Re Wined Report

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a young enterprise company

FINAL REPORT2009 / 2010

DE LA SALLE COLLEGE MALTAADVISORS: BJORN AZZOPARDI & CHRIS CUTUGNO

LINK TEACHER: RIANN MUSCAT




12 LASALLIANS

ONE FIRM TEAM, REWINED.

Starting out as 12 De La Salle Students, eager to learn more, we’ve

developed and grown throughout this business venture, into 12

experienced co-workers, who seek constant improvement in all

the elements that make up ‘rewined’, making this a truly ‘Flat Out

Brilliant’ experience.

MISSION REWINED

“Flat Out Brilliance” – This phrase was chosen asour mission statement, refecting the most basic

element o our product: the ‘Multiplat.’ It shows

our commitment to high quality and standard, not

only in our product, however also in our company’s

perormance and eciency.

EXECUTIVE SUMMARY We aim to reduce the impact on the environment by reusing old wine bottles, packaged within recycled materials.

FINANCIAL SUMMARY

1Rewined • Final Report 2009 / 2010

CONTENTS

1 Executive Summary

2 Rewineding back to October

3 Rewind’s Multiplat

4 Rewinding around Malta

Flat out brilliance; inside and out

5 Unwinding

Rewined’s corporate and social

responsibility

6 Rewined goes technological

Rewined in the press

7 Reducing, Reusing

Recycling, Rewineding

8 Future possibilities

9 & 10 Rewined’s nancials

Turnover

€2,268.25

Gross Prot

€1,501.40

Operating Prot

€930.59

Return on CaptialEmployed

53%



REWINED-ING BACK TO OCTOBER…At the beginning o the year, when 12 students rom dierent schools entered De La Salle’s corridors or the rst time, and ormed our Young

Enterprise team, not many rom the team knew one another. We sought to beriend each other and when amiliar within the team, we soon

moved on to the division o roles by means o voting, according to each member’s interests and subjects being studied at school, or these would

be infuential in one’s work throughout the year.



TEAM ORGANISATION

Primarily it is important to mention that the

team proposed a total o 6 products or which

market research, spread around the island, was

carried out. At the same time, the production

team also got to work on researching the

possible suppliers. Ater much discussion, a

easibility study regarding the 6 prospective

products ollowed, and the slumped bottle

seemed most probable. The obvious choice

o supplier was rstly Mdina Glass. The

production team contacted the Administration,

o Malta’s leading glassmaking company, and

it was agreed that they would partner with

‘Rewined’. The team discussed all possibilities

and outcomes’, unanimously agreeing on what

was soon to be known as the ‘Multiplat’. A

contract was drawn up outlining the costs per

batch o bottles fattened, amount per batch

and other payment arrangements. As soon

as this contract was signed by both parties,

production commenced.

From this point onwards, the rewined team

started working hard with denite aims.

Meetings were held weekly, production was

in ull swing, and any opportunity where sales

could be made was taken advantage o. All

progress has been documented in an organized

manner making reerence to events in the past

easier or the team members.

…TAKING THEIR FIRST STEPS

www.rewinedmalta.com

INTERVIEWS SPREAD OVER 3

VILLAGES IN MALTA

196 PEOPLE INTERVIEWED

6 PRODUCTS INVESTIGATED

Photo taken after consent was given

by the candidate



At this point, on o the achieversoered the use o a

garage to be used as our production house. This was

located in Kappara and was excellent or our production

process. The process involved the collection o wine bottles

and other glass bottles. Following this, the team got

together in shits to begin washing the bottles collected.

When a sucient amount o bottles were washed, the

production team transported the batch to Mdina Glass to

be fattened. This fattening was carried out in a kiln, in

which only 40 - 50 bottles t. Constant communication

was kept with Mdina Glass throughout and a good trust

worthy relationship was established. The Production

Department kept note o the amount o bottles taken to

be fattened and the numbers o platters collected. Overall,

the entire production process was extremely successul and

very little could have been improved. Mdina Glass was the

best choice or such production and much gratitude goes

out to their team.

The Multiplat is the epitamy o ecological riendly dining.

It is, in its essence, a modern, stylish, environmentally

riendly multi-purpose product which can be used in

dierent locations and or a wide range o purposes. This

is a product which was primarily created to be used as a

cheese platter, but as time passed, it was noted that it is a

rather versatile product.

