Future Business Model - Miniconf by rachelleshantal

future business MODEL I MiniWood by

TABLE OF CONTENT EXECUTIVE SUMMARY INTRODUCTION TREND TO FORECAST COMPANY ANALYSIS

3 4 6-7 8

STRATEGIC ADVICE

10-11

LONG TERM GOALS

BALANCED SCORECARD

14-15

BACK AND FRONT OFFICE

16-17

FINANCIAL JUSTIFICATION

CONCLUSION

APPENDIX > Sources

23 24

> Strategic advice Research

> BMC Miniconf

> Strategy implementation SWOT Miniconf Confrontation Matrix 4 chosen strategic implementations 4 BMCâ&#x20AC;&#x2122;s

27-33

> Financial justifications Calculations Income statement Balance sheet

34-35

EXECUTIVE SUMMARY The following is a strategic advice for Sarabanda, based on the external and internal analysis for Miniconf. This will be expressed through long term goals, short term KPIâ&#x20AC;&#x2122;s and financial justifications. Two issues that need to be improved are about poor brand visibility on the online and offline channels and the lack of possibilities to expand internationally. To anticipate to these problems Sarabanda needs to improve its online and offline branding strategy on an international level and create strong relationships with parents and their children. Furthermore, the children need to be involved more within the shopping process and Miniconf should dictate the market with its unique Italian heritage. To face these obstacles, Sarabanda is advised to open an experience store in Amsterdam, named MiniWood by Sarabanda. By also updating and using its social media channels, website and logo the company is able to strengthen in terms of marketing and branding. When successful, the brand will extend its reach to Germany in 2022. If Sarabanda follows this advice, the brand is able to grow, expand and increase its brand visibility. Investing will be beneficial on the long run. In this way it will become a strong and successful brand, on an international level. Letâ&#x20AC;&#x2122;s discover the strategic advice written especially for Miniconf.

INTRO DUCTION Miniconf, one of the biggest players within the Italian childrenswear industry, is leader within its segment through its three brands Sarabanda, iDO and Dodipetto. The companyâ&#x20AC;&#x2122;s style is focused on Italian heritage, positions in the midhigh segment and is also situated in Spain and Russia (de Jong et al., 2018). Until now... This report contains a strategic advice that is based on the external and internal analysis. It consists of realistic long term goals, short term KPIâ&#x20AC;&#x2122;s and a financial justifications. 4

All information used in this report was found online or through interviews with different departments, field research and observations. The limitation that has been faced was the lack of contact with the company itself.

TREND TO FORECAST

FASHION INDUSTRY Currently, there are more than 17 million people living in The Netherlands. This only adds up to 3,3% of the Western European population, but with a domestic market value of EUR 11.7 billion, it makes up 3,5% of the the whole Western European market which is worth EUR 335 billion. When looking at the Dutch consumption pattern on fashion, the future looks very bright. In 2022, the Dutch households will spend over 8% more on fashion than in 2017. This is a lot considering Germany’s market share of 25%, while their consumption pattern is actually decreasing with almost 1%. Nowadays, the ‘hybrid consumer’ is rising; a consumer who chooses between service, advice, experience and sustainability on one side, and price and speed on the other side. The consumer wants to know more about their products. They became individualistic and want quality and keep other people’s opinions in mind when buying something. CHILDRENSWEAR INDUSTRY The global childrenswear market has grown for a second consecutive year in 2017. The Dutch apparel market currently generates EUR 11.7 billion. Within this market, the childrenswear market is responsible for EUR 1.4 billion. This means that the childrenswear market is accountable for 11,8% of the total Dutch apparel market. In 2017 there was a total of 2.736.000 children between the ages of 0-15 years

old. This number is expected to grow with a 0,6% in 2022. Due to the economic recovery, the Dutch population has become increasingly optimistic. This gives consumers room to start or expand a family, which will further drive the growth of childrenswear. The consumer has all the power, which will even become more in the future. Especially when children are involved. The children’s influence on the parents shopping decisions is becoming more important when they go out shopping together. This is a great way for brands to create strong relationships with parents and children. By viewing children as “consumer influentials” retailers have the ability to influence both the parent and the child at the same time (de Jong et al., 2018).

3,5% The Netherlands €11.7 billion

96,5%

Western Europe €335 billion

Figure 1: Value Dutch fashion industry, compared to the West-European fashion industry.

TRENDS Rapid Urbanization As more people are living and working in central areas, mega cities are formed and become larger. The growth of urban areas also comes from the increase in migration. The urban centers of the world are now much more likely to be in large emerging markets which are responsible for a bigger share of the apparel demand. Marketeers are advised to approach mega-cities in emerging markets on a city-by-city basis, because there are often significant differences between cities. Growing up within a mega-city influences childrenâ&#x20AC;&#x2122;s behaviour due to the environment they live in (de Jong et al., 2018). Digitization Digitization is the process of converting information from a physical format into a digital one. It can be seen as the beginning of a new wave of creativity. One of the most important trends within digitization is Artificial Intelligence (AI). This means that computers can be trained to accomplish specific tasks by processing large amounts of data and recognizing patterns in the data. Because of the digital age there is an easier availability of big data and resultant analytics. This information can be exploited by fashion companies to improve customer experience and to track consumer trends. Having orientation towards children in-store involves having eye-level displays and encouraging children to handle goods (de Jong et al., 2018).

COMPANY ANALYSIS Miniconf’s most important values are transparency/loyalty, respect and sense of belonging.

The company uses a functional structure. All employees are grouped according a specialized set of roles/tasks. All external communication is done by the CEO himself. Every department has its own manager, who are responsible for their own department and communicate certain decisions (made and applied) directly to the president. Miniconf has a formal business model, with a family flavour style. All department managers are Italian and report directly to the president and the CEO. This means that the management style is a combination between autocratic and democratic. The managers decide, with cooperation of lower levels. The leader behaviour is production oriented, which emphasises task accomplishment. The work culture is described as dynamic. The relationship between the employees is very family oriented and dedicated to the local social aspects of life. The old-school philosophy, respect for others and the excellent work environment are reasons people want to work for the company. The strongest skills of Miniconf are its quality and safety mascot Mr. Fagus, the excessive quality control, its broad market reach (because of the different brands) and the Italian heritage.

Miniconf has an excessive quality control process, which means the company is able to quickly deliver high quality products error free and for a reasonable price. This means Miniconf uses the operational excellence strategy. It is using a Lean supply chain strategy. The company stated that price is most of the time the most important aspect in the sourcing process. Furthermore, it tries to keep the level of stock/inventory as efficient as possible, by using forecasts. Miniconf’s mission is to make each brand’s identity stronger and more unique. By offering that, it can also satisfy the ‘small consumers’. The company’s vision is “children inspire us, our values guide us”. The company indicates that it will focus on the following objectives for the upcoming three years: increasing brand awareness, increasing profitability and visibility of the stores. The main strategy is internationalization. Miniconf wants to double the revenues within the next five years from 15% to 30-35%. Financially, Miniconf is solvent, liquid and profitable. Furthermore, the company has a lot of cash (de Jong et al., 2018).

STRATEGIC ADVICE Miniconf is facing two major issues. These are about poor brand visibility on the online and offline channels and a lack of possibilities to expand internationally.

The company wants to expand outside Italy. In order to expand, it first needs to increase its brand awareness which will result in better online visibility. The company will start in The Netherlands because this is one of the best European countries to measure the business because of the excellent climate for international business (Trend to forecast, p.6-7). From there on it is easier to expand to other European countries. Miniconf is suggested to only focus on Sarabanda and to target 4-12 years old children. For Sarabanda, it is important to stay true and stick to its Italian heritage. It makes the brand unique and it can fill in the gap in the Dutch market. By offering affordable apparel, Sarabanda can offer the illusion of an Italian luxury brand for customers (Appendix, p.25). MiniWood by Sarabanda The brand is suggested to open a flagship store in Amsterdam. The store is placed outside the main shopping streets but still easy accessible. Sarabanda does not want to associate itself with fast fashion brands and wants customers to shop with an intention. The store is called MiniWood by Sarabanda and is focused on creating the unique customer experience for kids. The equipment is adjusted to their heights. The environment is based on the Tuscany Hills

and Mr. Fagus with natural characteristics like moving birds, nature sounds and the smell of flowers. Mr. Fagus lives in MiniWood by Sarabanda. His house, the Mr. Fagus House, is centered in the store. Children can interact with, learn from and visit him. Connected to the Tuscany Hills and sustainability. The Tree of Dreams can be found in the store in which the children can leave their wishes. The store feels more like a playground than a clothing store. The MiniWood staff fits within this playful environment by being enthusiastic towards the children. They will sell the products in an entertaining way. By bringing enjoyment to children all year round, it creates fascinating reactions and memories that last a lifetime. Within the store there is a digital wall with photos of Instagram influencers wearing Sarabanda. Customers can also share their outfits through the hashtag #SarabandaLook. Another big digital screen with a scanner attached, allows the customer to scan a garment and see the garment combined with other items on a mannequin. This Matchmaking system makes it possible for children to mix and match their own outfits. With the RFID system, parents can find information about available stock and price. The item can be ordered online as well. Furthermore, customers are able to buy a basic item in-store and customize it with embroideries, upon-prints etc. The children can make their own design with

the use of an iPad. Customization is only available throughout a few months per year. In-store events Within MiniWood by Sarabanda, events take place. When opening the store, the first 100 entrants receive a free gift. Meets and greets with Dutch influencers like Onnedi, Meisjedjamila, Enzo Knol and Freek Vonk (Bright, 2018), will be organized and the collections are launched in a festive way. If the children and their parents attend these events, they receive a free limited edition product. Social media To increase online visibility, Sarabanda will promote the brand through social media such as Instagram, Facebook and Youtube. To make the collection more accessible, the customer can directly shop the clothing through Instagram and Facebook via Shopify. By using mega-influencers (10.000 followers or more), the brand will have its own ambassadors. The influencers will be mothers of 25-35 years old, like Queen of Jetlags, Rose Bertram, Kae Sutherland, Ruba Zai and children of 2-10 years old, managed by their parents. Sarabanda will make use of a YouTube channel where it will publish different videos. These will be about seasonal styling advice, aftermovies of in-store events and the production process, all in line with the total brand vibe. Furthermore, there will be a contest for a total makeover from one of the stylists of Miniconf within the store, published on Youtube. Website and logo To enhance the brand identity, an update of the Sarabanda website and logo is needed. By making it as attractive and playful in terms of colours and form, it will be coherent to MiniWood by Sarabanda. Further expansion In 2019, the first flagship store in Amsterdam will open. If it turns out that the store will be successful, further expansion will be considered in Europe. After The Netherlands Sarabanda needs to expand to Germany in 2022 (Nederlandwereldwijd.nl, 2018). In this way Sarabanda is able to settle down in The Netherlands and to create brand awareness. The process into creating this advice can be found in the appendix, p.25-33.

