Investor Presentation15.03.2013

... one of the largest and most prestigious electroacoustic transducer(1) manufacturers in the world; designing, developing and manufacturing only for the high-end professional audio market under its own ‘B&C Speakers’ brandname.

(1) An electroacustic transducer is a device that converts electrical energy into acoustic (sound). It is the principal component of a speaker used for the reproduction of music, and is commonly known as ‘loudspeaker’.

B&C Speakers is...

Low-frequency Drivers

Low-frequency Nd Drivers

Coaxials Horns

High-frequency Drivers

Company’s product mix includes low-frequency drivers, high-frequency drivers, coaxials and horns.

BUSINESS

OVERVIEW2013

GUIDANCE

2 3 41

FY2012 RESULTS

STOCK DATA & SHAREHOLDING

STRUCTURE

B&C manufactures all its products in its state-of-art production facility located in Bagno a Ripoli (Firenze) that was built in 2009. This 10,500 m2 production facility merged previously-separate production units into one single building, increasing assembly capacity and incorporating a higher level of automation. In addition, the Company runs its operations from its head-office building situated over a 3,000 m2 land very close to the production facility.

Made in Italy ...

B&C has always focused greatly on quality control, which provided the company with the international reputation of providing leading edge products of the highest quality.

10% of B&C’s workforce (of 100 employees)

is dedicated to Research & Development. B&C has sales and distribution centers in USA and Brazil: two important markets for its products.

Its clients are professional audio system producers like Bose, Yamaha, Martin Audio, Nexo, D&B Audiotechnic, QSC Audio, L-Acoustics, Yorkville Sound, Turbosound... etc.

Around 2/3 of the Company sales are custom-made products sold directly to these OEMs (Original Equipment Manufacturers), whereas the remaining part are catalog products sold via a wide distributor network with representation in over 70 countries around the world.

B&C Speakers Produces Solely for…... the professional audio market.

Focus Market for B&C Speakers is estimated to be as big as €200mn(1)

(1) B&C Speakers estimates for 2011.

1° Installation Guitar Hi-Fi

Contractor

After Market Portable

Fixed Installations

H.T.

P.A.

Touring

B&C Speakers is the largest player in its focus market with a 15% market share.

Audio Market

Pro Audio HomeAuto

motiveMusical

Instruments

Revenue Composition by Product Type

FY2012 29% 26% 34% 7% 4% 100%

FY2011 30% 27% 33% 7% 3% 100%

FY 2012 (€mn)

Loudspeakers

55% of FY2012 sales are created

via LF Drivers

Revenue Composition by Sales Channel

FY2012 66% 28% 4% 1% 100%

FY2011 65% 30% 3% 1% 100%

FY 2012 (€mn)

The share of custom-made products sold to OEMs – in the total turnover – continues

to increase in 2013

Geographical Revenue Breakdown

54% of 2012 revenues are generated in Europe

Europe12.4mn (42%)11.9mn (44%)

Italy3.7mn (12%)4.1mn (15%)

North America5.0mn (17%)4.4mn (16%)

Latin America2.0mn (7%)2.3mn (9%)

Middle East & Africa0.5mn (1%)0.6mn (2%)

Asia & Pacific6.1mn (21%)3.5mn (13%)

FY2012FY2011

Key:

Revenue Evolution

B&C reached record-high revenues in FY2012 (€mn)

Economic Crisis

Growth (CAGR of 9,8% b/w ‘96 and 2012)

* 2012 financial data are unaudited

FY2012 RESULTS

1 32

BUSINESS OVERVIEW

4

2013 GUIDANCE

STOCK DATA & SHAREHOLDING

STRUCTURE

FY2012 Summary P&L– Consolidated

Income Statement (€000) FY2012 (*) FY2011 Total Net Sales 30.917 100% 27.959 100%

Change in Inventory 1.210 4% 698 3%

Cost of Material (13.147) (43%) (11.689) (42%)

Cost of Labor (4.628) (15%) (4.461) (16%)

Service Costs (6.609) (21%) (5.831) (21%)

Other (424) (1%) (312) (1%)

EBITDA 7.319 24% 6.373 23%

Depreciation &Amortization (780) (3%) (715) (3%)

EBIT 6.539 21% 5.658 20%

Financial Income, Net (97) (0,3%) (85) (0,3%)

Income Before Tax 6.442 21% 5.573 20%

FY2012 consolidated revenues up 11% YoY,

from €27,9mn in FY2011 to €30,9mn in FY2012,

due both to increasing sales volumes and

product prices.

* 2012 financial data are unaudited

FY2012 Summary B/SB/S (€ 000) Dec 31, 12 (*) Dec 31, 11 Δ Fixed Assets 3.652 3.646 6

Inventories 6.699 5.945 754

Trade Receivables 6.513 5.727 786

Other Receivables 2.678 737 1.941

Trade Payables (3.149) (2.376) (774)

Other Payables (955) (1.956) 1.001

Net Working Capital 11.786 8.077 3.709Other Funds (1.125) (1.106) (19)

Net Invested Operating Capital 14.313 10.618 3.696Cash Equivalents 2.217 2.048 169

Goodwill 1.394 1.394 0

Other Financial Assets 817 773 44

Net Invested Non-Operating Capital

4.428 4.215 213

Net Invested Capital 18.741 14.833 3.909Shareholders' Equity 17.296 12.302 4.994

Short-term Financial Debt 790 1.404 (614)

Long-term Financial Debt 655 1.127 (472)

Financing of Net Invested Capital

18.741 14.833 3.909

B&C Speakers has a positive Net Cash position of

€0,778 mn by the end of 2012

* 2012 financial data are unaudited

2013 GUIDANCE

1 43

STOCK DATA & SHAREHOLDING

STRUCTURE

BUSINESS OVERVIEW

2

FY2012 RESULTS

2013 guidance B&C Speakers budgeted total revenues

of €33.5 million for 2013, with a year-over-year increase of around 10%.

The value of the Company’s order portfolio at the end of February 2013 is over €10.7 million, a record level in company’s history.

The cost of neodymium, a major raw material for B&C Speakers, has decreased sharply during the second half of 2012,  and is now approaching pre-bubble values. This price decrease is significant for the industry, and especially for B&C Speakers, who is a leader in the production of the most advanced transducers. We do not see any tension on raw material prices and we target to maintain the same rate of profitability.

1 2 34

BUSINESS OVERVIEW

2013 GUIDANCE

STOCK DATA & SHAREHOLDING

STRUCTURE

FY2012 RESULTS

Stock Data & Shareholding Structure

Research & Development 64.2%

Allianz Global Investor 2.4%

First Capital 2.0%

Safe Harbor StatementCertain statements in this slide show, including those addressing the Company’s beliefs, plans, objectives, estimates or expectations of possible future results or events, are forward-looking statements. They are based on the assumptions, beliefs and expectations of our management team as of the date this slide show was prepared. Forward-looking statements involve known or unknown risks, including general economic and business conditions, and conditions in the industry we operate. Forward-looking statements may also be affected if our assumptions turn out to be inaccurate. Consequently, no forward-looking statement can be guaranteed and actual future results, performance, or achievements may vary materially from those expressed or implied by such forward-looking statements. For additional information concerning other factors that may affect the Company’s current and future business, results of operations and financial condition, we suggest you review the Company’s filings with Borsa Italiana. The Company undertakes no obligation to update the forward-looking statements to reflect events or circumstances that may arise after the date hereof.

THANK YOU