Monte Carlo Automobile

Strategic Investment Summary

Monte Carlo Automobile
symbolises the values of extreme success,
luxury and pleasure
Monte Carlo Automobile Brand

is unique
and highly exclusive
Culture of extravagance,
extreme success,
luxurious comfort and pleasure
People
Fulvio Maria Ballabio, together with a number of
former Formula 1 drivers, European aristocracy,
diplomats and other exclusive personalities
form and support the exclusive environment
surrounding Monte Carlo Automobile.

Monte Carlo Automobile is officially endorsed

endorsed by the Sovereign Prince Albert II of
Monaco.
Events
An Exclusive Monte Carlo Automobile
Club will be organizing high-class events
surrounded by legend and exclusivity.
A place where a happy few HNWIs will
socialize with other likeminded people.

MCA Exclusive Club will focus on creation

of unique experience for the invited.
 Monte Carlo Automobile
Challenge Cup
During the Offshore GP from Italy
in Stressa, Monte Carlo Automobile
received the “Green light” and
endorsement from the FiA for the
Monte Carlo Automobile “Tri-Fuel” car
development.
The FiA endorsement will include the
organization of a dedicated “Monte
Carlo Automobile Mono Car Challenge
Cup” championship in 2011.
This championship is separately
financed by “Gentleman drivers/
sponsors” who will buy a championship
seat like for all other FiA competitions.
The races will be held over 8 to 10 venues
(Middle East, India, US, Europe,…) across
the world and will become the major
and exclusive marketing platform for
the MCA brand.
As a counterpart for a “supply contract”
of the racing cars, MCA will “receive”
the major sponsorship of the event
and will develop this championship as
the unique promotion tool of the MCA
Club.
During those weekends’ very limited
and selected new clients, licensing
partners and media will be invited to
experience the exclusive MCA brand.
The “limited guests” will be able to
try the MCA ALA 50 and/or to get a
seat next to a “famous” racing pilot to
experience the “Brand Power”.
Other parallel happenings focused on
the luxury and exclusivity pleasure
attributes of the brand such as “fashion
defiles and Gala evenings” will take
place.
Those events will be financed with the
Marketing Budget of MCA and will be
the materialization of the Monte Carlo
Exclusive Club.
Team
The technical team is led by Fulvio Maria
Ballabio, a former world champion in
offshore power boat racing and Formula 1
driver.

The project is driven by a management team

comprising the most renowned specialists
in car manufacturing, brand and company
value creation.
 Technical Team

Fulvio Maria Ballabio Giorgio Lumini

Hands-on engineer Former Chief preparator / tuner of Honda raging
Former F1 driver team

World champion off-shore in 1987 Tuning Engineer MCA

Member of the Spirit Hart F1 team with friend

co-pilot Emerson Fittipaldi
Guglielmo Bellasi team
Developer of the Centenaire and of the new ALA
9 staff
50
Former F1 pilot
Chairman and Chief Visionary Officer of MCA
First manufacturer of carbon fiber cars
          
