EUROPE

significant progress and an achievement to be proud of .

“ We continue to be an end-to-end business , where we purchase ingredients , manufacture and sell directly . We have a sales force that calls on the key customers and we distribute from our own warehouses to them inside Romania . For some countries we have exclusive deals with specific customers , so we deliver and manage the relationship directly through an export group team . Other countries we have an appointed exclusive distributor who deals with the local retail chain .

“ We are number two in the Romanian chocolate bar segment after Milka , which is a good position . However , you can only grow single digits a year depending on category and market condition . With exports , even though we are at a relatively

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