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P&LSummary :! 2

Details :! 6

Advertising :! 6The turnover :! 7The renting of our stores :! 7The subsidies :! 8Wages :! 8ISO norms and other taxes :! 9The insurances :! 9The architect :! 10The furniture :! 10The loan :! 10The transport :! 10Cash-Flow :! 10ITC :! 10The notional interest :! 11The amortissement :! 11VAT :! 11The legal reserve :! 12The benefit :! 12

Appendix! 17

Group 7

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Summary :

We are in negatif during the first year but we can reach the break even point the second year as

expected by the headquarters.Our ROI and ROE are quiet good (see details), and prove that COMEX ltd has to invest andbelieve into this project.The VATs amount is high even if its 6% for our sector.Its really more interesting to be taxed in England than in Belgium.We decided to spend a lot of money in advertising to be well known for our opening.As usual, wages represent a big part of our charges but the main spot is the food because of ourconcept : organic, fair trade and healthy products.Because of the belgian legislation, student workers are cheaper by 9,36% than workers. That s akind of incentive for us to hire students.But there are also subsidies from the belgian state to hire workers and to invest in some aeras.

The debt represents around 2% of our TO, its not so big. We plan to borrow 800.000

and wepay it back in 7 years to delight the financial charges.

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For the first year :

Details Amount (in ) Ratios / TO (%) Ratios / GM (%)

Turnover 5523910,00

Foods -2518500,00 45,59

GROSS MARGIN 3005410,00 54,41

Wages -1917175,84 34,71 63,79

Rent of stores -320.365,00 5,80 10,66

Transport -29744,00 0,54 0,99

ISO + SABAM -28520,00 0,52 0,95

Advertising -410600,00 7,43 13,66

Architect -160000,00 2,90 5,32

Insurances -47202,70 0,85 1,57

Miscellaneous -75000,00 1,36 2,50

EBITA 16802,46 0,30 -0,56

Amortissement for thematerial

-26783,40 0,48 0,89

Amortissement for

establishment fees

-12300,00 -43,13 0,41

EBIT -22280,94 -0,40 0,40

Subsidies Brussels 12797,18 0,23 0,43

Subsidies Flanders 6699,05 0,12 0,22

Subsidies Wallonia 6825,16 0,12 0,23

Loan and interest -119428,57 2,16 3,97

Entertainementexpenses -30000,00 0,54 1,00

TOTAL = -145388,12 2,63 4,84

The ROI for the first year equal to -12,11% and the ROE equal to -36,34%The gross margin represents 54,41% of our TO.Our exploitation margin is negatif for the first year. Its normal beacause our exploitation chargesare high the first year.The total for the first year is negative (see the table) and represents -2,63% of the TO and 4,84%of the GM.

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Turnover 5692029,00

Foods -2595150,00 45,59

GROSS MARGIN 3096879,00 54,41

Wages -1941774,13 34,11 62,70

Rent of stores -242.687,10 4,26 7,84

Transport -29744,00 0,52 0,96

ISO + SABAM -11020,00 0,19 0,36

Insurances -47202,70 0,83 1,52

Advertising -400.000,00 7,03 12,92

Miscellaneous -75.000,00 1,32 2,42

EBITA 349451,07 6,14 11,28


-26783,40 0,47 0,86

Amortissement forestablishment fees

-12300,00 0,22 0,40

EBIT 310367,67 5,45 10,02


TOTAL = 190939,10 6,17

Premium for theresponsible ofBelgium

-5728,17 0,10 0,18

Entertainmentexpenses

-30000,00 0,53 0,97

Net Profit 155210,93 2,73 5,01

Taxes -31042,19 0,55 1,00

Subtotal 124168,74 2,18 4,01

Legal reserve -6150,00 0,11 0,20

Benefit to report 118018,74 2,07 3,81

We can see that the total is positive for the second year. It represents 2,07% of the TO and 3,81 ofour GM. We reach the break event point after the second year as expected.The ROI for the first year equal to 9,83% and the ROE equal to 29,5%

The gross margin represents 54,41% of our TO. Our turnover increases by 3,04%.Our exploitation margin is positif for the second year. That means that we have a good corebusiness.