Works for Maserati,Toyota and other major
Roberto Rossetti racing teams
Ex R&D Fiat/Alfa Romeo
Homologation expert
External support from FIA: ing. Bonifacio
Expertise in Electronics
FiA Alternative Energies Commission
Patented the first electrical car back in the 80es
ACI CSAI Vice President SC Energie Alternative
Chief engineer MCA
 Management Team
Giancarlo d’Elia
An international manager with a sound track record
Had top management mandate in several
international corporations  experience in consumer industry.
Founder and CFO of Xeon International
Will be in charge of the general and financial
management of the project
Marta Vassileva
Marta scored with branding strategies on upper
markets
Master in Marketing and Communication at the
Solvay Business School
Marta will be responsible for the Branding & PR
Yves Duponselle
An expert in business internationalization and
organic growth development with a consolidated
Developed and implemented double digit growth
strategies within Fortune 500 corporation
Founder and CEO of Xeon International
Will be in charge of the international marketing &
sales strategy
Robert Juarez
A licensing professional
Robert spent his professional career developing
business worldwide within Fortune 500 corporations
Consolidated Plan
K EUR
Total
2009
Total
2010
Growth
2009-2010
Total
2011
Growth
2010-2011
Total
2012
Growth
2011-2012
Total
2013
Growth
2012-2013
Assumptions            
1. MCA Car Revenues
Number of Fuel cars sold 1 2 5 5 4 Guaranteed minimum royalty 20% of the licensee
Suggested Retail Price per Fuel car 890 890 890 890 890
turnover paid up-front  
Revenues from sales of Fuel cars 890 1 780 100,0% 4 450 150,0% 4 450 0,0% 3 560 -20,0%
Number of Tri-fuel cars sold 0 3 6 6 8
Suggested Retail Price per Tri-Fuel car 0 1 135 1 135 1 135 1 135
Running royalty 9% of the licensee turnover paid on
Revenues from sales of Tri-Fuel cars 0 3 405 n.a. 6 810 100,0% 6 810 0,0% 9 080 33,3%
quarterly basis
Total Revenues 890 5 185 498,9% 11 260 121,6% 11 260 0,5% 12 640 12,1%
2. MCA Car Cost of Goods Sold
Threshold licensee’s revenues, 1st contract €300 K
Number of Fuel cars produced 1 3 4 5 4
Production costs of Fuel car 513 513 463 463 463
Number of Tri-Fuel cars produced 1 3 6 7 8
Threshold licensee’s revenues, 2nd contract €1,800 K        
Production costs of Tri-Fuel car 613 520 463 463 463
Total Cost of Goods Sold 513 2 616 409,9% 5 093 94,7% 5 093 0,0% 5 556 9,1% Term of 1st license contract 2 years        
Gross Profit 377 2 569 635,6% 6 167 150,0% 6 167 0,0% 7 084 15,9%
Gross profit/Sales 42,4% 49,5% 54,8% 54,8% 56,0% Term of 2nd license contract 3 years        
3. MCA Car Cost of Sales
Dealer commission (15% from sales) 134 778 1 689 1 689 1 896 Return on fixed assets (quarterly) 10.4%          
Marketing investments (test drives, web-
60 320 433,3% 525 64,1% 450 -14,3% 450 0,0%
site, corporate identity, collaterals, etc.)
Fixed Assets 500         
Show room in Monte Carlo 0 104 104 104 104
Total Cost of Sales 194 1 202 498,9% 2 318 121,6% 2 243 0,5% 2 450 12,1%
Tax rate 30% WACC (annual) 18%          
4. MCA Car Indirect Expenses
Personnel costs 71 412 301,9% 451 9,6% 576 27,7% 356 -38,2%
General Management fees 30 126 320,0% 132 5,0% 139 5,0% 146 5,0%
Number of periods per year 4          
Value Creation Team 0 180 200 11,1% 240 20,0% 0 n.a.
Employees’ department 62 66 5,0% 69 5,0% 135 95,7% 141 5,0% Free Cash Flow growth rate during
Workers’ department/Technical support 10 40 300,0% 50 25,0% 63 25,0% 69 10,0%
General & Administrative costs 97 102 5,0% 107 5,0% 112 5,0% 118 5,0% intermediate period from 2013 to 2017 5%          
Homologation costs 100 204 12 13 13
Total Indirect Expenses 220 717 217,6% 570 5,1% 701 4,7% 487 -17,9% Terminal growth (annually) 2%          
EBITDA from MCA Car -36 650 -660,7% 3 279 404,5% 3 223 -1,7% 4 147 29,0%
EBITDA/Car Sales -4,1% 12,5% 29,1% 28,6% 32,8%
Terminal growth (quarterly) 0.50%
1. MCA Licensing Revenues
Partner Sales of licensed goods 0 945 2 766 6 810 7 485
Guaranteed minimum royalty 0 60 360 360 360
Running royalty 0 85 189 253 314
Total Revenues 0 145 549 613 674
2. Cost of Sales
Luxury Lifestyle Magazines 0 27 18 15 15
PR 0 27 18 15 15
Luxury Exhibitions 0 54 35 30 30
MCA Exclusive Club/Events 0 162 105 90 90
Total Cost of Sales 0 270 175 150 150

3. Indirect Expenses
Licensing (35% from the royalties) 0 51 192 215 236
General Management fees 0 60 60 60 60
Employees’ department 0 0 0 0 0
Workers’ department 0 0 0 0 0
General & Admin. costs 10 20 20 20 20
Total Indirect Expenses 10 131 272 295 316
EBITDA from MCA Licensing -10 -256 102 168 208
EBITDA/Revenues from royalties -176% 18,5% 27,5% 30,9%
Overall MCA EBITDA -126 394 413,1% 3 381 757,7% 3 391 0,3% 4 365 28,7%
Taxes 0 80 1 582 1 017 1 309
NET PROFIT -126 314 1 798 2 374 3 055
Working capital
Changes in working capital 800 513 -463 463 0
Cash flow from operations -926 -199 78,5% 2 261 1234,5% 1 911 15,5% 3 055 59,9%
Investments -820
Free Cash Flow -1 746 -1 389 20,4% 2 261 262,8% 1 411 -37,6% 2 555 81,1%
WACC (annual) 18,00%
Discount factor 0,959 Net present value 10 471 22 536
Discounted free cash flow -806 Internal Rate of Return 56,9%
Terminal value Internal Rate of Return (annual) 11,9%

