2019 Annual report

Annual report 2019 ANNUAL REPORT

Inde04 x A FEW WORDS FROM THE PRESIDENT

Osborne at a 2019 in Figures...... 08 Glance Highlights of the Year...... 12 06 From Spain to the Rest of the World...... 16

The History of Osborne...... 22 AUTHENTICITY AND SKILL Market Trends and Environment...... 26 A Unique History and Iconic Brands Our Value Proposition and Business Model...... 27 Our Principles of Corporate Governance...... 30 20 Our Product Portfolio...... 32

2 Index

Legacy and Future...... 44 A VISIONARY SPIRIT Our Strategic Plan 2019-2021...... 45 Strategy Achievements Over the Year...... 46 42 Sustainable Growth...... 47

A Sustainable Model: Our Commitment to the COMMITMENTS Environment...... 50 Osborne Our People: At the Heart of Everything We Do...... 52 Over 2019 Connecting the Past, Present and Future: 48 Our Commitment to Society...... 54 The Osborne Foundation...... 56

3 ANNUAL REPORT 2019

OUR LEGACY AND FUTURE

A long- term vision, excellence and constant progress

4 A Few Words From the President The pandemic we are currently living political change. Not many companies can through, which is taking a tremendous say they have not only survived the ebb and toll on the world, causing loss of life, flow of the centuries but flourished, thanks to the hard work of generations past and present. economic despair and financial ruin for Osborne’s long-term vision and constant quest companies, has also given us a chance for excellence have been two pillars which have to reflect upon where we have come kept the company going in good times and from and where we are going. bad. They have meant we have been able to make the very most of periods of prosperity, and not only get through crises of unprecedented proportions but come out stronger.

The success we saw over 2019, examples of which you will find throughout this annual he crisis caused by COVID-19 is having report, are a reflection of the diversified nature an undeniable impact on Osborne, not of our company, which is involved in the spirits, T surprising given the importance for the liqueur, wine, Iberian cured meat and restaurant company of the hospitality and tourism industry, industries. We have an impressive product as well as certain markets such as Spain, the portfolio with a good balance of very profitable USA and China, all of which have been hit traditional brands and more innovative ones. hard. However, I do think there are still plenty of However, 2019 now seems like a lifetime ago. reasons to be hopeful about the future. I believe that from a social and economic Right from the start of the outbreak, we have perspective, 2020 will mark a turning point. acted decisively and responsibly at all times. A Regardless of whether the economic impact is particularly salient example of this has been the greater or smaller than that caused by the Wall creation of our Crisis Committee, whose job has Street Crash of 1929, society, and therefore our been (and continues to be) to constantly monitor customers and consumers, will be very different the situation and decide on what steps should indeed. This time round, we don’t just have to be taken to protect our staff and company, as adapt to a simple change in our environment, well as put them into place and then ensure their but create a new Osborne which is able to effectiveness. Moreover, the Board of Directors weather this latest storm and come out stronger. has met on a regular basis since the end of March in order to oversee the work of the Crisis We must also focus on non-financial aspects, Committee and take decisions as and when which we mentioned in the Non-Financial needed. Information Statement last year and will expand upon in this annual report. I am extremely proud of the exceptional level of commitment shown by everyone at Osborne, Complacency is not an option for us and and am very grateful to our shareholders, constant progress is in our DNA. I firmly believe who have acted diligently by deciding to cut that our ancestors would not recognise Osborne dividends, a very necessary move considering today, but would nevertheless be proud of our the current climate. A big thank you to you all. constant drive to excel whilst remaining faithful to our motto ‘Legacy and Future’. I would like to take this opportunity to remind you that Osborne has been around long enough to experience periods of prosperity, economic Ignacio Osborne Cólogan crises, peace, war, stability, social upheaval and PRESIDENT OF OSBORNE

5 Os bor ne at a glance

6 at a glance

7 2019 ANNUAL REPORT

2019 in Figures

MAIN FINANCIAL PERFORMANCE INDICATORS* (€m)

Total net revenue 222.4 2018 vs. 2019 + 4.5 (+2%)

Net revenue own brands 178.8 2018 vs. 2019 +5.2 (+3%)

Net profit 12 2018 vs. 2019 -0.32 (-3%)

EBITDA 33.2 2018 vs. 2019 -3.3 (-9%) 4.03 Net debt / EBITDA ratio Net debt of the Group 133.7 2018 vs. 2019 -6.9 (-5%)

Our accounts for 2019 show an increase in turnover and net sales in comparison to the previous financial year, mainly due to the growth of our own premium brands. However, this has not had a direct impact on our EBITDA or net profit given the significant investment made to build these brands.

€0.6m €5.1m Investment in R&D Capital expenditure (CapEx)

* The performance indicators ‘net turnover’ and ‘EBITDA’ differ slightly to those in the consolidated annual accounts due to a difference in the way items have been grouped.

8 OSBORNE AT A GLANCE

SALES BY SEGMENT 45% 39% Iberian cured meats Spirits

10% 6% Wine Restaurants

TURNOVER BY MARKET – 2018 VS. 2019 (€m)

123.7 119.5 55.1 54.1

2018 2019 2018 2019 Spain International Sales of own brands

9 2019 ANNUAL REPORT

NON-FINANCIAL PERFORMANCE INDICATORS

Employees

94% 125 11,813 69% Of our staff New indefinite- Hours of Of all management are based in term contracts training vacancies were filled Spain through internal 1,094 promotion

The environment

0.142 kWh/€ -2% 0.032 kgCo2eq/€

Energy intensity (kWh/€ Electricity consumption Emission (carbon) intensity

of closing stocks) compared to 2018 (kgCO2eq/€ of closing stocks) 2% (vs. 2018) -4% (vs. 2018)

We have calculated our energy intensity and emission intensity for the year by taking our total energy consumption and the resulting emissions, and comparing these to the value of our closing stocks. This helps us see how efficient we were in terms of energy input vs. production output. Particularly notable were a reduction in electricity consumption, due to an increase in energy self-sufficiency, as well as a drop in our emission intensity, the result of eco-efficiency measures introduced at the company and the use of renewable energy.

Social impact

87% 49 days €1.4m

Of all goods and services Average payment period Contribution to foundations were purchased from local for suppliers and non-profits suppliers

10 OSBORNE AT A GLANCE

OUR PRESENCE IN SPAIN AND AROUND THE WORLD

+70 Countries where we are present 2 China International subsidiaries Brazil

+500,000 +50,000 Customers at our restaurants Visitors at our 5 wine tourism centres

31% 6 Of all sales of our own Production sites in brands came from abroad Spain +2% 2018 vs. 2019

11 2019 ANNUAL REPORT Highlights of the Year

NORDÉS: SPAIN’S FIRST PREMIUM GIN Nordés became Spain’s first gin to retail at more than €20, and continued to conquer new markets abroad, being recognised around the world as an example to follow in terms of brand building within the spirits industry.

