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WMStrategy Demo Baltic countries Candles Market October 2017

This is a demo version of Williams & Marshall Strategy's report on the candles market in the Baltic countries. The report presents a comprehensive overview of the candles market in the Baltic countries and a forecast for its development in the next five years. It provides a detailed analysis of the market, its dynamics, structure, characteristics, main players, growth and demand drivers, etc.

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WMStrategy Demo Baltic countries Candles Market October 2017

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  1. Demo version the Baltic countries: Sports Shoes Market. September 2017 GLOBAL MARKET INSIGHTS WILLIAMS&MARSHALL STRATEGY Demo version of the report The Baltic countries: Candles Market October 2017 Market research Page 1of 54 Contact us: info@wm-strategy.com www.wm-strategy.com www.wm-strategy.com

  2. Demo version The Baltic countries: Candles Market. October 2017 Report overview Report overview This report presents a strategic analysis of the candles market in the Baltic countries and a forecast for its development in the medium term. It provides a comprehensive overview of the market, its dynamics, structure, characteristics, main players, growth and demand drivers, etc. The purpose of the report is to describe the state of the candles market in the Baltic countries, to present actual and retrospective information about the volumes, dynamics, structure and characteristics of production, imports, exports and consumption and to build a forecast for the market in the medium term. In addition, the report presents an elaborate analysis of the main market participants, price fluctuations, growth and demand drivers of the market and all other factors, influencing its development. This research report has been prepared using the unique WMStrategy’s methodology, including a blend of qualitative and quantitative data. The information comes from official sources and insights from market experts (representatives of the main market participants), gathered by semi-structured interviews. The report on the candles market in the Baltic countries includes:  Analysis and forecast for the economy and demographics of the Baltic countries;  Analysis and forecast for development of the market volume (market size), value and dynamics;  Market breakdown (by origin, by country, by product types, etc.) in both volume and value terms;  Country information - breakdown by country for all major indicators, showing the exact volumes and values for each individual country, covered in the report;  Volume, dynamics and analysis of domestic production (past, current and future);  Analysis of price levels (wholesale, retail, distributors, etc.) and their dynamics (past, current and future);  Volume, dynamics and analysis of imports (past, current and future);  Volume, dynamics and analysis of exports (past, current and future);  Volume, dynamics and analysis of consumption (past, current and future);  Value chain analysis and structure of price formation;  Analysis of the factors, influencing the market development (market growth drivers, restraints, recent state programs, etc.);  Characteristics of the main market participants (manufacturers, distributors, wholesalers, retailers, importers, exporters, Governmental structures, etc.) and the Page 2of 54 http://www.wm-strategy.com

  3. Demo version The Baltic countries: Candles Market. October 2017 competitive landscape; Main distribution channels for the retail sales of candles in the Baltic countries; Analysis and forecast of the trends and levels of supply and demand on the market; Country opportunity analysis; Analysis of the major trade flows; Forecast for market development in the medium term (including three possible scenarios for development).      Brief overview of the used methodology:  Analysis of official statistical information;  Semi structured interviews with market experts;  Semi structured interviews with corporate clients of the market;  Analysis of information, received from the main market participants;  Analysis of secondary information from official sources;  WMStrategy’s own methodology. The report contains information on the following products:  Candles: o Basic candles; o Scented candles; o Fancy candles. The report covers the following countries:  The Baltic countries: Estonia, Latvia, and Lithuania. Page 3of 54 http://www.wm-strategy.com

  4. Demo version The Baltic countries: Candles Market. October 2017 The report covers the following companies:  Producers and traders: o Procter and Gamble Co. (P&G) o Vollmar GmbH o Gies Kerzen GmbH o Bolsius International B.V. o Korona Candles S.A. o Candles Scandinavia Group AB o Vila Hermanos Cereria SA o Gala Kerzen GmbH o Cereria Pernici SRL o Spaas Kaarzen NV Retailers: o Food & beverage retailers:  Carrefour S.A.  Schwarz Gruppe GmbH  Metro AG  Tesco PLC  ALDI Einkauf GmbH & Co. OHG  Colruyt Group  Ahold Delhaize Group S.A.  Groupe Auchan S.A.  Casino Guichard-Perrachon S.A.  REWE Group  Eurocash S.A.  Jeronimo Martins, SGPS, S.A.  Distribuidora Internacional de Alimentación, S.A.  Mercadona SA  Jumbo Groep Holding B.V.  Asda Stores Limited  J Sainsbury plc  Wm Morrison Supermarkets PLC  Kesko Oyj  Rallye  Edeka Zentrale AG & Co. KG  Migros-Genossenschafts-Bund  John Lewis Partnership (JLP)  Co-operative Group Ltd.  Page 4of 54 http://www.wm-strategy.com

  5. Demo version The Baltic countries: Candles Market. October 2017 Furniture retailers:  Inter IKEA Systems B.V.  XXXLutz KG  Conforama, Steinhoff International Holdings Ltd  Harveys Furniture, Steinhoff International Holdings Ltd  Interio AG, Migros-Genossenschafts-Bund  BUT International SAS  Home Retail Group Limited, J Sainsbury Plc  JYSK A/S  Höffner Möbelgesellschaft GmbH & Co. KG  Poltronesofa S.p.A.  AGATA SA  Maisons du Monde France  ZARA HOME ESPAÑA SA  Alinea, Groupe Auchan S.A.  Skeidarliving Group AS  IDdesign A/S o The list of companies, covered in the report can be amended and updated, based on your exact requirements! This report will allow you to:  Quickly and cost–effectively get a strategic analysis and gain competitive intelligence about the market;  Track market data, including size, value, segmentation, forecasts, dynamics and structure – past, present and future;  Get and compare information at both aggregate level (for the whole region) and for each individual country, covered in the report;  Explore and identify new market opportunities in the countries and regions within the market;  Track and identify key market trends, opportunities and threats and key drivers behind recent market changes;  Strategically assess market growth potential, demand drivers and restraints on the market for the region as an overall as well as for each individual country covered;  Evaluate the key macroeconomic and demographic indicators to get insight into the general trends within the economy;  See how the market performed in the past (over the last 5 years) and how it will perform in the future (in the next 5 years);  Get acquainted with the leading companies on the market and their strategic position; Page 5of 54 http://www.wm-strategy.com

  6. Demo version The Baltic countries: Candles Market. October 2017  Evaluate how diversified the market is in terms of competitive intensity, fragmentation and environment and understand competitive threats; Empower your marketing, branding, strategy and market development, consumption and supply functions with useful and actionable market insights; Build your investment strategy by assessing market attractiveness or company attractiveness; Build your own market entry or market expansion strategy or evaluate your current strategy; Add value to pitches and presentations by using official and accurate data and calculations.     This report is 75% ready and when complete will consist of more than 150 pages. It will be updated as of the current month of purchase and can be amended based on your specific requirements in order to meet your individual objectives and information needs. Feel free to contact us for more information. If you are interested in the candles market in the Baltic countries, this research report will provide you with a strategic analysis of the market, its recent and future development. In addition, the report will save you time and money while presenting you all the necessary information and actionable insights, empowering you to make informed decisions and move your business forward! Page 6of 54 http://www.wm-strategy.com