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Turnover 5860148,00

Foods -2671800,00 45,59

GROSS MARGIN 3188348,00 54,41

Wages -1966992,16 33,57 61,69

Rent of stores -247.018,02 4,22 7,75

Transport -29744,00 0,51 0,93

ISO + SABAM -11020,00 0,19 0,35

Insurances -47202,70 0,81 1,48

Architect -80000,00 1,37 2,51

Advertising -250.000,00 4,27 7,84

Miscellaneous -75.000,00 1,28 2,35

EBITA 481371,12 8,21 15,10


-26783,40 0,46 0,84

Amortissement forestablishment fees

-12300,00 0,21 0,39

EBIT 442287,72 7,55 13,87


TOTAL = 322859,15 5,51 10,13

Premium for the

responsible ofBelgium

-9685,77 0,17 0,30

Entertainmentexpenses

-30000,00 0,51 0,94

Net Profit 283173,38 4,83 8,88

Taxes -56634,68 0,97 1,78

Benefit to affect 226538,70 3,87 7,11

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Referencing COMEX FOOD : 3000 for 40 keywordsFor the social networks : free

The global budget we have to forecast for the advertising is 410.600 for the first year. We plan abudget of 400.000 for the second year (we will use internet, newspapers and the public boards).The third year, we will only use newspapers and internet : 250.000

The turnover :

Because we are an healthy and bio food. We need to have specific product but especially qualitysproducts ! Its the reason why the food will take a big part in our budget.According to our estimation, the average ticket will be around 7. In those 7, we pay 3 (43% ofthe selling price). That means that we have a stroke on the variable costs of 4.For the first years, we plan to have 230 customers a day.Why 230 customers ? We based on the figures from U.K. and about the Exki daily customers.For the first year we plan to have :230 (customers) X 6,58 (average ticket without VAT) X 10 (stores) X 365 (opening day) =5.523.910 . It will be our turnover for the first year.

It will cost 230 X 2,632 (cost price without VAT) X 10 X 365 = 2.209.564 .

For the second year we plan to have :An augmentation of 3% of customers (according to the trends of this sector). That means that ourTO for the second year will be : 5.692.029 and our costs will be 2.276.811,6 .

For the third year, we also plan to have 3% of more customers. That means that our TO for thethird year will be 5.860.148 and our food cost will be 2.344.059,2 .

We decided to conclude with the headquarters and the suppliers to keep the same prices duringour first 3 years. Its a way for us to keep the head out of the water, but also a way to keep the

same suppliers. We are a good opportunity for the suppliers because of the amounts. Its a win-winsituation based on LT.

We can see that we increase our TO will increase by 6,08 % by 2013.

The renting of our stores :

BrusselsThere are 5 stores in differents area of Brussels:Porte de Namur : Mensual rent 1200 + 350 for an area of 80m

Louise Lane : 2000 + 400 for an area of 100m

Miroir Place : 1750 + 400 for an area of 100mLuxembourg Station : 1900 + 450 for an area of 120mAnspach Bld : 1700 + 300 for an area of 60m

AntwerpThere are 3 stores in Antwerp:Bordeauxstreet : 1150 + 375 for an area of 90m

Wolstreet : 1250 + 350 for an area of 80mFrankrijklaw : 2000 + 400 for an area of 100m

Liege

There are 2 stores in Liege:Sbastien Laruelle street: 2200 + 350 for an area of 75m

Des guilleminstreet : 995 + 350 for an area of 75m

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The total cost of the rents and charges will be 239.640

We have to rent our stores 5 month before the opening to prepare it for the opening. We have torent the location during this time. Its 80.725 more.We reach an amount of 320.365 for the first year.For the rent, the inflation will be 1,5%.We will pay for the second year 196.646,1 and the inflation on raw ressources (gaz, electricity, ...)will be around 3%. We will pay for the second year : 46.041