LONG TERM GOALS

1. IMPROVE ONLINE AND OFFLINE BRANDING STRATEGY ON AN INTERNATIONAL LEVEL To improve the online branding strategy, Sarabanda needs to update its logo and website to a more playful colour and form. By enlarging the presence on social media and by using brand ambassadors, Sarabanda will become more well-known. Additionally, by opening an experience flagship store, the customer’s shopping experience will be enhanced. The intention is to open more stores within Europe if the brand will be successful within the Netherlands.

3. INVOLVE CHILDREN WITHIN THE SHOPPING PROCESS Children should be more involved within the shopping process. MiniWood’s experience and its staff are there to entertain, inspire and advise them to create their own personal style.

2. CREATE STRONG RELATIONSHIPS WITH PARENTS AND THEIR CHILDREN Through actively engaging with customers and building and maintaining strong relationships, Sarabanda can build a loyal customer base. In this way, the customer can identify with the brand easier.

4.DICTATE THE MARKET WITH SARABANDA’S UNIQUE ITALIAN HERITAGE Sarabanda should use its Italian heritage as a strength and bring it to the Dutch market as its unique selling point. By exploiting the Italian heritage in its business model, the company can fill in a gap in the European fashion market.

BALANCED SCORECARD STRATEGIC ADVICE By opening an experience store in The Netherlands, Sarabanda is able to increase its international offline brand awareness, which will result in more online visibility. By investing a lot in marketing and branding (such as experience stores, AI, social media), the brand is able to grow on a national and international level.

14 Figure 2: Balanced Scorecard.

CUSTOMER OBJECTIVE

MEASURE

KPI 2020

KPI 2021

INITIATIVE

Create and maintain a loyal customer base within The Netherlands.

Customer survey. Measure online followers. Conversion rate.

1. 10% of customers revisited the store within one year. 2. Online followers increased with 15% within one year. 3. Conversion rate is 10% (Shoppertrak, 2016).

1. 30% of customers revisited the store within one year. 2. Online followers increased with 25% within one year. 3. Conversion rate is 12% (Shoppertrak, 2016).

Send a survey to customers who signed up for the online newsletter. Sponsored posts on social media targeted at target group. Special store routing.

Engage with the customers so they are able to identify themselves with Sarabanda.

Count the amount of times the hashtag #SarabandaLook has been used.

4. #SarabandaLook has been used 100 times within one year in The Netherlands.

4. #SarabandaLook has been Reposting customerâ&#x20AC;&#x2122;s photos. used 150 times within one Show the customerâ&#x20AC;&#x2122;s photos year in The Netherlands. in-store. Sarabanda uses the hashtag on its social media channels; customers will use it too.

Customer survey that measures the experience satisfaction. Observing customers.

. Create an experience in the shopping process.

Make online and offline channels accessible and attractive.

Online statistics. Offline conversion rate.

At least 60% of respondents are satisfied.

6. Online: conversion rate is 0,8% (Smart Insights, 2018). 7. Offline: if 250 people walk by the store, at least 50 people should come in.

At least 75% of Specialized and well-trained respondents are satisfied. store staff.

6. Online: conversion rate is Attractive store windows and 1% (Smart Insights, 2018). store name. 7. Offline: if 250 people Children have their own walk by the store, at least 85 special smaller door through people should come in. which they can enter the store. Make children curious to enter the store.

FINANCIAL OBJECTIVE

KPI 2020

KPI 2021

INITIATIVE

at the income statement.

8. Increased with at least 45% (compared to net profit in 2016).

8. Increased with at least 50% (compared to net profit in 2016).

Expand / enter new markets. Invest in marketing. Outside-in perspective.

Invest in marketing and branding (departments).

Percentage of cash invested in marketing and branding.

9. 30% of cash invested in marketing & branding (startup costs).

9. 10% of cash invested in marketing & branding.

Reserve the budget.

Invest in in-store technology.

Percentage of cash invested in marketing and branding.

10. 18% of marketing and branding budget is reserved for technology.

10. 4% of budget for marketing and branding reserved for technology.

Reserve the budget. Buy the equipment.

Double net profit.

MEASURE Look

INTERNAL PROCESS OBJECTIVE Hire staff for specific tasks (marketing, international oriented management team).

KPI 2020

MEASURE Number

of newly employees.

hired

KPI 2021

INITIATIVE

11. 30% of newly hired employees for the marketing/ branding department, should be a millennial. 12. 30% should have a nonItalian background. 13. 60% of the management and marketing/branding departments need to be able to communicate in professional English.

11. 30% of newly hired Recruitment office that hires employees for the marketing/ international employees branding department, should (outside Italy). be a millennial. Employees receive English 12. 30% should have a nonlessons. Italian background. 13. 60% of the management and marketing/branding departments need to be able to communicate in professional English.

Invest in staff trainings so they are able to interact with children.

Performance rating.

14. Performance rating is at least 75%.

14. Performance rating is at Constantly ask the opinion of least 85%. the customers so Sarabanda can adapt it to its training program.

Use the Italian heritage as a unique selling point.

Count the amount of sales in The Netherlands.

15. 70% of the collection should be sold full price.

15. 75% of the collection Adapt to the local trends should be sold full price. while keeping the Italian heritage in mind.

LEARNING AND GROWTH OBJECTIVE

MEASURE

KPI 2020

KPI 2021

INITIATIVE

Gain more knowledge about different international markets.

International sales % will go up.

16. 16% of international sales should be increased to 16,5%. (13.556.282,7/82.885.696,03*1 00% = 16,3%).

16. 16% of international sales should be increased to 17%. (14.607.247,4/85.971.831,70*1 00% = 16,9%).

Research various international markets.

More outside-in thinking.

Collection is accessible for more markets.

17. 70% of the entire collection the company produces should be sold in different countries adapted to the cultures/environment.

Divide the collection to different countries depending on sales forecasting and research.

BACK AND FRONT OFFICE BACK OFFICE

STAFF

DESIGN

BUYING

FINANCE

KPI: 11, 12, 13, 14

KPI: 15

KPI: 17

KPI: 8, 9, 10, 16

- Offering high service level by highly trained store staff: customer comes first. - Creating a marketing department that is specialized in customer relationships. - Hire employees that are specialized in digital communication, e-commerce and Google SEO. - Hire employees for visual merchandising and in-store decoration. - Create an international network for expanding and hire employees for marketing and branding departments. - Training on how to interact and connect with children. - The entire company should be informed about the different international markets (values, culture, trends).

- Responding to customers needs in terms of style, price and quality (doing market and trend research aimed at children). - Using the Italian heritage as an extra tool to dictate the Dutch childrenswear market. - Expanding also affects the design department. The designers need to keep the Italian heritage and the international market in mind.

- Strategic way of buying by looking at the needs of the market.

- The budget for marketing and branding will increase.

PRODUCTION

- Higher amount of production. - If the current suppliers are not able to produce this higher amount of goods, the company should consider to find a new supplier near the warehouse. When looking for the new supplier, Miniconf has to keep in mind that the quality of the garments has the highest priority.

WAREH

- The wareho to be able to higher amou Because of t employees h hired to wor warehouse.

- The wareho should be or in an efficien prevent spac shortage.

HOUSE

ouse needs o handle a unt of stock. this, more have to be rk in the

ouse rganized nt way to ce and time

Figure 3: Back and front office.

FRONT OFFICE SHIPPING

- Higher shipping costs due to expansion - Logistics should be organized in flexible and productive way.

STORES

CUSTOMER

SOCIAL MEDIA

AFTER SALES

KPI (online): 6 KPI (offline): 3, 7

KPI: 1

KPI: 2, 4

KPI: 5

- Creating a marketing department that is specialized in customer relationships.

- Be interactive with the customer on social media (by responding to photos, reposting photos, giveaways, liking, commenting, sharing).

- Hire people for visual merchandising and instore decoration. - Offering high service level (highly trained store staff, customer comes first). - Improve layout and logo. - Doing research to the newest developments within the technology industry. - Being able to respond to customers needs in terms of style, price and quality (doing market and trend research aimed at children).

- Try to connect with the customer to create a deep relation. In this way the customer will revisit the store.

FINANCIAL JUSTIFICATION INCOME STATEMENT When looking at Miniconf’s sales, 84% is Italian and 16% is international (Spain, Great Britain and Russia) (Fashionunited. it, 2016). The total childrenswear market within the Netherlands will grow with 15% onwards 2022 (Euromonitor, 2018). That means 2,5% every year (2017-2022).

To decide how much of the 16% belongs to the sales in the Dutch market, a benchmark has been done with H&M (one of its competitors) whose Dutch sales is 3,2% of its total sales (About H&M, 2018). When calculating the sales of Miniconf from 2019 on, the sales within The Netherlands will be €336.384. This will double every year, starting in 2019. Because of the strategic advice (p.10-11), the company will increase its brand awareness which will result in more sales (online and offline). When looking at 2022 and comparing Miniconf’s sales in 2022 of €90 million to the total childrenswear market in The Netherlands of EUR 1.7 billion the company’s market share is 0,05%, which is reasonable.

the profit of the current year is added to the retained earnings of the previous year. This is repeated until 2022. CONCLUSION The return on assets from 2016 to 2022 increased with 0,6% (Appendix, p.34). When looking at the increase of netincome and ROA ratio, Miniconf is facing a bright future and will be a more valuable business. When working according to this strategic advice, the net-income will increase with 63% from 2016 until 2022. Year (From - till) Increase net income in % Year (From - till) Increase net income in %

2016- 2017 2017- 2018 2018- 2019 38

2,5

2019- 2020 2020- 2021 2021- 2022 2,9

3,7

5,2

Figure 4: Increase of net-income per year.

To calculate the other numbers of the income statement, the POS (percentage of sales) method has been used. BALANCE SHEET When looking at the asset side of the balance sheet of 2016, all assets are calculated as a percentage of sales. Those percentages of sales have been multiplied to every years sales, until 2022. When looking at the equity and liabilities side of the balance sheet of 2016

For calculations, balance sheet and income statement consult the appendix, p.34-35.

CON CLUSION If Miniconf follows this strategic advice, the poor brand visibility on the online and offline channels will be improved. The lack of possibilities to expand internationally will also be solved. Miniconf will be able to expand to The Netherlands in 2019 and to Germany in 2022. By maintaining one of Miniconfâ&#x20AC;&#x2122;s strongest values, the Italian heritage, it keeps its brand identity and loyal customers. By using Mr. Fagus in stores, the customer will get awareness about durability in a fun way. If Miniconf invests in the experience stores, the company is able to grow, expand and increase its brand visibility. Investing instead of saving is beneficial for Miniconf on the long run. To achieve a strong and successful company on a national and international level, Miniconf is advised to use this strategy. Letâ&#x20AC;&#x2122;s make Sarabanda the best leading childrenswear brand, by making MiniWood reality!

Rachelle, Malou, Dennis, Naz & Dorothy - M2B

APPENDIX MiniWood by

SOURCES About H&M. (2018). Annual Report 2017. [online] Available at: http://about.hm.com/content/dam/hmgroup/ groupsite/documents/en/Digital%20Annual%20Report/2017/Annual%20Report%202017.pdf [Accessed 1 Jun. 2018]. Armani. (2018). Store locator | Armani. [online] Available at: https://www.armani.com/experience/us/storelocator/#store/48336 [Accessed 8 Jun. 2018]. Azzurro Kids. (2018). Designers - Azzurro Kids. [online] Available at: https://azzurrokids.nl/product-category/ designers/ [Accessed 8 Jun. 2018]. Bright. (2018). Onderzoek: grote invloed vloggers op koopgedrag kinderen. [online] Available at: https://www. bright.nl/nieuws/artikel/3914231/onderzoek-grote-invloed-vloggers-op-koopgedrag-kinderen [Accessed 8 Jun. 2018]. Childrenswear in The Netherlands. (2018). Euromonitor.

