project to a high security with fencing manufactoring factury

Algeria Project

I M E X G r o u p

P o r t u g a l

O c t o b e r 2 0 1 2

Business Plan

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Introduction Business Plan Algeria Project

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IMEXsulting Comércio Geral Import Export,Lda Parkim – Parque Industrial da Moita, Rua dos Girassóis nº1 e 1A , 2860-274 Moita Portugal

Telf/Fax.: +351 212 896 278 – Telm: +351 963 449 114 – email: [email protected] Página 1 de 18

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Implementation of "IMEX Group Company Ltd." in Algeria

Business plan

The mission of the SARL Groupe Argélia IMEX in the genesis is facing towards the international

market. Is implementing this position in three phases (import / processing / production) to

develop especially in the Algerian, to cover not only the Algerian market, but also all the

Europe and African markets with we have kept, as Imexsulting Portugal, professional contacts

and collaboration over the years of activity. This circumstance led, naturally, to a deeper

interest on these countries in that geographical area.

This analysis allowed us to establish the African markets countries where our products will be

most successfully. On the other hand the professional knowledge that each person, partners or

contributors, direct and indirect, have in each business area of activity that we want to

achieve, clearly leads us to areas that we have chosen as priorities, for implementation this

business we have chosen - ALGERIA-, Why? Because, with the stagnation in Western Europe,

requires Portugal, more than ever, diversify their markets; makes sense to invest in a

neighboring country, with bilateral agreements with the European Union. It is an important

advantage for companies wishing to export to Algeria: the financial risk of export operations is

minimal, since the country's legislation requires that all imports are covered by irrevocable

letter of credit.

The possibility of creating a mixed capital company, with Algerian partners, was another

important factor in this choice: in fact the individuals knowledge of the Algerian market

characteristics, the way of life of the Algerian people, knowledge of local business culture and

its specificity was very important to making that decision. Another important factor, was to

know that already installed themselves in Algeria about 40 Portuguese companies in

partnership with local companies: This are clear signs that we are in presence of a relevant

market with great growth potential for products and Portuguese entrepreneurs.

The Algerian legislation provides that the creation of companies mixed with Algerian foreign,

are regulated as follows:

Import and marketing companies will have a registered capital: 70% to foreign, a maximum

and a minimum of 30% for Algerian partner.

Industrial companies: maximum of 49% for foreign capital and at least 51% for the Algerian

businessman;

Consumption rates paid for each case are different: in the case of service companies are

currently taxed at 23%, a month ago was 30%, the other 10%.

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The first step (pre-stage), was to do a market analysis and a search of Algerian(s) partner(s),

with the knowledge of the market and able to move well in the heavy bureaucracy, of "local

agencies." The market indicated us some potential areas for which we are targeting. A

business partner was chosen and invited to visit the factories where we produce some of the

products that we targeted and even in this pre-stage, we start the preparation of the business

plan. The Algerian market is clogged with poor quality Chinese products. The Market exists for

good quality products, this is our bet and we believe that our products will be well accepted.

After the first financial indicators clearly denote the feasibility of this project, we need to look

for individual investors, given the difficulty in obtaining bank financing in Portugal and in

Algeria, financing is only possible for companies already installed there. That’s why we need

funding from an other sources outside the banking circuit. The 1st step, to obtain financing

will be the creation of "Company" in Algeria, we admit that this can be done in early 2013.

At this stage the business plan is fineshed, in view of: the submission to obtain funds and the

creation of the "Company" and simultaneous with the intention of sending to investors.

It can be inferred from the study for the creation of "Company", that the marketing of our

product range are situated in a middle / upper quality and has all the conditions to impose on

the market. This reality is transmitted by an Algerian, future partner, and by our "expert"

market in this geographic area (13 years of experience in the country), or by the analysis of the

data at our disposal: this is an expanding market where the "medium class" is growing

naturally and has purchasing power to acquire products with the quality that we have to put at

their disposal.

Still, the fact that Algeria is situated a 2 hour flight from Lisbon, makes this market interesting

and exciting for those who have some capacity of bringing products manufactured in Portugal;

market has strong competitors such as France, Spain and Italy . In Algeria the market is

invaded with Chinese products of poor quality and low price, in a country where the minimum

wage is 180 € (18000.00 DZ), but the search for a car like the BMW X6 has a waiting time of 6

months and are permanently at ZERO stock.

That is why we believe that good quality products and attractive prices, have opportunities to

compete with products deployed. It appears there are sectors in the market area where the

penetration is enormous: The New Technologies of Information and Communications,

Environment, The Agro-food, home-textiles; Furniture; Metalworking and still most of the

industry level of personal protection, projects and metalworking products regarding the

security, high security and access control at all levels, whether permanent or temporary, and

the distribution for the Algerian market or for export from Algeria, in the near future . Our

products cover almost all areas named.

That is why we believe that good quality products and attractive prices have opportunities to

compete with the products of European origin implanted. It appears there are sectors in the

market area where the penetration is enormous as described earlier.

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Initially the "Company" will make the commercialization of: Kitchens, design and project

custom to the customer's taste; as well as the security situations, high-security and access

control with wired mash panels, always with implementation projects; home textile and

products such as cutlery and crockery for home or hotel; security personnel clothes at all

levels; armored security doors and related materials complement the kitchen assembly.

Will have a "showroom", a warehouse stocks with the possibility of making small works related

to marketed products and, later, as planned, a unit of lacquering and surface treatment of

metal mesh panels. For the last phase is planned investment in a production facility network

for manufacturing with treatment, protection and finishing of metal panels (2 rows). From this

last step the unit costs of stock decrease, not yet quantified, because the raw material will be

provided in rolls with lower cost, with the possibility to be locally produced in a Algerian

metallurgical.

For better understanding of what we speak, " wired mash panels ", below we present a sample

taken from the wide range that we sell - removed from our catalog-digital. Figure 1

This panel will be one that are produced by hot galvanized emersion and hot lacquered , with a

high resistance "epoxy" ,manufactured in Algeria by the" Company "Groupe SARL Imex Algérie.

Figure 1

Technical Detail 3D panel IMEX STD

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Technical detail regarding to the mesh spacing and the possibilities of steel wire reinforcement

to ensure robustness of the 3D panel IMEX STD.

Lacquering, the intermediate stage of the project development , this process can be described

as follows:

"The electrostatic painting or lacquering" is a process of painting in electromagnetic

environment, that by creating a magnetic field, caused by an electric discharge; the powder

"epoxy" is fixed against panel forming a coating steel (or other metal) with a polymer film

term hardened, with a color RAL (universal assignment), which can then go to the oven

lacquer, where by heat (180-200 ° C) the "epoxy" is fixed definitely at the steel panel, giving

color and finish that the final piece needed, finishing with a prime quality. This painting

process ensures the flexibility of the piece without offending the painting. This process

produces no environmental pollution

For the panel factory, the last phase of the project, the estimated investment in technical

terms preview the following machinery:

Manufacturing Section

One (1) mesh manufacturing machine.

From rolls of steel wire, they form a mesh in a horizontal plane, is welded, then enter

the cross section and reinforcement, this mainly at the level of the 3D panels . Fully

automatic operation. The dimensions of the mesh and panel height (welding, cutting

and reinforcement) are predetermined by the input of steel wire on the machine, the

width are always 2510 mm. This operation consists essentially of two parts: the first

builds the welding mesh, different types, the second part consists has a cutting line

attached for the various working measures

Treatment section and preparation panel

One (1) treatment machine, galvanizing and drying.

In coupling to the 1st section, this system receives the panel after manufactured and makes it

into this reservoir where the panels are rinsed with water mixed with a degreasing agent; after

in a second reservoir, a water rinse, to then enter another reservoir, the third, where the

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panels will be passed through a water solution acidified with sulfuric acid (H2SO4) to remove

oxides and stems of steel wire, then a fourth tank, one washing with water to remove any acid

solution, still following for a fifth tank, where the panels will receive the 1st plating solution

with zinc chloride (ZnCl) and ammonia, such as gripper zinc (Zn) to steel (Fe) by electrostatic

effect (with microns predetermined thickness per m2). Still in another reservoir, the sixth, the

panels are pre-dried at 60 °; always on moving the panels enter in another reservoir, the

seventh, which will be immersed in molten zinc at a temperature between 440 ° C and 500 ° C

(produces a reaction between Zn and Fe, similar to a merger). This is where the galvanizing /

zinc, with or without aluminum panels give the final treatment against oxidation by exposure

to ambient air. The thickness is pre-defined by m2 - Standard EN 10 244 2 –

Schematic of the process before the lacquering treatment (Fig. 2) below

Treatment section and preparation panels

Cleaning Bath H2SO4 Cleaning 1st Plating ZnCl Pre–drying

Degreasing molten zinc bath

Section lacquer baking furnace

It is the lacquering existing in phase 2 of the draft now placed on line industrial complete. To

drive assembly manufacturing, final phase of the project, the industrial part, is presented

Section lacquer baking furnace

One (1) machine, or rather, a lacquering line.

By spraying a powder "epoxy" electrostatic effect and an oven baking (fusing) a powder over

galvanizing panels give a color chosen by the client and an extra resistance against oxidation,

whatever the environment which the panel are subjected.

This latter part of the production (the final stage of the project implementation, despite

already be operational in the 2nd phase, it can work independently, if the panels are

purchased already cut and galvanized)

The panels coming out of the hot galvanizing should be placed at the top and cool a bit, circling

to enter the module lacquering. The module is closed during the spray application of epoxy.