We will pay in total for the second year : 242.687,1 We plan the same inflation for the third year.It will be for the rent : 199.595,79 It will be for the charges : 47.422,23

The total for the third year will be = 247.018,02

The subsidies :

The subsidies in belgium come from the aera. Each aera has specific criterias to have access tothose subisidies.In wallonia, we will have 12 full time workers (student are note include). Between 10-20 workers,

we have to invest minimum 50.000 . On the other hand, its important to stipulate that Lige is ina developping zone, the subsidies will be higher.In Wallonia, we invest : 32.000 for the architect (800 a day) and 26.657,27 for all thefurnitures. Its a total of 85.314,54 . The basic help is 6% and we have to add 2% for the jobcreation. We receive from Wallonia 6.825,16 .In Flanders, we will have 16 full time workers. We will invest 127.971,81. The basic help is 5%.We can also reduce 5,63% from the taxable gross salary (300,46 for all the workers). We receivefrom Flanders 6.699,05 .In Brussels, we have 18 full time workers. We invest 213.286,35. The inital help is 2,5%. We canadd 3,5% for new business. We will receive 12.797,18 .Important : thoses subsidies are available only the first year !

Wages :

The wages is a big spot were we will spend our money. Its so very important to reduce that cost asmuch as we can.Its important to note that in the wages, is include vacation, 13th month, journey to the work,salarial cost, patronal cost and ONSS costs.There will be 115 workers :

- 1 Manager for the whole Belgium market.- 1 Store Manager by store (10 for Belgium)- 1 Assistants by store (10 for Belgium)

For big stores we had 3 workers and 6 students we are going to reduce the number of studentsand increase the number of students so we will have 3 workers and 10 students.For medium stores we had 3 workers and 4 students. We are going to change that by putting 3students more and having only 2 workers.For small stores we had 2 workers and 3 students. We are going to have 2 worker and 6 students.For big stores: it will be 11 people by store.For medium stores: It will be 9 people by storeFor small stores: It will be 7 people by store

For the responsible of Belgium :

We are going to give him a car , a cell phone and a laptop . He will have a gross salary of 7500

amonth and in case of benefit he takes 3 % of it with a maximum of 30000 .This responsible will cost 168.112,152 a year (including car, vacation, 13th month, ...)

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For the store manager :We are going to give him a cell phone. He will have a gross salary of 3500 a month and in caseof benefits he takes 1,7 of it with a maximum of 20000.It will cost 49.320. As we have 10 store manager, it will be a total of 665.820.

For the assistant :We are going to offer him a phone mobile and a flexible time table. He will have a gross salary of2100 .It will cost 29.832. As we have 10 assistants, it will be a total of 298.320.

For the workers :As we know a worker cost to us 18560 euros so if we have 29 it will cost 538.240 euros a year.

For the students :It depends on the age. Its why we will take a student whos minimum 21 years, its the mostexpensive. They will work 20 hours a week.They can not do more than 240 hours each 3 months.There will be 37 students. They will costs 9,7728 / hours.80 X 9,7728 X 47 X 12,92 = 474.754

We include also a package of premium to keep our best element. We have also to take intoaccount the deseases, away, ... That reach 2,45% of the total wages.

We have a total of wages : 1.846.926,152

We offer premiums for responsibles of stores : 3000 for the 3 best.We offer premiums for the assistants : 2000 for the 3 best.The responsible of Belgium will decide it for the two first.We offer premiums for the best workers : 1000 for the best of each store.The responsible of store will give the premium.We offer a total of premiums : 25.000

We have to add 2,45% of the total wages for the deseases, away, ... = 45.249,69

Total of wages for the first year = 1.917.175,84

The analysis plan on 1,8% each year to 2015. The indexation will be around 1,3%. It s not sure,but we do our P&L with this figure.Total of wages for the second year : 1.941.774,129 Total of wages for the third year : 1.966.992,164

ISO norms and other taxes :

Iso norms are taxes that you have to pay every year. The first year its about 24.500. We willrespect the ISO 9001 and respect the FASC criterias. After that, it costs 7000 a year.We plan also to have some music in the stores. For that we have to pay the SABAM. It s about 402 a year. For all the stores, it will be 4.020 .