24 de Bijenkorf. (2018). Kindermode | Shop kindermode online | de Bijenkorf. [online] Available at: https://www. debijenkorf.nl/kindermode [Accessed 8 Jun. 2018].

de Jong, R., Mast, D., Poon, D., Groeneweg, M. and Mawajedi Shikpokht, N. (2018). Miniconf Company Analysis. de Jong, R., Mast, D., van der Woude, J., Boakye, P., Poon, D. and Falk, E. (2018). Trend to Forecast. de Jong, S. (2018). Influencers Research Interview. Designer Outlet Roermond. (2018). Gucci | Designer Outlet Roermond. [online] Available at: https://outlets. mcarthurglen.com/nl/nl/designer-outlet-roermond/winkels/gucci/ [Accessed 8 Jun. 2018]. Fashionunited.it. (2016). Miniconf: fatturato 2015 a 74,5 milioni. [online] Available at: https://fashionunited.it/news/ business/miniconf-fatturato-2015-a-74-5-milioni/2016022214633 [Accessed 1 Jun. 2018]. Kaayk (2011). De Stad. [image] Available at: http://www.kaayk.nl/ [Accessed 8 Jun. 2018]. Nederlandwereldwijd.nl. (2018). Best European Countries for Business 2017. [online] Available at: https://www. nederlandwereldwijd.nl/binaries/nederlandwereldwijd/documenten/publicaties/2017/06/17/eu-chambers-report_ best-european-countries-for-business_2017/Best+EuropeanCountries+for+Business+2017_EUCHAM.pdf [Accessed 7 Jun. 2018]. Sales of Apparel and Footwear. (2018). Euromonitor. Shoppertrak. (2016). Fashion Conversion Benchmarking Report 2016. [online] Available at: https://uk.shoppertrak. com/wp-content/uploads/2016/03/Fashion-Conversion-Benchmarking-Report-2015.pdf [Accessed 8 Jun. 2018]. Smart Insights. (2018). Ecommerce conversion rates 2018 - Smart Insights. [online] Available at: https://www. smartinsights.com/ecommerce/ecommerce-analytics/ecommerce-conversion-rates/ [Accessed 8 Jun. 2018]. Vahedi Nikbakht, R. (2018). Influencers Research Interview.

STRATEGIC ADVICE Sarabanda

Gucci Kids

Dolce & Gabana Kids

Emporio Armani Kids

Moncler Kids

0-16

0-12

0-16

0-14

€12-€134

€100-€1450

€90-€1250

€40-€850

€50-€600

Bijenkorf (Amsterdam, Outlet (Roermond, Azzurro Kids (Amsterdam)

Bijenkorf (Amsterdam), Azzurro Kids (Amsterdam), P.C. Hooftstraat (Amsterdam)

Koninginnelaan (Maasmechelen)

Bijenkorf (Amsterdam), Azzurro Kids (Amsterdam)

Figure 5: Other Italian fashion brands in the Netherlands, compared to Sarabanda (on target group age, price and place) (Armani, 2018; Azzurro Kids, 2018; de Bijenkorf, 2018; Designer Outlet Roermond, 2018). RESEARCH INFLUENCERS Interview: Suyenne de Jong (11 years) Favorite tv stars/youtubers: - Ronnie Flex - Onnedi - Meisjedjamila Interview: Robin Vahedi Nikbakht (12 years) Favorite tv stars/youtubers: - Ronnie Flex - Enno Knol - Freek Vonk - Kalvijn

BMC MINICONF Green Red Purple Orange

= Strength = Weakness = Opportunity = Threat

Children need to be influenced directly which makes it important to influene both the parent and the child at the same time

Fast fashion is still rising and therefore the price standard is reducing Sustainability trend is rising

Distribution (Zehejiang Semir Garment Co.) HRM (people talent) Transport (BRT) Logotel (Partner Lab) Intertex (Quality Control) Hogrefe

Production (quality control) Problem solving (building relationships with customers) Platform/netork (e-commerce, partnerlab, social media, events) Lack of possibilities to expand internationally Difficulties at selling inventory due to slow and non-practical scm

Suppliers

Italian design Brand/status

Intlellectual (production, target group, industry)

Niche-market

Online customer service

Different brands with different target groups

Usability in design

Economic growth which gives consumers the room to start/expand a family The total of children between 0-15 is expected to grow with 1% in 2022 Aging population

Respect Transparancy/loyalty Sense of belonging Italian heritage

Physical (inventory, building)

Personal assistance (in-store)

High level of quality and safety Lack of transparancy

Direct (physical stores and webshop) In-direct (social media, events) Poor brand visibility online and offline

Human (300 employees) Financial (equity, liabilities)

Cost-driven

Asset sale

Financially healthy

Advertising

Dutch households will spend over 8% more on fashion in 2022

Figure 6: Miniconfâ&#x20AC;&#x2122;s Business Model Canvas, 2018.

Childrenswear stores within The Netherlands are declining Increase in online sales

STRATEGIC IMPLEMENTATION Figure 7: SWOT Miniconf

SWOT Main strenghts of the organization

Main Weaknesses of the organization

Main opportunities of the organization

Main threats of the organization

Different brands with different targetgroups

Poor brand visibility, online and offline

Sustainability trend is rising

Childrenswear stores within the Netherlands are declining

Italian heritage

Lack of possibilities to expand internationally

Economic growth, which gives consumers the room to start/expand a family

Aging population

High level of quality and safety

Lack of transparancy

Increase in online sales

Fast fashion is still rising and therefore the price standard is reducing

Financially healthy

Difficulties at selling inventory due to slow and non practical supply chain.

Dutch households will spend over 8% more on fashion in 2022

Increase in international competition

The total of children between 0-15 is expected to grow with 1% in 2022

Figure 8: Confrontation Matrix

Opportunities Threats

Sustainability trend is rising

Economic growth, which gives consumers the room to start/expand a family

3 4 5

Italian heritage

High level of quality and safety

Financially healthy

Poor brand visibility, online and offline

Lack of possibilities to expand internationally

Lack of transparancy

Difficulties at selling inventory due to slow and non practical supply chain.

3 1

Increase in online sales Dutch households will spend over 8% more on fashion in 2022 The total of children between 0-15 is expected to grow with 1% in 2022

Weaknesses

Different brands with different targetgroups

Strenghts bination with a Appreci ate every com 0 (no issue) 1 (issue of slight value) 3 (issue) value) 5 (issue of important

3 1

Childrenswear stores within the Netherlands are declining

Aging population

Fast fashion is still rising and therefore the price standard is reducing

Increase in international competition

7 1

5 0

STRATEGIC IMPLEMENTATION ARGUMENTATION ON THE FOUR SCENARIOS SYSTEM OVERLOAD - 1 Poor brand visibility, online and offline > Increase in online sales. The implementation is the most realistic reaction towards this scenario because it is about online and offline brand visibility. Miniconfâ&#x20AC;&#x2122;s goal is to increase its brand visibility, which fits within this scenario and implementation. ACTIVE FIREWALL - 2 High level of quality and safety > Fast fashion is still rising and therefore the price standard is reducing. The implementation is the most realistic to happen within this scenario because nowadays 28 people care more about a high level of personal service (Euromonitor, 2018) and quality as a reaction to the fast fashion trend that is still rising. RADICAL RECOVERY - 4 Lack of possibilities to expand internationally > Increase in international competition. The implementation is the most realistic reaction towards this scenario because of international competition and keeping the melting pot in mind is important. Different values/cultures can affect the expanding process, therefore it is crucial to adapt and research the market. FAILED TO CONNECT - 3 Lack of transparency > Sustainability trend is rising. Because of the dystopian situation in this scenario (no AI and no migration) this entire scenario is unrealistic. However, when looking at the four scenarios, the chosen implementation is the most suitable. Beecause of the rising trend of sustainability, which is also possible within this scenario.

STRATEGY IMPLEMENTATION From Scenario to Business Model

Describe

Scenario

SYSTEM OVERLOAD

Customer 25-55: Young Adults

See?

- Demographic: growth of population and cultures, less traditional Dutch households.

- Demographic: Diesel, they use diverse models for advertising

- Economic: High national income, more skilled/specialised people, increase of international development, new markets, purchase power more selective, shift in jobs/markets, GNP goes up, no inflation, unemployment does not change, higher disposable income.

- Social: H&M, they use plus size models

- Social: Mix of cultures --> creates different values in society, people become more aware and tolerant, higher level of education, consumer value experience.

Example(s)

- Technical: Nike, innovative fabrics - Ecological: Zara, Fast fashion, producing in low- wage countries - Political: Suitsupply, advertising wiht two men kissing, etc.

- Technical: Technology will improve even more, Artificial Intelligence.

- Socially connected through technological devices. - Groups with the same values, interests, etc. - Rise of awareness of sustainability

- Copying influencers/celebrities - Being as much informed/updated as possible

Hear?

Pain?

Think&Feel?

Gain?

- Future uncertainty - Conceirned about the environment

- A load of information - Different opinions, languages, etc. - Product reviews, influenced by social influencers

- Selfconfidence - Heatlhy lifestyle - Status

- Feel the need of having more privacy - Pressure of society - Feel the need of being different

- Ecological: Lack of resources, too many people using the resources.

Say&Do?

- Political: Human rights will become even bigger, rise of minorities.

Business concept(s)

Implementation

Cost

Cost - Benefit analysis

- Invest in marketing/e-commerce (social media/events/hire specialised marketeers) - Find relevant places to open stores (to reach the right customer) - E-commerce plug-ins for online shop (shopify) - Adjust the Italian collection when entering other market - Trend forecast and research/Data analytics to forecast demands

Poor brand visibility, online and ofďŹ&#x201A;ine (W) > Increase in online sales (O). Need to do: - More promotion (social media/events) - Opening temporary stores (pop-up stores) - Increase in online sales - Google SEO/SEA (google shopping with keywords) - Improve e-commerce

Benefit

Customer-Driven

- More visibility - Brand awarenes - More selling points - Accessibility for customers (purchase) - Higher global recognition, tailored to different customer

Process/Procedure/Policy = approach

- Process: Increasing brand awareness and brand visibility - Procedure: Opening concept stores focused on accessibility for customers & invest in e-commerce (both web store and selling through social media) - Policy: Research possible places to open pop-up stores, more promotion focused on social media and e-commerce, finding relevant places to open the stores by looking at where the right customer is

STRATEGY IMPLEMENTATION From Scenario to Business Model

Describe

Scenario

ACTIVATE FIREWALL

- Demographic: Balenciaga compared to Primark. The middle segment is slowly fading

- Economic: The national income will be average, stop of economic growth, prices could go up due to reducing the use of AI, back to cash.

