Portraits2011 ANNUAL REPORT

MESSAGE FROM Norbert Dentressangle, Chairman of the Supervisory Board. INTERVIEW WITH François Bertreau, CEO “A year of changes for our Group” and “Logistics – central to our performance”. “Transport’s continued push for expansion” by Hervé Montjotin, Executive Vice President, responsible for the Transport Division. “Our Freight Forwarding business has gained critical mass and broken even” by Guillaume Col, MD of the Freight Forwarding Division. ANALYSIS BY Patrick Bataillard, CFO: “Our sound balance sheet represents a major asset, which will able us to ensure long-term growth.” Key developments for TRANSPORT, LOGISTICS AND FREIGHT FORWARDING. Transporte – Logística – Freight Forwarding Reinforcing our international 2011 ANNUAL REPORT 02 profile Para todos sus desafíos, Norbert Dentressangle, Chairman of the CONTENTS ¡estamos listos! Supervisory Board 04 A year Su competitividad es un desafío diario. Sea cual sea el of changes tamaño de su empresa o su sector de actividad, nosotros François Bertreau, le apoyamos con soluciones personalizadas y sostenibles en CEO todas las etapas de su cadena de suministro, tanto en España como en el mercado internacional. Tenemos un objetivo: hacer que el 06 Thirty-three years of growth transporte y la logística sean su ventaja competitiva. People at the heart Acercamos las personas 08 of our performance a sus sueños TRANSPORT: 10 Our continued 2011 Overview 12 push for expansion 2011 Key developments P. 13,16 and 17 Reducing greenhouse gas emissions P. 14 Risk prevention and road safety P. 18 2011 Overview P. 19

LOGISTICS: Central to our performance 20 2011 Key developments P. 21, 24 and 26 Temperature controlled logistics P. 22 E-commerce expertise P. 25 2011 Overview P. 27

FREIGHT FORWARDING: Critical mass 28 and breaking even 2011 Key developments P. 29 Door-to-door service P. 30 The on-going integration of APC Beijing International in China P. 31 2011 Panorama P. 33 En Castilla y León, con nosotros, puede marcar la diferencia: Sound financial 34 fundamentals Ř7HO Patrick Bataillard, CFO Ř7HO Ř(PDLODWHQFLRQFOLHQWH# norbert-dentressangle.com www.norbert-dentressangle.es 2

Finally, in 2011, Norbert Dentressangle reduced THE SUPERVISORY BOARD its sensitivity to market effects and the impact Norbert Dentressangle 2011 of macro-economic trends, by moving into new continents and geographical zones, where economic growth is also expected to be stronger than in Europe. By the close of 2011, our group had achieved its medium-term goal of becoming a world leader NORBERT DENTRESSANGLE HAS in the fields of Transport, Logistics and Freight Forwarding. REINFORCED ITS INTERNATIONAL This achievement resulted from accepting Evelyne Dentressangle Henri Lachmann the challenge, first taken on by Norbert Dentressangle when the company was first Vice-ChairwomanVice Chairwoman of the Supervisory Chairman of the Supervisory Board Board of Norbert Dentressangle of Schneider Electric SA DIMENSION AND BROADENED founded, of becoming and remaining a first-rate

ITS RANGE OF SERVICES OUR GROUP IS ACHIEVING The Norbert Dentressangle - Our brand: international growth has can be seen working effectively enabled us to raise the profile of our and flexibly at international level. ITS GOAL OF BECOMING teams took full advantage of brand, which has now acquired a new A WORLD LEADER IN THE the impetus generated in 2010, status by going beyond its “traditional” and achieved a new and European range; FIELDS OF TRANSPORT, - Our bi-cultural French-British profile LOGISTICS AND FREIGHT important stage of means that we now have a very strong development in 2011. market position in the UK, where FORWARDING Vincent Ménez Jean-Luc Poumarède we have almost the same number MD of DenDentressangletressangleI Initiativesnitiatives Throughout 2011, Norbert of employees as our workforce in Investor and director of the personal services company To Do Today Dentressangle continued to grow its France. For the group, France and the and wealth management advisor strong international dimension, based UK represent two solid geographical supply chain management partner. This requires on its presence in 23 countries footholds in Europe, which provide us us to understand the immediate and future and 3 continents, and developed with an unusual and, certainly, unique challenges facing our existing and potential an even wider range of Transport, profile within our sector; customers, in order to support them with all their Logistics and Freight Forwarding developments. services. This challenge is ambitious but central to The group’s profile has evolved, but its the motivation of our teams. It is also the only fundamentals remain the same. During IN 2011, OUR TEAMS possible strategy when it comes to continuously the financial year 2011, our group once ENABLED THE making the most of our investments, as well again achieved excellent operational as our high quality human resources and their performance – strong business growth GROUP TO ENTER A Bruno Rousset commitment. The route taken by Norbert and improved profitability in all areas François-Marie Valentin NEW KEY STAGE IN Dentressangle over the last 33 years, combined of expertise – whilst reinforcing its FoundingFounding ChairmanChairman of AprAprilil GroGroupup with the rapid but controlled growth seen in and Founding Chairman of the Evolem Director of SICAV Actions financial situation. This included careful ITS DEVELOPMENT and CSPS pension fund trustee recent years and the spectacular growth capital investment fund management of its net financial debt. of 2011, reinforces my confidence in our In my view, 2011 saw a number of key group’s ability to continue to meet this developments, which are major factors in terms of ensuring the long-term - Our development challenge. growth of our group: model: our decentralised « Norbert Dentressangle - Our human resources: regular organisation, based on the is admired for its meetings with our employees enabled commitment shown by Norbert exemplary development Dentressangle me to measure the extent to which the “entrepreneurial all over the world. Chairman of the By joining its supervisory we further reinforced our talents and managers” at the Supervisory Board board, I wish to provide potentials in 2011, and underlined helm of our additional expertise, how crucial this will be for the future; business units, drawing upon my Pierre-André Martel international business Jean-Bernard Lafonta acumen. » Founding Chairman of the Caravelle Chairman of HLD Associés company (died on 17/07/2011) 4 5

THE EXECUTIVE BOARD THE EXECUTIVE BOARD Norbert Dentressangle 2011 Norbert Dentressangle 2011