The insurances :

To have a commercial activity in Belgium you have to contrat some mandatory insurances.Those one are 3 : the RC Professional, the fire insurance and the employe casualitsWe found that those 3 insurances would represent something quiet important in terms of cost for

our company.The fire insurance would have a cost of 10000 a year for all our restaurants.The Professional civil responsabilit will be 25000.The employee casualits : will be 0,65% of the wages mass. It represent 12.202,70.

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Its important to note that car insurance are including in the leasing contract.We have to pay for all the insurances : 47.202,70 a year.

The architect :

We have to use the architect of the company. The man cost 800 a day and need a month tocomplete a store. It will cost 16.000 for each store and 160.000 for all the stores.We plan to modernize our stores the third year. The architect can do it in a 1/2 month per store. Itwill cost 80.000 .

The furniture :

You can find in appendix all the furniture we need per store. Its a total of 267.834.

The loan :

To be ready to open for the 1 of september, we need to spend :

- 24.500 for ISO norms

- 47.202,70 for the insurances- 410.600 for the advertising

- 160.000 for the architect

- 267.834 for the furniture

- 65.000 for the creation of the company

- 195.883,3 for the first month of food.Its a total of 1.171.169,5 . We receive from COMEX LTD 400.000 of financial help. It remains771.169,5 . We will so borrow 800.000 to be sure. We will refund it in 7 years with a fix rate of4,5%.That means that we have to refund 119.428,57 a year (9.952,38 a month). It represents only2% of our first year TO.

The transport :

For the transport of the good between the harbour of Antwerp and all the stores in Belgium wedecided to rent a truck with a driver for a cost of 286 one day.We will be provided twice a week, that means a total cost for a year of 29.744.

Cash-Flow :

We made a cash flow to see that we dont need an overdraft line. We have a TO per month equalto 460.325,83 . We have to pay the wages (159.764,65 ), the food will cost monthly 209.875 ,

the rent of stores (26.697

), the transport (2.478,66

).That means that we generate 61.510,52 cash a month. This takes into account only the variablecosts.

ITC :

We dont need a lot of ITC in our stores. We think that we will put 1 computer for each store.Its very usefull to be in touch with the suppliers by mail. We also have to implement a software tomanage the schedule, the goods, stock, We already have a company which can do that. She propose a licence for his software for 4500 including a technical assitance.

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The PC we will use are the following:

DELL VOSTRO DESKTOP 230 MTProcessor: Intel Core 2 Duo E7500Microsoft Office starter 20103 072 MO DDR3 1333 MHZ320 GO Ata (7200 RPM)Keyboard + mouse + screen

Its 548,70 (without VAT).

Because we dont need to have the latest PC, we will keep it for a minimum period of 4 years. Wewill buy the PC.We will also put a printer for each store: Dell 3330dn Laser Printer (449 without VAT).

For the responsible of Belgium, he will have a laptop.Dell Latitude E5510 (599 without VAT)

Processor: Intel Core i3 370MMicrosoft Office Starter 201015.6 inch HD screen160 Go (5400 RPM)2 Go 1333 Mhz

All of this equipement are guaranteed 2 years.

Total amount of this equipement = 15.076 (without VAT).

The notional interest :

The notional interest are based on the loan and the capital. In 2010 the notional interest are4,973%.That means that, our capital is 400.000 . Our deduction will be 19.892We borrow 800.000 . That means that we have to refund 119.428,57 a year. Our deduction(4,5%) will be = 5.374,28

The amortissement :

The belgian legislation permits us to reduce our establishment fees in 5 years. It s 61.500. Wecan reduce 12.300 each year during 5 years (20% each year).The legislation obligates us to deaden it in 5 years.

On the other hand, we reduce also our immobilization. We spend 267.834 for the material. Wecan deaden our materials in 10 years (10% each year) (according to the legislation).We decide to deaden in a linear way. Its because we consider that the using doesn t change overthe years.That means that we deaden 26.783,4 each year.Its important to note that table and chairs are fixed on the ground. That permits us to turn it frommobile to immobile material. Of course, its more attractive to do that.

