Profex Construct

Company presentation

SC Profex Construct SRL

IDENTIFICATION DATA

Company Name SC Profex Construct SRLCompany headquarters Tg-Mures - Mures, No. 12 Calarasilor Street

RomaniaTelephone / Fax ( +40265) 264 001, (+40265) 264 002E-mail address profex@rdslink.roLegal form Romanian juridical person with full private

capital L. T. D.Unique Registering Code 11459433

Main activity

Planning, production and installing of the aluminium and PVC joinery and of insulated glass, for all types of commercial and residential buildings.

Social capital 90.000 leiNumber of employees 39

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PROFEX CONSTRUCT FORECASTED TURNOVER 2005 - 2009

Turnover ( thousands Euro ) 272,1 664,75 1063,6 1914,48 2967,44 3857,67

2004a 2005f 2006f 2007f 2008f 2009f

Profex Construct sales structure

62%14%

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10%

5% 2% 2%

Curtain walls, structural glazings

PVC joinery

Aluminium joinery

Thermo - glass

Metallic structures

Aluminium composit cladings

Granite cladings

Income Statement - Profex Construct - 2004 - 2009

€ 2004a 2005f 2006f 2007f 2008f 2009f

Curtain walls, structural glazings 241.500 412.750 660.400 1.188.720 1.842.516 2.395.271

PVC joinery 18.600 95.000 152.000 273.600 424.080 551.304

Aluminium joinery 12.000 31.750 50.800 91.440 141.732 184.252

Thermo - glass 63.500 101.600 182.880 283.464 368.503

Metallic structures 31.750 50.800 91.440 141.732 184.252

Aluminium composit cladings 15.000 24.000 43.200 66.960 87.048

Granite cladings 15.000 24.000 43.200 66.960 87.048

Total revenues 272.100 664.750 1.063.600 1.914.480 2.967.444 3.857.677

Total operating expenses (w/o depreciation) (269.000) (572.182) (941.018) (1.657.456) (2.509.709) (3.262.621)

EBITDA 3.100 92.568 122.582 257.024 457.735 595.056

Depreciation (1.570) (20.941) (33.505) (60.309) (93.479) (121.522)

Operating profit/ (loss) 1.530 71.628 89.078 196.715 364.257 473.534

Interests expenses (927) (12.630) (20.208) (61.263) (94.958) (135.019)

Expenses with the overdue taxes - - - - - -

Gross profit/ (loss) before taxation 603 58.997 68.869 135.451 269.299 338.515

Income tax (@ 16%) (151) (9.440) (11.019) (21.672) (43.088) (54.162)

Net profit/ (loss) for the year 452 49.558 57.850 113.779 226.211 284.353

Cash Flow - Profex Construct - 2005 - 2009

€ 2.004 2.005 2.006 2.007 2.008 2.009Net Profit 452 49.558 57.850 113.779 226.211 284.353 Depreciation 8.572 20.941 33.505 60.309 93.479 121.522 Change in trade receivables - (38.938) (39.553) (179.305) (156.628) (132.422) Change in inventory - 8.459 (19.211) (40.984) (50.718) (42.880) Change in trade payables (200.000) (66.483) 43.568 86.735 104.467 85.644 Change in deferred taxes (4.199) (39.094) (57.542) (107.451) (168.982) (224.057)

Expenses with the overdue taxesCash flow from operations (195.175) (65.558) 18.617 (66.917) 47.828 92.160

Disinvestments - - - Capital expenditure - - - Cash flow from investments - - - - - -

Loans contracted 70.000 50.000 Reimbursement of loans (50.000) (70.000) Cash flow from financing - 70.000 - 50.000 (50.000) (70.000)

Total cash movement (195.175) 4.442 18.617 (16.917) (2.172) 22.160 Initial cash balance 300 100 4.542 23.160 6.243 4.071 Final cash balance 100 4.542 23.160 6.243 4.071 26.231

90 % of the employees are skilled people, with at least five years experience in PVC or Alluminium joinery and curtain walls market. Profex Construct company is one of the few Romanian companies able to make large curtain walls in the country.

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HR Development - Profex Construct 2005 - 2009

Employees 45 60 68 80 90

2005 2006 2007 2008 2009

Operator Accountant

Warehouse OperatorRaw Materials,

Products

Supervisor Assembly Unit

General Manager

Human resource manager

Financial Manager Production Manager

Supervisor Thermo - Glass Unit

Team 1 PVC Unit2 persons

Team 3 PVC Unit2 persons

Team 2 PVC Unit2 persons

Team 1 Assembly Unit

2 persons

Team 2Assembly Unit

2 persons

Team 3 Assembly Unit

2 persons

Team 4 Assembly Unit

2 persons

Team 5Assembly Unit

2 persons

Team 2 Thermo - Glass Unit

2 persons

Team 1 Thermo - Glass Unit

2 persons

Supervisor AL and PVC

Production Unit

Sales Manager

Marketing

Team 4 Alluminium Unit

2 persons

Team 5 Alluminium Unit

2 persons

Transport Manager Driver

Purchasing OperatorRaw Materials

Designer

Profex Construct Organizational Chart

Profex Construct Commercial Contracts 2007

15th January – 10th May Customer : ItaloStil Tg. Mures PVC joinery 310 m2 Contract value* = 33.000 Euro

5th June – 30th June Customer : Romarta Tg. MuresCurtain wall 123 m2

Contract value* = 23.600 Euro

10th June – 15th August Customer : Costruma Design ClujStructural glazings, curtain wall 543 m2

Contract value* = 139.000 Euro

16th June – 31st July Customer : Babes-Bolyai University Cluj – CampusPVC joinery 385 m2

Contract value* = 38.500 Euro

1st July – 31st August Customer : Babes-Bolyai University ClujCurtain wall, Alluminium joinery 1280 m2 Contract value* = 238.000 Euro

Show-room customers 1.000 – 4.000 Euro / day

Note : * values without VAT

PROFEX CONSTRUCT Facilities

Production Unit Nades Total land area 1600 m2

2 Buildings – 800 m2 for PVC joinery and offices – 100 m2

Equipments for PVC joinery – 2 technological lines Estimated Value of Profex Construct Properties :

Land and buildings : 165.000 EuroEquipments : 75.000 Euro

Production Unit Mures Buildings (rented) – 900 m2 for Thermo Glass and Alluminium Joinery, 60 m2 offices

Equipments for Aluminium joineryEquipments for Thermo Glass processing

Equipments for Curtain walls assembling, 2 trucks 3,5t and 2 vans Estimated Value of Profex Construct Properties :

Al joinery equipments : 110.000 EuroTermo Glass equipments : 63.000 EuroAssembling equipments, trucks, vans : 95.000 EuroOffice equipments : 6.000 Euro

Showroom Mures Buildings (rented) – 120 m2 for show room and offices Estimated Value of Profex Construct Properties :

Computers, displays, samples, furniture : 18.000 Euro