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Presentation on Biofutures International plc. January 2007. Summary of Business Case. Strong biodiesel demand driven by legislation and environmental concern Development of large scale biodiesel plant With opportunity to expand should demand dictate Strategically advantageous location

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Presentation Transcript
summary of business case
Summary of Business Case
  • Strong biodiesel demand driven by legislation and environmental concern
  • Development of large scale biodiesel plant
    • With opportunity to expand should demand dictate
  • Strategically advantageous location
    • Low cost feedstock supply
    • Sales market flexibility
  • Use of proven technology
    • In both construction and operation
  • Strong management team
equity structure and finance
Equity Structure and Finance

Major shareholders

  • Zurex Corporation 45%
  • Phillip Carter 11%
  • Gartmore Investment Mgmt 7%
  • Modal Capital Partners 5%
  • Credit Suisse Securities 5%
  • £14 million raised via listing on AIM November 2006
  • Bank finance to be finalised
zurex proposed large scale biodiesel production facility
Zurex: Proposed large scale biodiesel production facility
  • Plant at Palm Oil Industrial Cluster at Lahad Datu in Sabah
    • Malaysian Government developing key palm oil logistic hub with deep water port
  • Biodiesel production licence granted
  • Malaysian pioneer tax status
potential growth business
Potential Growth Business
  • Global biodiesel demand expected to treble by 2010
  • 200,000 tonne per annum biodiesel plant start-up in Oct 2008
    • Further growth opportunity via expansion to 1 million tonnes
  • Structural competitive advantage
    • Palm oil is a low cost pure biodiesel feedstock
    • Malaysia is world’s largest palm oil producer and is geographically well-placed for all biodiesel sales markets
  • Derived from natural vegetable oils
  • Alternative fuel for diesel engines
    • Usable pure or mixed in any ratio with fossil diesel
  • Reduces greenhouse gases and emissions
  • Safe fuel to store and handle
  • Non-toxic and bio-degradable
  • End products recognised to international standards
the biodiesel market is growing
European market

Majority of biodiesel sales

growing via legislative backing & fiscal support

EU Directive of 5.75% biofuels by 2010 should push demand from 6m to nearly 14m tonnes pa

Proposal for 10% target for 2020

Asian markets developing

US market

Intends to raise biofuel use to 4% by 2012

Uses existing distribution infrastructure

Ease of adoption

The Biodiesel Market is Growing

Number of 100 ktpa plants required to meet 5% blend

Source: Lurgi AG

palm oil feedstock advantage
Palm Oil Feedstock Advantage
  • Low cost biodiesel feedstock
    • US$540/tonne is US$190/tonne less than cost of rape seed oil
    • Far higher yield per acre than any other current vegetable oil
  • Palm oil biodiesel proven
    • Meets legislative standards
    • Blended with mineral diesel e.g. 5% blend for European market
    • Palm biodiesel used successfully

in German trains

lurgi technology well proven
First biodiesel plant constructed in 1988

SE Asia plant in 1991

Over 25 plants in operation

More than 60% of global production expected to be from Lurgi constructed plants by 2007

200 ktpa plants in operation in Germany

Other oleochemical plants in SE Asia

Lurgi Technology Well Proven
project schedule and costs
Project Schedule and Costs
  • Early concept design and site survey work complete
  • Capital cost estimate £28 million
  • Working capital estimate prior to start-up £12 million
  • First oil anticipated October 2008
key business variables
Key Business Variables
  • Feedstock prices
    • Long term growth in supply, forward contracts
  • Biodiesel market
    • Macroeconomics of demand, legislative support via fiscal measures and volume mandates
  • Project delivery
    • Technology choice, project management team experience
    • Plant not yet procured
  • Currency risk
    • Off take market is US$, lending in US$
management team
Management Team
  • Nicholas Gee*(aged 43) – Executive Chairman
    • Petroleum Engineer and MBA
    • Strong oil and gas exploration and production business management background
      • BP, Global Marine, Weatherford International
  • Julie Pomeroy* (aged 51) - Finance Director
    • Chartered Accountant
    • Experienced public company FD
      • Carter & Carter Group plc, Weston Medical Group plc
  • Wayne Rudd (aged 40) – Projects Manager
    • Experienced business manager
    • Strong capital petroleum project management experience
      • Statoil, Halliburton, Weatherford

* Main Board director

management team cont
Management Team (cont.)
  • Iain Young (aged 47) – Commercial Manager
    • Civil engineer and MBA
    • Experienced project manager in oil and gas sector, including project commercial risk management
    • 3 years in biodiesel fuel and technology sector
  • Jack Yong (aged 35) – Operations Manager
    • Chemical Engineer
    • 9 years biodiesel plant development and production management experience in Malaysia
  • See Keat Tatt (aged 43) – Project Financial Controller
    • Chartered Accountant
    • Senior finance roles in US multinational oil services industry
non executive directors
Non-executive Directors
  • Phillip Carter
    • CEO Carter & Carter Group plc
    • Major shareholder of Biofutures
  • Chris Dennison
    • Founding partner of Bywater strategy consultancy
    • Consults in all areas of oil, gas and petrochemical industry
  • Arthur Lim
    • Board member of several companies including, ANC Group Pte Ltd and I-Invest Pte Ltd
    • Previously held senior roles in financial services sector
  • Christopher Price
    • Chartered Accountant
    • FD – Epson UK Limited
  • Joe Wong
    • Board member of several companies including eAssetManagment SB and Fullerton Investments Ltd
    • Previously held senior roles in financial services sector