- Economic: Zara is reducing their prices over the years

- Technical: Neglection of technology, back to basic. - Ecological: Huge lack of resources, hard to manage natural resources without AI. - Political: Regulations change concerning AI, more radical parties arise.

Business concept(s)

Customer 25-55: Ambitious Thinker

See?

- Demographic: Population growth, a gap between high and low income -> cause for the revolution within AI.

- Social: Due to a mix of cultures it will create different values within society, more traditional lifestyle, more buying in physical stores, harder to connect with others.

Example(s)

- Social: Ralph Lauren, the brand has his own design style and is not easy to change. so this refer to the traditional lifestyle. The luxury brands want you to go to the store. E.g. Louis Vuitton does not have the prices on the website. - Technical: Hema, Zeeman. Old fashion companies all about basic. - Ecological: Stella Mccartney, all the leather within the collection is vegan.

Implementation

High level of quality and safety (S) > Fast fashion is still rising and therefore the price standard is reducing (T). Need to do: - Be more transparant about their processes/quality/safety - Educate/inform people more about the negative side of fast fashion - High level of personal service, adjusted to different countries - Make customers part of the design/development process - Produce nearby - A-location stores (to compete with fast fashion stores)

- Unequal opportunities between men and women - Change of the work environment - More traditional lifestyles

Say&Do?

- Being as much informed/updated as possible - Networking - Trying to discuss about new ideas

Hear?

Pain?

Think&Feel?

Gain?

- Future uncertainty (artificial itelligence) - Fear of failure - Ideas not being appreciated

- A load of information - One rule/value for everyone, which they have to follow - Influenced by collegues/environment

- Work pressure/pressure of wanting to be successful - Feel the need of being different, but they can not

Cost

- Selfconfidence - Status - Work/life balance

Cost - Benefit analysis

- Source for new manufacturers - High costs of a-location stores - Made-to-measure - Invest in marketing/e-commerce (social media/events/hire specialised marketeers) - Find relevant places to open stores (to reach the right customer) - Staff trainings

Benefit

- More visibility - Brand awareness - More selling points - Accessibility for customers (purchase) - Lower production costs

Resource-Driven

Process/Procedure/Policy = approach

- Process: Increasing brand awareness and brand visibility - Procedure: Opening concept stores focused on accessibility for customers & invest in e-commerce (both web store and selling through social media), invest in staff trainings, source for new manufacturers - Policy: Research possible places to open pop-up stores, more promotion focused on e-commerce, finding relevant places to open the stores by looking at where the right customer is, finding good manufacturers close-by

STRATEGY IMPLEMENTATION From Scenario to Business Model

Describe

Scenario

RADICAL RECOVERY

Example(s) - Social: Suitsupply, people vandalism the advertising objects

- Economic: The national income will be average, stop of economic growth, prices could go up due to reducing the use of AI, back to cash.

- Technical: Lonsdale, worn bij the neo nation

- Social: Due to a mix of cultures it will create different values within society, more traditional lifestyle, more buying in physical stores, harder to connect with others.

Customer 25-55: Life Enjoyers

See?

- Demographic: Population growth, a gap between high and low income -> cause for the revolution within AI.

- Ecological: Forever 21, fast fashion, exhaisting resources, etc.

Say&Do?

- Read and watch news every day - Going with the flow - Being selective of the information they gather

- Socially connected (physical) - Awareness of sustainability - Cultural differences

Hear?

Pain?

Think&Feel?

Gain?

- Concerned about the environmen - Thinking about the future

- Different opinions, languages, etc. - Suggests health promotion to others - Radical counter-actions

- Technical: Neglection of technology, back to basic.

- Ecological: Huge lack of resources, hard to manage natural resources without AI.

Business concept(s)

- Selfconfidence - Healthy lifestyle - Social stability

- Positive mindset - No more life pressure - Feeling left out, due to cultural differences - Feeling more connected to the younger people

- Political: Regulations change concerning AI, more radical parties arise.

Implementation

Lack of possibilities to expand internationally (W) > Increase in international competition (T). Need to do: - More brand visibility (networking/advertisements), adjusted to different cultures. - Make the italian heritage more accesible for everyone - Market/customer research - Make use of knowledge about different cultures to expand Resource-Driven

Cost

Cost - Benefit analysis

- invest in advertisment that fits a certain country/culture - Hire people from outside Italy to have a fresh view within the company - Do research about different cultures and the best way to approach them in a commercial way

Benefit

- The brand will get accepted by different cultures - The company will have a modern look combined with the Italian herritage which will fit in more countries - they have knowledge of different cultures

Process/Procedure/Policy = approach

- Process: Expand the brand outside italy when take in consideration the competitors and how they can compete with them - Procedure: Do good research about your different customers to know what the different customers in different countries want - Policy: Re organise the brand and make it more fitable for internationalisation

STRATEGY IMPLEMENTATION From Scenario to Business Model

Describe

Scenario

FAILED TO CONNECT

- Demographic: A stop of population growth, more traditional households, disposable income will be lower. - Economic: Inflation, no international development, back to cash, productivity goes down which means there will be a drop economic growth. - Social: Traditional, conservative, buy in physical stores, social ignorance, level of education is average. - Technical: No future developments, back to basic, neglection of technology, technology will be cheaper.

Example(s)

Say&Do?

- Creating their own stable environments - Having quality time with the family

- Changes in parenting - Traditional way of thinking - Families being more on their own - Differences in family cultures

- Social: Hermes, traditional brand and is about store experience and has no prices online.

Hear?

Pain?

Think&Feel?

Gain?

- Ecological: Stella MCcartney, she uses vegan leather.

- Only hear what the government wants (manipulation) - One rule/value for everyone, which they have to follow

- Political: Lonsdale, worn by neo nation

- Ecological: Increase of use in resources, hard to manage natural resources without AI, lack of resources. - Political: More radical parties arise, extreme nationalism.

Business concept(s)

Customer 25-55: Family Boomers

See?

- Demographic: Zeeman, the people do not have a choose and they have to buy the products with the lowest price.

Implementation

Lack of transparancy (W) > Sustainability trend is rising (O). Need to do: - More offline visibility about the sustainable process/brand - Invest in close-loop production - Second hand program (online and offline) - Educate customers about the brand values (sustainable events/social media) - More local production Customer-Driven The trend is rising, so apparently the customer is having that need (they need to fulfill).

- Work/family life balance - Successful parenting - Satisfaction

- Hard to connect with others - Strong connection within the family

Cost

- Lack of personal time - Pressure from the government/society - Pushed in a certain direction by the government - Trust issues

Cost - Benefit analysis

- Invest in the stores so the production process is visible. Same for brand values. - Invest in elements that make the production process visible (like a promotion movie or visual merchandising). Same for brand values. - Invest in close-loop machines / a close-loop production process. - Invest in a second-hand program. - Buy local production facilities and hire employees.

Benefit

- The customer knows what the values of the brand are in terms of brand identity and production process. - The customer knows what he or she is buying. - By investing in the close loop machines the production process will be more sustainable and less polluting. - The second hand program is more sustainable. - Even though local production is expensive, the company can control the quality better, faster and easier.

Process/Procedure/Policy = approach

- Process: Communicating the local sustainable production process to the customer and also informing them about the companyâ&#x20AC;&#x2122;s second hand program. - Procedure: Create information points in the store. Change the supply chain. - Policy: Teach the employees about sustainability and the production process. Implement closed loop production in the supply chain / production process. Inform the customer about the second-hand program and urge them to participate.

Figure 9: Strategic Implementations 2022

STRATEGIC IMPLEMENTATION ARGUMENTATION ON THE FOUR BUSINESS MODEL OPTIONS + FEASIBILITY SYSTEM OVERLOAD - 1 Poor brand visibility, online and offline > Increase in online sales. This business model option is most feasible, because this one is most likely to happen in the future. Nowadays there is a lot of innovation in terms of technology and digitization. Additionally, because of the rapid urbanization the society is becoming more multicultural. ACTIVE FIREWALL - 2 High level of quality and safety > Fast fashion is still rising and therefore the price standard is reducing. This business model option is feasible, because you actually see it happening right now, in terms 30 of local production, high import taxes, trade wars and counter-reactions (for example United States and Europe). RADICAL RECOVERY - 4 Lack of possibilities to expand internationally > Increase in international competition. The possibility of AI not taking over businesses is very small. Businesses are already using AI and keep innovating its processes, so itâ&#x20AC;&#x2122;s unlikely that the companies stop using AI. Therefore, this business model option is not feasible. FAILED TO CONNECT - 3 Lack of transparency > Sustainability trend is rising. This business model option is not feasible, because everything has to be done locally, which is impossible. This will be too expensive and complex because you have to do and organize everything yourself.

Celebrities and influencers

Production (work and environmental friendly)

Sustainable manufacturers

Problem solving (durability, being different)

Design

Dedicated personal assistance (in-store)

Niche-market

Newness

Online customer service (AI)

Young adults (socially connected)

Transport

Brand image

Co-creation

Raise of awareness of sustainability

Logotel (Partner Lab)

Accessibility

Community

Influenced by social influencers

Intertex (Quality Control)

Sense of belonging

Pressure of society Feeling the need of being different

Physical (inventory, building) Intlellectual (production, target group, industry)

Direct (stores and webshops: with plugins like shopify)

Human (350-400 employees)

In-direct (social media, events)

Being as much informed / updated as possible

Financial (equity, liabilities)

Value-driven Finance (balance sheet)

Design, development, sales, marketing, branding, online/offline shops, delivery, logistics and human workforce

Asset sale Advertising

Marketing agency (brand awareness)

Production

Brand/status

Sustainable manufacturers

Product/market combination

Transparancy

Ambitious thinker (more traditional lifestyle)

Sense of belonging

Pressure (work, wanting to be successful)

Usability

Influenced by collegues/environment

Transport Logotel (Partner Lab)

Problem solving (educate/inform people about fast fashion)

Dedicated personal assistance

Intertex (Quality Control)

Niche-market

Networking Future uncertainty about AI Physical (inventory, building) Intlellectual (production, target group, industry)

Direct (stores and webshops: with plugins like shopify)

Human (350-400 employees)

In-direct (social media, events, ad)

Fear of failure

Financial (equity, liabilities)

Finance (balance sheet)

Design, development, sales, marketing, branding, online/offline shops, delivery, logistics and human workforce

High level of quality and safety

Trying to be against fast fashion

Cost-driven

Asset sale Advertising

31 Marketing agency (brand awareness) Sustainable manufacturers

Production (local) Problem solving (getting connected without AI with other people)

Dedicated personal assistance (physical)

Brand/status

Transport

Niche-market Life enjoyers (socially connected)

Accessibility

Radical counteractions

Logotel (Partner Lab)

Positive mindset

Intertex (Quality Control)

Cultural differences Feeling left out due to cultural differences

Agent Physical (inventory, building)

Direct (physical store)

Intlellectual (production, target group, industry)

In-direct (ads, events)

Human (400-450 employees)

Go with the flow Concerned about the environment Read and watch the news every day

Financial (equity, liabilities)

Finance (balance sheet)

Design, development, sales, marketing, branding, online/offline shops, delivery, logistics and human workforce

High level of quality and safety

Trying to be against fast fashion

Cost-driven

Local suppliers

Asset sale Advertising

Production (local)

Dedicated personal assistance (physical)

Usability

Niche-market

Local quality control

Accessibility

Family boomers (traditional thinking)

Local factories

Design

Strong connection with family, more on their own Creating their own stable environments

Local transport

Lack of personal time

Pressure (society, the government) Physical (inventory, building)

Physical stores in own country

Intlellectual (production, target group, industry)

Only hear what the government wants One rule/value for everyone

Human (300 employees) Financial (equity, liabilities)

Cost-driven Finance (balance sheet)

Design, development, sales, marketing, branding, online/offline shops, delivery, logistics and human workforce

Asset sale Approved/basic ads

High level of quality and safety

Figure 10: Business Model Canvas options, based on Strategic Implementations.