(100% automatic machines, or manual with 2 operators, pistols and compressor). Next, the

panels are ready to reenter the oven for consolidation of epoxy, then cooked, is a glossy finish

in any RAL color applied. The product is now ready to go to market.

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This investment requires a water treatment plant, because the water necessary for the process, even the lacquering, is carried out with water. This also allows us the recovery of powder which falls to the bottom section of the application. This powder is mixed with water, that must be filtered and dried to be reused.

It is shown below lacquering schematic drawing process (Fig. 3)

Fig. 3

The complete panel plant, will be equipped with the machinery described above and has the

sequence shown in the scheme below (Fig. 4 and Fig 5)

Fig. 4

Building panels (3D) Cleaning, Stripping, Cleaning, Drying

Electrostatic Galvanizing

Lavage,

galvanisation à

Manufacture of mesh and welding

Electrostatic coating and oven Hot galvanizing emersion

Introduction steel wire into the machine

Cooling after lacquering

Warehouse and Shipping

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Fig. 5

The investments planned afterwards the initial fase, are made in auto financing mode. To

reinvestments there are a tax reduction of the results by 50%, this means going from 25% to

12.5%, with the advantages inherent to the presentation of the results and equity release. The

initial investment takes into account the needs of creating high stock, delays on customs

clearance as well the advance payment of one year's rent for the rental premises.

1. Personal Information

The promoter of this business in Portugal is the "Imexsulting" by some of its members and

collaborators. To which will be an "Enterprise" in Algiers, which will have as a partner, an

Algerian businessman.

Identification of promoters’ partners:

Diamantino Guerreiro Pinheiro - Mechanical Eng, business manager, areas: commercial, public

works, and Port Operations (NAVIPOR, MOFED, SUBTKOI). Purchases and sales: Industrial areas

of Cement and Steel (CNE and SN).

Address: Rua Dr. Manuel Pacheco Nobre 49-3 º Dto 2830-080 Barreiro

NC: 146035860

Phone: +351917321348

Age: 65 Years

Given the experience in "Company" shall have management functions: strategy and business

plans, analysis and control of purchases / sales and results.

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Victor Manuel Cunha Simões - Entrepreneur with extensive experience in the areas of

construction, commercial and Manufacturer / designer and installation of kitchens, Logistics

Services, etc..

Enterprises: "Spaces magic"; "CULNOVA"; "Several companies in the area of Construction"

NC: 132586878

Address: Rua João Anes, 20 Lavradio

Phone: +351 936924045

Age 54 Years

In society he will have management functions, especially those related to the kitchen area in

the construction and the private sector.

Sérgio André C. Guerreiro Pinheiro - Degree in Organization and Management.

Experience in Computer Control and Management Support and Business Administration,

Logistics services.

Enterprises: "Pinheiro Costa e Silva" - Trade-Restoration; "Barrilog" - Logistics Services; "CNE" –

Cimentos Nacionais e Estrangeiros; "MOFED" - Marketing and Distribution Products for

Construction, "SUBTKOI" - Support and control of the Administration and Management of

construction works.

Phone: +351919081349

Address: Rua Padre Himalaya 34 - 2830-507 Barreiro-Palhais

Age 40 Years

NC: 205369642

In society he will have functions of director, management control, responsible for information

technology (IT).

In Algeria:

Commercial Manager permanently in Algeria

Name:

Address:

Tel:

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Luís Paulo Vieira Lopes - Degree in Geography (University of Lisbon)

Experience in commercial management with extensive experience in large distribution

companies as a buyer and manager of shopping centers. Management of marketing and

merchandising, negotiations at the highest level, with production and sales companies,

"trading" and triangular international trade, etc.. Over 30 years of experience trading is the

level of Europe, is the level of Africa, and is the level of the Middle East and even the Far East.

Commercial Director with extensive experience in various companies.

Companies: CPP - Manufacture of cardboard packaging; Euromarché (Idemo) - Large

Distribution specializes in DIY and decorating (after Paris and Lisbon), JM (Filling and Pingo

Doce) Large Distribution. Leader in Portugal; CNR - Large Distribution; Azinor - International

Trade; Groupe Higifarma (Lifresca) - Packaging Technique; Tensoquímica - Production of

chemicals and cleanup of industrial cleaning chemicals; Superveda - Processing and production

of security seals, high security .

Address: 20 Rue Redda Houhou 16000 - Algeria - Algerie

Tel: + 213 021 744 188

Roles: Manager, responsible for Sales Management

Age: 52 Years.

All elements exert functions of managers because the need of stay of each one in rotation in

Algeria "Enterprise". the Algerian Manager shall exercise permanently.

2. Legal Form

The company has the legal form of GmbH this form seems to be the most appropriate, while

for the first 2 years of being mostly "commercial" sales and storage, with a small piece of work

and repairs related to metal panels for fences and also linked to the kitchen. It is only in the

second phase that will be implemented with industrial unit for painting metal panels, for which

we already have a pre-project [attached - Imex001].

It is also planned (2018) a final phase of the project, the 3rd, which involves the construction of

a factory for the manufacture of panels, which will essentially two production lines: one for the

2D panels and other panels to 3D (universal Description for these types of panels). From this

moment we will be able to negotiate our panels and our technology development projects,

with ISO quality procedures and products in EN, with the benefit of a less expensive

production due to the lower cost of energy, very important relationship product versus selling

price and hand labour, also lower than in Europe but by our own specialized training plan, this

negotiation will be particularly in Central Europe, with the HERAS manufacturer in the

Netherlands, which must be stored in the object of our company that once already in the 2nd

implementation phase, is expected to export from Algeria to not only to other Maghreb

countries but for other countries.

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In terms of the physical installation, the plan includes:

First install a Showroom in central Algiers, need 350 to 400 m2 (currently looking place). We

also need a warehouse of 500 m2, will be located outside the center of Algiers, at most 30 km,

if possible with the possibility of future expansion taking into account the remaining phases of

the project and within the area of commercial influence, which is: Alger ; Medea; Chelif; Bouira

and Oran. Looking up an area that ideally have about one hectare to permit the expansion

project to implement the two manufacturing lines of the panels of the seals and their

derivatives. The Algerian government offers good conditions, in Oran, for the establishment of

production companies that provide employment for local people.

3. Business presentation

In terms of total investment this will be 2,707,000 Euros, of which only the initial € 357,500 will

be funded by the partners or investors, the rest to the development of the 2nd and 3rd phase

of the project will be self-financed by the partners through the company's earnings.

Basically the business is characterized by having a period of only "Trading", import, stock

projects and clients, a 2nd period that includes transformation, "lacquering" and also the

manufacture of doors and gates, semi-industrial, and a 3rd period, industrial entirely: "Unity

panel production." The products marketed are: metal panels for fences, including planning and

design and implementation; Kitchens, includes design and project; Interior textiles and

hospitality; armored security doors and interior, complete with hardware and locks.

The metal panels are the most varied applications: simple fences for a home, a garden, a

property with manufacturing by measure doors, gates: automated or not, through protection

in sports arenas, from football stadiums, tennis courts, golf, ski motorized sports (such as

formula 1), the safety of children's access to pools etc.. (Digital catalog available). Currently

under development in Algeria more than 5,000 facilities for youth and sports, including 80

stadiums, 160 multipurpose rooms, 400 pools and over 200 lodges and youth centers.

Also commercialize and manufacture gates, security panels and high security for use in various

situations: hospitals, prisons, military barracks, exploration and extraction of oil and gas, ports,

major industry etc. Shown below, for example, one of the templates. (Fig. 6) below.

Fig. 6

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The kitchens is equivalent to the the best selling design in Europe with the most modern High

Tec's, very pleasing to the eye, with built-in appliances that are part of the set are the TOP: the

design of futuristic lines, either in quality. (Available in digital catalog and on our website).

The home textile and hospitality, are products of great value in terms of quality and with very

good penetration in the European market and even in the U.S. market. In North Africa

especially in Tunisia and Morocco, these products are well known for the quality, which has no

basis for comparison with the textiles of Asian origin. This products are essentially for home,

the kitchen, a bathroom, bedroom, dining room, etc.., The level of the individual client, but

also to the customer's hotel and tourism industry (restaurants, etc.) are well known, as is

where is the most demanding client, and TOP professionally. We have digital catalog.

The armored doors for high security and safety, that we recently know that is a growing need

in Algeria and will have an evolving market that we cannot neglect. These are products with a

high quality manufacturer in Portuguese, we have a manufacturer in Group Imexsulting in

Portugal with the ISO 9001:2008 certification. Essentially are exterior doors for home or

apartments. Digital catalog available.

The cash flow generated in the business is shown in the graph, Figure 7

Fig 7 Units = €

Interesting data about Algeria, important for business:

The target market is the middle / upper class that begins to grow and look for products that

make a difference compared to the products of poor quality and low price. This growing class,

clearly oriented to demand more demanding. In Algeria there are 5% of the population with

high purchasing power and very high, the emerging middle class, growing, has a great

propensity to consume quality instead of low quality that is losing market place. Private

consumption will grow in 2012 at around 5.8%. Fig.8.

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Fig.8

When looking at the economic developments in Algeria this allows us to draw some signs that

indicate the growth of a social class that already shows purchasing power. Thus the growth in

2011 was 2.8% and is expected to be higher in 2012 and 2013, while inflation keeps moderate,

4.5%. On the other hand, the services sector grew by 10% in 2011 and agriculture 5.3% in the

same year. They are signs of growth we had in account.

