masterclass entrepreneurship spiritexpress

Business Plan

Alex Jauss 2078243 Eugenio Adamo 2076109 Federica Cassetta 2076722 Paul Noten 2048521 Pim Verras 2048270 Rutger Bloemenkamp 2055106

Date: 05 December 2014 Business Consultant: Mr Bob Dyson

Delivers uniqueness to your liqueur business

MC ENTREPRENEURSHIP – SPIRIT EXPRESS BUSINESS PLAN 1


Table of Contents Spirit Express ....................................................................... 3

Our business model .................................................................... 3 Legal status of the company ....................................................... 4

1 PRODUCT AND SERVICE TO BE OFFERED ........................... 5 1.1 Characteristics and unique selling points .............................. 5 1.2 Marketing Strategy ............................................................... 8 1.3 Pricing strategy .................................................................. 12

2 SITUATIONAL ANALYSIS ................................................. 13 2.1 Entrepreneur background ................................................... 13 2.3 Market scan ........................................................................ 14 2.4 Regulations and Taxes ........................................................ 16 2.5 Competition ........................................................................ 16

3 OPERATIONAL REQUIREMENTS ....................................... 19 3.1 Premises ............................................................................. 19 3.2 Equipment .......................................................................... 20 3.3 Inventory ............................................................................ 20 3.4 Organisation and personnel ................................................ 20

4 SWOT ANALYSIS ............................................................. 21 STRENGTHS .............................................................................. 21 WEAKNESSES ............................................................................ 22 OPPORTUNITIES ....................................................................... 23 THREATS ................................................................................... 24

5 FINANCIAL DATA ............................................................. 25

6 INITIAL GOAL AND TARGETS ........................................... 27 Key performance Indicators & Objectives ................................. 27

7 CONCLUSION ................................................................... 28

8 REFERENCE LIST .............................................................. 30

9 APPENDICES .................................................................... 32 Appendix A ............................................................................... 32 Appendix B ............................................................................... 33 Appendix C ............................................................................... 35 Appendix D ............................................................................... 38 Appendix E ................................................................................ 39


Spirit Express Spirits Express is a Dutch company based in Breda, delivering an outstanding collection of alcohol beverage brands, across the various liquor categories. The main brand that is sold by Spirit Express is Coole Swan, a delicious tasting Irish Cream Liqueur. Coole Swan, originally from Ireland, is not very well known in the Netherlands and has high potential to be a large competitor in the liquor market. ‘Not very well known’ means that it is not currently being sold via shops outside of Ireland and the United Kingdom. Spirit Express is a local company, with its product mainly sold in Noord-Brabant, a province in the Netherlands. The two partners expect to continue the strategy of investing in the brand, adding new products and expanding through partnerships that add long-term value for shareholders.

Our business model

Our Mission To put a smile on consumer’s faces when they sit back and enjoy our spirits and brand experience. Spirit Express brings joy to consumers through responsible promotion of our products, and activities that are important to them. The atmosphere within the company also reflects this value: we are passionate about our brand and we work with pleasure and full dedication.

OUR

STRE

NGT

S The bottle The taste AuthenticNatural ingredients Unique productPersonal commitment

DRIV

E PE

RFOR

MAN

CE Capabilities * Marketing * Sales * Supply * Management Flexible operating model * Agility and scale M

EDIU

M T

ERM

GOA

LS Reach the entire regionHigh quality customer satisafaction 90%


Our Vision In 5 years Spirit Express will be the best supplier of unique spirits in the Netherlands. By being the best, Spirit Express is committed to:

x Be as customer-centric as possible and maintain a customer satisfaction percentage over 90%

x Continuously optimize delivery times and be as reliable as possible in deliveries

x Maintain a Total Quality Management program to ensure a great experience for customers

Legal status of the company As Spirit Express will be a start-up with a limited initial capital, the business form will be a general partnership. In the Netherlands, a general partnership – vennootschap onder firma – does not require minimum start-up capital. It is also very easy to set up. Moreover, a general partnership enjoys multiple tax deductions. This is elaborated on in the financial part of the Business plan. Next to these advantages, there are also downsides to a general partnership:

x Every associate is liable for the business practices; if Spirit Express is having financial trouble the associates are obligated to pay the creditors.

x Every associate has to consult the other associates when making decisions.

In order to minimize the risks involved with a general partnership, a contract between the associates has to be created. In this contract, the rights and obligations of every associate are listed. Moreover, other matters such as the division of profit and the handling of conflict are agreed upon in this contract. Thereafter, it is required to register the general partnership with the Dutch Chamber of Commerce and Tax Authorities. These registrations do not involve any costs.


1 PRODUCT AND SERVICE TO BE OFFERED

1.1 Characteristics and unique selling points In the initial stage of the business plan, it is worthwhile to analyse and describe the unique selling points in order to have a more clear understanding of the advantages that our business provides. Spirits Express will strive for creating a unique opportunity in the Netherlands to taste a range of exclusive beverages from all around the world, starting with Coole Swan. The reason why this liqueur has been chosen is related to the special characteristics of the product, which will be further analyse afterwards. Spirits Express is a Dutch company based in Breda, delivering an outstanding collection of alcohol beverage brands, across the various liquor categories. Our vision consists in expanding the business to the whole Netherlands. By doing so, we will maintain our philosophy of providing an experience for our customers. Furthermore, we will offer an exclusive and high quality selection of liquor for our customers, which will rely on our choice because off our passion and reliability bringing unique products to the Netherlands. Once the business will bet set up, we can exploit our established logistic system to import new products, and making use of economies of scale. Coole Swan’s own unique selling points and characteristics that brought our attention to this liqueur are:

� Its local image � The quality � The authentic Coole Swan’s formula � The natural and pure ingredients � The bottle � The taste � Sustainability factors

In the following paragraphs, Coole Swan unique selling points are listed: The liqueur Coole Swan is produced on a small farm nearby Dublin, Ireland. Quality is the most important aspect during daily business. Mistakes are avoided in the process by carefully picking the ingredients of the product. Every day 150 cows are milked twice in order to cope with the demand. In total 28 litres of fresh milk is given per day.


