Work Project, presented as part of the requirements for the Award of a Masters Degree

in Management from the NOVA – School of Business and Economics.

Business Plan for an Olive Oil Store

Exhibits

Ana Maria da Costa de Sousa de Macedo Schedel

#2248

A Project carried out on the Management course, under the supervision of:

Professor Sara Alves

May 2016

1

12. Appendix

Exhibit 1 – The Sovena Group

Sovena Group is a Portuguese company owned 100% by the De Mello’s family. In the

beginning of the 20th century, Alfredo da Silva created the Companhia União Fabril

(CUF), the largest industrial, commercial and financial Portuguese group, covering many

business areas such as textiles, vegetable oils, shipbuilding, among others. Later, his

grandson, Jorge de Mello was awarded the agri-food business and after the 1974

revolution, he decided to make some strategic moves in order to consolidate the family

agri-food business in Portugal. In the 1980 and 1990 decades, many companies, within

the vegetable oils industry, were acquired such as Sociedade Alco, Fábrica Torrejana de

Azeite, Lusol, Tagol and Sovena. Some companies were in charge of extracting and

refining vegetable oils, producing soaps or even commercializing oils and soaps. In the

21th century, since the global market was expanding, the company saw the necessity to

increase its operations outside the country. It acquired a factory in Seville, responsible for

vegetable oil refining and bottling, especially olive oil. This move allowed the company

to attain a leading position in the Iberian Peninsula but, however, the group saw the

extreme necessity of delivering its products to a larger number of consumers, countries

and cultures. As so Simão & Companhia, the company holding Andorinha’s olive oil,

was acquired as well as East Coast Olive Oil (USA), Exoliva, a Spanish company devoted

exclusively to the preparation and packaging of olives and consequently exportation to

Russian, Middle East and Ukrainian markets and companies such as Tagol Ibérica de

Aceites (Spain), Biocolza, Sovena Middle East & North Africa (Tunisia), Elaia or even

Soprolives (Morroco) were created in order to give the group higher access to those

markets. The objective was to have a higher control over olive oil production process,

refinement and extraction activities as well as its packaging and commercialization. In

2007, the group also entered in the biodiesel business creating a company called

Agrodiesel, later integrated in Tagol. In 2008, the companies of the group were

reorganized and named under a single identity, Sovena Group, in order to have a more

unified corporate image. In 2010, Sovena was be able to close its olive oil value chain

while inaugurating the Largar do Marmelo, one of the biggest bets of private investment

in agriculture held in Portugal in the last 20 years. With more than 5000 m², the mill

would serve the production needs of the company, directly promoting Sovena’s olive oil

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brands. With this innovation, Sovena forecasted to produce 20 million liters of olive oil,

two thirds of the olive oil domestic production in 2005.

Exhibit 2 - Key Figures of Sovena Group

• 100% family owned company

• 8 factories and 4 Olive Oil Mills

• More than 1,300 employees

• Exporting to more than 70 countries

• Facilities in 8 countries in 4 continents

• Estimated Sales of €1.4Bn in 2015

• The largest olive oil company worldwide

• The largest private label OO supplier worldwide

• Market leaders in Portugal, Spain, USA, Central Europe…

• The largest Spanish olive oil exporter

• The largest olive grove on earth managed single handedly with more than 13.000

hectares of olive groves

Exhibit 3 - Sovena Group Business Areas1 3.1. Agriculture

This business area consists of exploring the company`s Olive Groves, in order to grow

olive groves and manage olive oil mills where the olives can be treated. It's a huge project,

one of the largest in the world, and it is already working in Portugal, Spain and Morocco.

However and since a company that calls himself a Glocal company is not interested in

being only in 3 of the largest olive oil producing countries, it will continue to expand until

achieving 25,000 acres (10.000ha) of olive groves, probably launching operations in

Argentina and Tunisia or even China.

3.2. Oilseeds

1 Sovena Group Website (Sovena Group, 2016)

3

Olive oil has been very important in the company`s growth strategy but the origin of the

group is vegetable oils.

This business area encompasses the control of the overall value chain. In both the

Portuguese and the Spanish operations, Sovena sell seeds for planting and buy back the

production of farmers and then use to crush and refine vegetable oils.

Currently the largest independent European extractor and refinery belongs to the Sovena

Group.

The most privileged location is in Lisbon, on the entrance of the Tagus estuary, which

guarantees an easy operation for large capacity boats and therefore cost competitiveness.