* First Round Investors have the advantage to benefit from a low valuation
Second Round Investor will pay a higher price
 Car - Revenues

The sales objectives for the car have
been set at 5 pcs in 2010 and reaching
12 pcs in 2013
The sales mix is based on 2 different
motorisations (Fuel and Tri-Fuel) with
a progressive increase towards the Tri-
Fuel model
The Diesel version can be realized
and can be sold in replacement of
the existing mix but has not been
considered in order to avoid too high
entry steps for first round investors
The cars will be allocated by continent
(25% in US; 25% in Europe; 25% in
Russia and 25% in India and China)
to support the MCA shortage and
collector Strategy  
The sales plan has not included the
sales of the racing version for FiA
Alternatives Energies cup
The sales of the car can be easily
increased but has been kept on a
conservative base to reduce entry
levels for the first investors

Total Total Growth Total Growth Total Growth Total Growth

K EUR
2009 2010 2009-2010 2011 2010-2011 2012 2011-2012 2013 2012-2013
1. MCA Car Revenues
Number of Fuel cars sold 1 2 5 5 4
Suggested Retail Price per Fuel car 890 890 890 890 890
Revenues from sales of Fuel cars 890 1 780 100,0% 4 450 150,0% 4 450 0,0% 3 560 -20,0%
Number of Tri-fuel cars sold 0 3 6 6 8
Suggested Retail Price per Tri-Fuel car 0 1 135 1 135 1 135 1 135
Revenues from sales of Tri-Fuel cars 0 3 405 n.a. 6 810 100,0% 6 810 0,0% 9 080 33,3%
Total Revenues 890 5 185 498,9% 11 260 121,6% 11 260 0,5% 12 640 12,1%
 Car - Cost of Goods Sold

The current production site has the capacity The Fuel and Tri-Fuel models will be based
of 12 new cars a year             on the Audi/ Lanborghini V8 engine but
branded MCA      
An additional production site has not been
considered in this business plan but can be The Diesel version will be based on the award
auto financed from 2012 on     winning Peugeot “Le Mans “engine          

Satelite assembly sites (Russia, USA,…) have All cars (Except Diesel version) will be
not been considered at this time and can be functioning with the F-1 KERS (Kinetic Energy
auto financed from 2012 on   Recovery System)      

The production capacity is foreseen to ramp All cars will be in full carbon fiber frames
up in 2011 and to stabilize in 2012 and 2013         and equipped with MCA proprietary Gear
Box technology      

Total Total Growth Total Growth Total Growth Total Growth

K EUR
2009 2010 2009-2010 2011 2010-2011 2012 2011-2012 2013 2012-2013
2. MCA Car Cost of Goods Sold
Number of Fuel cars produced 1 3 4 5 4
Production costs of Fuel car 513 513 463 463 463
Number of Tri-Fuel cars produced 1 3 6 7 8
Production costs of Tri-Fuel car 613 520 463 463 463
Total Cost of Goods Sold 513 2 616 409,9% 5 093 94,7% 5 093 0,0% 5 556 9,1%
Gross Profit 377 2 569 635,6% 6 167 150,0% 6 167 0,0% 7 084 15,9%
Gross profit/Sales 42,4% 49,5% 54,8% 54,8% 56,0%
Superior interior finish will be guaranteed The engineering of the car will be
and will include amongs others:             supervised by Ing. Rossetti and FiA Ingr.
Bonifacio
1.  Interior design signed by Prada or MOMO
Design From 2010 on a cost reduction program
2.  Integrated Black Box data registraton will be obtained based on optimized
procurement strategy
3.  Sattelite Anti-Theft tracker

4.  Invisible shield technology coating for MCA can deposit 2 Patents (Optional)
Bullet proof windows

5.  Touch surface technology for control

buttons

6.  ECIE Engineering internal and external

lighting

7.  Clarion full multi media solution with

rear view cameras

8.  Frank Müller / Cartier watch

9.  Polarized sun shading system

The cars will be equipped with the MCA

proprietary “Dual Position” suspension
system (High and Low) - Patent possible.

