AIM Italia - Ernesto Mocci - Methorios Capital

VRWay‣ In late 2009, VRWay brought in new management thatimplemented a period of restructuring, which hasattributed to strong sales within the French market.‣ Consolidated revenues for the group were recorded at €6.01 mln for the first half of 2010.‣ The company reported a net profit of € 44,000 in 2010, 20.000down on the net profit of € 1.1 mln in 2009.2,0010.000‣ Group EBITDA for the year 2010 came in at € 1.7 mln,up 74% y/y.14,0012,0010,008,006,004,000,00Source: Bloomberg 30/12/2010VolumePi Price80.00070.00060.00050.00000040.00030.0000Market DataVRWAYMarketBorsa ItalianaSectorE-Marketing/InfoPrice6,35 EURΔPrice 5 day (%)-1,9ΔPrice e 1 month (%)-3,5 35ΔPrice 6 month (%)-17,8ΔPrice 1 year (%)-31,1Number of Outstanding Share (Mln)14,4Market Cap (€ Mln)91,7NFD(€ Mln) @ 2010 Y-0,2Enterprise Value (€ Mln)91,5Source: Bloomberg@ 28/06/2011€.million 2009 2010Revenue 2,59 6,01EBITDA 0,98 1,71Margin 38% 28%EBIT 0,39 0,49Margin 15% 8%Net Income (Loss) 1,10 0,44Margin 43% 7%Net Financial Debt -0,53 -0,20Source: Bloomberg 28/06/201135