Highlights 2017 Our MISSION: Connecting Food Market Players

Highlights 2017 Our MISSION: connecting food market players

A European leader in temperature-controlled logistics and transport services, STEF carries fresh, frozen and thermosensitive products from their production sites Contents to their consumption sites. Every day, the Group's 16,700 employees work to Chairman's message 03 provide agrifood manufacturers, retailers and out-of- Governance 04 home foodservice businesses with tailored solutions, STEF at a glance 06 guaranteeing the best conditions in terms of food STEF in figures 08 safety, lead time and quality. 2017 Overview 10 Trends and challenges 12 STEF relies on the professionalism of its teams, the density of its European network (France, Italy, Spain, Operations Portugal, Belgium, the Netherlands and Switzerland) France - Transport 17 and its ability to adapt to market changes in order to France - Logistics 23 fulfil its mission. International 29 Maritime 37 Centres of expertise 40 CORPORATE SOCIAL RESPONSIBILITY Social policy 49 Environment 53 Social commitments 57

Consolidated financial statements 60

CONNECTING FOOD MARKET PLAYERS 01 The Chairman's message

The economic recovery in most European countries and a favourable environment for food consumption characterised 2017. For the STEF Group, 2017 was to be a decisive year: solid growth, substantially improved results, a stronger financial structure and significant investments in shareholding model, which has exceeded the milestone production means. This year would also be the of 10,000 employee shareholders and will celebrate its opportunity to confirm our positioning on all our 25th anniversary this year. In addition, it has received the market segments, strengthen the specialisation of our Trophées Défis RSE award for its health and quality of commercial offers and prepare for the future, particularly work life policy and its second Lean and Green star in

through the creation of nearly 900 jobs (excluding the Netherlands for its action to reduce CO2 emissions. external growth) and investments in new facilities. These awards confirm the relevance of our development In France, we opened new sites at Châteaubourg, model and encourage our continued efforts in this Nemours and to the north of Orléans. Internationally, direction. This is why, in 2018, we are focusing in we continued to set up a transport network in Spain particular on training the men and women of STEF. with the acquisition of the company BADOSA. We I want to pay tribute to them for their ongoing began structuring changes in Switzerland with the commitment and tell them that they can be rightfully construction of the Kölliken site and in the Netherlands proud of the quality service given to our customers. with the extension of the Bodegraven site (near The macroeconomic indicators allow us to embark Rotterdam). We have also introduced an ambitious on 2018 with optimism. We will continue the work to programme for new buildings that will be delivered consolidate our fundamentals on our markets, together in 2018 and 2019. with adapting our offers and the resources needed to At La Méridionale, we focused on innovation with a produce them; not forgetting our ongoing concern for quayside electrical connection for vessels at the Port of attractiveness and competitiveness. Marseille and the refurbishment of interior fittings with We all know that future growth will partly result from all our vessels now sporting a new livery. external growth, but also and above all from the proximity Enthusiasm We have also accelerated our vast digital transformation and trust of our customers. I thank them for this. project around several initiatives designed to increase our operational performance and respond to the needs of Respect our customers and employees. Digital technology is now one of the spearheads for innovation within the Group. Reliability In terms of corporate social responsibility, our Group has renewed its commitments on the basis of two strategic priorities: its unique social model and its Performance proactive and sustainable environmental policy. STEF has now been rated Ecovadis Gold, the highest recognition level, for this entrepreneurial approach which respects people and their environment. Francis LEMOR The Group has also been awarded for its employee Chairman

02 CONNECTING FOOD MARKET PLAYERS CONNECTING FOOD MARKET PLAYERS 03 EXECUTIVE Group's MANAGEMENT Jean-Pierre SANCIER Governance Chief Executive Officer Serge CAPITAINE Deputy Chief Executive Officer Sales and Marketing 01 02 03 04 Stanislas LEMOR Deputy Chief Executive Officer Finance and Administration EXECUTIVE COMMITTEE BOARD OF DIRECTORS

Francis LEMOR, Chairman Bernard JOLIVET, Vice-Chairman Jean-Charles FROMAGE, Deputy Chief Executive Officer 05 06 07 08 09 Jean-Michel DELALANDE Elisabeth DUCOTTET Alain GEORGES Emmanuel HAU Estelle HENSGEN-STOLLER Jean-François LAURAIN Murielle LEMOINE Lucie MAUREL-AUBERT Dorothée PINEAU ALLIANZ Vie, represented by Peter ETZENBACH ATLANTIQUE MANAGEMENT, represented by François de COSNAC

10 11 12

01 Bertrand BOMPAS 06 Ángel LECANDA 10 Jean-Pierre SANCIER Managing Director Managing Director of STEF Iberia Chief Executive Officer of STEF of STEF Logistique 07 Stanislas LEMOR Chairman of STEF Transport 02 Marco CANDIANI Deputy Chief Executive Officer 11 Gilles SAUBIER Managing Director of STEF, Financial Director Real Estate Director of STEF Italy 08 Marc REVERCHON Managing Director of Immostef 03 Serge CAPITAINE Chairman and Managing Director 12 Marc VETTARD Deputy Chief Executive Officer of of La Méridionale Deputy Managing Director STEF-Sales and Marketing Director 09 Léon de SAHB of STEF Transport 04 Jean-Yves CHAMEYRAT IT Systems and Purchasing Director Human Resources Director Managing Director of STEF 05 Christophe GORIN Information et Technologies Group Business Director

04 CONNECTING FOOD MARKET PLAYERS CONNECTING FOOD MARKET PLAYERS 05 STEF at a glance From -25°C to +15°C!

A European leader in temperature-controlled logistics, STEF operates on the transport and logistics market for food products. Its expertise and its network of facilities enable it to offer specialised solutions for manufacturers, retailers and out-of-home foodservice businesses, in 15 European countries.

FRANCE OPERATIONS

STEF Transport — STEF Logistique — Groupage, batch transport, Logistics services offered organisation of national and to manufacturers, retailers international consignments and out-of-home foodservice of fresh, frozen and seafood companies for their frozen, products for agrifood industries fresh and thermosensitive and retailers. food products. STEF’s assets

The ability to Its expertise in Its policy of combine the human managing dynamic owning its real INTERNATIONAL ACTIVITIES MARITIME 1 3 5 element with new flows through its estate assets and Transport and logistics Passenger and freight transport technologies to adapt technological resources the expertise of the Real activities in Europe (Italy, between the continent and constantly and offer a and its information Estate teams (design, Spain, Portugal, Belgium, the Corsica under a public diverse range of dedicated systems for preparing, construction, building Netherlands and Switzerland) service concession. services, depending on the tracking and managing maintenance, improving and consignments between these different European countries. temperature and type of customer consignments. former operating sites) consignee customers. across Europe.

The density CENTRES OF EXPERTISE The added value 4 of its network 2 generated by which fosters Real Estate — Design, Information systems — the search for proximity with the local construction, adaptation and Management of the IT and systematic consolidation economic fabric. maintenance of facilities and digital tools that the Group buildings, energy management uses to support its customers (the organisation of and improvement of former and improve the productivity, flows by distribution operating sites. responsiveness and security type: platforms for of its business divisions. retail, wholesale, dealer networks, etc.)

