Documente Academic
Documente Profesional
Documente Cultură
2019-2022
INNOVATION – MANAGEMENT RESTRUCTURING – INCREASE PROFIT
Prepared by:
Keith De Serra
Alexies Feliciano
Jessalyn Santos
Mary Grace Anna Tarrayo
EUROBAKE COMPANY | GUIGUINTO BULACAN
Eurobake: Strategic Plan for 2019-2022 | De Serra-Feliciano-Santos-Tarrayo
I. Executive Summary
Introduction
Vision
Eurobake is the premier Bakeshop and Restaurant-Café who provides an incomparable local products
and exceptional customer service experience to new and devoted customers in the Philippines.
Mission
Eurobake seeks to create and promote unique, great-tasting and homemade local products. We strive
to cultivate our business and remain financially rewarding in order to have an endless relationship
with our suppliers, partners, employees, and community.
Company Structure
Exhibit 1.
store
Greenhills 3 asst
manager
store
Greenbelt 1 2 asst
manager
store
Glorietta 2 asst.
manager
8 Store
Asst.
Parking
Store Supervisor
Asst.
Owner
Guard
Bakeshop
Manager
4 Baker 4 Asst.
5 Packaging Asst.
Asst Admin/Hr
Admin/Hr
Main Officer
Branch 3 Maintenance
Finance Financial
Officer Asst.
Asst.
Restaurant- Barista
Barista
Café Manager
Intern
8 Kitchen
Head Chef Sous Chef
Asst.
Dishwasher
Company Information
Eurobake has been established in 1980s as a family owned business in line with bakeshop and
restaurant-cafe in Malolos-Guiguinto Bulacan. The company offers delightful pastries and other
delicacies using traditional recipes. The business is known by its Traditional recipe of Ensaymada
Malolos and Original Inipit. It currently stands as the largest pasalubong center in Malolos-Guiguinto
Bulacan. The company leads the industry with an over-all sale of 20,000,000 pesos and through the
help of 70 employees in 2018. In the year 2018, net earnings reached to 8,000,000. Although the
company experienced positive outcome for the past years, Eurobake is faced with gap in innovation
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specially when it comes to their restaurant and café. Based on the decision of the company to diversify
the business, it built three branches inside of Metro Manila, specifically in Greenhills, Glorietta 4 and
Greenbelt 1, however bakeshop is the only one that widen its market from this expansion, because the
restaurant-café has a share of only 5% in the company’s total sales in a year as a result it is not advisable
to branch-out at the meantime. Moreover, the company wants to equalize the revenue they experience
from both their bakeshop and restaurant-cafe. There is a great need in keeping the tradition of the
business but at the same time it needs to be flexible on innovating other products and maximizing the
assets that it has. Mainly, maintained the name as the “Home of old-fashioned Ensaymada Malolos and
original inipit” and established incomparable products to its restaurant and café, and expand later on.
Innovate products and services by creating 5 new beverages, 3 new dishes and received 5-
star customer satisfaction through surveys and become accessible in other parts of Central
Luzon and Metro Manila.
Increase the net profit of the restaurant and café by 200% to equalize with Bakeshop’s 50%
net profit.
Improve Human Resource Management through hiring hr personnel; working on reward,
benefits, and profit-sharing programs; training programs and supervising a quarterly Team
Building and formulate rules and regulation to enhance management.
Control and monitor Organization’s awareness on their job responsibilities, relationship
among functions, as departments, teams and also individual through forming organizational
chart flow.
Eurobake offers delicious Old-Fashioned Ensaymada and Original Inipit. The reason it differentiates
from its competitors was the traditional recipes that only the owners were aware of. They always
distribute the products with trademark packagings and trusted resellers in order to avoid trademark
infringement. It was strategically located in the gateway to the other towns of Bulacan and neighboring
provinces, as it caters most tourists; it serves homemade sumptuous food with exceptional customer
service. A goal for Product Development of homemade food is by producing new dishes and beverages
that can boost greater number of customers.