Coole Swan is regarded as the world’s most delicious tasting Irish Cream Liqueur. It received a double-gold medal at the San Francisco World Spirits Competition. The liqueur is made by the following 100% natural highest quality ingredients:

x Fresh cream from Ireland’s dairy lands

x Single Malt Irish Whiskey

x Characoal-filtered spirit

x Velvety-smooth white Belgium chocolate

x Infusions of Madagascar vanilla

x Cocoa from Cote d’Ívoire

(Coole Swan, 2014) The Taste The taste is considered to be smooth. Coldness, freshness, creamy are all unique selling points related to the taste of the product. (Coole Swan, 2014) Natural ingredients The Coole Swan drink is fresh and natural, which means no preservatives or other artificial materials are added to the product. This is another unique selling point, which is highly beneficial these days, since the sustainability factor related to products is becoming more and more important. (Coole Swan, 2014) Lasting beauty There is a clear and inspiring story behind the Coole Swan Company related to one of the Ireland’s greatest romantic poets: W.B. Yeats. The name of the liqueur comes from Yeats’ poem “The Wild Swan at Coole”, which Yeats wrote in the idyllic Coole Park in County Galway. This story gives the company a unique selling point, since it gives a poetic image coupled with the business. In fact, The lasting beauty provided by the background story can influence the business, since it can make it more interesting, creating emotions related to the drinking experience. (Coole Swan, 2014)


The Bottle The bottle of Coole Swan is based on the design of a 19th century milk bottle. The special white paint prevents sunlight coming in, which keeps the bottle fresh and even more natural. The small picture on the front of the bottle is an artist's impression of the lake at Coole Park. Nothing is left to chance; in this case too, Coole Swan wants to highlight its linkage with nature and farm tradition. (Coole Swan, 2014) Consumer profile Last but not least, we should consider that the characteristics of the product are related to which kind of audience it attracts. A general profile of how Coole Swan’s consumers generally look like can be traced considering the fact that it is physically sold only in Ireland and the UK and consequently consumers are mainly living in those countries. Coole Swan truly strives for quality (they produced 231 versions of the liqueur before being fully satisfied of its quality and taste) and this ends up into a premium brand positioning, involving a luxurious image of the product that, eventually, costs more than others do. This translates into a middle-high income range of consumers that can be drawn to Coole Swan. Coole Swan Facebook page has almost 52000 likes right now. It is an active page, for instance every week they post a “competition game/question”, with a bottle of Coole Swan as price, to which a satisfactory amount of people replies. However, the page is principally addressed to a local public. The average age of Coole Swan consumers is between 25 and 65 years old, considering the fact that being a quite expensive liqueur, generally, young people cannot afford it. Moreover, we should consider that it is a super alcoholic beverage and the minimum age to buy it is 21 years old.


1.2 Marketing Strategy Preamble When constructing the marketing planning, it has to be considered that we trade a product which rights are preserved by the producing company. In addition, every action directed towards the marketing and promotion of Coole Swan has to be first agreed on with the company Coole Swan. As a distributor, we have limited power. Theoretical Background – Four Eyes Model by Stoke and Wilson Stoke and Wilson developed a marketing model for entrepreneurs, which is opposed to the traditional 4Ps of marketing: the so-called Four Eyes Model 1) The entrepreneur develops an idea into innovation through intuitive

understanding of the market needs and rapidly adjusts this until he gets it right.

2) The target market is identified through bottom-up experience as opposed to top-down segmentation.

3) Interactive methods are used, especially word-of-mouth (nowadays word-of-tweet). Recommendations are rather used than mass marketing techniques. The entrepreneur underpins this process not by market research but by

4) Informal gathering through networking.

1

2

3

4


General Liquor Company Brand Strategy In order to develop a branding strategy, a clear message has to be sent to customers. In the creation of this message, several factors have to be taken into consideration.

- Specific demographics have to be targeted. Higher income customers have to portray the liquor as status symbols.

- Seasonal beverage offerings provide security. Having the right spirits for every season or occasion increases the product its visibility and helps the brand appeal to a wider audience.

- A specific gender strategy aims to capitalize societal views to create specific interest in the products.

- Developing the liquor as an artisan – homemade – product appeals to a specific segment of the population who demands natural products with sophistical flavour.

The previously mentioned factors about the marketing of spirits allow us to answer the following question: How do we position Coole Swan in the Dutch market? Coole Swan is a unique product produced by a local company in Ireland and the natural cream liquor targets the medium-high income women or young men. It is important to notice that this positioning is established through bottom-down experience rather than top-down segmentation, as Stoke and Wilson point out in their marketing model for entrepreneurs.

After clarifying the positioning we can answer the following question: how are we practically going to market Coole Swan in the Netherlands? The marketing strategy consists of a combination of strategies in the B-to-B and in the B-to-C environment. The former is aimed to target directly the off-licenses in Noord-Brabant, the latter to get the Dutch consumers aware of the Coole Swan brand. B-to-B Marketing strategy As a licensed distributor, we operate mainly in a B-to-B environment. To start-up our business, we should make sure that the target off-licenses would be willing to purchase our product. To do so, we organize give-aways and samples to small single-shop off-licenses that are interested in selling Coole Swans. Furthermore, these shops could provide free degustation of Coole Swan to their habitual customers to promote our product. If the customers like the product, after the tasting, it will be more likely that they buy the bottle. This strategy entails a strong personal interaction with the off-licenses owners and as such, it is a very time and resource consuming operation. For this reason, we will approach the Dutch market starting from a reduced focus: the city of Breda and


surrounding area and then widening our scope and expand further to Noord-Brabant. After the first year we want to have contacted all 250+ off licence shops of Noord-Brabant and expand our research into Limburg and Zeeland in the second and third year. A list of the off-licences we target in Breda is provided in Appendix A. Another important marketing activity in our B-to-B business would be the placement of our bottles in the off-license shops. For the first weeks, we hope to pursue off license shop owners to place our bottle near to the entrance (or at the cashier) as an eye-catcher. Through this measure, we want to increase the customer awareness of our ‘new’ spirit. As already mentioned above, we will provide free degustation of Coole Swan in the off-license shops. In addition, in the beginning we will add to the 0.7l bottles the smaller 0.05l bottles, which we will place next to the counter. As a result, we can win customers, which are interested in Coole Swan but not yet totally convinced to buy a larger bottle of Coole Swans. B-to-C Marketing strategy If nobody in the Netherlands knows Coole Swan, it would be hard for the off-license shops to sell the product, so this means that will be hard for us to collect a satisfactory amount of purchase orders for them. Obviously, it is up to us to get the consumer aware of Coole Swan. First of all, we will try to obtain word-of-mouth promotion directly from the tasting experience in the shop, and the possibly followed by the first purchase of these customers. Secondly, a more typical B-to-C marketing strategy will be formed. Please notice that as a distributor we operate in a B-to-B market, thus this should not be our main focus. However, since we are a completely new entity with a completely new product (at least, for the Netherlands), some actions in this direction are needed in order to pursue customers to buy our product. We expect to gradually reduce these operations once the business is established. In order to reach many customers in one ‘shot’ without spending too much of the marketing budget we want to establish a Facebook fan page for the different brands (Dutch version). Using this page, we will interact with the end users of the product and promote the product. To increase the visibility of the page, we can use the sponsorship service offered by Facebook: behind the payment of a daily fee, it publicizes the page around the network, guaranteeing a certain amount of followers/day. The lowest possible amount is 1€/day which guarantees an estimated value of 3-13 followers/day, up to 20€/day which guarantees