2011 - A YEAR Our vision for 2012 Which assets give Norbert Dentressangle an edge on the international market? Within an uncertain OF CHANGES macroeconomic context, First of all, our decentralised organisation and strong entrepreneurial particularly in Europe, and faced culture promote responsiveness and with the lack of visibility affecting FOR NORBERT its customers’ activities, Norbert efficiency. Norbert Dentressangle has Dentressangle has to count on 460 sites, each of which has its own its own responsiveness manager and dedicated team. and ability to adapt. DENTRESSANGLE This organisation guarantees flexibility Our assets give us an edge: a sound and comprehensive range and makes it possible for us to adjust of services, motivated and dynamic teams, an international presence, our resources at any time to the needs a diverse customer portfolio, and rigorous management. of the market and our customers. As visibility is reduced, let us remain close to our teams and to our Then, our wide-ranging customer base customers and be quick to respond. is an asset: we are present in all sectors How does the 2011 balance sheet How did the group benefit from the of the economy, with a comprehensive look for Norbert Dentressangle? acquisitions undertaken in 2011? range of services for Transport, In 2011, we moved into a new and The acquisition of British Logistics and Freight Forwarding. at all times, to supporting and helping in partnership with the Ares professional important stage in our development company TDG, in April 2011, Last but not least, our size obviously our colleagues develop as part of the integration association. Our goal is to by maintaining a high growth rate enabled us to accelerate our represents a significant asset. However, company, regardless of their level of provide people in difficult situations, for our business and reinforcing our development in all our areas despite our rapid growth, we have been training. especially those with disabilities, international profile, with the acquisition of expertise and provided able to remain flexible and maintain In addition, in 2011 we created the with training and initial experience of TDG and APC Beijing International. us with an additional annual close relationships with our customers. social joint venture Log’Ins in France, of working in logistics. We now generate 55% of our turnover turnover of €600 million. As a responsible company, outside of France. In precise terms, the The acquisition of APC How is Norbert Norbert Dentressangle has long consolidated turnover for the financial Beijing International, Dentressangle been committed to reducing the year 2011 amounted to €3,576 million, in December, contributed continuing to environmental impact of its activities, which represents 26% growth against to the reinforcement of demonstrate its particularly in terms of transport. 2010. The year as a whole saw 5.6% our Freight Forwarding commitment to people As a result, 93% of our vehicle fleet and the environment? organic growth. activities, by gaining now meets the strictest anti-pollution In the sectors we a significant foothold standards: Euro IV and Euro V. serve, performance And in terms of profitability? for us in China. These In terms of road safety, the continuous and growth are Due to the hard work of our teams, two operations also commitment shown by all our primarily associated which aim to achieve operational contributed to our employees, ranging from drivers to with quality and the excellence and rigorous management, globalisation. managers, has enabled us to improve ability of our teams our operating profit increased in all After the integration of our performance by 10%. These results to evolve. Therefore areas: Transport, Logistics and Freight 6,000 employees from TDG, are more than encouraging in a field we are committed, Forwarding. As a result, our operating good progress is now being where nothing can ever be taken for profit before goodwill (EBITA) amounted made with the integration of granted. to €130.4 million, with 22.6% growth 300 colleagues from APC Beijing compared to 2010. For the group’s International, which reflects our François Bertreau established business activities, ability to integrate new teams CEO operating profit rose by 17.8%, posting rapidly and efficiently. an operating margin of 4.2% (3.7% in 2010). If acquisitions and restructuring From left to right: costs associated with integration are Patrick Bataillard, Group CFO François Bertreau, CEO, responsible for the Logistics Division taken into account, this margin still Hervé Montjotin, Executive Vice President, responsible for the Transport Division holds up extremely well at 3.6% of turnover. 6 7

SUCCESS STORY Norbert Dentressangle 2011

TURNOVER 33 years of growth 2011 € 3,600,000,000 NUMBER OF EMPLOYEES ACQUISITION OF TDG 33,000 TURNOVER € 650,000,000 AND APC BEIJING INTERNATIONAL ACCELERATED GROWTH NUMBER REINFORCEMENT OF OUR 1998 OF EMPLOYEES FREIGHT FORWARDING EXPERTISE 7,300

INTEGRATION OF A SECOND AREA OF EXPERTISE: LOGISTICS 1979 Our 55% of turnover now generated outside of France goal: To become a world leader in the ADVENT OF fields of Transport, INTERNATIONAL Logistics and 90% of turnover now generated Freight Forwarding TRANSPORT ON in France THE EUROPEAN CONTINENT/UK AXIS 2007: Norbert Dentressangle doubles in size by acquiring 1994: British company Norbert Dentressangle Christian Salvesen floated on the stock 2010: exchange Launch of a third area of expertise: Freight Forwarding 8 9 OUR VALUES PEOPLE AND VALUES Red Management Programme Norbert Dentressangle 2011 ENABLE US TO MEET CHALLENGES AND CONTRIBUTE TO OUR DEVELOPMENT MANAGERS – OUR 50% IN NORBERT DENTRESSANGLE, OF KEY POSITIONS EACH INDIVIDUAL IS AN ENTREPRENEUR, DRIVEN BY PERFORMANCE THE DESIRE TO TAKE ON FILLED AMBITIOUS CHALLENGES AND EMBODIED IN THEIR SENSE OF RESPONSIBILITY, APPETITE FOR LEVERS ( PERFORMANCE AND CAPACITY THROUGH INTERNAL PROMOTION ENTREPRENEURIAL SPIRIT In order to prepare for future TO INNOVATE. DAY-TO-DAY BEHAVIOUR IS BASED ON challenges and anticipate skill INITIATIVE, RISK-TAKING AND STRICT WORKING PRACTICES. requirements, our company devised and implemented its Red Management Programme. In 2011,