The steady population growth indicates reasonable social conditions: health, education etc.

that allow the prediction of population increase by about +3% (?) for the current year, reaching

more than 37 million inhabitants. The geographic area that we intend to cover is about 6.9

million people, mostly near the coast, a linear distance of 500 Km

In Algeria the Human Development Index, HDI, is the 6th in the world and 1st in Africa, which

gives idea to review the country, considering that we talk about the 2nd largest country in the

hemisphere.

Alongside shows that electricity consumption grows annually and continually since 2000,

which relate to the factor of economic growth, indicating a rise in living standards, giving

sustenance to growth of a middle class, which necessarily will become increasingly demanding

about what they consume and the services provided.

Another important factor in assessing the growth is the number of phones: The fixed remain at

the level of 2007, but the portable grow to a level of almost 10% per year. Moreover Internet

users rise 15% per year, which shows a middle class and increasing education.

The Algerian government has provided support projects that enable growth, there is an

ongoing five year plan (2010/2014), with an investment of $ 3,000 M, of USD, despite the

global crisis that is felt also in the energy sector , main source, 98% of income in Algeria.

So it seems to be to bet in this market, the evolution of a growing middle class in society

Algeria.

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The state of development of our target market , is shown below in Figure 9, is in phase

"Growth". Started the cycle around the year 2000. Shows three different periods and levels: 1

until 2002, other, 2, from 2006 to 2007 and currently the 3rd since 2007. The growth from this

year is almost linear at levels always growing. Fig 9 below.

Fig.9

“Crescimento”=”Growth”

4th. Market Analysis

4.1 Market Research

The Consumers

The sale will be made to the target consumer: the middle and upper middle class,

geographical trade areas already defined above. These regions are about 7 million

inhabitants of which can be considered, even in conservative terms, 10%, with capacity to

consume the type of products we supply.

Distributors in more remote areas and regions of Algiers - wilayas-referenced as

commercial zone coverage, and Direct Selling in the area of deployment of the warehouse

or showroom.

The sales figures are expressed in the documents annexed and took into account the prices

of the competition and the need to implement a "brand new". For enjoyment, we present

the graph below, Figure 10, the evolution of sales and the anticipated return on time.

Fig. 10

0%

10%

20%

30%

40%

50%

0

5.000.000

10.000.000

15.000.000

20.000.000

25.000.000

30.000.000

20132014201520162017201820192020202120222023

Volume de negócios Rentabilidade Líquida das Vendas

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In order to have credibility domestically and externally. The export will only be initiated after

the companies obtain quality certification standard 9001: 2008. The implementation of a

management system and its subsequent certification is an advantage to the company, i.e.,

recognition and satisfaction of customers and other stakeholders, improving the image, and

access to new markets. One of our goals, besides certification makes it possible to export to

European markets.

The Competition

Competition in the market for metal panels in Algeria is done by two competitors: 1

importer and 1manufacturer : BM (Eurl Boukacen to Blida - Alger) and GRAFIL (in South-

East of Algeria), which can be characterized, in terms of quality in two different ways : the

importer is very weak (import from china and France) but with two prices. The Algerian

manufacturer, from 211 km from Alger, with prices well positioned, but without

"knowledge”, leaves room in the market to establish our project. We have the

"knowledge", we will initial and continuous training to staff for final consolidation of the

market, we have the best quality / price ratio. With lacquering, the next phase of the

project, the objective is to start after 2 years of marketing, putting aside all of our

advantages, and ensure the highest tranche market because there is no factory in Algeria

as our project.

While not achieving industrialization, we must work with higher stocks in warehouse to

meet demand of product. We stay in this period with conditions officinal to add some

value to products sold and decrease the consumption rate to 10%.

For all products the quality factor and the existence of stocks requires the establishment of

a logistics as quickly as possible in order to streamline logistics and transportation. Will be

the advantage that we can tell, because the stock is a cost for us to gain Algerian market. It

is a market "impulsive" demands immediate satisfaction if the product appeals.

The kitchens are about 40 manufacturers, some with good quality; our advantages is: the

quality versus the price; and the incorporated news of the latest generation Hight Tech,

with the lines outside the common market. In kitchens our main competitor is the French,

MOBALPA, for our analysis is the highest price practiced in Algeria, with identical quality

to quality manufactured by ourselves.

The armored doors for security and safety have high market competition French, Spanish,

Italian and Chinese, is a complement market. We have competitive prices. In market

analysis carried out, the less expensive the more high-end, as French doors, Spanish and

Italian, our prices are the most competitive.

There are more than 1 million homes in improvement of housing conditions: continues

throughout the whole country, the national reconstruction program started ten years ago.

Right now, their implementation rests with the Government. It was re-released earlier this

year, with the first installments of the program. It is a good indicator for the market that

we target.

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Home textiles, without competition, will have a higher growth than the calculated, if

consumer prices are competitive. Given the type of product will be expecting a good

progression in the market, even for the more expensive products.

The time for customs clearance of products is delayed due to the existing bureaucracy. It is

disproportionately high, which means: more time for import logistics, higher costs, and

greater stock. to take into account that it will require an extra effort to "cash" in the

beginning.

During phase two of this project, the warehouse will also be used to do work to adapt our

products to taste Algerian. We will start preparing and "attack" the Maghreb market

(Tunisia, Morocco and Mauritania), countries with lower potential but could be interesting

given the proximity.

It should be taken into account, because there is delay in clearances, sometimes, months.

The companies "trading" lose more time in the "customs clearance" compared to those

considered "industrial". To avoid having this inconvenience, will be consider already now

in the creation of "company", the situation provided for Phase 2: Transformation Product -

"Powder Coating" - industrial company, with majority, 51% Algerian capital.

Given the importance of this situation, this issue should be debated and decided.

Suppliers

In terms of kitchens will be provided by a company of the "Group" in Portugal,

manufactures and designs. Will be represented in management to ensure product quality,

delivery timing and accessory equipment: appliances, which can equip the kitchens.

The metal panels in phase 1 and 2 will be manufactured or processed in Portugal for two

main Portuguese companies, one of which, on direct control of Imexsulting.

4.2. Marketing Plan

Initially we tried to acquire a company with mixed capital, existing legally in Algeria,

but that never worked, it would have the advantage of already having registered office

and a concession of land for implementation of warehouse and industrial facility

future. This was not possible because the Portuguese part of the business was not

interested. The advantage would be: gain time implementation, a brand already

known, attended a fair in Algiers.

Our "expert" was at the launch of the previous company in Algeria. Began

marketing campaign then made. Our Algerian partner has previous experience in

launching companies.

The market approach will be made as follows:

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After creation of the company:

Participation in a fair themed "BATIMATEC 2013";

Mounting a Showroom in central Algiers where they include all products mentioned;

Catalogs distribution for visitors and customers. Sending catalogs and other data of

interest to companies that use these materials. Catalog already made in digital terms;

Local recruitment a business technician to visit prospective clients and presenting the

products which can be seen in the showroom and in the warehouse;

Choose distributor network by geographical areas and provide adequate training

through our experts;

Installation of kitchens with the assistance of European technical specialist

The approach could be altered if the quantified targets annual "Company" which are

defined in the financial tables attached is not being achieved on average monthly;

4.2.1 Products

The products are presented below (Fig. 11). The marks for metal panels, Textiles &

Security doors - "IMEX" - ; for Kitchens - "Culnova" -.

Fig. 11

4.2.2. The price

The price established for sale, took special care: the real cost of each product, the sales

value and the psychological price competition, i.e. a product of superior quality in

Europe, this situation is relevant for the customer.

Attached in financial study shows the average prices of the different products and the

margins of them.

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4.2.3. Distribution

The distribution will always be made directly from our warehouse to distributors and

direct customers. The location of the warehouse or warehouses will be carefully

chosen. The main objective is to have an improved supply logistics.

The direct delivery to the customer is provided through sub-contracting, and also by

own transport.

4.2.4. Promotion

The promotion of products will be made preferably directed at middle-class customers,

our target customers, and distributors. Taking care to emphasize the product quality

and the assurances given to them.

In order to give visibility to the "Company" is of vital importance presence in one of the

many generic or specialized fairs taking place in Algeria.

The participation at the next fair in Algiers, the BATIMATEC from 3 to 7 May 2013, is

one of our intentions, depending on the time it takes the formation of "Company in

Algeria" and the possibility of bringing in the products. We need 2 months for kitchens

and panels, which must be added the time of clearance of goods, uncertain, and 3

weeks of travel time. Outside the clearance is needed about 3 months in advance to

prepare for participation in this event.

The sales budget and advertising has provided to publicize the integration of our

"Company" in Algerian market, an offer from Groupe IMEX Algeria, for the conception,

design and placement of a gate with automatic lock in a municipality with mounting

panels in any public work: garden, school, etc.., serving the population and give public

visibility of the product and the Algerian Group IMEX. The company that conceives this

project.

Final comment:

We tried that this document was simply by addressing the matters that we consider

important to understand the reasons that lead us to believe in this project.

So:

The attachments follow the classical rules of financial approach of any business: it

allows the objectives set can be controlled and at the same time, a management guide

for the "Administration";

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The attachments also allow evaluating the evolution of the company in terms of

investment, price and quantity, and the staff provided in each phase of the project,

besides all relevant financial ratios;

Annexes retreats that investments will be made: at the beginning of "Company" in

2013, in 2015/2016 and 2018/2019. The latter will be the mesh factory for panels.