an estimated value of 67-267 followers/day. In between, it is possible to choose among several options: 2€, 4€, 8€, 12€, and 16€. Since there is a lot of flexibility and the cost can be contained, this option can be taken into consideration to launch the page and build a large base of visitors in a reduced period. When considering the online marketing appearance of Spirits Express, it is obvious that we will use Facebook and Twitter. However, opportunities can be derived from other social media as well. In particular, Pinterest is also a very attractive marketing platform for the company. In short, Pinterest is an image-centred social media website. Users reflect their desires, interests and opinions through images. These images, pins, are sorted and shared through topic-based collections of images: image boards. As Pinterest is focused on people’s interests and desires, it is very attractive to promote Coole Swan in the Netherlands through this website. An image-centred marketing campaign should be developed with the goal to generate as much engagement from users as possible. This engagement can be measured in the amount of ‘likes’ and ‘shares’ - also defined as ‘repins’ - from users. In addition to the previously mentioned strategy, hereafter we describe two activities to undertake to strengthen our competitive position:

1) During Christmas time, organise tasting activities at local off license shops and Christmas markets throughout the region. This will take place close to the Saturday markets in Noord-Brabant, during which a little play is performed/showed, with background music of Christmas carols, to bring the attention to us.

2) « Create your own cocktail » workshop events, in collaboration with bartender school present in Noord-Brabant (for instance Cingel College) and local off license shops that can host these events.


1.3 Pricing strategy In the beginning Spirit Express will start to offer two Coole Swan products: the 70cl Coole Swan bottle and the 1 litre Coole Swan bottle. The pricing strategy will be as follows: Pricing per litre bottle A bottle of Coole Swan retails in Internet store’s for €25, - per litre. The VAT in the Netherlands is set on 21% as of 2014 (belastingdienst, 2014). Furthermore, excise duty has to be paid on alcoholic beverages and these are set on €16.86 per hector litre per volume percentage alcohol since 1st of January 2014 (Rijksoverheid, 2014). The retail price per litre bottle excluded tax and excise duty will be around €17.05. The average retail margin for off licences stores in the Netherlands is around 27% per bottle (Hoofdbedrijfschap Detailhandel, 2013). Therefore, the purchasing price for off licence shops will be around € 12.45 per litre bottle. As Spirit Express states a 25% margin on their purchases, the purchasing price for one bottle of Coole Swan will be around € 9.33 per litre. The total mark-up per bottle will be € 3.12 per bottle. Pricing per 0.70 litre bottle A bottle of Coole Swan retails in Internet store’s for € 20, - per 0.7 litre bottle. The retail price per 0.7 litre excluded tax and excise duty will be around €13.91 for on a litre bottle. As already mentioned, the average margin for off licence stores is around 27% per bottle. Therefore, the purchasing price for off licence shops will be around € 10.15 per 0.7 litre bottle. Taken the 25% margin into consideration, the purchasing price for one bottle of Coole Swans will be around € 7.62 per 0.7 litre. The total mark-up per bottle will be € 2.53 per bottle. During the first three years only the 0.7 Litre bottle will be introduced to the Dutch market. However, after this period Spirit Express aims to introduce the 1 litre bottle as well in the Netherlands.


2 SITUATIONAL ANALYSIS

2.1 Entrepreneur background The company is co-founded by two graduating seniors, studying IBMS (International Business Management Studies) at Avans University in Breda and currently following the Strategic Business Decision Program at university, which focuses on the practical application of strategic marketing, finance and the management of a corporation. Both the entrepreneurs possess strengths and skills that will largely contribute to Spirit Express’ future success. In the following part, an overview of their profiles is provided. For further information, see Appendix B and C. Alexander Jauss - Spirit Express Co-Founder & Partner (see CV in the Appendix B) Mr. Jauss was born on the 31st of October 1990 in Tübingen, Germany. In the age of 15 years old, he moved out from home to play soccer in the highest junior league in Germany. This experience in his youth made him understand what it means to be independent and to take responsibilities for his own actions. In addition, as the captain of various teams he showed and developed his leadership skills as well as to play/work in a team. Since, 25 years his father, Gerhard Jauss, is Director of one of the biggest education institution in the south of Germany. He developed the institute starting with 100 employees to today 500 employed people. With this long lasting business experience he will be able to support Alexander Jauss in business question as a consultant. As above-mentioned, going his own way and especially doing it different is one of the powerful characteristics of Alexander. Developing a business idea and implementing it into the real business life will be the next step he wants to take in his business career. During his last internship in summer 2014, he worked for a small furniture company. Fascinated by the passion of the owner and his every day struggle for the existence of his business, showed Mr. Jauss that having his own business is one of the most satisfying things in life, but also one of the most challenging activities at the same time. Moreover, relevant business experience is derived from previous working experience during his internship in the Key Account Management department of Mercedes Benz.


Concerning the financial situation of Mr. Jauss, it should be stated that he will invest € 5000 of his own savings into funding Booze Deliveries. In addition, his father can be seen as a financial back-up, when needed. Paul Noten – Spirit Express Co-Founder & Partner (see CV in the Appendix C) Mr. Noten was born in Eindhoven and he grew up in Veldhoven. He has a true passion for helping others and getting the best out of everyone. Furthermore, he is internationally driven team player with excellent communication skills and passionate about finding creative solutions to challenges within a company. For four years, Mr. Noten worked in a Health Center, helping people to achieve their goals and having also his own clients, as Personal Trainer. Setting up his own Personal Training business has provided him with some experience on how selling products, always being professional in doing so. This work experience and the internship have taught Paul how to handle a great deal of work under tight deadlines, demonstrate strong leadership, work well in teams and think creatively in finding solutions to challenges. He is really motivated in being an entrepreneur because he would like to be responsible for his own success and be in charge of his own destiny. He is not profit-driven, but motivated by seeing his self-created success. Being Paul a student who has also lived abroad, he does not have a strong financial position. However, he is able to invest into the business about € 5000 of his own savings.