06 CONNECTING FOOD MARKET PLAYERS CONNECTING FOOD MARKET PLAYERS 07 STEF in figures 2017 turnover 2017 consolidated income Equity (in millions of euros) (Group share in millions of euros) (Group share in millions of euros) €2,976 M €93.6 M €625.8 M Good growth and confidence in the future 16,733 Workforce

81 Transport France sites Platforms 83 Logistics France sites and warehouses22763 International activities sites

Economic recovery in Europe, increasing food Refrigerated quay area Storage volume consumption... 2017 was marked by a strong recovery in the organic growth of transport and logistics activities in France. The opening of several 2 3 strategic sites (Darvault in Ile-de-France, Orléans- 460,700 m 7,386,400 m Nord, Bodegraven in the Netherlands and Kölliken in Switzerland) reflected this momentum and the Group's ambitions, both in France and abroad. In 2017, La Méridionale won awards for the quality of its services, confirmed its capacity for innovation and showed satisfactory results.

Trucks and as many 2,050 refrigerated trailers

Ro-ro mixed passenger 3 and cargo vessels

08 CONNECTING FOOD MARKET PLAYERS CONNECTING FOOD MARKET PLAYERS 09 FRANCE - - STEF opens a new site in Nemours THE NETHERLANDS - STEF rolls out its FRANCE - STEF receives the Special Health Located to the south of the Ile-de-France on the commercial brand award for its global approach to quality of life 2 Overview th Paris-Lyon autoroute, this 15,000 m site is dedicated The transition of its Dutch operations to the STEF brand and health at work at the 5 corporate social to mass distribution logistics for fresh food products. and the 8,000 m2 extension of its Bodegraven site mark responsibility awards, the Trophées Défis RSE 2017. 2017 the Group’s increasing presence in the country.

FRANCE - STEF awarded “Gold” by EcoVadis The Group’s global CSR strategy was ranked among the top 3% of international companies and the top 1% of transport and logistics companies.

SPAIN - STEF acquires TRANSPORTS BADOSA FRANCE - STEF extends its temperature- The Group consolidated its presence in Catalonia and controlled logistics service expanded its offer in temperature-controlled logistics The new base to the north of Orléans strengthens its and transport services. EUROPE - STEF exceeds 10,000 employee position as a leader in the temperature-controlled

ITALY - STEF wins the shareholders food products industry. “Il Logistico dell’anno 2017” award The Group won the Grand Prix Indice Euronext-FAS This recognises the optimisation project carried out IAS® award for the stability and sustainability of its with the customer Mondelez using plastic supports employee savings model created nearly 25 years ago. between layers of pallets.

BELGIUM STEF FRANCE - STEF THE NETHERLANDS - SPAIN - Logirest FRANCE - STEF SPAIN - STEF wins FRANCE - STEF FRANCE - STEF wins the “Gazelle celebrates 10 years STEF obtains a 2nd certified IFS environmentally- the employability launches a major joins forces with du Transport et de of its Disability Lean & Green star for providing ever friendly deliveries using award from the Obra recruitment VEOLIA to create la Logistique” which Mission and renews awarded to transport better support to the the Triporteurs Bordelais, Social La Caixa for its campaign aimed Recyfish, a reverse

recognises the companies its commitments to the and logistics companies transformation and a zero noise and zero CO2 project dedicated to the at drivers. logistics solution for that show the best growth long-term employment for their commitment development projects solution for shopkeepers professional integration recycling seafood in the sector. of people with disabilities. to reducing their of its out-of-home and restaurant managers of people at risk of by-products.

CO2 emissions. foodservice customers. in Bordeaux city centre. social exclusion.

10 CONNECTING FOOD MARKET PLAYERS CONNECTING FOOD MARKET PLAYERS 11 Connecting Food Market Players

Trends and challenges

AN INCREASINGLY easy to consume, often designed by … As are the distribution MOVING TOWARDS STEF supports sustainable ◗ to deploy our three key business SEGMENTED MARKET innovative, smart SMEs/SMBs that channels — E-commerce, AN INCREASINGLY growth, is staunchly attached to models (retail distribution network, are deeply rooted in their region. drive-through and home and office SPECIALISED SERVICE its independence and remains loyal consolidation of hubs, consolidation Changing consumer behaviour Product ranges are being expanded delivery services are increasing to its values. It maintains its course logistics) and interconnect these and the fragmentation resulting in greater logistics exponentially, while hypermarkets Faced with its rapidly by combining economic, social and across Europe; of distribution channels constraints (more equivalent continue to lose ground to local changing environment, environmental ambitions. ◗ to maintain a strong commercial have resulted in a lasting volume space, more handling and town centre stores in terms STEF stays one step ahead relationship with our customers; change in the nature in warehouses). of numbers of customer visits. by providing innovative and THE CHALLENGES: ◗ to develop a strong brand and the organisation of The fragmentation of distribution and make it the industry leader Consumption habits are differentiated solutions. ◗ to provide an increasingly methods involves various modes in Europe. consignments. The logistics becoming more fragmented… The Group has all of the specialised service which of transport and a specific chain is becoming increasingly — “Ready to eat” is gaining ground. assets to respond to the anticipates and adapts to the logistics structure. Finally, random segmented and complex. The time traditionally dedicated fragmentation of the market logistics requirements of our consumption peaks and more to cooking is falling and the and its customers’ new customers’ specific markets and Growth has returned but with one-off promotions in mass-market out-of-home foodservice sector expectations. In this spirit, their different distribution formats; contrasting market trends — retail have impacted the regularity is undergoing rapid development. it invests, anticipates and The long-awaited recovery in of flows and require greater Eat-in or take-away “meal develops its activities on consumption is noticeable. flexibility and responsiveness. However, the curve is neither linear, solutions”, are spreading to all types ever-more specific and In a rapidly changing world, nor homogeneous. The market of retailers: specialist restaurants, demanding markets. we support our customers’ is primarily driven by “premium” bakeries, supermarkets. Organic products, labelled, practical and food has become an established transformation. part of everyday living and is becoming a way of life.

12 CONNECTING FOOD MARKET PLAYERS CONNECTING FOOD MARKET PLAYERS 13 Group’s Operations in 2017

EFFICIENCY

SPECIALISATION

PUNCTUALITY

ADAPTATION PROXIMITY

14 CONNECTING FOOD MARKET PLAYERS CONNECTING FOOD MARKET PLAYERS 15 France operations - Transport France operations - Transport

INCREASE AND ADAPTATION TO NEW CONSUMPTION The expertise and HABITS conduct of a + 4.4% “multi-specialist” IN TURNOVER

n 2017, turnover for the transport business increased by 4.4%. At the same time, the organisation developed in response Ito new consumption habits and the resulting fragmentation of consignments. The the significant expansion of short objective is to deploy 2017 SUMMARY food supply chains. In this context, our “multi-specialist” The recovery in food consolidated flow systems are used expertise, develop our consumption is driving to offer our customers the most differentiated offers to growth in volumes, relevant solutions. enhance our services but unevenly depending on market segments. Growth for frozen products — and capture growth On a generally declining market, opportunities on the STEF grew thanks to the observed most promising markets. momentum for some product Good growth for fresh and types (bakery, pastry, pizzas and compatible products — Thanks to frozen desserts in particular) to its network density and its customer which the Group’s services are proximity, STEF took full advantage of perfectly suited. the robust activity of agrifood SMEs and VSEs, the recovery in retail and

16 CONNECTING FOOD MARKET PLAYERS CONNECTING FOOD MARKET PLAYERS 17 France operations - Transport France operations - Transport