The car tuning will be taken care by

former Honda Racing tuning engineer.
 Car - Technical Specifications and Cost
Monte Carlo
Component Selected Remarks / Technical Cost
Automobile Car
description supplier/s Specs range (€)
global cost

Fuel version Adapted to MCA 180 000

Basis engine
transformed
Engine variants: Tri-fuel in tri-fuel with 230 000
(based on GT version)
MCA proprietary
All engines will technology
be branded Monte
Carlo Automobile

Engine used by
Peugeot / Renault
Diesel 350 000
F1 Porsche
Cayenne

Central cell in
carbon fiber
Front frame 150 000
and deformable
Multimedia honeycomb
system &
concept Double Din 7”
Display
MCA by dvd / gps / usb gate
Frame: 3 000
cd / mp3 / radio /
TV tuner / reading
On board
engine data
electronic systems:
describe electronic Dashboard
5 000
philosophy & technology
technology
principle Air 10 000

Rear View
350
Camera

Black Box 8 000

Satellite
Programmable 10 000
Anti Theft
 Monte Carlo
Component Selected Remarks / Cost
Automobile Car
description supplier/s Technical Specs range (€)
global cost

Designers
Dashboard shortlisted
20 000
*

Watch * 14 000

Seats 6 000

Carpet type 2 500

Buttons & other Touch Button

Technology
1 000
Interior operating devices
design elements:

Internal lighting 5 000

Sun shades Polarized Lenses 2 000

MOMO only if
Steering wheel MOMO design 1 000
version

Pedals 5 000

Central locking Electronic provider

for F1 cars
1 000
system

Airbags 10-unit system 7 000

Automatic +
MCA proprietary steering wheel
Gear box
based on X TRAC commands 2 500
technology version X TRAC supplies
F1 cars
 Monte Carlo
Component Selected Remarks / Cost
Automobile
description supplier/s Technical Specs range (€)
Car global cost

19” Front - 20”

Tyres 2 000
Rear

Rims 3 000

Coated with
Windows/Glass bullet proof
4 000
type invisible shield
External technology
elements:
MCA hand-made
Side mirrors carbon fiber
delivered with body

External lights delivered with body

Indicators delivered with body

Brake systems
Brakes system 6 000
specialists

Developed with
Exhaust pipe MCA Proprietary 650
the engine

Roof Cellar Solar

to be defined Optional
Panel
* brands selected to be confirmed

Fuel Version 513 000

Projected Total Costs
Tri-Fuel Version 613 000
2009-2010
Diesel 678 350
Tri-Fuel Engines are using 3 types of Fuel : Gasoline, bioethanol E85 and GPL prophane liquid gas

Manpower costs
Assembling 25 000
Engineering 35 000
Tuning 38 000
Other costs: 12 000
 Car - Other Technical Specifications
Monte Carlo
Maximum power Compression Catalytic
Automobile cc/power Max. Torque Coolant Aspiration Other
hp ratio converter
Engine variants
Fuel version 4400 cc 580 cv @ 7000 g/m 12,5:1 600 Nm@4800>5800 water/glycol twin turbo three way/ KERS
650 cv with kers g/m radiators water oil with 2 Euro 4
intercooler
Tri-fuel 4400 cc 630 cv @ 7100 g/m 12,5:1 640 Nm@4600>5600 idem twin turbo three way/ KERS
700 cv with Kers g/m with 2 Euro 4
intercooler
Diesel 5500 cc 700 cv @ 6800 g/m 14,0:1 1000Nm/ idem twin turbo FAP/ three
by Mecachrome 3500>5000 g/m with 2 way E5 n/a
intercooler
all models: differenziale elettronico con sistema del controllo di trazione.

Gear box
MCA elettronico, doppia frizione e preselezione delle marce. Doppia modalita di comando ,automatico e al volante tramite leve
(all models)
Brake (all ABS di tipo adattativo anteriori dischi autoventilanti con pinza a otto pistoncini posteriori dischi con freno di stazionamento a
models) comando elettrico

Monte Carlo Automobile Colour

Supplier: Colour description Basic color variants Optional cololur variants
codes
Polar white, Night Black, Colonial Brown, Blue
Interior Recaro Gavina Leather On demand
Shark