VAT :

We invest 267.834 for the furniture. We can receive back the VAT (21%). 267.834 / 1.21=

223.197 ---- 267.834 - 223.197 = 44.639

. We invest also in the ITC, that means that we will getback 47.804,96

On the other hand, we buy every month foods for the stores and sell our products.

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Out TO for the first year will be 5.876.500 . The VAT on the catering sector is about 6%.We buy our product 3 and sell it 7. We receive VAT from those 3.By year its : 230 X 3 X 10 X 365 X 0,06 = 151.110

We pay VAT for the product we sellBy year its : 230 X 7 X 10 X 365 X 0,06 = 352.590

We have to pay a year for the VAT = 201.480

The first year we receive 47.804,96 for the installation.

For the second year, we plan an augmentation of 3% of our customers.The added value is 4, 237 X 4 X 10 X 365 X 0,06 = 207.612

Its the same augmentation of the customers for the third year (3%).244 X 4 X 365 X 10 X 0,06 = 213.744

The legal reserve :

The legal reserve is a belgian obligation. We have to put in reserve at minimum 5% from thebenefit to reach at minimum 10% of the equity.

The benefit :

We plan to put our benefit (from the 2 year) in the equity. Its a way to have a better financialsituation. Its good for the company stability, for our suppliers, ...

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Assets

Permanent assets (20-28) 479.250,6

Establishment costs(20) 49200

Incorporeal immobilisation(21) 4500

Corporeal immobilisation (22) 425.550,6

Circulate assets(29-58) 210451,72

Credit > 1 year (29)

Provisioning goods (30-31) 184130,33

Credit < 1 year(40-41) 26321,39

Available amount (54-58) 382.802,38

Regularisation account(49)

TOTAL Assets (20-58) 1.072.504,7

Liability

Equity(10-15) 280933,27

Capital(10) 400000

Profit and losses (14) -145.388,12

Subsidies in capital (15) 26321,39

PROVISION and deferred taxes(16)

75000

Debt (17-49) 716571,43

Debt > 1 year(17) 716571,43

Commercial debt (175)

Debt < 1 year (42-48)

Regularisation account (492)

TOTAL liability (10-49) 1072504,7

The financial independence ratio equal to = 26,19%The endebtness / assets = 66,81%The provision / assets = 6,99%

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Assets

Permanent assets (20-28) 440167,2



Corporeal immobilisation (22) 398767,2

Circulate assets(29-58) 189734,3


Provisioning goods (30-31) 189734,3

Credit < 1 year(40-41)



TOTAL Assets (20-58) 1187161,6

Liability

Equity(10-15) 515018,74

Capital(10) 400000

Profit and losses (14) 115.018,74

Subsidies in capital (15)


75000

Debt (17-49) 597142,86

Debt > 1 year(17) 597142,86


Debt < 1 year (42-48)




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Assets

Permanent assets (20-28) 481083,8



Corporeal immobilisation (22) 451.983,8

Circulate assets(29-58) 195.338,26


Provisioning goods (30-31) 195.338,26

Credit < 1 year(40-41)



TOTAL Assets (20-58) 1173252,99

Liability

Equity(10-15) 620538,7

Capital(10) 400000

Profit and losses (14) 220538,7

Subsidies in capital (15)


75000

Debt (17-49) 477714,29

Debt > 1 year(17) 477714,29


Debt < 1 year (42-48)




About the assets, the permanents assets include the establishement costs and the incorporeal and corporealimmobilisations. The first one include the subsidies, the furniture, the installation and the corporeal includesthe software used by our stores.The circulate assets includes the stock of food for our stores.

The available amount is what we have in the bank.

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About the liability, the equity includes the capital, the profit and losses for the previous year and thesubsidies.The provision is what we called miscellaneous in the P&L. It represents all the cost that can happend duringthe exercice.The debt represents the amount we have to refund to the bank, because of our lend.

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final p&l

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