500Drivers NUMBER OF PLANNED RECRUITMENTS

A transition period Optimise the network — Developing innovative and BREAKDOWN OF STEF for supermarkets — Some STEF The structure is changing and the more environmentally-friendly TRANSPORT'S TURNOVER Chilled at supermarket formats are going density of the network continues modes of transport — STEF BY SEGMENT Châteaubourg: through a difficult time. The gradual IN ACTION to increase. The new Breton mass is developing its vehicle fleet. phasing out of the transport and distribution platform for fresh a unique business Every type of customer Around twenty trucks fitted with the logistics operations for a large consignments at Châteaubourg model! is specific: a supermarket “cryogenics” solution using liquid distribution company in Brittany has which supplies supermarkets does not have the same nitrogen have been operating in also affected turnover on this segment. nationally, is an example of the Lyon region for several years. This consolidation site based requirements in terms of changing operational models. in Brittany is the upstream/ delivery times or unloading A strengthened position for Cultivating difference, downstream interface between assistance as a town centre seafood — Benefiting from its Make drivers the ambassadors closer to the customers’ local Breton products arriving convenience store or good commercial momentum in for the STEF brand — In order requirements — The success directly at the site and national France, STEF Seafood's activity restaurant owner... STEF to deliver the best possible service of STEF Seafood illustrates the retailing groups’ supermarket grew by 2.1%, despite a stagnant optimises its network, quality, STEF employs its own teams relevance of this approach: with its and hypermarket platforms to global market. adapts its services and of drivers. Since this profession own sales and operations structure, which they are sent. The goods 6868% % FraisChilled ensures the quality of its is currently under pressure, the this dedicated business unit • leave quickly for the end 1010% % Ambient & Temperature- delivery service. Group has elected to launch a major operates all seafood consignments • Sec et tempéré customer: optimum timing, Controlled external recruitment campaign (for for the STEF Group, nationally and 12 % Surgelé without any intermediate stages • 12% Frozen nearly 500 drivers). This aims to internationally (supply, division • 7 % Produits de la mer or transshipment! 37% % RHDSeafood build loyalty among young recruits between platforms, distribution and • 3% Foodservice (reception and training). flow management). Its information systems are used to ensure high- precision management of each customer’s requirements, from the fisherman to the shopkeeper. 18 CONNECTING FOOD MARKET PLAYERS CONNECTING FOOD MARKET PLAYERS 19 Focus DÉFI DES PORTS From 21 to 28 May 2017 - STEF Seafood was the partner for the DE PÊCHE 2017: 30th Défi des Ports de Pêche sailing STEF SEAFOOD regatta which took place in Brittany. SHOWS ITS A friendly and excellent opportunity SUPPORT FOR to promote seafood and provide a + . % STEF Seafood: boost to the French fishing industry. 2 1 THE FISHING SEAFOOD ACTIVITY a recognised INDUSTRY! expertise!

TEF Seafood is present every day in 150 ports across Europe. The fish unloaded on Friday at Boulogne-sur-Mer is on the fish stalls in Sicily on Monday morning! Positioned across all production areas from Northern Europe to the Mediterranean countries, STEF Seafood offers a comprehensive range of high value-added services for live or processed, fresh or frozen Sproducts. In 2017, STEF Seafood once again strengthened its positions with a new European-wide master plan. Its objectives are to be the market leader and provide a better response to the issues of proximity, speed and quality of service for customers.

of a successful partnership, since From now on, STEF Seafood STEF SEAFOOD STEF has been providing transport will also handle all incoming and logistics services to this consignments for Mare Nova’s AND MARE seafood wholesaler for 20 years! fish trade business. NOVA: A LONG- STANDING Today, four STEF Seafood sites “STEF Seafood support Mare Nova: Boulogne- offers tailored AND EVOLVING sur-Mer for supplies from northern PARTNERSHIP Europe, Dijon and Toussieu for support and regional distribution and export and scalable solutions. 02 May 2017 - The contract between Plan d’Orgon for distribution in the This long-standing STEF Seafood and Mare Nova was South, Provence-Alpes-Côte d’Azur renewed and extended. This is proof Region and Corsica. partnership has enabled us to be more successful in our highly STEF Seafood in figures competitive sector.”

11 450 Samuel Legrand, 900 MULTI- Chief Executive Officer of Mare Nova EMPLOYEES TEMPERATURE REFRIGERATED PLATFORMS VEHICLES

20 CONNECTING FOOD MARKET PLAYERS CONNECTING FOOD MARKET PLAYERS 21 France operations - Logistics France operations - Logistics

SERVICES DEPLOYED ACROSS DYNAMIC MARKETS Ever more specific and + 3.7% comprehensive IN TURNOVER

n 2017, STEF continued to deploy its services on growth segments: out-of-home foodservice, e-commerce, Iconsolidation logistics, chilled, ambient and handled in hypermarkets and temperature-controlled. 2017 SUMMARY supermarkets limited the growth Driven by the momentum which stood at +1.2%. of these markets, STEF The overall increase in turnover for the logistics Promising potential for chilled, Logistics showed a business includes contrasting ambient and temperature- growth in turnover growth on markets controlled — With an increased of 3.7%. However, the depending on the segment turnover of 7.6%, consolidation division's results were in question. logistics for fresh products impacted by investments continues to expand. Driven by the increased use of the new site made to respond to the Strong growth in out-of- at Orléans-Nord, consolidation specific requirements of home foodservice and logistics for ambient and its markets, anticipate e-commerce — Driven by temperature-controlled products changes in the distribution particularly robust demand, rose by 4.9% and confirmed its the out-of-home foodservice expansion potential. Investments channels and improve (+8.6%) and e-commerce (+10%) in both these Group activities in competitiveness. logistics activities experienced 2017 are presenting very good the strongest growth. However, expansion prospects. the stability of food volumes

22 CONNECTING FOOD MARKET PLAYERS CONNECTING FOOD MARKET PLAYERS 23 France operations - Logistics France operations - Logistics

Stability for frozen and The “right” warehouse, Become more competitive development of added-value STEF at the “right” location, through innovative facilities — services — In addition to the at the “right” time — STEF STEF continues to optimise its pastry segment which improved IN ACTION anticipates the relevant locations supply chain and create value by significantly, the business posted in catchment areas under pressure constantly improving facilities and The 2017 results confirm E-commerce on a modest growth (+0.2%): the the appropriateness of the or at intersections of major and using innovative processes on its Our warehouses impact of the re-internalisation of current strategy to strengthen increasing flows. At the same sites. The “high density” set-up is the Aulnay-sous- the operations of two customers time, the volumes available in unprecedented in France and is are designed to the Group’s presence in Bois site was offset by the development of warehouses are set up so as to used to optimise storage spaces dynamic sectors, offer be as scalable value-added services on behalf of optimise occupancy levels and and order picking operations. The dedicated solutions to every as possible. This new site, owned by the manufacturers (freezing/defrosting operational performance of sites. fleet of AGVs (Automatic Guided Carrefour group, a major french and packaging to order). customer and further increase The new warehouses that became Vehicles) has been renewed on The challenge competitiveness by creating retailing company, has been operational in late 2017 and the several sites. Fitted with high- is to adapt to entirely operated by STEF since value through optimised various development projects are resolution scanning tools on all and innovative processes. fluctuations in the first quarter of 2018 and is covered by dedicated master plans: four pallet sides, the new automatic specially designed to respond to shrink wrap lines guarantee the demand and ◗ ambient and temperature- the development of drive-trough traceability of packaged products. controlled products — Orléans-Nord rapid changes services in Ile-de-France and and L’Isle-d’Abeau (Lyon) in 2018; in our industry. the promise of deliveries within ◗ fresh products — Darvaux- 4 hours of ordering. Nemours and Chaponnay (Lyon); ◗ out-of-home foodservice — L’Isle-d’Abeau (Lyon); +4.9% ◗ e-commerce — Aulnay-sous-Bois AMBIENT AND and Vitry (in the Paris region). TEMPERATURE- + % CONTROLLED TURNOVER 10 OUT-OF-HOME FOODSERVICE TURNOVER

24 CONNECTING FOOD MARKET PLAYERS CONNECTING FOOD MARKET PLAYERS 25 Focus PROCESSES AND The layout of delivery vehicles TOOLS TO SAVE has been redesigned TIME AND INCREASE Interior walls running lengthwise EFFICIENCY simplify loading/unloading operations and minimise cooling loss when the doors are opened. 74 new vehicles of this type were ordered in 2017. Out-of-home Greater density of the network of dedicated tri-temperature sites foodservice: all the 7 sites are operational. 5 others are set to open in the coming months. The objective is to improve responsiveness even further by offering Group’s divisions a more closely knit network for the areas covered. working for high

Weighing truck value-added services The new device for automatic weighing during preparation provides maximum reliability for The out-of-home foodservice sector is in full expansion the preparation and composition but complex and requires a dedicated system. In 2016, IFS CERTIFICATION of the delivery pallet. This means STEF created a specialised business unit and the new IN PROGRESS more time is saved on delivery at organisation has already been successful. The activity the restaurant since item-by-item control becomes unnecessary. capitalises on the Group's wide-ranging expertise and some of the tools and processes developed are being deployed more widely.