  7. Demo version The Baltic countries: Candles Market. October 2017 Research methodology Research methodology The report on the Baltic candles market uses the unique WMStrategy’s researchmethodology that combines quantitative and qualitative analysis. 1. Analysis of official statistical information This report includes analysis of official statistical information from different public and private sources. The information is used for the interpretation and analysis of data on the volume and dynamics of different quantitative indicators. In the same way, the information is used as basis for building forecasts for the dynamics of the quantitative indicators for the next few years. The exact list of used sources of official information is available in the full report! 2. Analysis of information, received from the main market participants The collection and analysis of information, received from the main market participants is done mainly to understand their competitive positions on the market, to define and assess how different pricing and promotional strategies are utilized on the market and what competitive advantage each of them gives. This information is also used to analyze the assortment and brand presence on the market. The information, received from the main market participants includes company presentations, annual reports, price lists, promotional materials, proposals, etc. 3. Analysis of secondary information from official sources The analysis of secondary information from official sources is used to make the picture of the market complete and full. The data is also used to verify the quantitative analysis and to enrich the qualitative one. Such information includes data from industry portals and publications, trade associations, media agencies, articles and reviews, marketing agencies, commercial databases, WMStrategy’s own research studies, and more. 4. Semi structured interviews with market experts Collection and analysis of qualitative information is used to explain different trends, growth drivers, volatility, threats and opportunities of the market. The collection of qualitative information is done through semi structured interviews with market experts. As market experts are considered representatives of the main market participants – manufacturers, distributors, wholesalers, retailers, importers, exporters, unions, professional associations and special publications, whose work is directly related to this particular market on a daily Page 7of 54 http://www.wm-strategy.com

  8. Demo version The Baltic countries: Candles Market. October 2017 basis. The format of the semi structured interviews allows us not only tocover the main questions we need to ask in order to understand the logic behind the market,but also to get new insights and to allow new ideas and factors to come into the picture.During the semi structured interviews, the market experts are asked about their views on thefuture of the market, which are taken into consideration while preparing our forecasts fordevelopment. The exact list of interviewed experts is available in the full report or upon request! 5. Semi structured interviews with corporate clients of the market Another way of looking into the specific market is through the point of view of the corporate clients. In this phase of the research, we are using semi structured interviews to understand the perspective of the high-volume clients on the market. This allows for unmatched wide and deep industry understanding. 6. WMStrategy’s own methodology The own methodology of WMStrategy can be found in every step of preparing our research studies from the methodology through the processes of collecting and analyzing information to drawing conclusions from it. Page 8of 54 http://www.wm-strategy.com

  9. Demo version The Baltic countries: Candles Market. October 2017 Table of contents Table of contents 1. Introduction 1.1. Report description 1.2. Research methodology 2. Executive summary 3. Characteristics of candles 4. Characteristics and analysis of raw materials base 5. State of the economy of the Baltic countries 5.1. Characteristics of the demographics of the Baltic countries in 2012-2016 5.2. Characteristics of the economy of the Baltic countries in 2012-2016 5.2. Forecast for the development of the economy of the Baltic countries in the medium term 6. Overview and analysis of the candles market in the Baltic countries 6.1. Volume, value and dynamics of the candles market in the Baltic countries in 2012- 2016 6.2. Structure of the candles market in the Baltic countries in 2012-2016: production, imports, exports, market volume 6.3. Structure of the candles market in the Baltic countries by origin 6.4. Structure of the candles market in the Baltic countries by country 6.5. Key recent trends on the candles market in the Baltic countries 6.6. Competitive landscape of the market 6.7. Country opportunity analysis 6.8. Key drivers and restraints for the market development in the medium term 7. Overview and analysis of the domestic production of candles in the Baltic countries 7.1. Volume, value and dynamics of the domestic production of candles in the Baltic countries in 2012-2016 7.2. Structure of the Baltic production of candles by producing countries 7.3. Characteristics of the main companies, producers and distributors of candles in the Baltic countries 7.3.1. Procter and Gamble Co. (P&G) 7.3.2.Vollmar GmbH 7.3.3.Gies Kerzen GmbH 7.3.4.Bolsius International B.V. 7.3.5.Korona Candles S.A. 7.3.6.Candles Scandinavia Group AB 7.3.7.Vila Hermanos Cereria SA Page 9of 54 http://www.wm-strategy.com

  10. Demo version The Baltic countries: Candles Market. October 2017 7.3.8.Gala Kerzen GmbH 7.3.9.Cereria Pernici SRL 7.3.10. Spaas Kaarzen NV 7.4. Characteristics of the main companies, selling candles in the retail segment in the Baltic countries 7.4.1. Carrefour S.A. 7.4.2. Schwarz Gruppe GmbH 7.4.3. Metro AG 7.4.4. Tesco PLC 7.4.5. ALDI Einkauf GmbH & Co. OHG 7.4.6. Colruyt Group 7.4.7. Ahold Delhaize Group S.A. 7.4.8. Groupe Auchan S.A. 7.4.9. Casino Guichard-Perrachon S.A. 7.4.10. REWE Group 7.4.11. Eurocash S.A. 7.4.12. Jeronimo Martins, SGPS, S.A. 7.4.13. Distribuidora Internacional de Alimentación, S.A. 7.4.14. Mercadona SA 7.4.15. Jumbo Groep Holding B.V. 7.4.16. Asda Stores Limited 7.4.17. J Sainsbury plc 7.4.18. Wm Morrison Supermarkets PLC 7.4.19. Kesko Oyj 7.4.20. Rallye 7.4.21. Edeka Zentrale AG & Co. KG 7.4.22. Migros-Genossenschafts-Bund 7.4.23. John Lewis Partnership (JLP) 7.4.24. Co-operative Group Ltd 7.4.25. Inter IKEA Systems B.V. 7.4.26. Interio AG, Migros- Genossenschafts-Bund 7.4.27. XXXLutz KG 7.4.28. Conforama, Steinhoff International Holdings Ltd 7.4.29. Harveys Furniture, Steinhoff International Holdings Ltd 7.4.30. BUT International SAS 7.4.31. Home Retail Group Limited, J Sainsbury Plc 7.4.32. JYSK A/S 7.4.33. Höffner Möbelgesellschaft GmbH & Co. KG Page 10of 54 http://www.wm-strategy.com

  11. Demo version The Baltic countries: Candles Market. October 2017 7.4.34. Poltronesofa S.p.A. 7.4.35. AGATA SA 7.4.36. Maisons du Monde France 7.4.37. ZARA HOME ESPAÑA SA 7.4.38. Alinea, Groupe Auchan S.A. 7.4.39. Skeidarliving Group AS 7.4.30. IDdesign A/S 8. Characteristics and analysis of the prices of candles in the Baltic countries 8.1. Value chain analysis 8.2. Structure of price formation 8.3. Characteristics of the producer prices of candles in the Baltic countries in 2012- 2016 8.4. Characteristics of other prices of candles 9. Foreign trade operations of candles in the Baltic countries 10. Overview and analysis of the imports of candles to the Baltic market 10.1. Volume, value and dynamics of the imports of candles to the Baltic countries in 2012-2016 10.2. Major trade inflows of candles imports to the Baltic countries 10.3. Structure of the imports of candles by importing countries 10.4. Average import prices of the candles, imported to the Baltic countries 11. Overview and analysis of the Baltic exports of candles 11.1. Volume, value and dynamics of the Baltic exports of candles in 2012-2016 11.2. Structure of the Baltic exports of candles by exporting countries 11.3. Main recipient countries of the Baltic exports of candles 11.4. Prices of the Baltic exports of candles 12. Characteristics of the consumption of candles in the Baltic countries 12.1. Volume, value and dynamics of the consumption of candles in the Baltic countries in 2012-2016 12.2. Volume, value and dynamics of the per capita consumption of candles in the Baltic countries in 2012-2016 12.3. Balance between supply and demand on the candles market in the Baltic countries in 2012-2016 12.4 Forecast for development of the candles market in the Baltic countries in 2017- 2022 About us Page 11of 54 http://www.wm-strategy.com

