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a young enterprise company
FINAL REPORT2009 / 2010
DE LA SALLE COLLEGE MALTAADVISORS: BJORN AZZOPARDI & CHRIS CUTUGNO
LINK TEACHER: RIANN MUSCAT
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a young enterprise company
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%
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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.
a young enterprise company
2Rewined • Final Report 2009 / 2010
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
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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
3Rewined • Final Report 2009 / 2010
MARKET RESEARCH
SWOT ANALYSIS
PEST ANALYSISFEASIBILITY STUDY
SUPPLIER RESEARCHPRODUCTION
a young enterprise company
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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
4Rewined • Final Report 2009 / 2010
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
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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
5Rewined • Final Report 2009 / 2010
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
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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
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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
Rewined • Final Report 2009 / 2010
a young enterprise company
7
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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
8Rewined • Final Report 2009 / 2010
a young enterprise company
FUTURE POSSIBILITIES
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FINANCIAL STATEMENTS
9Rewined • Final Report 2009 / 2010
a young enterprise company
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
______________________ ______________________
,
,
,
, ,
,
,
,
______________________ ______________________Andrew Borg Wirth Deborah MifsudManaging Director Finance Director
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ACCOUNTS
Rewined • Final Report 2009 / 2010
a young enterprise company
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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