An unusual and demanding Multiple skills and new tools — activity — Out-of-home In order to respond to these many foodservice involves managing three requirements, the out-of-home Vehicles with real-time GPS temperatures (frozen, chilled and foodservice activity has undergone data and dedicated rounds ambient) and different flow types a number of transformations to to comply with specific time support its customers: set-up of constraints. (just-in-time, stored), including office A new customer portal is being operating facilities, a new fleet, supplies, 7 days a week, 18 hours a put in place organisation of the distribution day, every day of the year: in short all Its many functionalities enable network, adaptation of the the products that a restaurant needs customers to view their delivery information systems and the to operate. The unique set-up for the progress and delivery notes in real- development of new traceability needs of each company is made- time, and access their order history and customer interface tools. The to-measure. From taking orders and any anomalies. directly in restaurants to managing procedures and changes to obtain the supply flows for suppliers, there IFS (International Food Safety) is a broad range of services on certification are also in progress. offer. Finally, responsiveness and traceability at all stages of delivery are absolutely essential.

26 CONNECTING FOOD MARKET PLAYERS CONNECTING FOOD MARKET PLAYERS 27 International activities International activities

A MAJOR VEHICLE FOR GROWTH Greater European development +9% IN TURNOVER

nternational activities are still a major vehicle for growth for the Group. In 2017, such activities represented 23% of Iits turnover. STEF is therefore continuing to 2017 SUMMARY strengthen its services in With a strategy the 15 countries in which In 2017, international of full ownership it operates, consolidate activities grew by nearly 9%. STEF deploys its specialist of its assets its partnerships to and over 100 offer greater support business models to respond to its customers across to the needs of its customers million in annual in different countries. This investments in Europe and improve its process was illustrated operational performance. by two milestones: the Europe in the past acquisition of the company 5 years, STEF Badosa in northern Spain and invests where food the launch of the STEF brand market growth in the Netherlands. prospects are most promising for its customers. 23% OF THE GROUP'S TURNOVER

28 CONNECTING FOOD MARKET PLAYERS CONNECTING FOOD MARKET PLAYERS 29 International activities International activities

STEF IN ACTION Tavazzano Madrid

ITALY Sights set on new markets — SPAIN Operational performance and After mainly focusing its specialisation — The growth In addition to a slight Growth was stimulated development on the transport in logistics activities benefited economic upturn, the by the excellent trend of fresh and ultra-fresh products, from the improvement measures Oactivity benefited the Group is now in a position to Oin logistics activities, that were started in 2016. Out-of- from the rise in mid-market capture other markets including the consolidation process home foodservice activities are Porto share: the momentum of frozen, ambient and temperature- for fresh products and the progressing satisfactorily. The good this industrial fabric and controlled, out-of-home foodservice development of the out-of- news includes: IFS certification for the extension of services to products and seafood. These should home foodservice business. its Getafe platform (Madrid) and all transport and logistics help to maintain a steady level the launch of new businesses, in PORTUGAL Consolidation of new sites — Acquisition of Transports In order to respond to the growth sectors have consolidated of growth in the country. A recognised operator particular, by supporting one of the BADOSA — Driven by the positive in the Portuguese market, STEF a balanced growth. The in the logistics and refrigerated leading mass catering firms in Spain. Changing real estate trend in chilled will continue to adapt its opera- business grew by 8.8%. transport sector ( 12.6 million TO, investment — In order to deal € logistics, domestic tional model, particularly in Lisbon 80 employees, 34 vehicles), this O Great performances for with these challenges, real estate consolidation and out-of- (second phase of construction of company complements STEF’s Seafood — Under the double effect investment continues to change. home foodservice logistics, the frozen facility and prepara- own resources in Spain. The of an external growth operation Major projects include: operational activities are increasing tion for a new transport platform density of the Group’s network, and the opening of a new dedicated investments in Bologna and Rome across the region. in the Algarve). platform, turnover increased and the expansion of the Parma combined with the expertise of the + % Greater network density — The significantly. The acquisition of head office, right in the centre Transports BADOSA teams, are key 6.8 Excellent Seafood, the net profit of “Food Valley”. elements in developing new, high strong growth in domestic activities TURNOVER has required the implementation of of which exceeded expectations, value-added solutions aimed at SPAIN the increased density of the network agrifood customers, especially in additional resources. The network with the opening of a dedicated refrigerated consolidation, which is has been complemented by the platform in Puglia and a long-term a major development priority. STEF opening of platforms in Mangualde STEF wins the (in the centre of the country) and in partnership in Naples, make STEF therefore confirms its ambition employability award. to become the leading transport Vila Real (in the north-east). These a leader in the sector. Presented by the Obra Social + % operator for fresh products across sites are used to serve producers 10.8 + % La Caixa, this recognises 8.8 the region. in these regions who can now enjoy TURNOVER the project dedicated to the TURNOVER faster access to national and inter- PORTUGAL ITALY professional integration national markets. of people at risk of social exclusion.

30 CONNECTING FOOD MARKET PLAYERS CONNECTING FOOD MARKET PLAYERS 31 International activities International activities

Bodegraven

A single commercial brand, THE NETHERLANDS a fresh boost — STEF has Saintes brought together all its operations Kölliken under construction The Group in the Netherlands under a single significantly commercial brand “STEF Nederland”. strengthened its real BELGIUM STEF Saintes wins the O Now benefiting from a stronger, SWITZERLAND Development of the partnership estate assets by taking over “Gazelles du Transport et unified image and new investments, with the leading Swiss dairy group. Growth was sustained ownership of the real estate Despite an increasing de la Logistique” award the Group can achieve its development The aim is to create a joint logistics by the extension of its subsidiary Vers-Express turnover, results Presented by ambitions across all the fresh and and distribution network for fresh of partnerships. in Eindhoven and extending frozen food product ranges. were still impacted O TRANSPORT MEDIA and O food products (+2°C/+4°C). As a its site in Bodegraven. by the finalisation of the Launch of an important its partners EasyFairs result of this partnership, the first Kölliken project and the logistics deal – Signed at the and Trends TOP to the In the middle of a vast food important project began in the first structuring of the transport start of the year, this has enabled companies that show the consumption area, the Bodegraven half of 2018. network in German-speaking logistics activities to reach the best growth in the sector. site has become the centre for critical size and implement a STEF’s transport and logistics Switzerland. However, the transport operation entirely operation in the Netherlands. strengthening of activities dedicated to its customers. Through the interconnected with the main Swiss retailers nd networking of the platforms at STEF obtains a 2 star presents great prospects. Extension and specialisation - Bodegraven, Eindhoven and Raalte on the Lean & Green In order to deal with the overloading Launch of the new multi- and with the Group’s European programme of the facilities at the Saintes temperature platform at sites, STEF can provide solutions This international platform, a site extension is planned Kölliken — Located in the that make the difference on this programme encourages in the coming months. German-speaking area near Zurich, demanding market, comprised and supports companies it began some activities in late 2017. of strong, dynamic and exporting committed to reducing + % + % Eventually, it will be the hub for four 5.9 agrifood companies. CO emissions for their 6 2 sites across Switzerland and offer TURNOVER TURNOVER transport and logistics a comprehensive range of services SWITZERLAND BENELUX activities. including transport and logistics dedicated to frozen products, together with a fresh products offer.

