Future business developmentFuture business development

ESEDRA ESEDRA S.R.L.S.R.L.

Office : Corso G. Garibaldi, 15Office : Corso G. Garibaldi, 15

13100 Vercelli – Italy13100 Vercelli – Italy

Tel . 0039-0161-Tel . 0039-0161-600415600415

Fax. 0039-0161-69738Fax. 0039-0161-69738

Commercial Branch : Bosdel, 54Commercial Branch : Bosdel, 54

B – 3600 Genk - BelgiumB – 3600 Genk - Belgium

Phone : 0032 ( 0) Phone : 0032 ( 0) 89.61.46.2989.61.46.29

Fax : 0032 ( 0) Fax : 0032 ( 0) 89.35.72.0389.35.72.03

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AGENDAAGENDA

Pag.Pag.

•Economic BackgroundEconomic Background 3 – 43 – 4•Our servicesOur services 5 - 65 - 6•Our customers Our customers 7 - 87 - 8•Market’s opportunities and threats Market’s opportunities and threats 9 - 109 - 10•Personnel AdministrationPersonnel Administration 11 - 12 11 - 12•Organization ChartOrganization Chart 13 13•Sales promotion and deliverySales promotion and delivery 14 –16 14 –16•Quality systems’ certificationQuality systems’ certification 17 17•Economical and financial performancesEconomical and financial performances 18 - 20 18 - 20

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Economic Background Economic Background

•Esedra Esedra was born in 2002 owing to a young go – getter business idea to tender a full product – covering all the elettro – instrumental and elettro – mechanics works – in the line of civil and industrial plant engineering activities.

• Esedra Esedra operates in a large number of business of the elettro – instrumental sector, granting a privilege to industrial works in favour of office districts and commercial areas placed in the whole Italy and in the foreign countries.

•Esedra Esedra is a very flexible and determinated company, thanks to the long family tradition and the deep experience in same fields.

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Economic BackgroundEconomic Background

•Esedra Esedra plans, installs, tests, starts up and controls industrial fixtures and fittings.

•Esedra Esedra concentrates its attention on electric, mechanic and electronic plant engineering sector.

•Moreover Esedra Esedra projects and controls termo and idro electric power station in chemical, petrochemical and pharmaceutics factories, as well as planning and checking platforms to extract gas and coal oil.

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Our servicesOur services

•EsedraEsedra’s full service guarantees its customers a timely and highly qualified assistance in planning, supervision and carrying out of electric works (low, medium and high voltage), factory automations, working, data communication, mechanic and termohydralic works, conditioning plants and ventilation systems, fire prevention, anti intrusion and control tools.

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Our servicesOur services

•Esedra Esedra guarantees a full service – strange to find in a small and medium factory – that starting from customer’s need solves his problem thanks to planning and working out of the work.

•Esedra Esedra guarantees to its customer a “turnkey service”, without the need to look for qualified factories able to connect and work together for achiving their ends.

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Our customersOur customers

•Esedra Esedra grants a privilege to industrial works in office and commercial districts for companies in all the world.

•Esedra Esedra takes part in private contracts and subcontracts whose main factors are public companies such as ENI, AGIP, EDISON etc.

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Our customersOur customers

•To illustrate Esedra’s Esedra’s customers we can point out some national and internation public and private companies such as : Sitie S.p.a., Carlo Gavazzi Costruzioni S.p.a., Edison S.p.a., Gruppo Cosmi S.p.a., STC-Atel Group S.p.a., etc.

•Commercial relationships with the above – listed companies let Esedra Esedra carry out a lot of technological services and elettro – instrumental and mechanics plants in the termoelectric power stations STC-ATEL in Novara and Vercelli, in Enel’s power stations in Strangoli (KR) and Chivasso (TO) in hospital in Busto Arsizio and Tradate (MI).

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Market’s opportunities and threatsMarket’s opportunities and threats

•Esedra Esedra performs its activities in a wide and complex field that is, in this year, running a non stop evolution with lots of opportunities of growth and development.

•Non stopping technological innovation, adjustments needed to be in line with the strict rules of the sector and continously more specific and qualified needs of the customers let Esedra Esedra to become a bigger and more specialized operator in its market.

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Market’s opportunities and threatsMarket’s opportunities and threats

•Esedra Esedra can no show any trace of its competitors thanks to its deep rooted specialization in its market niche, its managers’ and workers’ professionalism in offering a full service, and its flexability and spirit of adaptability.

•Nowadays there aren’t lots of community and foreign factories in EsedraEsedra’s market.

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Personnel AdministrationPersonnel Administration

•Esedra Esedra is based on a team of skilled workers with a long and deep experience in the same or in similar fields, able to give right answers to their customers, in line with their needs of innovation, quality, short time and low prices.

•In line with this philosophy the production core of Esedra is always able to respect the customers’ orders. No good perfomance can be reach without the high quality garanteed by this team. Due to these reasons there is a wise personnel selection and business training as well as the appointment of yard and job order’s superintendents.