2.3 Market scan Spirit Express will initially target all off-license shops in Noord-Brabant, the Netherlands. At this moment in time, 256 off-licenced stores are present in this region. (Winkels-Nederland, 2014). In addition, there are a couple of large players on the market. The two biggest players are Gall & Gall with 40 stores located in Noord-brabant and Mitra, having 42 stores located in Noord-brabant. (Winkelparade, 2014) Consumers spend on average € 53 on whiskey etc. in the Netherlands in the year 2012. This results in a total market of € 891 million including VAT and excise duty in the Netherlands (Hoofdbedrijfschap Detailhandel, 2013). However, only Noord-Brabant will be taken into consideration for the initial launch of the product. In the first year, Booze Delivery will target females between the age of 21 up to 65 who earn above average incomes and live in Noord-Brabant. Noord-Brabant counts a total of almost 750,000 female inhabitants


between the age of 21 and 65 (CBS, 2013). In addition to this, about half of the people living in Noord-Brabant, have an above-average salary. Consequently, the total potential market is comprised of 375,000 female inhabitants in Noord-Brabant, aged between 21 and 65 years old and earning above-average wages. This results in a total potential market of € 53 times 375,000 people, so a total potential market € 19,875,000 per year. During the second year, operations will be extended to Zuid-Limburg. Zuid-Limburg has 184 off-licence shops spread over the whole province (Winkelparade, 2014). Amid the 1.12 million inhabitants of Zuid-Limburg, 340,000 are women between the age 21 and 65 (CBS, 2013). In addition to this, about half of the people living in Zuid-Limburg earn above average, so the total potential market is composed of 340,000 female inhabitants in Noord-Brabant between the ages of 21 to 65 earning above average wages. This results in a total potential market of € 53 times 340,000 people, so a total potential market of € 18,000,000 per year. During the third year, operations will be extended to Zeeland. Zeeland has 34 off licence shops spread over the whole province (Winkelparade, 2014). Of the 318.000 inhabitants of Zuid-Limburg 110,000 are women between the age 21 and 65 (CBS, 2013). In addition to this, about half of the people living in Zeeland earn above average, so the total potential market is comprised of 110,000 female inhabitants in Zeeland between the ages of 21 to 65 earning above average wages. This results in a total potential market of € 53 times 110,000 people, so a total potential market of € 5,830,000 per year. Spirit Express enters a challenging market. In fact, the Dutch Alcoholic Market is considered as a slow growing market. The market only grew by 1.1% last year reaching an overall value of $13,481.7 million. Furthermore, there has always been an intense competition in the market, due to the high number of brands composing it, amid which there are a couple of large players. However, the intensity of rivalry decreased due to the slow growth of the market. The market is saturated and the right strategy in this case is to penetrate it, choosing a niche segment. In this sense, this market represents an opportunity for new entrants. (MarketLine, 2014) The main competitors in the market are large mass-market organizations, like Diageo for instance. Diageo is the owner of many brands like: Baileys, Johny Walker and many more. It will be very challenging to compete with these companies because of their size. As a result, Spirit Express will target small to medium size off license shops, which do not have partnerships with these large mass-market organisations.


We assume that the spirits market in Noord-Brabant will remain stable with a small growth due to the slow recovery of the Dutch economy.

2.4 Regulations and Taxes Spirit Express operations are subject to extensive regulatory requirements regarding distribution, importation, product liability, marketing, sales, pricing, labelling and advertising issues. In the Netherlands, the beverage alcohol industry is subject to strict government regulations covering virtually every aspect of its operations, including production, distribution, marketing, promotion, sales, pricing, labelling, packaging and advertising. Spirits are subject to national excise duty by alcohol by volume. Import and excise duties can have a significant impact on the on the final pricing of Coole Swans in the Netherlands. These duties have an impact on the competitive position as compared to other brands. Advertising, marketing and sales of alcohol are subject to various restrictions in the Netherlands (STAP, 2014). These range from restrictions on the advertising style, media and the message used. Spirits are also regulated in distribution (STAP, 2014). In the Netherlands, alcohol may only be sold through licenced outlets. Labelling of beverage alcohol product is also regulated in the Netherlands. Some examples are: Alcohol strength, Age restrictions and some more. Regulatory decisions and changes in the legal and regulatory environment could increase Spirit Express costs and liabilities or impact on its business activities.

2.5 Competition In order to give a general overview of the alcoholic market in the Netherlands, we present a five forces’ analysis (figure 2). The total alcoholic market is composed by beer, cider and FABs (for the biggest part), by wine and, eventually, by spirits (see figure 1).

Figure 1. (MarketLine, 2014)


Figure 2. FIVE FORCES ANALYSIS. (MarketLine, 2014) It is clear from figure 2, that the market presents a high degree of rivalry, but a scarcity of new entrants, mainly because of the fact that the market slowly grew in the last years. The high degree of rivalry refers to the huge amount of brands, which are present in the Netherlands, but, in this analysis, we are still considering the whole market, so including beers, wines and all spirits. Going in detail and taking into consideration just the cream liqueurs segment, competition is not that fierce. The analysis shows also a high degree of differentiation, always due to the high number of different brands competing in the Dutch alcoholic beverages market. This is an important point that Coole Swan should widely consider: entering a market with such a number of substitutes (this eventually influences the buyers’ power as well, providing them with an enhanced choice possibility), choosing a niche segment, appealing to quality and exclusivity, may be the cleverest strategy. The product would be marketed on the base of diversity and can be sold at higher prices, also considering that there is a growing demand for specialty alcoholic beverages, such as regional beers and flavored spirits. (MarketLine, 2014) However, these analytical data are not enough, largely because they refer to the general alcoholic market. We need some more knowledge about our specific field: the cream liqueurs market. In fact, with the aim to prepare an effective strategy, a company must consider its competitors as well as its customers. For this reason, we chose five main competitors that Coole Swan could have to face, entering the Dutch liqueur market:

- Baileys Irish Cream Baileys is the global market leader in the field of alcoholic beverages, it benefits of more than 70% share of the total Irish Cream Liqueur Market worldwide. This is due to its high advertisement investments and wide marketing campaign. Bailey is


the seventh popular liqueur brand in all over the world and it is sold in over 130 countries. Bailey's consumers are committed with the brand. The company also ensures quality and brings the originality to the product in terms of what the consumers expect. (UK Essays, s.d.) However, Baileys has the weakness of being perceived as an old-fashioned brand. This can be interesting for Coole Swan, which can exploit its image of traditional cream liqueur, coming directly from the production farm and bringing something new into customers’ drinking habits. Coole Swan could also play on a quality and exclusivity issue: Baileys is cheaper and Coole Swan maintains its image of luxurious liqueur. It can offer a better experience than a common, worldwide distributed and easily affordable liqueur, which is Baileys. It has nothing exclusive.

