INTEGRATED TUTORIAL
ELABORATION AND COMMERCIALIZATION OF DARK
CHOCOLATE BUTTER WITH ORGANIC COCOA
MEMBERS: Marilyn Martinez, Jennifer Medranda, Brigitte Petroche,
Angie Recalde, Melissa Vera

CHOCOLATE EMPIRE
2
"Chocolate Empire" is a new company founded by a group of
students from UCSG
Star product "ChocoDarky" which is a black chocolate butter that
contains multiple benefits for the health.
Dark chocolate cocoa contains: fiber, iron, magnesium,
copper, manganese, potassium, phosphorus,
zinc and selenium.

3
MISSION
To be an innovative company specialized in
the production, sale and distribution of dark
chocolate butter, with the aim of satisfying
the palate of our Ecuadorian market,
through innovative products characterized
by being low in fat and sugar, with a high
quality
VISION
To be a company recognized in the
local market, expanding our range of
products derived from the cocoa and in
a future grow at the international level
to provide quality products

VALUES
4
Leadership Quality
Confidence Originality

TARGET MARKET
5
Ecuadorian people
Between 6-60 years
Socio-economic level medium-low, medium-high and high,
Enjoy eating black chocolate
Have a tendency to take care of their health.

Nutritional Contribution of the dark chocolate butter
6
Dark chocolate
favors the
circulation of
blood to the brain
to improve brain
function
Improve blood
flow and Lower
Blood Pressure
Reduces the
levels of tension
and aggression,

LOCAL PRODUCTION OF THE PRODUCT7
Los Ríos
Guayas
Manabí
Sucumbíos

NATIONAL COMPETITORS
8
DIRECT
COMPETITOR:
DELIBÚ
INDIRECT
COMPETITOR:
NUTELLA

DIRECT COMPETITION, ECUADOR
9
VALENCORP INDUSTRIA CACAOTERA
KUNTUCAO CIA.LTDA (Organic Chocolate
Butter)
COMPAÑIA ECUATORIANA PRODUCTORA
DE DERIVADOS DE COCOA C.A.
ECUACOCOA. (Chocolate Butter)
ARRIBA CHOCOLATE COMPANY S.A.
CHOCOMPANY. (Chocolate Butter)

CHOCO DARKY
10
One of the main trends in the chocolate
industry has been a greater focus on
the health benefits of chocolate, which
has contributed to the growth of the
consumption of dark chocolate, known
for its antioxidant properties.

PRODUCTION PROCESS
11
Arrival of the
raw material
Selection of the
seeds Toste the seeds Peal the seeds
Ground the
seeds
Mix and
Process the
ingredients
Cook the
mixture
Wait until the
mixture gets
cold
Put the mixture
into the
package
Put the labels in
each package.
All the
packages are
put in
Cardboard
Boxes.

TIME OF REQUIREMENT RM
12
Raw material Time
Seeds Once a month
Honey Twice a month
Brown Sugar Once a month
Cinnamon Once a month
Salt Once a month
Cornstarch Once a month
Milk Every two weeks
Milk Powder Once a month
Glass Package Twice a month
Label Once a month
Cardboard
boxes
Twice a month

SUPPLIERS
13
Hacienda Herrera km 26 vía al Triunfo
• Cocoa seeds and Honey bee
Central Market, Guayaquil
• Brown sugar, milk, powder Milk, cinnamon, salt and
cornstarch.
Label: Imprenta de artes gráficas Espinoza.
Cardboards boxes: Central Market, Guayaquil.

DISTRIBUTION CHANNELS
14

INBOUND LOGISTICS
15
PROCESS THE
RAW MATERIAL
DISTRIBUTE TO
STORES AND
SUPERMARKETS
SUPPLIER
PROVIDE THE
RAW MATERIAL
TRANSPORTATION
RECEIVE RAW
MATERIAL FROM
SUPPLIER

DISTRIBUTION CHANNELS
16
Suppliers
Mercado Central.
Printing graphic
arts.
Hacienda Herrera
km 26 vía al
Triunfo
Chocolate Empire
Company
Transform the raw
material
Supermarkets
Tía
Gran Akí
Mi comisariato
Final Customer

OUTBOUND LOGISTICS
17
CHOCOLATE EMPIRE CUSTOMERS
Our product will be delivered in:
- Supermarkets
So, we have to maintain a good relationship with the owners of the supermarkets and be
willing to receive feedback from them as they are those who are directly related to our market.
Chocolate Empire will be delivered the product according to their needs, and we will have a
good communication to our customers to be aware of any change in the orders.
It’s important to satisfy our customers to maintain a good relationship with them and to have a
good business environment.

