • Essential Oil for perfume, flavoring • Oil and Water Phase for cosmetics • Orange Peel Dried (Food and Heating) • Prebiotic • D-Limonene CONFIDENTIAL
  • 15. Talented Management CONFIDENTIAL- CIPRO GEST BUSINESS PLAN 2008 Giuseppe Mascarella (73%) President of O’Biolla and VioVi Resident Seattle(USA). He is leading the conversion of a $38 million mature technologplant (formerly owned by Parmalat), into a larger innovative biotech company specializing in “nutraceuticals. Before coming to O’Biolla, Giuseppe was a Group Manager at Microsoft Corporation, driving the historical success of Microsoft Office.. He firmly believes he can replicate that success with the launch of the new O'Biolla product He holds a master in Manufacturing Engineering, MBA from MIT and JCU. Fabio Borsellino (18%) Alessandro Rampolla (9%) CEO of CiproGest. Living in Palermo Italy HR Executive Consultant Alessandro Rampolla, has been production plant He has worked as Strategy Consulting Manager for manager for Procter & Gambles . few a leading American Corporations such as Ernest Today he leads the Human Resources division in and Young, ATHOS, Gartner Group, for 14 years. Brussels. He holds a Master in Production Engineering. Fabio Borsellino holds a Bocconi MBA and a Master in Electrical Engineering. • Pagina 15
  • 16. ORANGE/LEMON PRODUCTION In Sicily 2008-09 FORECAST Tot. Italian Orange Production over 2 mil Tons Tot. Sicil Lemon Production over 5 mil Tons Source: ISMEA (Government) Cipro Gest 132.000 T 130.000 T Reggio Calabria 525.000 T 300.000 T 115.600 T 253.000 T 92.000 T 92.000 T 3.000 T CONFIDENTIAL 13/01/2008 16
  • 17. Agenda 1. How we create value 2. Company Overview 3. History 4. 4 Year Projections Feedback: Giuseppe Mascarella giuseppe@viovijuice.com Cell: +1 425 269 5478 CONFIDENTIAL CONFIDENTIAL 13/01/2008 17
  • 18. VioVi Plant (Cipro Gest Srl, Italy) HISTORICAL VIEW 2007-2009  July 2007 – Acquisition of Plant from Parmalat Bankruptcy  July 2007/2010 - One Time Re-Start Maintenance  Jan 2008 – Juice Production with € 7 Mil production  2008 – Biotechnologies R&D  2009 – Private Label
  • 19. R EVEN U ES FY2009 YT D FY 2007 % FY 2008 % % % (Amounts in thousands of euros) (Projection) 06.09 Revenues from PRIVATE LABEL MIX 0 0.00% 0 0.00% 893 12.90% 11 0.47% Revenues from JUICE IN DRUMS 33 9.47% 3,856 60.71% 5,977 86.38% 3,336 141.79% Revenues from D-LIMONENE & ESSENTIAL OILS 0 0.00% 406 6.39% 50 0.72% 15 0.64% N e t R e v e nue s 33 9.47% 4,261 67.10% 6,919 100.00% 3,362 142.89% Inventory Variation 315 90.53% 2,089 32.90% 0 0.00% -1,009 -42.89% VALU E OF PR OD U CT ION 348 100.00% 6,351 100.00% 6,919 100.00% 2,353 100.00% Value of Production 2007-2009 Net Revenues Inventory Variation 8,000 7,000 6,000 Thousands of Euros 2,089 5,000 4,000 6,919 3,000 2,000 4,261 1,000 33 0 FY 2007 FY 2008 FY2009 (Projection)