- Sheridan’s Coffee Cream Sheridan’s has no strong image and name as Baileys has, but it is still one of the most well known liqueurs worldwide and can rely on this fact.

- Tia Maria Tia Maria is a Jamaican liqueur. The main ingredients are coffee beans, Jamaican rum, vanilla, and sugar, blended to an alcoholic content of 26.5%. Tia Maria is doing well with marketing campaigns, aimed to revitalise the brand, since it was seen as a “80s” brand. For instance, they collaborated with Babyliss and organised games in clubs/pubs involving the consumption of the liqueur. (i2i marketing, s.d.)

- Amarula

Amarula is a cream liqueur made in South Africa. Its ingredients are sugar, cream and the fruit of the African marula tree, locally called the “Elephant Tree”. This liqueur won a gold medal at the 2006 San Francisco World Spirits Competition, as well as Coole Swan in 2009. Actually, Amarula is not so common in Europe: it has a particular success in Brazil and it has just recently attempted to enter the American Market. (Wikipedia, s.d.)

- Merry’s White Chocolate

Merry’s White Chocolate is another Irish liqueur, chocolate flavored. This brand would not be a real threat for Coole Swan.


3 OPERATIONAL REQUIREMENTS

3.1 Premises Concerning the premises, a couple of factors are important. First, Spirit Express only operates on the B-to-B market. A small office and a small warehouse are sufficient in order to conduct business in the first couple of years. Second, it is important to mention that delivery trucks should be able to reach the warehouse. Deliveries to and from the warehouse have to be easy and accessible. Therefore, it is important to be located near a large road outside the city centre. By taken these factors in consideration, the most feasible option is a large building in the north of Breda, located near the highway. It contains an office, terminal and large warehouse. As this building is too large for a small start-up as Spirit Express, it is important to consider that this building is tenantless for over a year. It is possible to rent just two offices and expand over the years. The rental price is €25 per square meter per year. It is estimated that Spirit Express will need one office of approximately 40 square meters and a warehouse of 20 square meters. This results in a basic rent of €1,500 per year. The reason the rent is this low, is because the building is tenantless for a couple of years already. The lessor is searching for small business to prevent people breaking in and living there. The Dutch term for this problem is ‘kraken’. Placing small businesses in these buildings prevents this behaviour; the Dutch term for this is ‘anti-kraak’. The main advantage of renting anti-kraak is that the rent is lower than similar premises. However, the lesser is able to terminate the contract at any time. This risk is justifiable, as Spirit Express only needs a small office and warehouse. It is able to leave the premises within a few days. Furthermore, the company can also operate from a residential house as an office is allowed by the Dutch government to operate from a residential building.


3.2 Equipment See Appendix D.

3.3 Inventory Concerning the inventory, it is estimated that an amount of 800 bottles will be the beginning and base inventory. The inventory will be replenished every second month prior to finishing the inventory with an amount of 800 bottles ordered each time (during year two and three this will be more). The price of every shipment is considered to be 184 euro’s for the delivery of 800 bottles. To get more information concerning the sales and inventory figures, the financial part will elaborate more on these matters (Palletcourier, s.d.).

3.4 Organisation and personnel Due to the limited resources as a start-up company, Spirit Express will be run by two partners at the beginning. Mr. Jauss and Mr. Noten will both posess a 40% majority share in the company. Both will be responsible for the strategic direction and the development of the company and will be held personally accountable if the company gets into trouble. However, Mr. Jauss will be responsible for the procurement and import of Coole Swan to the Netherlands. In addition, he will stay in close contact to Mary, the owner of Coole Swan, to make sure that the interest of the supplier is taken into consideration. Mr. Noten tasks will be mainly related to sales, which consist of acquiring new B-to-B customer (off-license shops), in the area of Noord-Brabant to sell Coole Swan. In addition, Mr. Noten will be responsible for the Marketing activities of Booze Deliveries. Furthermore, important decisions about future expansion plans and the adaption of the overall strategy need to be agreed upon each partner. (See Appendix E for the Organizational Chart)


4 SWOT ANALYSIS

STRENGTHS

- Unique product - High customer commitment - Young, well-educated team

Unique product Spirit Express has the advantage of distributing a unique and competing product. Coole Swan has multiple characteristics:

x The bottle is definitely a strength for Coole Swan, because it has a clear unique design. Furthermore, the design of the bottle has also a practical benefit, namely that it keeps the drink more fresh, and more natural.

x The taste of the product is also a strength of the company, because the taste is considered to be unique and special.

x Next to the bottle and the taste, Coole Swan is also based on an authentic story, which even further strengthens the company. In addition, the production takes place on a family farm close to Dublin in Ireland, which makes it even more authentic.

x The quality factor is already related to the bottle, and the taste; however, the taste is that good, because top natural qualities are used to make the drink.

x Lastly, the uniqueness of the product is described. Basically, the uniqueness of the product is related to all the strengths that have been described before.

High customer commitment The team of Spirit Express is committed and motivated to deliver a high quality product with reliable and quick delivery. Furthermore, there is an ambition to provide the best experience to the customers. Young, well-educated team As the two founders are both in their mid- to late twenties, the leadership can be considered relatively young. Furthermore, both partners will graduate with a Bachelor of Business Administration next year. This will result in a fresh and dynamic Corporate Culture.