Market Analysis
Currently Eurobake Bakeshop and Restaurant has established a Focused Differentiation strategy which
offers unique products that fulfill the demand of a wide market. The company attempts to convince the
customer to pay a premium price for the Trademark Ensaymada Malolos and Original Inipit, other
pasalubong products across Bulacan that Eurobake resells and similarly for the menus in the restaurant
and cafes. The company’s overall strategy to go forward will be modified as it can be seen the sustained
substantial market opportunity: continuing differentiation strategy for the bakeshop and creating new
strategy for the restaurant and cafe. This strategy will allow the company to attract a more diverse
market for its restaurant and café. In addition to the overall strategy, growth is a concern for the
company. The innovation for its product development and services is the primary concern, in order to
provide trademark menus for the restaurant and café. Although the gross margin on the sales in
restaurant and café is relatively lower than the margin in the Bakeshop, the company will adjust on the
pricing and product development as it can be realized that as long as it can attract all customers at the
bakeshop and local young adults, the restaurant-café will prosper. The company will adjust its
marketing structure by producing quality trademark products of Eurobake restaurant and café and prices
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will be modified, reduced by 2-3%. Frequent customer discount programs will be implemented to
maintain loyal customers and increase customer base or attract Bakeshop’s customers through discount
coupon. The company will adjust its menu in order to provide quality service and excellent customer
service, the company will expand its menu and offer Today’s Menu or Chef;s/Barista recommendation
in order to provide product promotions and later on develop a trademark Menu.
Financial
Based on the market and the defined market area, the sales projection is 35,000,000 by the end of 2021.
Projecting a growth of 25% for the first three years. The salary for each of the employees will be 396,000
in three years. Allocation of budget on expenses is expected to be in 12,000,000 a year. The company
is expected to have a profit margin of 23,000,000 by 2021. As the modification of prices in the objective,
it portrays to be 100-300 pesos per dish. On the management restructuring, we will expect 6 trained
staff to provide the Admin, HR, Finance and other service aid for this year once financing is secured.
To begin with, the owner will be scheduling interviews and hire full-time workers. The need for funding
the product development and marketing research through advertisements, promotions, branch
expansions, price mark-up, creating new products and hiring a marketing researcher budget is estimated
amount of 650,000 until the project ends. This in turn will make a difference for the restaurant-café
financial position.
Conclusion
By 2021, Eurobake Bakeshop and Resturant-Café is expected to increase over-all sale reaching to
220,000,000. Restaurant-Café increases the market share to 40%, increase of sale to 200%, increase
gross margin to 25%, increase its net profit to 50% by decreasing the prices of menu in to 5% per dishes.
The Restaurant-Café serve trademark-popular products. The changes in management and marketing
programs increase jobs in 5% through creating policies and regulations that develops organizations flow
chart and product promotions through advertisements that increase patron customers. Administration
and Human resource department is established that engage in harmonious management-
suppliers/partners-employees relationship. Hence, the market demand will continue to evolve being
flexible is one great traits in order to stay in the market. It is always expected that competition will
always be intense and set to get tougher but intensify the competitive advantage of the company will
intimidate the competitors, resources are limited but through strategize deployment of it helps the firm
to implement strategy and meet its goal but the opportunities of the firm surpass risks.
Eurobake is a family business that was established to share and serve homemade pastries around
Malolos Bulacan, and will be a legacy to their next generations. As the intention develops over time
because the business progresses. Recently, the organization focuses on complete development of the
operation side through expansion in Central Luzon and part of Metro Manila which will motivate the
organization to continue expanding in the entire Philippines. In order to expand, innovation is needed,
creating new products and introducing incomparable products to become the competitive advantage of
the organization. Moreover, with this mindset the company is expected to run continuously in order to
be relevant in the industry. Through this perception, the recommended Vision statement is:
Vision
Premier Bakeshop and Restaurant-Café that provide incomparable local products and exceptional
customer service experience to new and devoted customers in the Philippines.
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The main intention of the organization is to have a legacy in the industry. Eurobake exists because it
desires to serve quality and homemade products and continue to provide amicable place and quality
service for its customer. In order to provide this kind of product and services, the help of the suppliers,
partners, employees are needed. Through their help it became easy for the company to get through the
process. The organization’s target market are those locals who supports local products, loyal customers,
tourists that visits Bulacan and nearby provinces and those people who are fond of unique pastries and
homemade food, even though they are away from home. The geographic segmentation of the
organization is not suitable for their restaurant-café because they can be more focus on their defined
area and will save money for marketing that is not suitable for their target, as customers have different
taste in urban environment and suburban or rural environments as it has different trends. However, they
tried it for the Bakeshop, having customers from Metro Manila they tried to branch-out 3 stores in the
area, because the increasing customers from Metro Manila are rampant. In relation to this insight, the
recommended Mission Statement is:
Mission
Eurobake seeks to create and promote unique, great-tasting and homemade local products and provide
exceptional restaurant experience, toward an endless relationship with our suppliers, partners,
employees, and community to cultivate our business and remain financially rewarding.
