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Annual Report ————— 2014 ANNUAL REPORT ————— 2014 STEF-2014-Couv.UK.indd 1 11/06/15 19:14 ANNUAL REPORT ————— STEF 2014 STEF 2014 ————— ANNUAL REPORT Contents Board of Directors and Executive Committee — 2 Consolidated financial statements Chairman’s message ——————————————————————— 3 2014 Key figures ——————————————————————————— 4 Financial items ——————————————————————————— 60 Consolidated balance sheet and Management Report income statement ———————————————————————— 64 Notes to the consolidated financial statements 70 Group’s economic environment —————————————— 6 Statutory auditors’ report ———— Group’s operations in 2014 ————————————————— 10 on the consolidated financial statements 112 Transport France —————————————————————— 12 Logistics France ——————————————————————— 14 Annual accounts STEF International ————————————————————— 16 Maritime: La Méridionale ——————————————— 18 Results of the parent company ———————————— 114 Other activities ———————————————————————— 20 Information Systems ———————————————— 21 Internal control Real estate ———————————————————————— 22 Sustainable development —————————————————— 24 Chairman’s report on the Board of Directors’ Environment —————————————————————————— 26 activities and internal control —————————————— 116 Social policy —————————————————————————— 32 Statutory auditors’ report on Societal commitments ————————————————— 40 the Chairman’s report ———————————————————— 126 CSR compliance table —————————————————— 42 Auditors’ certificate Environmental, social and societal information 44 Group risks —————————————————————————————— 46 Governance —————————————————————————————— 50 General information ——————————————————————— 54 Outlook for 2015 —————————————————————————— 58 CONTENTS ————— 1 ANNUAL REPORT ————— STEF 2014 STEF 2014 ————— ANNUAL REPORT Board of Directors Francis LEMOR, Chairman Emmanuel HAU The Chairman's message Bernard JOLIVET, Vice-Chairman Estelle HENSGEN-STOLLER Jean-Charles FROMAGE, Robert de LAMBILLY* Deputy Executive Officer Murielle LEMOINE Gilles BOUTHILLIER Dominique NOUVELLET 2015 is fully in keeping with the STEF Group European development, the demand for service Alain BRÉAU ALLIANZ Vie, represented strategy to strengthen its foundation across the quality and the Group’s attractiveness are assets *The terms of office Jean-Michel DELALANDE by Peter ETZENBACH French territory and continue its development in that STEF was able to develop in 2014. They are the of Messrs GIUILY and Elisabeth DUCOTTET ATLANTIQUE MANAGEMENT, European countries. result of the daily commitment from all the teams de LAMBILLY ended represented by François de COSNAC and provide a real competitive advantage. after the Shareholders' Alain GEORGES In France, the year was marked by the operational Meeting on 20 May 2015. Éric GIUILY* integration of the company EBREX. This operation 2015 is showing some signs of a slight economic was successfully conducted by all the Group’s teams recovery in Western Europe which, added to the from January 2014 and should bear fruit in 2015. implementation of policies that are favourable *Bruno DUQUENNE, * Executive Management to business competitiveness, should benefit the Deputy Executive Officer, In Europe, STEF set up in the Netherlands for the STEF Group. in charge of European Jean-Pierre SANCIER Stanislas LEMOR first time through its acquistion of Speksnijder in operations, retired on Chief Executive Officer Deputy Executive Officer 1 July 2014. September 2014. This is the first of the Group’s Our social policy will remain demanding across Finance and Administration own locations in this country and opens up new our fundamental principles: strong human values, Serge CAPITAINE opportunities in a region of Europe where world maintaining a high level of employee shareholding, Deputy Executive Officer leaders in the food industry are based. The Group constantly developing skills through suitable training Sales and Marketing also acquired a stake in Northern Italy, enabling it to and this, in all the countries where we operate. expand its business in the Trentino region. I would like to pay tribute to the men and women of The Group faired well across each of its transport our Group who, in an adverse economic environment, Executive Committee and temperature-controlled logistics businesses in have once again demonstrated that STEF’s values of an economic environment that remained a challenge enthusiasm, respect, discipline and performance are **Mr Gérard GROFFE, the previous Human in 2014 and was marked by the fall in fuel prices at not empty words. Resources Director, the end of the year. retired in February 2015. In the maritime segment, and despite the turbulent context in which it operates, La Méridionale implemented all the necessary resources to provide the service to Corsica