WEAKNESSES

- Brand awareness - Lack of reputation compared to other strong market players - Limited financial base - Limited availability of the product - Limited experience

Brand awareness: Coole Swan as well as Spirit Express doesn’t have strong brand awareness either in the Dutch alcoholic drink market, or in the distribution market. However, it is expected that this weakness will be eliminated in the future, because strong marketing campaigns will be implemented in order to increase the brand awareness, and make customers aware of the product and service. Lack of reputation: The lack of reputation goes hand in hand with the brand awareness weakness. Coole Swan is still not that famous compared to a strong brand as Baileys; however, it is increasing its reputation strongly, since the strengths and unique selling points really convince customers in buying the product. Limited financial base: Coole Swan hasn’t spread its wings that broad over the world. The product is only available in local supermarkets in the United Kingdom, and Ireland. This doesn’t mean that they haven’t got a sufficient amount of financials to cover marketing campaigns, but compared to the large revenue players they are just being considered as a small corporation. Limited availability of the product: As previously explained, Coole Swan is only available through E-commerce worldwide, and in local liquor stores in the United Kingdom and Ireland. Hereby, the availability of the product is highly limited. Spirit Express will try to minimize this weakness by introducing the product in the Dutch Alcoholic drinks market. Limited experience As both founders will graduate next year, they do not have much experience in a business environment. Furthermore, both founders do not have experience with running their own business.


OPPORTUNITIES

- Specific niche: Appreciation for high-quality unique product and enjoyment

- The new generation of individuals and families has a far greater appreciation of attractive packaging (image conscious buyer)

- Growing concern for local and natural ingredients - Internet marketing

Specific Niche: Coole Swans is in a niche market with only a handful of similar products. Furthermore, there is not one product on the market with the same strengths that is currently for sale in the off licence shops in the Netherlands. The unique taste, look and packaging give the product the distinctive character that people will want to buy in the Netherlands. The marketing of the product and the commitment of the off licence shops will be critical in the launch of Coole Swans in the Dutch market. Image conscious buyer: The target group of Coole Swans has a far greater appreciation of attractive packaging than other target groups. They place great emphasis on the way the products looks, smells and tastes. This is a major opportunity for Coole Swans because of the great taste and the distinctive look of the bottle. Growing concern for local and natural ingredients: Consumers are more conscious about the ingredients in food and drink related products. Coole Swans is 100% natural and does not contain a single artificial ingredient. This will give Coole Swans a competitive advantage over other products that do contain artificial products. Internet marketing: The Internet is one of the most important communication tools for companies the last few years. Massive target groups can be reached with limited budgets. This is one of the most important opportunities to ensure a successful launch of the product in the Netherlands. People in the Netherlands are not yet familiar with the product and the Internet could be a great tool to get the message across.


THREATS

- Established mass-market companies’ development of new lines and vertically integrating so as to be totally in control of supplies and products being sold on the respective markets

- New marketing strategies and tactics by established products and companies

- Intolerable price increases by foreign suppliers may occur - Large off license franchise organizations

Mass-market companies A handful of mass-market companies with massive budgets dominate the market. Furthermore, the established mass-market companies develop new product lines and vertically integrate them so as to be totally in control of supplies and products being sold on the respective markets. These companies have an oligopoly and it is very difficult to compete with them due to their enormous capital. New marketing strategies and tactics by established products and companies: Already established companies continue to change their marketing tactics to attract new customers. They spend enormous budgets in promoting their products. A product like baileys is a direct competitor to Coole Swans, and is owned by Diageo. Diageo is one of the biggest players in the spirits market and operates almost everywhere in the world. Companies like Diageo make it very difficult for smaller players to enter the market. Intolerable price increases by foreign suppliers Spirit Express is heavily dependent on the foreign supplier Coole Swans. Moreover, if Coole Swans chooses to increase its prices than Spirit Express will have to oblige by this. Spirit Express has to try to find more products they can represent next to Coole Swans to spread risk. Large Off license franchises The Dutch off license market knows a couple of huge franchises like Mitra and Gall & Gall. These players will most likely not want to partner up with a small company like Spirit Express. In addition to this, Spirit Express will have to target small local off licenses to convince them to sell Coole Swans in their shops.


5 FINANCIAL DATA Sales: The sales figures are related to the estimated amount of shops, which are interested and willing to purchase Coole Swan. In the first weeks, we will focus our sales effort on Breda and the area around it. In the first year, Spirit Express aims to contact all off-license stores in Noord-Brabant with a conversion rate of about 45%. For the upcoming years, Spirit Express expands the business to other regions in the Netherlands (2nd year: South Limburg, 3rd year: Zeeland). Due to the expansion of the business the sale numbers increase steadily as well. Funding The funding of the business will consist of three different sources, to get an initial investment of €30.000. Own capital: Mr. Noten and Mr. Jauss will invest each €5000 from their personal savings into the Spirit Express. Bank loan: In order to cope the cost at the beginning, Spirit Express will take a loan of €10.000 from a bank with an interest rate of 8% and a repayment period of 7 years. Business angels: The third source of funding, are the so called ‘Business angels’. With regard to the need of an initial investment of €30.000, Spirit Express will take a loan of €10.000 as well. The repayment will be fixed in a contract, after negotiations. Advertising cost: The costs of advertising are assumed to reach their peak at the beginning of the first year; through the year the advertising cost will steadily decrease. The price is contained from our marketing strategy, which mainly consist of B-to-B marketing. However, in the first month after the set-up of Spirit Express, advertisement and promotion are mainly targeting the end customer to rapidly increase the awareness of the liquor Coole Swan. Inventory: The stocks are delivered from a courier of the UK in pallets of 1200kg (800 bottles), which is for the beginning the most convenient format. The frequency of the orders are related to the sales figures, thus if the sale numbers increase, the frequency of the orders will increase as well.


Delivery cost: The cost for Spirit Express to import pallets, which contains 800 bottles each order are: €186; this expense is a fixed amount. Fuel Consumption: The calculation of the fuel consumption shows that Spirit Express will spend 368€ on average per month. (Calculation: ca. 150 km per day, divided by 15liter per 100km, multiplied by 1.70€, multiplied by 52 weeks, divided by 12 month = €368 on average)


6 INITIAL GOAL AND TARGETS

Key performance Indicators & Objectives

To be able to measure effectiveness and efficiency, KPI’s will have to be put in place. Furthermore, these KIP’s will help the company to evaluate its performance and act accordingly. The evaluations are set on a monthly basis to be able to react rapidly if needed and set new objectives.