b. External Assessment
PESTLE Analysis
Political- Politics or political personalities might affect the business in a way that they can also promote
the business with other politicians and rich people as it was stated in the interview that the restaurant
was only opened to those who booked their seats, politicians, businessman, and other wealthy people
to avoid loss in its profit as we studied that Eurobake restaurant was not for mass people.
Economic- Rapid increase in inflation rate is one of the threats that might be encountered by the
business. Price of food groups including sugar, wheat, and confectionary was increasing because of
change in national market. Bakeries, restaurants and café like Eurobake might face this challenge.
Maintaining the quality and quantity without suffering the taste of goods at stable price was really hard
to maintain.
Social- Change in taste of the new generation might be one of the weaknesses of the business. Since
Eurobake was offering old style pastries, and business setting, the young adults nowadays might not be
so attractive with looks and taste of it. They have to make innovations with their products without
removing its old style.
Advertising was also one of the weaknesses of business since it was not famous in social media that
most people get information. They have to improve more on social medias because aside from the fact
that it was the cheapest kind of advertisement, it was also powerful and influential.
Legal- Under Wage Order no. RBIII-21, the minimum wage that must be paid by an employer with 10
or more employees in a retail/ service type of business is 389 pesos per employee per day. But upon
verbal interview with the employees, they just being paid 200-350 pesos per day. One of the factors that
must be improved by the store was their salaries to the employees to avoid conflicts with the government
and as well to the employees.
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Environmental- There is no environmental issues with regards to the business since the location of
Eurobake was situated in a right location wherein there is no reported excessive flood in that area that
might affect the business location and as well as the products.
The taste of new generation was changing rapidly because of trends and social media factor.
Adding different, delicious, and attractive products might help the business to be noticed by the young
adults. Aside from that, the business might do advertisement through social medias to boost their market
because it is the cheapest yet, very influential kind of advertisement. They may invite food bloggers or
make some free taste to showcase their products to the potential clients and consumers. However,
strong competition from other companies with the same category level was one of the threats they
cannot conquer. They can make new products with affordable prices and a convenient setting so that
the new markets will be attracted to it. (See Appendix B)
c. Internal Assessment
Eurobake was known to its old fashioned ensaymada and inipit. It was not the only product
they are offering to the people. They also have pastries, offer breakfast, lunch and dinner to special
occasions, and a café. They also provide catering services and their location can be a venue or a function
hall. This is the good thing with Eurobake, they are flexible when it comes to their markets. They are
mass pro. They offer services and products not only to the wealthy people but also to the poor, even
young adults or old people. (See Appendix B)
However, their branches are very limited and cannot be access by other clients. They can sell
to groceries or other retail market so that even without going to the store proper, consumers will afford
to buy their goods. Rapid change in employees due to low salary and mismanagement was one of the
problems that the business must give focus. Increase the salaries of their employees, give them
insurances and other bonuses might help the business to cope up with the problem. (See Appendix B)
d. Development of Strategies
A key success factor of Eurobake’s business is the ability to anticipate changes in its customers' tastes
in pastries, coffee, cakes and other local delicacies. They have to monitor trends by studying bakery
industry trade journals and visiting its competitors’ stores or websites to see what new products they
are offering. They also have to develop their own signature recipes with unusual combinations of
ingredients. At last, they have to make surveys on their customers in-store or through e-mail about what
new food product they would like to see in the bakery or cafe.
They can be a wholesale bakery that sells to retail stores like grocery markets so that the delicacies of
Eurobake will be known to other people even without visiting the store proper, and at the same time,
they have their own retail location. They can also use website as an extension of their retail location.
Since Eurobake has no delivery services, this strategy would be helpful so that the products will become
well-known to the customers. The more places their delicacies are available, the more well known the
bakery will become.
Competitive Strategy
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Differentiating the product menu from those of the key competitors is part of the strategy but
Eurobake must also consider its pricing. Undercutting the competitors' prices can help bring in
new customers but negatively impact the margins. The customers should be willing to pay
for delicacies they can't get anywhere else.
