PRIMO BENZINA Exhibit 2 In thousand euros 2006
2007
2008
2,430 (1,580 850 100 340 410 150 260 65 1*5
3,888 (2,527 1, 1,361 54 62 2 685 36 64* 16 2 48 7
10,887 (7,403 3, 3 ,484 138 1,742 1 1,,604 163 1,441 360 1,081
1*5 (100 *5
*5 487 (250 33 2
332 1,081 (800 613
200 1** 1*5 5*4
32 0 42 7 41 5 1,162
8*6 1,640 1,217 3,753
608 (100
1,023 (154
3,110 (2*2
1,102
2,031
6,571
Current iabilities %%ounts !aable Short er loans !aable otal otal Current Current iabilities iabilities
50 201 251
75 28 2 357
674 1,8*5 2,56*
on' ter debt otal otal iabilities
100 351
32 1 678
1,600 4,16*
Income Statement Sales CGS Gross !ro"t #e$re%iation Ex$ense &ther &$eratin' Ex$enses &$eratin' In%oe Interest Ex$ense In%oe be)ore in%oe tax ex$ense In%oe tax ex$ense +et in%oe
Statement of Retained Earnings etained Earnin's - .e' $lus net in%oe less di/idends etained Earnin's - End
Balance Sheet Current ssets Cash e%ei/ables In/entor otal otal %urrent %urrent assets assets !! E %%uulated de$re%iation otal otal ssets
Sto%holders Euit !aid-in Ca$ital etained Earnin's otal Sto%holders Euit otal iabilities and Sto%holders Euit
656 *5 751
1,021 332 1,353
1,78* 613 2,402
1,102
2,031
6,571
200*
38,103 (27,815 10,288 557 6,85* 2,872 653 2,21* 555 1,664
613 1,664 (800 1,477
3,136 7,830 4,*53 15,*1* 13,608 (84*
28,678
3,458 *,743 13,201 6,000 1*,201
&$ex is in%reasin' e/en i) sales are in%reasin'
8,000 1,477 *,477 28,678
Exhibit 1 Retail Petrol Stations 2!"2#
Geran Stutt'art arlsruhe eidelber' 9reibur' eilbronn S:it;erland .asel otal Stations Station 'ro:th rate otal retail suare eters (thousands +uber o) e$loees !er $er liter $etrol (Euro
2006
2007
2 0 0 0 0
2 1 0 0 0
2 4
2 5 25<
3 4 1=4
5 7 1=5
2006
2007
Exhibit $ Prod%ct Information In thousand euros . business line Sales !etrol 9ood, sna%s, drins
Cost o) Sales !etrol 9ood, sna%s, drins
In/entor !etrol 9ood, sna%s, drins
1,458 *72 2,430
2,411 1,477 3,888
1,050 530 1,580
1,760 767 2,527
101 *4 1*5
178 237 415
Exhibit & Benchmar'ing (om)etitors #as re%ei/able #as in/entor #as !aable Gross $ro"t $er%enta'e
>i$ G 35 42 31 28=0<
S%hnell G 32 3* 35 26=0<
eturn eturn eturn eturn
on on on on
sales in/ested %a$ital assets euit
8=0< 12=5< *=0< 23=0<
10=0< 14=0< 12=0< 1*=0<
2006 2=50
2007 2=21
Exhibit * Exchange rates C9?Euro
2008
200*
5 2 1 0 0
10 5 3 1 0
3 11 120<
5 24 118<
15 23 1=55
60 88 1=6
2008
200*
7,2*5 3,5*2 10,887
28,1*7 *,*06 38,103
5,325 2,078 7,403
21,147 6,668 27,815
554 663 1,217
2,317 2,636 4,*53
S$ar!etrol G 40 35 27 30=0<
6=0< 11=0< 10=0< 22=0<
2008 2=00
200* 1=51
PRIMO BENZINA In thousand euros
Cash@o: )ro &$eratin' %ti/ities +et In%oe #e$re%iation (In%rease de%rease in re%ei/ables (In%rease de%rease in in/entor In%rease (de%rease in a%%ounts $aable (ash+o, from O)erations Cash@o: )ro In/estin' %ti/ities !ur%hase o) !! Cash@o: )ro In/estin' Cash@o: )ro 9inan%in' %ti/ities Issuna%e (retireent o) S borro:in' Issuna%e (retireent o) borro:in' Issuan%e (re$ur%hase o) %oon sto% !aent o) #i/idend (ash+o, from -inancing
Net cash +o, Chan'e in %ash (on balan%e sheet
-inancial Ratios 2! Current ratio Aui% ratio Cash ratio +et :orin' %a$ital to total asset Inter/al easure
In/entor turno/er e%ei/ables turno/er e%ei/able das +BC turno/er 9ixed asset turno/er otal asset turno/er In/entor Con/ersion !eriod !aable #as Cash Con/ersion C%le otal debt ratio #ebt-euit ratio Euit ulti$lier on'-ter debt ratio
!ro)t ar'in eturn on assets eturn on euit (&E
2.
2/
2=37 1=5* 1 31=1<
3=25 2=0* 1 3*=6<
1=46 0=** 0 18=0<
8 12 30 2430 5 2=21 45=05 11=6 63=4
6 * 40
6 7 55
4 1=*1 5*=*4 51=6 48=5
4 1=66 60=00 126=7 -11=7
0 0 1=467376830* 0=1175088132
0 1 1=5011086475 0=1*17562724
1 2 2=735636*6*2 0=3**8001
8=0< 17=7< 0=26
12=5< 24=0< 0=36
*=*< 16=5< 0=45
2# 1=21 0=83 0 *=5<
6 5 75 3 1=33 65=00 173=2 -33=2 1 2 3=0260631001 0=38767202*5
4=4< 5=8< 0=18
liuidit ratio that easures a %o$ans abilit to $a short-ter and lon'-ter obli'ations= easure o) ho: :ell a %o$an %an eet its short-ter "nan%ial liabilities= easurin' the aount o) %ash, %ash eui/alents or in/ested )unds there are in %urrent assets to %o/e %o$ans abilit to %o/er its short ter "nan%ial obli'ations (otal Current iabilities b %o$arin' i
easure o) the nuber o) ties in/entor is sold or used in a tie $eriod su%h as a ear= re%ei/ables turno/er ratio is an a%ti/it ratio easurin' ho: e%ientl a "r uses its assets hi'h #S& nuber sho:s that a %o$an is sellin' its $rodu%t to %ustoers on %redit and tain' lon It indi%ates ho: :ell the business is usin' its "xed assets to 'enerate sales the hi'her the asset turno/er ratio, the better the %o$an is $er)orin' he in/entor %on/ersion $eriod is the tie reuired to obtain aterials )or a $rodu%t, anu)a%ture it he %ash %on/ersion %%le is a etri% used to 'au'e the eDe%ti/eness o) a %o$ans ana'eent a 9aster %on/ersion o) one, has extra one )or ex$ansion $ro$ortion o) a %o$ans assets that are "nan%ed b debt he #?E ratio indi%ates ho: u%h debt a %o$an is usin' to "nan%e its assets relati/e to the aoun euit ulti$lier sho:s the $er%enta'e o) assets that are "nan%ed or o:ed b the shareholders
the aount b :hi%h re/enue )ro sales ex%eeds %osts in a business= eturn on assets (& is an indi%ator o) ho: $ro"table a %o$an is relati/e to its total assets= & eturn on euit (&E is a easure o) $ro"tabilit that %al%ulates ho: an dollars o) $ro"t a %o$
a% into %ash=