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Personnel AdministrationPersonnel Administration

•The long term experience of management and commercial staff lets Esedra to satisfy, in the best way, in the shortest time and at the most advantageus prices, its customers and to mantai good relations with its production team.

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Organization ChartOrganization ChartAmministratore delegato

Ganzaroli LucaResp. Qualità

Ganzaroli Luciano

Dir. Amministrativo

Ganzaroli Luciano

Dir. commerciale

Ganzaroli Luciano

Dir. tecnico

Demichelis Paolo

Resp. Amministrativo

Delsignore Elena

Resp. CED

Brusa Roberta

Resp. Tecnico

Casti Marcello

Resp. Comm. commessa

Fois Gianfranco

Resp.Preventivaz. /Progettazione

Demichelis Paolo

Divisione op. meccanica

Salo GiovanniResponsabile contabilità

Brusa Roberta

Addetto Ufficio Progetti

Demichelis Paolo

Resp. Relazioni esterne

Ganzaroli Francesca

Resp. Segreteria

Ganzaroli Francesca

Resp. Magazzino e beni

Clatieri Carmine

Unità lavorative

Resp. Di cantiere

Corda Domenico

Resp. Elab. Grafiche

PietroPoli Paolo

Divisione Op. Elettrica

Zuncheddu Gianfranco

Divisione op. termomeccanica

Casti Marcello

Resp. Controllo gestione

De Luise Carmine

Resp. Acquisti

Dessì Paolo

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Sales promotion and deliverySales promotion and delivery

•Esedra makes the most of its two channels of trade:

-  the direct channel is the one of negotiations and contracts signed by the commercial staff

-  the indirect channel is the one built up thanks to the enrolment in trust and industrial associations that linked a lot of factories working in the same field of Esedra.

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Sales promotion and deliverySales promotion and delivery

•Esedra S.r.lEsedra S.r.l. has made commercial alleances and strengthened cooperative agreements with important companies of its field and intends to enter in alleances and joint - venture to develop its commercial network, enlarge its structure and enrich the variety of its services and to improve a continous and fruitful change of customers with the other companies of its sector, on the basis of their needs.

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Sales promotion and deliverySales promotion and delivery

•Esedra S.r.lEsedra S.r.l. cooperates with some engineering offices that, relying on Esedra’s skills, let it to be konwn by a large number of potential customers

• Opportunities and new links come also from the “word of mouth advertising” tecnique that is very important, being a guarantee of quality, in the market in wich Esedra works

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Quality systems’ certification Quality systems’ certification

•A firm obligation and a more and more growing attention to quality and customer’s needs take Esedra Esedra up in planning and carrying out the certification of its quality systems in line with UNI EN ISO 9001 – 2000 standard

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Economical and financial performancesEconomical and financial performances

31/12/03Net intangible assets 1.359Net fixed (tangible) assets 3.522Long term investments 0Non current assets 4.881Receivables from customers 306.051Receivables from others 18.746Cash and cash equivalents 18.275Accrued income and deferred charges 7.352Current assets 350.424Total assets 355.305Shareholders' equity 34.648Staff severance indemity reserve 7.795Long tem liabilities 7.795Liabilities due to banks 79.446Reserves for risks and future liabilities 11.512Trade accounts payable 50.410Other payables 171.494Accrued liabilities and deferred income 0Short term liabilities 312.862Total liabilities and shareholders' equity 355.305

ESEDRA S.R.L. BALANCE SHEET(Euro)

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Economical and financial performancesEconomical and financial performances

31/12/2003 31/12/2003 31/07/2004 31/07/2004Revenues froma sales and services 459.151 100,00% 912.609 100,00%Costs for materials and goods 13.754 3,00% 7.877 1,72%Costs for industrial services 32.528 7,08% 76.666 16,70%Costs for direct personnel 256.772 55,92% 642.536 139,94%Industrial profit 156.097 34,00% 185.530 40,41%Flexible costs for commercial personnel 0 0,00% 0 0,00%Fixed costs for commercial personnel 0 0,00% 0 0,00%Clerk wages and salaries 25.000 5,44% 14.583 3,18%Administrator costs 56.850 12,38% 33.163 7,22%Other services and charges 14.939 3,25% 51.348 11,18%EBITDA 59.308 12,92% 86.436 18,83%Amortization and risks provisions 32.649 7,11% 21.223 4,62%EBIT 26.659 5,81% 65.213 14,20%

Financial charges 2.787 0,61% 2.992 0,65%Extraordinary income and charges 2.194 0,48% 0 0,00%Profit before taxes 26.066 5,68% 62.221 13,55%Income taxes for the fiancial year 16.422 3,58% 0 0,00%Profit for the period 9.644 2,10% 62.221 13,55%

ESEDRA S.R.L. PROFIT AND LOSS STATEMENT(Euro)

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Economical and financial performancesEconomical and financial performances

Esedra S.r.lEsedra S.r.l. , after the short period of start up is nowadays able to perform, during the first seven months of the year, great results, much better of the ones reached the last year.

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