November 2016 1 enrico.petocchi@twiceresearch.it The history since - - PowerPoint PPT Presentation

1 enrico.petocchi@twiceresearch.it

November 2016

The history since 1986…

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May 2015: IPO on AIM Italia

Floating Lock-up Transaction Offer Value Listing

10,1% 12 months Share capital increase € 4 mio May 20, 2015

Share price

€ 3.55 per share

Fonte : Borsa Italiana

Dividend per share: 0.0688 (6 June 2016)

Shareholders

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As of 6 June 2016

Share capital € 4,005,540.00 represented by # 11,148,900 ordinary shares

31.309% 37.189% 0.291% 1.376% 0.397% 0.397% 18.144% 0.794% 10.104% Benedetti Ruffo Benedetti Vanni Galletti Tamara Nisica Roberto Russo Enrico Sforazzini Luca Guesti Pierluigi Honeyfarm S.r.l. Market (new IPO Shares)

BioDue S.p.A develops, manufactures and distributes: Medical devices «Skinceuticals» (i.e. cosmetics suggested by physicians) Food supplements (solid and liquid, such as drops, capsules, tablets and powders) The Company is organized into two divisions: Industrial Division: dedicated to the production on behalf of third parties of liquid and solid food supplements, cosmetics, medical devices and herbal products; Own Brand Division: dedicated to the production and marketing of dermatological products – “Pharcos”, ophthalmic products – “BiOfta”, herbal products “Selerbe”, In addition, BioDue integrates its offering with products "Private Label" for retail (pharmacies, drugstores, health food stores).

Business model

Food supplements (liquid) Food supplements (solid) Medical devices Skinceuticals 5

Production facilities

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Our offices, manufacturing and warehousing are located in Tavarnelle Val di Pesa Sambuca (Florence Area) On a property area of around 17,000 square meters Registered under Reg. CE 852/2004 GMP certified (Good Manufacturing Practice) Quality and Safety Standards in accordance with Code of Federal Regulations, Title 21, Volume 2, part 111, of April 1, 2013) U.S. FDA Registration Number 10725095718 135 production lines (estimated replacement value significantly higher than the net amount) risk production fragmented, i.e. disaster recovery

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Industrial process

Full vertical integration of the production process, either directly or through subsidiaries and related parties. Any kind of production (liquid, solid and medical devices) is located in a different plant (135 production lines)

FORMULA

COSTUMER SPECIFICATION

BioDue VALUE CHAIN PROCESSING

RAW MATERIALS

PRIMARY AND

SECONDARY

PACKAGING COMPOUND

TRANSFORMATION PACKING

QUALITY

CHECK

(*) (*) (#) (#) (#) Subsidiary (*) Related party

S.r.l.

Industrial Division’s products are distributed directly to customers’ client through pharmacies Branded & Private Label products are marketed under the brands Pharcos (dermatology), BiOfta (ophthalmic) and Selerbe (herbal produtcs) Pharcos and BiOfta are distributed through a network of 50 mono-firm agents that reaches all Italian dermatologists (Pharcos) and about 75% of Italian ophthalmologists (BiOfta). Selerbe products are distributed through a network of over 45 mono and multi-firm agents covering Italian territory

Distribution model

CUSTOMER «INDUSTRIAL»

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Own brands: distribution channels

Final customer is induced to purchase by medical reporting, the so called «blank prescription»; this scheme obtains remunerative prices avoiding the counter generic competition. 50 MONO-FIRM SALES REPRESENTATIVES 45 MONO AND PLURI-FIRM AGENTS OPHTHALMOLOGIST DERMATOLOGIST PHARMACIES HERBALISTS

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The "Private Label" acts as a customer loyalty scheme to single pharmacy or herbalist’s shop The "Private Label" acts as a customer loyalty scheme to single pharmacy or herbalist’s shop

Established in 2011 in partnership with a competitor It extracts active ingredients from plants with technology and proprietary know-how LaBiotre provides BioDue raw materials for herbal’s products and natural plant extracts to be used in the production cycle : “from the seed to the final product” Established in 2014, in partnership with Enzo Emanuele, a interdisciplinary clinical pathologist and researcher with

• ver 130 international publications, cooperating with

BioDue since 2007 Developing, patenting and selling raw materials to be used in cosmetics, food and medical devices It provides raw materials to BioDue for cosmetics

Subsidiaries

These Companies are functional and complementary to the business of BioDue

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S.r.l.