Management Strategy
It was stated upon interview that Eurobake has a problem with regards to their employees. Employees
are resigning immediately because of low compensation and lack of benefits. Seminars, life and health
insurance, and allowances may help them to cope up with the said problem. Increase in their wages was
also a great idea. Improve employee- employer relationship in such a way that employers are like a
family, friend and more than a boss to them.
Marketing Strategy
Eurobake café was started in 2016 and they have to develop a strategy that would enhance their profit
and customer relationship. Discounts, freebies, and promos may be a helpful tool to earn customer
satisfaction. Social media was also an influential marketing strategy that is popular to the young adults.
For example, just like simply sharing, liking, recommending or commenting to the page of Eurobake,
customers can earn discounts and freebies.
III. Strategy Implementation
Management Strategy
The company should also hire an HR Manager to further supervise, organize and fully guide it’s
employees. The HR Manager’s task is to create policies about the benefits and terms and conditions of
the company, he or she must also create a hiring process, criteria for applicants, and post job vacancies.
In line with his/ her work he/she is also tasked to further improve delegation of job descriptions, to
improve trainings for customer service and propose bonuses and percentage of increase in salaries for
employees.
Steps.
1. Post a job vacancy in social media about the job vacancy together its criteria, this will run for
1 week or so but the hiring target would be 1 month after the job posting.
2. Check the data collected from the applicants
3. Set exams and check it.
4. Set interviews with the owners and explain the job tasks.
5. Hire HR Manager.
Marketing strategy
The Development of new portion in the cafe like fruit bar can expand its target market reaching out to
those people who seeks a convenient lifestyle and a healthier food option. Moreover, adding new dishes
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will incorporate delicious and insta-worthy products to get buzz from social media platforms through
our customers. Lastly, taking care of loyal customers it’s better to introduce new beverage in espresso
bar.
Steps and guidelines for developing and conceptualizing for new fruit bar section and new products.
The first step is to identify from the marketing team the strategies and steps needed. After finalizing the
strategy from the marketing team, the marketing assistant is the one in charge of scheduling all the
meetings needed for the approval of the project. Once project is approved, the marketing manager will
then delegate each task to the team. The designer will continue on designing of collaterals, mock up
designs needed for the proposed project. Once done the marketing manager will proceed for the
approval of the designs from the top management after being approved the project will continue to its
production and printing. After getting all the collaterals and materials needed for the project the
marketing assistant will distribute the materials and coordinate with the store personnel the new set up.
And the lastly is to implement the new proposed strategy
In connection with the mass advertising promotion, promotional strategies must be well implemented
at all their stores to maintain their good image in the market and attract more consumers to try their
products. Eurobake must see to it that their promo is well implemented at all their stores. Putting a
larger occupation of store shelves and adding POP’s (Point Of Purchase) displays signages will be
beneficial in supporting their promotional campaign strategies because it will be more noticeable to
consumers since the product has a wide range in the store shelves and it has noticeable signages.
It can effectively communicate and touch its consumers by establishing an increase in their online
presence, since most of the people nowadays are active in social media. The team will be Focusing on
this media platform can grant an increase in the awareness of the product and also word-of-mouth.
Moreover, investing more on advertising can guarantee them an increase in the market share of its
industry.
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By tapping influencers online this can effectively communicate and touch its consumers by an increase
in their online presence, since most of the people nowadays are active in YouTube, in connections with
the new proposed section of food bar this will help in promoting the restaurant. Moreover, investing
more on advertising can guarantee them an increase in the market.
Steps and guidelines for the implementation of strengthening social media platform. The first step is to
set meeting with marketing team and social media team about the campaign, objectives, insight and
overall planning for the strategic plan. Once done the social media team will then continue to strategize
and create peg for the social media plan. On the other hand, the marketing manager is the one in charge
of computation of the budget needed the campaign. Once strategies and budget are finalized, the
marketing manager will discuss the idea to the top management the campaign and the budget needed to
get approval from the boss. After getting the approval needed, the social media team will then continue
to implementation of the campaign.
Eurobake has been in the market for almost a decade already. Providing discounts or coupons which
can be availed by buying with at least a minimum of P1000 from the bakeshop will give you a
complementary coupon of a brewed coffee that is redeemable by their restaurant, will help them
generate more revenue, moreover will at least will advertise that they have an existing restaurant. The
use of discounts and coupons, bundling with complementary products can be beneficial to the bakery
as well as its restaurant because it can attract more customers who buy in bulk for pasalubong and who
likes to sit and spend some time drinking coffees.
