Lowendalmasaï is an international consulting firm that provides innovative solutions to boost innovation and reduce costs for clients. It has 400 employees across 20 offices globally. The document discusses Lowendalmasaï's services around enterprise cost management and maximizing returns from R&D tax credits and funding programs. It provides an overview of the Italian R&D tax credit program and Horizon 2020 funding opportunities from the EU.

1. R&D Advisory
A global approach to boost innovation
Via A. da Recanate 1, 20124 Milano
Tel. +39 02 80583223
Fax. +39 02 80583227
www.lowendalmasai.com

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R&D Advisory
Some opportunities
│ Agenda
Lowendalmasaï at a glance

3. We support our Clients at local and global level providing innovative solutions
which lead to measurable and sustainable results
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Amsterdam
Paris
São Paulo
Mumbai
Sydney
Hanoi
Shanghai
Tokyo
Astana
Moscow
Istanbul
Tel Aviv
Copenhagen
Düsseldorf
Prague
Tunisi
Izmir
Consulting Office Sourcing Office Strategic Partner
London
Madrid
Milan
Rome
Barcelona
Lisbon
Bratislava
Oslo
Geneva
Thessaloniki
400 EMPLOYEES IN THE
WORLD
2,500 ACTIVE CLIENTS FROM
ALL BUSINESS SECTORS
20 YEARS OF EXPERIENCE
Corporate
Profile
Enterprise Cost Management: we aim at reducing enterprise costs generating cash and lightening
tax burden, without resorting to cuts or human capital reductions

4. Our areas of expertise are characterized by an efficient combination of strategy
and pragmatism
Enterprise
Cost Management
Lowendalmasaï - Copyright 2014 ® - 4

5. Lowendalmasaï remuneration model (fixed and variable fees) is orientated to
success and based on tangible and measurable results
Lowendalmasaï garantees:
Results
• Tangible and
measurable results
• Partnership
Operational support
• Coaching during
implementation
• Doers, not sayers
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Results
%
Lowendalmasaï
Variable Fee
Lowendalmasai
key assets
Lowendalmasaï key success factors
Know How
• Successful methodology
• Cost optimization
specialization
• Business sector expertise
Collaboration with the
Client
• Culture based on listening
• Relationship with
operational contact people
• Lowendalmasaï success fee is based on reached and validated results
• We always align our objectives with the client’s
• Lowendalmasaï aims at providing effective and durable results, as we base our success on the client’s satisfaction

6. We are proud of our prestigious Client portfolio, which includes both
international groups and middle-sized dynamic companies
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Transport Logistics & Services
Automotive & Aerospace
Banking Finance Insurance
Energy and Oil & Gas
Chemical-Pharma & Healthcare
Food Beverage & HoReCa
Retail Distribution and Consumer
Goods
Luxury & Fashion
IT Electronics & Appliances
Industry & Construction
Advertising, Publishing & Services
Our Clients

7. │ Agenda
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Lowendalmasaï at a glance
R&D Advisory
Some opportunities

8. │ Introduction on
R&D tax reliefs and
funding Tax reliefs and funding represent two aspect of a strategy to boost R&D and
Innovation at international, country and local level
Tax Relief Funding
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• Tax reliefs have been introduced since the 80’s
•
• There are two main forms of tax incentives :
• Tax credit
• Either as a volume amount (x% of
qualified expenditures)
• Or as an incremental amount (x% of
expenditures above a base level, usually
based on the expenditures of the 2 or 3
preceding years)
• Superdeduction
• R&D expenditures are multiplied by a
coefficient before being subtracted to the
operational result – resulting in lower
corporare taxation (superdeduction x tax
rate = volume amount of R&D tax credit)
• Most countries have a definition of eligible project that
are similar to the definition of the Frascati Manual
• Funding is a set of instruments to boost innovation and
competitiveness overcoming potential market failures
• Such instruments exist worldwide at different levels:
international, national, local
• Amounts and requirements depend on specific
regulations mostly related to the achievement of
technological targets
• There are two main forms of funding:
• Direct Funding:
• the contribution is a percentage of the
project total budget and there is no
obligation to return
• Credit Facility:
• The contribution has the form of a credit
up to 100% of the total budget with no or
facilitated interest rate

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• Solution above the
existing state-of-the-art
for products,
processes and
services
• Significant
improvement
between before and
after the project
• Solution not obvious
for someone having a
good professional
knowledge of the
industry
• Risk of failure
• Education of R&D
personnel (engineers,
PhDs…)
• Knowledge
management
• Tests, experiments,
trials, iterations…
INNOVATION
TECHNICAL
DIFFICULTIES
SCIENTIFIC
METHODOLOGY
Eligible
expenses
│ R&D: a common
definition
Even though rules can be different, the R&D definition from Frascati Manual is
accepted worldwide

10. │ Our approach
Thanks to its “glocal” approach Lowendalmasaï is able to maximize the benefit
emerging from international synergies and ensuring effectiveness at local level…
Get the chance to exploit
hidden opportunities if
observed at country level
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One single team for
a global world Anticipate issues instead
of trying to solve them
See funding and
facilitations from a
strategic point of view