  12. Demo version The Baltic countries: Candles Market. October 2017 List of tables • Key indicators on the candles market in the Baltic countries in 2012-2016 • Key indicators of the demographics of the Baltic countries in 2012-2016 • Key indicators of the economy of the Baltic countries in 2012-2016 • Forecast for the economy of the Baltic countries for 2017-2019 • Volume and dynamics of the candles market in the Baltic countries in 2012-2016 • Value and dynamics of the candles market in the Baltic countries in 2012-2016 • Structure of the candles market in the Baltic countries in 2012-2016, in volume terms • Structure of the candles market in the Baltic countries in 2012-2016, in value terms • Structure of the candles market in the Baltic countries by origin in 2012-2016, in volume terms • Structure of the candles market in the Baltic countries by origin in 2012-2016, in value terms • Structure of the candles market in the Baltic countries by country in 2012-2016, in volume terms • Structure of the candles market in the Baltic countries by country in 2012-2016, in value terms • Structure of the candles market in the Baltic countries by product categories in 2016, in value terms • Main trade channels for candles retail distribution in the Baltic countries in 2016, in value terms • Country opportunity analysis • Volume and dynamics of the domestic production of candles in the Baltic countries in 2012- 2016 • Value and dynamics of the domestic production of candles in the Baltic countries in 2012- 2016 • Structure of the domestic production of candles in the Baltic countries by producing countries in 2012-2016, in volume terms • Structure of the domestic production of candles in the Baltic countries by producing countries in 2012-2016, in value terms • Value chain analysis of the candles market in the Baltic countries • Cost breakdown of the price formation of candles in the Baltic countries, in % • Volume and dynamics of the average producer prices of candles in the Baltic countries in 2012-2016 • Volume and dynamics of the average producer prices of candles in the Baltic countries by producing countries in 2012-2016 Page 12of 54 http://www.wm-strategy.com

  13. Demo version The Baltic countries: Candles Market. October 2017 • Volume and dynamics of other prices of candles in the Baltic countries (wholesale, distributor, retail, etc.) in 2012-2016 • Trade balance of candles foreign trade in the Baltic countries in 2012-2016, in volume terms • Trade balance of candles foreign trade in the Baltic countries in 2012-2016, in value terms • Trade balance of candles foreign trade in the Baltic countries by trading countries in 2012- 2016, in volume terms • Trade balance of candles foreign trade in the Baltic countries by trading countries in 2012- 2016, in value terms • Volume and dynamics of the imports of candles to the Baltic countries in 2012-2016 • Value and dynamics of the imports of candles to the Baltic countries in 2012-2016 • Main countries, exporting candles to the Baltic countries in 2012-2016, in volume terms • Main countries, exporting candles to the Baltic countries in 2012-2016, in value terms • Structure of the imports of candles to the Baltic countries by importing countries in 2012- 2016, in volume terms • Structure of the imports of candles to the Baltic countries by importing countries in 2012- 2016, in value terms • Average prices of the candles, imported to the Baltic countries in 2012-2016 • Average prices of the candles, imported to the Baltic countries in 2012-2016 by importing countries • Volume and dynamics of the Baltic exports of candles in 2012-2016 • Value and dynamics of the Baltic exports of candles in 2012-2016 • Recipient countries of the Baltic exports of candles in 2012-2016, in volume terms • Recipient countries of the Baltic exports of candles in 2012-2016, in value terms • Structure of the Baltic exports of candles by exporting countries in 2012-2016, in volume terms • Structure of the Baltic exports of candles by exporting countries in 2012-2016, in value terms • Average prices of the Baltic exports of candles in 2012-2016 • Average prices of the Baltic exports of candles in 2012-2016 by exporting countries • Volume and dynamics of the consumption of candles in the Baltic countries in 2012-2016 • Value and dynamics of the consumption of candles in the Baltic countries in 2012-2016 • Volume and dynamics of the per capita consumption of candles in the Baltic countries in 2012-2016 • Value and dynamics of the per capita consumption of candles in the Baltic countries in 2012- 2016 • Balance between supply and demand on the candles market in the Baltic countries in 2012- 2016, in volume terms • Balance between supply and demand on the candles market in the Baltic countries in 2012- 2016, in value terms Page 13of 54 http://www.wm-strategy.com

  14. Demo version The Baltic countries: Candles Market. October 2017 • Forecast for the total supply of candles in the Baltic countries in 2017-2022 (under the framework of the base scenario), in volume and value terms • Forecast for the total supply of candles in the Baltic countries in 2017-2022 (under the framework of the pessimistic scenario), in volume and value terms • Forecast for the total supply of candles in the Baltic countries in 2017-2022 (under the framework of the optimistic scenario), in volume and value terms List of figures • Volume and dynamics of the candles market in the Baltic countries in 2012-2016 • Value and dynamics of the candles market in the Baltic countries in 2012-2016 • Structure of the candles market in the Baltic countries in 2012-2016, in volume terms • Structure of the candles market in the Baltic countries in 2012-2016, in value terms • Structure of the candles market in the Baltic countries by origin in volume terms in 2012- 2016 • Structure of the candles market in the Baltic countries by origin in value terms in 2012- 2016 • Structure of the candles market in the Baltic countries by country in 2012-2016, in volume terms • Structure of the candles market in the Baltic countries by country in 2012-2016, in value terms • Structure of the candles market in the Baltic countries by product categories in 2016, in value terms • Main trade channels for candles retail distribution in the Baltic countries in 2016, in value terms • Volume and dynamics of the domestic production of candles in the Baltic countries in 2012- 2016 • Value and dynamics of the domestic production of candles in the Baltic countries in 2012- 2016 • Structure of the domestic production of candles in the Baltic countries by producing countries in 2012-2016, in volume terms • Structure of the domestic production of candles in the Baltic countries by producing countries in 2012-2016, in value terms • Value chain analysis of the candles market in the Baltic countries • Structure of the candles price formation in the Baltic countries, in % • Volume and dynamics of the average producer prices of candles in the Baltic countries in 2012-2016 Page 14of 54 http://www.wm-strategy.com

  15. Demo version The Baltic countries: Candles Market. October 2017 • Deviation of the average producer prices of candles in the Baltic countries in 2012-2016 by producing countries • Volume and dynamics of other prices of candles in the Baltic countries (wholesale, distributor, retail, etc.) in 2012-2016 • Trade balance of candles foreign trade in the Baltic countries in 2012-2016, in volume terms • Trade balance of candles foreign trade in the Baltic countries in 2012-2016, in value terms • Trade balance of candles foreign trade in the Baltic countries by trading countries in 2012- 2016, in volume terms • Trade balance of candles foreign trade in the Baltic countries by trading countries in 2012- 2016, in value terms • Volume and dynamics of the imports of candles to the Baltic countries in 2012-2016 • Value and dynamics of the imports of candles to the Baltic countries in 2012-2016 • Main countries, exporting candles to the Baltic countries in 2012-2016, in volume terms • Main countries, exporting candles to the Baltic countries in 2012-2016, in value terms • Structure of the imports of candles to the Baltic countries by importing countries in 2012- 2016, in volume terms • Structure of the imports of candles to the Baltic countries by importing countries in 2012- 2016, in value terms • Average prices of the candles, imported to the Baltic countries in 2012-2016 • Average prices of the candles, imported to the Baltic countries in 2012-2016 by importing countries • Volume and dynamics of the Baltic exports of candles in 2012-2016 • Value and dynamics of the Baltic exports of candles in 2012-2016 • Recipient countries of the Baltic exports of candles in 2012-2016, in volume terms • Recipient countries of the Baltic exports of candles in 2012-2016, in value terms • Structure of the Baltic exports of candles by exporting countries in 2012-2016, in volume terms • Structure of the Baltic exports of candles by exporting countries in 2012-2016, in value terms • Average prices of the Baltic exports of candles in 2012-2016 • Average prices of the Baltic exports of candles in 2012-2016 by exporting countries • Volume and dynamics of the consumption of candles in the Baltic countries in 2012-2016 • Value and dynamics of the consumption of candles in the Baltic countries in 2012-2016 • Volume and dynamics of the per capita consumption of candles in the Baltic countries in 2012-2016 • Value and dynamics of the per capita consumption of candles in the Baltic countries in 2012- 2016 • Balance between supply and demand on the candles market in the Baltic countries in 2012- 2016, in volume terms Page 15of 54 http://www.wm-strategy.com