The company source oils and seeds in the Ukraine, Argentina, France, Spain and Portugal,

amongst other markets, and supply mostly the Portuguese, Spanish and Angolan markets.

3.3. Consumer Goods

In each market new blends are created and then bottled and sell as products, which range

from olive oils to vegetable oils, table olives, vinegars and soaps.

The Factories are distributed around Portugal, Spain, the U.S.A. and Tunisia, but

commercial teams in Brazil and Angola are also present.

3.4. Biodisel

Despite not being the company`s core business, the use of vegetable oils to produce

biofuels brought the company into the energy business. Next to the largest refinery it was

built a biodiesel factory using the latest technology available.

4

Exhibit 4 - Sovena Group Value Chain Sovena group consolidated its presence in key markets, due to its main

competitive advantage – the value chain. Sovena is the only player in the olive oil

market with a strong presence in all the steps of the Olive Oil Value Chain. This

unique business model offers Sovena and its trading partners first hand, unrivaled

market knowledge and know-how well beyond others.

Additionally, sourcing, industrial and commercial capabilities and geographical

locations are “best in Class” in the industry to efficiently and effectively serve the

company customers.

Exhibit 5 - Sovena Group worldwide presence map

Exhibit 6 - Sovena Group Products Sovena Group markets its products in more than 70 countries worldwide. The main

markets are Spain, USA and Brazil. The product portfolio includes seeds oils (mostly

5

sunflower) and olive oils (packaged as well as in bulk), olives, soaps. Though an

important part of the business focuses on the manufacturing of oils with private brands

and the commercialization of oils in bulk, the company also markets a broad range of own

brands.

6.1. Olive oil and Production Process

The Mediterranean basin population have incorporated olive oil in their culture for a very

long time. Nowadays, the benefits of this diet are fully recognized. This leads to the

rediscovery of olive oil as a natural healthy product, with an important role to play in a

balanced diet.

Extra Virgin Olive Oil is the only vegetable fat that can be consumed in its natural state.

The extraction process retains all its properties, making this a healthy food that helps to

keep the organism balanced.

In general, Olive oil has been used for thousands of years, particularly by the

Mediterranean basin population. They were the ones who understood its nutritional value

and benefits for health very early on. Today, olive oil advantages have been scientifically

identified and explained. Olive oil is a healthy fat because it consists of mono-

unsaturated2 fatty acids, Vitamin E and pro-Vitamin A, essential nutrients for a balanced

diet. These are only some of the many reasons why nutritionists and other medical

specialists recommend olive oil in all diets - a basic product that is essential for healthy

eating.

Consumers, and the Portuguese in particular, are today much more open to new trends

and better informed about the needs of the human organism. Therefore, the consumption

of olive oil has increased considerably in recent years, particularly the best quality

segments such as Extra Virgin.

2 The mono-unsaturated fatty acids also help protect the heart and the skin.

6

6.1.1. Olive harvest and transformation

Sovena Group and all its companies, follow a quality policy regarding the olives. Only

the olives that strictly follow its norms are received in the company`s factories. Therefore,

all the olive trees must have a special treatment meaning that they are selected carefully,

in order to produce a high quality olive oil. Then the maceration and crushing processes

release the olive oil inside the vegetable tissues of the olives. After these processes it is

obtain a paste which is pressed and decanted to produce virgin or extra virgin olive oils.

Receiving at the factory

The olives unloaded in the factories go through a careful quality control process. All the

olive oil which is bought is organoleptically tested based on previous samples. After the

olive oil is received, laboratory tests are made to guarantee that the olive oil quality

follows to the pre-established quality norms. These tests are made throughout the entire

production process. Then, the olive oil is classified in different lots depending on its legal

and organoleptic type.

Batch and Filtering

The virgin and extra virgin olive oil go directly for batching. Subsequently several types

of olive oil need to be blended (combined) to obtain each product's and markets` desired

flavor. There are various organoleptic tastings, in which a group of expert tasters critically

evaluates the flavor, smell and color of the olive oils. After the tastings, the olive oils are

filtered. The resulting olive oils have no impurities, they are crystal clear.

Refining

The olive oils that are neither virgin nor extra virgin are submitted to refining. This means

that they are neutralized, whitened and deodorized, turning their flavor and color

smoother, and removing any undesirable flavors or smells. After the refining, they are

ready to be combined with extra virgin or virgin olive oils to create what is legally called

"Olive Oil". Different quantities of the various olive oils result in organoleptic profiles

more adequate to different markets.