This document, especially attachments, will find support from investors and external

entities;

(The values of the company's results, does not take into account the benefit of

reinvestment expected). In the future will be updated and allow to apply for state aid

Algerians modernization, as well as obtaining bank loans subsidized;

It allows within the "Company" evaluate and validate the same. Present the results for

the periods considered important by the Directors or shareholders;

It allows management control, implementing periodic review and correction actions.

Gives managers and shareholders possibility to control the "Company";

Shows that the critical points are reached quickly. We make no pessimistic scenario,

because there is a very wide margin. The model has value for the IRR of 64%,

calculated from the perspective of the investor;

The scenarios created for the markets are realistic in some cases even "conservatives",

contrary to the opinion of those who know the Algerian market. We count with the

reaction of the competition;

Finally:

We have to be enthusiasts and drivers of this project, very efficient, organized and

persistent to achieve these objectives, as well as professionally competent. The

competition will not stop without reacting, eventually prices will be where you will

instantly notice that reaction. The financial study clearly indicates that we can set up

the "Company", valuing, in the time allotted, to levels impossible to achieve in the

European market.

October 2012

Attachments: Imex 001- Plant of the pre-installation plan for Phase 2 - Warehouse and

lacquering

(19 pages). Financial plan with graphics performance

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The Financial Project Business Plan Algeria Project

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Enterprise: Group IMEX

Monetary unit Euros

1st Year activity 2013

Receiving term average (days) / (months) 0 0,0

Payment term average (days) / (months) 0 0,0

Average period of stockage (days) / (months) 60 2,0

VAT rate - Sales 17%

VAT rate - Provision Services 17%

VAT rate - CMVMC 17%

VAT rate - ESF 17%

VAT rate - Investment 17%

Social Security Tax - entity - corporate 26,00%

Social Security Tax - entity - employees 26,00%

Social Security tax - personal - corporate 9,00%

Social Security tax - personal - employees 9,00%

Average rate of IRS 2,00%

Corporate income tax rate 25,00%

Rate Short Term Marketable Securities 0,70%

Interest rate Short-Term Loan 8,33%

Interest rate Term Loan ML 10,00%

Interest rate risk-free asset - Rf 1,60%

Market risk premium - (Rm-Rf) * or p º 10,00%

Beta equivalents companies 100,00% - Beta = 100%

Growth rate of cash flows in perpetuity 0,05

* Market Expected Return

ORDINARY Nr. of shares: 30000

Value of each action 1,00 €

Evaluation methods considered:

Free Cash Flow to Firm

Free Cash Flow to Equity

In general, the method of discounted cash flows consists in estimated future cash flows of the company and bring them to present value at a given discount rate (WACC). In other

words, the value of a firm can be expressed as the present value of FCFF (Free Cash Flow to Firm).

The goal is to directly assess the net worth of the company.

General Assumptions

NOTE: When not apply Beta, put:

- The risk premium (p º) appropriate to the project

==> R (Tx update) = Rf + p º

General Assumptions Group IMEX Eng Business Plan 1 de 18

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s Euros

2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023

Rate of change of prices 5,00% 5,00% 5,00% 5,00% 5,00% 5,00% 5,00% 5,00% 5,00% 5,00%

2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023

1.555.200 2.514.758 3.206.317 3.687.265 4.549.163 5.731.945 7.372.714 9.483.153 11.948.773 15.055.454 18.969.873

Quantities sold 12.960 19.958 22.453 25.821 30.340 36.408 44.600 54.635 65.561 78.674 94.409

Growth rate of units sold 10,00% 12,50% 15,00% 17,50% 20,00% 22,50% 22,50% 20,00% 20,00% 20,00%

Unit Price 120,00 126,00 142,80 142,80 149,94 157,44 165,31 173,57 182,25 191,37 200,93

360.000 415.800 480.249 554.688 640.664 739.967 854.662 987.135 1.140.141 1.316.862 1.520.976

Quantities sold 120 132 145 160 176 193 213 234 257 283 311


Unit Price 3.000,00 3.150,00 3.307,50 3.472,88 3.646,52 3.828,84 4.020,29 4.221,30 4.432,37 4.653,98 4.886,68

300.000 330.750 373.334 431.201 509.356 615.047 758.815 956.107 1.229.792 1.614.102 2.160.879

Quantities sold 15.000 15.750 16.931 18.624 20.952 24.095 28.312 33.974 41.619 52.023 66.330


Unit Price 20,00 21,00 22,05 23,15 24,31 25,53 26,80 28,14 29,55 31,03 32,58

49.500 64.969 81.861 94.549 109.204 126.131 145.681 168.262 194.342 224.465 259.257

Quantities sold 60 75 90 99 109 120 132 145 159 175 193


Unit Price 825,00 866,25 909,56 955,04 1.002,79 1.052,93 1.105,58 1.160,86 1.218,90 1.279,85 1.343,84

2.264.700 3.326.277 4.141.761 4.767.702 5.808.387 7.213.090 9.131.872 11.594.656 14.513.048 18.210.884 22.910.985

2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023

0 128.000 168.000 220.500 289.406 379.846 558.373 762.179 1.080.389 1.588.172 2.417.992

Quantities sold 1.600 2.000 2.500 3.125 3.906 5.469 7.109 9.598 13.437 19.483

Growth rate of units sold 25,00% 25,00% 25,00% 25,00% 40,00% 30,00% 35,00% 40,00% 45,00%

Unit Price 80,00 84,00 88,20 92,61 97,24 102,10 107,21 112,57 118,20 124,11

0 128.000 168.000 220.500 289.406 379.846 558.373 762.179 1.080.389 1.588.172 2.417.992

* Products / Families of Products / Merchandise

Group IMEX

Sales + Services Provided

TOTAL

SALES - NATIONAL MARKET

Product Welded Wire Mesh Fence

Product Kitchens

Product Textile

Product Security Doors

SALES - EXPORT

SALES - EXPORT

TOTAL

Product Welded Wire Mesh Fence

Sales Group IMEX Eng Business Plan 2 de 18

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s Euros

Group IMEX

Sales + Services Provided

2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023

0 0 0 0 0 0 0 0 0 0

Growth rate

0 0 0 0 0 0 0 0 0 0

Growth rate

0 0 0 0 0 0 0 0 0 0

Growth rate

0 0 0 0 0 0 0 0 0 0

Growth rate

0 0 0 0 0 0 0 0 0 0 0

2.264.700 3.326.277 4.141.761 4.767.702 5.808.387 7.213.090 9.131.872 11.594.656 14.513.048 18.210.884 22.910.985

0 128.000 168.000 220.500 289.406 379.846 558.373 762.179 1.080.389 1.588.172 2.417.992

2.264.700 3.454.277 4.309.761 4.988.202 6.097.793 7.592.936 9.690.245 12.356.836 15.593.437 19.799.056 25.328.977

SALES VAT 17% 384.999 565.467 704.099 810.509 987.426 1.226.225 1.552.418 1.971.092 2.467.218 3.095.850 3.894.867

0 0 0 0 0 0 0 0 0 0 0

SERVICES PROVIDED VAT 17% 0 0 0 0 0 0 0 0 0 0 0

2.264.700 3.454.277 4.309.761 4.988.202 6.097.793 7.592.936 9.690.245 12.356.836 15.593.437 19.799.056 25.328.977

384.999 565.467 704.099 810.509 987.426 1.226.225 1.552.418 1.971.092 2.467.218 3.095.850 3.894.867

2.649.699 4.019.744 5.013.860 5.798.711 7.085.219 8.819.161 11.242.663 14.327.927 18.060.655 22.894.906 29.223.845

Impairment losses 0 0 0 0 0 0 0 0 0 0 0

TOTAL BUSINESS VOLUME + VAT

SERVICES PROVIDED - NATIONAL MARKET

TOTAL SALES - NATIONAL MARKET

TOTAL SERVICES PROVIDED - NATIONAL MARKET

VAT

Service C

Service A

Service B

TOTAL BUSINESS VOLUME

TOTAL SALES - EXPORTS

TOTAL SALES

TOTAL

Service D

Sales Group IMEX Eng Business Plan 3 de 18

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CGSMCGross

Margin2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023

NATIONAL MARKET 881.265 1.255.073 1.550.376 1.785.340 2.163.698 2.669.723 3.355.009 4.231.653 5.273.116 6.591.460 8.266.869

Product Welded Wire Mesh Fence 66,67% 518.400 838.253 1.068.772 1.229.088 1.516.388 1.910.648 2.457.571 3.161.051 3.982.924 5.018.485 6.323.291

Product Kitchens 42,67% 206.400 238.392 275.343 318.021 367.314 424.248 490.006 565.957 653.681 755.001 872.026

Product Textile 57,25% 128.250 141.396 159.600 184.338 217.750 262.933 324.393 408.736 525.736 690.029 923.776

Product Security Doors 43,00% 28.215 37.032 46.661 53.893 62.246 71.895 83.038 95.909 110.775 127.945 147.777

FOREIGN MARKET 64.000 84.000 110.250 144.703 189.923 279.187 381.090 540.195 794.086 1.208.996

Product Welded Wire Mesh Fence 50,00% 64.000 84.000 110.250 144.703 189.923 279.187 381.090 540.195 794.086 1.208.996

Product B *

881.265 1.319.073 1.634.376 1.895.590 2.308.401 2.859.646 3.634.196 4.612.743 5.813.311 7.385.546 9.475.866

