PRIMO BENZINA

Exhibit 2
In thousand euros

Income Statement
Sales
CGS
Gross Profit
Depreciation Expense
Other Operating Expenses
Operating Income
Interest Expense
Income before income tax expense
Income tax expense
Net income

Statement of Retained Earnings

Retained Earnings - Beg
plus net income
less dividends
Retained Earnings - End

Balance Sheet
Current Assets
Cash
Receivables
Inventory
Total current assets

2006

2007

2008

2,430
(1,580)
850
100
340
410
150
260
65
195

3,888
(2,527)
1,361
54
622
685
36
649
162
487

10,887
(7,403)
3,484
138
1,742
1,604
163
1,441
360
1,081

195
(100)
95

95
487
(250)
332

332
1,081
(800)
613

200
199
195
594

320
427
415
1,162

896
1,640
1,217
3,753

608
(100)

1,023
(154)

3,110
(292)

1,102

2,031

6,571

Current Liabilities
Accounts Payable
Short Term loans Payable
Total Current Liabilities

50
201
251

75
282
357

674
1,895
2,569

Long term debt

Total Liabilities

100
351

321
678

1,600
4,169

PPE
Accumulated depreciation
Total Assets

Stockholder's Equity
Paid-in Capital
Retained Earnings
Total Stockholders' Equity
Total Liabilities and Stockholders' Equity

656
95
751

1,021
332
1,353

1,789
613
2,402

1,102

2,031

6,571

2009
38,103
(27,815)
10,288
557
6,859
2,872
653
2,219
555
1,664

613
1,664
(800)
1,477

3,136
7,830
4,953
15,919
13,608
(849)
28,678

3,458
9,743
13,201
6,000
19,201

Opex is increasing even if sales are increasing

8,000
1,477
9,477
28,678

Exhibit 1 Retail Petrol Stations 2006-2009

Germany
Stuttgart
Karlsruhe
Heidelberg
Freiburg
Heilbronn
Switzerland
Basel
Total Stations
Station growth rate
Total retail square meters (thousands)
Number of employees
Per per liter petrol (Euro)

2006

2007

2
0
0
0
0

2
1
0
0
0

2
4

2
5
25%

3
4
1.4

5
7
1.5

2006

2007

Exhibit 3 Product Information

In thousand euros
By business line
Sales
Petrol
Food, snacks, drinks

Cost of Sales
Petrol
Food, snacks, drinks

Inventory
Petrol
Food, snacks, drinks

1,458
972
2,430

2,411
1,477
3,888

1,050
530
1,580

1,760
767
2,527

101
94
195

178
237
415

Exhibit 4 Benchmarking Competitors

Days receivable
Days inventory
Days Payable
Gross profit percentage

Zip AG
35
42
31
28.0%

Schnell AG
32
39
35
26.0%

Return
Return
Return
Return

on
on
on
on

sales
invested capital
assets
equity

8.0%
12.5%
9.0%
23.0%

10.0%
14.0%
12.0%
19.0%

2006
2.50

2007
2.21

Exhibit 5 Exchange rates

CHF/Euro

2008

2009

5
2
1
0
0

10
5
3
1
0

3
11
120%

5
24
118%

15
23
1.55

60
88
1.6

2008

2009

7,295
3,592
10,887

28,197
9,906
38,103

5,325
2,078
7,403

21,147
6,668
27,815

554
663
1,217

2,317
2,636
4,953

SparPetrol AG
40
35
27
30.0%

6.0%
11.0%
10.0%
22.0%

2008
2.00

2009
1.51

PRIMO BENZINA
In thousand euros

Cashflow from Operating Activities

Net Income
Depreciation
(Increase) decrease in receivables
(Increase) decrease in inventory
Increase (decrease) in accounts payable
Cashflow from Operations
Cashflow from Investing Activities
Purchase of PPR
Cashflow from Investing
Cashflow from Financing Activities
Issunace (retirement) of ST borrowing
Issunace (retirement) of LT borrowing
Issuance (repurchase) of common stock
Payment of Dividend
Cashflow from Financing
Net cash flow
Change in cash (on balance sheet)

Financial Ratios
2006
Current ratio
Quick ratio
Cash ratio
Net working capital to total assets
Interval measure

Inventory turnover
Receivables turnover
Receivable days
NWC turnover
Fixed asset turnover
Total asset turnover
Inventory Conversion Period
Payable Days
Cash Conversion Cycle
Total debt ratio
Debt-equity ratio
Equity multiplier
Long-term debt ratio

Proft margin
Return on assets
Return on equity (ROE)

2007

2008

2.37
1.59
1
31.1%

3.25
2.09
1
39.6%

1.46
0.99
0
18.0%

8
12
30
2430
5
2.21
45.05
11.6
63.4

6
9
40

6
7
55

4
1.91
59.94
51.6
48.5

4
1.66
60.00
126.7
-11.7

0
0
1.4673768309
0.1175088132

0
1
1.5011086475
0.1917562724

1
2
2.7356369692
0.3998001

8.0%
17.7%
0.26

12.5%
24.0%
0.36

9.9%
16.5%
0.45

2009
1.21
0.83
0
9.5%

6
5
75
3
1.33
65.00
173.2
-33.2
1
2
3.0260631001
0.3876720295

4.4%
5.8%
0.18

liquidity ratio that measures a company's ability to pay short-term and long-term obligations.
measure of how well a company can meet its short-term financial liabilities.
measuring the amount of cash, cash equivalents or invested funds there are in current assets to cover
company's ability to cover its short term financial obligations (Total Current Liabilities) by comparing it

measure of the number of times inventory is sold or used in a time period such as a year.
receivables turnover ratio is an activity ratio measuring how efficiently a firm uses its assets
A high DSO number shows that a company is selling its product to customers on credit and taking long

It indicates how well the business is using its fixed assets to generate sales
the higher the asset turnover ratio, the better the company is performing
The inventory conversion period is the time required to obtain materials for a product, manufacture it,

The cash conversion cycle is a metric used to gauge the effectiveness of a company's management a
Faster conversion of money, has extra money for expansion
proportion of a company's assets that are financed by debt
The D/E ratio indicates how much debt a company is using to finance its assets relative to the amount
equity multiplier shows the percentage of assets that are financed or owed by the shareholders

the amount by which revenue from sales exceeds costs in a business.

Return on assets (ROA) is an indicator of how profitable a company is relative to its total assets. ROA g
Return on equity (ROE) is a measure of profitability that calculates how many dollars of profit a compa

and then back into cash.