STRATEGIC IMPLEMENTATION ARGUMENTATION ON AND ONE VISUAL THAT REPRESENTS THE MOST FEASIBLE BUSINESS MODEL SYSTEM OVERLOAD - 1 Poor brand visibility, online and offline > Increase in online sales. The infrastructure between online and offline is becoming more important. Furthermore, it is important for brands to create strong relations with parents and their children. Because of the migration there will be a population growth and society will be more multicultural. Customers are more demanding tech-savvy and have almost unlimited access to information through the usage of different devices and platforms. People are becoming more efficient and expect every activity to be as smooth as possible. Technology provides us these tools, such as electronic payments, interactive screens and customer service. Due to increasing in population there 32 is also a rise of data that needs to be managed. Thanks to new innovations in the field of technology, artificial intelligence is now smarter than ever. Brands are forced to look at their own customers as individuals with their own uniqueness. Companies will also have to include more diversity in the way they communicate their brand (de Jong et al., 2018). Because of these facts Miniconf will be more future-proof and the company will be able to expand internationally. Competitors are going in this direction and Miniconf has to adapt to this. If it wants to enter the European childrenswear market, the company has to adapt to this environment and change its way of working.

Figure 11: Visual that represents System Overload.

FINANCIAL JUSTIFICATION CALCULATIONS BALANCE SHEET - Return on assets 2016: 2,3% - Return on assets 2022: 2,9% CALCULATIONS INCOME STATEMENT Italian market: 84% / International markets (Spain/Russia/GB): 16% Benchmark: - H&M (3,2% sales in NL) Miniconf (0,45% sales in NL = 336.384) Miniconf The Netherlands starts in 2019. 2019: 34 84% = 78.536.320 * 0,84 = 65.970.508,80 * 1,025 = 67.619.771,50 16% = 12.565.811,20 + 336.384 = 12.902.195,20 SALES 2019 = 67.619.771,50 + 12.902.195,20 = 80.521.966,7 2020: 84% = 80.521.966,7 * 0,84 = 67.638.452,03 * 1,025 = 69.329.413,33 16% = 12.883.514,7 + 672.768 = 13.556.282,7 SALES 2020 = 69.329.413,33 + 13.556.282,7 = 82.885.696,03 2021: 84% = 82.885.696,03 * 0,84 = 69.623.984,67 * 1,025 = 71.364.584,3 “16% = 13.261.711.4 + 1.345.536 = 14.607.247,4 “ SALES 2021 = 71.364.584,3 + 14.607.247,40 = 85.971.831,70 2022: 84% = 85.971.831,70 * 0,84 = 72.216.338,63 * 1,025 = 74.021.747,09 16% = 13.755.493.1 + 2.691.072 = 16.446.565,10 SALES 2022 = 74.021.747,09 + 16.446.565,10 = 90.468.312,19 Miniconf sales in NL doubles every year The titak Dutch market share in The Netherlands in 2022: 1.703.300.000 Miniconf’s market share in 2022: 90.468.312,19 / 1.703.300.000 * 100% = 0,05% market share.

Income Statement Miniconf 2015

PERCENTAGES

(€ 74.752.000,00) (€ 76.620.800,00) (€ 78.536.320,00) (€ 80.521.966,70) (€ 82.885.696,03)

€ 85.971.831,70 (€ 90.468.312,19)

2,5% every year = 15% in 2022

COGS

(€ 40.007.000,00) (€ 41.375.232,00) (€ 42.409.612,80) (€ 43.481.862,02) (€ 44.758.275,86) (€ 46.424.789,12) (€ 48.852.888,58)

54% of sales

Gross profit

(€ 34.745.000,00) (€ 35.245.568,00) (€ 36.126.707,20) (€ 37.040.104,68) (€ 38.127.420,17) (€ 39.547.042,58) (€ 41.615.423,61)

Salary costs

(€ 10.271.000,00) (€ 10.726.912,00) (€ 10.995.084,80) (€ 11.273.075,34) (€ 11.603.997,44) (€ 12.036.056,44) (€ 12.665.563,71)

14% of sales

SG&A costs

(€ 17.493.000,00) (€ 17.622.784,00) (€ 18.063.353,60) (€ 18.520.052,34) (€ 19.063.710,09) (€ 19.773.521,29) (€ 20.807.711,80)

23% of sales

Depreciation

(€ 4.174.000,00) (€ 4.597.248,00) (€ 4.712.179,20) (€ 4.831.318,00) (€ 4.973.141,76) (€ 5.158.309,90) (€ 5.428.098,73)

6% of sales

Other expenses

(€ 1.270.000,00) (€ 1.532.416,00) (€ 1.570.726,40) (€ 1.610.439,33) (€ 1.657.713,92) (€ 1.719.436,63) (€ 1.809.366,24)

2% of sales

Total costs

(€ 33.208.000,00) (€ 34.479.360,00) (€ 35.341.344,00) (€ 36.234.885,02) (€ 37.298.563,21) (€ 38.687.324,27) (€ 40.710.740,49)

EBIT

(€ 1.537.000,00) (€ 1.532.416,00) (€ 1.570.726,40) (€ 1.610.439,33) (€ 1.657.713,92) (€ 1.719.436,63) (€ 1.809.366,24)

Interest costs (plus or minus) EBT

Assets

2016

2017

2018

2019

Tangible

Other Assets

Tangible

Financial

Assets Total

(€

3.926.816,00) (€ 4.026.098,34) (€

Equity & Liabilities 308.000,00) (€ 306.483,20) (€ 314.145,28) (€ Equity & Liabilities

(€ 10.333.000,00) (€ 10.333.000,00)

Fixed Assets Fixed Assets

996.070,40) 582.318,08)

(€ 10.619.642,88)

Financial (€ 582.318,08) Financial (€ 582.318,08) Accounts Receivable Accounts Receivable

Tangible (€ Tangible (€ 9.041.254,40) Accounts Receivable Accounts Receivable Total Assets 79.306.624,08) Total Assets (€ 9.041.254,40) 79.306.624,08) Financial (€ 582.318,08) Financial (€ 582.318,08) Securities Securities

Total

(€ 49.084.624,00) (€ 49.084.624,00)

Total (€ 68.686.981,20) (€ 68.686.981,20) 0,118 0,118 Current AssetsCurrent Assets 0,0076 0,0076

Total

(€ 30.222.000,00) (€ 30.222.000,00)

Liabilities

Inventories Total Assets 0,892 (€ 79.306.624,08) (€ 79.306.624,08) 0,892 Accounts Receivable Accounts Receivable

(€ 6.480.000,00) Provisions 6.480.000,00) Total Equity (€ & Liabilities 79.306.624,00) Total Equity & Provisions Liabilities 79.306.624,00) Long-term debt (€ 7.000.000,00) Long-term debt (€ 7.000.000,00)

Current AssetsCurrent Assets

Liabilities

Provisions 6.480.000,00) Provisions 6.480.000,00) Equity Liabilities (€ 77.008.000,00) Total Equity & Total Liabilities (€ & 77.008.000,00) Long-term (€ debt (€ 7.000.000,00) Long-term debt 7.000.000,00)

Liabilities

Inventories Total Assets

Short-term(€debt (€ 16.742.000,00) Short-term debt 16.742.000,00)

Securities formule:

(€ 30.222.000,00) (€ 30.222.000,00)

Balance Sheet Miniconf 2018Liabilities Balance Sheet Miniconf 2018 (€ 77.008.000,00) Equity Liabilities (€ 77.008.000,00) (€ 77.008.000,00) Total Equity & Total (€ & 77.008.000,00)

ties

Short-term debt Tangible Tangible

(€ 16.742.000,00) (€ 9.267.285,76) (€ 9.267.285,76)

Share premiumShare premium (€ 12.368.000,00) (€ 12.368.000,00)

Equity & Liabilities Equity & Liabilities Equity

Share capital Share capital (€ 3.000.000,00) (€ 3.000.000,00)

Balance Sheet Miniconf 2018 Balance Sheet Miniconf 2018 (€ 596.876,03) Retained earnings (€ 36.072.713,60) (€ 596.876,03) Retained earnings (€ 36.072.713,60)

Securities formule:

0,013

and cash0,118 equivalents Cash and cashCash equivalents 0,118 sales 2017: 76620800 sales 2017: 76620800 Total (€ 68.686.981,20) Total (€ 68.686.981,20) 0,0076 0,0076 Total Assets

Assets

0,892 0,892 Total Assets (€ 79.306.624,08) (€ 79.306.624,08)

Short-term debt (€ 16.742.000,00) Short-term debt (€ 16.742.000,00)

winst: Total

2298624 2298624 (€ 30.222.000,00) (€ 30.222.000,00)

Balance Balance Sheet Miniconf 2019 Sheet Miniconf 2019 Equity & (€ 79.306.624,00) Total Equity & Total Liabilities (€ Liabilities 79.306.624,00)

Assets

Fixed2017: Assets formule: Fixed2017: Assets 0,013 formule: 0,013 sales 76620800 sales 76620800 Intangible (€ 1.046.785,57) Intangible (€ 1.046.785,57) 0,118 0,118 Tangible (€ 9.501.592,07) Tangible (€ 9.501.592,07) 0,0076 0,0076

Equity & Liabilities Equity & Liabilities

Equity Equity winst: 2298624 winst: 2298624 Share capital Share capital(€ 3.000.000,00) (€ 3.000.000,00) Share premiumShare premium (€ 12.368.000,00) (€ 12.368.000,00)

Balance Sheet Miniconf 2019 Balance 611.966,95) Sheet Miniconf 2019 Retained earnings (€ 38.488.372,60) Retained earnings (€ 38.488.372,60) 0,892

Financial

(€ 68.686.981,20)

Assets Total Total

Assets Total

(€ 10.885.133,95) (€ 10.885.133,95) (€ 30.222.000,00)

Assets Total

Fixed Assets Fixed Assets

Equity Liabilities Equity & Liabilities Total 51.440.713,60) Total & (€ (€ 51.440.713,60) Equity Equity

Fixed Assets Fixed Assets

Equity

(€ 79.306.624,08)