Steps and guidelines for the implementation of development of coupon. First is to identify the strategy,
collect data and guidelines for the coupon. Once finalized the marketing assistant will set meeting with
the president to present the proposed coupon. After getting the approval the marketing team will
continue to coordinate the approved strategy to the graphic artist. After getting briefed by the marketing
team the graphic artist will continue to conceptualized and propose set of designs to marketing team.
The marketing manager is the one in charge of approval of the design the coupons, once approved by
the marketing manager. The graphic designer will continue to coordinate with the printing supplier. The
next step is to distribute the materials and coordinate with the store personnel the new coupons. After
all the steps needed the store can continue on implementing the coupon to stores.
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1. Identify Strategies
2. Schedule meetings.
3. Presentation of project to the top management
4. Approval of project from the top management
5. Project briefing to graphic designer.
6. Design Conceptualization.
7. Approval of Designs.
8. Printing production.
9. Distribution of materials.
10. Implementation to the stores.
1. Encourage the target market to try their restaurant through Main Bakeshop.
2. To generate target sales by 200%
D. Budget Allocation
Exhibit B
Item Amount
POP’s
Coupons P5,000
Collaterals P5,000
P 5,000
P15,000
Total P 130,000
a. Review Process
The internal strength of the company lies in there uncomparable products and it remain the core strength
of the business. It gives the strong branding in order for the customers to be drown in the company.
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There are additional internal strength that Eurobake gain from this conceptualizing new ideas to enter
into different market and start brand equity for Café and Restaurant. Taking into consideration
distribution channel help the business to be more close with there target market. There are changes with
the weaknesses of the company, it lessens but there are still things to work on through course of time.
On a positive note, the company haven’t gain any new weakness through this series of new policies and
programs but it lessens. When it comes to the external assessment, the opportunities are growing as we
open new platforms to engage with the market. However the threats it experience did not lessen because
of strong branding of competitors in the area (ex. Starbucks), but it improved and threats were not much
of a problem like before because of implementing corrective actions once experience.
1. Can market through their online sites and social media. 0.10 3 0.30
Weaknesses
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Weaknesses
5.)Ability to attract tourists getting in and out of Tabang Exit 0.20 3 0.30
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Threats
5.)Ability to attract tourists getting in and out of Tabang Exit 0.25 3 0.30
Threats
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In this part, the group prepare a balanced scorecard as strategy evaluation tool. It will allow the
organization to evaluate from our perspectives: Financial Performance, Customer Knowledge, Internal
Business processes and Learning and Growth.
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V. Appendices
Appendix 1
5. What were the factors and decisions that led to your current situation?
10. How much would you be earning (gross and net) 5 yrs from now, and how does that
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12. Of all the problems or obstacles standing between you and your desired future outcomes,
13. If you weren’t already a fast-growing, highly profitable company, why not? What is
holding you back? What are the critical constraints or limiting factors for growth?
Sometimes, just identifying and removing one critical block or obstacle can turn your
14. What additional knowledge, skills, or resources will you require to achieve your strategic
objectives?
15. What additional competencies or capabilities will you need if you want to lead your field in
What values are going to guide our business and employee behavior?
How far down the road do we want to plan – long term or short term?
What is the current status of our inventory of our current resources – capital, raw material,
Who are the stakeholders – who are the primary and secondary stakeholder?
C. SWOT Analysis
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What would your customers, employees, other stakeholders see as your strengths?
What would your customers, employees and other stakeholders see as your weakest point?
Do an external scan of your environment: what changes are happening in social patterns,
social, employment (talent availability – schools to recruit your future talent) demographic
factors.
Are the required specs for your job, products or services changing?
D. Market Analysis
What existing and new customer groups will we be serving? – target market.
What existing and new customer groups will we not want to target?
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What factors (price and/or the various dimensions of quality) are meaningful to our
customers?
In which of our current product market areas will we be placing the greatest emphasis
In what new product or market areas will we be placing the greatest emphasis?
E. Management Analysis
Do we have the right people in the right job at the right time? Talent Analysis.
Does each individual understand his/her role in the organization and how that supports
success?