You grow, 370 managers were trained IN NORBERT DENTRESSANGLE, WE AIM FOR THE SUMMIT across Europe, including OF THE MOUNTAIN. EACH Transport and Logistics site INDIVIDUAL IS ON THE ALERT The Red Management Programme offers practical FOR THE BEST WAY TO directors, sales managers ACCOMPLISH A TASK AND and operators. solutions to real-life scenarios, but is also invaluable CULTIVATES PRIDE IN A JOB as a networking mechanism. Discussing and analysing EXCELLENCE We grow The history different management styles and individual behaviour in a group WELL DONE. BEING THE BEST with other operations managers, has helped me IN THEIR SECTOR MEANS of Norbert CONSTANTLY STRIVING TO Norbert Dentressangle is a success Dentressangle improve my communication skills and the working IMPROVE PERSONAL SKILLS. story that we owe, above all, shows that relationship I have with my team. » our company’s development Bas Kunen, to the excellence of our employees. is inseparable from that of its Operations Manager, Logistics (Netherlands) Hands-on management, training, employees. This has always been one of our key growth IN NORBERT DENTRESSANGLE, internal promotion and encouraging EACH INDIVIDUAL IS ACTIVELY and performance factors. INVOLVED IN THE REALISATION OF versatility: our company enables THEIR OWN GOALS AND IN In a company like ours, which MEETING THE CHALLENGES THE anyone wishing to progress focuses on providing practical 370 GROUP HAS SET ITSELF. EACH to express their talents, solutions to our customers’ COMMITMENT needs, management is a vital INDIVIDUAL KEEPS THEIR WORD. innovate, develop and thus MANAGERS DIFFICULTIES AND OBSTACLES ARE lever when it comes to improving SEEN AS OPPORTUNITIES FOR contribute to the development our performance and achieving HIGHER ACHIEVEMENT. of our group. development objectives. We developed TRAINED and introduced the Red Management Programme in order to support IN 2011 managers with their everyday tasks.

It involves motivating colleagues, as well I was looking forward to the chance to take IN NORBERT DENTRESSANGLE, as giving them a taste for challenge and VRPHTXDOLW\WLPHWRUHÁHFWRQKRZ,FXUUHQWO\ INDIVIDUAL ADVANCEMENT IS DIRECTLY LINKED TO THE SUCCESS everyday excellence. One and half years after manage relationships. I thought that just the OF THE GROUP. SINCE CHALLENGES the programme was launched, feedback from right level of detail was provided concerning ARE MET AS A TEAM, TRANSPARENCY, the participants has been highly positive. some of the more technical aspects of relations UNITY A “before and after” effect can certainly be seen. PDQDJHPHQWDQGKXPDQQHHGV3ODQQLQJIRUGLIÀFXOW INTEGRITY AND LOYALTY MUST BE DEMONSTRATED BY EVERY conversations and situations has paid dividends. » INDIVIDUAL. Ludovic Oster Neil Whitelaw, Director of Human Resources FIND OUT MORE ABOUT OUR SHARED SUCCESS: Accounts Director, Transport (UK) www.rh.norbert-dentressangle.com 10

OVERVIEW PRESENT Norbert Dentressangle 2011 IN 23 COUNTRIES GLOBAL ON 3 CONTINENTS PLAYER € LOCAL 3,576 million PARTNER TURNOVER 2011 White and brown goods 2% Household equipment 2% % Luxury goods 2% 45 DISTRIBUTION OF TURNOVER High-tech 3% PER COUNTRY Textile 3% 50

France France Other 4% Retail 22% Specialist

40 % % retail 4% 9 28

30 UK FMCG 5% DISTRIBUTION % % 3 11 OF TURNOVER 20 Chemicals/ PER BUSINESS SECTOR % Spain 4 10 Rest of the world petrochemicals 9% Italy Netherlands

0 Food 17%

Automobile 10% NORBERT DENTRESSANGLE Industry 17% PERSONAL RESPONSES TO INTERNATIONAL SUPPLY

Key developments in 2011: Transport ...... P. 12 CHAIN CHALLENGES Logistics ...... P. 20 S T R I A L W A R E Number Freight Forwarding ...... P. 28 I N D U H O U S E D I S S T E R R of employees R I B U U T T C I O A N F W EMPLOYEES outside U N A R A E M H R E E O of France SP BL DISTRIBUTION O N INA U SIVE STA SU S EFFFFICIENT Rest of the world 3,220 OF WORKFORCE E Incenderatt autemm audaces usque ad insaniam homines a d haec, quauae nefafariis egere conatibus, Luscus quidam cur ator urbis ssubito visus: eosque ut heiulans baiolorum pra ecentor add expeddiendum quod orsi sunt incitans vocibus crebris. quui hautt longe postea ideo vivus exustus est.

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F THE WORLD N O Belgium 1,040 E R R G E N M M A L E A T C K G T I M E T R A A Spain 1,240 O N A N A N D F L O W M

P

Poland 1,300 R France 13,100 K

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R M

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R W Y C T U S T E S O M I O N E R S A T I S F A C T N U P S P E L L A I E S R S UK 12,800

www.norbert-dentressangle.com 13

PORTRAIT-TRANSPORT Norbert Dentressangle 2011

REINFORCING OUR NETWORK IN SPAIN

Asturias Cantabria Vizcaya Guipúzcoa In April, we opened a new  +XQWVPDQEHQHÀWV Orense Burgos site in Spain, in the province Zamora of Tarragona, with 1,400 m² from a single point of contact Segovia Porto Viseu dedicated to cross-docking Castellon IRUDOOLWV(XURSHDQÁRZV Leiría Ãvila Cuenca operations, which was the

Lisboa Most importantly, the lines Évora LGHDOÀQLVKLQJWRXFKIRUWKH TRANSPORT CONTINUES pallet distribution network of communication between our on the Iberian Peninsula. business units are very clearly ITS DRIVE FOR EXPANSION GHÀQHGª

