VALOR

SALES

2009-2010 2010-2011 2011-2012 2012-2013 2013-2014 2014-2015 2015-2016 2016-2017

Ventas Netas 62.695.860 68.082.410 70.402.248 76.149.363 93.185.641 101.898.343 113.820.117 117.385.856

0

20.000.000

40.000.000

60.000.000

80.000.000

100.000.000

120.000.000

140.000.000

Net Sales (€)

VALOR

+9,3%

+22,4%

+8,2%

+3,4%

+8,6%

+11,7%

+3%

0,0

5,0

10,0

15,0

20,0

25,0

30,0

35,0

VALOR NESTLE MONDELEZ LINDT MDD RESTO

TAM 16 17,1 22,8 12,4 10,3 32,7 4,8

TAM 17 17,8 21,6 12,5 10,6 33 4,5

#2 CHOCOLATE BRAND IN SPAIN

Source: Nielsen Chocolate Bars TAM WEEK 36 2017

+9%

TAM 17 Evol.

Valor (€) 390.773.036 4,70%

Volume (kg) 46.530 2,60%

MARKET TRENDS

DARK CHOCOLATE

(SPAIN)SUGAR FREE

GLUTEN FREELACTOSE FREE

415 million People (20-79 Years) with Diabetes WorldwideDiabetes World Atlas 2015

DARK CHOCOLATE

44%

FILLED CHOCOLATE

7%

MILK CHOCOLATE

43%

WHITE CHOCOLATE

6%

PREMIUM

SUGAR FREE

0

10

20

30

40

50

60

70

VALOR PRIVATE LABEL NESTLE LINDT TORRAS OTHERS

TAM 17 69,22 17,45 6,78 1,71 3,38 1,47

#1 CHOCOLATE BRAND IN SPAIN

SUGAR FREE CHOCOLATE IN SPAIN

Source: Nielsen Chocolate Bars WEEK 36 2017

8,6%13,3%

22,0%

14,1%11,2%

7,3%

17,3%20,3%

24,2%20,0% 21,5% 24,4% 21,9%

-2,0%

8,0%

18,0%

28,0%

P1-17 P2 P3 P4 P5 P6 P7 P8 P9 P10 P11 P12 P13

Evol. €

TAM 17 (.000€)

Evol.Growth (.000€)

28.129€ 17,80% 4.247€

LINDT EXCELLENCE 70% COCOA 100 G VALOR 70% COCOA SUGAR FREE

2016 € 5.169.779 € 5.978.895

2017 € 5.063.919 € 6.525.684

€ -

€ 1.000.000

€ 2.000.000

€ 3.000.000

€ 4.000.000

€ 5.000.000

€ 6.000.000

€ 7.000.000

LINDT 70% EXCELLENCE Vs VALOR 70% S/F IN SPAIN

NEW PRODUCTS PERFORMANCE (UNITS)

INCREMENTAL UNITS 2017 AFTER LAUNCHING 85% S/F

0

10.000

20.000

30.000

40.000

50.000

60.000

70.000

sep oct nov

150.000 UNITS FIRST 3 MONTHS

610.000

620.000

630.000

640.000

650.000

660.000

670.000

680.000

690.000

700.000

710.000

2016 2017

0

500.000

1.000.000

1.500.000

2.000.000

2.500.000

2016 2017

-

100.000

200.000

300.000

400.000

500.000

600.000

700.000

800.000

70% S/F 85% S/F

LAUNCH SEPT 2017

LAUNCH 2016 LAUNCH JANUARY 2015

LAUNCH JUL 2017

EXPORT

MARKETS

50 EXPORT MARKETS

COMPETION

ENVIROMENT

SUGAR FREE

GLUTEN FREE

STEVIA

LACTOSE FREE

ORIGIN

BEAN TO BAR

BENCHMARK

TRADE MARKETING

P.O.S. MATERIALS CROSS CATEGORY

TPR’S, SCANS, COUPONSDEMOS

RACKS SHIPPERS WOBBLERS

PRODUCTION

WINDOWS

PRODUCTION WINDOWS

20-30

• ORDERS RECPTION

• PRODUCTION PLANNING

1-5

• LEADTIME CONFIRMATION

• PROFORMA

1-21• PRODUCTION

22-30• SHIPPING

CA

LE

ND

AR

DA

YS

STANDARD LEAD TIME

FRESLY PRODUCED STOCKS

4 MONTHS SECURITY STOCK