CINCO JOTAS: OSBORNE BEGINS EXPORTING ITS FIRST BONE-IN HAM TO CHINA This was a leap forward for the company in terms of its strategy to expand internationally and position itself in the gourmet food market.

CARLOS I: CONSTANT GROWTH Carlos I consolidated its position as the leading Brandy de Jerez Solera Gran Reserva and continued to increase its market share in strategic countries.

12 OSBORNE AT A GLANCE Award-winning products and packaging

Excellence and creativity INTERNATIONAL RECOGNITION: A REFLECTION OF OUTSTANDING QUALITY AND STRONG POSITIONING In 2019, Nordés was named Gin of the Year by the Spanish Association of Wine Journalists and Writers, and bagged the gold medal in the Spirits Selection by Concours Mondial de Bruxelles. Our old sherries and Montecillo wines have also been recognised by various institutions and associations, receiving accolades at the Decanter World Wine Awards and Bacchus Awards, and being included in the prestigious Guía Peñín and Guía Vinos Gourmets 2020 guides. Finally, the exceptional packaging of Cinco Jotas and our sherries was recognised at the Pentawards and Best Awards.

DISTRIBUTION OF DISARONNO AND TIA MARIA IN SPAIN The agreement signed with Illva Saronno confirmed our position as a strategic partner for the distribution of premium brands in Spain.

OUR FIRST ANNUAL REPORT In 2019, we continued to make progress in terms of sustainability, reporting and transparency vis-à-vis our stakeholders. As such, we began the year with the publication of our first annual report, followed by our first materiality assessment on which this report is based.

13 2019 ANNUAL REPORT

QSOSTENIBLE EVOLUTION CERTIFICATION Bodega El Tiro, in El Puerto de Santa María (Province of Cadiz), became the first bodega in Spain to be awarded this certificate.

THE FIRST SUSTAINABILITY-LINKED SYNDICATED LOAN We became the first company in the wine industry to sign a loan with conditions related to our performance in the area of sustainability.

A STRONGER PRESENCE IN INDUSTRY ORGANISATIONS This is something that was made possible by the appointment of Ignacio Osborne as the President of the Leading Brands of Spain Forum (FMRE) and the Spanish Spirits Association (FEBE).

14 OSBORNE AT A GLANCE

FULL STEAM AHEAD WITH DIGITALISATION This involved all our brands and saw us implement tools such as Salesforce, UVE, Captio, internal communication apps, etc. These had a significant impact on our operations, opened up new possibilities in the way of collaborative management practices with our distributors, increased direct communication with consumers and made interactions between employees much more efficient. 80% Pride Commitment IN BELONGING TO OSBORNE & TO SUSTAINABILITY

EXCELLENT RESULTS IN OUR WORK CLIMATE SURVEY Levels of satisfaction, commitment and pride in belonging to the company were well above the average for Spain (as established in a study carried out by the consulting firm Willis Towers Watson). Awards AN OUTSTANDING MANAGEMENT AND BUSINESS MODEL Accolades in this area included an award from the Cadiz Confederation of Business Owners, presented by His Majesty The King of Spain, Philip VI, and the International Award for the Best Business Model from

the consulting firm Development Systems. From left to right: Ignacio Osborne Cólogan, President of Osborne; Tomás Osborne Gamero- Cívico, Honorary President of Osborne and EY ENTREPRENEUR OF THE YEAR AND FAMILY President of the Osborne Foundation; and BUSINESS AWARD OF EXCELLENCE Fernando Terry Osborne, CEO of Osborne. Ignacio Osborne, President of Osborne, was named Entrepreneur Of The Year for Andalusia and Extremadura, and the company also won the consulting giant’s Family Business Award of Excellence, both of which were collected by the President.

CAIXABANK FOUNDATION SOCIAL PROJECT OF THE YEAR AWARD The Osborne Foundation received this award in recognition of its initiative to improve the employment prospects of young people Representatives from the Osborne Foundation at the in the hospitality industry and for its project to make its bodegas CaixaBank Social Project of the Year Awards more accessible. The Foundation also came out on top at the Excelencias Gourmet Awards for its accessible tourism initiative.

15 2019 ANNUAL REPORT From Spain to the Rest of the World NATIONAL PRESENCE

Spain

Fuenmayor (La Rioja)

Malpica de Tajo Badalona (Province of Toledo) (Province of Barcelona)

Jabugo (Province of Huelva) Tomelloso (Province of Ciudad Real)

El Puerto de Santa María (Province of Cadiz)

6 5 Production sites in Wine tourism Spain centres

69% 94% Of total revenue is Of our staff are generated in Spain based in Spain

16 OSBORNE AT A GLANCE

OUR SUBSIDIARIES

Brazil China

Net sales volume +10% Net sales volume +51% 2018 vs. 2019 2018 vs. 2019

Profit +44% Sales of wine and beverages +15% 2018 vs. 2019 2018 vs. 2019

27 5 Sales of Cinco Jotas +59% Employees Local brands 2018 vs. 2019

SUCCESSFUL DECENTRALISATION OF OUR CINCO JOTAS: A WELL-ESTABLISHED SALES AREA PREMIUM-QUALITY BRAND This has put us in a better position to seize Over 2019, Cinco Jotas consolidated its status opportunities and has seen us become a as a gourmet brand thanks to collaborations benchmark in the industry. with renowned local chefs, our strong position on e-commerce sites and presence in well-known gourmet retail chains, and THE BEST CACHAÇAS our participation in events such as the China Following a popular vote in which more than International Import Expo (CIIE). 40,000 people took part, Osborne saw more of its cachaças come out on top than any other company. A SUCCESSFUL ROUTE TO MARKET STRATEGY Throughout the year, we signed distribution agreements for our strategic brands, namely Nordés, Carlos I and Montecillo, with some of the country’s leading local and national distribution companies.

17 2019 ANNUAL REPORT

OUR INTERNATIONAL PRESENCE

31% 69% International Spain Wine* 21% Spirits* 40%

Iberian cured meats* 39%

* Breakdown of net sales for our own brands over 2019.