32 CONNECTING FOOD MARKET PLAYERS CONNECTING FOOD MARKET PLAYERS 33 Focus STEF rolls out its brand in the Netherlands

From southern to November 2017—STEF opens the extension of its logistics platform in Bodegraven and uses the occasion to announce northern Europe the launch of its commercial brand in the Netherlands. These two events signal the strengthening of the Group’s the density of the presence in the Netherlands. The objective is to develop an efficient supply chain for its agrifood industry, retailing and out-of-home foodser- network increases vice customers in northern Europe.

STEF consolidates Bodegraven: central to flows in its presence in Spain Northern Europe Located between Amsterdam, Rotterdam Joan Badosa Maso, June 2017—STEF acquires and Utrecht, the STEF 100% of the shares in Trans- Director of Transports BADOSA Bodegraven site has ports BADOSA. increased its capacity Founded in 1970, this family- twofold. The new owned company is renowned in “In 2014, we began 8,000 m2 positive cold the logistics and refrigerated working with the extension can efficiently transport sector. It has a 3,100 m2 STEF Group for STEF Nederland cover all the production refrigerated platform at Les Preses our international benefits from the and consumption areas (Province of Girona), in the centre of shipments. We STEF groupage of the Netherlands and a dynamic agrifood sector. Located discovered a network for fresh provide customers with in north-east Spain, it is also near first class expertise in a European road hub. respectful partner and frozen food that develops a products which is fresh food products long-term vision. unique in Europe. logistics thanks to new Integration into Dutch operators grouping solutions the STEF Group is can therefore enjoy combined with 24h/48h deliveries to any 2 therefore a natural easier access to the destination in Benelux. 3,100 m extension and fully markets of southern OF REFRIGERATED complementary Europe and European PLATFORM AT for BADOSA.” manufacturers can LES PRESES develop their activities in the Netherlands. 34 CONNECTING FOOD MARKET PLAYERS CONNECTING FOOD MARKET PLAYERS 35 Maritime activities Maritime activities

AN EXCELLENT YEAR FOR FREIGHT La Méridionale 840,000 LINEAR METRES TRANSPORTED

he awards for its quality of service were some of the main sources of pride for La Méridionale in T2017. Pending future calls Good occupancy rates for for tenders relating to the 2017 SUMMARY passengers — with 270,000 public service concession passengers transported, business La Méridionale had a for the delivery of maritime is steady. The yield management good year. For freight, it implemented optimised the services to Corsica, the benefited in particular from a occupancy rate and the unit company is equipping significant share of the traffic revenue. Furthermore, the plan to itself with the means to that moved from the Port of improve on-board catering services achieve its aim to provide Toulon to that of Marseille. is beginning to pay off. its service under the An excellent year for freight — best quality, safety and with 840,000 linear metres reliability conditions for transported, the activity showed all its customers. a good growth. 97% OF “VERY SATISFIED AND SATISFIED” CUSTOMERS, AS REVEALED BY THE INTERNAL SATISFACTION SURVEY CONDUCTED ON BOARD AFTER THE CROSSING

36 CONNECTING FOOD MARKET PLAYERS CONNECTING FOOD MARKET PLAYERS 37 Maritime activities Maritime activities

Quayside Marseille. This substantial investment improved air electrical quality as well as quality of life connection for the port’s neighbours and for the Kalliste, on-board working conditions while removing noise pollution the Girolata and vibrations. This approach and the Piana: has been widely welcomed by a success story the media, the authorities of This period precedes the Better promotion of the La Méridionale awarded the Grand Port Maritime de STEF implementation of a new master La Méridionale services — for its quality of service! In 2016, La Méridionale Marseille (GPMM) and various IN ACTION plan currently being developed In order to increase the visibility of its Named “Best Ferry was the 1st maritime environmental protection by the Corsican authorities. offers and services and strengthen Company” in France transport service to associations. its sales policy, La Méridionale has implement a quayside La Méridionale has provided Further improve passenger in 2016 by the For each of the vessels the conducted many discussions and electrical connection a connection between comfort and optimise Capital magazine, electrical connection has initiatives, particularly advertising for one of its vessels Corsica and the continent La Méridionale was eliminated the equivalent accommodation capacity — campaigns in various national media in order to avoid for 80 years. Loyal to its The work started in 2017 has recognised once again of over 3,000 vehicles/day* over the last 2 years. polluting emissions. commitments and those resulted in the renovation of some in 2017. in terms of particles (PM10) interiors and added around fifteen and CO emissions and of the STEF Group, the In 2017, its three vessels were 2 cabins on the Kalliste and the 65,000 vehicles/day in terms Company works and invests supplied with electricity from same number on the Piana. These of Nitrogen oxides (NO ). to continue to develop the high-voltage network X projects were started in low season, its activities. directly from the quayside at without interrupting operations. * [source AirPaca]. Prepare for the public Optimise maintenance service concession — In 2017, RO-RO3 MIXED operations — In 2017, the La Méridionale, jointly with Corsica PASSENGER AND process of bringing maintenance Linea was awarded the so-called CARGO VESSELS operations back in-house began in “bridging” public service concession order to provide better operational (PSC) for a duration of 21 months monitoring and ensure continuity in (from 1st October 2017). over the maintenance work carried out TripAdvisor 2,000 by the crew (bridge/engine). Certificate of Excellence: passengers 6,800 La Méridionale obtained 1,000. metres 90% “excellent” and WITH THEIR CARS crossings OF TOTAL LINEAR “very good” ratings, which is a rating of 4.5 out of 5. ANNUALLY TO CAPACITY, WHICH CORSICA (AND IS EQUIVALENT TO SARDINIA FROM 500 TRAILERS PROPRIANO)