  • 20. 2008-2009 INCOME STATEMENTS INCOME STATEMENT % on FY 2008 % on FY 2009 % on FY 2009 % on (Amounts in thousands of euros) FY 2008 Value of One Time Value of Projectio Value of One Time Value of Prod. Restart Prod. n Prod. Restart Prod. Revenues from Private Label Mix 0 0% 893 12.9% Revenues from Juice in Drums 3,856 61% 5,977 86.4% Revenues from D-Limonene / Oils 406 6% 50 0.7% NET REVENUES 4,261 67% 6,919 100.0% Inventory Variation 2,089 33% 0 0% VALUE OF PRODUCTION 6,351 100% 6,919 100% COGS -5,311 -84% -2,473 -39% (5,806) -84% (1,092) -16% GROSS MARGIN 1,040 16% -2,473 -39% 1,113 16% -1,092 -16% S, G&A -1,482 -23% -65 -1% (1,569) -23% (38) -1% EBITDA -442 -7% -2,538 -40% -457 -7% -1,130 -16% Total Amortization -2,758 -43% (1,970) -28% OPERATING INCOME (EBIT) -3,200 -50% -2,538 -40% -2,427 -35% -1,130 -16% Interest Expense -269 -4% (387) -6% Extraordinary Income (less Extr Charges) -22 0% 150 2% NET INCOME BEFORE TAXES -3,491 -55% -2,538 -40% -2,664 -39% -1,130 -16% Taxes -65 -1% (62) -1% NET INCOME (LOSS) -3,556 -56% -2,538 -40% -2,727 -39% -1,130 -16%
  • 21. Agenda 1. Company Overview 2. Investment Opportunity 3. History 4. 4 Year Projections Feedback: Giuseppe Mascarella giuseppe@viovijuice.com Cell: +1 425 269 5478 13/01/2008 CONFIDENTIAL 21
  • 22. Break Even in 2010 Net Revenues COGS Other Costs One Time Restart Net Profit (Loss) 25,000 Net Profit (Without Amortization & One Time Restart Costs) 6,000 4,338 4,937 3,565 20,000 4,000 2,664 Thousands of Euros Thousands of Euros 2,000 15,000 -756 2,285 -797 0 1,119 583 10,000 -2,000 -659 -4,000 5,000 -3,857 -6,000 -6,094 0 -8,000 FY 2008 FY 2009 FY 2010 FY 2011 FY 2012 FY 2013 FY 2008 FY 2009 FY 2010 FY 2011 FY 2012 FY 2013 FY 2008 FY 2009 FY 2010 FY 2011 FY 2012 FY 2013 % % % % % % (€ / 1.000) (€ / 1.000) (€ / 1.000) (€ / 1.000) (€ / 1.000) (€ / 1.000) Net Revenues 4.261 67,1% 6.919 100,0% 17.330 100,0% 18.781 100,0% 20.526 100,0% 22.231 100,0% Inventory Variation 2.089 32,9% 0 0,0% 0 0,0% 0 0,0% 0 0,0% 0 0,0% Gross Profit 6.351 100,0% 6.919 100,0% 17.330 100,0% 18.781 100,0% 20.526 100,0% 22.231 100,0% COGS 5.311 83,6% 5.806 83,9% 12.315 71,1% 12.822 68,3% 13.769 67,1% 14.881 66,9% Admin. & Mktg 1.482 23,3% 1.569 22,7% 1.724 9,9% 1.771 9,4% 1.848 9,0% 1.892 8,5% Interest Expense 269 4,2% 387 5,6% 458 2,6% 413 2,2% 340 1,7% 243 1,1% Taxes & Others 86 1,4% -88 -1,3% 169 1,0% 210 1,1% 230 1,1% 278 1,2% Amortization 2.758 43,4% 1.970 28,5% 3.323 19,2% 2.982 15,9% 3.220 15,7% 2.652 11,9% One Time Restart 2.538 40,0% 1.130 16,3% 0 0,0% 0 0,0% 0 0,0% 0 0,0% Net Profit (Loss) -6.094 -96,0% -3.857 -55,7% -659 -3,8% 583 3,1% 1.119 5,4% 2.285 10,3% Net Profit (Without Amortization & One -797 -12,6% -756 -10,9% 2.664 15,4% 3.565 19,0% 4.338 21,1% 4.937 22,2% Time Restart Costs)
  • 23. (Thousands of Euros) EBITDA EBIT Net Profit Cash Flow FY 2008 -442 -3.200 -3.556 FY 2009 -457 -2.427 -2.727 FY 2010 3.291 -32 -659 739 FY 2011 4.188 1.205 583 1.287 FY 2012 4.909 1.689 1.119 1.834 FY 2013 5.458 2.806 2.285 2.277 6,000 5,000 4,000 3,000 Thousands of euros 2,000 EBITDA 1,000 EBIT 0 Net Profit -1,000 Cash Flow -2,000 -3,000 -4,000 FY 2009 FY 2010 FY 2011 FY 2012 FY 2013