PRESENT COUNTRIES ON ALL 5 PRESENT IN70 13 WITH +€1M IN continents countries revenue

COUNTRY-SPECIFIC MANAGEMENT MODELS

Own subsidiaries Country Export in Brazil and China managers managers

A FOCUS ON STRATEGIC BRANDS

18 OSBORNE AT A GLANCE

MAIN COUNTRIES AND MILESTONES BY SEGMENT

Iberian Beverages cured meats Wines

• Germany • The Philippines • Switzerland • China • Mexico • Germany • Canada • Travel retail • Puerto Rico • Travel retail • USA • Netherlands • Travel retail • Mexico • UK • EU • USA • Belgium

OUR BRANDIES CONTINUED TO CINCO JOTAS INCREASED ITS SALES OF OUR WINES GROW AND INCREASE THEIR MARKET PRESENCE IN MEXICO THROUGH GREW AND THEY BECAME SHARE INTERNATIONALLY, with THE COUNTRY’S HOSPITALITY UNDISPUTED LEADERS IN particularly impressive results INDUSTRY, with new points GERMANY, for example in Germany, where Carlos I and of sale which allowed us to sales of Montecillo grew Veterano continued to make grow in this strategic sales by 15% and it increased ground with a 3% growth in channel. We also participated its presence in restaurants market share, despite the 10% in prestigious events such as and specialist shops. drop experienced by the category, Millesime Xperience and the What’s more, Solaz as well as in Mexico, where we Mexican Grand Prix. became the third most saw a 5% growth in market share popular premium Spanish thanks to our brand activation CINCO JOTAS FEATURED AT wine thanks to the launch strategy and the hard work of our EXCLUSIVE EVENTS, SUCH AS THE of Solaz BIO, which is now sales team and partners. OSCARS AND GASTROTOUR NEW one of Germany’s most YORK, where it was used by successful organic wines. NORDÉS EXPERIENCED SOLID world-renowned chefs to create INTERNATIONAL GROWTH, mouth-watering dishes. Both WE WORKED CLOSELY WITH achieving very good results events were covered extensively OUR IMPORTER AND KEY thanks to our business by media outlets in Spain, the CUSTOMERS IN THE USA AND development managers and local USA and around the world. CANADA, as part of our partners, who made it possible for efforts to minimise the us to increase and consolidate our CINCO JOTAS INCREASED ITS impact of tariffs on wine presence in well-known outlets in PRESENCE IN LUXURY RETAIL and spirits. countries such as Germany, the CHAINS, INCLUDING GALERIES UK and Italy. LAFAYETTE AND HARRODS, allowing it to continue to grow OUR BRANDS GAINED VISIBILITY in this strategic segment. THANKS TO MAJOR EVENTS, such as Colegio del Brandy, a competition to choose Germany’s top 100 bartenders, which was also held in Spain this year, and Barra México, Latin America’s leading bar show.

OSBORNE JOINED FORCES WITH OTHER WE CONTINUED TO MAKE GROUND IN TRAVEL LEADING COMPANIES TO INCREASE THE RETAIL/DUTY-FREE, something which was REACH OF ITS BRANDS, an example being made possible by our new team, which the agreement reached with renowned allowed us to focus on this sales channel. Spanish chef José Pizarro, who already Furthermore, we doubled the number of served Cinco Jotas products at his brand activation initiatives run at Spanish restaurants, to also offer Nordés, airports for Cinco Jotas, Carlos I and Nordés, Carlos I and our sherries. with excellent results. 19 AUTHENTICITY AND SKILL

A unique history and ico nic brands ico nic 2019 ANNUAL REPORT The History of Osborne From the simple idea of a visionary in the south of Spain to one of the world’s best- known Spanish companies, present in more than 70 countries. A unique history and iconic brands.

1772 1870 century century 18th 19th THE ORIGIN OF OUR SHERRY SOLERAS THE BIRTH OF ANÍS DEL MONO Osborne begins its journey, which The world’s favourite anis is created, will see it become one of the oldest later being acquired by Osborne in family companies in the world. 1975.

THE BIRTH OF BODEGAS MONTECILLO The third-oldest winery in La Rioja is founded, before being acquired by Osborne in 1973.

1956 1879 century 20th THE BIRTH OF THE TORO DE OSBORNE THE BIRTH OF SÁNCHEZ ROMERO CARVAJAL JABUGO A new advertising concept, black This iconic brand, known for the exceptional silhouetted images of a toro, begins to quality of its products and its brand Cinco Jotas, is appear along major roads in Spain. This founded, later being acquired by Osborne in 1983. will become an international icon and one of the most successful strategies in the history of advertising. 21st 21st century

2000 2008 2015

Solera Gran Reserva THE FOUNDING OF ACQUISITION OF CARLOS I UNIQUE ARTISAN PRODUCTS BODEGAS OSBORNE IN BY OSBORNE Osborne acquires the premium MALPICA DE TAJO This is undoubtedly the brandy 1866 and Nordés, a This is now one of most sought-after and unique artisan gin made in Europe’s largest wineries. international Brandy de Galicia, on Spain’s northern Jerez Solera Gran Reserva. Atlantic coast.

22 A UNIQUE HISTORY AND ICONIC BRANDS

CENTURIES OF +2 passion

The history of Osborne begins at the end of the 18th century, in the southern Spanish town of El Puerto de Santa María. Founded by Thomas Osborne Mann, a young English merchant, the company initially produced and sold nothing but sherry, although this family saga would soon see it grow, generation after generation, to become what it is today.

2016 2019

CONSOLIDATING OUR COMMITMENT TO SOCIETY INNOVATION AND GROWTH The Osborne Foundation is created with the Driven by its constant quest purpose of helping young people get access to to innovate and breathe new training, develop their entrepreneurial skills and life into its product portfolio, improve their employment prospects, as well as Osborne acquires shares in preserve and promote Osborne’s historic heritage. Galician Original Drinks.

23 2019 ANNUAL REPORT Mission and values

OUR MISSION Since the founding of Osborne at the end of became an institution within its own right, with the 18th century, our mission has remained a unique and intangible essence, winning a the same – to create outstanding, authentic special place in the hearts of Spaniards. products and share them with the world. Each member of the company and each generation Osborne’s mission is to take Spain’s social and of Osbornes has worked (and continues to work) cultural richness, cherish it, bring value to it, tirelessly to promote the very best Spanish promote it and adapt it to each moment in culture and society has to offer. What started time, ensuring the value of true authenticity is out as a small family-run business soon never lost.

We exist to bring joy and authentic experiences to people through exceptional products.

24 A UNIQUE HISTORY AND ICONIC BRANDS

OUR VALUES

Our legacy is constantly 01 evolving without losing AUTHENTICITY the essence that makes it Tradition is on our DNA, meaning so unique. Our know-how everything about us, including the has been passed down experiences we offer, is truly authentic. SKILL through the centuries, something which has allowed us to create truly 02 outstanding products.

We want to be there for our customers at those special moments to offer them experiences they will never forget.

03 This is something which has set us apart right 04 from the very COMMITMENT beginning. We Since 1772, we have been turn tradition into

SPIRIT committed to the future, to the land innovation in our and those who work on it, to the quest to explore products it gives us, and to Mother new territory. Nature, who makes it all possible. A VISIONARY VISIONARY A

25 2019 ANNUAL REPORT Market Trends and Environment We are present across the entire value chain of Iberian cured meats, wines and spirits, innovating and constantly moving with the times. We keep abreast with trends in the industries we are involved in, something which is essential in allowing us to meet and exceed the expectations of our consumers, as well as build brands which inspire trust and offer unique experiences.