Intangible (€ 1.020.972,16) Intangible 1.020.972,16) Current Assets Current Assets(€ Total Equity &2016: Liabilities (€ 79.306.624,00) sales (€ 74.752.000,00) sales 2016: (€ 74.752.000,00) Tangible (€ 9.267.285,76) Tangible (€ 9.267.285,76) Inventories Inventories

capital (€ 3.000.000,00) Share capital Share (€ 3.000.000,00) Liabilities Liabilities premium (€ 12.368.000,00) Share premiumShare Provisions (€ 12.368.000,00) 6.480.000,00) Provisions 6.480.000,00)

Intangible (€ 1.046.785,57) Intangible (€ 2017: 1.046.785,57) Current Assetssales Current Assets 76620800 sales 2017: 76620800 Tangible (€ 9.501.592,07) Tangible (€ 9.501.592,07) Inventories Inventories

0,013

Financial (€ Financial Receivable (€ 596.876,03) Accounts Accounts Receivable

Retained (€ 36.072.713,60) Retained earnings 36.072.713,60) Long-term debt (€ 7.000.000,00) Long-termearnings debt 7.000.000,00)

Financial (€ 611.966,95) Financial (€ 611.966,95) Accounts Receivable Accounts Receivable

Share capital(€ 3.000.000,00) (€ 3.000.000,00) Share capital winst: Liabilities Liabilities 2298624 winst: 2298624 premium (€ 12.368.000,00) Share premiumShare (€ 12.368.000,00) Provisions 6.480.000,00) Provisions 6.480.000,00) Retained (€ 38.488.372,60) Retained (€ 38.488.372,60) Long-termearnings debt 7.000.000,00) Long-termearnings debt 7.000.000,00)

0,118

Total Securities

0,0076 0,892

2017:

76620800

Total Securities

596.876,03)

Balance Sheet Miniconf 2018 Balance Sheet Miniconf 2018 (€ 10.885.133,95) Total (€ 51.440.713,60) (€ 10.885.133,95) Total 51.440.713,60) Short-term debt 16.742.000,00) Short-term(€debt 16.742.000,00)

Assets Cash and cash Assets equivalents Cash and cash equivalents Fixed Fixed Assets Assets(€ 70.054.397,44) Current AssetsCurrent Total Total Assets (€ 70.054.397,44)

Equity & Liabilities Equity & Liabilities

Intangible (€ 1.020.972,16) Intangible (€ 1.020.972,16) Inventories Inventories Tangible (€ 9.267.285,76) Tangible (€ 81.662.713,69) 9.267.285,76) Accounts Receivable Accounts Receivable Total Assets (€ Total Assets (€ 81.662.713,69)

Equity Equity Liabilities Liabilities Total (€ 30.222.000,00) Total (€ 30.222.000,00) Share capital 3.000.000,00) Share capital Provisions 3.000.000,00) (€ 6.480.000,00) Provisions (€ 6.480.000,00) Share premium ShareEquity premium 12.368.000,00) debt 7.000.000,00) Long-term debt 7.000.000,00) Total & Long-term Liabilities (€ 81.662.713,60) Total Equity & Liabilities (€ 12.368.000,00) 81.662.713,60)

Financial (€ 596.876,03) Financial (€ 596.876,03) Securities Securities winst: 2298624 Total (€ Total 2018: (€ 10.885.133,95) and cash(€ equivalents Cash and cashCash equivalents sales 78.536.320,00) sales 2018: (€ 10.885.133,95) 78.536.320,00)

Retained earnings 36.072.713,60) Retained earnings 36.072.713,60) Short-term (€ 16.742.000,00) Short-term debt (€debt 16.742.000,00) Total (€ 51.440.713,60) Total (€ 51.440.713,60)

Assets (€ 1.046.785,57)

ble

(€ 9.501.592,07)

cial

(€

611.966,95)

(€ 11.160.344,58)

nt Assets

ories

ties

and cash equivalents (€ 71.825.594,30) (€ 84.078.372,76) 80521966,7 formule:

Short-term debt 16.742.000,00) Short-term (€ 16.742.000,00) winst 2018: 2356089,6 0,892 winst 2018:(€debt 2356089,6

Total

(€ 30.222.000,00) (€ 30.222.000,00)

ble

(€ 10.144.676,14)

cial

(€

653.385,92)

(€ 11.915.695,87)

Tangible (€ Tangible (€ 9.501.592,07) Accounts Receivable Accounts Receivable Total Assets 84.078.372,76) Total Assets (€ 9.501.592,07) 84.078.372,76) Financial (€ 611.966,95) Financial (€ 611.966,95) Securities Securities (€ 11.160.344,58) Total (€ 11.160.344,58) Cash and cash equivalents Cash cashTotal equivalents Sales and 2019: 80521966,7 Sales 2019: 80521966,7

(€ 30.222.000,00) (€ 30.222.000,00)

Total

(€ 71.825.594,30) Total (€ 71.825.594,30) formule: formule: 0,013 Total

Total

(€ 30.222.000,00) (€ 30.222.000,00)

Sheet0,013 Miniconf Balance Balance Sheet Miniconf 2021 2021

Assets Total

Equity 0,0076 Equity capital (€ 3.000.000,00) Share capital (€ 3.000.000,00) Liabilities Liabilities winst 2018: 2356089,6 0,892 Share winst 2018: 2356089,6 premium (€ 12.368.000,00) Share premiumShare (€ 12.368.000,00) Provisions 6.480.000,00) Provisions 6.480.000,00)

Fixed Assets Fixed Assets 0,0076 Intangible (€ 1.117.633,81) Current Assets (€ 1.117.633,81) Current AssetsIntangible 0,892 Tangible (€ 10.144.676,14) Tangible (€ 10.144.676,14) Inventories Inventories

Retained (€ 40.974.943,48) Retained earnings 40.974.943,48) Long-termearnings debt 7.000.000,00) Long-term debt (€ 7.000.000,00) Total (€ 56.342.943,48) Total 56.342.943,48) Short-term(€debt 16.742.000,00) Short-term debt 16.742.000,00)

Financial (€ 653.385,92) Financial (€ 653.385,92) Accounts Receivable Accounts Receivable Total (€ 11.915.695,87) Total (€ 11.915.695,87) Securities Securities

Fixed Assets Fixed Assets(€ 73.934.040,86) Current AssetsCurrent Total Assets (€ 73.934.040,86) Total Intangible (€ 1.077.514,05) Intangible (€ 1.077.514,05) Inventories Inventories 0,013 Tangible (€ 9.780.512,13) Tangible (€ 9.780.512,13) Accounts Receivable Accounts Receivable 0,118 (€ 86.564.943,43) Total Assets Total Assets (€ 86.564.943,43) Financial (€ 629.931,29) Financial (€ 629.931,29) Securities Securities 0,0076 Total 2020: 11.487.957,47) Total (€ 11.487.957,47) Cash and cash (€ equivalents Cash and cash equivalents sales 2020: 82885696,03 sales 82885696,03 0,892 winst 2019: 2415659

Total Securities

Equity2018: Equity 0,892 winst 2356089,6 winst 2018: 2356089,6 (€ 3.000.000,00) Share capital Share capital (€ 3.000.000,00)

Long-term debt

(€ 6.480.000,00) formule: formule: (€ 7.000.000,00)

ties

Short-term debt

(€ 16.742.000,00)

(€ 76.686.873,88)

Total

(€ 30.222.000,00)

(€ 89.144.098,45)

Total Equity & Liabilities

(€ 89.144.098,43)

and cash equivalents

85971831,7

0,013 0,118

Balance Ba S68

Financial (€ (€ 687.559,17)

Equity Equity Liabilities Liabilities Total (€ 30.222.000,00) Total (€ 30.222.000,00) Share capital Share capital(€ 3.000.000,00) (€ 3.000.000,00) Provisions 6.480.000,00) Provisions 6.480.000,00) Share premium (€ 12.368.000,00) Share premium (€ Long-term debt 7.000.000,00) Long-term debt 7.000.000,00) Equity & (€ 12.368.000,00) 89.144.098,43) Total Equity & Total Liabilities (€ Liabilities 89.144.098,43)

Fixed Assets Current Assets (€ 80.6 Current AssetsFixed Total Total Assets (€ 80.697.734,47) Intangible (€ 1.176.088,06) Intangible (€ 1.17 Inventories Inventories

Retained earnings 40.974.943,48) Retained earnings 40.974.943,48) Short-term (€ 16.742.000,00) Short-term debt (€debt 16.742.000,00) Total (€ 56.342.943,48) Total (€ 56.342.943,48)

Financial (€ 653.385,92) Financial (€ 653.385,92) Securities Securities Total (€ 11.915.695,87) (€ 11.915.695,87) Cash and cash equivalents Cash and cashTotal equivalents sales 2021: 85971831,7 sales 2021: 85971831,7

Retained earnings (€ 43.554.098,43) Retained earnings (€ 43.554.098,43) Short-term debt 16.742.000,00) Short-term debt 16.742.000,00) Total (€ 58.922.098,43) Total (€ 58.922.098,43)

Total (€ 76.686.873,88) Total Total (€ 76.686.873,88) Total Current AssetsCurrent Assets formule: 0,013 Liabilities formule: 0,013 Liabilities

(€ 30.222.000,00) (€ 30.222.000,00)

Balance Sheet Miniconf 2022 Inventories 6.480.000,00) (€ 6.480.000,00) Total Assets (€ 89.144.098,45) Total Equity (€ & Liabilities 89.144.098,43) Total Assets Inventories (€ 89.144.098,45) Total Equity Liabilities 89.144.098,43) 0,118& Provisions 0,118 Provisions

2486570,88

Inventories 0,013 Receivable Accounts

0,118 Securities 0,0076 0,0076 Cash and cash equivalents 0,892 0,892 Total (€ 80.697.734,47) winst 2020: winst 2020: 2486570,88

Total Assets

Equity & Liabilities Accounts Receivable Accounts Receivable

debt (€ 7.000.000,00) Long-term debt (€ 7.000.000,00) 0,0076 0,0076 Long-term Securities debt (€ 16.742.000,00) Short-term debt (€ 16.742.000,00) Equity sales 2021: sales 2021: Securities 85971831,7 85971831,7 0,892 0,892 Short-term Cashcapital and cashCash equivalents and cash equivalents Share (€ 3.000.000,00) winst 2021: winst 2021: 2579154,95 2579154,95 Total (€ 76.686.873,88) Total (€ 30.222.000,00) Total (€ 76.686.873,88) Total (€ 30.222.000,00) formule: 0,013 formule:(€ 12.368.000,00) 0,013 Share premium

0,118 0,118 Retained earnings (€ 46.268.147,80) Total Assets Total (€ 89.144.098,45) Liabilities (€ Liabilities 89.144.098,43) Assets (€ 89.144.098,45) Equity & (€ 89.144.098,43) 0,0076& Total 0,0076 Total Equity Total (€ 61.636.147,80) sales 2021: Liabilities

85971831,7 sales 2021:

Provisions Long-term debt

2486570,88

(€ 93.236.642,54)

0,892 0,892 85971831,7 winst 2021: winst 2021:

(€ 6.480.000,00) formule:(€ 7.000.000,00) formule:

Short-term debt

(€ 16.742.000,00)

Total

(€ 30.222.000,00)