Blue Cote D’azur, Old English White, British

Exterior Lechler Type of paint On demand
Racing Green, Carbon Look

Monte Carlo Automobile Patents Description Description Benefit

Patent 1 Double Wings Ground Effect Lower Wing stability

I.F.A.S.
Internal Flow Air System Concave Effect Upper Wing street adherence

Car elevation system for bad roads and

Patent 2 Dual Level Suspension System 70mm Elevation
garage entries
Monte Carlo Automobile is a
high end automobile delivering
exclusivity and luxury
 Car - Cost of Sales

The cost of sales include the efforts required The Marketing budget from 2011 on will
for assuring the sales of the car         exclusively be used to finance the event costs
of the FiA championship  
The mix is concentrated on 3 major points:          
The show room in Monte Carlo will host 3
1.  Attractive margins for dealers
cars (One Centenaire; One ALA-50 and one
2.  Marketing budget to attract new clients MCA Racing version)    
3.  A show room in Monte Carlo          
Cost of Sales is following the production
The Marketing budget in 2010 will be used to capacity and will be increased accordingly if
attend a limited number of car shows         the production capacity will be increased

Total Total Growth Total Growth Total Growth Total Growth

K EUR
2009 2010 2009-2010 2011 2010-2011 2012 2011-2012 2013 2012-2013

3. MCA Car Cost of Sales

Dealer commission (15% from sales) 134 778 1 689 1 689 1 896

Marketing investments (test

drives, web-site, corporate identity, 60 320 433,3% 525 64,1% 450 -14,3% 450 0,0%
collaterals, etc.)

Show room in Monte Carlo 0 104 104 104 104

Total Cost of Sales 194 1 202 498,9% 2 318 121,6% 2 243 0,5% 2 450 12,1%
 Car - Indirect Cost
Total Total Growth Total Growth Total Growth Total Growth
K EUR
2009 2010 2009-2010 2011 2010-2011 2012 2011-2012 2013 2012-2013
4. MCA Car Indirect Expenses
Personnel costs 71 412 301,9% 451 9,6% 576 27,7% 356 -38,2%
General Management fees 30 126 320,0% 132 5,0% 139 5,0% 146 5,0%
Value Creation Team 0 180 200 11,1% 240 20,0% 0 n.a.
Employees’ department 62 66 5,0% 69 5,0% 135 95,7% 141 5,0%
Workers’ department/Technical support 10 40 300,0% 50 25,0% 63 25,0% 69 10,0%
General & Administrative costs 97 102 5,0% 107 5,0% 112 5,0% 118 5,0%
Homologation costs 100 204 12 13 13
Total Indirect Expenses 220 717 217,6% 570 5,1% 701 4,7% 487 -17,9%

MCA Car related indirect expenses Details of cost positions

Personnel costs The following costs have been planned to cover:

General Management fees Managing director’s / Chief of R&D salary (Fulvio Maria Ballabio)

Xeon International’s regular management role covering the following sectors:

� General Company Management
Value Creation Team � Finance Management
� Marketing & Sales Management
� Licensing partners’ management

Based on headcount, 1 employee planned for 2009-2011

Employees’ department Administrative employee ensuring assistant and coordination work
A second employee planned from 2012

Workers’ department / Technical

Technical assistant full time
support

� Legal expenses
� Accounting fees
General & Administrative costs � Office rent
� Travel expenses
� Bank related expenses

In order to be street legal the cars need a street homologation.

Due to the fact that Monte Carlo Automobile manufactures a limited amount of cars per year
Homologation costs
the homologation can be applied on an individual car basis at much lower cost than using the
traditional car homologation procedure
Distribution
Monaco will host the only showroom
of Monte Carlo Automobile.

The access to MCA licensed goods

will be limited to boutiques in New
York, Monaco, London, Moscow,
Shanghai and Dubai.
 Licensing - Revenues
Total Total Growth Total Growth Total Growth Total Growth
K EUR
2009 2010 2009-2010 2011 2010-2011 2012 2011-2012 2013 2012-2013
1. MCA Licensing Revenues
Partner Sales of licensed goods 0 945 2 766 6 810 7 485
Guaranteed minimum royalty 0 60 360 360 360
Running royalty 0 85 189 253 314

