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Monte Carlo AutomobileStrategic Investment Summary
Monte Carlo Automobile
symbolises the values of extreme success,
luxury and pleasure
and highly exclusive is unique
Monte Carlo Automobile Brand
Culture of extravagance,
extreme success,luxurious comfort and pleasure
PeopleFulvio 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.
EventsAn 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.
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.
Monte Carlo Automobile Challenge Cup
TeamThe 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
Hands-on engineer
Former F1 driver
World champion off-shore in 1987
Member of the Spirit Hart F1 team with friend
co-pilot Emerson Fittipaldi
Developer of the Centenaire and of the new ALA
50
Chairman and Chief Visionary Officer of MCA
Roberto Rossetti
Ex R&D Fiat/Alfa Romeo
Homologation expert
Expertise in Electronics
Patented the first electrical car back in the 80es
Chief engineer MCA
Giorgio Lumini
Former Chief preparator / tuner of Honda raging
team
Tuning Engineer MCA
Guglielmo Bellasi team
9 staff
Former F1 pilot
First manufacturer of carbon fiber cars
Works for Maserati,Toyota and other major
racing teams
External support from FIA: ing. Bonifacio
FiA Alternative Energies Commission
ACI CSAI Vice President SC Energie Alternative
Management Team
Giancarlo d’Elia
An international manager with a sound track record
Had top management mandate in several
international corporations
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
experience in consumer industry.
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 PlanK EUR
Total 2009
Total 2010
Growth 2009-2010
Total 2011
Growth 2010-2011
Total 2012
Growth2011-2012
Total 2013
Growth2012-2013
1. MCA Car RevenuesNumber 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%
2. MCA Car Cost of Goods SoldNumber 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%
3. MCA Car Cost of SalesDealer commission (15% from sales) 134 778 1 689 1 689 1 896
Marketing investments (test drives, web-site, corporate identity, collaterals, etc.)
60 320 433,3% 525 64,1% 450 -14,3% 450 0,0%
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%
4. MCA Car Indirect ExpensesPersonnel 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%
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%
1. MCA Licensing RevenuesPartner 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 SalesLuxury 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 ExpensesLicensing (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
Discounted free cash flow -806
Terminal value
22 536Net present value 10 471
Internal Rate of Return 56,9%
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
Assumptions
Guaranteed minimum royalty 20% of the licensee
turnover paid up-front
Running royalty 9% of the licensee turnover paid on
quarterly basis
Threshold licensee’s revenues, 1st contract €300 K
Threshold licensee’s revenues, 2nd contract €1,800 K
Term of 1st license contract 2 years
Term of 2nd license contract 3 years
Return on fixed assets (quarterly) 10.4%
Fixed Assets 500
Tax rate 30% WACC (annual) 18%
Number of periods per year 4
Free Cash Flow growth rate during
intermediate period from 2013 to 2017 5%
Terminal growth (annually) 2%
Terminal growth (quarterly) 0.50%
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
K EURTotal 2009
Total 2010
Growth 2009-2010
Total 2011
Growth 2010-2011
Total 2012
Growth2011-2012
Total 2013
Growth2012-2013
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%
The current production site has the capacity
of 12 new cars a year
An additional production site has not been
considered in this business plan but can be
auto financed from 2012 on
Satelite assembly sites (Russia, USA,…) have
not been considered at this time and can be
auto financed from 2012 on
The production capacity is foreseen to ramp
up in 2011 and to stabilize in 2012 and 2013
The Fuel and Tri-Fuel models will be based
on the Audi/ Lanborghini V8 engine but
branded MCA
The Diesel version will be based on the award
winning Peugeot “Le Mans “engine
All cars (Except Diesel version) will be
functioning with the F-1 KERS (Kinetic Energy
Recovery System)
All cars will be in full carbon fiber frames
and equipped with MCA proprietary Gear
Box technology
Car - Cost of Goods Sold
K EURTotal 2009
Total 2010
Growth 2009-2010
Total 2011
Growth 2010-2011
Total 2012
Growth2011-2012
Total 2013
Growth2012-2013
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
and will include amongs others:
1. Interior design signed by Prada or MOMO
Design
2. Integrated Black Box data registraton
3. Sattelite Anti-Theft tracker
4. Invisible shield technology coating for
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.