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Profit & Loss account as of June 30, 2016

euro thousands 30.06.2016 % 30.06.2015 %

• Var. %

Revenues from sales and services 17,990 99.6% 16,885 99.6% 6.5% Other revenues (Royalties incl.) 69 0.4% 74 0.4%

• 6.8%

VALUE OF PRODUCTION 18,059 100% 16,959 100% 6.5% Cost of raw materials, consumables and goods 8,837 48.9% 8,761 51.7% 0.9% Services 4,217 23.4% 3,861 22.8% 9.2% Leases and rentals 275 1.5% 197 1.2% 39.6% Personnel 2,660 14.7% 2,463 14.5% 8.0% Change in inventories of raw materials, consumables finished products (833)

• 4.6%

(1,053)

• 6.2%
• 20.9%

Other costs 258 1.4% 342 2.0%

• 24.6%

EBITDA (*) 2,645 14.6% 2,388 14.1% 10.8% Ammortization 564 3.1% 451 2.7% 25.1% Write-down of receivables held as current assets 46 0.3% 30 0.2% 53.3% EBIT (**) 2,035 11.3% 1,907 11.2% 6.7% Financial charges (48)

• 0.3%

(12)

• 0.1%

300.0% Extraordinary items 0.0% 0.0% Earnings before income taxes (EBT) 1,987 11.0% 1,895 11.2% 4.9% Income taxes 586 3.2% 688 4.1%

• 14.8%

Net profit 1,401 7.8% 1,207 7.1% 16.1%

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Balance sheet as of June 30, 2016

euro thousands 30.06.2016 31.12.2015 30.06.2015 Inventories 4,681 3,848 4,160 Trade receivables 11,382 10,018 11,208 Other current receivables 849 892 693 Current Assets 16,912 14,757 16,061 Trade payables (6,542) (5,995) (5,210) Other current payables (1,667) (1,526) (2,537) Current Liabilities (8,209) (7,521) (7,747) NET WORKING CAPITAL 8,703 7,237 8,314 Fixed assets 11,344 9,445 9,502 Other non current assets & liabilities 22 30 142 NET INVESTED CAPITAL (**) 20,069 16,712 17,958 Share capital 4,006 4,006 4,006 Reserve 9,146 7,547 7,547 Profit for the period 1,401 2,367 1,207 NET EQUITY 14,553 13,919 12,760 Other Long Term Liabilities (***) 1,048 956 956 Net Financial Position (****) 4,468 1,838 4,242 TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 20,069 16,712 17,958

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Cash Flow Statement as of June 30, 2016

30.06.2016 31.12.2015 30.06.2015 Cash Flow from operating activities (A) 467 3,330 585 Cash Flow from investing activities (B) (2,455) (1,269) (879) Cash Flow from financing activities (C) 952 (421) 831

• Incr. (decr.) on Cash and Cash Equivalents (A ± B ± C)

(1,036) 1,640 537 Cash and Cash Equivalents at period starting 1,689 49 49 Cash and Cash Equivalents at period ending 653 1,689 586

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Breakdown 3Q2016 sales

Euro/000 Sept 30, 2016 % Sept 30, 2015 % Delta % By Division Industrial Division 14,714 57.9% 14,841 58.5%

• 0.9%

Pharcos Brand 5,551 21.8% 6,188 24.3%

• 10.3%

Selerbe Brand 3,250 12.8% 2,602 10.2% 24.9% BiOfta Brand 1,715 6.7% 1,511 5.9% 13.5% Other minor 207 0.8% 276 1.1%

• 25.0%

Total sales 25,437 100.0% 25,418 100.0% 0.1% By Geographical Area Local (Italy) 22,384 88.0% 22,590 88.9%

• 0.9%

Foreign (other UE and Extra UE contries) 3,053 12.0% 2,828 11.1% 8.0% Total sales 25,437 100.0% 25,418 100.0% 0.1%

Marco Ulivagnoli Board Member Investor Relations BioDue spa Via A. Lorenzetti, 3/a Tavarnelle Val Pesa (FI) +39 055 8071140 marco.ulivagnoli@biodue.com

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Contacts

Nomad Baldi Finance S.p.A. Antonio Boccia Via San Damiano, 9 20122 Milano Tel: +39 02 58318214 Fax:+39 02 58310893 antonio.boccia@baldifinance.it Specialist Integrae SIM S.p.A Via Meravigli, 13 20123 Milano Tel: +39 02 78625313 Fax:+39 02 87181075