VAT 17% 149.815 213.362 263.564 303.508 367.829 453.853 570.352 719.381 896.430 1.120.548 1.405.368

1.031.080 1.532.435 1.897.940 2.199.098 2.676.229 3.313.499 4.204.547 5.332.124 6.709.740 8.506.094 10.881.233

TOTAL CGSMC

TOTAL CGSMC + VAT

Group IMEX

CGSMC - Cost of Goods Sold and Consumed

CGSMC Group IMEX Eng Business Plan 4 de 18

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Euros

2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023

Number of Months 12 12 12 12 12 12 12 12 12 12 12

Growth rate 3,00% 50,00% 3,00% 3,00% 3,00% 3,00% 3,00% 3,00% 3,00% 3,00%

Tx VAT FC VC Monthly Value 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023

Subcontracts 17% 100% 500,00 6.000,00 6.180,00 9.270,00 9.548,10 9.834,54 10.129,58 10.433,47 10.746,47 11.068,86 11.400,93 11.742,96

Specialized services

Specialized work 17% 100% 1.000,00 12.000,00 12.360,00 18.540,00 19.096,20 19.669,09 20.259,16 20.866,93 21.492,94 22.137,73 22.801,86 23.485,92

Advertising and promotion 17% 100% 400,00 4.800,00 4.944,00 7.416,00 7.638,48 7.867,63 8.103,66 8.346,77 8.597,18 8.855,09 9.120,74 9.394,37

Surveillance and security 17% 100% 200,00 2.400,00 2.472,00 3.708,00 3.819,24 3.933,82 4.051,83 4.173,39 4.298,59 4.427,55 4.560,37 4.697,18

Fees 17% 100% 200,00 2.400,00 2.472,00 3.708,00 3.819,24 3.933,82 4.051,83 4.173,39 4.298,59 4.427,55 4.560,37 4.697,18

Commissions 17% 100% 493,14 259,20 399,17 449,06 516,42 606,80 728,16 891,99 1.092,69 1.311,23 1.573,48 1.888,17

Maintenance and repairs 17% 100% 500,00 6.000,00 6.180,00 9.270,00 9.548,10 9.834,54 10.129,58 10.433,47 10.746,47 11.068,86 11.400,93 11.742,96

Materials

Tools and utensils rapid wear 17% 100% 200,00 2.400,00 2.472,00 3.708,00 3.819,24 3.933,82 4.051,83 4.173,39 4.298,59 4.427,55 4.560,37 4.697,18

Books and technical documentation 17% 100% 50,00 600,00 618,00 927,00 954,81 983,45 1.012,96 1.043,35 1.074,65 1.106,89 1.140,09 1.174,30

Office 17% 100% 50,00 600,00 618,00 927,00 954,81 983,45 1.012,96 1.043,35 1.074,65 1.106,89 1.140,09 1.174,30

Gift items 17% 100%

Energy and fluids

Electricity 17% 100% 500,00 6.000,00 6.180,00 10.660,50 12.627,36 13.006,18 13.396,37 20.697,39 21.318,31 21.957,86 22.616,60 23.295,09

Fuels 17% 100% 200,00 2.400,00 2.472,00 4.264,20 4.831,34 4.976,28 5.125,57 5.807,27 5.981,49 6.160,93 6.345,76 6.536,13

Water 17% 100% 50,00 600,00 618,00 1.390,50 1.432,22 1.475,18 1.519,44 1.799,77 1.853,77 1.909,38 1.966,66 2.025,66

Travel, lodging and transportation

Travel and Stays 17% 100% 1.000,00 12.000,00 12.360,00 18.540,00 19.096,20 19.669,09 20.259,16 20.866,93 21.492,94 22.137,73 22.801,86 23.485,92

Transportation of personnel 17% 100% 50,00 600,00 618,00 927,00 954,81 983,45 1.012,96 1.043,35 1.074,65 1.106,89 1.140,09 1.174,30

Transportation of goods 17% 100% 500,00 6.000,00 6.180,00 9.270,00 9.548,10 9.834,54 10.129,58 10.433,47 10.746,47 11.068,86 11.400,93 11.742,96

Miscellaneous services

Rents 17% 100% 6.000,00 72.000,00 74.160,00 111.240,00 114.577,20 118.014,52 121.554,95 125.201,60 128.957,65 132.826,38 136.811,17 140.915,50

Communication 17% 100% 500,00 6.000,00 6.180,00 9.270,00 9.548,10 9.834,54 10.129,58 10.433,47 10.746,47 11.068,86 11.400,93 11.742,96

Insurance 17% 100% 500,00 6.000,00 6.180,00 9.270,00 9.548,10 9.834,54 10.129,58 10.433,47 10.746,47 11.068,86 11.400,93 11.742,96

Royalties 17% 100%

Litigation and Notaries 17% 100% 200,00 2.400,00 2.472,00 3.708,00 3.819,24 3.933,82 4.051,83 4.173,39 4.298,59 4.427,55 4.560,37 4.697,18

Representation Expenses 17% 100% 1.000,00 12.000,00 12.360,00 18.540,00 19.096,20 19.669,09 20.259,16 20.866,93 21.492,94 22.137,73 22.801,86 23.485,92

Cleanliness, hygiene and comfort 17% 100% 150,00 1.800,00 1.854,00 2.781,00 2.864,43 2.950,36 3.038,87 3.130,04 3.223,94 3.320,66 3.420,28 3.522,89

Other services 17% 100% 2.000,00 24.000,00 24.720,00 37.080,00 38.192,40 39.338,17 40.518,32 41.733,87 42.985,88 44.275,46 45.603,72 46.971,83

189.259,20 195.069,17 294.864,26 305.850,34 315.100,73 324.656,91 342.200,42 352.640,37 363.405,34 374.530,41 386.033,82

189.259,20 195.069,17 294.864,26 305.850,34 315.100,73 324.656,91 342.200,42 352.640,37 363.405,34 374.530,41 386.033,82

189.259,20 195.069,17 294.864,26 305.850,34 315.100,73 324.656,91 342.200,42 352.640,37 363.405,34 374.530,41 386.033,82

8.816,06 9.103,02 13.944,26 14.651,75 15.104,03 15.574,69 17.278,83 17.826,76 18.393,14 18.982,83 19.597,79

198.075,26 204.172,19 308.808,52 320.502,09 330.204,76 340.231,60 359.479,25 370.467,13 381.798,49 393.513,24 405.631,60

Group IMEX

ESF - Supplies and Services

TOTAL ESF

ESF + VAT

TOTAL ESF

VAT

ESF - Fixed Costs

ESF - Variable Costs

ESF Group IMEX Eng Business Plan 5 de 18

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Euros

2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023

Number of Months 12 12 12 12 12 12 12 12 12 12 12

Annual Increment (Salaries) 3,00% 3,00% 3,00% 3,00% 3,00% 3,00% 3,00% 3,00% 3,00% 3,00%

2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023

Administration / Management 4 4 4 4 4 4 4 4 4 4 4

Administrative 1 1 1 2 2 2 2 2 2 2 2

Commercial / Marketing 1 1 2 2 2 3 4 4 4 4 4

Production / Operations 1 3 4 4 4 8 8 8 8 8

Warehouses 1 2 2 2 2 3 3 3 3 3 3

Maintenance

Supply

Research & Development

Other 2 4 4 4 6 6 6 6 6 6

7 11 16 18 18 22 27 27 27 27 27

2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023

Administration / Management 2.000 2.060 2.122 2.185 2.251 2.319 2.388 2.460 2.534 2.610 2.688

Administrative 400 412 424 437 450 464 478 492 507 522 538

Commercial / Marketing 230 237 244 251 259 267 275 283 291 300 309

Production / Operations 260 268 276 284 293 301 310 320 329 339 349

Warehouses 200 206 212 219 225 232 239 246 253 261 269

Maintenance

Supply


Other 200 206 212 219 225 232 239 246 253 261 269

2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023

Administration / Management 112.000 115.360 118.821 122.385 126.057 129.838 133.734 137.745 141.878 146.134 150.518

Administrative 4.800 4.944 5.092 10.490 10.805 11.129 11.463 11.807 12.161 12.526 12.902

Commercial / Marketing 2.760 2.843 5.856 6.032 6.213 9.599 13.183 13.578 13.986 14.405 14.837

Production / Operations 3.214 9.930 13.637 14.046 14.467 29.802 30.696 31.617 32.565 33.542

Warehouses 2.400 4.944 5.092 5.245 5.403 8.347 8.598 8.855 9.121 9.395 9.676

Maintenance

Supply


Other 4.944 10.185 10.490 10.805 16.694 17.195 17.711 18.242 18.789 19.353

Payment monthly basis

Payment annual basis - TOTAL Employees

Group IMEX

Expenses with Personnel

Employees

TOTAL

Expenses with Personnel Group IMEX Eng Business Plan 6 de 18

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Euros

Group IMEX

Expenses with Personnel

121.960 136.248 154.976 168.280 173.328 190.074 213.974 220.392 227.004 233.814 240.829

2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023

Social Security

Corporate Boards 26,00% 34.502 35.537 36.603 37.701 38.832 39.997 41.197 42.433 43.706 45.017 46.368

Personal 26,00% 3.937 7.610 12.179 15.128 16.233 20.629 27.252 29.707 32.488 35.845 39.921

Workmen's Compensation Insurance 1% 1.220 1.362 1.550 1.683 1.733 1.901 2.140 2.204 2.270 2.338 2.408