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Bottling

The factories offer all different types of olive oil, with capacities between 20ml and 5

liters, packaged in PET, PEAD, glass and tin. The diversity of the packaging available

for the company`s clients is one the many solutions that Sovena Group can present.

The last phase of the process is the secondary packing and shipping. The boxes where the

products are placed are grouped in pallets and then prepared for transportation to the

client.

6.1.2. Characterization of the different types of Olive Oils

Virgin Olive Oil – oils obtained from olives that have not undergone any treatment other

than washing, decanting, centrifugation, and filtration. Virgin oil is obtained during the

first pressing of whole olives.

Extra Virgin Olive Oil – obtained through the mechanical pressing extraction process

of the olives without being refined as in the case of the Virgin Olive Oil. This is a higher

quality Olive Oil with a free acidity of not more than 0.8 grams per 100 grams. It is the

best of virgin oils free of taste defects and with some fruitiness flavor;

Virgin Olive Oil - obtained through the mechanical pressing extraction process of the

olives. It has a free acidity, expressed as oleic acid, of not more than 2 grams per 100

grams. Type of oil suited for human consumption but may exhibit taste defects; Lampante

Virgin – Not fit for human consumption if does not incur further processing steps and

possesses flavor and odor defects.

Olive Oil – made from blending virgin and refined olive oil. Represents the majority of

global Olive Oil sales and hence fit for human consumption.

Pure Olive Oil – oil that has been refined into a not poisonous product yet it still preserves

the initial glyceridic structure of Olive Oil. It does not contain the same beneficial

nutrients that the virgin oil contains

6.2. Seed Oils

Vegetable oils are an important source of vitamins and essential for a diverse, balanced

diet. It is by consuming vegetable oil that the body can get the nutrients it needs and is

unable to produce, and which no other fat has in such abundant amounts. Other substances

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are also found in vegetable oil, in smaller amounts, such as phytosterols, which are known

to help reduce cholesterol. Containing no additives and being 100% natural, vegetable oil

is extracted from a variety of fruits and seeds.

6.3. Soaps

Soap is one of the most-used hygiene products around the world. Sovena`s soaps have

been part of daily life in Portugal for many decades with the brand Clarim. This brand is

undoubtedly the most well-known brand in this top quality range, with a wide variety of

uses and applications.

Exhibit 7 - Sovena Group Brands The strongest brands of Sovena are Oliveira da Serra, Andorinha, Fula and Olivari.

7.1. Olivari

Olivari olive oil is a product that reflects its Mediterranean origins. With unique

properties, acquired through a millennial tradition, Olivari olive oil is conceived to

accompany every meal.

This brand is considered to be the international brand of the group, being sold in all 5

continents. The international brand started in the USA, but other countries are currently

under negotiation and according to their geographic location the Olivari olive oil will

either be produce in Tunisia or Spain.

7.2. Oliveira da Serra

Market leader in Portugal for the past 5 years, Oliveira da Serra has more than 50 years

of existence. The brand currently possess more than 10.000.000 olives and an olive mill

with high technologies that guarantee the quality of the olive oils.

In a category that is extremely difficult to innovate and differentiate, since it is perceived

as a commodity, the brand was able to reinvent itself in the past few years. Innovations

like Pop Up Pourer and Olive oil in spray are some examples of the new brand strategy.

7.3. Andorinha

A Portuguese brand created in 1927, with great relevance in the Brazilian market. Since

2004 it disputes for leadership in this country. Consumer needs are taken into account via

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a perfect fit with its portfolio of products and packages. It is also available in the

Portuguese communities scattered around the world, mainly in the U.S.A., France, South

Africa, Mozambique and Macau.

7.4. Fula

The largest and most important brand of seed oils in Portugal. It has already 50 years old

and includes a wide range of products, always non-gmo3 and always 100% vegetable. It

is the market leader with more than 30% market share.