Monthly KPI’s for Spirits Express are:

x Number of off license shops contacted x Conversion rate (number of off license shops that become our

clients) x Number of bottles sold

The numbers of shops that have to be contacted are pre-planned per month. When this number is not obtained changes have to be made.

Conversion rate has to be around 50% of the total shops that are targeted. Off license shops as Mitra and Gall & Gall are also in the 50% of shops that have to be converted. If objectives are not met per month adequate measures have to be taken (Why do we not reach our goals??).

Number of bottles sold will fluctuate throughout the year (peak in the winter) and per off license shop. The average should be around the pre-planned order quantity.

Yearly KPI’s for Spirits Express are:

x Customer satisfaction x Return on invested capital

Customer satisfaction has to be above 8.0 at all times. Success Factors for Spirits Express are:

x Conversion rate of off license shops x Willingness of off license shops to promote the products x Brand awareness with end-users


7 CONCLUSION Why would the business be successful? Spirit Express is expected to be successful for several reasons. The first reason is due to the attractiveness of Coole Swans. The competitive advantage of the company lies in fact of being the unique distributor of Coole Swan in the Netherlands. The qualities of the product itself have been widely discussed. Secondly, the attractiveness of the market: Dutch citizens spend on average a considerable amount of money on spirits each year, which made the Netherlands an ideal ground for starting up a business of this kind. Last but not least, the enthusiasm and commitment of entrepreneurs, backed by solid skills and business experience. Why should you invest in it? Spirit Express will be a financially healthy company with a steady increasing profit over the years. The market in which the business will operate is slow-growing and in addition highly competitive; therefore Spirit Express will focus on its unique and exclusive product range to reach a niche market. As Spirit Express requires small start-up capital, investors will be prone to less risk. A small amount start-up capital is required because the company will only operate in one province of the Netherlands and will expand to the rest of the country afterwards. Future expectations The financial statements for the first three years give an insight of the early development of the business. Being Spirit Express in the B-to-B sector, its sales do not suffer from large fluctuations as it would happen if the company were to sell directly to the end-customer. Anyway, Coole Swan is a seasonal product then supplies are not always constant. Concerning the geographical expansion, the business sets-up in Breda, it aims to expand to the Noord-Brabant by the end of year 1, to Zuid-Limburg by the end of year 2 and to Zeeland by the end of year 3.


If the distribution channel is formed more brands will be added to increase profitability.


8 REFERENCE LIST

belastingdienst. (2014). Moet ik belastingen bij invoer betalen? Zo ja, hoe

bereken ik dat? Retrieved from http://www.belastingdienst.nl/: http://www.belastingdienst.nl/wps/wcm/connect/bldcontentnl/belastingdienst/prive/douane/goederen_ontvangen_uit_het_buitenland/van_organisaties_en_bedrijven/moet_ik_belastingen_bij_invoer_betalen_zo_ja_hoe_bereken_ik_dat

Brabant. (2014, February). Bevolkingsgroei vooral in grote steden. Retrieved from http://www.brabant.nl/: http://www.brabant.nl/actueel/nieuws/2014/februari/bevolkingsgroei-vooral-in-grote-steden.aspx

CBS. (2013). Demografische kerncijfers per gemeente 2013. Retrieved from http://www.cbs.nl: http://www.cbs.nl/NR/rdonlyres/63B0697F-F8B0-4AC0-A4E5-69EB567D4CAC/0/2013b55pub.pdf

Coole Swan. (2014). ABOUT COOLE SWAN. Retrieved from Coole Swan: http://www.cooleswan.com/index.php/about-us

Coole Swan. (2014). Recipes. Retrieved from Coole Swan: http://www.cooleswan.com/index.php/recipes.html

Coole Swan. (2014). Shop. Retrieved from Coole Swan: http://www.cooleswan.com/index.php/shop.html

Hoofdbedrijfschap Detailhandel. (2013). Bestedingen en marktaandelen. Retrieved from http://www.hbd.nl: http://www.hbd.nl/pages/14/Bestedingen-en-marktaandelen/Slijterijen.html?branche_id=26&hoofdonderwerp_id=14

Hoofdbedrijfschap Detailhandel. (2013, December). Omzet en exploitatie. Retrieved from http://www.hbd.nl/: http://www.hbd.nl/pages/14/Omzet-en-exploitatie/Slijterijen.html?branche_id=26&hoofdonderwerp_id=11

i2i marketing. (n.d.). Retrieved from http://www.i2i-marketing.co.uk/case-studies/category/alcohol/tia-maria

Lister, J. (2012). Retrieved from http://smallbusiness.chron.com/liquor-company-brand-strategy-38396.html

MarketLine. (2014). Alcoholic Drinks in the Netherlands. MarketLine. (2014). Alcoholic Drinks in the Netherlands. Palletcourier. (n.d.). Retrieved from http://www.palletcourier.co.uk/cgi-

bin/ca000001.pl Rijksoverheid. (2014). Accijns op alcoholhoudende producten. Retrieved

from http://www.rijksoverheid.nl/: http://www.rijksoverheid.nl/onderwerpen/accijns/accijns-op-alcoholhoudende-producten


STAP. (2014). Nationaal beleid. Retrieved from http://www.stap.nl: http://www.stap.nl/nl/home/nationaal-beleid.html

UK Essays. (n.d.). Retrieved from http://www.ukessays.com/essays/marketing/marketing-plan-for-baileys-in-irish-market.php

Wikipedia. (n.d.). Retrieved from http://en.wikipedia.org/wiki/Amarula Winkelparade. (2014). alle winkels in slijterij. Retrieved from

http://www.winkelparade.nl: http://www.winkelparade.nl/winkels/winkelen_-1_-1_111_-1_1.html?ctxZoekterm=slijterij

Winkelparade. (2014). Mitra Provincie Noord-Brabant. Retrieved from http://www.winkelparade.nl/: http://www.winkelparade.nl/winkels/Mitra_Dranken_Aalsmeer_Alblasserdam_Alkmaar_Almelo_Almere_3316_1_14_110_-1_m.html

Winkels-Nederland. (2014). Gall & Gall Winkels. Retrieved from http://www.winkels-nederland.nl/: http://www.winkels-nederland.nl/winkels/Gall--en--Gall.html


9 APPENDIXES

Appendix A Complete list of the off-licences in Breda. The target stores are highlighted in yellow. Gall & Gall Bisschopshoeve

