Financials

2009

2010

2011E

2012E

2013E

2014E

2015E

2016E

2017E

2018E

2019E

2020E

Net Revenues

30

32

46

49

57

64

68

72

75

78

81

84

Change y-o-y

N/M

4%

46%

5%

17%

12%

7%

5%

4%

4%

4%

4%

Cost Of Sales

(23)

(24)

(30)

(25)

(32)

(36)

(38)

(39)

(41)

(42)

(43)

(44)

Gross Profit

7.6

8.0

16

24

25

28

30

32

34

36

38

40

SG&A

(4)

(6)

(7)

(8)

(9)

(10)

(11)

(11)

(12)

(12)

(13)

(14)

Other Operating Income, net

1

(0)

1

1

1

1

1

1

1

2

2

2

EBITDA

5

2

10

18

17

19

21

22

24

25

27

28

EBITDA margin. %

15%

5%

21%

36%

30%

30%

31%

31%

32%

32%

33%

34%

Depreciation

(2)

(1)

(1)

(2)

(3)

(3)

(4)

(4)

(4)

(5)

(5)

(5)

EBIT

3

0

8

15

14

16

17

18

19

21

22

23

EBIT margin. %

9%

1%

18%

31%

24%

25%

25%

25%

26%

26%

27%

27%

Finance expenses

(2)

(1)

(2)

(3)

(3)

(3)

(2)

(2)

(2)

(2)

(2)

(2)

Other income/(expense)

-

-

-

-

-

-

-

-

-

-

PBT

1

(1)

7

13

11

13

15

17

18

19

20

21

Tax

1

(1)

(0)

(0)

(0)

(0)

(0)

(0)

(0)

(0)

(0)

(0)

Effective tax rate

-74%

-62%

2%

2%

2%

2%

2%

2%

2%

2%

2%

2%

Extraordinary Income/(loss)

(0.7)

0.4

-

-

-

-

-

-

-

-

-

-

Net Income

1

(2)

6

12

11

13

15

16

17

19

20

21

Net margin. %

2%

-5%

14%

25%

19%

20%

22%

23%

23%

24%

24%

25%

Dividend Declared

-

-

-

-

1

3

5

13

15

17

17

18

2009

2010

2011

2012E

2013E

2014E

2015E

2016E

2017E

2018E

2019E

2020E

Current Assets

44

55

64

67

74

80

83

86

89

92

94

97

Cash & Equivalents

8

0

2

2

3

3

3

4

4

4

4

4

Trade Receivables

1

4

3

3

3

4

4

4

4

5

5

5

Inventories and biological assets

30

48

55

58

64

68

70

73

75

77

79

81

Other current assets

5

2

4

4

4

5

5

6

6

6

6

7

Fixed Assets

16

17

36

45

54

55

56

57

58

58

59

59

PP&E. net

8

11

16

26

34

36

37

38

39

39

39

39

Other Fixed Assets

7

6

19

19

19

19

19

19

19

19

19

19

Total Assets

59

72

99

112

128

135

140

143

147

150

153

156

Shareholders' Equity

46

56

72

84

94

104

113

116

119

121

123

126

Share Capital

37

37

46

46

46

46

46

46

46

46

46

46

Reserves and Other^*

10

20

26

39

48

58

68

71

73

75

78

80

Current Liabilities

12

16

27

23

29

26

21

22

23

24

25

25

ST Interest Bearing Debt

5

6

16

13

17

12

6

6

6

7

7

7

Trade Payables

4

4

5

4

5

6

6

7

7

7

7

8

Other Current Liabilities

3

6

6

6

7

8

9

9

9

10

10

11

LT Liabilities

1

0

-

5

5

5

5

5

5

5

5

5

LT Interest Bearing Debt

0

-

-

5

5

5

5

5

5

5

5

5

Other LT

1

0

-

-

-

-

-

-

-

-

-

-

Total Liabilities & Equity

59

72

99

112

128

135

140

143

147

150

153

156

Net Debt, USD mln

(2)

6

14

15

19

14

8

8

8

8

8

8

2009

2010

2011

2012E

2013E

2014E

2015E

2016E

2017E

2018E

2019E

2020E

Net Income

1

(1)

7

13

11

13

15

17

18

19

20

21

Depreciation

2

1

1

2

3

3

4

4

4

5

5

5

Non-operating & non-cash items

(5)

(8)

(4)

(0)

(0)

(0)

(0)

(0)

(0)

(0)

(0)

(0)

Changes in working capital

3

4

(6)

(4)

(4)

(4)

(2)

(2)

(2)

(2)

(2)

(2)

Operating Cash Flow

2

(4)

(1)

10

10

13

16

18

20

21

23

24

Capital Expenditures. net

(4)

(4)

(3)

(12)

(12)

(5)

(5)

(5)

(5)

(5)

(5)

(5)

Other Investments. net

1

0

(13)

-

-

-

-

-

-

-

-

-

Investing Cash Flow

(3)

(4)

(16)

(12)

(12)

(5)

(5)

(5)

(5)

(5)

(5)

(5)

Net Borrowings/(repayments)

(3)

0

11

1

4

(4)

(6)

(0)

0

1

0

(0)

Dividends Paid

-

-

-

-

(1)

(3)

(5)

(13)

(15)

(17)

(17)

(18)

Other

12

(0)

9

-

-

-

-

-

-

-

-

-

Financing Cash Flow

9

0

20

1

3

(7)

(11)

(13)

(15)

(16)

(17)

(19)

Beginning Cash Balance

0

8

0

2

2

3

3

3

4

4

4

4

Ending Cash Balance

8

0

2

2

3

3

3

4

4

4

4

4

Net Cash Inflows/Outflows

7

(8)

2

0

0

0

0

0

0

0

0

0