  16. Demo version The Baltic countries: Candles Market. October 2017 • Balance between supply and demand on the candles market in the Baltic countries in 2012- 2016, in value terms • Forecast for the total supply of candles in the Baltic countries in 2017-2022 (under the framework of the base scenario), in volume and value terms • Forecast for the total supply of candles in the Baltic countries in 2017-2022 (under the framework of the pessimistic scenario), in volume and value terms • Forecast for the total supply of candles in the Baltic countries in 2017-2022 (under the framework of the optimistic scenario), in volume and value terms Page 16of 54 http://www.wm-strategy.com

  17. Demo version The Baltic countries: Candles Market. October 2017 2. 2. Executive summary Executive summary The Baltic candles market showed … dynamics in physical terms in the period 2012-2016. In 2012, it was equal to X thousand tons. In 2012, the indicator … by X%, after which followed three consecutive years of … It happened at rates of X%, X% and X%, respectively. So, in 2016, the market volume reached … for the period at … thousand tons, which was an overall … for the period. In the next few years, experts believe that the market will continue … at rates of X% per year. In value terms, the candles market in the Baltic countries showed … dynamics to the same indicator in volume terms. In 2012, it was equal to X billion EUR... … Table 1Key indicators on the Baltic candles market in 2012-2016 Indicators 2012 Market volume and value in the Baltic countries in tons X 2013 2014 2015 2016 X 18,520 X X in 000's of EUR X X X X X Volume and value of production in the Baltic countries in tons 20,123 X X X X in 000's of EUR X X X X X Volume and value of imports to the Baltic countries in tons X X X X X in 000's of EUR X 14,216 X X X Volume and value of the Baltic exports X in tons X X X X in 000's of EUR X X X X X Share of domestically produced goods on the market, in volume terms Share of foreign products on the market, in volume terms X% X% X% X% X% X% X% X% X% X% Average prices on the domestic market X Average producer prices, in EUR/ton Average retail prices, in EUR/kg Source: Data (Official sources, Expert opinion, WMStrategy calculations), Analysis 1,756 X X X X X X X X (WMStrategy) Page 17of 54 http://www.wm-strategy.com

  18. Demo version The Baltic countries: Candles Market. October 2017 6. 6. Overview and analysis Overview and analysis of the of the candles candles market market in in the Baltic the Baltic countries countries 6.1. 6.1. Volume, value and dynamics of the Volume, value and dynamics of the candles 2016 2016 candles market in market in the Baltic countries the Baltic countries in in 2012 2012- - The Baltic candles market showed … dynamics in physical terms. In, 2012 was equal to … tons. In the next few years, it ... Table 2 Volume and dynamics of the candles market in the Baltic countries in 2012-2016, in tons and in % Year Market volume, in tons 2012 X 2013 X 2014 18,520 2015 X 2016 X Source: Data (Official sources, Expert opinion, WMStrategy calculations), Analysis Dynamics, in % X% X% X% X% X% (WMStrategy) Page 18of 54 http://www.wm-strategy.com

  19. Demo version The Baltic countries: Candles Market. October 2017 Volume and dynamics of the Baltic candles market in 2012-2016 250 112% X X 110% X X 200 X% 108% X X% X% X% 106% 150 104% 102% 100% 100 100% 98% 50 96% 0 94% 2012 2013 2014 2015 2016 Market volume, in tons Dynamics, in % Fig. 1 Volume and dynamics of the candles market in the Baltic countries in 2012- 2016, in tons and in %1 Source: Data (Official sources, Expert opinion, WMStrategy calculations), Analysis (WMStrategy) … 1Please, bear in mind that the figures, presented in this demo version are for illustrative purposes only and might differ from the real figures you will get by purchasing the full report! Page 19of 54 http://www.wm-strategy.com

  20. Demo version The Baltic countries: Candles Market. October 2017 6.3. 6.3. During the whole analyzed period, the market was dominated by products of … origin in both volume and value terms. In physical ones, the domestically produced products accounted for X%-X% of the market in 2012-2016. The market structure fluctuated a bit throughout the years, but showed similar dynamics in value terms as well. The share of domestic candles in value terms was in the range of X%-X%. Experts believe that this structure will remain at … levels in the next few years. However, … … Structure of the Structure of the candles candles market in market in the Baltic countries the Baltic countries by origin by origin Table 3 Structure of the candles market in the Baltic countries by origin in 2012- 2016, in tons Year Market volume, in tons products, in tons 2012 X 2013 X 2014 18,520 2015 X 2016 X Source: Data (Official sources, Expert opinion, WMStrategy calculations), Analysis Domestically produced Foreign products, in tons X X X X X X X X X X (WMStrategy) Page 20of 54 http://www.wm-strategy.com

  21. Demo version The Baltic countries: Candles Market. October 2017 Structure of the Baltic candles market by origin in 2012-2016 in volume terms, in % 80,00% X% X% X% X% X% 70,00% 60,00% 50,00% X% 40,00% X% X% X% X% 30,00% 20,00% 10,00% 0,00% 2012 2013 2014 2015 2016 Domestically produced products, in tons Foreign products, in tons Fig. 2 Structure of the candles market in the Baltic countries by origin in 2012- 2016 in volume terms, in %2 Source: Data (Official sources, Expert opinion, WMStrategy calculations), Analysis (WMStrategy) 2Please, bear in mind that the figures, presented in this demo version are for illustrative purposes only and might differ from the real figures you will get by purchasing the full report! Page 21of 54 http://www.wm-strategy.com

  22. Demo version The Baltic countries: Candles Market. October 2017 6.4. 6.4. The countries with the largest candles markets in physical terms in the Baltic countries in 2016 were …, …, …, … and …. In total, they accounted for …% of the market in physical terms. … was the clear leader, as it alone accounted for …% of the market. The highest growing markets in the Baltic countries in the last five years were …, … and …, which grew at CAGR of …%, …% and …%, respectively… … Structure of the Structure of the candles candles market in market in the Baltic countries the Baltic countries by countries in by countries in 2012 2012- -2016 2016 Table 4 Structure of the candles market in the Baltic countries by countries in 2012-2016, in tons and in % Country Market volume in 2012, in tons in tons in tons Market volume in 2013, Market volume in 2014, Market volume in 2015, in tons Market volume in 2016, in tons CAGR 2012- 2016 Country share in 2016, in % Estonia Latvia Lithuania X X X X X X X X X X X X X X X X X X X X% X% X% X% X% X% X% X% Total 18,520 Source: Data (Official sources, Expert opinion, WMStrategy calculations), Analysis (WMStrategy) Page 22of 54 http://www.wm-strategy.com

  23. Demo version The Baltic countries: Candles Market. October 2017 Structure of the Baltic candles market by countries in 2016 in volume terms, in % Country A X% X% Country B X% Country C Fig. 3 Structure of the candles market in the Baltic countries in volume terms in 2016 by countries, in %3 Source: Data (Official sources, Expert opinion, WMStrategy calculations), Analysis (WMStrategy) … 3Please, bear in mind that the figures, presented in this demo version are for illustrative purposes only and might differ from the real figures you will get by purchasing the full report! Page 23of 54 http://www.wm-strategy.com

  24. Demo version The Baltic countries: Candles Market. October 2017 6.5. 6.5. Key recent trends on the Key recent trends on the candles The last few years have shaken the soup and broth market, which proved innovative and resistant enough to quickly overcome the results of the economic and financial crisis in Europe. In both physical and value terms, the market has already outgrown its pre-crisis levels and is showing steady positive dynamics. What is good for the market is the fact that it is now enjoying increasing stability both in the developed markets of Western Europe and in the developing ones in the Central and Eastern parts of the continent. Due to the effects of the crisis, the candles market has seen increased … Table 5 Structure of the Baltic candles market by product categories by main product segment in 2016 in value terms, in % to the total Product category Basic candles Scented candles Fancy candles Total Source: Data (Official sources, Expert opinion, WMStrategy calculations), Analysis candles market in market in the Baltic countries the Baltic countries Share in 2016 in value terms, in % X% X% X% 100.00% (WMStrategy) … Traditionally, in the recent past, people were using candles mainly for religious purposes, mostly in a church during bible reading or various religious ceremonies, or to light a candle in the front yard. The candle used to be a functional commodity. However, with changing lifestyles and rise in disposable income, the user’s perception towards candles has been changed. Baltic customers have started to use the candle as … Page 24of 54 http://www.wm-strategy.com