1 POLARISATION BETWEEN PREMIUM 2 AND STANDARD BRANDS INCREASING EXPECTATIONS OF CONSUMERS REGARDING SOCIAL 3 RESPONSIBILITY AND SUSTAINABILITY THE POPULATION PYRAMID THAT IS NO MORE 4 CONSUMPTION: QUALITY NOT QUANTITY 5 A MOVE TOWARDS CONVENIENCE 6 INCREASES IN TAX ON ALCOHOL 7 INCREASING DAYTIME CONSUMPTION OF SPIRITS 8 THE IMPACT OF THE SPANISH 2014 REGULATION, WHICH INTRODUCES THE BLACK LABEL FOR HAM, DENOTING MAXIMUM QUALITY

26 A UNIQUE HISTORY AND ICONIC BRANDS

Our Value Proposition BUSINESS MODEL

Osborne started its journey in 1772, producing and selling sherry, and is currently one of the oldest family companies in the world. Over the centuries, it has gradually diversified its portfolio of products to cover three major areas of the food and beverage industry, namely: liqueurs and spirits, 100% Iberian acorn-fed ham, and Rioja and Tierra de Castilla wine, sherry and port. Everything the company does it centred around a single purpose – to create products which bring joy and authentic experiences to people. This is underpinned by a set of deep- seated values, namely authenticity, skill, commitment and a visionary spirit.

27 2019 ANNUAL REPORT Bodegas Located in southern Spain, where we have the finest collection of old sherries in the Sherry 1 Triangle, La Rioja, where our 150-year-old bodega is the region’s third oldest, and Toledo, production where our vineyards are spread over 736 CENTURY-OLD TRADITION AND SKILL hectares, our bodegas are part of the legacy of our founder. At our bodegas and distilleries, and on our dehesas, we create truly artisan products, preserving the tradition and Distilleries skill of century-old professions. In Tomelloso and Badalona, we produce the three types of wine spirit used for our brandies and Anís del Mono (since 1870), namely holandas (70% vol.), aguardientes (70-86% vol.) and destilados (86-94.8% vol.). In Galicia, we distil albariño grapes for our Nordés gin. The dehesa The value For more than 140 years, generation after generation, we have taken great care to preserve this unique ecosystem, where pure Iberian pigs chain roam freely, feeding on acorns and other natural resources offered by the dehesa. We then carefully prepare each leg of ham, as well as other Iberian at Osborne cured meats, at our Cinco Jotas bodega in Jabugo.

the consumer AT THE CENTRE OF OUR BRAND BUILDING MODEL: THE CONSUMER 2

R AT I V E P N A R A C K Our aim is to create products which D A G A N I N bring joy and authentic experiences B R G to people. That is why we have T P EN R M / updated our brand-building model, E E AG N A A R something which will allow us to M N E IO L D bring our products to consumers O F M T E R D in new and contemporary ways, O I P A E

V whilst taking care to ensure I T

C

E

the unique history, quality and F

F experiences that have been the E

M

H S

I

O hallmark of Osborne since the very R S U

P O T beginning are not lost. This model I T E A N I L is based on eight pillars: W I T D Y N A I S N T D N U A S R T U R TA Y S RE D I G E I T NC A L GE M A LLI R K E INTE T I N G BUSINESS 28 A UNIQUE HISTORY AND ICONIC BRANDS

HOSPITALITY INDUSTRY Building premium brands in a strategic sales channel. 3 FOOD Pursuing a strategy of excellence at points of sale sale and leading the way in the industry. REACHING THE CONSUMER: A STRATEGY BASED ON EXCELLENCE

We enthusiastically and PARTNERS passionately bring our exceptional Selecting the best partners to ensure our brands products to consumers, using are successful in the long term. our expertise on the various sales channels to make this possible. Then, when at our points of sale, TRAVEL RETAIL we implement strategies based on Boosting the visibility of our strategic brands in a excellence to make sure our brands truly international setting. stand out. Our digital ecosystem (UVE, Salesforce Marketing Cloud and E-COMMERCE Salesforce Service Cloud) helps Strengthening our direct-to-consumer us optimise our CRM system and strategy through CRM (customer relationship anticipate consumer needs. management) tools.

experiences 4 SHARED EXPERIENCES

Restaurants Wine tourism Our restaurants are the very definition of Visiting our bodegas, and losing yourself on premium and have been designed to be places our century-old dehesas and vineyards, is an where diners can come with friends and family excellent way of seeing first-hand the traditions to enjoy a unique Osborne experience. we are so passionate about and take great care to preserve through our products. 5J restaurants: in Madrid, Barcelona, Seville and Baqueira-Beret. Bodega 5J in Jabugo (Province of Huelva). 5J spaces: Boutique El Corte Inglés Castellana Bodegas Osborne in El Puerto de Santa María in Madrid, Galeries Lafayette in Paris, KaDeWe in (Province of Cadiz). Berlin, Harrods in London and El Palacio de Hierro Bodegas Montecillo in Fuenmayor and Navarrete in Mexico City. (La Rioja). Osborne restaurants: La Cocina de San Antón Bodegas Osborne in Malpica de Tajo (Province of (Madrid), Quinto Quinta (Barcelona), Mil Grito’s Toledo). (Barcelona) and Toro Tapas (El Puerto de Santa Anís del Mono Distillery in Badalona (Province of María, Province of Cadiz, and Ronda, Province of Barcelona). Malaga).

29 2019 ANNUAL REPORT Our Principles of Corporate Governance

GOVERNANCE STRUCTURE

We are true pioneers when it comes to implementing best practices and scrupulously complying with legal requirements in the area of corporate governance. This is made possible by our governing bodies, which help us effectively manage all the corporate and operational aspects involved in the running of the company.