MARKET ANALYSIS
▸The survey was conducted to students of the
career Commerce and finance international
business of the Catholic University.
18

19
88%
12%
DO YOU LIKE DARK
CHOCOLATE?
Yes
No
Elaborado por: Chocolate Empire
group
4%
96%
HAVE YOU CONSUMED
DARK CHOCOLATE
BUTTER?
Yes
No
Elaborado por: Chocolate Empire
group

20
65%
3%
32%
WOULD YOU LIKE TO
CONSUME THIS
PRODUCT?
Yes
No
It depends
Elaborado por: Chocolate Empire
group
34%
61%
4%
1%
0%
AFTER YOU HAVE TASTED
THE PRODUCT. WHAT IS
YOUR OPINION ABOUT THE
PRODUCT? DID YOU LIKE
THE TASTE?
Strongly agree
Agree
Undecided
Disagree
Strongly Disagree
Elaborado por: Chocolate Empire
group

21
4%
96%
WOULD YOU PURCHASE
THE PRODUCT?
No
Yes
Elaborado por: Chocolate Empire
group
18%
82%
WHAT PRESENTATION
SIZES WOULD YOU LIKE
THE PRODUCT?
Medium (350gr)
Small (200gr)
Elaborado por: Chocolate Empire
group

22
0%
76%
23%
0% 1%
IN WHICH PLACES WOULD YOU LIKE
TO FIND THE PRODUCT? OR WHERE
IS IT MORE LIKELY TO BUY THIS
PRODUCT?
Bakeries
Supermarkets
Neighborhood shops
Web Sites
Apps
Elaborado por: Chocolate Empire
group

INTERNATIONAL MARKETS ANALYSIS
▸PERCENTAGE PARTICIPATION OF THE MAIN ECUADORIAN EXPORT PRODUCTS (FOB) IN
2016.
23
Cocoa and its processed
products is the third most
traditional product
exported by Ecuador with
a participation
percentage of 6.4% from
the total of the
exportations in 2016.

INTERNATIONAL TRADE
The main importer
of Ecuadorian
products.
The third largest
importer of products
made with
chocolate in the
world.
The fith largest
importer of
products made
with chocolate
of Ecuador.
24

CHARACTERISTICS OF AMERICAN CONSUMER
Credit
culture
Value
comfort
Concerns
about safety,
the
environment
and healthy
life.
They use
natural
products.
Acquire
products
that do not
pollute.
Interested
in fresh
produce.

COST OF THE PROJECT
26

27
PRODUCTION CAPACITY
Quantity
2
660 L (55 lit. per pot)
1 100 Kg/h
1 360 packages per hour
2 360 packages per hour
1 500 Kg/h
2 360 packages per hour
1 450 Kg/h
4 1600 packages per hour
1 200 Kg/h
1 900 Kg/h (4 amounts of 225 kg c/u)
Mixer Machine.
Labelling Machine.
Machinery Maximun capacityof production
Industrial Mill .
Industrial refrigerators.
Peeling of grains.
Grain roasting machine.
Industrial Kitchen Stainless Steel (6
burners).
Food processing machine.
Filling machine for containers (3 nozzles).
Vacuum sealing machine.
PROCESS
Time/
Minutes
Toast the grains. 15
Peel the grains. 1,2
Grind the grains. 0,53
Food processing. 6
Mix all the ingredients. 1,2
Cook the mixture. 25
TOTAL ELABORATION 48,93
Fill glass package 8,33
Seal vacuum packaging. 8,33
Put the labels in the package 8,33
TOTAL PACKAGE. 24,99
TOTAL daily production. 73,92
MAXIMUM PRODUCTION CAPACITY
500 TOTAL HOURS OF PRODUCTION PACKAGING.1 hour # minu
Product units. 50 packages,
Hours of work per day. 8 hours
Product units Per day. 324 packages
Units of product on a monthly basis. 6480 packages
Annual product unit 77.760,00 packages
MAXIMUM PRODUCTION CAPACITY
500 TOTAL HOURS OF
PRODUCTION PACKAGING. 1 hour # minutes
Product units. 50 packages,
Hours of work per day. 8 hours
Product units Per day. 324 packages
Units of product on a monthly basis. 6480 packages
Annual product unit 77.760,00 packages