  25. Demo version The Baltic countries: Candles Market. October 2017 Table 6 Main trade channels for candles retail distribution in the Baltic countries in 2016 in value terms, in % to the total Trade channel Share of total sales in 2016 in value terms, in % X% X% Supermarkets and hypermarkets Furniture and homewares retailers Convenience stores Pharmacies and drugstores Independent retailers Total Source: Data (Official sources, Expert opinion, WMStrategy calculations), Analysis X% X% X% 100.00% (WMStrategy) … Europe has been facing massive globalization and digitalization in the past few years. This has been accompanied by the rising and growing emerging markets, as well as increasing urbanization in the region. Such developments set new evolving trends in the overall consumer behavior. When it comes to manufacturing, distribution, and marketing specific product groups, companies are re-focusing their strategies in order to adapt to the emerging customer expectations. Product proposition, development, and branding are experiencing revolutionary changes. Due to the rare localization, European consumers are in a search for … … Another trend on the candles market in the Baltic countries, connected with its usage is the popularity of green initiatives. More and more organizations are trying to make manufacturing companies try to … … Page 25of 54 http://www.wm-strategy.com

  26. Demo version The Baltic countries: Candles Market. October 2017 6.6. 6.6. Competitive landscape of the market Competitive landscape of the market … The Baltic candles market is highly competitive and diversified due to the presence of a large number of regional and international vendors. These vendors increasingly compete against each other based on price, scents, quality, innovation, features, service, reputation, distribution, and promotions. Manufacturers are also compelled to … … As regards producing companies, the competitive landscape is not very easy to change as the market entry barriers are considerably high in most of the analyzed Baltic markets. These require choosing … … Page 26of 54 http://www.wm-strategy.com

  27. Demo version The Baltic countries: Candles Market. October 2017 6.8. 6.8. Into the medium-term, annual growth rates of X-X% are forecast until 2022. In addition, the candles market has shown significant resistance and a few years of growth in a row. The candles are commodity products which are constantly growing in demand. The current trends in the greater homewares sector and a broadly positive outlook in the underlying economies, are likely to stimulate further growth in the market. Key drivers and restraints for the market development in the medium term Key drivers and restraints for the market development in the medium term … Private consumption expenditure is a major driver for the entire home decoration market, including the candle industry. In the upcoming years, Baltic private consumption is expected to rise due to expected higher disposable incomes. Especially in emerging markets, consumers will have more money available to spend on luxury and decorative products. On the other hand, consumers in the developed economies … … Page 27of 54 http://www.wm-strategy.com

  28. Demo version The Baltic countries: Candles Market. October 2017 7 7. . Overview and analysis of the domestic production of Overview and analysis of the domestic production of candles candles in in the Baltic countries the Baltic countries 7 7. .1 1. . Volume, value and dynamics of the domestic production of Volume, value and dynamics of the domestic production of candles countries countries in in 2012 2012- -2016 2016 candles in in the Baltic the Baltic As an overall, the Baltic production of candles in physical terms showed … dynamics in the period 2012-2016. In 2012, in the Baltic countries were produced 20.123 thousand tons of the product. In 2013, the indicator …by …%, which was followed by … years of …. It happened at rates of …% and …%, respectively. In 2016, in the Baltic countries were produced X thousand tons, which was a total … of …, compared to 2012. Experts forecast that in the next few years, the Baltic production will … at … rates of …% per year. … Table 7 Volume and dynamics of the domestic production of candles in the Baltic countries in 2012-2016, in tons and in % Year Production volume, in tons 2012 20,123 2013 X 2014 X 2015 X 2016 X Source: Data (Official sources, Expert opinion, WMStrategy calculations), Analysis Dynamics, in % X% X% X% X% X% (WMStrategy) … Page 28of 54 http://www.wm-strategy.com

  29. Demo version The Baltic countries: Candles Market. October 2017 Value and dynamics of the Baltic production of candles in 2012-2016 600 112% X% X 110% X 500 X 108% X X% X% X X% 400 106% 104% 300 102% X% 200 100% 98% 100 96% 0 94% 2012 2013 2014 2015 2016 Production value, in 000's of EUR Dynamics, in % Fig. 4 Value and dynamics of the domestic production of candles in the Baltic countries in 2012-2016, in thousands of EUR and in %4 Source: Data (Official sources, Expert opinion, WMStrategy calculations), Analysis (WMStrategy) … 4Please, bear in mind that the figures, presented in this demo version are for illustrative purposes only and might differ from the real figures you will get by purchasing the full report! Page 29of 54 http://www.wm-strategy.com

  30. Demo version The Baltic countries: Candles Market. October 2017 7.2. 7.2. The largest producer of candles in the Baltic countries in physical terms during the analyzed period was …. In 2016, the country alone accounted for X% of the total Baltic production in physical terms. It was followed by … with X%. Significant shares also had …, … and …. The rest of the Baltic countries combined accounted for about X% of the total production. The highest compound annual growth rates in the last five years were recorded in … and … and were equal to X% and X% per annum, respectively. This… … Structure of the Structure of the Baltic Baltic production of production of candles candles by producing countries by producing countries Table 8 Structure of the candles production in the Baltic countries by countries in 2012-2016, in tons and in % Country Production volume in 2012, in tons tons tons Production volume in 2013, in Production volume in 2014, in Production volume in 2015, in tons Production volume in 2016, in tons CAG R 2012 - 2016 Country share in 2016, in % Estonia Latvia Lithuania Total X X X X X X X X X X X X X X X X X X X X% X% X% X% X% X% X% X% 18,520 Source: Data (Official sources, Expert opinion, WMStrategy calculations), Analysis (WMStrategy) Page 30of 54 http://www.wm-strategy.com

  31. Demo version The Baltic countries: Candles Market. October 2017 Structure of the candles production in the Baltic countries in volume terms in 2016, in % Country A X% X% Country B X% Country C Fig. 5 Structure of the candles production in the Baltic countries in volume terms in 2016 by countries, in %5 Source: Data (Official sources, Expert opinion, WMStrategy calculations), Analysis (WMStrategy) … 5Please, bear in mind that the figures, presented in this demo version are for illustrative purposes only and might differ from the real figures you will get by purchasing the full report! Page 31of 54 http://www.wm-strategy.com

  32. Demo version The Baltic countries: Candles Market. October 2017 7. 7.3 3. Characteristics of the main companies, producers of . Characteristics of the main companies, producers of candles … candles in in the Baltic countries the Baltic countries There is candle production in almost each European country and so there are hundreds of candles manufacturing companies in the region. The majority of them are relatively small and work mostly for their own domestic markets. The companies, which operate internationally usually do so through related companies in the countries of interest. In this way, they are … … 7.3.1. Company A Page 32of 54 http://www.wm-strategy.com