Exhibit 8 - Sovena`s major Worldwide and local Competitors

8.1. Deoleo Group4

Deoleo Group is world leader in the olive oil market, owning popular olive oil brands

such as Bertolli, Carbonell, and Carapelli. In Spain, Deoleo brand Carbonell, is the

domestic market leader. Carbonell is not just the leading brand on the olive oil market in

Spain, but is the bestselling brand in all types of oil and the Spanish brand of olive oil

with the highest sales in the world. Deoleo is also present on the Italian market through

brands such as Bertolli and Carapelli, leaders in the extra virgin olive oil and olive oil

segments. Bertolli is also leader in Germany, Netherlands and Belgium although

Carapelli and Carbonell have also large market shares. Carapelli is the bestselling foreign

brand in France. Both brands, Bertolli and Carbonell, stand out in Japan and Carapelli

and Carbonell are major brands in China.

The group is organized into several business units: Southern Europe, Spain, North

America and Other Markets. Deoleo sells its products in more than 80 countries. It also

has its own plants in Spain and Italy and its own commercial teams in another 10

countries.

8.2. SALOV Group5

SALOV, one of the largest companies in the olive oil sector worldwide, that operates

both nationally and internationally. The group owns the olive oil brands Filippo Berio

3 Non-GMO means non-genetically modified 4 Deoleo`s website 5 SALOV`s website (Salov Company, 2016)

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and Sagra. Filippo Berio is market leader in UK and in the USA, and the brand is exported

to 60 countries. The brand is also commercialized in China.

SALOV’s olive oil brand in Italy is Sagra, the brand is top seller in the olive oil and

vegetable oil categories.

8.3. Borges Group6

Owner of the olive oil brand Borges, the group follows the strategy of one single brand

all over the world (the same as Gallo Worldwide).

Borges produces a variety of olive oil. The company exports products to about 110

countries and offers private-label production services.

8.4. Dcoop Group7

Former Hojiblanca Cooperative Group – already the world’s biggest producer of extra

virgin olive oil. The Spanish group owns the brand Hojiblanca.

8.5. Gallo Worldwide

Gallo Worldwide is the one of the most notorious Portuguese olive oil brands and one of

the most famous worldwide. It works as an olive oil mixer and seller all over the five

continents. The company operates in the industry of oils and fats, particularly in the olive

oil subcategory, and it produces annually more than 30 thousand tons of olive oil, from

which 70% are exported8.Although its core product is olive oil the company also produces

vinegar and olive paste.

The group Jerónimo Martins owns 45% of the company together in a joint venture with

Unilever that owns 55%. Unilever-Jerónimo Martins priority is the Portuguese market,

mainly recovering the leadership position which has lost five years ago. However, Gallo

is the 5th olive oil brand in the world so targeting international markets is also a priority.

Although it is not, Gallo is perceived to be the first olive oil brand in Portugal and the

fifth worldwide from a top 10 ranking. The brand is commercialized all over five

6 Borges` website (Borges Company, 2016) 7 Dcoop Group website (Dcoop Group, 2016)

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continents, which accounts for a total of 49 countries with official offices located in

Portugal, Brazil and China (Gallo Worldwide, 2016)

Exhibit 9 - Market Analysis and Dimension

9.1. Portuguese Oils and Fats industry each category sales in the forecast period

from 2012 to 2017 in volume

Sub-categories (´000 Tonnes) 2012 2013 2014 2015 2016 2017

Butter 12.83 12.67 12.65 12.69 12.74 12.76

Cooking Fats 2.81 2.77 2.74 2.73 2.73 2.75

Margarine 7.02 6.94 6.94 6.91 6.88 6.91

Olive Oil 46.07 46.65 47.15 47.68 48.33 49.11

Spreadable Oils and Fats 16.26 16.17 16.12 16.14 16.23 16.44

Vegetable Seed Oil 71.77 71.81 71.91 72.03 72.24 72.96

Oils and Fats 156.74 157.00 157.48 158.15 159.15 160.93

9.2. Portuguese Oils and Fats industry each category sales in the forecast period

from 2012 to 2017 in value

Sub-categories (´EUR.Millions) 2012 2013 2014 2015 2016 2017

Butter 66.88 65.22 64.32 63.80 63.69 63.84

Cooking Fats 12.47 12.13 11.87 11.65 11.48 11.39

Margarine 18.19 17.63 17.27 16.96 16.68 16.45

Olive Oil 138.94 137.48 136.81 137.14 138.52 140.38

Spreadable Oils and Fats 67.82 66.57 66.06 65.92 66.05 66.28

Vegetable Seed Oil 83.43 81.24 79.81 78.79 78.11 77.78

Oils and Fats 387.74 380.28 376.15 374.26 374.54 376.11

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9.3. Olive Oil Consumption per capita in the EU countries in 2013