076-5870317 Moerwijk 12 076-5720233 Past. Spaandonkstraat 46 076-5309730 Torenstraat 10 076-5339644 Valkeniersplein 9/11 076-5640220

La Barrique Haagsemarkt 8 076-5216946

Druiventros Hoogeind 6 076-5210026

De Vijver Koninginnestraat 114 076-5143828

Dames Pellens

Graaf Hendrik III laan 173 4819 CG Breda The Netherlands


Appendix B Curriculum Vitae Personal Information Name Alexander Jauss Current address ` Vincent van Goghstraat 43B, 4812AP, Netherlands Date of birth 31. Oktober 1990 in Tuebingen Nationality German Mobile +49 17632632106 E-Mail address [email protected] Education and Training 2013 – present Avans University of Applied Sciences – in Breda, the Netherlands International Business and Management Studies (IBMS) Courses include: International Finance and Accounting, International Business, International Law, International Economics, Business Research Methods, Supply Chain Management and Strategic Business Decisions. Additionally: Minor in European Union Policies 2011 – 2013 European School of Business – in Reutlingen, Germany International Management Double Degree (IMDD) Courses include: Macro- & Microeconomics, Statistics, Marketing, Finance, Accounting, Negotiating Skills, International Studies, Supply Chain Management and Organizational development. Work experience June – September 2014 Meinlschmidt Gmbh in Balingen, Germany Internship in the furniture business and spatial arrangements

� Collected and evaluated customer data � Analyzed the German furniture market � Organized a Golf tournament � Supported the head of accounting in

bookkeeping 2012 – 2013 Mercedes Benz in Berlin, Germany Sales Internship in the Key Account Management

� Supported the launch of the Mercedes E- and A- Class


� Negotiated and clarified discounts for Mercedes Benz retailers

� Created a competitor analysis and formed a valuable strategy

� Involved in a benchmarking project related to two competitors (Audi and BMW)

January – February 2011 AFIP (Academy for Infection Prevention) in Tuebingen, Germany Further education to technical sterile assistant

� Developed soft and hard skills in the medical sector

2010 – 2011 Winghofer Hospital in Rottenburg a. N., Germany Community Service in the Central Sterile Supply Department

� Supported the surgery team during the operations

� Communication to the patients before surgery

� Cleaning and reprocess of the surgeon tools

July – August 2007 SAP in Walldorf, Germany Internship in the Sales Department Daimler Chrysler

� Supported the sales manager in maintaining relationships with customers

� Monitored the acquisition of Daimler Chrysler and presented the findings during the annual sales meeting

Languages and Skills German Native speaker English Fluent in speaking and writing MS Office Advanced knowledge in Microsoft Word, Excel and Power Point.\ Driver’s license Car owner since October 2010. Recognition Season 2006/2007: 2nd place in the third junior football division with 1899 Hoffenheim, Germany July 2007: 1st place in the South- National Soccer Tournament with the Wuerrtembergian Regional Team


Appendix C

Paul Noten Mobile: +31 (6) 53849135

Oude kerkhof 23 E-mail: [email protected] 5503 TG Veldhoven Nationality: Dutch the Netherlands Date of Birth: 29 January 1988 EDUCATION AND QUALIFICATIONS 2011 – present BA International Business & Management studies

ASIS University to Applied Science, Breda

Subjects studied included: Marketing, Financial/Management accounting, International business, Business Environment, Business research methods, Intercultural management, Financial & Management decisions, Marketing Tactics, Logistics, Quality management, International Supply Chain Management, Currency Risk, Sustainable Business, Strategic Finance, strategic Management and HRM, Strategic Marketing.

Quarterly Projects: Organization and Business scan, marketing research, strategic business decisions.

2014 – 2014 Universidad Autónoma de Madrid, Spain January to June Minor in Economics

Subjects studied included: Advanced Statistics for Finance & Economics, Theory of Monetary Instruments, International Accounting, Marketing: Mercado y Demanda.

2012 – 2013 Personal Training Academy

PTA global, Course Study 2009 – 2011 Higher General Secondary Education:

Ster College for Adult Education, Eindhoven 2004 – 2006 Sports and Exercise Coordinator

ROC College of Leisure, Eindhoven WORK EXPERIENCE 2014 – present Health & Sports Club Valkencourt, Valkenswaard Personal Trainer / Fitness Coach

x Develop personalized fitness & nutrition programs. x Coordinate busy fitness floor during rush hour.


x Training, coaching and advising interns during their work placement.

2014 – 2014 Health & Sports Club Valkencourt, Valkenswaard August Developed a customer retention plan (project base)

x Retention plan was launched September 2014. x New members will be closely monitored the first 150

days of their membership. x Goal is to decrease retention rate from 40% to 25% by

2017. 2013 – 2013 Green Wood Travel, Bangkok, Thailand (6 months) Marketing work placement

x Worked as a sales representative. x Negotiated estimates and pricing with clients. x Negotiated with and purchased services from vendors

across Asia. x Developed a marketing plan to reach “sleeping”

customers. 2012 – 2013 Wake-up, Get Fit Personal Training, Veldhoven Freelance Personal Trainer 2009 – 2013 Health & Sports Club Valkencourt, Valkenswaard Part time Fitness instructor/Sports coach 2007 - 2009 Health & Sports Club Valkencourt, Valkenswaard Full time Fitness instructor/Sports coach

x Started with general floor duties. x 2008 started with a completely rebuild gym and new

staff. x Build up a new customer file from 1000 in 2008 to 3400

in 2012. x Obtained multiple certificates and an international quality

mark from EREPS. x Supervision of new starts and behind the scene running

of a busy fitness floor where keeping cool under pressure and flexible teamwork is crucial.

2006-2007 DHL International, Eindhoven Fulltime Express Courier ADDITIONAL SKILLS Computer skills SPSS, Word, Excel, PowerPoint and Typing diploma (2004) Communication

x An employee known for developing and nurturing key national and international contacts.


x Capable of communicating with staff in all departments and at all levels.

Languages x Fluent in written and spoken Dutch and English. x Lower intermediate in Spanish.

INTERESTS AND ACTIVITIES Sports

x Played football from 1994 till 2006. x Trained pupils for two years. x Very active in sports (fitness, running, snowboarding).

Travel x Keen traveller. x General interest in European affairs.


Appendix D


Appendix E


Appendix F


Cash Flow Statement 2015


Cash Flow Statement 2016


Cash flow statement 2017

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