November 2016 1 enrico.petocchi@twiceresearch.it The history since - PowerPoint PPT Presentation

November 2016 1 enrico.petocchi@twiceresearch.it

The history since 1986… 2

May 2015: IPO on AIM Italia Transaction Share capital increase 10,1% Floating Offer Value € 4 mio Share price € 3.55 per share Lock-up 12 months Listing May 20, 2015 Fonte : Borsa Italiana Dividend per share: 0.0688 (6 June 2016) 3

Shareholders As of 6 June 2016 10.104% 0.794% Benedetti Ruffo 31.309% Benedetti Vanni 18.144% Galletti Tamara Nisica Roberto Russo Enrico Sforazzini Luca Guesti Pierluigi 0.397% 0.397% Honeyfarm S.r.l. 1.376% Market (new IPO Shares) 0.291% 37.189% Share capital € 4,005,540.00 represented by # 11,148,900 ordinary shares 4

Business model BioDue S.p.A develops, manufactures and distributes: Medical devices «Skinceuticals» (i.e. cosmetics suggested by physicians) Food supplements (solid and liquid, such as drops, capsules, tablets and powders) The Company is organized into two divisions: Industrial Division: dedicated to the production on behalf of third parties of liquid and solid food supplements, cosmetics, medical devices and herbal products; Own Brand Division: dedicated to the production and marketing of dermatological products – “ Pharcos ”, ophthalmic products – “ BiOfta ”, herbal products “ Selerbe ”, In addition, BioDue integrates its offering with products "Private Label" for retail (pharmacies, drugstores, health food stores). Food supplements Food supplements Medical devices Skinceuticals (liquid) (solid) 5

Production facilities Our offices, manufacturing and warehousing are located in Tavarnelle Val di Pesa Sambuca (Florence Area) On a property area of around 17,000 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 135 production lines (estimated replacement value significantly higher than the net amount) risk production fragmented, i.e. disaster recovery 6

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 (135 production lines) BioDue VALUE CHAIN F ORMULA P RIMARY AND P ROCESSING C OMPOUND Q UALITY COSTUMER SECONDARY PACKING RAW MATERIALS TRANSFORMATION CHECK P ACKAGING SPECIFICATION (*) (#) (#) (*) (#) Subsidiary S.r.l. 7 (*) Related party

Distribution model Industrial Division’s products are distributed directly to customers’ client through pharmacies CUSTOMER «I NDUSTRIAL » Branded & Private Label products are marketed under the brands Pharcos (dermatology), BiOfta (ophthalmic) and Selerbe (herbal produtcs) Pharcos and BiOfta are distributed through a network of 50 mono-firm agents that reaches all Italian dermatologists (Pharcos) and about 75% of Italian ophthalmologists (BiOfta). Selerbe products are distributed through a network of over 45 mono and multi-firm agents covering Italian territory 8

Own brands: distribution channels 50 MONO - FIRM SALES REPRESENTATIVES 45 MONO AND PLURI - FIRM AGENTS O PHTHALMOLOGIST D ERMATOLOGIST P HARMACIES H ERBALISTS Final customer is induced to purchase by medical The "Private Label" acts as a customer loyalty The "Private Label" acts as a customer loyalty reporting, the so called «blank prescription»; this scheme to single pharmacy or herbalist’s shop scheme to single pharmacy or herbalist’s shop scheme obtains remunerative prices avoiding the counter generic competition. 9

Subsidiaries Established in 2011 in partnership with a competitor It extracts active ingredients from plants with technology and proprietary know-how LaBiotre provides BioDue raw materials for herbal’s products and natural plant extracts to be used in the production cycle : “from the seed to the final product” S.r.l. Established in 2014, in partnership with Enzo Emanuele, a interdisciplinary clinical pathologist and researcher with over 130 international publications, cooperating with BioDue since 2007 Developing, patenting and selling raw materials to be used in cosmetics, food and medical devices It provides raw materials to BioDue for cosmetics These Companies are functional and complementary to the business of BioDue 10