In 2011, our Transport business posted a turnover RIDOPRVW½ELOOLRQ7KHÁH[LELOLW\RIRXUWHDPV DQGDSSURSULDWHVHUYLFHVJUHDWO\VXSSRUWHGRXUJURZWK Martin Hallam, Key Account Manager, from 2.7% to 2.9%, excluding acquisitions. each driver without causing an accident. KEY Transport Division This development mainly reflects the In addition to the commitment and excel- HERVÉ MONTJOTIN, recovery of General Cargo activities and the lence of our drivers, we have also updated DEVELOPMENTS Executive Vice-President, encouraging performance of our pallet dis- and revamped our safety strategy. A SINGLE SUPPLY CHAIN responsible for the Transport Division tribution business. We also demonstrated PARTNER FOR HUNTSMAN our capacity to pass on increased diesel With a turnover of €1,966 million in 2011 costs in the prices that we charge for our PERFORMANCE PRODUCTS and 20.2% growth (7.7% at constant scope services (16% on average). However, the AND WHAT DOES IN2011 and exchange rates), our Transport business activities acquired from TDG weighed on For over 6 years, our transport teams have reinforced its market positions. profitability, due to the restructuring under- THE FUTURE been working together on behalf on American chemical group Huntsman. Over the years, This growth is due partly to the acquisition taken in Spain and the UK, and operational RENEWED CONFIDENCE excellent coordination has enabled us to meet of British company TDG – which enabled performance falling below the Group’s HOLD ? Our ambition is to continue our customer’s needs. us to consolidate our presence in the UK standards in the UK. with our drive for expansion Close cooperation between our teams has made it and Spain – and strong organic growth. Actively committed to a Sustainable in a sluggish yet highly volatile possible to introduce several areas of expertise at This growth is supported by differentiated Development strategy since 2005, which economic context. European level (France, UK, Hungary, Benelux, business proposals, which enabled us to focuses on reducing our greenhouse gas Our assets: our size, brand, Italy, Spain). We have extended our entire range gain market shares in our various areas of emissions, we are convinced that trucks ÁH[LELOLW\HQWUHSUHQHXULDOVSLULW of services, within an ADR dangerous materials and creative services. expertise in 2011. As a result, we posted are not the problem but part of the environment: road and intermodal bulk transport, Our road map: providing growth rates of 15% for European pallet full loads of packed goods and Red Europe solution. The wide range of initiatives our customers with a range of distribution (Red Europe), 6% for contract that we have implemented, with VHUYLFHV²UDQJLQJIURPHIÀFLHQW European pallet distribution. ® distribution activities (Red Inside) and the aim of providing cleaner and greener management of our transport “We are now providing a Key-PL solution for 5% for our Key-PL® transport organisation services, enabled us to improve our resources to coordinating complete Huntsman, for whom we organise transport ® services. performance by 3% and achieve an solutions; globalising our Key-PL throughout Europe. This gives our customer full emission rate of 55 g CO /t/km in 2011. transport organisation solution with visibility of all logistics costs,” explains Martin Transport posted an operating profit of 2 pan-European projects; developing After working together for 5 years, Portuguese drinks leader Hallam, key account manager at the Transport €47.4 million against €44.1 million in 2010, In the field of road safety, we improved our pallet distribution activities Division. “Even better, we have become with 7. 5% growth (and 13.4% on a historical our performance by 10% and achieved an and particularly our Red Europe Central de Cervejas e Bebidas, renewed its contract with Norbert Dentressangle for 4 years. its single European supply chain partner.” basis). The operating margin increased average rate of 655,000 km covered by services, which represent a real growth lever. Our goal is to distribute 80,000 tonnes of products per year (beers and soft drinks) to over 200 points of delivery in Portugal. 14

PORTRAIT-TRANSPORT Norbert Dentressangle 2011 The story of a Reducing greenhouse gas emissions European PROOF OF OUR COMMITMENT partner who always %HFDXVHURDGWUDQVSRUWLVDQGLVH[SHFWHGWRUHPDLQWKHPRVWHIÀFLHQW puts Health & At Norbert method of conveying goods, reducing the environmental impact of Dentressangle, transport means that we first have to reduce the environmental we have plenty of impact of trucks. The Norbert Dentressangle commitment dates 6DIHW\ÀUVW innovative ideas back to 2005, when it signed a partnership agreement with ADEME*. when it comes Objective: ©7RLGHQWLI\DOOHIÀFLHQWUHVRXUFHVLQRUGHUWRUHGXFHJUHHQKRXVH In an industry where Health & Safety is a given, Norbert Dentressangle leads the field in to transporting JDVHPLVVLRQVSURGXFHGE\LWVWUDQVSRUWDQGORJLVWLFVDFWLYLWLHVDQGWKXVUHGXFH hazardous goods distribution. goods. We invest its dependence on oil. » We design solutions that are safe, flexible and customised to your supply chain. particularly in the technical aspects of With over 700,000 chemical and petrochemical consignments moved annually - trucks, in order to improve productivity and 97%* of our customers who can recommend us - we are ready and reduce their environmental impact. to face your challenges across Europe. Norbert Dentressangle has to remain at the forefront of this struggle, in order Bringing people WRGHYHORSVWDWHRIWKHDUWHIÀFLHQW closer to their dreams safe and environment-friendly What makes transport.» us different: Martial Valente, Director of Purchasing, Transport Division Ř0 drivers trained by 30 safety advisors, 55 driver LQVWUXFWRUVDQGGULYHU trainers across Europe INTERVIEWS - VIDEOS www.norbert-dentressangle.com Ř2YHUFKHPLFDOVDQG A FLEET THAT GETS petrochemicals producers entrust us CLEANER ALL THE TIME THANKS TO HYBRIDS! Ř$QQXDOWXUQRYHULQFKHPLFDO With 93% of its vehicles meeting the Euro IV 7KLV\HDUZHZHUHWKHÀUVWFRPSDQ\ZLWKLQWKHVHFWRUWRXQGHUWDNH and petrochemicals is over and Euro V standards, Norbert Dentressangle full operational trials of hybrid trucks. Three diesel-electric hybrid €500 M is Europe’s cleanest fleet: vehicles are already in use, together with two 26-tonne ŘPtRI6(9(62,, The result of our policy of regularly upgrading Renault Trucks tractors and one 12-tonne Mercedes tractor. DQG&20$+VWRUDJHFDSDFLW\ RXUYHKLFOHÁHHW All of this means reduced pollutant emissions and less noise. across Europe ŘURDGVLORVRSHUDWHG EURO II EURO III EURO IV EURO V ŘURDGWDQNHUVRSHUDWHG 59% CO TARGET: TRANSPORT COMPANIES Ř+D]DUGRXVDQGQRQ 2 KD]DUGRXVSURGXFWVSDFNHG COMMIT THEMSELVES RUEXONLQOLTXLGRUVROLGVWDWH 34% By renewing our signature of the “CO2 Objective: transport Ř)XOOUDQJHRIVHUYLFHV companies commit themselves” charter, our company has including order preparation, emissions 1% 6% FRQÀUPHGLWVFRPPLWPHQWWRUHGXFLQJLWV&22 drumming, blending, between 2011 and 2013, in partnership with ADEME*. co-pacNLQJDQG,%&