  33. Demo version The Baltic countries: Candles Market. October 2017 7.4. Characteristics of the main companies, selling 7.4. Characteristics of the main companies, selling candles Baltic countries Baltic countries … candles in the retail segment in in the retail segment in the the At the moment, in the Baltic countries there are thousands of retail companies. Some of them are purely domestic, focusing their activities on their home markets only. Others have extensively grown into whole regions. The report includes some of the leading retailers, ranked in no particular order. 7.4.1. Carrefour S.A. Carrefour SA is one of the leading distributors of grocery and consumer goods in the world. At the end of FY2016, it operated 11,935 stores in more than 30 countries across Europe, Asia, Latin America, North Africa and the Middle East. The group organizes its business segments based on geographic presence: France, Europe (excluding France), Latin America and Asia. Carrefour's business operations can also be segmented on the basis of its store formats: hypermarkets, supermarkets, and other formats (cash & carry and convenience stores). Carrefour is one of the leading hypermarket retailers in the world. The stores have sales areas ranging from 2,400 to 23,000 square meters and operate under the Carrefour and Carrefour Planet banners. The group's hypermarkets offer a range of company-owned and branded products in both food and non-food categories. The non-food range is divided into five areas: home, bazaar, multimedia, textiles, and beauty. The home department offers a wide range of tableware, storage facilities, indoor and outdoor decorations, linens and accessories. The bazaar department offers luggage items, sports accessories, do-it-yourself products, car accessories, gardening tools and products for outdoor activities, as well as Christmas decorations. The multimedia department offers electronic products and household appliances. The textiles department offers trendy and affordable items under the Tex brand. The beauty department has space for services and expert advice such as make-up and express hairdressing. The other formats of Carrefour include cash & carry and convenience stores. The cash & carry stores provide wholesale and retail self-service mainly intended for businesses. These stores operate under the Promocash and Atacadao brand names. The Promocash brand is dedicated to professionals in the restaurant and food and beverage trades. The Atacadao banner cash & carry stores are operated in Brazil, Colombia, Bogota, Soacha and Argentina. Page 33of 54 http://www.wm-strategy.com

  34. Demo version The Baltic countries: Candles Market. October 2017 Carrefour's convenience stores provide a range of everyday items to customers. In France, the group operates convenience stores under the Carrefour city, Carrefour contact, Carrefour express, and Carrefour montagne brand names. Carrefour city targets customers in urban areas. Carrefour contact targets customers in smaller towns and villages. Carrefour express is designed for additional and extra emergency purchases in both towns and rural areas whereas Carrefour montagne stores are operated in ski resorts. In addition to the above mentioned store formats, Carrefour also sells its products through e- commerce websites in various countries, including France, Spain, Belgium, Turkey and others. Carrefour also offers services such as home delivery and in-store or in-warehouse collection to customers. At the end of the fiscal 2016, Carrefour reported consolidated sales of 76,645 million EUR, a slight decrease of 0.4% compared to the fiscal 2015. The total revenue of the company for 2016 amounted to 78,763 million EUR while its COGS of 2016 was 60,781 million EUR. Accordingly, the gross income of the company for 2016 amounted to 17,983 million EUR. The net income of Carrefour for the fiscal 2016 was 970 million EUR, which was 9.77% lower than in the fiscal 2015. According to the Consolidated Statement of Financial Position of 2016 of Carrefour, the total assets of the company were 48,838 million EUR, an 8.3% higher than the previous year. The total equity of Carrefour for 2016 was 10,425 million EUR while the share capital amounted to 1,891 million EUR. Table 9 Financial performance of Carrefour S.A. in 2012-2016, in millions of EUR and in % Indicator FY 2012 2013 2014 FY FY FY 2015 FY 2016 Y-o-Y growth in 2016, in % CAGR 2012- 2016, in % Assets 3,113 2,812 6,212 0 Cash 6,571 2,573 5,656 0 4,756 2,688 5,737 0 2,724 2,687 6,361 0 3,305 3,263 7,038 -2 21.33% 21.44% 10.64% NA -15.79% 6.11% 5.62% NA Net Receivables Inventories Other Current Assets Total Current Assets Net Fixed Assets Other Noncurrent Assets Total Assets 19,787 18,142 17,547 17,309 19,145 10.61% -0.82% 11,506 11,107 12,270 12,069 13,404 11.06% 3.89% 513 312 295 385 314 -18.44% -11.55% 45,831 43,556 45,783 Liabilities 45,089 48,838 8.32% 1.60% Page 34of 54 http://www.wm-strategy.com

  35. Demo version The Baltic countries: Candles Market. October 2017 Indicator FY 2012 FY 2013 FY 2014 FY 2015 FY 2016 Y-o-Y growth in 2016, in % 12.45% CAGR 2012- 2016, in % Total Current Liabilities Long Term Debt Other Noncurrent Liabilities Total Liabilities 21,949 21,509 23,050 22,314 25,092 3.40% 10,946 3,998 9,313 3,617 8,403 3,581 8,582 3,015 8,134 3,064 -5.22% 1.63% -7.15% -6.44% 38,346 35,715 36,593 Shareholder's Equity 7,842 9,190 701 712 35,457 38,414 8.34% 0.04% Total Equity Shares Outstanding (M) 7,485 686 9,632 727 10,425 747 8.23% 2.65% 8.63% 2.14% Income statement information 76,662 76,308 59,818 59,262 Revenue Cost of Goods Sold Gross Profit Gross Profit Margin SG&A Expense Depreciation & Amortization Operating Income Operating Margin Income Before Taxes Income Taxes Net Income After Taxes Total Operations Total Net Income Net Profit Margin Diluted EPS from Total Operations Diluted EPS from Total Net Income Dividends Per Share 78,438 61,505 78,846 60,829 78,763 60,781 -0.10% -0.08% 0.10% -0.30% 16,932 21.59 % 13,245 1,548 16,844 21.97 % 13,176 1,432 17,046 22.34 % 13,279 1,381 18,016 22.85 % 14,103 1,470 17,983 22.83 % 14,145 1,487 -0.19% -0.08% 1.52% 1.41% 0.30% 1.16% 1.66% -1.00% 1,200 1,956 2,199 2,123 1,940 -8.62% 12.76% 1.53% 2.55% 2.88% 2.69% 2.46% -8.52% 12.65% 552 1,659 1,972 1,672 1,464 -12.44% 27.62% 388 164 631 1,028 709 1,263 597 1,075 494 970 -17.25% -9.77% 6.23% 55.96% 1,233 1,263 1,249 980 746 -23.88% -11.80% 1,233 1,263 1,249 980 746 -23.88% -11.80% 1.57% 1.65% 1.64% 1.24% 0.95% -23.80% -11.89% 1.81 1.82 1.77 1.35 1.01 -25.19% -13.57% 1.81 1.82 1.77 1.35 1.01 -25.19% -13.57% 0.1 0.12 0.12 0.08 0.1 25.00% 0.00% Cash flow information 6,571 4,756 Cash and Cash Equivalents at 3,849 3,113 2,724 -12.50% -8.28% Page 35of 54 http://www.wm-strategy.com

  36. Demo version The Baltic countries: Candles Market. October 2017 Indicator FY 2012 FY 2013 FY 2014 FY 2015 FY 2016 Y-o-Y growth in 2016, in % CAGR 2012- 2016, in % the Beginning of Year Net Cash Provided in Operating Activities Net Cash Provided by Investing Activities Net Cash Provided by Financing Activities Net Increase/Decre ase in Cash and Cash Equivalents Cash and Cash Equivalents at the End of Year 1,972 1,675 2,609 2,818 3,305 17.28% 13.77% 337 -855 -3,397 -2,136 -2,856 33.71% NA 546 -2,489 -874 -821 0 -100% -100.00% 2,855 -1,669 -1,662 -139 449 -423.0% -37.03% 6,571 4,756 3,113 2,724 3,305 21.33% -15.79% Profitability ratios 21.97% 22.34% Gross Profit Margin Pre-Tax Profit Margin Net Profit Margin Return on Equity Return on Assets Return on Invested Cap 21.59% 22.85% 22.83% -0.08% 1.41% 0.70% 2.16% 2.58% 2.12% 1.86% -12.35% 27.49% 0.21% 1.34% 1.65% 1.36% 1.23% -9.67% 55.79% 2.19% 13.11 % 2.90% 13.74 % 2.73% 11.16 % 2.17% 9.30% -16.63% 43.56% 2.69% 1.53% -29.72% -13.19% 0.89% 5.99% 7.18% 5.90% 5.23% -11.45% 55.69% Financial ratios 0.76 0.26 4.98 3.98 Current Ratio Quick Ratio Leverage Ratio Total Debt/Equity 0.90 0.42 6.12 5.12 0.84 0.35 5.55 4.55 0.78 0.24 4.68 3.68 0.76 0.26 4.68 3.68 -1.63% 7.95% 0.08% 0.10% -4.08% -10.97% -6.47% -7.91% Operation-related ratios 12.62 13.26 Days of Sales Outstanding Inventory Turnover Asset Turnover 11.81 12.27 14.91 21.56% 6.00% 10.87 10.43 9.54 9.56 8.64 -9.69% -5.60% 1.71 1.76 1.67 1.75 1.61 -7.77% -1.47% Page 36of 54 http://www.wm-strategy.com