Board of Directors

AUDIT AND COMPLIANCE COMMITTEE APPOINTMENTS AND REMUNERATION COMMITTEE

Mr Ignacio Osborne Cólogan Mrs Sofía Osborne Coloma Mr Fernando Terry Osborne President of Osborne Vice President P CEO S

Mr Tomás Osborne Gamero-Cívico Mr Enrique Osborne Sanz-Magallón Mr Rafael Osborne Fernández Member of the Board and Honorary Member of the Board and Deputy Member of the Board President Secretary

Mrs Blanca Osborne Fernández de Mr Jorge Osborne Cólogan Mrs Beatriz Osborne Osborne Peñaranda Member of the Board Member of the Board Member of the Board P

Mr Fernando Osborne Blanco Mr Francisco Ballester Almadana Mrs Adela Lario Rivas Member of the Board Member of the Board Non-Board Member Secretary

Audit and Compliance Committee Appointments and Remuneration Committee

President P Secretary S Member of theM Board

30 A UNIQUE HISTORY AND ICONIC BRANDS

Management Structure

MANAGEMENT COMMITTEE

Mr Fernando Terry Osborne CEO

Mr Juan Alegría Mr Rafael Magallón Mr Jaime Fernández Marketing Director Sales Director for Spain International Sales Director

Mr Luis González Mr Néstor Nava Mr Andrés Velasco Chief Operating Officer Director of Corporate Resources Human Resources Director

CORPORATE GOVERNANCE SYSTEM Osborne’s Board of Directors has designed and implemented an extensive governance, risk management and compliance (GRC) programme, which lays out the basic principles to be followed in these areas, as well as the processes and structures in place to manage and supervise the work carried out by the company in order to ensure it achieves its objectives. This programme is based on the following pillars:

RISK MANAGEMENT INTERNAL CONTROL

Identifying, assessing and Detecting, preventing and monitoring risk events. mitigating risk.

COMPLIANCE INTERNAL AUDITING

Monitoring the ethical conduct of Coordinating and contributing to the company and managing the the design and implementation of Crime Prevention Committee. processes and methods relating to corporate governance.

31 2019 ANNUAL REPORT Our Product Portfolio History, quality and experience We put our brands into one of six groups, depending on their characteristics and the kind of strategy required to ensure each one is successful. We place particular emphasis on maximising the value of our premium products and increasing their presence abroad, improving our processes and products through innovation and bringing our portfolio of contemporary brands to consumers who opt for quality over quantity.

Strategic Exclusive

Solera Gran Reserva

Traditional

Innovative and new

Third-party brands

Brazil

32 PRODUCT PRODUCT PORTFOLIO OSBORNEA AUNIQUE UNIQUE HISTORY HISTORYAT A GLANCEAND AND ICONIC ICONIC BRANDSBRANDS 33

Unique works • Cinco Jotas is synonymous with excel- • Even our packaging reflects our quest for lence, talent and passion. excellence, something which was recog- of art in a nised at an international level in 2019: • The experience of an exclusive brand. league of their • Best Awards, silver medal, Cinco Jotas • Internationally recognised excellence in own ‘Dehesa Experience’ ham box. terms of quality: • Pentawards, gold medal, Cinco Jotas • Produced in Jabugo using traditional ‘Dehesa Experience’ ham box. CINCO JOTAS methods, Cinco Jotas combines talent, • Pentawards, silver medal, limited-edi- skill and passion. tion Cinco Jotas ‘Grand Tour’ ham case. • Made using 100% Iberian pigs, which freely roam the dehesa, feeding on • Cinco Jotas is the world’s leading brand in acorns. the super-premium segment and is asso- ciated with haute cuisine thanks to its in- • We take good care of our animals and ternational partners (The World’s 50 Best protect the biodiversity of the dehesa, Restaurants, the Basque Culinary Center thereby helping to preserve this unique and internationally renowned chefs). ecosystem. +4% • 5J products have been named in vari- • Our growth strategy for 5J is based on NATIONAL SALES OF ous medical studies as being good for maximising its value, not on increasing its 5J HAM COMPARED TO 2018 the heart. sales volume. • We are Spain’s number one Iberian • It is currently present in some of the cured meat brand in terms of awards world’s best restaurants and gourmet and brand image, as well as the most stores. international. +21% INTERNATIONAL SALES OF 5J HAM COMPARED TO 2018

IBERIAN CURED MEATS

The • Each ham guarantees maximum quality. unmistakable • A well-established brand in its category taste of tradition with a solid presence in Spain. • Made in Jabugo using traditional meth- SÁNCHEZ ROMERO CARVAJAL ods since 1879, Cinco Jotas products are unique and synonymous with outstanding quality and excellence. • As such, they bear the ‘black label’, the maximum level of quality established by the +8% Spanish regulation governing the quality of NET SALES OF IBERIAN CURED meat products. This label is used to identi- MEATS COMPARED TO 2018 fy products made using 100% Iberian pigs which have been reared in freedom on the dehesa, feeding on acorns. 33 33 PRODUCT PRODUCT PORTFOLIO 2019 ANNUAL REPORT

A premium gin • In 2018, our Galician gin Nordés, with its iconic which pays bottle, became Spain’s first premium gin (>€20), tribute to its seven years after it was launched. The brand positioning strategy used for Nordés is particularly native land unique, as is its flavour, which was recognised at a national and international level in 2019: NORDÉS • Gold medal, Concours Mondial de Bruxelles. • Gold medal for the best gin, Spanish Association of Wine Journalists and Writers Awards. • Nordés went from strength to strength over 2019, with a rotation in hospitality outlets which was double that of its competitors. It also increased its presence through greater distribution, showing the brand’s tremendous potential. GIN • The brand is immersed in an ambitious internationalisation project and is experiencing double-digit growth. • We are currently focusing on countries such as the UK, Germany and Italy, which present fantastic opportunities for the brand due to the size, value and growth of the gin market here.

34 A UNIQUE HISTORY AND ICONIC BRANDS

+24% NET SALES A brand centred • A gin that targets millennials COMPARED TO and is all about innovation. 2018 around originality, • Following the launch of innovation and the original Ampersand, +30% quality, aimed at Ampersand Citrus, we created NATIONAL NET SALES COMPARED TO 2018 those looking for Ampersand Strawberry, new experiences Ampersand Melon and Ampersand Bluberry, all of which have proved very +4% AMPERSAND popular. In the coming INTERNATIONAL NET months, Ampersand Mango- SALES COMPARED TO Chilli will be launched. 2018

THE NEW GIN EVOLUTION Disfruta de un consumo responsable 40º GIN

35 2019 ANNUAL REPORT +2% NATIONAL NET SALES COMPARED TO 2018

The world’s leading Brandy de Jerez Solera Gran Reserva

CARLOS I

• With 130 years of history behind it, Carlos I is produced using traditional methods passed down through the generations. • This is a brandy of great aromatic com- plexity and exceptional quality, both of which have been recognised at an inter- national level. • The brand combines tradition and inno- vation through new editions, including Carlos I 1520, Carlos I PX and Carlos I Amontillado. • Over 2019, this was the only brand in its category to experience constant growth in Spain, and was the undisputed leading premium brandy in Germany. • Over the coming months, Carlos I 130 Aniversario will be launched, an ultra-pre- mium edition made using brandy from two century-old casks.