Food Benefit

Commissions & Awards

Corporate Boards 20.700 21.321 21.961 22.619 23.298 23.997 24.717 25.458 26.222 27.009 27.819

Personal 5.184 8.383 10.688 12.291 15.164 19.106 24.576 31.611 39.829 50.185 63.233

Formation 1.200 1.236 1.273 1.311 1.351 1.391 1.433 1.476 1.520 1.566 1.613

Other staff cost

66.743 75.450 84.254 90.734 96.611 107.022 121.315 132.889 146.036 161.960 181.362

188.703 211.698 239.230 259.013 269.939 297.096 335.289 353.281 373.040 395.774 422.191

2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023

Wages

Corporate Boards 132.700 136.681 140.781 145.005 149.355 153.835 158.450 163.204 168.100 173.143 178.338

Personal 15.144 29.271 46.843 58.185 62.435 79.343 104.816 114.257 124.956 137.865 153.544

Charges on remuneration 38.439 43.148 48.782 52.829 55.065 60.626 68.449 72.140 76.194 80.862 86.289

Insurance Work Accidents and illnesses 1.220 1.362 1.550 1.683 1.733 1.901 2.140 2.204 2.270 2.338 2.408

Expenditures for social action

Other expenses for personnel 1.200 1.236 1.273 1.311 1.351 1.391 1.433 1.476 1.520 1.566 1.613

188.703 211.698 239.230 259.013 269.939 297.096 335.289 353.281 373.040 395.774 422.191

2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023

SS Contributor Retention

Management / Administration 9,00% 11.943 12.301 12.670 13.050 13.442 13.845 14.261 14.688 15.129 15.583 16.050

Other Staff 9,00% 1.363 2.634 4.216 5.237 5.619 7.141 9.433 10.283 11.246 12.408 13.819

IRS Withholding 2,00% 2.957 3.319 3.752 4.064 4.236 4.664 5.265 5.549 5.861 6.220 6.638

16.263 18.255 20.639 22.351 23.297 25.650 28.959 30.521 32.236 34.211 36.507TOTAL Retentions

Employees deductions

TOTAL STAFF COSTS

SUMMARY TABLE

TOTAL OTHER EXPENSES

TOTAL STAFF COSTS

Other Expenses

TOTAL

Expenses with Personnel Group IMEX Eng Business Plan 7 de 18

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The investment properties

Land and natural resources

Buildings and other constructions

Other investment properties

Tangible fixed assets

Land and Natural Resources

Buildings and Other Constructions 250.000 300.000 500.000

Basic Equipment 100.000 120.000 7.000 350.000 300.000 400.000

Transportation Equipment 45.000 30.000 9.000 30.000 30.000

Administrative Equipment 10.000 2.500 2.500 2.500 5.000 5.000

Biological equipment

Other tangible fixed assets 200.000

355.000 152.500 268.500 352.500 30.000 635.000 905.000

Intangible Assets

Goodwill

Development projects 3.000 3.000

Computer programs 2.500

Industrial property

Other intangible assets

2.500 3.000 3.000

357.500 155.500 268.500 355.500 30.000 635.000 905.000

VAT 17% 52.700 20.825 1.615 59.925 51.850 68.850

2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023


Land and natural resources

Buildings and other constructions

Other investment properties


Land and Natural Resources

Buildings and Other Constructions 250.000 250.000 250.000 550.000 1.050.000 1.050.000 1.050.000 1.050.000 1.050.000

Basic Equipment 100.000 220.000 227.000 577.000 577.000 877.000 1.277.000 1.277.000 1.277.000 1.277.000 1.277.000

Transportation Equipment 45.000 75.000 84.000 84.000 114.000 144.000 144.000 144.000 144.000 144.000 144.000

Administrative Equipment 10.000 12.500 15.000 17.500 17.500 22.500 27.500 27.500 27.500 27.500 27.500

Biological equipment

Other tangible fixed assets 200.000 200.000 200.000 200.000 200.000 200.000 200.000 200.000 200.000 200.000 200.000

355.000 507.500 776.000 1.128.500 1.158.500 1.793.500 2.698.500 2.698.500 2.698.500 2.698.500 2.698.500

Intangible Assets

Goodwill

Development projects 3.000 3.000 6.000 6.000 6.000 6.000 6.000 6.000 6.000 6.000

Computer programs 2.500 2.500 2.500 2.500 2.500 2.500 2.500 2.500 2.500 2.500 2.500

Industrial property

Other intangible assets

2.500 5.500 5.500 8.500 8.500 8.500 8.500 8.500 8.500 8.500 8.500

357.500 513.000 781.500 1.137.000 1.167.000 1.802.000 2.707.000 2.707.000 2.707.000 2.707.000 2.707.000


Buildings and other constructions 2,00%

Other investment properties 10,00%


Buildings and Other Constructions 2,00%

Basic Equipment 20,00%

Transportation Equipment 25,00%

Administrative Equipment 25,00%

Biological equipment 25,00%

Other tangible fixed assets 25,00%

Intangible Assets

Development projects 33,333%

Computer programs 33,333%

Industrial property 33,333%

Other intangible assets 33,333%

Depreciation and amortization 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023

84.583 117.708 126.983 197.775 140.525 187.150 250.525 248.500 171.000 162.250 101.000

Depreciation & Amortization Accumulated 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023


Tangible fixed assets 83.750 199.625 324.775 520.550 660.075 846.225 1.013.000 1.145.625 1.191.475 1.157.950 1.119.425

Intangible Assets 833 2.667 4.500 6.500 7.500 8.500 7.667 5.833 4.000 2.000 1.000

84.583 202.292 329.275 527.050 667.575 854.725 1.020.667 1.151.458 1.195.475 1.159.950 1.120.425

Balance values 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023



Intangible Assets 1.667 2.833 1.000 2.000 1.000 0 833 2.667 4.500 6.500 7.500

272.917 310.708 452.225 609.950 499.425 947.275 1.686.333 1.555.542 1.511.525 1.547.050 1.586.575

Group IMEX

Investment

TOTAL

TOTAL

Total Depreciation & Amortization

Total Investment

Total Investment

Investment per year

Accumulated Values

Depreciation and amortization rates

Total Tangible Fixed Assets

Total Intangible Assets

Total Intangible Assets

Total Tangible Fixed Assets

Total investment properties

Total investment properties

Investment Group IMEX Eng Business Plan 8 de 18

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Enterprise:

Euros

2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023

Working Capital Needs

Treasury Reserve Security 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000

Customers

Inventories 146.878 219.845 272.396 315.932 384.733 476.608 605.699 768.790 968.885 1.230.924 1.579.311

State

147.878 220.845 273.396 316.932 385.733 477.608 606.699 769.790 969.885 1.231.924 1.580.311

Resources Working Capital

Suppliers

State 47.975 85.661 112.029 114.371 157.653 183.427 232.102 317.026 397.135 498.669 627.708

47.975 85.661 112.029 114.371 157.653 183.427 232.102 317.026 397.135 498.669 627.708

Working Capital Needed 99.902 135.184 161.367 202.561 228.080 294.181 374.597 452.764 572.750 733.255 952.602

Investment in working capital 99.902 35.282 26.182 41.194 25.519 66.101 80.416 78.167 119.986 160.505 219.347

State 47.975 85.661 112.029 114.371 157.653 183.427 232.102 317.026 397.135 498.669 627.708

SS 4.312,12 4.840,26 5.472,38 5.926,38 6.177,20 6.801,02 7.678,61 8.092,62 8.547,45 9.071,06 9.679,87

IRS 246,41 276,59 312,71 338,65 352,98 388,63 438,78 462,44 488,43 518,35 553,14

VAT 43.416,97 80.544,19 106.244,03 108.106,18 151.123,28 176.236,91 223.984,46 308.470,95 388.098,82 489.079,82 617.475,45

Group IMEX

Investment in Working Capital Requirements

TOTAL

TOTAL

Working Capital Group IMEX Eng Business Plan 9 de 18

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Enterprise:

Euros

2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023

Investment 457.402 190.782 294.682 396.694 55.519 701.101 985.416 78.167 119.986 160.505 219.347

Margin of Safety 2% 2% 2% 2% 2% 2% 2% 2% 2% 2% 2%

Financing needs 466.600 194.600 300.600 404.600 56.600 715.100 1.005.100 79.700 122.400 163.700 223.700

Sources of Financing 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023

Cash Flow 775.250 1.325.755 1.637.714 1.945.255 2.438.396 3.130.440 4.096.552 5.340.754 6.825.511 8.772.967 11.308.915

Capital 30.000

Other capital instruments

Loans Membership 50.000

Bank financing and other Inst. credit 160.000

Grants

1.015.250 1.325.755 1.637.714 1.945.255 2.438.396 3.130.440 4.096.552 5.340.754 6.825.511 8.772.967 11.308.915

Number of years repayment 10

Interest rate associated 10,00%

2013

Capital outstanding (early period) 160.000 160.000 144.000 128.000 112.000 96.000 80.000 64.000 48.000 32.000 16.000

Interest Rate 10% 10% 10% 10% 10% 10% 10% 10% 10% 10% 10%

Annual Interest 16.000 16.000 14.400 12.800 11.200 9.600 8.000 6.400 4.800 3.200 1.600

Annual reimbursement 16.000 16.000 16.000 16.000 16.000 16.000 16.000 16.000 16.000 16.000

Stamp Tax (0.4%) 64 64 58 51 45 38 32 26 19 13 6

Debt service 16.064 32.064 30.458 28.851 27.245 25.638 24.032 22.426 20.819 19.213 17.606