9.4. Olive oil Category - Market Shares Evolution in Portugal

Brands 2010 2011 2012 2013 2014 2015

Oliveira da Serra 17% 20% 19% 18% 21% 21%

Gallo 22% 19% 18% 17% 19% 19%

Condestável 5% 4% 3% 1% 2% 2%

Serrata 3% 3% 3% 2% 2% 6%

MDDs 29% 26% 16% 27% 28% 30%

1st Prices 15% 16% 29% 17% 13% 9%

Others 9% 12% 12% 18% 15% 13%

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9.5. Oils and fats industry in Portugal

Exhibit 10 - Oliveira da Serra

10.1 Brand Overview

Oliveira da Serra is a Sovena Group Brand, 100% Portuguese. Oliveira da Serra brings to

you the best olive oil selection, among which one of the most awarded olive oils of the

world.

The Olive Mill designed by Portuguese architect Ricardo Bak Gordon honors the

Portuguese olive grove and is a symbol of technology at the service of olive oil quality

and environmental sustainability.

10.1.1 Brand Pillars

Quality

Portfolio mainly consisted of extra virgin olive oils;

The Portuguese brand with more national and international awards - 200 awards;

Gold medal in the most prestigious olive oil contest - Mario Solinas;

Considered the World's Best Olive Oil Mills by the second consecutive year.

Innovation

Pop-up Pourer;

“Leve” concept;

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1st Portuguese Olive oil in Spray;

1st Portuguese Olive oil for frying;

Limited Edition to taste -1st Crop;

Olive oil for babies - Oliveirinha.

Competitiveness

Market Leader in Portugal;

Largest Olive grove in Portugal;

Leader in innovation;

Most awarded Portuguese brand in olive oil competitions;

Wide-ranging of olive oils with different organoléticos profiles;

100% Portuguese Brand

10.2 Brand Awareness

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10.3. Brand Portfolio

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Exhibit 11 - Benchmark 11.1. Oil & Vinegars Shop

About:

Oil & Vinegar is a concept store born out of a passion for good food and premium quality

ingredients. The first shop was opened in the Netherlands. But now it is possible to find

Oil & Vinegar shops across Europe, in the United States of America, Canada, Brazil and

Portugal. In Portugal the shops are located in CC Colombo and Campo de Ourique,

Lisboa.

11.2. Oliva & CO Shop

About:

The Oliva & Co is the first Portuguese store specialized in products from the olive trees

where you it is possible to find a wide variety of both the brand Oliva & Co or other

domestic producers. The store is located in Oporto.

11.3. Starbucks reserve roastery and tasting room

Seattle, USA – Dec 2014

About:

Interactive 1.400 square meters store dedicated to roasting, coffee education and

increasing availability of the company’s small-lot Reserve coffees; literally every Reserve

coffee bean sold to customers will be roasted in this facility.

The plan is to open at least 100 stores designed to highlight these rare coffees exclusively

starting in Chicago, Los Angeles, New York, San Francisco and Washington D.C. An

additional Roastery is planned for Asia in 2016.

Experience:

• 360 degree views from any point within the space;

• “Coffee Experience Bar” where baristas brew handcrafted beverages with six brewing

methods:

Pour Over, Chemex, French Press, Siphon, Espresso and Clover-brewed coffee;

• Coffee Library with more than 200 titles on coffee;

• Whole bean scooping table;

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• Gift shop;

• Scoop shop;

• Exposed roaster;

• Bar seating and lounging areas;

• Pizza restaurant by chef Tom Douglas inspired in coffee;

• “Clacker” board displaying what’s roasting and by whom;

• Coffee Passion Projection Wall made of smart glass displaying images of coffee at

origin;

11.4. La Maison Maille

Paris, France – 2007

About:

The original first boutique in Paris opened in 2007. The store concept borrows from the

codes of the kitchens of «grande demeure» in a experience based on discovery and tasting.

The space is organized around a central range cooker, which hosts a pump to serve fresh

mustard that the Maille Mustard Sommelier offers you to taste.

Gift sets and kitchenware complete the offer and place Maille on the same stage as reputed

gourmet maisons.