Les transporteurs s’engagent management

93% * ADEME : Agence de l’Environnement et de la Maîtrise de l’énergie (French Environment and Energy Management Agency) www.norbert-dentressangle.com

* Ipsos satisfaction survey 2010 16 17

PORTRAIT-TRANSPORT SUCCESS STORY Norbert Dentressangle 2011 Norbert Dentressangle 2011

RED EUROPE : RED INSIDE : EXCELLENT PALLET OUR TAILORMADE CONTRACT DISTRIBUTION SERVICE DISTRIBUTION EXPERTISE The right product, at the Our dedicated “with driver” contract distribution 99 % right time and place – a service, Red Inside, has been a real success, with OF DELIVERIES ARRIVE pallet is all that it takes. over 2,200 drivers employed by more than 1,000 This is the everyday task customers all over BEFORE of our Red Europe pallet Europe. It meets the 7 AM distribution teams. needs of companies ALL OVER By combining our wishing to entrust a THE UK – THANKS domestic pallet distribution specialist with the TO OUR networks and international complex management transport expertise, we can meet all our of their transport NIGHT customers’ needs in terms of deadlines, service and relying service and traceability. on the excellence of NETWORK 2,200 trained and dedicated drivers, who are «Allows single pallet shipment DRIVERS able to guarantee We despatch on average a box a night to over 90 dealers in the UK from Aberdeen « Available in 30 countries EMPLOYED customer satisfaction. to Exeter. This can be anything from a small box to a massive shovel! « More than BY OVER 50 shuttles 1,000 CUSTOMERS per day ALL OVER MOVING THE EARTH WITH JCB « 39 international hubs EUROPE www.norbert-dentressangle.com 2XUH[SHULHQFHLQGHOLYHULQJ specifically for the shipment. «17 partners spare parts for the automotive Our Transport team in the UK has worked closely with JCB Service in LQGXVWU\OHG-&%DKRXVHKROG identifying their needs and sought to name in earth-moving its Dealer’s expectations in delivery provide solutions on the tote tracking SPANISH PARTNERSHIP equipment, to choose us as its performance and saw Norbert and recycling. Spanish SME C&C Manaut, which specialises in the distribution of 8.SDUWQHULQ-DQXDU\ Dentressangle with its proven track boilers and radiators, has been able to optimise costs and increase :D\QH5RELQVRQFRQWUDFW productivity thanks to the Norbert Dentressangle teams and their proven track record in the automotive combined international transport, logistics and domestic distribution manager at Norbert sector, as an ideal partner in achieving solution. Dentressangle, describes what its aims. Our Night Network offering the partnership involves. provides 12 regional transport hubs throughout the UK, linked up to A NEW HUB IN CALAIS guarantee a pre-7am delivery. Since As cross-channel transport leader with JCB shares a similar background January 2011, a dedicated team at with Norbert Dentressangle. Joseph JCB’s World Parts Centre despatches per year, last September 130,000 CROSSINGS Cyril Bamford built his first piece of five trailers of parts per night into the we opened a new international transport hub in machinery in 1945 and now the family- Night Network. JCB parts are of a Marck-en-Calaisis (Northern France). run business is one of the world’s top multitude of shapes and sizes. This site covers almost 12 Ha. and boasts three manufacturers of construction Bespoke attachments such as buckets cutting-edge facilities, including a equipment. and breakers can weigh up to 4 tonnes! 2 1,000 m CROSS-DOCKING JCB Service strives to meet its Dealer’s These items are delivered on the hub and HGV park with 350 PLACES. expectations in delivery performance three dedicated vehicles, or the team and saw Norbert Dentressangle with its will arrange for vehicles to come in 18 19

PORTRAIT-TRANSPORT TRANSPORT AT A GLANCE Norbert Dentressangle 2011 Norbert Dentressangle 2011

Risk prevention and road safety DISTRIBUTION OF WORKFORCE IN EUROPE ROAD SAFETY TURNOVER: ALL HANDS TO THE PUMP! €1,966 8,290 France 655,000 KM As a responsible and community-spirited company, million, including 4,050 UK WITHOUT Norbert Dentressangle has very high standards when it comes 40% outside 864 Spain CAUSING to safety – for its employees as well as for third parties. of France 848 Poland AN ACCIDENT 491 Romania Road safety has been a shared priority for over 20 years. In 1991, we created the Safe Portugal Driving Plan - a road safety programme, which encourages drivers to adopt, 210 under all circumstances, an approach to driving aimed at preventing accidents. 110 Luxembourg GREENHOUSE We now have all that it takes to make further progress: recognised internal experts 102 Germany GAS EMISSIONS DQGDÁHHWRIUHFHQWDQGSURSHUO\PDLQWDLQHGYHKLFOHV 27 Italy 19 Hungary 9 Slovakia A EUROPEAN HOW LAFARGE ENTRUSTED US 15,000 55 g of CO2 COMMITMENT WITH ITS SAFETY DAY employees EMITTED In February, we In June, Lafarge invited 300 of its managers PER TONNE/KM renewed our signature to a Safety Day at its site in Avignon. Designated of the European Road as “leading transport company” by Lafarge, 160 SITES Safety Charter for a Norbert Dentressangle organised two workshops. further 3 years, with 14 COUNTRIES the Directorate General TRANSPORT - Energy and Transport of the European Commission. ROAD SAFETY KEY FIGURES FOR « The participants were very receptive to our messages, on a 350 wide variety of topics – ranging from how we Driver-trainers unload crane trucks at construction sites to and driving behaviours. » 2011 Florent Alasia, Safety Manager, 40 The Key-PL® transport Transport Division, France Instructors organisation service covers 40% of transport activities ROAD SAFETY: Each driver covers an average of 655,000 km without causing an accident. Europe’s biggest fleet with

800 000 700 000 600 000 7,800 € 500 M € 450 M € 450 M € 150 M € 350 M 5% 500 000 motor vehicles 400 000 of turnover 300 000 200 000 International Domestic full Domestic pallet International Contract Multimodal full load transport load transport distribution groupage and distribution transport 100 000 and11,500 0 (including European pallet trailers cross-channel) distribution 2001 2011 2009 2000 2002 2003 2008 2010 1990 1992 2004 2006 2007 1991 1993 1994 1996 1995 1997 1998 1999 2005 21