throughout this first year of the public service concession agreement. Its freight business grew, confirming the positive positioning of Bertrand BOMPAS Jean-Marc BRUÈRE Serge CAPITAINE Jean-Yves CHAMEYRAT** its fleet of ro-ro mixed passenger and cargo vessels. Managing Director of Deputy Executive Officer of Deputy Executive Officer Human Resources Director STEF Logistique STEF Transport of STEF / Sales and 2014 was also the year that saw our ambitious Marketing Director energy policy recognised by ISO 50 001 certification in October. After several years committed to sustainable development, STEF is now the first European logistics company to have its network of platforms and warehouses certified. The Group’s economic model therefore emerged stronger at the end of 2014. The shareholder model also reached another milestone with the exit of a management company that held almost 14% of the company’s share capital. These shares were mainly reclassified to investors and partly Stanislas LEMOR Marc REVERCHON Léon de SAHB Jean-Pierre SANCIER Gilles SAUBIER Deputy Executive Officer of Chairman and CEO of IT Systems Director / Chief Executive Officer of STEF Real Estate and Purchasing within the company, thus simultaneously supplying STEF / Financial Director Compagnie Méridionale Managing Director of STEF Chairman of STEF Transport Director / Managing Director the market and strengthening the Group’s de Navigation Information et Technolgie of Immostef employee shareholding. Francis LEMOR Information at the publication date of the annual report - May 2015 Chairman 2 ————— BOARD OF DIRECTORS AND EXECUTIVE COMMITTEE CHAIRMAN’S MESSAGE ————— 3 ANNUAL REPORT ————— STEF 2014 STEF 2014 ————— ANNUAL REPORT 225 Storage volume Platforms and warehouses Refrigerated quay area Key • 85 Transport France sites 3 • 86 Logistics France sites 2 6,767,000 m • 54 European activities sites 447,600 m figures Workforce Consolidated turnover Facilities (in millions of euros) STEF sites STEF partners 2,765 2,633 2,502 15,556 Activités européennes 54 sites • 2,300 Transport France 85 sites • Logistique France 86 sites • • 54 sites Activités européennes • 85 sites Transport France 2011 2012 2013 2014 • 86 sites Logistique France Consolidated equity (Group share in millions of euros) Vehicles Refrigerated trailers 437.0 424.1 376.5 352.6 2,025 2,150 2011 2012 2013 2014 Consolidated income (Group share in millions of euros) Ro-ro mixed passenger 65.1 60.2 55.3 and cargo vessels 52.2 4 Canary Islands 2011 2012 2013 2014 4 ————— KEY FIGURES KEY FIGURES ————— 5 ANNUAL REPORT ————— STEF 2014 STEF 2014 ————— ANNUAL REPORT Change in GDP Electricity prices (source: Eurostat estimate – April 2015) Group's Eurozone = 17 countries Since 2007, electricity prices for industrial consumers EURO ————————— +0.9% ————————— +1.4% have increased in France (+26%), Belgium (+8.4%) ZONE ES and on the Iberian market (+28%). ————————— +0.4% ————————— +0.9% economic environment FR PT BE ————————— +1% NL ————————— +0.9% Europe: Electricity prices for industrial consumers (consumption band IF between 70,000 and 150,000 IT ————————— -0.4% CH ————————— +2% MWh) (source: Eurostat) In 2014, inflation reached a five-year low with an Price in first half-year 2014 annual average of 0.4%, compared with 1.4% in (Kilowatt/hour excl. tax) 2013. This decrease can be explained by the fall in EURO ES ZONE ——————— 0.0621 ——————— 0.0681 energy and food prices (-0.1% in 2014, compared FR PT with +2.7% in 2013). ——————— 0.0561 ——————— 0.0633 BE NL ——————— 0.0617 ——————— 0.0701 IT 2014 Inflation ——————— 0.0711 (source: Eurostat) ............................................... Total .....................Food EURO ZONE ——————————————— +0.4% ——————— -0.1% FR ——————————————— +0.6% ——————— -0.7% BE ——————————————— +0.5% ——————— -0.4% IT ——————————————— +0.2% ———————— 0% ES ———————————————— -0.2% ——————— -0.3% PT A weak and uneven While 2014 confirmed the ———————————————— -0.2% ——————— -1.4% NL recovery that began in late 2013, ——————————————— +0.3% ——————— -0.1% recovery in the GDP growth has proved to be CH ———————————————— +0% ———————— +1.1% Eurozone, under slower than expected: +0.9% deflationary pressure in the Eurozone, while global growth was +3%. Fall in energy prices Oil prices decreased in 2014, with a barrel of Brent The observed economic recovery needs to be qualified: at 74 euros on average. the situation is improving on the Iberian market (+1.4% Fuel prices dropped sharply from September with in Spain, +1% in Portugal), the recovery is robust in various consequences depending on the countries Germany (+1.6%), while it remains fragile in France where STEF operates. These changes impacted (+0.4%) and Italy is in recession (-0.4%) for the fourth invoiced turnover, primarily in France. time in six
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