REWINED’S MULTIPLAT


MARKET RESEARCH

SWOT ANALYSIS

PEST ANALYSISFEASIBILITY STUDY

SUPPLIER RESEARCHPRODUCTION




Rewined’s sales team has sought to increase sales, as our

primary aim has been to make this a protable investment or

our shareholders. Along with the marketing department we

made our product better known to the public, week by week,

and this was refected in our sales as it increased rom a

meagre 13 platters in December to a remarkable 116 platters

in April alone. The Multiplat was priced at € 6.50, ensuring

enough unding to cover our costs and to make a healthy

prot margin, and a total o 366 units were sold.

Learning as we went along, it was decided to implement two

new sales strategies; commission payment to each member,

per Multiplat sold as well as discounts when purchasing more

than one platter. This increased incentive and motivation

within the team to boost sales, and it worked! We strive to

provide an ecient service and a quality product as well as

increase customer satisaction where possible.

To boost sales, and also make this as pleasurable an

experience as possible, a mascot was introduced to the

local market, in the orm o ‘Winey’, the wine bottle. The

team’s Assistant Sales Director stepped in or the job, and

this made the experience more pleasurable or all o us, as

we were combining our work with our ree time. Both un

and innovative, Rewined has done all things possible to boost

sales.

10 ORGANISEDSELLING EVENTS

366 UNITS SOLD

REWINEDING AROUND MALTA


The Quality Department dealt with achieving high

standards in a quality product at an aordable cost

keeping the customers and their welare in mind. Various

systems were adopted by the quality department to

ensure all this. Regular quality checks ocusing on

both the company’s product as well as monitoring the

company’s essential relationships between employees

themselves as well between employees, customers

and suppliers were made. These checks always showed

continual improvements in all sectors. Awards were

handed out on a monthly basis or various posts within

the company. This served as both a motivational, as well

as a un activity. Quality orms, assessing our progress

were drawn up and lled in.

Looking back on the last ew months we can saely say

that the journey was not always easy. But obstacles

were overcome and negative experiences learnt rom.

All the company has gone through, both positive and

negative, has helped us become what we are today; a

well unctioning team made up o individuals who have

always sought the best or Rewined.

FLAT OUT BRILLIANCE; INSIDE AND OUT

0

20

40

60

80

100

120

140

December January February March April

Multi-plats

Months

Rewined- MonthlySales



Back in October, we were all new to lie at De L Salle College. For this reason,

it was o utmost importance that a relationship was built between every

member as soon as possible in order or us to start working as a team in the

correct way.

In order to create a bond between the participants, besides obviously meeting

at school, the team regularly met up as riends, whether it was going to

someone’s house, going out together, or even attending social events as

a group. The group attempted everything, and as time went by it wasn’t

because we had to, but because we truly enjoyed spending time together,

which was, ater all the aim to begin with. In this way, since we became close

riends, whenever we had to work together it was much easier and things

ran smoother, whenever there was an argument, it was resolved quicker, so

the overall running o the business improved and things fourished. A certain

motivation, and enthusiasm among team members could soon be observed,

and this brought about a great proessionalism in the team.

UNWINDING

REWINED’S CORPORATE SOCIAL RESPONSIBILITY


The main aim o Rewined is to make this venture a

protable investment or our shareholders. However

this most undamental aim had to be carried out in a

sustainable, responsible way. Rewined’s values respect

both the society and the environment around us. At

the beginning o the year, the company chose to adopt

a ‘paperless oce’ approach – one that saves a lot o

wastage o paper. A tree was also planted to make up or

any paper used, in the 34U scheme. The team has also

sought to give something back to the society we orm part

o, and it was decided that 10% o prot upon each unit

would be given to charity. During the Easter period, the

rewineders visited the Ursuline Creche in Sliema, with 50

Easter Chocolate Bunnies, which were presented to the

children, wishing them a Happy Easter. Representatives

o the team also took part in the ‘Bareoot or a Day’

Activity, held at Sliema Point, in order to raise awareness

about something we oten take or granted – shoes. The

team also took part in many activities at the college,

where society could benet. Cakes were baked or the

Charity Day held on the 10th o May, at the college. On the

occasion o Mother’s Day, fowers were presented at the

Merhba Bik Battered Women’s’ Shelter in Balzan, to all the

mothers there, wishing them all a wonderul Mother’s Day.