Value in debt 160.000 144.000 128.000 112.000 96.000 80.000 64.000 48.000 32.000 16.000

Capital outstanding 160.000 144.000 128.000 112.000 96.000 80.000 64.000 48.000 32.000 16.000

Interest paid with tax Seal included 16.064 16.064 14.458 12.851 11.245 9.638 8.032 6.426 4.819 3.213 1.606

Reimbursement 16.000 16.000 16.000 16.000 16.000 16.000 16.000 16.000 16.000 16.000

TOTAL

Group IMEX

Financing

Financing Group IMEX Eng Business Plan 10 de 18

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Euros

2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023

Sales and services provided 2.264.700,00 3.454.277,15 4.309.760,65 4.988.201,96 6.097.793,12 7.592.935,80 9.690.244,98 12.356.835,59 15.593.437,29 19.799.056,14 25.328.977,10

Variation in the inventories of production

CGSMC 881.265,00 1.319.072,61 1.634.375,95 1.895.590,36 2.308.400,81 2.859.646,23 3.634.195,64 4.612.742,68 5.813.310,75 7.385.545,73 9.475.865,63

ESF Variables

Gross Margin Contribution 1.383.435,00 2.135.204,54 2.675.384,70 3.092.611,60 3.789.392,31 4.733.289,57 6.056.049,35 7.744.092,91 9.780.126,54 12.413.510,41 15.853.111,47

Critical Point 757.192,76 848.482,37 1.064.925,44 1.230.091,86 1.167.560,30 1.297.606,55 1.484.909,04 1.522.919,08 1.446.831,10 1.487.386,80 1.452.695,28

Operational Critical Point Previsional

Critical Point Group IMEX Eng Business Plan 11 de 18

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Euros

2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023

Sales and services provided 2.264.700 3.454.277 4.309.761 4.988.202 6.097.793 7.592.936 9.690.245 12.356.836 15.593.437 19.799.056 25.328.977

Subsidies to the operation

Gains / losses allocated to subsidiaries, associates and joint ventures

Variation in the inventories of production

Works for the entity

CGSMC 881.265 1.319.073 1.634.376 1.895.590 2.308.401 2.859.646 3.634.196 4.612.743 5.813.311 7.385.546 9.475.866

External supplies and services 189.259 195.069 294.864 305.850 315.101 324.657 342.200 352.640 363.405 374.530 386.034

Personnel costs 188.703 211.698 239.230 259.013 269.939 297.096 335.289 353.281 373.040 395.774 422.191

Impairment of inventories (losses / reversals)

Impairment of receivables (losses / reversals)

Provisions (increases / decreases)

Impairment of investments not depreciable / amortizable (losses / reversals)

Increases / decreases in fair value

Other income and gains

Other expenses and losses

EBITDA (Earnings before depreciation, financing costs and taxes) 1.005.473 1.728.437 2.141.291 2.527.748 3.204.353 4.111.537 5.378.560 7.038.172 9.043.681 11.643.206 15.044.886

Expenditures / reversals of depreciation and amortization 84.583 117.708 126.983 197.775 140.525 187.150 250.525 248.500 171.000 162.250 101.000

Impairment of depreciable / amortizable (losses / reversals)

EBIT (Operating Profit) 920.889 1.610.729 2.014.307 2.329.973 3.063.828 3.924.387 5.128.035 6.789.672 8.872.681 11.480.956 14.943.886

Interest and similar income 5.442 14.490 24.559 35.983 54.095 72.862 97.148 137.543 189.076 255.257 340.765

Interest and similar expenses 16.064 16.064 14.458 12.851 11.245 9.638 8.032 6.426 4.819 3.213 1.606

PROFIT BEFORE TAX 910.268 1.609.155 2.024.408 2.353.105 3.106.678 3.987.610 5.217.151 6.920.789 9.056.938 11.733.001 15.283.045

Income tax for the period 227.567 402.289 506.102 588.276 776.669 996.903 1.304.288 1.730.197 2.264.234 2.933.250 3.820.761

NET INCOME 682.701 1.206.866 1.518.306 1.764.829 2.330.008 2.990.708 3.912.863 5.190.592 6.792.703 8.799.751 11.462.284

Previsional Income Statement

PIS Group IMEX Eng Business Plan 12 de 18

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Euros

2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023

Project Cash Flow

Operating profit (EBIT) x (1-IRC) 690.667 1.208.047 1.510.730 1.747.480 2.297.871 2.943.290 3.846.027 5.092.254 6.654.511 8.610.717 11.207.915

Depreciation and amortization 84.583 117.708 126.983 197.775 140.525 187.150 250.525 248.500 171.000 162.250 101.000

Provisions for the year

775.250 1.325.755 1.637.714 1.945.255 2.438.396 3.130.440 4.096.552 5.340.754 6.825.511 8.772.967 11.308.915

Investm. / Desinvest. in Working Capital

Working Capital -99.902 -35.282 -26.182 -41.194 -25.519 -66.101 -80.416 -78.167 -119.986 -160.505 -219.347

Operating CASH FLOW 675.348 1.290.473 1.611.531 1.904.061 2.412.876 3.064.339 4.016.135 5.262.587 6.705.525 8.612.463 11.089.567

Investm. / Desinvest. in Fixed Capital

Fixed Capital -357.500 -155.500 -268.500 -355.500 -30.000 -635.000 -905.000

Free cash flow 317.848 1.134.973 1.343.031 1.548.561 2.382.876 2.429.339 3.111.135 5.262.587 6.705.525 8.612.463 11.089.567

Accumulated CASH FLOW 317.848 1.452.821 2.795.853 4.344.413 6.727.290 9.156.628 12.267.764 17.530.350 24.235.875 32.848.338 43.937.905

Map of Operating Cash Flows

Cash Flow Group IMEX Eng Business Plan 13 de 18

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Empresa:

Euros

2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023

Cash Flow Gross 1.005.473 1.728.437 2.141.291 2.527.748 3.204.353 4.111.537 5.378.560 7.038.172 9.043.681 11.643.206 15.044.886

Social capital (inflow) 30.000

Other capital instruments 50.000

loans obtained 160.000

Desinvest. in Fixed Capital

Desinvest. on MNF

Financial Income 5.442 14.490 24.559 35.983 54.095 72.862 97.148 137.543 189.076 255.257 340.765

1.250.915 1.742.927 2.165.849 2.563.731 3.258.448 4.184.399 5.475.708 7.175.715 9.232.757 11.898.464 15.385.652

Fixed Capital Inv 357.500 155.500 268.500 355.500 30.000 635.000 905.000

Working Capital Inv 99.902 35.282 26.182 41.194 25.519 66.101 80.416 78.167 119.986 160.505 219.347

Tax on Profits 227.567 402.289 506.102 588.276 776.669 996.903 1.304.288 1.730.197 2.264.234 2.933.250

Payment of Dividends

Repayment of Loans 16.000 16.000 16.000 16.000 16.000 16.000 16.000 16.000 16.000 16.000

Financial Charges 16.064 16.064 14.458 12.851 11.245 9.638 8.032 6.426 4.819 3.213 1.606

473.466 450.413 727.429 931.647 671.040 1.503.409 2.006.351 1.404.880 1.871.003 2.443.952 3.170.204

777.449 1.292.514 1.438.421 1.632.084 2.587.407 2.680.990 3.469.357 5.770.835 7.361.754 9.454.512 12.215.448

777.449 2.069.963 3.508.383 5.140.467 7.727.875 10.408.864 13.878.221 19.649.056 27.010.810 36.465.322 48.680.770

777.449 2.069.963 3.508.383 5.140.467 7.727.875 10.408.864 13.878.221 19.649.056 27.010.810 36.465.322 48.680.770

USES OF FUNDS

SOURCES OF FUNDS

Sources Total

Group IMEX

Financing Plan

sum Control

Applications / Short Term Loan

Accumulated Treasury Balance

Total Applications

Annual Treasury Balance

Financing Plan Group IMEX Eng Business Plan 14 de 18

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Empresa: Group IMEX

Euros

2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023

Non Current Assets 272.917 310.708 452.225 609.950 499.425 947.275 1.686.333 1.555.542 1.511.525 1.547.050 1.586.575



Intangible Assets 1.667 2.833 1.000 2.000 1.000 0 833 2.667 4.500 6.500 7.500

Financial investment

Current assets 925.326 2.290.808 3.781.779 5.457.399 8.113.608 10.886.472 14.484.921 20.418.847 27.980.696 37.697.246 50.261.081

inventories 146.878 219.845 272.396 315.932 384.733 476.608 605.699 768.790 968.885 1.230.924 1.579.311

customers

State and Other Public Entities

Shareholders / partners

Other receivables

deferrals

Cash and bank deposits 778.449 2.070.963 3.509.383 5.141.467 7.728.875 10.409.864 13.879.221 19.650.056 27.011.810 36.466.322 48.681.770

1.198.243 2.601.517 4.234.004 6.067.349 8.613.033 11.833.747 16.171.254 21.974.388 29.492.221 39.244.296 51.847.656

Capital held 30.000 30.000 30.000 30.000 30.000 30.000 30.000 30.000 30.000 30.000 30.000

Shares (own shares)

Other equity instruments

Reservations 682.701 1.889.567 3.407.873 5.172.702 7.502.710 10.493.418 14.406.281 19.596.873 26.389.577 35.189.327