38 CONNECTING FOOD MARKET PLAYERS CONNECTING FOOD MARKET PLAYERS 39 Centres of expertise

ALL STEF GROUP SITES ARE CERTIFIED Centres ISO of expertise 50001 2017 SUMMARY CENTRAL TO THE GROUP'S BUSINESS, IMMOSTEF AND STEF INFORMATION ET TECHNOLOGIES ARE As shown by the Group’s THE MAIN DRIVERS FOR ITS OPERATION AND growth, 2017 was particularly DEVELOPMENT. SERVING THE GROUP’S VARIOUS active in France and Darvault ACTIVITIES, THESE TWO DIVISIONS ARE A KEY internationally. TOOL OF ITS INDEPENDENCE. The bulk of the investments was centre of expertise has redefined dedicated to site constructions and STEF its key priorities: seeking out real extensions while the remainder was estate, development of real estate used to improve the performance IN ACTION assets, European management of of tools (equipment maintenance, real estate, maintenance (energy STEF’s business is to modernisation and renewal). In and environmental performance guarantee the cold chain addition, STEF has continued its and regulations etc.) and the and the food safety of the proactive policy of acquiring land improvement of end-of-life sites. in strategic locations. products entrusted to it. The buildings, equipment Lower energy consumption — IMMOSTEF BUILDING PROJECTS and safety system are Generating cold is energy DELIVERED therefore subject to constant intensive. Energy management is therefore a major challenge. IMMOSTEF constructed and monitoring and continuous improvement. There is a Technical improvements to reduce record investments delivered two major new sites: consumption have been ongoing 2 clear objective; to keep its Montsoult a 18,600 m chilled logistics commercial promise and for several years (air curtains, n 2017, the Real warehouse in Darvault (France) variable frequency electric motors, 2 optimise costs by making the and a 8,000 m warehouse in etc.). This energy optimisation Estate division sites increasingly efficient Bodegraven (The Netherlands). also includes the implementation invested heavily and environmentally-friendly. Sites were also extended and refitted: of awareness-raising campaigns to support STEF's for the teams. growth in France in France - Boulogne-sur-Mer, Le Reorganise the Real Estate Mans, Bondoufle, in Spain - Valencia and Europe. At the same division for performance — Reduce GHG emissions — I and in Portugal - Lisbon. Owning its own real estate The Real Estate teams are also time, its organisation assets is a major advantage working to reduce the use of HFC changed in order to boost BUILDING PROJECTS STARTED for a medium- and long-term (hydrofluorocarbons) and replace these synthetic refrigerants with performance further. The Group’s investment programme strategy, but it comes at a cost: natural fluids (ammonia NH3 in Europe plans to deliver several the initial investment, operating and maintenance expenses. or carbon dioxide CO ). construction projects in 2018, 2 including in France, Switzerland For closer management of this and Italy. real estate and to optimise performance, the Real Estate

40 CONNECTING FOOD MARKET PLAYERS CONNECTING FOOD MARKET PLAYERS 41 Centres of expertise Centres of expertise 2017 dedicated STEF Information and Technologies to digital ◗ enhancements to the mobile application for managing the Breakthrough innovations the digital transformation traceability of deliveries in Europe; optimise daily performance and ◗ optimisation of distribution make the lives of customers and is underway rounds; employees easier. Demonstrated ◗ deployment of new functionalities by the following examples. in France and the Netherlands for consolidation logistics; ◗ New customer portal — ◗ development of new customer This major interface enables portals. customers to access extensive services containing their Support administrative commercial, financial and productivity operational information. New management tools — ◗ Out-of-home foodservice The topics addressed include portal — A support for taking recovering trade receivables, restaurant orders, which can be optimised monitoring of insurance, used to monitor the progress of cash flow and interbank flows, a orders (Track&Trace) and offer paperless tax solution for customer paperless deliveries (e-delivery). and supplier invoices and enhancing ◗ Apps, drones and 3D the Group’s customer and supplier glasses… Some of the mobile data repository. STEF IT also applications implemented at a worked on implementing the latest few pilot sites in 2017 featured generation HR tools facilitating the tools intended to improve individual management of employees. employees’ quality of life STEF Data security — Through a (classified ads, parking space). ransport, programme of user training and The feasibility of using drones 2017 SUMMARY IN ACTION awareness and tests for all sensitive for warehouse inventories and logistics, applications, the Group, actively augmented reality glasses for In order to carry out its human While ensuring the robust, working towards compliance, has picking operations was also mission with all the Group’s daily operation of the strengthened the security around its explored and tested. resources, entities, STEF IT capitalises The strength of the Group’s information information systems over the year. finance, data on proven solutions, specialist teams at systems, STEF IT continued security optimises them and develops to deploy innovative Develop specific new services STEF Information new functionalities. The ready-to-use solutions solutions to strengthen for the Group's customers et Technologies? objective is to make the Tfor customers, the competitiveness of Two dedicated solutions were Their technical tools ever more practical STEF Information et its services, improve the developed and implemented. expertise, combined and relevant to assist people For manufacturers (meat Group’s performances Technologies is present with their detailed in their daily tasks. For supermarket customers industry): the order preparation and support the needs on all fronts: like the cold understanding of the in Europe: a management management solution was of its most demanding chain, the data chain inner workings of the Improve the performance solution for forecasts and supply consolidated in accordance with new customers. In order to and logistics decisions dedicated never stops. Group’s business. of the Group's divisions European food safety regulations. accelerate the Group’s digital The next-generation functionalities to the traditional fresh products transformation, a dedicated put in place this year include: sector (Logifresh). division was created. ◗ increased security of transport operations in Europe;

42 CONNECTING FOOD MARKET PLAYERS CONNECTING FOOD MARKET PLAYERS 43 Focus Orléans-Nord a flexible, multi-industry site

May 2017—STEF extended industry. It was thus selected by Two examples of its temperature-controlled a major chocolate manufacturer logistics service with a new to support its development strategy base to the north of Orléans in France. which strengthens its position

“next-generation” as a leader in the temperature- A strategic location — This multi-industry site (currently controlled food products industry. 18,000 m2 with the option to From the choice of location Personalised services — double its capacity) is near the A10 to the choice of equipment, This new site offers cost-optimised motorway that connects Paris to sites everything is planned to solutions tailored to the needs Bordeaux, a hub for delivery points improve efficiency, reliability of chocolate, confectionery and to end recipients (mass distribution, and traceability. grocery product manufacturers catering, retailers). as well as the bakery and pastry Darvault innovative and efficient with a positive impact on the environment!

July 2017—STEF opens a new 18,600 m2 site dedicated to consolidation logistics for fresh food products (+2°C/+4°C) in Darvault, to the south of Ile- 250 de-France: a strategic position tonnes 70 km from Paris on the Paris/ OF GOODS Lyon motorway. SHIPPED/DAY A next-generation warehouse — Two conveyor/shrink wrap lines have been used to improve the conditions at the workstations of its 130 employees and guarantee the completeness and reliability of order preparations using high over definition scans/photographs. The building also has the benefit of the latest advances in terms 500 of cold production, insulation DELIVERY POINTS/DAY and energy saving.

44 CONNECTING FOOD MARKET PLAYERS CONNECTING FOOD MARKET PLAYERS 45 Corporate social responsibility

ENERGY MANAGEMENT

TRAINING

SAFETY

QUALITY OF WORKING LIFE

CARBON FOOTPRINT REDUCTION

46 CONNECTING FOOD MARKET PLAYERS CONNECTING FOOD MARKET PLAYERS 47 Social policy CSR, central to STEF's identity Because CSR has been a core part of STEF's identity since its creation. Its commitments in this area are an integral part of its business model and its values tomorrow of Enthusiasm, Respect, Reliability and Performance. Today, the Group continues to make CSR a lever for its future performance and begins today success. The CSR policy is managed at the highest level of the Company and the Group’s commitments involve all teams. In 2017, STEF’s CSR process received a Gold assessment on the EcoVadis rating platform and a “Défis RSE 2017” corporate social responsibility award for its Health and Safety at Work policy.