The engineering of the car will be
supervised by Ing. Rossetti and FiA Ingr.
Bonifacio
From 2010 on a cost reduction program
will be obtained based on optimized
procurement strategy
MCA can deposit 2 Patents (Optional)
Car - Technical Specifications and Cost
Monte Carlo Automobile Car
global cost
Component description
Selected supplier/s
Remarks / Technical Specs
Cost range (€)
Engine variants:
All engines will be branded Monte Carlo Automobile
Fuel version
(based on GT version)
Adapted to MCA 180 000
Tri-fuel
Basis engine transformed
in tri-fuel with MCA proprietary
technology
230 000
Diesel
Engine used by Peugeot / Renault
F1 Porsche Cayenne
350 000
Frame:
On board electronic systems:describe electronic
philosophy & technology principle
Multimedia system & concept
Central cell in carbon fiberFront frame
and deformable honeycomb
150 000
MCA by
Double Din 7” Display
dvd / gps / usb gate cd / mp3 / radio / TV tuner / reading
engine data
3 000
Dashboard technology
5 000
Air 10 000
Rear View Camera
350
Black Box 8 000
Satellite Anti Theft
Programmable 10 000
Monte Carlo Automobile Car
global cost
Component description
Selected supplier/s
Remarks / Technical Specs
Cost range (€)
Interior design elements:
Dashboard
*
Designers shortlisted 20 000
Watch
*
*
*
14 000
Seats
6 000
Carpet type 2 500
Buttons & other operating devices
Touch Button Technology 1 000
Internal lighting 5 000
Sun shades Polarized Lenses 2 000
Steering wheelMOMO only if MOMO design
version1 000
Pedals 5 000
Central locking system
Electronic provider for F1 cars 1 000
Airbags 10-unit system 7 000
Gear box technology
MCA proprietary based on X TRAC
version
Automatic + steering wheel
commandsX TRAC supplies
F1 cars
2 500
Monte Carlo Automobile
Car global cost
Component description
Selected supplier/s
Remarks / Technical Specs
Cost range (€)
External elements:
Tyres19” Front - 20”
Rear2 000
Rims 3 000
Windows/Glass type
Coated with bullet proof
invisible shield technology
4 000
Side mirrors MCA hand-madecarbon fiber
delivered with body
External lights delivered with body
Indicators delivered with body
Brakes systemBrake systems
specialists6 000
Exhaust pipe MCA ProprietaryDeveloped with
the engine650
Roof Cellar Solar Panel
to be defined Optional
* brands selected to be confirmed
Projected Total Costs2009-2010
Fuel Version 513 000
Tri-Fuel Version 613 000
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 Automobile
Engine variantscc/power
Maximum powerhp
Compression ratio
Max. Torque Coolant AspirationCatalytic
converterOther
Fuel version 4400 cc 580 cv @ 7000 g/m650 cv with kers
12,5:1 600 Nm@4800>5800 g/m
water/glycolradiators water oil
twin turbowith 2
intercooler
three way/Euro 4
KERS
Tri-fuel 4400 cc 630 cv @ 7100 g/m700 cv with Kers
12,5:1 640 Nm@4600>5600 g/m
idem twin turbowith 2
intercooler
three way/Euro 4
KERS
Diesel 5500 cc 700 cv @ 6800 g/mby Mecachrome
14,0:1 1000Nm/ 3500>5000 g/m
idem twin turbo with 2
intercooler
FAP/ three way E5 n/a
all models: differenziale elettronico con sistema del controllo di trazione.