Total Equity & Liabilities (€ 93.236.642,50)

90468312,19

0,013

0,118

0,0076

0,0076 0,892 2579154,95

Tangible (€ 10.6 (€ 10.675.260,84)

Assets Total (€ 12.5 (€ 12.538.908,07)

Fixed Assets Current Assets (€ 76.686.873,88) Current AssetsFixed Total Total Assets (€ 76.686.873,88) Intangible (€ 1.117.633,81) Intangible (€ 1.117.633,81) Inventories Inventories Tangible (€ 10.144.676,14) Tangible (€ Accounts Receivable Accounts Receivable Assets (€ 10.144.676,14) 89.144.098,45) Total Assets Total (€ 89.144.098,45)

formule:

winst 2021:

Financial

Assets Total

Intangible (€ 1.17 (€ 1.176.088,06)

Equity Equity Liabilities Liabilities Total (€ 30.222.000,00) Total (€ 30.222.000,00) Share capital Provisions 3.000.000,00) Share capital 3.000.000,00) (€ 6.480.000,00) Provisions (€ 6.480.000,00) Share premium 12.368.000,00) Share premium Long-term debt (€ 7.000.000,00) Long-term debt (€ 7.000.000,00) Equity & Liabilities 12.368.000,00) 86.564.943,48) Total Equity & Total Liabilities 86.564.943,48)

sales 2022:

0,892

Tangible

Assets Cash and cash equivalen Cash and cashAssets equivalents

Balance Balance Sheet Miniconf 2021 Sheet Miniconf 2021 Total (€ 16.742.000,00) 58.922.098,43) Total (€ 16.742.000,00) 58.922.098,43) Short-term debt Short-term debt

Figure 12: Balance sheets Miniconf.

0,013

Intangible

Equity & Liabilities Equity & Liabilities

0,892 0,892 82885696,03 82885696,03 winst 2020: winst Current 2020: Assets

Provisions

Fixed Assets Fixed Assets

Assets Cash and cash equivalents Cash and cashAssets equivalents

Equity & Liabilities Equity & Liabilities

0,118 0,118 (€ 43.554.098,43) Financial (€ 687.559,17) (€ 86.564.943,43) Equity Liabilities 86.564.943,48) (€ 86.564.943,43) Equity & Liabilities (€ 86.564.943,48) 0,0076& Total 0,0076 Total Total (€ 58.922.098,43) (€(€12.538.908,07)

nts Receivable

Assets Equity & Liabilities Total (€ 11.915.695,87) Total & Liabilities (€ 58.922.098,43) (€ 11.915.695,87) Total 0,118 (€ 58.922.098,43) 0,118 Equity

Assets

Fixed Assets Fixed Assets

Provisions 6.480.000,00) Provisions 6.480.000,00) Equity Liabilities (€ 86.564.943,48) Total Equity Liabilities (€ & 86.564.943,48) 0,118& Total Assets debt 7.000.000,00) Long-term (€ debt (€ 7.000.000,00) 0,0076 0,0076 Long-term Securities debt 16.742.000,00) Securities Short-term(€debt (€ 16.742.000,00) Equity sales Fixed Assets 2020: sales 2020: 82885696,03 82885696,03 0,892 0,892 Short-term Cash and cash equivalents Cash and cash equivalents Share capital (€ 3.000.000,00) (€ 1.176.088,06) winst Intangible 2020: winst 2020: 2486570,88 2486570,88 Total Share premium (€ 73.934.040,86) 30.222.000,00) Total (€ 73.934.040,86) (€ 30.222.000,00) formule: 0,013 Total formule: 0,013 Total Tangible (€ 12.368.000,00) (€(€ 10.675.260,84)

Retained earnings Total Assets Total Total Assets

Financial

Balance Sheet Miniconf 2021 Balance Sheet0,013 Miniconf 2021 Financial (€ 653.385,92) Retained earnings (€ 43.554.098,43) (€ 653.385,92) Retained earnings (€ 43.554.098,43) formule: formule: 0,013

Balance Ba S Assets

Equity0,0076 Equity Share capital(€ 3.000.000,00) (€ 3.000.000,00) Share capital Liabilities Liabilities winst 2019: 2415659 0,892 winst 2019: 2415659 premium (€ 12.368.000,00) Share premiumShare (€ 12.368.000,00) Provisions 6.480.000,00) Provisions 6.480.000,00) Retained (€ 43.554.098,43) Retained (€ 43.554.098,43) Long-termearnings debt 7.000.000,00) Long-termearnings debt 7.000.000,00)

Balance Sheet Miniconf 2020 2020 Balance Sheet Miniconf (€ 11.487.957,47) (€ 11.487.957,47)

Assets Cash and cash equivalents Cash and cash Assets equivalents

Retained earnings (€ 38.488.372,60) Retained earnings (€ 38.488.372,60) Short-term debt 16.742.000,00) Short-term debt 16.742.000,00) Total (€ 53.856.372,60) Total (€ 53.856.372,60)

Equity Liabilities Equity0,118 & Liabilities Total & (€ (€ 56.342.943,48) Total 56.342.943,48)

ories

formule:

Equity Equity Liabilities Liabilities Total (€ 30.222.000,00) Total (€ 30.222.000,00) capital(€ 3.000.000,00) (€ 3.000.000,00) Share capital Share Provisions 6.480.000,00) Provisions 6.480.000,00) premium (€ Share premium (€ 12.368.000,00) Long-term debt 7.000.000,00) Long-term debt 7.000.000,00) Total Equity & Share Liabilities (€ Liabilities 84.078.372,60) Total Equity & (€ 12.368.000,00) 84.078.372,60)

(€ 12.368.000,00) Share premiumShare premium (€ 12.368.000,00)

sales 2020: sales 2020: Liabilities

nt Assets

Equity & Liabilities Equity & Liabilities

Assets Fixed Current Assets (€ 71.825.594,30) Current AssetsFixed Total Assets (€ 71.825.594,30) Total Intangible (€ 1.046.785,57) Intangible (€ 1.046.785,57) Inventories Inventories

0,118 0,118 Assets Equity & Liabilities Assets Equity & Liabilities Total Assets Total (€ 84.078.372,76) Equity & Total Liabilities (€ Liabilities 84.078.372,60) Assets (€ 84.078.372,76) Equity & (€ 84.078.372,60) 0,0076 0,0076 Total Equity2019: Fixed Assets Fixed Assets Equity2019: 0,892 winst 2415659 0,892 winst 2415659 Intangible (€ 1.117.633,81) Share capital (€ 3.000.000,00) Intangible (€ 1.117.633,81) Share capital (€ 3.000.000,00) Sales 2019: Sales 2019: 80521966,7 80521966,7 Tangible (€ 10.144.676,14) (€ 12.368.000,00) Tangible (€ 10.144.676,14) Share premiumShare premium (€ 12.368.000,00)

Equity & (€ Liabilities Equity & Liabilities Total Equity & Total Liabilities 81.662.713,60) Equity & Liabilities (€ 81.662.713,60) 0,0076

Equity & Liabilities Accounts Receivable Accounts Receivable

(€ 1.117.633,81)

Sheet Miniconf 2019 Balance Balance Sheet Miniconf 2019 Total (€ 16.742.000,00) 53.856.372,60) Total (€ 16.742.000,00) 53.856.372,60) Short-term debt Short-term debt

Total (€ 11.160.344,58) (€ 11.160.344,58) Securities

Assets Cash and cashAssets equivalents Cash and cash equivalents

Cash and cashCash equivalents and cash equivalents Total

0,013 Sheet Miniconf 2020 Balance Balance Sheet Miniconf 2020 0,118

Balance SheetTotal Miniconf 2021 Inventories Inventories Assets (€ 86.564.943,43) (€ 86.564.943,43) Assets Total 0,118

Assets

Equity

(€ 6.480.000,00) Inventories 6.480.000,00) Total Assets (€ 84.078.372,76) Total Equity (€ & Liabilities 84.078.372,60) Total Assets Inventories (€ 84.078.372,76) Total Equity Liabilities 84.078.372,60) 0,118 Provisions 0,118& Provisions Accounts Receivable Long-term debt (€ 7.000.000,00) Accounts Receivable debt (€ 7.000.000,00) 0,0076 Long-term 0,0076 Securities debt (€ 16.742.000,00) Short-term (€ 16.742.000,00) Sales 2019: Sales 2019: Securities 80521966,7 80521966,7 0,892 Short-term winst 2019: 2415659 0,892 winst 2019:debt 2415659

Provisions 6.480.000,00) Provisions 6.480.000,00) Equity Liabilities (€ 81.662.713,60) Total Equity Liabilities (€ & 81.662.713,60) 0,118& Total Long-term (€ debt (€ 7.000.000,00) Long-term debt 7.000.000,00) 0,0076

Total (€ 73.934.040,86) Total (€ 30.222.000,00) Total (€ 73.934.040,86) Total (€ 30.222.000,00) Current AssetsCurrent Assetsformule: formule: 0,013 Liabilities 0,013 Liabilities

Equity Equity Total & Liabilities (€ 53.856.372,60) Total & Liabilities (€ 53.856.372,60)

Inventories Inventories Assets (€ 81.662.713,69) (€ 81.662.713,69) Total Assets 0,118 Equity Total & Liabilities Accounts Receivable 0,0076 Equity Accounts Receivable Securities Securities sales 2018: (€ 78.536.320,00) sales 2018: (€ 78.536.320,00) 0,892 Share capital (€ 3.000.000,00) Cash and cashCash equivalents and cash equivalents Share premium (€ 12.368.000,00) Total (€ 70.054.397,44) Total (€ 70.054.397,44) formule: formule: 0,013 Retained earnings (€ 38.488.372,60) 0,118 Total (€ 53.856.372,60) Assets Assets Total Assets Total Assets (€ 81.662.713,69) (€ 81.662.713,69) 0,0076 Fixed Assets Fixed Assets 0,892 Liabilities Intangible (€ 78.536.320,00) 1.077.514,05) Intangible 1.077.514,05) sales 2018: sales (€ 78.536.320,00) 2018: (€ (€ Provisions (€ 6.480.000,00) Tangible (€ 9.780.512,13) Tangible (€ 9.780.512,13) Long-term debt (€ 7.000.000,00) Financial (€ 629.931,29) Financial (€ 629.931,29) formule: 0,013 formule: Short-term debt (€ 16.742.000,00) Assets Assets Total (€ 11.487.957,47) Total (€ 11.487.957,47) 0,118 Fixed Assets Fixed Assets 0,0076 Total (€ 30.222.000,00) (€ 1.077.514,05) Intangible Current Assets(€ 1.077.514,05) Current AssetsIntangible 0,892 Tangible (€ 9.780.512,13) Tangible (€ 9.780.512,13) Inventories Inventories Total Equity & Liabilities (€ 84.078.372,60) Financial (€ 629.931,29) Financial (€ 629.931,29) Accounts Receivable Accounts Receivable

Total Securities

2019:

Total Securities

(€ 611.966,95) Financial (€ 0,892

Assets (€ 11.160.344,58) Total (€ 11.160.344,58)