28
2981
DETAIL 200 grm
UNITARY
QUANTITY UNITARY COST TOTAL MONTH
Milk powder 40gr 40,00 0,28889$ 861,12$
Milk 40 ml 40 0,02600$ 77,50$
Cinnamon 2,4 gr 2,4 0,02400$ 71,54$
Honey 15ml 15 0,15000$ 447,12$
Cocoa 80 gr. 80 0,12000$ 357,70$
Brown Sugar 20 gr. 20 0,01750$ 52,16$
Salt 0,2 gr. 0,2 0,00005$ 0,15$
Cornstarch 0,6 gr. 0,6 0,00195$ 5,81$
TOTAL RAW MATERIAL 0,63$ 1.873,10$
DIRECT WORKFORCE
DETAIL QUANTITY UNIT COST TOTAL MONTH
Operatives workers 4 494,50$ 1.978,00$
TOTAL WORKFORCE 1.978,00$
INDIRECT COST OF MANUFACTURE
DETAIL QUANTITY UNIT COST TOTAL MONTH
INDIRECT LABOR
Chief of operation department 1 845,26$ 845,26$
INDIRECT RAW MATERIAL
Glass package 200 gr. 2.981 0,30$ 894,24$
Cardboards boxes 100 1,00$ 100,00$
Labels 2.981 0,05$ 149,04$
OTHER INDIRECT COST OF MANUFACTURE
Industrial Gas 1 100,00$ 100,00$
TOTAL INDIRECT COSTS 2.088,54$
COST OF THE PRODUCT
DETAIL MONTHLY ANNUAL
RAW MATERIAL 1.873,10$ 22.477,22$
DIRECT WORKFORCE 1.978,00$ 23.736,00$
INDIRECT COST OF MANUFACTURE 2.088,54$ 25.062,54$
COST OF PRODUCTION 5.939,65$ 71.275,76$
ADMINISTRATIVE EXPENSES 3.467,97$ 41.615,60$
SELLING EXPENSES 385,00$ 4.620,00$
COST OF DISTRIBUTION 3.852,97$ 46.235,60$
TOTAL COST 9.792,61$ 117.511,36$
PRODUCTION UNITS 4.000 48.000
PRICE OF SALE TO DISTRIBUTORS 3,40$ 3,40$
PVP. FINAL CONSUMER 4,00$ 4,00$
Unit cost 1,48$ 1,48$
TOTAL FIXED COSTS 10.143,18$
TOTAL VARIABLE COST 61.132,58$ 1,27$
TOTAL ANNUAL COST 71.275,76$
Dark chocolate butter 200 gr
NATIONAL PRODUCTION

29
3000
DETAIL 200 grm
UNITARY
QUANTITY UNITARY COST TOTAL MONTH
Milk powder 40gr 40,00 0,28889$ 866,67$
Milk 40 ml 40 0,02600$ 78,00$
Cinnamon 2,4 gr 2,4 0,02400$ 72,00$
Honey 15ml 15 0,15000$ 450,00$
Cocoa 80 gr. 80 0,12000$ 360,00$
Brown Sugar 20 gr. 20 0,01750$ 52,50$
Salt 0,2 gr. 0,2 0,00005$ 0,15$
Cornstarch 0,6 gr. 0,6 0,00195$ 5,85$
TOTAL RAW MATERIAL 0,63$ 1.885,17$
DIRECT WORKFORCE
DETAIL QUANTITY UNITARY COST TOTAL MONTH
Social networks 8 711,05$ 5.688,43$
TOTAL WORKFORCE 5.688,43$
INDIRECT COST OF MANUFACTURE
DETAIL QUANTITY UNITARY COST TOTAL MONTH
INDIRECT LABOR
Spending domain and hosting web page 1 845,26$ 845,26$
INDIRECT RAW MATERIAL
Glass package 200 gr. 3.000 0,30$ 900,00$
Cardboards boxes 250 1,00$ 250,00$
Labels 3.000 0,05$ 150,00$
OTHER INDIRECT COST OF MANUFACTURE
Industrial Gas 4 200,00$ 800,00$
TOTAL INDIRECT COSTS 2.945,26$
TOTAL PRODUCTION COST 10.518,86$
COST OF PRODUCT
DETAIL MONTHLY ANNUAL
RAW MATERIAL 1.885,17$ 22.622,00$
DIRECT WORKFORCE 5.688,43$ 68.261,18$
INDIRECT COST OF MANUFACTURE 2.945,26$ 35.343,18$
COST OF PRODUCTION 10.518,86$ 126.226,35$
ADMINISTRATIVE EXPENSES 4.646,43$ 55.757,17$
SELLING EXPENSES 558,00$ 6.696,00$
EXPORTATION EXPENSES 700,00$ 8.400,00$
COST OF DISTRIBUTION 5.204,43$ 70.853,17$
TOTAL COST 15.723,29$ 197.079,52$
PRODUCTION UNITS 6.000 72.000
PRICE OF SALE TO DISTRIBUTORS 4,00$ 4,00$
PVP. FINAL CONSUMER 4,50$ 4,50$
Unit cost 1,75$ 1,75$
TOTAL FIXED COSTS 10.143,18$
TOTAL VARIABLE COST 227.405,53$ 3,16$
TOTAL ANNUAL COST 237.548,71$
Dark chocolate butter 200 gr
PRODUCTION FOR EXPORTATION