  37. Demo version The Baltic countries: Candles Market. October 2017 Indicator FY 2012 FY 2013 FY 2014 FY 2015 FY 2016 Y-o-Y growth in 2016, in % -17.74% CAGR 2012- 2016, in % Net Receivables Turnover Flow Effective Tax Rate 30.48 28.52 27.14 29.35 24.14 -5.66% 70.29% 38.03% 35.95% 35.71% 33.74% -5.50% -16.76% Source: Data (Official sources, Expert opinion, WMStrategy calculations), Analysis (WMStrategy) Contact details 33 avenue Emile Zola, 92100 Boulogne-Billancourt, France Phone number: +33 14 104 2600 http://www.carrefour.com … Page 37of 54 http://www.wm-strategy.com

  38. Demo version The Baltic countries: Candles Market. October 2017 8 8. . Characteristics and analysis of the prices of Characteristics and analysis of the prices of candles countries countries candles in in the Baltic the Baltic … 8 8.3. Characteristics of the producer prices of .3. Characteristics of the producer prices of candles … candles in in the Baltic countries the Baltic countries in in 2012 2012- -2016 2016 The average producer prices of candles in the Baltic countries in the period 2012-2016 showed … dynamics. In 2012, one ton of candles, purchased directly from the producer cost about … EUR in the Baltic countries. In the next two years, the indicator … to reach its highest value for the period at … EUR per ton in … After this came… rates of …%and …%, respectively. As a result, in 2016, the average producer price reached … EUR per ton, which was an overall … of …% for the period. Experts expect that the average producer prices will … in the next five years at … rates of …% per year. Table 10 Volume and dynamics of the average producer prices of candles in the Baltic countries in 2012-2016, in EUR per ton and in % Year Average producer price, in EUR/ton 2011 X 2012 X 2013 1,756 2014 X 2015 X Source: Data (Official sources, Expert opinion, WMStrategy calculations), Analysis Dynamics, in % X% X% X% X% X% (WMStrategy) … The producer prices of candles differed significantly among the producing European countries. Usually, the manufacturers who are active in a few countries create a harmonized strategy for price-setting in the whole region (for example, the Scandinavian countries) and the prices in the countries within the specified region are very similar. Of course, there are some differences mostly due to the … and …. The largest differences come from … … Page 38of 54 http://www.wm-strategy.com

  39. Demo version The Baltic countries: Candles Market. October 2017 Deviation of the average producer prices of candles in the Baltic countries by producing countries in 2016 4,000 3,500 3,000 2,500 2,000 1,500 1,000 0,500 0,000 Estonia Latvia Lithuania Producer price in 2016, in EUR/ton Average European producer price in 2016, in EUR/ton Fig. 6 Deviation of the average producer prices of candles in the Baltic countries by producing countries in 2016, in EUR per ton6 Source: Data (Official sources, Expert opinion, WMStrategy calculations), Analysis (WMStrategy) … 6Please, bear in mind that the figures, presented in this demo version are for illustrative purposes only and might differ from the real figures you will get by purchasing the full report! Page 39of 54 http://www.wm-strategy.com

  40. Demo version The Baltic countries: Candles Market. October 2017 10 10. . Overview and analysis of the imports of Overview and analysis of the imports of candles market market candles to the to the Baltic Baltic … 10 10. .2 2. Major trade inflows of . Major trade inflows of candles candles imports to imports to the Baltic the Baltic countries countries … The imports of candles in the last few years by exporting countries were dominated by the largest global candles producing countries. This is due to the fact that the candles can be considered a non-durable product with long shelf life, which can easily be transported to longer destinations. This allows the product to be transported all over the world without … … The Baltic countries, which imported the most candles in 2016 in physical terms were …, …, …, and … with X%, X%, X% and X% of the total Baltic imports, respectively. They were followed by .., …, … and …. Some of these countries do not produce much candles domestically, which can explain the large import volumes. Some of them happen to be… Table 11 Main countries, exporting candles to the Baltic countries in 2012-2016, in thousands of EUR and in % Exporting country value in 2012, in 000's of EUR EUR EUR Country A X X X Country B X X X Country C X X X Country D X X X Country E X X X Country F X X X Country G X X X Country H X X X Country I X X X Other countries Total X X X Source: Data (Official sources, Expert opinion, WMStrategy calculations), Analysis Import Import value in 2013, in 000's of Import value in 2014, in 000's of Import value in 2015, in 000's of EUR X X X X X X X X X X Import value in 2016, in 000's of EUR X X X X X X X X X X CAGR 2012- 2016 Shar e in 2016 , in % X% X% X% X% X% X% X% X% X% X% X% X% X% X% X% X% X% X% X% X% X X X X X X% X% (WMStrategy) Page 40of 54 http://www.wm-strategy.com

  41. Demo version The Baltic countries: Candles Market. October 2017 Structure of the imports of candles to the Baltic countries in 2016 in value terms, in % Country A Country B Country C Country D Country E Country F Country G Others Fig. 7 Structure of the imports of candles in the Baltic countries by importing countries in 2016 in value terms, in %7 Source: Data (Official sources, Expert opinion, WMStrategy calculations), Analysis (WMStrategy) 7Please, bear in mind that the figures, presented in this demo version are for illustrative purposes only and might differ from the real figures you will get by purchasing the full report! Page 41of 54 http://www.wm-strategy.com

  42. Demo version The Baltic countries: Candles Market. October 2017 1 12 2. . Characteristics of the consumption of Characteristics of the consumption of candles candles in in the Baltic the Baltic countries countries 12.1. Volume, value and dynamics of the consumption of 12.1. Volume, value and dynamics of the consumption of candles candles in in the Baltic countries the Baltic countries in in 2012 2012- -2016 2016 … The consumption volume of candles in the Baltic countries in 2012 was … thousand tons, which were valued at … billion EUR in producer prices. During the analyzed period, the consumption in both volume and value terms showed mixed dynamics... … Table 12 Volume, value and dynamics of the consumption of candles in the Baltic countries in 2012-2016, in tons, thousands of EUR and in % Year Market volume, in tons EUR 2012 X X 2013 X X 2014 18,520 X 2015 X X 2016 X X Source: Data (Official sources, Expert opinion, WMStrategy calculations), Analysis Market value, in 000's of Inventory levels Consumption, in tons Consumption, in 000's of EUR X X X X X X% X% X% X% X% X X X X X (WMStrategy) … Page 42of 54 http://www.wm-strategy.com

  43. Demo version The Baltic countries: Candles Market. October 2017 Volume and dynamics of the consumption of candles in the Baltic countries in 2012-2016 X% 250 112% X 110% X X 200 X 108% X X% X% X% 106% 150 104% 102% X% 100 100% 98% 50 96% 0 94% 2012 2013 2014 2015 2016 Consumption, in tons Dynamics, in % Fig. 8 Volume and dynamics of the consumption of candles in the Baltic countries in 2012-2016, in tons and in %8 Source: Data (Official sources, Expert opinion, WMStrategy calculations), Analysis (WMStrategy) … 8Please, bear in mind that the figures, presented in this demo version are for illustrative purposes only and might differ from the real figures you will get by purchasing the full report! Page 43of 54 http://www.wm-strategy.com