Does each individual understand the role of the other members of the organization and how
it fits in to success?
Does everyone understand how he/she can support everyone else and how he/she can
Are long term and short-term goals set for the business?
Are short term goals set within each department and do they support a successful outcome
Do individuals all the way to the entry level understanding of the organizational goals,
department goals, and how they must work or set goals to support success all the way up?
F. Financial Analysis
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What financial and non-financial measures will we use to assess the viability of the
strategy?
How does our strategy implementation plan insure that: Departmental goals, design and
Appendix B
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other markets (i.e young only to the young adults accessible and convenient to
adults) but also with every the customers.
body’s taste buds.
2. Establishing concepts 2. Offer a great salary and
with potential to explore 2. Enhance dine in foods benefits like health and life
new markets. with a great price value insurance that would attract
without sacrificing its every employee to invest
3. More sponsorships and
quality and quantity. their helping hands to the
advertising exercises to
company.
boost the brand/ products/ 3. To deliver product with
sales bulk orders.
4. Invite food bloggers to
showcase products.
EXTERNAL THREATS: ST: WT:
1. Strong competition from 1. Social media like 1. Conduct trainings to the
other companies in the Facebook, twitter, and employees on how to make a
same category level (i.e Instagram can be a great standard measurement on
Starbucks newly opened instrument in advertising ingredients to maintain its
for coffee and pastries, their delicacies through unique taste in each product.
samgyupsal and other blogs, vlogs and they It would be helpful for the
eat-all-you-can, etc.) should also consider future expansion of the
discounts and promos business all over the nation.
2. Expansion may be
through sharing and
difficult in maintaining 2. Conduct a free taste and
liking their Facebook
its high standard quality. survey or suggestion box so
page that was very timely
that the customers can critic
3. New taste preference of to the young adults.
and add suggestions on how
new customers
2. Develop a new product to improve the taste of each
4. Strict policies that would fits everyone’s product.
implemented can affect taste especially young
3. Give free WIFI to every dine-
operations. adults. They may also
in customer because young
5. Old fashion themed of develop a new flavor of
adults nowadays are not just
restaurant may not be ensaymada and inipit so
into foods but also, they love
popular to the young that the consumers will
to include their selves to
adults. have a variety to choose.
social media.
4. Re-design the theme of the
cafe and store in a way that it
would be attractive with
young adults and old.
(“Instagram-able” and old
fashion at the same time. )
VI. References
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VII. Exhibit
store
Greenhills 3 asst
manager
store
Greenbelt 1 2 asst
manager
store
Glorietta 2 asst.
manager
8 Store
Asst.
Parking
Store Supervisor
Asst.
Owner
Guard
Bakeshop
Manager
4 Baker 4 Asst.
5 Packaging Asst.
Asst Admin/Hr
Admin/Hr
Main Officer
Branch 3 Maintenance
Finance Financial
Officer Asst.
Asst.
Restaurant- Barista
Barista
Café Manager
Intern
8 Kitchen
Head Chef Sous Chef
Asst.
Dishwasher
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Eurobake: Strategic Plan for 2019-2022 | De Serra-Feliciano-Santos-Tarrayo
Item Amount
POP’s
Coupons P5,000
Collaterals P5,000
P 5,000
P15,000
Total P 130,000
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Eurobake: Strategic Plan for 2019-2022 | De Serra-Feliciano-Santos-Tarrayo
Owner 3baker
bakeshop
8 asst
Store
Cashier 3 asst
Main Branch
1 barista
4 waiter
Restaurant/Cafe supervisor
dishwasher
2 chef
2
DE SERRA-FELICIANO-SANTOS-TARRAYO
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Eurobake: Strategic Plan for 2019-2022 | De Serra-Feliciano-Santos-Tarrayo
Egg’s Benedict French Toast w/ sausage and salad Open Toast Egg & Bacon
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Eurobake: Strategic Plan for 2019-2022 | De Serra-Feliciano-Santos-Tarrayo
CONFIDENTIALITY AGREEMENT
I also agree to never remove any confidential material of any kind and
to solely use the information in this Strategy planning, only from the
premises of Eurobake unless authorized as part of my duties, or with
the express permission or direction to do so from Eurobake.
_____________________________
(Signature)
_____________________________
(Signature of witness)
2
DE SERRA-FELICIANO-SANTOS-TARRAYO
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