April 2016
The history since 1986…
2
4
May 2015: IPO on AIM Italia
Floating
OfferStructure
Lock-up
Transaction
Offer Value
Listing
10,1%
12 months
Share capital increase
€ 4 mio
May 20, 2015
Share price€ 3.55 a share
Shareholders
5
As of May 20th, 2015
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
Skin cosmetics
Dietary supplements (solid and liquid) with a particular focus on herbal products
The Company is organized into two divisions:
Industrial Division: dedicated to the production on behalf of third parties of liquid andsolid food supplements, cosmetics, medical devices and herbal products;
Division under its own brand: dedicated to the production and marketing ofdermatological products, ophthalmic and food supplements.
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 Skin cosmetics
6
Production facilities
7
Our offices, manufacturing and warehousingare located in Tavarnelle Val di Pesa Sambuca (Florence Area)
On a property area of more than 11,500 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
130 production lines (estimated replacement value significantly higher than the net amount)
risk production fragmented, i.e. disaster recovery
8
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 (130 production
lines)
FORMULA
COSTUMER
SPECIFICATION
BIODUE VALUE CHAIN
PROCESSING
RAW MATERIALS
PRIMARY AND
SECONDARY
PACKAGING
COMPOUND
TRANSFORMATIONPACKING
QUALITY
CHECK
(*)
(*)
(#)
(#)
(#) Subsidiary
(*) Related party
S.r.l.
Industrial Division’s products are distributed directly to customers’ client through pharmacies and / orpharmaceutical information channels
Branded & Private Label products are marketed under the brands Pharcos (dermatology), biOfta(ophthalmic) and Selerbe (supplements)
Pharcos and biOfta are distributed through a network of 40 mono-firm agents that reaches all Italiandermatologists (Pharcos) and about 50% of Italian ophthalmologists (biOfta).
Selerbe products are distributed through a network of over 40 agents mono and multi-firm covering Italianterritory
Distribution model
CUSTOMER«INDUSTRIAL»
9
Own brands: distribution channels
Final customer is induced to purchase by medicalreporting, the so called «blank prescription»; thisscheme obtains remunerative prices avoiding thecounter generic competition.
40 MEDICAL MONOFIRM REPRESENTATIVESMONO AND PLURI-FIRM
AGENTS
OCULIST
DERMATOLOGIST
PHARMACIES
PARAPHARMACIES HERBALISTS
10
The "Private Label" acts as a customer loyaltyscheme to single pharmacy or herbalist’s shopThe "Private Label" acts as a customer loyaltyscheme to single pharmacy or herbalist’s shop
Established in 2011 in partnership with a competitor
IIt extracts active plant with technology and proprietaryknow-how to the final customer exclusively
LaBiotre provides Biodue raw materials for Selerbe’sproducts and natural plant extracts to be used in theproduction cycle
Established in 2014, in partnership with Enzo Emanuele, adistinguished pathologist and researcher that has beencooperating with Biodue since 2007
Developing, patenting and selling raw materials to be usedin 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
11
S.r.l.
12
Profit & Loss account as of Dec 31,2015
31.12.2015 % 31.12.2014 %
Revenues from sales and services 33,621 100.0% 30,009 100.0%
Other revenues (incl. royalties) 142 0.4% 229 0.8%
Total Revenues 33,764 100.4% 30,238 100.8%
Cost of raw materials, consumables and goods 16,174 48.1% 14,739 49.1%
Services cost 7,702 22.9% 6,638 22.1%
Leases and rentals cost 414 1.2% 299 1.0%
Personnel Cost 4,852 14.4% 4,543 15.1%
Other costs 669 2.0% 426 1.4%
Change in inventories (741) -2.2% (374) -1.2%
EBITDA 4,694 14.0% 3,966 13.2%
Ammortization and write-downs charges 1,055 3.1% 977 3.3%
EBIT 3,639 10.8% 2,988 10.0%
Financial charges and Extraordinary items (33) -0.1% (82) -0.3%
EBT 3,606 10.7% 2,906 9.7%
Income taxes 1,240 3.7% 1,180 3.9%
Net profit 2,367 7.0% 1,726 5.8%
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Balance sheet as of Dec 31, 2015Net working capital 31.12.2015 31.12.2014
Inventories 3,848 3,106
Trade receivables 10,018 9,141
Other current assets 892 880
Current assets 14,757 13,127
Trade payables (5,995) (4,606)
Other current liabilities (1,526) (1,272)
Current liabilities (7,521) (5,878)
Total Net working capital 7,237 7,250
Uses
Net working capital 7,237 7,250
Fixed assets 9,445 9,074
Other non current assets and liabilities 30 30
Total uses (Net Capital Employed) 16,712 16,353
Financial Sources
Net Equity
Share Capital 4,006 3,600
Reserves 7,547 2,803
Profit for the period 2,367 1,726
Total Net Equity 13,919 8,129
Retirement Funds 956 878
Net Financial Position 1,838 7,346
Total Financial Sources 16,712 16,353
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Financial statement as of Dec 31, 2015
Cash Flow Statement 31.12.2015 31.12.2014
Cash Flow from operating activities (A) 3.330 3.510
Cash Flow from investing activities (B) (1.269) (7)
Cash Flow from financing activities (C) (420) (3.543)
Increase (decrease) on Cash and Cash Equivalents (A ± B ± C) 1.640 (40)
Cash and Cash Equivalents af January, 1 49 89
Cash and Cash Equivalents af December, 31 1.689 49
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Breakdown 2015 salesEuro/000 2015 % 2014 % Delta %
By Division
Industrial Division 19,286 57.3% 17.596 58,6% 9,6%
Pharcos Brand 8,229 24.5% 7,521 25,1% 9,4%
Selerbe Brand 3.657 10.9% 3,025 10,1% 20.9%
BiOfta Brand 2.106 6,3% 1,625 5.4% 29.6%
Other minor 343 1.0% 242 0.8% 41.7%
Total sales 33,621 100% 30,009 100% 12.0%
By Geographical Area
Local (Italy) 30,096 89.5% 27,614 92.0% 9.0%
Foreign (other UE and Extra UE contries) 3,525 10.5% 2,395 8.0% 47.2%
Total sales 33,621 100% 30,009 100% 12.0%
Marco Ulivagnoli
Board Member Investor Relations
Biodue spa
Via A. Lorenzetti, 3/a
Tavarnelle Val Pesa (FI)
+39 055 8071140
16
Contacts
Nomad
Baldi Finance S.p.A.
Antonio Boccia
Via San Damiano, 9 20122 Milano
Tel: +39 02 58318214
Fax:+39 02 58310893
Specialist
Integrae SIM S.p.A
Matteo Pontello
Via Meravigli, 13 20123 Milano
Tel: +39 02 78625313
Fax:+39 02 87181075
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