A brandy with great added value for the Osborne Group

1866 • This brandy offers exceptional quality, is made using a system of criaderas and solera with 16 scales, and has an average age of 12 years. • This is the brandy with the greatest added value in Osborne’s product portfolio. • The Strategic Plan 2019-2021 includes plans for the international expansion of 1866, positioning it as a luxury brand. PREMIUM BRANDY

36 A UNIQUE HISTORY AND ICONIC BRANDS BRANDY AND OTHER SPIRITS

Undisputed leaders • Of all Osborne’s brandies, this century- in Spain in Brandy de old brand is the one consumers are most familiar with thanks to its widespread Jerez Solera Reserva presence in bars and restaurants. • Magno is a very important brand for the MAGNO Osborne Group in terms of sales. • The brand also has a premium edition, Alma de Magno, which competes in the Solera Gran Reserva segment.

38% INTERNATIONAL SALES VOLUME

The cornerstones • Veterano is one of Spain’s most distinctive of our company brands, and its bottle features the Toro de Osborne, an icon in the history of advertising. Two of its main markets are VETERANO AND 103 Spain and Germany. • These two brands generate significant cash-flow for the company, allowing it to finance new projects. PREMIUM PREMIUM BRANDY

37 2019 ANNUAL REPORT

+2% NATIONAL SALES VOLUME COMPARED TO 2018

The third- • In 2020, Montecillo will celebrate 150 years of unrelenting passion for authen- oldest tic Rioja. bodega in • In recognition of its outstanding work, La Rioja this brand has received more than 200 BODEGAS MONTECILLO international prizes and awards over the WINES past 10 years, 66 of which have been achieved since 2017. • It is present in Spain and in numerous countries around the world, including the USA, Canada, the UK, Germany, Scandinavia and China. • Over 2020, we plan on expanding and premiumising our Montecillo range by relaunching old vintages, as well as our iconic brand Viña Monty. We will also launch a limited edition to commemo- rate the brand’s 150th anniversary.

Innovating in the +12% world of wine NATIONAL SALES VOLUME COMPARED TO 2018 OSBORNE’S BODEGAS IN MALPICA DE TAJO • This is one of Europe’s pioneering wine projects. • Solaz, the brand produced here, skilfully brings together various varieties of grapes. • These are wines which combine character and elegance, made pos- sible by our 736 hectares of vine- yards, where a number of different varieties of grapes grow, as well as our state-of-the-art installations.

38 WINESA UNIQUE HISTORY AND ICONIC BRANDS

The history of • The history of Osborne and sherry are the company intertwined, this being the first product the company produced when it was founded SHERRY back in 1772. • Indeed, Osborne is widely recognised as having the finest collection of old sherries 74% in the world. INTERNATIONAL SALES VOLUME • This is a true family heirloom and treasure, which received 37 awards from around the world in 2019. • Moreover, in 2019, new packaging was launched for our old sherries, which reflects their premium nature. This packaging was awarded an accolade for its excellence and creativity at the packaging design competition Pentawards.

39 2019 ANNUAL REPORT

An iconic brand, known for its unique and exceptional quality, its more than one hundred years of history and its distinctive image

ANÍS DEL MONO

• This is Spain’s most premium anis and will celebrate its 150th anniversary in 2020. • Its history is truly unique, being founded by Vicente Bosch, a visionary who took his inspiration from the Parisian world of perfume to create the brand’s exquisite bottle, and even took advantage of its label to express his opinion on Darwin’s recently published Theory of Evolution. Anís del Mono has since become an unmistakable icon of Spanish culture. • The Anís del Mono distillery is a historic heritage site.

+34% INTERNATIONAL NET SALES COMPARED TO 2018 ANIS AND OTHER LIQUEURS OTHER AND ANIS 40 A UNIQUE HISTORY AND ICONIC BRANDS THIRD-PARTY BRANDS

• The distribution of third-party brands has historically been a very successful part of Osborne’s business model. In 2019, two Illva brands (Disaronno and Tia Maria) joined our product portfolio, in line with our strategy to distribute more premium, high-potential brands. • As such, our portfolio now includes brands which cover all main types of spirits, namely premium rum (Flor de Caña), Scotch whisky (100 Pipers and Passport), super-premium gin (Brockmans), vodka (Russian Standard and Zubrowka) and liqueurs (Disaronno and Tia Maria).

+3% SALES VOLUME COMPARED TO 2018 ANIS AND OTHER LIQUEURS OTHER AND ANIS 41

A VISIONARY SPIRIT

Our stra te gy 2019 ANNUAL REPORT Legacy and Future

Osborne’s mission is to create products that bring joy and authentic experiences to people. We take Spain’s social and cultural richness, cherish it, bring value to it, promote it and adapt it to each moment in time, ensuring the value of true authenticity is never lost.

We will be there for our EXCELLENT BRANDS customers at those special 01Our business model is and will always be about moments to offer them generating value by creating and distributing experiences they will never brands which are synonymous with excellence, forget. quality and authenticity. We will continue to ensure steady growth through the consolidation of our brands in Spain and their expansion in MEMORABLE MEMORABLE strategic international markets. EXPERIENCES 02

03 Our value proposition puts the consumer centre stage. SUSTAINABILITY This will see us continue to We will put our take steps to get to know commitment to be a our customers better, offer 04 sustainable company into them nothing but the very practice through specific best experiences and ensure sustainability initiatives. we are abreast of new trends CUSTOMERS and consumer habits. PUTTING OUR OUR PUTTING CENTRE STAGE CENTRE

44 OUR STRATEGY Strategic Plan 2019-2021 Our Strategic Plan 2019-2021 lays out our roadmap for the immediate future. It includes our priorities as a company and details the main opportunities and challenges currently before us.

Areas of action

PREMIUMISATION • Our goal is to develop premium brands which contribute value and prestige to the company as a whole, whilst continuing to offer products which consumers fall in love with because of their history, quality and the experience they offer. To do this, we draw upon a wealth of expertise and experience in the EFFICIENCY IN OPERATIONS beverage, gourmet food and restaurant industries. • We work day in, day out to achieve • We want to encourage our customers to opt for maximum quality and efficiency across quality and responsible consumption, by providing our entire value chain. To do this, we are them with information on our production processes, constantly on the lookout for ways to be history, how to consume our products, etc. more efficient in terms of the resources we use in our production processes, as well as in terms of how we build our brands and DIVERSIFICATION AND INTERNATIONAL EXPANSION do business. In doing so, we are driven by our philosophy: ‘one company, one team, • In addition to our own brands, we will focus on one Osborne’. continuing to establish strategic partnerships to distribute third-party brands in certain segments with • Our numerous innovation and good potential for growth. In order to ensure the success digitalisation projects also help us to make of the third-party brands we distribute, we will use our the way we function internally, as well as in-house innovation and brand-building model. our customer service, much more efficient. • At the heart of Osborne’s innovation strategy is Galician Original Drinks (GOD), an incubator in the PEOPLE spirits industry. • At Osborne, we create an atmosphere • Moreover, we aim to expand the presence of our where teamwork, a feeling of belonging brands in key international markets, namely and innovation flourish. Germany, China, the USA, the UK, Italy, Mexico and • To do this, we focus on providing job the Philippines, as well as in the travel retail sector, security, an inclusive workplace, quality through brand ambassadors and other marketing employment and opportunities for strategies, with a particular focus on the hospitality professional development, in order to industry, and with the support of our own teams ensure that each member of our team and strategic partners. The goal is for a third of our is able to give their best day in, day out. business to come from abroad by the end of 2021. Our competency model is based on • We are also looking to develop new channels for training, communication and internal communication and distribution which allow us to promotion, and is designed to allow our interact directly with consumers. staff to grow professionally.