Total (€ 71.825.594,30) Total Total (€ 71.825.594,30) Total Assets formule: Current AssetsCurrent formule: 0,013 Liabilities 0,013 Liabilities

Sheet Miniconf 2020 Balance Balance Sheet Miniconf 2020 Retained earnings (€ 40.974.943,48) Retained earnings (€ 40.974.943,48) 0,013

nts Receivable

Financial

Total (€ 70.054.397,44) Total (€ 30.222.000,00) Total (€ 70.054.397,44) Total (€ 30.222.000,00) Current AssetsCurrent Assetsformule: 0,013 Liabilities formule: 0,013 Liabilities

Balance Sheet Miniconf 2019

2021:

Retained earnings (€ 33.716.624,00) Retained earnings (€ 33.716.624,00) Short-term debt 16.742.000,00) Short-term debt 16.742.000,00)

(€ 10.619.642,88) Total (€ 10.619.642,88) Cash and cash0,013 equivalents Cash and cashTotal equivalents formule: formule: 0,013

nts Receivable

Assets

Equity Equity Liabilities Liabilities Total (€ 30.222.000,00) Total (€ 30.222.000,00) capital(€ 3.000.000,00) (€ 3.000.000,00) Share capital Share Provisions 6.480.000,00) Provisions 6.480.000,00) premium (€ Share premium (€ 12.368.000,00) Long-term debt 7.000.000,00) Long-term debt 7.000.000,00) Total Equity & Share Liabilities (€ Liabilities 79.306.624,00) Total Equity & (€ 12.368.000,00) 79.306.624,00)

Total

Equity

ible

Assets Fixed Current Assets (€ 68.686.981,20) Current AssetsFixed Total Assets (€ 68.686.981,20) Total Intangible (€ 996.070,40) (€ 996.070,40) Inventories

Intangible Inventories

(€ 46.786.000,00) (€ 46.786.000,00)

Provisions (€ 6.480.000,00) Fixed Assets Fixed2016: Assets (€ 74.752.000,00) sales (€ 74.752.000,00) sales 2016: Long-term debt (€ 7.000.000,00) Intangible (€ 1.020.972,16) Intangible (€ 1.020.972,16)

Assets

Retained (€ 33.716.624,00) Retained (€ 33.716.624,00) Long-termearnings debt 7.000.000,00) Long-termearnings debt 7.000.000,00)

Equity & Liabilities Equity & Liabilities

(€ 30.222.000,00) (€ 30.222.000,00)

ories

ible

Total (€ 10.619.642,88) (€ 10.619.642,88) Securities

Assets Cash and cashAssets equivalents Cash and cash equivalents

Inventories Inventories Assets (€ 77.008.000,00) (€ 77.008.000,00) Total Assets Total Equity Accounts Receivable Accounts Receivable Share capital (€ 3.000.000,00) Securities Securities Share premium (€ 12.368.000,00) and cash(€ equivalents Cash 2016: and cashCash equivalents sales 74.752.000,00) sales 2016: (€ 74.752.000,00) Retained earnings (€ 33.716.624,00) Total (€ 66.675.000,00) Total (€ 66.675.000,00) 89,20% Total (€ 49.084.624,00)

Total 89,20% Total

Equity

Sheet Miniconf 2017 Balance Balance Sheet Miniconf 2017 Total (€ 16.742.000,00) 49.084.624,00) Total (€ 16.742.000,00) 49.084.624,00) Short-term debt Short-term debt

Tangible (€ 77.008.000,00) 8.784.000,00) 11,80% Share premium Tangible (€ 77.008.000,00) 8.784.000,00) 11,80% Total ShareEquity premium 12.368.000,00) Accounts Receivable debt 7.000.000,00) Accounts Receivable Long-term debt 7.000.000,00) Total Assets (€ & Long-term Liabilities (€ 77.008.000,00) Total Assets Total Equity & Liabilities (€ 12.368.000,00) 77.008.000,00) Financial (€ 565.000,00) 0,76% Retained earnings 31.418.000,00) Financial (€ 565.000,00) 0,76% Short-term Retained earnings 31.418.000,00) Securities Short-term (€ 16.742.000,00) Securities debt (€debt 16.742.000,00)

Total Assets

Equity Equity Total & Liabilities (€ 49.084.624,00) Total & Liabilities (€ 49.084.624,00)

565.000,00) 0,76% Retained (€ 31.418.000,00) 0,76% Long-term Retained earnings 31.418.000,00) debt (€ 7.000.000,00) Long-termearnings debt 7.000.000,00)

Sheet Miniconf Balance Balance Sheet Miniconf 2016 2016

Total Securities

Total Assets

Share premiumShare premium (€ 12.368.000,00) (€ 12.368.000,00)

Balance Sheet Miniconf 2017 Balance 582.318,08) Sheet Miniconf 2017 Retained earnings (€ 33.716.624,00) Retained earnings (€ 33.716.624,00)

(€ 582.318,08) Financial (€

Equity

AssetsLiabilities Assets

Assets

(€ 9.041.254,40) Tangible (€ 9.041.254,40)

Assets (€ 10.619.642,88) Total (€ 10.619.642,88)

capital(€ 3.000.000,00) (€ 3.000.000,00) Liabilities Share capital Share Liabilities premium (€ 12.368.000,00) Provisions 6.480.000,00) Share premiumShare (€ 12.368.000,00) Provisions 6.480.000,00)

nt Assets

and cash equivalents

Assets Total

Fixed Assets Fixed Assets

Equity & Liabilities

(€

2% of sales

Liabilities 0,4% of sales Equity & Liabilities

Current AssetsIntangible Intangible (€ 996.070,40) Current Assets (€ 996.070,40) Tangible (€ 9.041.254,40) Inventories Tangible (€ 9.041.254,40) Inventories

Total (€ 10.333.000,00) Total and cashCash 10.333.000,00) and cash (€ equivalents Cash equivalents

(€ 9.041.254,40)

Equity & 361.873,25)

984.000,00) 1,30% Share capital (€ 3.000.000,00) 1,30% Liabilities Share capital (€ 3.000.000,00) Liabilities (€ 8.784.000,00) premium (€ 12.368.000,00) (€ 12.368.000,00) 6.480.000,00) (€ 8.784.000,00) 11,80% Provisions Share 11,80% premiumShare Provisions 6.480.000,00)

Total2017 (€ 66.675.000,00) (€ 66.675.000,00) 89,20% Total 89,20% Total Balance SheetTotal Miniconf

(€

2% of sales

1.657.713,92) 2% of sales Equity Fixed Assets (€ 1.719.436,63) (€ 1.809.366,24) Equity 2.486.570,88) (€ 2.579.154,95) (€ 2.714.049,37) (€ 996.070,40) Share capital Share capital(€ 3.000.000,00) Intangible (€ 996.070,40) (€ 3.000.000,00)

Total (€ 10.333.000,00) Total (€ 46.786.000,00) (€ 10.333.000,00) Total 46.786.000,00) Short-term debt 16.742.000,00) Securities Short-term(€debt 16.742.000,00) Equity & Liabilities Assets Equity & Liabilities Cash and cash Assets equivalents Cash and cash equivalents Fixed Equity Fixed Assets Equity89,20% Liabilities Assets(€ 66.675.000,00) Current AssetsCurrent Liabilities Total 89,20% Total (€ 30.222.000,00) Total Assets (€ 66.675.000,00) Total (€ 30.222.000,00) Intangible (€ 984.000,00) 1,30% Provisions Share capital 3.000.000,00) Intangible (€ 984.000,00) 1,30% Provisions Share capital 3.000.000,00) Inventories (€ 6.480.000,00) Inventories (€ 6.480.000,00) Total Securities

ble

343.887,33) (€

Figure 9: Income Statement Miniconf. Equity Liabilities Equity & Liabilities Total 46.786.000,00) Total & (€ (€ 46.786.000,00) Equity Equity

(€ 984.000,00)

Tangible Inventories Financial (€ Financial Receivable (€ 565.000,00) Accounts Accounts Receivable

cial

331.542,78) (€ Assets

Sheet Miniconf Balance Balance Sheet Miniconf 2016 2016

Inventories Tangible

2021

Balance Sheet(€ Miniconf 2017 2017 Balance Sheet Miniconf 4.144.284,80) (€ 4.298.591,59) 4.523.415,61) 5% of sales

Assets (€ 322.087,87)

(€ Equity 1.755.000,00) Equity (€ 1.532.416,00) (€ 1.570.726,40) (€ 1.610.439,33) (€ Fixed Assets (€ Share 1.666.000,00) (€ 2.298.624,00) (€ 2.356.089,60) (€ 2.415.659,00) 984.000,00) 1,30% capital (€ 3.000.000,00) Intangible(€ (€ 984.000,00) 1,30% Share capital (€ 3.000.000,00) (€ 8.784.000,00) 11,80% Share 11,80% premiumShare premium (€ 12.368.000,00) Tangible (€ 8.784.000,00) (€ 12.368.000,00) (€ 565.000,00) 0,76% Retained earnings (€ 31.418.000,00) Financial (€ 565.000,00) 0,76% Retained earnings (€ 31.418.000,00)

Current AssetsIntangible Intangible Current Assets(€

Assets

2020

(€ 1.577.000,00) (€ 1.532.416,00) (€ 1.570.726,40) (€ 1.610.439,33) (€ 1.657.713,92) (€ 1.719.436,63) (€ 1.809.366,24)

Balance Balance Sheet Miniconf 2016 (€ 3.831.040,00) Sheet Miniconf 2016 (€ (€ 3.421.000,00)

Corporate tax Fixed Assets Fixed Assets Net income (€ Intangible Intangible

ible

2022

Sales

winst 2022:

2714049,37

0,013

0,118

0,0076 0,892

2579154,95

Financial (€ 68 Financial (€ 687.559,17) Accounts Receivable Accounts Receivable Total (€ 12.5 Total (€ 12.538.908,07) Securities Securities

Balance Ba Sh

Tangible (€ Tangible (€ Accounts Receivable Accounts Receivable Total Assets (€ 10.6 93.2 Total Assets (€ 10.675.260,84) 93.236.642,54) Financial (€ 687.559,17) Financial (€ 68 Securities Securities

Total (€ 12.538.908,07) (€ 12.5 Cash and cash equivalen Cash cashTotal equivalents sales 2022: 904 sales and 2022: 90468312,19 Total (€ 80.6 Total (€ 80.697.734,47) Current AssetsCurrent Assets formul formule: Inventories Total Assets (€ 93.2 Total Assets Inventories (€ 93.236.642,54) Accounts Receivable Accounts Receivable

Securities sales 2022: sales 2022: Securities 90468312,19 904 Cash and cashCash equivalents and cash equivalen Total

(€ 80.697.734,47) Total (€ 80.6 formul formule:

Total Assets

(€ 93.236.642,54) Total Assets (€ 93.2

sales 2022:

90468312,19 904 sales 2022: formule:

0,0076 0,892 winst 2021:

Intangible (€ 1.176.088,06) Current Assets (€ 1.17 Current AssetsIntangible (€ 10.6 Tangible (€ 10.675.260,84) Inventories Inventories Tangible

winst 2021:

2579154,95

formule