Experience:

• Selection of mustards drawn by hand into cork sealed pots;

• Maille mustards, vinegars, vinaigrettes, oils and cornichons;

• Luxurious tableware and unique gifts for food lovers;

• Mustard tastings;

• Cut-to-order domestic and international cheeses;

• Hand-crafted beers and spirits;

11.5. The Heineken Experience

Amsterdam, Holland – 1988 (redesign 2008)

About:

The brewery tour was designed to educate the public on the process of pilsner brewing as

well as to bringing the Heineken product and brand to life. The self-guided experience

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goes through a multimedia exhibit where you ‘become’ a beer by getting shaken up,

sprayed with water and subjected to heat. Tickets cost 16€ and admission includes a 15-

minute shuttle boat ride to the Heineken Brand Store near Rembrandtplein.

Experience:

• Museum and staging of the manufacturing process;

• Replica of the process of fermentation and bottling visitors explore beer point of view;

• Demonstration of how to take a beer and proof;

• Exposure of the evolution of advertising and brand;

• viewing room videos;

• Bottling and customization bottle;

• Meeting and events for rental;

• Music and football games;

• Visit the stables;

• Merchandising shop.

Awards:

• Best Tourist Attraction in Amsterdam (2009-2014)

• 2015 Certificate of Excellence Award

• Top Ten Must-Do’s in Amsterdam by USA Today

• 2014 Traveler’s Choice Award Trip Advisor

• 2008 THEA Award for Outstanding Achievement

• Consumer AV Interactive Media Installation of the Year

11.6. Guinness Storehouse

Dublin, Ireland – 2000 (redesign 2006)

About:

A Guinness-themed tourist attraction that covers seven floors surrounding a glass atrium

shaped in the form of a pint of Guinness. The ground floor introduces the beer’s four

ingredients (water, barley, hops and yeast), and the brewery’s founder, Arthur Guinness.

Other floors feature the history of Guinness advertising and include an interactive exhibit

on responsible drinking. The seventh floor houses the Gravity Bar with views of Dublin.

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Experience:

• Rooftop bar "The Gravity Bar";

• Restaurant "Brewers' Dining Hall" inspired by the cafeterias of the nineteenth century;

• Bar inspired by the typical Irish pubs "Arthur's Bar";

• Café bistrot "Gilroy's";

• Evidence the "Connoisseur Bar";

• Multi-sensory Evidence;

• Learn to serve a beer "Guinness Academy";

• Guinness advertising Museum;

• Exhibition on the history of the founder Arthur Guinness;

• Exhibition on the manufacturing process and transportation;

• Store Guinness with the largest collection of merchandising of the world;

• Spaces for events and catering.

11.7. WINERY – Cave, restaurant, expositions

Bordeaux, France – 2007

About:

A cellar containing 1700 wines from around the world, exclusive tasting sessions, a

“bistronomic” restaurant, excursions amongst the vines in a Land Rover, a 26-hectare

park, avant-garde architecture, concerts and shows… You can experience all this in a

single place, just a few miles from Bordeaux. The only site of its kind in Europe: La

Winery, the place where you discover your own Wine Sign!

Experience:

• Shop 650m² with French and foreign wines;

• Bar for tasting 16 wines and lunch menu;

• Interactive tasting;

• Tastings of Bordeaux;

• Tastings of grape varieties;

• Make your Bordeaux;

• Wine Bar

• Shop wines and gourmet products;

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• Le WY - Gourmet contemporary restaurant;

• Guided tour by jeep by vineyards and wineries;

• Educational and playful ride for clues and GPS "Discovering the Medoc";

Exhibit 12 – Store Pillars

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Exhibit 13 – Oliveira da Serra Stand (Mercado de Campo de Ourique) 13.1. Sales in Units (August 2015 – April 2016)