PORTRAIT - LOGISTICS Norbert Dentressangle 2011 KEY DEVELOPMENTS ROYAL LOGISTICS – CENTRAL TO OUR INAUGURATION PERFORMANCE IN 2011 Last February, HRH Princess Anne personally opened the new Norbert Dentressangle IN depot in Tamworth. 28. 2% growth shows how our Logistics Division has 2011  VWUHQJWKHQHGLQ(XURSH²PRVWQRWDEO\E\EHFRPLQJ A LONG-STANDING PARTNERSHIP a market leader in the UK, which is now Norbert Dentressangle’s WITH WHIRLPOOL PRVWLPSRUWDQWFRXQWU\IRUWKLVDFWLYLW\ The world’s leading manufacturer of household electrical goods, Whirlpool, has entrusted Norbert Dentressangle with its logistics operations for over 30 years. )5$1‰2,6BERTREAU on a like-for-like basis against the previous work undertaken by our Engineering and IT &(2UHVSRQVLEOHIRUWKH financial year. The operating margin teams to make continuous improvements. At the depot in Satolas-et-Bonce committed to measurable objectives Logistics Division achieved by the activity remained at the Our customers are the first to benefit (near Lyon), which was opened in 2011, for quality of service and economic high level of 5.1% and even reached from these efforts. the Norbert Dentressangle teams handle performance, and provide Whirlpool With a turnover of €1,589 million in 2011, 5.9% on a historical basis. France, Whirlpool products from when they arrive with the resources to control its transport Logistics experienced satisfactory growth to their shipment. This includes storage, the UK and the Netherlands posted performance according to its own criteria. momentum. Despite a sluggish economic order preparation, product differentiation strong performances. The contribution Results: “Our On Time Delivery service environment in Europe, Logistics achie- AND WHAT DOES and quality control. They are able to of ex-TDG activities has been generally rate has reached 99%. The Key-PL® ved 28.2% growth (3.9% at constant process up to 1,400,000 items per year. sound, particularly in the UK. platform provides a structure for transport exchange rates and scope). On a historical THE FUTURE Whirlpool has renewed its partnership with COCA-COLA basis, the organic growth rate was par- In 2011, we further reinforced our HOLD? the Logistics teams for another 3 years. activities, as well as track & trace; in ticularly high in Italy (7.8%), Spain (7%) key areas of expertise in Logistics. At the same time, our customer has the future, it might act as a means of SAYS YES - Our ambition: to maintain the strong entrusted us with its and the UK (6.3%), as well as Switzerland Our temperature-controlled activities communicating with geographical and market positions distribution transport and Romania. Through the acquisition generated a turnover of €400 million; our customers,” that we have acquired and reinforce as part of our Key-PL® e-commerce logistics services The On Time says Jacques Fattier, TWICE! of British company TDG, our division our strengths in all other areas. transport organisation reinforced its European dimension and generated €100 million; management Delivery Logistics Director, Our assets: our expertise and for 2 years. Our In the UK, Norbert of transport downstream of depots Whirlpool France. generated 68% of its turnover outside professionalism are recognised teams are service Dentressangle was awarded generated €397 million and added of France. The UK is becoming our in all key Logistics sectors, 7KLVFRQÀGHQFH two new contracts with value services, such as co-packing, rate reached most important country for Logistics including growth areas, such as prompted Whirlpool Coca-Cola Enterprises (CCE), and accounted for 41% of turnover. generated €175 million. temperature-controlled logistics 99% to extend its for automatic vending machine and e-commerce. Our road map: partnership in the logistics and the delivery of contributing to anticipated supply In terms of profitability, Logistics posted In addition to the operational excellence Jacques Fattier, UK, by outsourcing almost 86,000 pallets of drinks chain developments and particularly Logistics Director, its national white to the country’s wholesalers renewed growth in its operating profit, which and commitment shown by our teams, the the trend for the logistics sector to be Whirlpool goods distribution and retailers. Enjoy! rose to €80.4 million (63 million in 2010), performance of Logistics is also due to our dominated by major players. France with a 27.6% increase - equivalent to 20.3% management of organisational costs and the centre to Norbert Dentressangle. 22

SUCCESS STORY Norbert Dentressangle 2011

Temperature-controlled logistics OUR EXPERTISE AT WORK With expert teams in all aspects of cold logistics and a frozen storage capacity of 3.5 million m3, Norbert Dentressangle is a major European player and an experienced provider of temperature-controlled logistics. Focus: our News in 2011.

2 LEADING COMPANIES NEW HUB IN MIRAMAS JOIN FORCES IN ROMANIA In September, we opened In September, Norbert a new hub dedicated to Dentressangle and Danone joined temperature-controlled forces to set up a joint venture in logistics. Located in Miramas, Romania for the storage and distribution of fresh products near Salon-de-Provence throughout the country. Our teams contribute their (South of France), experience of storing and distributing products this cutting-edge under controlled temperatures (2°C - 6°C). installation brings our Danone has entrusted us with the collation of its total storage capacity 3 goods and its distribution network. for frozen products in South-East France to 160 000 m . E’ la storia DELICIOUS BREAD di un uomo AND FRESH CROISSANTS che sognava di servire Délice de France, the UK’s leading industrial baker, il comparto alimentare chose Norbert Dentressangle (in Nuneaton, Birmingham) to take care of its bread rolls and italiano HAT other pastries. TRICK Per un mercato For the 3rd consecutive year, Norbert Dentressangle CONFIRMED SUCCESS IN BELGIUM concorrenziale come won the 3PL Summit European quello alimentare, la soddisfazione Belgium’s leading food retailer, Delhaize Belgium, renewed dei clienti è fondamentale. Non possono Award for the “Fresh Products essere raggiunti compromessi sull’ottimizzazione Logistics” category. This its partnership with Norbert Dentressangle for another 5 years. degli stock e sul controllo della qualità dei prodotti. accolade is in recognition of the For 30 years, our teams have looked after storage and order Per rispondere a queste esigenze, è necessaria la presenza high level of excellence preparation for frozen Delhaize products at our logistics di un partner sicuro ed affidabile. seen in our logistics site in Zellik (Brussels). Norbert Dentressangle mette al vostro servizio tutta l’esperienza logistica accumulata da leader europeo. operations and Quali che siano le dimensioni della vostra azienda our quality of Avete bisogno e la natura dei vostri prodotti, vi accompagneremo service. FROZEN PRODUCTS DELIVERED TO YOUR HOME in Italia e in Europa sviluppando soluzioni su misura di una soluzione per le vostre problematiche. Bofrost*, Europe’s leading seller of home-delivered frozen products, logistica dedicata? Gestione dei flussi, tracciabilità dei prodotti, livello entrusted its logistics operations to the Norbert Dentressangle teams at Ecco i nostri contatti: di servizio… Con più di 7.000 referenze al nostro attivo e the central depot in Saint-Georges d’Espéranche (Lyon region). We also 17 milioni di prodotti alimentari distribuiti INTERVIEWS - VIDEOS www.norbert-dentressangle.com take care of distributing goods to the 12 Bofrost* agencies in France. OTelefono: 02 920031 nel 2010, potrete contare su di noi per garantirvi una soddisfazione senza OE mail: [email protected] precedenti. Avvicinare uomini e sogni 24 25