Gear box(all models) MCA elettronico, doppia frizione e preselezione delle marce. Doppia modalita di comando ,automatico e al volante tramite leve
Brake (all models)
ABS di tipo adattativo anteriori dischi autoventilanti con pinza a otto pistoncini posteriori dischi con freno di stazionamento a comando elettrico
Monte Carlo Automobile Colour codes
Supplier: Colour description Basic color variants Optional cololur variants
Interior Recaro Gavina LeatherPolar white, Night Black, Colonial Brown, Blue
SharkOn demand
Exterior Lechler Type of paintBlue Cote D’azur, Old English White, British
Racing Green, Carbon LookOn demand
Monte Carlo Automobile Patents Description Description Benefit
Patent 1I.F.A.S.
Double Wings Ground Effect Lower Wing stability
Internal Flow Air System Concave Effect Upper Wing street adherence
Patent 2 Dual Level Suspension SystemCar elevation system for bad roads and
garage entries70mm Elevation
Monte Carlo Automobile is a
high end automobile deliveringexclusivity and luxury
The cost of sales include the efforts required
for assuring the sales of the car
The mix is concentrated on 3 major points:
1. Attractive margins for dealers
2. Marketing budget to attract new clients
3. A show room in Monte Carlo
The Marketing budget in 2010 will be used to
attend a limited number of car shows
The Marketing budget from 2011 on will
exclusively be used to finance the event costs
of the FiA championship
The show room in Monte Carlo will host 3
cars (One Centenaire; One ALA-50 and one
MCA Racing version)
Cost of Sales is following the production
capacity and will be increased accordingly if
the production capacity will be increased
Car - Cost of Sales
K EURTotal 2009
Total 2010
Growth 2009-2010
Total 2011
Growth 2010-2011
Total 2012
Growth2011-2012
Total 2013
Growth2012-2013
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, collaterals, etc.)
60 320 433,3% 525 64,1% 450 -14,3% 450 0,0%
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 CostK EUR
Total 2009
Total 2010
Growth 2009-2010
Total 2011
Growth 2010-2011
Total 2012
Growth2011-2012
Total 2013
Growth2012-2013
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)
Value Creation Team
Xeon International’s regular management role covering the following sectors:
� General Company Management � Finance Management � Marketing & Sales Management � Licensing partners’ management
Employees’ departmentBased on headcount, 1 employee planned for 2009-2011Administrative employee ensuring assistant and coordination workA second employee planned from 2012
Workers’ department / Technical support Technical assistant full time
General & Administrative costs
� Legal expenses � Accounting fees � Office rent� Travel expenses� Bank related expenses
Homologation costs
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 yearthe homologation can be applied on an individual car basis at much lower cost than using the traditional car homologation procedure
DistributionMonaco 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.
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
Licensing - Revenues
K EURTotal 2009
Total 2010
Growth 2009-2010
Total 2011
Growth 2010-2011
Total 2012
Growth2011-2012
Total 2013
Growth2012-2013
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
Goods & PricingThe exclusivity of the products will set the price level high. On the other hand, the price levels will guarantee exclusivity.
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 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
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.
Licensing - Cost of Sales
K EURTotal 2009
Total 2010
Growth 2009-2010
Total 2011
Growth 2010-2011
Total 2012
Growth2011-2012
Total 2013
Growth2012-2013
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
K EURTotal 2009
Total 2010
Growth 2009-2010
Total 2011
Growth 2010-2011
Total 2012
Growth2011-2012
Total 2013
Growth2012-2013
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
Monte Carlo Automobile - Licensing indirect expenses
Details of cost positionsThe following costs have been planned to cover:
Licensing (35% from the royalties)The management of the licensing agreements are usually calculated at 35% of the licensing revenues
General Management fees
A licensing professional working full time for Monte Carlo AutomobileMain tasks: setting up the MCA licensing program, selecting and recruiting the 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
General & Admin. costs� Legal expenses� Accounting fees� Rental Expenses
Conclusions & Requirements
The company to invest in is a limited
liability company registered in Monaco
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
Flow” with conservative projections made
reached a value of €10,47million
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
K EURTotal 2009
Total 2010
Growth 2009-2010
Total 2011
Growth 2010-2011
Total 2012
Growth2011-2012
Total 2013
Growth2012-2013
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%
Discount factor 0,959
Discounted free cash flow -806
Terminal value
22 536 Net present value 10 471
Internal Rate of Return 56,9%
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