13.2. Average Sales in Units per time of the year

Period AUG

2015

SEP

2015

OCT

2015

NOV

2015

DEC

2015

JAN

2016

FEB

2016

MAR

2016

APR

2016 TOTAL

AZ OS AZEITE 0 0 24 24 0 0 24 0 0 72

AZ OS CLASSICO 24 24 0 12 0 12 0 0 0 72

AZ OS SELEC AZEITONAS VERDES 24 24 0 0 0 0 0 0 0 48

AZ OS VE AZEITONAS MADURAS 24 24 0 24 0 0 12 0 0 84

AZ OS CLASSICO 0 0 0 0 30 0 0 0 30 60

AZ OS OURO 24 24 0 0 0 24 0 0 0 72

AZ OS CLASSICO 12 12 0 0 0 0 0 0 0 24

AZ OS BIOLÓGICO 12 12 0 0 0 0 12 0 0 36

AZ OS SELEC AZT MADURAS 12 12 12 12 0 0 12 0 0 60

AZ OS OURO 12 12 12 12 0 0 12 12 0 72

AZ OS VE SPRAY Q.B. 0 42 0 0 0 0 0 0 0 42

AZ SAQ OS AZEITONAS MADURAS 0 20 0 20 0 0 0 0 0 40

AZ OS CLASSICO SUAVE 24 24 0 12 0 0 0 0 0 60

AZ VE LAGAR DO MARMELO 24 24 12 0 0 0 12 0 0 72

AZ OS EV GOURMET 0 24 36 12 0 0 12 12 36 132

AZ VE OS OLIVEIRINHA 12 12 12 0 0 0 0 0 0 36

AZ. VE OS ÚNICO 12 12 0 24 50 0 12 0 0 110

AZ OS VIRGEM 33% GRATIS 72 0 0 0 72 72 216 216 0 648

AZ VE OS 1ª COLHEITA 2015-2016 0 0 0 0 84 0 24 0 0 108

AZ VE OS ARBEQUINA 0 0 0 0 0 0 0 12 0 12

AZ VE OS COBRANÇOSA 0 0 0 0 0 0 0 12 0 12

AZ OS 1ªCOLHEIT 2015-16 PRATO 0 0 0 0 0 12 8 8 8 36

VINAGRE OS VINHO BRANCO 24 12 0 12 0 0 0 48 72 168

VINAGRE OS VINHO TINTO ENV 24 12 0 12 0 0 0 0 0 48

VINAGRE OS BALSAMICO 24 12 24 0 0 0 12 48 72 192

VINAGRE SAQ OS VINHO BR ENVELH 0 2 0 2 0 0 0 0 0 4

VINAGRE OS SIDRA 24 12 0 0 0 0 12 0 0 48

384 352 132 178 236 120 380 368 218 2 368

Units Sold according to different periods of the year

Jan - April 272

May- July 263

Aug - Oct 289

Nov - Dec 207

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Exhibit 14 - Financials 14.1 Expected Sales per month (2017 – 2021) in Euros

14.1.1 Product A – Olive Oil

14.1.2 Product B – Customizable Olive Oil

14.2 Expected COGS per month (2017 – 2021)

14.2.1 Product A – Olive Oil

14.2.2 Product B – Customizable Olive Oil

Sales JAN FEB MAR APR MAY JUNE JULY AUG SEP OCT NOV DEC Total

2017 1 629 1 629 1 629 1 629 1 579 1 579 1 579 1 736 1 736 1 736 1 242 1 242 18 944

2018 1 645 1 645 1 645 1 645 1 594 1 594 1 594 1 753 1 753 1 753 1 863 1 863 20 351

2019 1 662 1 662 1 662 1 662 1 610 1 610 1 610 1 771 1 771 1 771 2 795 2 795 22 380

2020 1 678 1 678 1 678 1 678 1 627 1 627 1 627 1 789 1 789 1 789 4 192 4 192 25 342

2021 1 695 1 695 1 695 1 695 1 643 1 643 1 643 1 806 1 806 1 806 6 288 6 288 29 704