PORTRAIT - LOGISTICS SUCCESS STORY Norbert Dentressangle 2011 Norbert Dentressangle 2011

RED BULL BRIDGESTONE DRIVES WITH GIVES US WINGS NORBERT DENTRESSANGLE IN SPAIN Key figures Bridgestone has entrusted its logistics operations to Norbert Dentressangle in Spain for a 3-year period. The teams take care of receiving goods, storage, order preparation and deliver 13,500 tyres 125 We have developed a per day. Level of service: close MILLIONS cutting-edge system in to 100%. ITEMS HANDLED AND order to measure our quality of PREPARED PER YEAR service. Every day, monitoring

indicators detect any discrepancies 2 45,000 m so that solutions can be immediately of warehouse 25 put into place. In addition, our site space MILLION LVQRZ,62FHUWLÀHG PACKAGES DISPATCHED PER YEAR Over 5,000 At both ends of the chain, our e-fulfilment solutions are able to interface with our -DYLHU*DUFLDÀOLD points of delivery Red Bull relies upon Norbert Dentressangle Site Director, Guadalajara customers’ information systems. in France. At a multi-client logistics hub north of Paris, our teams prepare orders and distribute products to wholesalers for the Quality out-of-home consumption market. Control for tyres SPECIFIC TASKS FOR E-FULFILMENT « Our partner is responsive, reliable and sound, says the energy drink leader. 6KRSSLQJRQOLQHKDVQHYHUEHHQPRUHSRSXODU%XWDW1RUEHUW'HQWUHVVDQJOHRXURIIHUIRU ,QDGGLWLRQLWKDVWKHÁH[LELOLW\WRLQFUHDVH TRACEABILITY HIXOÀOPHQWJHQHUDWHVVSHFLÀFFKDOOHQJHVIRURXUFROOHDJXHV2UGHUVPXVWEHSUHSDUHGDQGZUDSSHG our storage capacity – this is a real asset of goods until they LQGLYLGXDOO\DQGVHQWRXWRQDSDUFHOEDVLV$WERWKHQGVRIWKLVVHUYLFHRXURUGHULQJDQGGHOLYHU\ when it comes to anticipating rapid growth reach their final in our business sector.» destination VROXWLRQVFDQOLQNLQZLWKRWKHUUGSDUW\V\VWHPV(FRPPHUFHHQWDLOVDKLJKUHWXUQVUDWH 2XULQKRXVHUHWXUQVPDQDJHPHQWDQGGLVSRVLWLRQURXWLQJV\VWHPDOORZVRXUFXVWRPHUVWRJDLQ PD[LPXPYDOXHIURPDUHWXUQHGLWHP

PROVIDING RETAIL LOGISTICS UNIVERSAL MUSIC: REDCATS - ONLINE SALES LEADER IN THE NETHERLANDS WORKING FOR The Redcats group, established in 30 countries, is online sales leader in The Norbert Dentressangle team at Tiel, Netherlands, ARTISTS the fashion and home textiles sectors. renewed its partnership for the 375 outlets of Intergamma, For Universal Music, For this customer, our experts manage the number one DIY retailer in the Benelux countries. our British teams take 2 e-commerce activities from In addition to Tiel’s 38,000m logistics site, Norbert care of all aspects of Dentressangle provides an extra storage capacity of 35,000m2 Poland for flows in France, processing products in the IRUVHDVRQDORYHUÁRZ7KLVFRQWUDFWUHLQIRUFHV1RUEHUW Scandinavia and Portugal. e-commerce cycle: order 'HQWUHVVDQJOH·VVLJQLÀFDQWSUHVHQFHLQUHWDLOORJLVWLFV a major strategic sector for the Netherlands. preparation, payment Mauro Ungheretti, Director of Logistics Activities in the activation and using our Netherlands, and François Bertreau (left on the photo) with information systems connected to the customer’s website. the teams in Tiel, when the Intergamma contract We process between 800 and 6,800 orders per week, depending was renewed. on the popularity of Universal Music artists. 26 27

PORTRAIT - LOGISTICS OVERVIEW - LOGISTICS Norbert Dentressangle 2011 Norbert Dentressangle 2011

LOG’INS – WORKFORCE DISTRIBUTION IN EUROPE ACCREDITED SITES TURNOVER: STRIVING FOR INTEGRATION €1,589 8,715 UK Created in 2011, the Log’Ins joint social venture is the million, including 4,775 France fruit of a partnership between Norbert Dentressangle’s 68% outside of France 1,048 Belgium Logistics Division in France and the Ares professional 577 Netherlands integration association. 464 Poland 460 Romania L’Oréal, Beiersdorf, TV Numérique and 350 Italy ISO 14001 6)5ZKLFKLVDOVRDÀQDQFLDOSDUWQHUIRU 340 Spain 42% the project. 195 Czech Republic 174 Switzerland 35 Ukraine 27 Ireland ISO 9001 Thanks to 17,200 20 Germany 71% the support of the employees This initiative aims to SURYLGHSHRSOHLQGLIÀFXOW Norbert Dentressangle situations, particularly teams, Log’Ins is now 257 SITES those with disabilities, a real springboard to with training and their 13 COUNTRIES ÀUVWH[SHULHQFHRI employment for the LOGISTICS working in logistics, people that join us. VRWKDWWKH\FDQÀQG their way back into KEY FIGURES FOR employment. Based at the Norbert Dentressangle logistics depot in Savigny-le- Temple (Ile-de-France), Log’Ins has developed TOTAL WAREHOUSE added value logistics SPACE IN M2 2011 know-how: co-packing, promotional logistics A COMPREHENSIVE and e-commerce. It has 6,600,000 RANGE OF SERVICES about twenty employees When it comes and its customers include to the logistics services that we provide, they are able to meet our FROZEN STORAGE € 517 M € 400 M € 175 M € 397 M € 100 M customers’ 3 expectations.» VOLUME IN M Ambient Temperature- Added value Downstream E-fulfilment Thibaut Guilluy, temperature controlled services distribution MD, Ares and Log’Ins 3,500,000 storage and stock storage and stock management management 28 29