Total Revenues 0 145 549 613 674

The Licensing strategy is to launch a MCA product
range that will mostly be used to create brand
awareness at zero cost for the MCA brand
The MCA Licensing revenues have been very much
undervalued
Current forecast counts with Partner sales of
licensing goods of €7,5 million however realistic
partner sales will amount around €50 million
generating €5 million of additional revenues for
MCA
The MCA Licensing range will develop gradually
on a step by step approach, starting with easy to
source articles and ending with more sophisticated
products All products can be considered: Fashion
Clothing, Exclusive Shoes, Limited Sportswear, Luxury
Accessories, Jewels, Boats, ...
The licensing revenue model is based on guaranteed
minimums to be paid upfront by the licensee and
running royalties
Goods & Pricing
The exclusivity of the products
will set the price level high. On
the other hand, the price levels
will guarantee exclusivity.
 Licensing - Cost of Sales
The Licensing goods will be promoted
in very exclusive Lifestyle Magazines
and through Public Relations
A budget has been foreseen to attend
the biggest licensing fairs to activate
new partners   the luxury and exclusivity pleasure
The majority of the Licensing cost of
sales budget will be used to finance
visits (Master licensee and his major
clients) to the FiA Alternatives
Energies Cup
The budget is subject to adaptation
to the licensing revenue results   The
“limited guests” will be able to try
the MCA ALA 50 and/or to get a seat
next to a “famous” racing pilot to
experience the “Brand Power”.
Other parallel happenings focused on
attributes of the brand such as
“fashion defiles and Gala evenings
“will take place.
Those events will be financed with
the Marketing Budget of MCA and will
be the materialization of the Monte
Carlo Exclusive Club.

Total Total Growth Total Growth Total Growth Total Growth

K EUR
2009 2010 2009-2010 2011 2010-2011 2012 2011-2012 2013 2012-2013

2. Cost of Sales

Luxury Lifestyle Magazines 0 27 18 15 15

PR 0 27 18 15 15

Luxury Exhibitions 0 54 35 30 30

MCA Exclusive Club / Events 0 162 105 90 90

Total Cost of Sales 0 270 175 150 150

 Licensing - Indirect Costs

Total Total Growth Total Growth Total Growth Total Growth

K EUR
2009 2010 2009-2010 2011 2010-2011 2012 2011-2012 2013 2012-2013

3. Indirect Expenses

Licensing (35% from the 0 51 192 215 236

royalties)

General Management 0 60 60 60 60
fees

Employees’ department 0 0 0 0 0

Workers’ department 0 0 0 0 0

General & Admin. costs 10 20 20 20 20

Total Indirect Expenses 10 131 272 295 316

Monte Carlo Automobile - Licensing indirect Details of cost positions

expenses The following costs have been planned to cover:

The management of the licensing agreements are usually calculated at 35% of

Licensing (35% from the royalties)
the licensing revenues

A licensing professional working full time for Monte Carlo Automobile

Main tasks: setting up the MCA licensing program, selecting and recruiting the
General Management fees
right licensees,
Managing the llicense agreements,

Employees’ department No specific entry to date for dedicated licensing employees

Workers’ department No specific entry to date for dedicated licensing employees

� Legal expenses
General & Admin. costs � Accounting fees
� Rental Expenses
 Conclusions & Requirements

The company to invest in is a limited Flow” with conservative projections made

liability company registered in Monaco reached a value of €10,47million

The first valuation method “assets valuation
“evaluated the assets (including a brand
certification) of the company at €10 million
The second valuation “company
replacement cost” (how much the buyer
would need to invest in order to achieve
the same result) has been valued at €11,2
million
The third valuation “Discounted Cash
The company needs a minimum of € 3,9
million initial cash injections
The current shareholders agreed to keep
75% of the equity in the company
The proposed price is set at €5.2 million for
49%
The company value is estimated at €22,5
million in 5 years

Total Total Growth Total Growth Total Growth Total Growth

K EUR
2009 2010 2009-2010 2011 2010-2011 2012 2011-2012 2013 2012-2013

Taxes 0 80 1 582 1 017 1 309

NET PROFIT -126 314 1 798 2 374 3 055
Working capital
Changes in working capital 800 513 -463 463 0
Cash flow from operations -926 -199 78,5% 2 261 1234,5% 1 911 15,5% 3 055 59,9%
Investments -820
Free Cash Flow -1 746 -1 389 20,4% 2 261 262,8% 1 411 -37,6% 2 555 81,1%

WACC (annual) 18,00% 22 536 Net present value 10 471

Discount factor 0,959
Internal Rate of Return 56,9%
Discounted free cash flow -806
Terminal value Internal Rate of Return (annual) 11,9%
 Milestones

October November December

1. Visit of the premises

2. Presentation of detailed business plan

3. Frame of collaboration (Supervisory Board,….)

4. Negotiations & Letter of Intent

5. Contract proposal

6. Contract signatures and First Capital Call