Sales JAN FEB MAR APR MAY JUNE JULY AUG SEP OCT NOV DEC Total

2017 360 360 360 360 360 360 360 360 360 360 2 400 2 400 8 400

2018 364 364 364 364 364 364 364 364 364 364 3 600 3 600 10 836

2019 367 367 367 367 367 367 367 367 367 367 5 400 5 400 14 472

2020 371 371 371 371 371 371 371 371 371 371 8 100 8 100 19 909

2021 375 375 375 375 375 375 375 375 375 375 12 150 12 150 28 046

COGS JAN FEB MAR APR MAY JUNE JULY AUG SEP OCT NOV DEC Total

2017 652 652 652 652 631 631 631 694 694 694 497 497 7 578

2018 658 658 658 658 638 638 638 701 701 701 745 745 8 140

2019 665 665 665 665 644 644 644 708 708 708 1 118 1 118 8 952

2020 671 671 671 671 651 651 651 715 715 715 1 677 1 677 10 137

2021 678 678 678 678 657 657 657 723 723 723 2 515 2 515 11 881

COGS JAN FEB MAR APR MAY JUNE JULY AUG SEP OCT NOV DEC Total

2017 180 180 180 180 180 180 180 180 180 180 1 200 1 200 4 200

2018 182 182 182 182 182 182 182 182 182 182 1 800 1 800 5 418

2019 184 184 184 184 184 184 184 184 184 184 2 700 2 700 7 236

2020 185 185 185 185 185 185 185 185 185 185 4 050 4 050 9 955

2021 187 187 187 187 187 187 187 187 187 187 6 075 6 075 14 023

23

14.3 Average number of units sold per day in each month (2017 – 2021)

14.3.1 Product A – Olive Oil

14.3.2 Product B – Customizable Olive Oil

Units

per day JAN FEB MAR APR MAY JUNE JULY AUG SEP OCT NOV DEC

2017 9 9 9 9 9 9 9 10 10 10 7 7

2018 9 9 9 9 9 9 9 10 10 10 7 10

2019 9 9 9 9 9 9 9 10 10 10 7 16

2020 9 9 9 9 9 9 9 10 10 10 7 23

2021 9 9 9 9 9 9 9 10 10 10 7 35

Units

per day JAN FEB MAR APR MAY JUNE JULY AUG SEP OCT NOV DEC

2017 1 1 1 1 1 1 1 1 1 1 7 7

2018 1 1 1 1 1 1 1 1 1 1 10 10

2019 1 1 1 1 1 1 1 1 1 1 15 15

2020 1 1 1 1 1 1 1 1 1 1 23 23

2021 1 1 1 1 1 1 1 1 1 1 34 34

24

Exhibit 15 – Income Statement (Until 2021)

Exhibit 16 – Income Statement (Until 2021)

2017 2018 2019 2020 2021

Sales 27 344 31 187 36 852 45 251 57 750

COGS 11 778 13 558 16 188 20 091 25 905

SES 181 493 101 493 101 493 101 493 101 493

EBITDA -165 926 -83 864 -80 829 -76 333 -69 647

Depreciations 3 600 3 600 3 600 3 600 3 600

EBIT -169 526 -87 464 -84 429 -79 933 -73 247

Taxes

Operational Result -169 526 -87 464 -84 429 -79 933 -73 247

2017 2018 2019 2020 2021

Subcontracts 80 000

Specialized services

Specialized jobs

Advertising and marketing 20 000 20 000 20 000 20 000 20 000

Surveillance and Security 500 500 500 500 500

Fees 38 571 38 571 38 571 38 571 38 571

Supplies

Energy

Electricity and water 840 840 840 840 840

Travel, stay and transport

Transportation of goods

Other services

Incomes and rents 37 921 37 921 37 921 37 921 37 921

Communication

insurance 300 300 300 300 300

Cleaning, hygiene and

confort 3 360 3 360 3 360 3 360 3 360

TOTAL 181 492 101 492 101 492 101 492 101 492

25

Exhibit 17- Sample of the Business Plan (Until 2021)

2017 2018 2019 2020 2021

Marketing

Project design 55 000,00 €

Space Refurbishment 30 000,00 €

Space Decoration 15 000,00 €

Brand Activations 0,00 € 20 000,00 € 20 000,00 € 20 000,00 € 20 000,00 €

Total 100 000,00 € 20 000,00 € 20 000,00 € 20 000,00 € 20 000,00 €

Operational Costs

Rent 37 921,21 € 37 921,21 € 37 921,21 € 37 921,21 € 37 921,21 €

COGS 11 777,60 € 13 558,24 € 16 188,12 € 20 091,44 € 25 904,52 €

Personnel 38 571,43 € 38 571,43 € 38 571,43 € 38 571,43 € 38 571,43 €

Electricity, water 840,00 € 840,00 € 840,00 € 840,00 € 840,00 €

Insurances 300,00 € 300,00 € 300,00 € 300,00 € 300,00 €

Surveillance 500,00 € 500,00 € 500,00 € 500,00 € 500,00 €

Cleaning Maintenance 3 360,00 € 3 360,00 € 3 360,00 € 3 360,00 € 3 360,00 €

Total 93 270,24 € 95 050,88 € 97 680,76 € 101 584,08 € 107 397,16 €

Sales

Exclusive Product Sales 8 400,00 € 10 836,00 € 14 472,36 € 19 909,08 € 28 046,17 €

Product sales 18 944,00 € 20 350,60 € 22 379,85 € 25 342,25 € 29 703,59 €

Total 27 344,00 € 31 186,60 € 36 852,21 € 45 251,34 € 57 749,77 €