CSR guides our real estate projects, our processes, the choice of our working tools and our rolling stock... The objective is not to work on the consequences but on the causes. We focus on prevention. STEF endeavours to help the company’s men and women grow, ensuring quality of working life, constantly improving safety and involving employees in the Group’s success through the employee shareholding plan

48 CONNECTING FOOD MARKET PLAYERS CONNECTING FOOD MARKET PLAYERS 49 Promote the development of all Develop the “Health and employees Safety at Work” culture

STEF gives itself the resources to support Set up career management Protecting the health and constantly improving Involve employees each employee’s personal and professional schemes — In a move to improve the safety of the Group's 16,700 employees in STEF’s success development, throughout their career, the sharing of career opportunities, are priority issues. STEF favours a preventive regardless of their position or status within STEF advertises its vacancies approach and strives to change behaviours. Deeply rooted in the Group’s the Company. internally to all employees across all history and culture, the Incorporate the preventive approach into its European businesses as a priority. principle of employees Train, integrate and develop — In order to support everyday life — The global approach to improve the 70% of executive and senior positions investing in the Company’s success for everyone and anticipate business changes, working environment is implemented at several levels. are filled through internal promotion. capital has made STEF a unique STEF favours training courses that result in certificates Elements of Health and Safety at Work and ergonomics Shared by management, HR and model in its business sector. (validating prior experiences, CLEA professional skills are integrated from the very start of projects (design employees, a new digital platform is certificate, etc.). STEF has an in-house, certified of warehouses and work clothes, selection of Today, 69% of the Group’s being used to manage the principal training organisation: the Institut des Métiers du Froid vehicles and handling equipment). In order to prevent capital is held by its processes to develop human (IMF / “Cold chain professional Institute”) with 140 musculoskeletal disorders, warm-up exercises for management and employees, resources directly in all the countries certified trainers who work throughout Europe. In 2017, personnel working in “extreme cold” environments including 16.4% through the dedicated in which the Group operates. the IMF catered for nearly 3,500 trainees and gave have been put in place. company mutual fund (FCPE). some 47,000 hours of training. The e-learning platform, STEF is therefore ranked 3rd among set up in 2017, now complements the system. Commit to the quality of those companies with the highest working life — This is a key percentage of employee shareholders Attract talent and nurture entrepreneurship challenge within the Group. New on the Euronext-FAS IAS index. — Recruitment, integration and building employee measures have been taken this loyalty are major challenges in supporting the - % year to prevent difficult situations. 20 In 2017, STEF celebrated its Group’s European growth. To respond to the market’s % th 70 In particular, the Group has FALL IN THE ACCIDENT AT 10,000 employee shareholder transformations, STEF is developing its “employer OF EXECUTIVE AND SENIOR educated its employees about WORK RATE BETWEEN 2012 and received the Grand brand” and investing in innovative programmes such POSITIONS ARE FILLED psychosocial risks. A practical guide AND 2017 Prix Indice Euronext-FAS as the STEF GRADUATE PROGRAMME to recruit young THROUGH INTERNAL entitled “Supporting an employee IAS® award for its employee graduates in Europe and SALES CAMPUS, the European PROMOTION in difficulty” gives managers savings model. This award sales school which opened in the 1st half of 2018. instructions on the appropriate STEF RECEIVED THE SPECIAL recognises the Group for the response. A social benefit and a HEALTH AWARD presented by stability and sustainability of its th 16,733 employees (permanent and psychological support service have Harmonie Mutuelle at the 5 employee savings model created been set up in France for employees corporate social responsibility nearly 25 years ago and for its fixed-term employment contracts), experiencing (professional or awards, the Trophées Défis RSE ability to develop this employee 2,049 new appointments or personal) difficulties. 2017 for its global approach to shareholding. This scheme is now promotions, including 1,559 in France improving working conditions being put in place in all of the and its preventative actions. countries where STEF operates, except Switzerland. Over 190,000 hours CAMPUS PARENTALITE: Since of training 2017, in France, STEF has offered a free subscription to online school support designed by Bordas for those employees who want it. Digital, entertaining and educational, this platform Nearly two out of three helps them to support their children’s school work. Tested employees are Group on around twenty sites this shareholders through year, this initiative is receiving the FCPE, across all very positive feedback. It will be socio-professional implemented nationally in 2018. categories

50 CONNECTING FOOD MARKET PLAYERS CONNECTING FOOD MARKET PLAYERS 51 Environment Promote diversity and equal STEF’s Disability Mission: opportunities 10 years of commitments and results! Promoting diversity firstly Professional integration of means explaining and young people — This year, At STEF, employees with combating stereotypes. STEF STEF employed 314 young disabilities perform the same strives to nurture this in all people on apprenticeship and jobs as others: 1/3 are bay its components and in all the professionalisation contracts operators, 1/3 drivers and 1/3 perform other roles. Reduce countries where the Group and contributed to the drafting of st is present. a White Paper presented to the During the 21 European Week French government on employing for the Employment of People Gender equality — Every day, vulnerable young people. with Disabilities in November STEF strives to demonstrate that 2017, STEF celebrated 10 years women have a rightful place in many Integration of employees with of its Disability Mission and the the impacts The proactive industries and seeks to strengthen disabilities — Group’s success in this area. policy conducted for the last 10 the diversity in its teams. The signing of 4 successive years has led to a satisfactory agreements with social partners employment rate with regard to the has helped to increase the Group's line of business. In 2017, employment rate of people with related to the the Disability Mission continued its disabilities from 2.7% in 2007 awareness initiatives. Several of to 4.2% in 2017. these initiatives have already won awards such as the “Job Discovery 20% Days” and the scheme to safeguard professional employment. Group's activities OF THE WORKFORCE ARE WOMEN

Every day, 700 200 young people catered of the Group’s for in France during the employees prove professional integration week to us that disability and performance The Group’s environmental commitments are an integral part more than 700 employees are compatible. of its strategic plan. STEF is continuing its proactive policy with disabilities to reduce energy consumption and develop innovative business solutions for the entire supply chain.

52 CONNECTING FOOD MARKET PLAYERS CONNECTING FOOD MARKET PLAYERS 53 Combat climate change Limit emissions related to transport activities

The Group’s commitments concern its The commitments made since 2009 under the The gCO2/t.km indicator is constantly improving vehicles and buildings, with the renewal of three-yearly programmes put forward by the for the consolidation service which is a key the ISO 50 001 certification in 2017. In order French Environment and Energy Management component of STEF Transport’s business. to strengthen this procedure, STEF has decided: Agency (ADEME) have been successful (20% reduction in CO emissions over the period). ◗ from 1 January 2018, to introduce 2 100.00 monitoring of STEF Transport’s fuel consumption The business process indicators for STEF within the scope of the EMS* which is subject to Transport confirm the Group’s progress - 98.62 93.19 96.55 ISO 50 001 certification with an objective to reduce For a more relevant view of the company’s activity 95.63 consumption by 2% over the period; (excluding Maritime), STEF has supplemented the global gCO /t. km indicator with more specific business ◗ USING ITS 2 CO CALCULATORS 2 to continue its policy favouring the use of 2 indicators. For STEF Transport, which represents 70% 2013 2014 2015 2016 2017 or those with low global CERTIFIED BY BUREAU VERITAS natural refrigerants of the Group indicator, the following is thus noted: warming potential in its refrigerated facilities; CERTIFICATION, STEF is able STEF Transport distribution/collection activities ◗ a constant reduction in vehicle consumption per to supply greenhouse gas - base 100 -2013 ◗ to deploy production technology for cryogenic kilometre travelled; emission measurements for all Change in the emission of gCO2/tonne. Kilometre ◗ an improvement in the occupancy rate of distribution- cold with nitrogen in vehicles across 3 Transport the European countries in which collection vehicles; platforms (Brignais, Chambéry and Mions). it operates. ◗ a regular increase in the average weight at location Vehicle fuel consumption for distribution; continues to fall: 31.3 litres/100 ◗ a constant increase in the kilometres travelled. km in 2017 (vs. 31.4 litres/100 km in 2016).

31.29 31.39 31.38

2015 2016 2017

Tractor unit consumption changes STEF Transport Consumption in litres/100 km

Almost the entire 70 VEHICLES ARE NOW The kgCO2 /km emissions fleet of tractor EQUIPPED WITH CRYOGENIC of La Méridionale are falling - The convincing COLD SYSTEMS. This technology In Marseille, the quayside units in operation results produced provides greater refrigerated connection of its 3 vessels to the complies with the by the reduction capacity while significantly electrical network has eliminated of STEF’s impacts reducing local emissions (GHG, the equivalent of over 3,000 vehicles/ Euro VI standard day for particles (PM10) and CO are the outcome particles, noise, etc.). This 2 of a targeted solution meets the constraints emissions and 65,000 vehicles/day related to distribution rounds for Nitrogen oxides (NO )*. It has environmental X in urban areas. also improved on-board working policy, shared and conditions (eliminating vibrations implemented by all. and noise from the engines).