45 2019 ANNUAL REPORT Achievements Over the Year During the first year of our Strategic Plan 2019-2021, our main achievements have been the following.

The growth of our premium brands Salesforce Marketing Cloud and Salesforce Over 2019, the strategies used for our premium Service Cloud, we were able to make our brands, innovation and third-party brands processes more efficient. Moreover, at our led to €8m in incremental sales. Moreover, production sites, we implemented plans to we consolidated our in-house brand-building increase the efficiency of our production model, which allows us to maximise the processes in order to continue to reduce the visibility of our brands, as well as interest in amount of energy and resources we use. them amongst consumers. Furthermore, in line with our strategy of Introduction of new third-party brands and achieving the greatest possible level of expansion in key markets efficiency in terms of our productive resources, We expanded our product portfolio with the in 2019 we sold a ham drying site in Jabugo. introduction of third-party brands such as Disaronno and Tia Maria. At an international Opening of a new communication channel level, in 2019, we began exporting the first bone- and an increase in employee satisfaction in ham to China and continued to increase the The results from the Work Climate Survey 2019 presence of our premium brands in strategic showed a significant improvement in terms of markets, namely China, Germany, the USA and employee satisfaction, with aspects such as the UK, as well as in the travel retail sector. pride in belonging to Osborne and commitment to sustainable practices both significantly An increase in efficiency across our value chain increasing. Our new internal communication 2019 was a very important year for Osborne in channel, DirectOs, helped us to continue terms of innovation and digitalisation projects. improving the way we meet the needs and Thanks to tools such as UVE, Captio and expectations of all our staff.

46 OUR STRATEGY Sustainable Growth

Achieving the goals we have set ourselves as a The most important economic, governance, company would be impossible without a firm environmental and social aspects for our commitment to making our work as sustainable company, which were identified in our first as possible, respecting our environment and materiality assessment, as well as their building stable and long-lasting relationships connection to the Sustainable Development based on trust with our stakeholders. Goals (SDGs) of the UN’s 2030 Agenda for Sustainable Development, are detailed below.

Economic

We work to ensure sustainable economic growth, supporting the SDGs by developing technology, contributing to the creation of a universal multilateral trading system, collaborating with strategic partners and promoting ethical and transparent business practices.

Governance

We work to establish partnerships which help us achieve our goals for sustainable growth and align with the SDGs. We also use indicators which allow us to measure our progress in this area, and innovate to create more sustainable technology and production models.

Environmental

Our operations are based on a sustainable management of natural resources and protection of the environment. This means taking steps to maximise energy efficiency, using renewable energy, protecting biodiversity and preserving the ecosystems of our dehesas and vineyards.

Social

At Osborne, we place particular emphasis on job security and quality employment, as well as on the development of local communities, with whom we maintain close ties through our supply chain. Our approach is underpinned by respect for the people we work with, and a sustainable production and consumption model.

47

COMMITMENTS

Os bor ne Over 2019 2019 ANNUAL REPORT A Sustainable Model OUR COMMITMENT TO THE ENVIRONMENT

+5 Protecting the environment Certificates and preserving biodiversity EMS ISO 14001 +2 At Osborne, we have specific management QSostenible systems in place to help us mitigate the Evolution impact of our work on the environment. In 2019, we became the first company in the wine industry to sign a sustainability- 1st linked syndicated loan. Bodega to sign a sustainability- linked syndicated loan

At Osborne, we are constantly working to become more efficient by making the very most of our raw materials. For example, we use the fat A sustainable and bones of our pigs for animal feed, recover and reuse the salt used in the salting process, value chain and give the by-products from our production processes a use, such as distillation. In fact, at our production sites, we reuse or recycle almost all these by-products. In terms of waste, this is managed in its entirety by authorised waste collection companies, which make sure it is disposed of correctly.

50 OSBORNE OVER 2019

Energy and climate change

Thanks to a greater use of renewable energy, measures to increase energy 18,256 MWh efficiency and the use of cleaner energy, Total electricity consumed over 2019 we were able to reduce our in 2019 emission (carbon) intensity across our -2% (vs. 2018) entire value chain.

0.032 kgCO2eq/€ RENEWABLE ENERGY Emission intensity of electricity used comes from in 2019 7% renewable energy sources -4% (vs. 2018)

TYPES OF MATERIALS USED WASTE MANAGEMENT 1% Auxiliary material 80% Raw material 99.24% 19% Non-hazardous waste Packaging material The vast majority of which is managed by authorised waste collection companies or public services. MANAGEMENT OF BY-PRODUCTS By-products used in +56% comparison to 2018 0 .7 6 % Hazardous waste

51 2019 ANNUAL REPORT Our People AT THE HEART OF EVERYTHING WE DO

Attracting and retaining talent

Our goal is to make Osborne one of the best companies to work at. Our unified human 99.61% Of staff in Spain are covered resources model is based on a people-driven by a collective agreement approach. We strive to offer our staff the best possible working environment, where their well- being is guaranteed. In 2019, we launched a number of initiatives aimed at allowing our staff 26,587.58 to strike a good work-life balance, as well as Average salary (€) attracting and retaining exceptional talent, and offering our people more and better professional 31,653.04 opportunities. -16% GROSS GENDER PAY GAP (DOWN BY 2% COMPARED TO 2018)

Keeping our staff safe The Osborne experience: training Our commitment to constantly and growth improving the health and safety of our staff was recognised in 2019 when our occupational health and The purpose of our training programmes is to allow our safety management system was employees to reach their full potential and ensure they certified to ISO 45001 across the are able to seize opportunities for internal promotion as whole Group. and when they arise.