The CSR element o this competition helped us grow, and

evolve into responsible citizens, conscious o the society

we live in, and always striving to oer aid to those in need.

Quality is never an accident; it is always the result of high intention, sincere effort, intelligent direction and

skillful execution; it represents the wise choice of many alternatives.

Emma Camilleri - Quality Director



The internet is a resource o vital importance to any company. Rewined

made sure to take advantage o this priceless service by developing

a website (www.rewinedmalta.com) using our brand image. Inspired

by the main elements that make Rewined and our product, the IT

department sought to produce a clean and modern brand. Further

publicity was ensured by means o the Facebook Page, that has been

very popular. The number o ans has steadily increased, reaching the

500 mark. Working to be an entirely environmentally riendly team, we

have made sure to take advantage o the internet, being a sustainable

alternative to printed advertisements. This was also important or the

paperless oce approach we chose to adopt at the beginning o the

year. Communication between team members was also done online, by

means o a acebook thread. Via this thread, messages with updates

were sent daily, also serving as a great place or team discussion and

brain storming.

REWINED GOES TECHNOLOGICAL

REWINED IN THE PRESS

Rewined • Final Report 2009 / 2010

The Rewined team has understood that any opportunity to promote itsel is one that should be looked

into, especially when having such limited time. The team chose to go public immediately. Several blogs

and newspaper articles have been written about the company, as well as eatures on www.timesomalta.

com and YouTube or the team’s inclusion in the ‘Bareoot or a Day’ Activity. In the images, team

members Emma Camilleri and Andrew Borg Wirth can be seen addressing the public at this event. The

Honourable Minister George Pullicino also included us on both his blog, as well as on the Times o Malta,

in an article entitled ‘Flat out Brilliance’. Appearing on both local television and radio, the members have

solidly understood the importance the media has in business and have constantly worked in order to

increase our portolio o representation in the press.

The idea is simple and catchy whilst also visionary in the way our own waste is

also reintroduced even to the table where we dine.

– Greenhouse Blog, Malta

www.rewinedmalta.comREWINED’S ONLINE LINK TO CUSTOMERS THE WORLD OVER

6



All the elements that comprise Rewined, boil down to

one thing, the important process o recycling. Even in our

company’s name we sought to include this most importantcomponent o our work. The Multiplat, is thereore

minimizing a lot o wastage that would otherwise just

add to the multitude o waste one throws away each day.

Thereore it is important in today’s world to always keep in

mind the environment, and one’s respect towards it.

One o our proudest achievements is our success in

making this a protable business venture, whilst still

managing to use recycled goods and produce a productthat is 100 % recycled. Customers have also been pleased

with both our sales technique and our products, as our

sales surveys have shown. Deemed both inviting, and

innovative, the team has sought to work in the most

genuine way possible, where success is balanced with

responsibility.

REDUCING, REUSING, RECYCLING - REWINEDING



7



Rewined has advanced throughout the past ew months.

Having decided upon our product, we invited our

shareholders to our Launch where we explained whatour plans were. Having developed a business plan, and

experiencing our rst sales events as a Young Enterprise

Company, we organized an event where shareholders

and guests alike could see just what we had planned or

the months to come. Invited to this event, was Minister

George Pullicino, who had words o encouragement and

motivation. Close contact was kept with the Ministry,

and the team was invited to various events ollowing

this. As time passed, word spread that Pope Benedict

XVI would be visiting the islands, and we sought to oer

a special edition git, or the occasion o his visit. A

‘Chateau Neu De Pape’ bottle was used, and slumped,

and this was presented to the Nunciature, where HisHoliness would be staying during the visit. A letter o

thanks, wishing kind blessings, was recently received

rom His Holiness. For the months o March and April,

the team attended many airs, and sought to improve

sales as time went by. Closer to the end o this business

venture, an AGM was held at Dar L-Ewropa, where the

company’s progress over the year was presented and

discussed. The accounts and motions regarding the

liquidation o the company were presented and approved.

The twelve members that make up Rewined have sought

to do their very best to improve their perormance,

and make the most o this educational experience. The

twelve students, have grown, learnt, struggled, laughed,and worked hard to be were they are today. Without a

doubt this business venture has been both educationally

and holistically benecial, teaching several skills new to

youths this age.