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DESCRIPTION VALUE % DE INV.
Operation equipment 1.985,00$ 2,64%
Computer equipment 2.580,00$ 3,35%
Furniture and appliances 1.160,00$ 1,51%
Machinery 33.196,38$ 43,10%
TOTAL FIXED ASSETS 38.921,38$ 51,81%
Constitution expenses 685,00$ 0,89%
Preoperational expenses 5.048,00$ 6,55%
TOTAL DEFERRED ASSETS 5.733,00$ 7,44%
Working Capital 31.351,23$ 40,71%
TOTAL CURRENT ASSETS 37.084,23$ 48,15%
INITIAL INVESTMENT OF THE
PROJECT 77.020,00$ 100,00%
INVESTMENT PLAN
INVESTMENT PLAN
STOCKHOLDERS APORTATION %
Brigitte Petroche 7.748,25$ 20,00%
Angie Recalde 7.748,25$ 20,00%
Jennifer Medranda 7.748,25$ 20,00%
Melissa Vera 7.748,25$ 20,00%
Marilyn Martínez 7.748,25$ 20,00%
TOTAL APORTATIONS 38.741,23$ 100,00%
STOCKHOLDER APORTATION
SOURCE VALUE %
CAPITAL 38.741,23$ 51,57%
LOAN CFN 36.387,17$ 48,43%
TOTAL INVESTMENT 77.020,00$ 100,00%
FINANCE

31
Period EQUITY USD NET PROFITS USD
ROE OR
RM USD
2011 80.483.467,16$ 7.411.435,48$ 0,09
2012 90.398.759,38$ 7.754.063,44$ 0,09
2013 97.421.300,82$ 9.368.349,08$ 0,10
2014 106.017.887,12$ 16.383.083,43$ 0,15
2015 105.298.566,04$ 13.005.031,00$ 0,12
11,04%
ROE LAFABRIL S.A. 2011-2015
Superintendencia de Compañías, Valores y Seguros, 2017
CAPM
ROE: RETURN OF EQUITY
Unlevered beta 0,610
Tax rate Ecuador 33,70%
% DEBT 48,43% DEBT 36.387,17$
% EQUITY 51,57% EQUITY 38.741,23$
D/E 93,92% 93,92%
LEVERED BETA = Bu*(1+(1-T)*D/E)
LEVERED BETA = 0,99
RISK FREE 2,42%
BETAEMERGING MARKETS 0,61
RM 11,04%
CAPM:
Food Processing

32
SOURCE VALUE %
CAPITAL 38.741,23$ 51,57%
LOAN CFN 36.387,17$ 48,43%
TOTAL INVESTMENT 77.020,00$ 100,00%
FINANCE COST OF THE PROJECT
FIXED ASSETS 27.244,97$
WORKING CAPITAL 9.405,37$
DEBT 36.387,17$
CAPITAL 38.741,23$
INITIAL INVESTMENT 77.020,00$
INVESTMENT PLAN- COST OF THE PROJECT
LOAN Value
Interest
rate
Average
media Cost of debt
FIXED ASSETS 27.244,97$ 10,50% 75% 7,86%
WORKING CAPITAL 9.405,37$ 9,50% 25% 2,39%
DEBT 36.387,17$ % of Cost 10,25%
Dird= (1-T)* rd
(1-33,77%)*10,25%
6,79%
WACC = (1-L)Re+L+Dird
((1-48,43%)* 13,78%)+48,43%*6,79%
10,39%

33
BIBLIOGRAPHICAL SOURCES
ARCSA (2016). Control sanitario. Tasas registros sanitarios/ notificaciones sanitarias. Recuperado
http://www.controlsanitario.gob.ec/wp-content/uploads/downloads/2014/11/ie-d.1.1.-ali-01-
a1_requisitos_rs_alimentos_nacionales.pdf
Gunnars, K. (2016). 7 proven health benefits of dark chocolate. Authority nutrition. Retrieved fro
https://authoritynutrition.com/7-health-benefits-dark-chocolate/
ARCSA (2016). Control sanitario. Tasas registros sanitarios/notificaciones sanitarias. Retrieved fro
http://www.controlsanitario.gob.ec/wp-content/uploads/downloads/2016/01/Tasas-servicios-Arcsa-
2016.pdf

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