Revaluation surpluses

Other changes in equity

Profit for the period 682.701 1.206.866 1.518.306 1.764.829 2.330.008 2.990.708 3.912.863 5.190.592 6.792.703 8.799.751 11.462.284

712.701 1.919.567 3.437.873 5.202.702 7.532.710 10.523.418 14.436.281 19.626.873 26.419.577 35.219.327 46.681.611

Non-current liabilities 160.000 144.000 128.000 112.000 96.000 80.000 64.000 48.000 32.000 16.000

Provisions

Financings obtained 160.000 144.000 128.000 112.000 96.000 80.000 64.000 48.000 32.000 16.000

Other Payables

Current liabilities 325.542 537.950 668.131 752.647 984.323 1.230.329 1.586.390 2.097.223 2.711.369 3.481.919 4.498.470

Suppliers

State and Other Public Entities 275.542 487.950 618.131 702.647 934.323 1.180.329 1.536.390 2.047.223 2.661.369 3.431.919 4.448.470

Shareholders / partners 50.000 50.000 50.000 50.000 50.000 50.000 50.000 50.000 50.000 50.000 50.000

Overdraft

Other payables

485.542 681.950 796.131 864.647 1.080.323 1.310.329 1.650.390 2.145.223 2.743.369 3.497.919 4.498.470

1.198.243 2.601.517 4.234.004 6.067.349 8.613.033 11.833.747 16.086.671 21.772.097 29.162.946 38.717.246 51.180.081

Previsional Balance Sheet

TOTAL LIABILITIES + EQUITY

TOTAL EQUITY

ASSETS

TOTAL ASSETS

EQUITY

LIABILITIES

TOTAL LIABILITIES

Balance Sheet Group IMEX Eng Business Plan 15 de 18

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ECONOMIC INDICATORS 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023

Business Growth Rate 53% 25% 16% 22% 25% 28% 28% 26% 27% 28%

Net Sales Profitability 30% 35% 35% 35% 38% 39% 40% 42% 44% 44% 45%

ECONOMIC INDICATORS - FINANCIAL 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023

Return On Investment (ROI) 57% 46% 36% 29% 27% 25% 24% 24% 23% 22% 22%

Return on Assets 77% 62% 48% 38% 36% 33% 32% 31% 30% 29% 29%

Asset Rotation 189% 133% 102% 82% 71% 64% 60% 56% 53% 50% 49%

Return on Equity (ROE) 96% 63% 44% 34% 31% 28% 27% 26% 26% 25% 25%

FINANCIAL INDICATORS 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023

Financial Autonomy 59% 74% 81% 86% 87% 89% 89% 89% 90% 90% 90%

Total solvency 247% 381% 532% 702% 797% 903% 980% 1024% 1075% 1122% 1153%

Coverage financial burdens 5733% 10027% 13933% 18130% 27247% 40716% 63845% 105666% 184111% 357350% 930272%

LIQUIDITY INDICATORS 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023

Level of Liquidity 2,84 4,26 5,66 7,25 8,24 8,85 9,13 9,74 10,32 10,83 11,17

Level of immediate liquidity 2,39 3,85 5,25 6,83 7,85 8,46 8,75 9,37 9,96 10,47 10,82

BUSINESS RISK INDICATORS 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023

Gross Margin 1.194.176 1.940.135 2.380.520 2.786.761 3.474.292 4.408.633 5.713.849 7.391.453 9.416.721 12.038.980 15.467.078

Level of operating lever 130% 120% 118% 120% 113% 112% 111% 109% 106% 105% 104%

Level of Financial lever 101% 100% 100% 99% 99% 98% 98% 98% 98% 98% 98%

Key Indicators

Key Indicators Group IMEX Eng Business Plan 16 de 18

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2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023

Free Cash Flow do Equity 461.784 1.102.909 1.312.574 1.519.710 2.355.631 2.403.700 3.087.103 5.240.161 6.684.706 8.593.250 11.071.961

-2.508.200 819.284 1.258.409 1.581.074 1.875.210 2.385.631 3.038.700 3.992.103 5.240.161 6.684.706 8.593.250 11.071.961

Interest rate risk-free asset 1,60% 1,68% 1,76% 1,85% 1,94% 2,04% 2,14% 2,25% 2,36% 2,48% 2,61%

Market risk premium 10,00% 10,00% 10,00% 10,00% 10,00% 10,00% 10,00% 10,00% 10,00% 10,00% 10,00%

Refresh Rate 11,76% 11,85% 11,94% 12,04% 12,14% 12,25% 12,36% 12,48% 12,60% 12,73% 12,87%

Factor update 1 1,118 1,252 1,403 1,573 1,766 1,984 2,231 2,513 2,832 3,197

Flows updated 461.784 986.078 1.048.356 1.083.384 1.497.516 1.361.358 1.556.099 2.348.382 2.660.522 3.033.899 3.463.394

Flows updated (accumulated) 461.784 1.447.863 2.496.218 3.579.602 5.077.118 6.438.476 7.994.575 10.342.957 13.003.479 16.037.379 19.500.772

Net Present Value (NPV) 19.500.772 19.463.691,81

Rentibilidade Internal Rate 61%

Pay Back period Less then a Year

2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023

Free Cash Flow to Firm 317.848 1.134.973 1.343.031 1.548.561 2.382.876 2.429.339 3.111.135 5.262.587 6.705.525 8.612.463 11.089.567

-2508200 675.348 1.290.473 1.611.531 1.904.061 2.412.876 3.064.339 4.016.135 5.262.587 6.705.525 8.612.463 11.089.567

WACC 10,91% 11,42% 11,63% 11,77% 11,90% 12,01% 12,01% 12,01% 12,01% 12,01% 12,01%

Factor update 1 1,114 1,244 1,390 1,556 1,742 1,952 2,186 2,449 2,743 3,073

Flows updated 317.848 1.018.656 1.079.815 1.113.918 1.531.805 1.394.170 1.593.939 2.407.008 2.738.019 3.139.470 3.608.852

Flows updated (accumulated) 317.848 1.336.504 2.416.319 3.530.236 5.062.042 6.456.211 8.050.151 10.457.159 13.195.177 16.334.648 19.943.500

Net Present Value (NPV) 8.050.151

Rentibilidade Internal Rate 60%

Pay Back period Less then a Year

WACC Calculation 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023

Remunerated Liabilities 144.000 128.000 112.000 96.000 80.000 64.000 48.000 32.000 16.000 0 0

Equity 712.701 1.919.567 3.437.873 5.202.702 7.532.710 10.523.418 14.436.281 19.626.873 26.419.577 35.219.327 46.681.611

TOTAL 856.701 2.047.567 3.549.873 5.298.702 7.612.710 10.587.418 14.484.281 19.658.873 26.435.577 35.219.327 46.681.611

% Remunerated Liabilities 16,81% 6,25% 3,16% 1,81% 1,05% 0,60% 0,33% 0,16% 0,06% 0,00% 0,00%

% Equity 83,19% 93,75% 96,84% 98,19% 98,95% 99,40% 99,67% 99,84% 99,94% 100,00% 100,00%

cost

Financing Cost 10,00% 10,00% 10,00% 10,00% 10,00% 10,00% 10,00% 10,00% 10,00% 10,00% 10,00%

Cost financing with tax effect 7,50% 7,50% 7,50% 7,50% 7,50% 7,50% 7,50% 7,50% 7,50% 7,50% 7,50%

Capital cost 11,60% 11,68% 11,76% 11,85% 11,94% 12,04% 12,14% 12,25% 12,36% 12,48% 12,61%

Weighted cost 10,91% 11,42% 11,63% 11,77% 11,90% 12,01% 12,13% 12,24% 12,36% 12,48% 12,61%

From the perspective of the Project

From the perspective of the investor

Assessment Project / Company

Assessment Group IMEX Eng Business Plan 17 de 18

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Sales and Profitability Financial Structure

Cash flow Liquidity

Operational Efficiency Solvability

Return on Investment Margins

Performance Charts

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

50%

0

5.000.000

10.000.000

15.000.000

20.000.000

25.000.000

30.000.000

2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023

Sales and services provided Net Sales Profitability

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

0

10.000.000

20.000.000

30.000.000

40.000.000

50.000.000

60.000.000

2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023

TOTAL ASSETS Financial Autonomy

0

2.000.000

4.000.000

6.000.000

8.000.000

10.000.000

12.000.000

2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023

Operating CASH FLOW Free cash flow

0,00

2,00

4,00

6,00

8,00

10,00

12,00

2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023

Level of Liquidity Level of immediate liquidity

0

10

20

30

40

50

60

70

2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023

Average Receiving term Average period of stockage

Average Payment term

0,00

2,00

4,00

6,00

8,00

10,00

12,00

2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023

Altman Z-Score

0%

20%

40%

60%

80%

100%

120%

2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023

Return on Equity (ROE) Return On Investment (ROI)

0,0%

10,0%

20,0%

30,0%

40,0%

50,0%

60,0%

70,0%

2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023

Gross Margin EBITDA Margin

Perf Charts Group IMEX Eng Business Plan 18 de 18

of 41

CONFIDENTIA

L

IMEX 001 Business Plan Algeria Project

of 41

CONFIDENTIA

L

of 41

CONFIDENTIA

L

SPinheiro

Draft

SPinheiro

Text Box

IMEX 001

project to a high security with fencing manufactoring factury

Documents

algeria business

algerian partners

algerian legislation

industrial companies

algerian people

local companies

portuguese companies

business plan page