The company has proved very successul in its

short lietime, and without a doubt, continuing

once this competition has ended, is something

they are all contemplating. Various landmarks

during the lietime o Rewined have instilledwithin the team a certain pride and certain

motivation to continue. Negotiations to partner

or the prospective ‘Malta Week’ in Brussels

were well under way in the past ew months,

as the 5 Maltese MEPs, showed keen interest in

rewined. A bulk order o around 1000 platters,

or use at this event, was being discussed. The

Ministry or Rural Aairs has also expressed

a lot o interest in rewined. Without a doubt,

the constant invitations to sales events, emails,

suggestions, and requent recommendations

rom the Minister himsel, have served as greatmotivation or the whole team. Without a

doubt the team plans on continuing Rewined;

perhaps an online version could be developed,

where the company can operate worldwide.

The possibilities are endless, and as we have

seen in the past months, the sky is the limit.

REWINED’S PROGRESS



FUTURE POSSIBILITIES



FINANCIAL STATEMENTS



Trading, Profit & Loss Accounts of REWINEDfor the 7 months ending 13th May 2010

Details Note € €

Sales 1 2,268.25

Cost of SalesManufacturing Cost of finished goods 2 (525.33) , Packaging costs (202.00) Sales Commissions (39.52)

, Gross Profit 1,501.40

ExpenditureStationery 65.81 Rent & Hire 75.00 Miscellaneous Expenditure 300.00 Registration Fee - Y/E 130.00

,

Total Expenses (570.81)

Operating Profit Before Taxation 930.59 ,

Corporation Tax 3 (186.12)

Net Profit after Tax 744.47 ,

______________________ ______________________

, Balance Sheet of REWINEDas at 13th May 2010

Details Note €

, Current Assets

Debtors 4 243.00 Cash at Bank 1,260.00 Petty Cash 992.44

Total Current Assets 2,495.44 ,

Current LiabilitiesCreditors and accruals 5 564.85

Y/E Corporation Tax 186.12 Total Current Liabilities 750.97

Total Net Assets 1,744.47

Financed ByShare capital 6 1,000.00 Retained Profits 744.47

Capital Employed 1,744.47

______________________ ______________________

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______________________ ______________________Andrew Borg Wirth Deborah MifsudManaging Director Finance Director



ACCOUNTS



Notes to the Accounts Liquidation Report

Accounting Policies The principal accounting policies were The company was placed into voluntary liquidation on 13th May, 2010.adopted in the preparation and presentation of these in accordance with Y/E Rules & Regulations.financial statements.

Statement of liquidator's transactions:

1. Sales Turnover Sales represent the invoiced value of goods sold.Our assets are to be converted into cash and should

2. Manufacturing Costs Manufacturing costs compr ise the d irect production cost and realise the sums shown below:manufacturing labour.

Debtors € 243.00 3. Corporation Tax A prov is ion was made for income tax at 20% on the net pr ofi t Cash in hand and at Bank € 2,252.44

for the period in accordance with Y/E Rules & Regulations. € 2,495.44

4. Debtors Debtors consist of one corporate debt which was expected to During the course of liquidation the following payments will be made:

be settled shortly.

Creditors and accruals€

564.85 5. Creditors and accruals Creditors and accruals consist of a trade creditor of EUR 189.33 Corporation tax payable on profits € 186.12 as well as accruals of EUR 375.52. € 750.97

6. Authorised and Issued This is made up of 1,000 shares at Eur 1.00 each fully paid up. Distribution Statement Share Capital

Surplus available for distribution € 1,744.47

Distributed as follows:Donation to a charity € 74.45 Dividends distributed € 670.02 Return of capital € 1,000.00

Auditor's Report

I have audited the financial statements on the attached pages on the basis of information supplied to me by the directors. These financial statementsare the responsibility of the directors. My responsibility is to form an independent opinion, based on my audit, on these financial statements and to reportmy opinion to you.

In my opinion, on the basis set out above, these financial statements give a true and fair view of the state of affairs of REWINED - A Young Enterprise Companyas at 13th May, 2010 and of its profit for the period then ended.

David J Paceobo UHY Pace, Galea Musu & Co

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Re Wined Report