11. │ The added value
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…which means widening the innovation effort and reducing its cost
Example
Business Plan 2014
Scenario 1: as is
A
B
C
2M€ 0,8M€ 0,7M€
• 4 projects proposed
• The budget allows only the
project A to be financed
• The others cannot be run
D
0,5M€
Scenario 2: results
• Also project B can be run
• Result: one step beyond
expectations!
A
B
C
2M€ 0,8M€ 0,7M€
D
0,5M€
Identification of
opportunities
• An EU funded programme
gives the opportunity to rise
up the 70% of project A
• 400k€ can be now allocated
on Project B
• Through a tax relief is
possible to get a 50% refund
of project B
A
B
C
1,5M€
D
2M€ 0,8M€ 0,5M€

12. Phase 4
Implementation
Dossiers preparation
and submission
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Data Collection
Interviews
Understanding
of the
development
strategy
Kick-off
Meeting
Phase 1
Data collection
Check-up of
opportunities
Overview of
technical
implications
Feasibility study
“As Is”
Photography
Phase 2
Assessment
Phase 3
“To be” proposals
Creation of
possible
scenarios
Funding
quantification
Potential funds
Follow-up and reporting
Caring of institutional
relations
Support in creating
partnership
│ Methodology
To properly meet clients’ needs Lowendalmasaï developed a comprehensive
methodology starting with a strategic overview
Sworn
certification of
R&D expenses

13. │ Agenda
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Lowendalmasaï at a glance
R&D Advisory
Some opportunities

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R&D Tax Credit
Tax Credit
50% of the increase in annual
R&D expenses
Total budget 600.000.000 €
Duration 2014 2015 2016
Up to 2.500.000 €/year
The credit can generate up to 7,500,000 € of savings
annual
expenditure
increase
Potential benefits
2013 2014 2015 2016
= investment level
= potential benefit
Eligible activities
Development of new products, processes and
services or improvement of existing ones
Base research
Industrial research
Experimental development
Eligible expenses
Labour cost Machineries
Research in cooperation with
Universities and Reasearch Centers
Contractual research
Acquired or licensed know-how and
patents
│ Italian R&D Tax
Credit: some
details The brand new enforced R&D Tax Credit is an incremental one with a potential
benefit of 2,5m€ per year

15. │ IRAP: R&D
personnel cost
deducton
Thanks to a correct classification of R&D costs it can be possible to get a tax
deduction related to the cost of employees actually performing R&D activities
370k€
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Tax deduction
Beneficiaries
Companies of any size and belonging to any sector on the national
territory
Eligible expenses
Cost of employees in charge of:
• Base research
• Applied research and industrial development
Relief
Tax base deduction of R&D related personnel cost
Example of potential benefit
Employees
Personnel cost
500
24m€
Potential benefit
180k€
Source: Italian National Statistical Institute: last survey shows that
the average proportion of employees dedicated to R&D in Italian
companies is included between the 20% and the 40%

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R&D Innovation
Non-Profit 100% 100%
Profit 100% 70%
+ Additional flat rate: 25% Direct Costs
Lowendalmasaï proposal
• Roadmap and strategy
• Support in creating the
consortium and in outlining the
project
• Identification of already existing
consortium
• Technical supervision of
proposals
• Lobbying
• Training
What is it
It is the financial instrument of the
European Commission to boost
research and innovation
Duration 2014 - 2020
Budget 70B€
3 Pillars Excellent science
Industrial leadership
Societal challenge
Funding per project
│ Horizon 2020
The EU launched the new funding program to boost research and innovation with a
total budget of 70B€ and a lot of opportunities for all industry sectors

17. Lowendalmasaï offers to its clients an international insurance which intervene in
case of sanctions
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Quality guarantee of
the work performed
€ 5.000.000 coverage
cap in case of
administrative
sanctions
Support in case of
inspections by
responsible bodies
│ Continuous
support

18. Paris - HQ
EUROATRIUM
7, rue Emmy Noether
93400 St Ouen
France
T : 33 (0) 1 83 72 72 00
London
5th Floor Bridewell Gate
9 Bridewell Place
EC4V 6AW – London,
United Kingdom
Tel. +44 (0) 203 697 81 00
Lowendalmasaï Italia
Madrid
Avenida de Bruselas, 7,
28108,Alcobendas, Spain
T : +34 91 319 28 75
Via Antonio da Recanate 1 – 20124 Milano
Tel: +39 02 80 58 32 23 – Fax: +39 02 80 58 32 27
www.lowendalmasai.com
Lisbon
Rua da Misericórdia 76,
1200-273,Lisbon Portugal
T: (+351) 213 210 219
Düsseldorf
Louise-Dumont-Str. 5
D-40211, Germany
T: +49 (0) 211 71 06 75 0
Barcelona
Torre Inbisa
Plaça Europa, 9 – Planta 14-A
L’Hospitalet de Llobregat
08908 Barcelona - Spain
Tel: (+34) 93 201 07 00
Amsterdam
Mauritsstraat 11
2011 VN, Harlem, Netherland
T: +31 23 511 2980
Shanghai
Hong-Kong Plaza, 283 Middle
Huaihai Road, Room 1503,
Shanghai 200021, China
T: +86 (21)63411255
Tokyo
Kitasando DT Bldg. 5F,
4-16-7Sendagaya Shibuya-ku,
TOKYO 151-0051 - Japan
T : +81 (0)3 6661 4501
Rome
Via Salaria, 58
00198, Rome, Italy