* energy management system *source AirPaca

54 CONNECTING FOOD MARKET PLAYERS CONNECTING FOOD MARKET PLAYERS 55 Social commitments Further improve the environmental performances of sites

STEF is modernising its Water consumption fell further equipment and continuing despite the high temperatures its plans to control (electricity of summer 2017. and water) consumption and waste management. Changes in STEF’s water In 2017, the Group once consumption again committed to a third Consumption in thousands of m3 Support economic three-year period of ISO 50 001 certification for its 701.8 687.7 681.9 real estate assets in France, with an objective to reduce 31.1 31.1 29.6 growth in the consumption by 4% over 183.7 172.4 162.2 the period. 487.0 484.3 490.1 STEF is growing... but its regions where electricity consumption is In 2017, 80% of NHW 2015 2016 2017 falling! The Group showed a total (non-hazardous waste) gross reduction in consumption • TOTAL France • TOTAL International generated was sorted, recycled of 2.1 GWh. The fall is particularly • La Méridionale and recovered by 78% of the STEF is present significant in France: -8.3 GWh, sites that use sorting. which is an annual gross reduction The recycling and recovery rate of 2.3%. for NHW reached 63%.

Changes in STEF’s electricity consumption Consumption in GWh The conversion plan for STEF's refrigerated facilities is almost 486.9 479.4 477.3 complete. STEF favours the use of 0.5 0.4 3.3 natural fluids or low-level HFC. The Composition of STEF’s 114.4 115.9 119.3 Group also continues to experiment recycled non-hazardous waste with alternative technologies, Breakdown by type of non-hazardous waste in tonnes including cryogenics. 372.0 363.0 354.7

2015 2016 2017 12,870 12,494 10,958 • TOTAL France • TOTAL International • La Méridionale

17,361 18,869 21,488 STEF is involved in community actions with experienced partners that, like STEF, are established in the regional fabric. 2015 2016 2017 Generally, the Group invests in long-term initiatives and ensures • sorted/recycled • not recycled that such projects match its expertise and values.

56 CONNECTING FOOD MARKET PLAYERS CONNECTING FOOD MARKET PLAYERS 57 Facilitate the professional integration Darvault: STEF helps young Support the Restos Hold discussions with of young people people from priority districts du Cœur stakeholders and move into employment the cold divisions For over 20 years, STEF has Act in the regions and in Since 2009, STEF has worked with When the Group opens a new forward Ensure food safety welcomed and trained young Europe - The density of its network the Restos du Cœur association as site, it recruits locally. In for consumers people through apprenticeship and the location of its warehouses part of a sponsorship agreement: Darvault, the local “Entreprises STEF maintains close links with and professionalisation in France and Europe enables STEF professional integration et Quartiers” partnership professional bodies and trade As a stakeholder in the cold chain, contracts and internships. to carry out actions at the heart of of beneficiaries, training of agreement signed with the unions representing the profession the STEF Group guarantees its It also lends its support to these regions, especially in areas volunteers (40 people), skills- Prefecture of Seine-et-Marne in Europe (ECSLA, AFF, TLF, compliance and the traceability associations or institutions where the integration of young based sponsorship and logistics has paved the way for practical Transfigoroute, UNTF, USNEF). of products entrusted to it. In that help young people to fit people is a significant issue. For assistance. The partnership was actions including, internships, The Group is involved in discussions France, where all sites have health into the world of work. example, partnerships are being renewed in 2017. In November, work experience courses, on draft regulatory changes and certification, STEF has set up a put in place in Spain to help young STEF also organised a first permanent contracts, etc. in various practical experiments Sanitary Control Plan (SCP). This Establish lasting initiatives - people in difficulty into training collection of food, hygiene and baby Collective mobilisation — (Association Club Déméter is deployed through compliance In 2016, STEF formalised its courses with qualifications. products. This operation involved The agreement enables the Environnement et Logistique). audits and monitored by action commitment by signing the national over 70 STEF sites in France and Make STEF’s professional joint intervention of all relevant plans within the framework “Entreprise et Quartiers” charter managed to collect over 2.2 tonnes and 4 agreements with different opportunities known and recruit organisations (State services, of a certification process. Every year, STEF organises “open of goods. A similar action has establishments and associations: - local authorities, associations, days” on its European sites for young been developed in Spain with the EPIDE (Establishment for integration job centres, local missions) job seekers aged between 16 and 25. Association of Manufacturers and into employment), Sport dans la and therefore helps to increase In France, this year, STEF also took Retailers (AECOC). Ville, NQT (Our Districts Have Talent) effectiveness, especially for part in the trade show focusing on and Tremplin. The local “Entreprise recruitment. young people of the future, the “Salon et Quartiers” partnership A prospective approach — Jeunes d’avenir” and the “week of agreements are represented The sites in which STEF invests, professional integration of young through the scheme in place at the are intended to be operational people”. In total, over 200 young Cergy logistics site and one currently for several decades. The jobs people were welcomed to STEF being implemented at STEF created are therefore sustainable, across 17 volunteer sites. A dozen Transport in Avignon. In early 2018, but also evolve over time. The or so recruitment processes are in STEF also signed an agreement with agreement is used to establish progress. In order to promote the the Prefecture of Seine-et-Marne constructive relationships with connection between academia and for the Darvault site. local training providers. the business world, STEF also offers immersion courses for teachers and careers advisors. Help from the cold Districts with a city specialist! policy are true pools STEF partnered the of young talent. “Cold” exhibition about Our commitment all things cold, at the Cité is to support them des Sciences in La Villette on 5 December 2017: an into sustainable entertaining and educational employment. journey into the world of cold and the practical reference points needed to understand the phenomena and applications hidden behind this topic.

58 CONNECTING FOOD MARKET PLAYERS CONNECTING FOOD MARKET PLAYERS 59 Consolidated financial statements

CONSOLIDATED INCOME (in 1M)

2017 2016 TURNOVER 2,975.7 2,824.5 OPERATING PROFIT 132.3 123.3 NET PROFIT (group share) 93.6 87.1

CONSOLIDATED BALANCE SHEET (in 1M)

ASSETS 2017 2016 Tangible fixed assets 1,064.4 1,000.3 Customers 475.3 455.3 Other assets 498.1 463.9 TOTAL ASSETS 2,037.8 1,919.5

LIABILITIES EQUITY 628.5 559.4 Trade accounts payable 397.6 356.8 Financial liabilities 585.6 570.7 Other liabilities 426.2 432.6 TOTAL LIABILITIES 2,037.8 1,919.5

CASH EQUIVALENTS

2017 2016 OPERATING CASH FLOW 183.5 180.4 NET INVESTMENTS (170.5) (142.8) Publication STEF Marketing and Communication: Céline Audibert

Conception/Design/Publishing: Idéogramme Communication - Drafting: Corine Delahaye Photographs by: © Cyril Bruneau – Pages 36 to 39 : Jean-Pierre Fabre and photograph library La Méridionale - Masterfile – Shutterstock

Promoting sustainable With Ecofolio all types of paper management of forests are recycled. For more information: www.pefc.org 60 CONNECTING FOOD MARKET PLAYERS Public Limited Company with a share capital of €13,165,649 Head Office: 93, Boulevard Malesherbes – 75008 Paris 999 990 005 RCS Paris

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