Executive Summary:

Zoo-technical and agricultural centre was established in 1938 by Arnaldo Bennati, currently it is run by the third generation of the Bennati family. The centre manages 1,750 head of cattle, about 750 of which are used for dairy purposes. Milk production is on 120,000 q/year. After “Torvis”, it is the largest milk producer in the Friuli Venezia region of Italy. The company occupies a total surface area of more than 900 ha, with the main site in San Canzian d’Isonzo in the province of Gorizia. The location includes the facility of raising livestock, extensive poplar groves, corn, soy and wheat cultures, and a large rural complex that includes “Vila Luisa” and several other rural residential accommodations. Since 2010 the company has been producing electricity with Biogas plant that has a nominal power rating of 950 KW. The company numbers among the most important zoo-technical companies in Italy in terms of both size and production and stands out for its:

• significant real estate holdings; • “in house” capacity to produce the raw materials for both the biogas installation and the

zoo-technical segment; • integration of its core business with the “energy” sector.

Location: Italy, Friuli Venezia region, province of Gorizia: • located 47 km from Udine and 86 km from Venice

INVESTMENT OPPORTUNITY

for purchase of Società Agricola Aziende L. Bennati S.p.A. ( Italy)

Revenue structure:

The company operates in 3 segments: • zoo-technical (49% of total turnover 2010) • agricultural (32% of total turnover 2010) • energy (14% of total turnover 2010, plant was running with 60% capacity)

Financial information:

Item 2008 (m/€) 2009 (m/€) 2010 (m/€) Total Assets 79.4 83.2 84.4 Fixed assets 74.6 77.0 79.1 Current Assets 4.7 6.1 5.2 Net assets 47.1 45.2 43.6 Due to banks 9.9 17.6 19.0 Total payables 15.8 18.00 20.00 Value of Production 4.9 4.1 5.5 (*) EBITDA 0.5 -0.4 0.4 Profit/Loss -0.7 -1.9 -1.6

(*) considering approx. m/€ 0.75 deriving from the Biogas plant (production started in May 2010). In 2011 the bio-

gas plant had a yearly turnover of m/€ 1.68 with a net profit margin of m/€ 1.1.

Assets: The company covers about 900 ha of land in the towns of Farra di Isonzo, Monfalcone, Ronchi dei

Legionari, San Canzian di Isonzo, and Staranzano. The core assets of the estate are: • “Stalle Nuove” (“new stables”), covering an area of 55,000 m2, consisting of stables,

milking facilities, silos and office building. • Chiosco, a building used for the sale of company products, with dedicated parking area. • Land plots in the intermodal transport hub, total surface area of 50,641 m2

adjacent to Trieste’s "Ronchi dei Legionari" international airport. • Agricultural lands, total surface area of 8,843,927 m2 of arable land (including non-

arable features). • Livestock, about 1,600 head of dairy cattle, milked in loose barns. • Instal lations and machinery, biogas plant, tractors, trailers, excavators, high-pressure

washers, heaters for breeding facilities, unifeed mixer wagon, motor mower. • Milk quotas, quotas held for 119,595 q of milk, of which 4,398 are reduced B Quotas.

Additional assets that complete the estate:

• “Vil la Luisa”, a group of buildings with annexed courtyards and gardens, some of which are used for personnel accommodation, and others that used as storage facilities, as well as a manor and a chapel.

• “Stalle Vecchie” (“old stables”), a total area of 22,257 m2, used in part for personnel accommodation and the remainder as a repair workshop and warehouse for agricultural machinery.

• “Case Rosse” Group, two groups of buildings located in a rural area. • “Molino Sdobba” Buildings, real estate complex used for personnel accommodation

with adjacent storage facilities. • Casa “ex Moretto” (“former Moretto residence”), building used as a residence.

   

Contact information: Reconsult d.o.o. Hruševska cesta 78, SI-1000 Ljubljana, Slovenia. T +386 1 200 29 67, F +386 1 200 29 66 E info@reconsult.si, www.reconsult.si