Profit & Loss account as of June 30, 2016 euro thousands 30.06.2016 % 30.06.2015 % Var. % Revenues from sales and services 17,990 99.6% 16,885 99.6% 6.5% Other revenues (Royalties incl.) 69 0.4% 74 0.4% -6.8% VALUE OF PRODUCTION 18,059 100% 16,959 100% 6.5% Cost of raw materials, consumables and goods 8,837 48.9% 8,761 51.7% 0.9% Services 4,217 23.4% 3,861 22.8% 9.2% Leases and rentals 275 1.5% 197 1.2% 39.6% Personnel 2,660 14.7% 2,463 14.5% 8.0% Change in inventories of raw materials, consumables finished products (833) -4.6% (1,053) -6.2% -20.9% Other costs 258 1.4% 342 2.0% -24.6% EBITDA (*) 2,645 14.6% 2,388 14.1% 10.8% Ammortization 564 3.1% 451 2.7% 25.1% Write-down of receivables held as current assets 46 0.3% 30 0.2% 53.3% EBIT (**) 2,035 11.3% 1,907 11.2% 6.7% Financial charges (48) -0.3% (12) -0.1% 300.0% Extraordinary items 0 0.0% 0 0.0% Earnings before income taxes (EBT) 1,987 11.0% 1,895 11.2% 4.9% Income taxes 586 3.2% 688 4.1% -14.8% Net profit 1,401 7.8% 1,207 7.1% 16.1% 11

Balance sheet as of June 30, 2016 euro thousands 30.06.2016 31.12.2015 30.06.2015 Inventories 4,681 3,848 4,160 Trade receivables 11,382 10,018 11,208 Other current receivables 849 892 693 Current Assets 16,912 14,757 16,061 Trade payables (6,542) (5,995) (5,210) Other current payables (1,667) (1,526) (2,537) Current Liabilities (8,209) (7,521) (7,747) NET WORKING CAPITAL 8,703 7,237 8,314 Fixed assets 11,344 9,445 9,502 Other non current assets & liabilities 22 30 142 NET INVESTED CAPITAL (**) 20,069 16,712 17,958 Share capital 4,006 4,006 4,006 Reserve 9,146 7,547 7,547 Profit for the period 1,401 2,367 1,207 NET EQUITY 14,553 13,919 12,760 Other Long Term Liabilities (***) 1,048 956 956 Net Financial Position (****) 4,468 1,838 4,242 TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 20,069 16,712 17,958 12

Cash Flow Statement as of June 30, 2016 30.06.2016 31.12.2015 30.06.2015 Cash Flow from operating activities (A) 467 3,330 585 Cash Flow from investing activities (B) (2,455) (1,269) (879) Cash Flow from financing activities (C) 952 (421) 831 Incr. (decr.) on Cash and Cash Equivalents (A ± B ± C) (1,036) 1,640 537 Cash and Cash Equivalents at period starting 1,689 49 49 Cash and Cash Equivalents at period ending 653 1,689 586 13

Breakdown 3Q2016 sales Euro/000 Sept 30, 2016 % Sept 30, 2015 % Delta % By Division 14,714 57.9% 14,841 58.5% -0.9% Industrial Division 5,551 21.8% 6,188 24.3% -10.3% Pharcos Brand 3,250 12.8% 2,602 10.2% 24.9% Selerbe Brand 1,715 6.7% 1,511 5.9% 13.5% BiOfta Brand 207 0.8% 276 1.1% -25.0% Other minor 25,437 100.0% 100.0% 0.1% Total sales 25,418 By Geographical Area 22,384 88.0% 22,590 88.9% -0.9% Local (Italy) 3,053 12.0% 2,828 11.1% 8.0% Foreign (other UE and Extra UE contries) 25,437 100.0% 100.0% 0.1% Total sales 25,418 14

Contacts Nomad Specialist Marco Ulivagnoli Baldi Finance S.p.A. Integrae SIM S.p.A Board Member Investor Relations Antonio Boccia Via Meravigli, 13 20123 Milano BioDue spa Via San Damiano, 9 20122 Milano Tel: +39 02 78625313 Via A. Lorenzetti, 3/a Tel: +39 02 58318214 Fax:+39 02 87181075 Tavarnelle Val Pesa (FI) Fax:+39 02 58310893 +39 055 8071140 antonio.boccia@baldifinance.it marco.ulivagnoli@biodue.com 15