  44. Demo version The Baltic countries: Candles Market. October 2017 12.2. Volume, value and dynamics of the per capita consumption of 12.2. Volume, value and dynamics of the per capita consumption of candles candles in in the Baltic the Baltic countries countries in in 2012 2012- -2016 2016 … The consumption of candles in the Baltic countries fluctuates a lot among the different countries in both volume and value terms. The Baltic average consumption in 2012 was … kilograms per capita, which was equal to … EUR per capita. In the next five years, the volume of per capita consumption in physical terms increased to … kilograms per capita, while the one in value terms grew at CAGR of X% per annum and reached … EUR per capita. The highest levels of consumption in both physical and value terms were recorded in …, … and ... The highest growing consumption in physical terms was in … and ... In value terms, the highest growing countries were …, … and …. … Table 13 Volume and dynamics of the per capita consumption of candles in the Baltic countries by consuming countries in 2012-2016, in kilograms per capita and in % Country Consumption per capita in 2012, in kg/capita X X X X Consumptio n per capita in 2013, in kg/capita X X X X Consumption per capita in 2014, in kg/capita X X X X Consumption per capita in 2015, in kg/capita X X X X Consumption per capita in 2016, in kg/capita X X X X CAGR 2012- 2016 X% X% X% X% Estonia Lithuania Latvia Average Source: Data (Official sources, Expert opinion, WMStrategy calculations), Analysis (WMStrategy) Page 44of 54 http://www.wm-strategy.com

  45. Demo version The Baltic countries: Candles Market. October 2017 Deviation of the Baltic consumption of candles per capita by consuming countries in 2016, in value terms 0,100 0,080 0,060 0,040 0,020 0,000 Estonia Latvia Lithuania Consumption per capita in 2016, in EUR/capita Average European consumption per capita in 2016, in EUR/capita Fig. 9 Deviation of the Baltic consumption of candles per capita in 2016 by consuming countries in value terms, in EUR per capita9 Source: Data (Official sources, Expert opinion, WMStrategy calculations), Analysis (WMStrategy) … 9Please, bear in mind that the figures, presented in this demo version are for illustrative purposes only and might differ from the real figures you will get by purchasing the full report! Page 45of 54 http://www.wm-strategy.com

  46. Demo version The Baltic countries: Candles Market. October 2017 1 12 2. .3 3. . Balance between supply and demand on the Balance between supply and demand on the candles in in 2012 2012- -2016 2016 candles market in market in the Baltic countries the Baltic countries … Due to the … of domestic demand, the local balance between supply and demand in physical terms was … with domestic supply being able to cover about X%-X% of the domestic demand in the last five years. In value terms, the situation was … but had … dynamics due to the …In value terms, the balance between domestic supply and domestic demand was also … with domestic supply being able to cover about X%-X% of the local demand in 2012-2016. It should be mentioned that a large part of the Baltic production is exported but mostly to … countries. Experts forecast that the balance in both volume and value terms will remain … in the next few years and the difference between the two …. … Table 14 Balance between domestic supply and domestic demand on the candles market in the Baltic countries in 2012-2016, in tons and in % Year Volume of domestic supply, in tons 2012 X X 2013 X X 2014 X X 2015 X X 2016 X X Source: Data (Official sources, Expert opinion, WMStrategy calculations), Analysis Volume of domestic demand, in tons Balance, in tons Supply, in % to the total demand X% X% X% X% X% X X X X X (WMStrategy) Page 46of 54 http://www.wm-strategy.com

  47. Demo version The Baltic countries: Candles Market. October 2017 Balance between domestic supply and domestic demand on the Baltic candles market in 2012-2016, in volume terms 400 X X X 300 X X 200 X X X X X 100 0 2012 2013 2014 2015 2016 Volume of domestic supply, in tons Volume of domestic demand, in tons Fig. 10 Balance between domestic supply and domestic demand on the candles market in the Baltic countries in 2012-2016, in tons10 Source: Data (Official sources, Expert opinion, WMStrategy calculations), Analysis (WMStrategy) 10Please, bear in mind that the figures, presented in this demo version are for illustrative purposes only and might differ from the real figures you will get by purchasing the full report! Page 47of 54 http://www.wm-strategy.com

  48. Demo version The Baltic countries: Candles Market. October 2017 12.4. Forecast for development of the 12.4. Forecast for development of the candles candles market in market in the Baltic countries the Baltic countries in in 2017 2017- -2022 2022 … In the last five years, the candles market in the Baltic countries was dominated by … and this trend will continue in the medium term. Due to the …, the market will show … in the period until 2022. Of course, this will happen if the overall Baltic economy is able to achieve … of …% per year and…. … Under the base scenario for development, the Baltic economy will show … rates of about …% per year until 2022…. In this scenario, the annual market … rate for the period will be about …% per year, which means that the market volume in 2022 will reach … thousand tons or … billion EUR. Table 15 Volume, value and dynamics of the candles market in the Baltic countries in 2012-2016 and forecast for its development in 2017-2022 (under the framework of the base scenario), in tons, thousands of EUR and in % Year Market volume, in tons % 2012 X X% 2013 X X% 2014 18,520 X% 2015 X X% 2016 X X% 2017F X X% 2018F X X% 2019F X X% 2020F X X% 2021F X X% 2022F X X% Source: Data (Official sources, Expert opinion, WMStrategy calculations), Analysis Dynamics, in Market value, in 000's of EUR X X X X X X X X X X X Dynamics, in % X% X% X% X% X% X% X% X% X% X% X% (WMStrategy) Page 48of 54 http://www.wm-strategy.com

  49. Demo version The Baltic countries: Candles Market. October 2017 Volume and dynamics of the candles market in the Baltic countries in 2012- 2022F (base scenario) 300 112,00% 110,00% 250 108,00% 200 106,00% 104,00% 150 102,00% 100 100,00% 98,00% 50 96,00% 0 94,00% 2012 2013 2014 2015 2016 2017F 2018F 2019F 2020F 2021F 2022F Market volume, in tons Dynamics, in % Fig. 11 Volume and dynamics of the candles market in the Baltic countries in 2012-2016 and forecast for its development in 2017-2022 (under the framework of the base scenario), in tons and in %11 Source: Data (Official sources, Expert opinion, WMStrategy calculations), Analysis (WMStrategy) 11Please, bear in mind that the figures, presented in this demo version are for illustrative purposes only and might differ from the real figures you will get by purchasing the full report! Page 49of 54 http://www.wm-strategy.com

  50. Demo version The Baltic countries: Candles Market. October 2017 Similar reports Similar reports We can provide similar reports with a different geographical coverage. These can be conditionally divided into single-country and regional (multi-country) reports. The main difference between the two is the geographical coverage and research focus. We offer similar reports, covering the following countries/regions:  Europe: o Single-country reports for: Austria, Belgium, Bosnia and Herzegovina, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Ireland, Italy, Latvia, Lithuania, Luxembourg, Macedonia, Malta, Montenegro, Norway, Poland, Portugal, Romania, Serbia, Slovakia, Slovenia, Spain, the Netherlands, the United Kingdom, Russia, Belarus, Ukraine, and Turkey; o Regional reports for: Europe, the European Union, Central Europe, Eastern Europe, Northern Europe, Southern Europe, Western Europe, Balkan countries, Southeast Europe, Central and Eastern Europe, Baltic countries, Benelux countries, Scandinavian countries, Mediterranean countries, Iberian countries;  Asia-Pacific: o Single-country reports for: Australia, China, India, Indonesia, Japan, Singapore, South Korea; o Regional reports for: Asia-Pacific;  North America: o Single-country reports for: Canada, the USA, Mexico; o Regional reports for: North America;  Others: o Single-country reports for: Brazil, South Africa, etc. For this particular product group, both single-country and regional reports can be provided for almost all global countries and regions. Feel free to contact us for more information! We offer similar reports, covering the following products/product types:  Lighters;  Christmas products;  Artificial flowers and fruits;  Mattresses;  Mattress supports; Page 50of 54 http://www.wm-strategy.com

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