11,813 -71% 55 402 In our workplace Occupational health Hours of training Members of accident rate over and safety training x3 vs. 2018 staff trained the past decade programmes organised over 2019

52 OSBORNE OVER 2019

94% 30% Of our staff Women are based in Spain 1,094 Average number of employees 81% 125 New indefinite- Indefinite-term term contracts contracts

WORK CLIMATE SURVEY PERFORMANCE APPRAISALS

+16% 463 In participation since 2017 Employees reviewed over 2019

INTERNAL COMMUNICATION

≥80% Level of satisfaction in the categories ‘external image’, ‘pride of belonging to the company’, ‘safety and working conditions’, ‘values’ and ‘commitment to sustainability’. This represents an improvement on the results of our in-house 2017 and 2018 surveys, as well as 24/7 those done in accordance with Spanish standards. A new communication channel In 2019, we introduced DirectOs, an internal communication Improvements in ‘values’ and tool designed like a social media network, where staff can ‘innovation’ share experiences, useful information and concerns, as well A particularly impressive improvement was seen as check internal vacancies and see who has recently joined in these two categories. the company, 24/7 from their mobile phone.

53 2019 ANNUAL REPORT Connecting the Past, Present and Future OUR COMMITMENT TO SOCIETY

Osborne and local development

At Osborne, we are committed to creation. This ensures we have a contributing to the development positive impact on the economy, of the regions where we carry out community and region as a whole. our work. As such, we go to great lengths to hire local residents and use local suppliers, therefore directly and indirectly contributing to job 99% 87% Of staff at production sites Of staff in Spain are are recruited locally recruited locally

Corporate relations Through associations, sponsorship and assistance in various shapes and forms, we are able to support initiatives carried out by local communities in the areas where we carry out our work, as well as bring our brands to consumers and boost their visibility both locally and within the industry.

54 OSBORNE OVER 2019

SOCIAL Media MEDIA

presence 391.9k Facebook followers

As well as having a positive impact 77.9k on the local communities we support, Instagram followers our local development initiatives, sponsorships and participation in 772k Views on Osborne TV business associations allow us to Channel (YouTube) make the Osborne brand more visible. This is something we are constantly 31k LinkedIn measuring in order to identify areas followers for improvement. 14,990 Unique users on Osborne’s corporate website

TRADITIONAL MEDIA

38 TV appearances (La1, La2, Antena3, LaSexta, etc.)

6,175 Appearances in the media

€34.2m €1.4m Advertising Value Equivalency (AVE) OUR CONTRIBUTION TO FOUNDATIONS AND €1.76m non-profits Gross Rating Point (GRP)

55 2019 ANNUAL REPORT The Osborne Foundation

The Osborne Foundation is the organisation of more than 688 publications, and has featured through which the company channels its in audiovisual content with more than 70 million corporate social responsibility initiatives. It views and an Advertising Value Equivalency has two main goals: to promote training and (AVE) upwards of 2,100,000 euros (source: entrepreneurship amongst young Kantar Media). As such, we may people, and to preserve and promote confidently say that the Foundation Osborne’s historic heritage. is well recognised by institutions, associations and the media. In 2019, Osborne currently contributes the Osborne Foundation won the €75,000 each year to the Foundation FIGURES national CaixaBank Social Initiative through donations and collaboration €75,000 of the Year Award for its collaboration agreements. Annual contribution with Cáritas, the ONCE (Spanish by Osborne to the Foundation through Association for the Blind) Foundation Promoting training and donations and and the University of Cadiz to promote collaboration agreements entrepreneurship amongst young the training of young people, the aim people +1,000 being to improve their employment Young people who Since it was founded, the Osborne have benefited from prospects and instil within them a spirit Foundation has relied on the support initiatives run by the of entrepreneurship and innovation. Osborne Foundation of other organisations with similar purposes, including the Princesa de 2,000 m2 Preserving and promoting Osborne’s Toro Gallery: the pride Girona Foundation, the Telefónica and joy of the Osborne historic heritage Foundation, the University of Seville Foundation In terms of preserving, conserving Research Foundation (FIUS), the +688 and protecting the heritage of the Department of Entrepreneurship Publications covering Osborne family, as well as making the work of the Osborne at the University of Cadiz, the Exit Foundation it accessible to all, the Osborne Foundation, the Santa María la Real Foundation runs the Toro Gallery, 6,175 2 Foundation, Cáritas and the SAFA Appearances in a 2000 m space which welcomes Foundation. Over the years, the the media thousands of visitors each year. Osborne Foundation has organised a This museum is housed in a bodega wide range of different initiatives. In fact, since built in 1849, which has been adapted for this it was founded, more than 1000 young people purpose, with its traditional wooden beams, have benefited from its collaboration with these stone arches and sandy floor having been organisations. Its work has also been the subject restored to their former glory.

56 OSBORNE OVER 2019

OTHER ACTIVITIES ORGANISED BY THE OSBORNE FOUNDATION OVER 2019

PARTNERING UP WITH THE UNIVERSITY EXHIBITIONS TOROLAB OF CADIZ The Foundation paid tribute This programme, which saw Representatives from Osborne formed the to José Tejada Prieto with an students from the University of panel of judges for the atrÉBT! Awards exhibition by his daughter, Cadiz create innovative solutions to 2019, the aim of this competition being to Rocío Tejada. challenges faced by Osborne, was discover talent and foster entrepreneurship organised alongside the university’s amongst university students from the Department of Entrepreneurship. Province of Cadiz.

REINA SOFÍA SCHOOL OF MUSIC: INTERNSHIPS SOCIAL INCLUSION INITIATIVES CLASSICAL MUSIC AND SHERRY The Osborne Foundation In collaboration with the SAFA The Osborne Foundation provided offered internships to a Foundation and Cáritas, we helped young support to a student to undertake a number of hospitality underprivileged men and women from the dissertation entitled ‘Classical Music students from the Tomillo Province of Cadiz improve their employment and Sherry: A Perfect Match’. Foundation at the company’s prospects through a hospitality and restaurants. restaurant training programme.

2ND CADIZ JOB FAIR The company took part in the 2nd Cadiz Job Fair, organised by the Cadiz Chamber of Commerce.

8TH BUSINESS SYMPOSIUM EXCELENCIAS GOURMET AWARDS #RETOLABORAL Osborne participated by organising The Foundation’s accessible wine This event, run in collaboration with Cajasol and a session aimed at boosting the tourism initiative was recognised at the Diario de Cádiz, brought together professionals employment prospects of students Excelencias Gourmet Awards 2018. from the hospitality and tourism industry, and from the University of Cadiz. qualified young people looking for work.

INCLUSIVE TOURS FUNDARTE ANÍS DEL MONO’S 150TH This initiative saw Osborne This consisted of a series of ANNIVERSARY create inclusive tours exhibitions at the Foundation’s • Book to mark the 150th anniversary alongside the ONCE (Spanish premises. of Anís del Mono. Association for the Blind) • Exhibition at Badalona Museum. Foundation.

57 Edited in May 2020

Design and layout: Laura Hoyal Printed by: Comfot, S.L.

This document is an executive summary of the full report for 2019, which is available at www.osborne.es.

Printed in Spain © Grupo Osborne, S.A. Annual report 2019