PORTRAIT-FREIGHT FORWARDING Norbert Dentressangle 2011

GLOBAL PRESENCE KEY DATES Our Freight Forwarding division is hard at work all over the world. The acquisition of TDG in March 2011 enabled us to reinforce 1 JANUARY 2010: Creation of our Freight Forwarding business. our presence in Europe, especially in the DURING 2010: Acquisition of the Freight Forwarding division of 8.DQG6SDLQDQGZHRSHQHGQHZRIÀFHVLQ Schneider Logistics (USA). DURING 2011: Development in China Fanny Ding, Ireland (Dublin), Hungary (Budapest) and and South America. Integration of TDG’s Freight Forwarding Regional Manager, South China the Netherlands (Nijmegen). At the same time, and Kin Lam Huang, activities. DECEMBER 2011: Acquisition of Chinese freight Hong Kong Agency Manager we became established in South America, forwarding company APC Beijing International. in Chile (Santiago) and Brazil (Sao Paulo). Last but not least, the acquisition of APC Beijing International in November enabled us to reinforce our presence in China, with QHZRIÀFHVGLVWULEXWHGDFURVVWKHFRXQWU\ OUR FREIGHT FORWARDING BUSINESS HAS REACHED KEY CRITICAL MASS AND IS NOW DEVELOPMENTS IN BREAKING EVEN GUILLAUME COL MD of the Freight In 2011, our Freight Forwarding division has reached critical mass and Forwarding Division LVQRZEUHDNLQJHYHQ²RQO\WZR\HDUVDIWHULWVODXQFK3UHVHQWRQWKUHH FRQWLQHQWVRXUWHDPVDUHIXOO\RSHUDWLRQDODQGKDYHDOOWKDWLWWDNHV 2011 WRGHYHORSVSHFLDOO\WDLORUHGGRRUWRGRRUVROXWLRQVIRURXUFXVWRPHUV ASUS – FROM EAST TO WEST ART BY AIR Two years after the launch of our Freight growth engines for us in countries where In the ultra-competitive information technology sector, Asus, the leading Forwarding business, we are already the economy remains more dynamic than American notebook manufacturer, is having to reduce its times to market. meeting our objectives. We are breaking on the European continent. Our Freight Forwarding teams provide it with a door-to-door supply chain even, in line with our road map, despite At the same time, we continued to push AND WHAT DOES solution and organise sea transport for its products from China to the USA a difficult economic situation and fierce for organic growth, setting up offices in in record times. competition. Chile and Brazil from scratch during the THE FUTURE HOLD? Present on three continents, in 2011 we summer of 2011. Our Freight Forwarding Our ambition is to gain a foothold as a posted a balanced result and a turnover network now covers the key countries major and essential market player and GHPRQVWUDWHRXURSHUDWLRQDOHIÀFLHQF\ % of €86 million (an annual pro-forma turno- when it comes to international trade. We ver of €150 million). can count on the expertise provided by Our roadmap: developing our company-owned network in order to « OUR The acquisition of TDG and APC Beijing our 500 colleagues, in 40 offices located 97 increase our ability to deliver door- International contributed positively to this in 10 countries. to-door supply chain solutions and ON-TIME DELIVERY Our teams profitability. The latter enabled us to rein- Our team and systems are now fully thus continue to serve our customers RATE TO AMERICAN organise air force our presence in Asia and air freight operational. Our organisation meets our HIÀFLHQWO\FRQVROLGDWHRXUWHDPVDQG transport services. In addition, the ex-Schneider customers’ needs and develops specially ensure that they become part of a DISTRIBUTORS for artworks - from France to the Museum Logistics activities – acquired at the end tailored and efficient door-to-door supply consistent and harmonious team. of Modern Art in Tokyo. Handle with care - of 2010 and which gained us a position chain solutions for them. FOR ASUS » fragile! in the USA and China - significantly im- proved their performance in 2011. These Diane Hofman, Freight Forwarding American and Asian locations represent Manager, USA 30 31

PORTRAIT-FREIGHT FORWARDING SUCCESS STORY Norbert Dentressangle 2011 Norbert Dentressangle 2011

FREIGHT FORWARDING, A DOOR-TO-DOOR SERVICE Urumqi Beijing (2) ALL ABOARD ,QRUGHUWRPDQDJHRXUFXVWRPHUV·LQWHUQDWLRQDOÁRZVRXU Dalian Tianjin Freight Forwarding colleagues develop door-to-door supply chain Qingdao FOR BUDAPEST CHINA solutions between the continents. As experts in the organisation Xian Nanjing Shanghai Mid-2011, our Hungarian Freight Chengdu and management of air and sea transport solutions, we provide Shaoxing Ningbo )RUZDUGLQJRIÀFHPRYHGWRQHZ Chongqing our customers with a specially tailored range of intercontinental Suzhou premises. Our team of 5 employees Xiamen transport services, which are perfectly matched to their Shenzhen is now based at Budapest airport. Hong Kong Its objectives are to improve VHFWRUVSHFLÀFQHHGV operations and reinforce our air transport capacity. RED SKY CONNECT The aim of our new air freight service is to provide intercontinental door-to-door transport for our A team recognised for its expertise and operational excellence customers, while optimising delivery times and costs. Our solution combines our air transport expertise and mastery of road transport throughout Europe. On behalf of our customers, our Freight APC BEIJING INTERNATIONAL - INTEGRATION IN Forwarding experts guarantee quality, traceability OPEN-TOP and deadlines all over the world. PROGRESS TRANSPORT :LWKWKHDFTXLVLWLRQRI$3& operational excellence. In order to A MATTER OF %HLMLQJ,QWHUQDWLRQDOLQ integrate our new team, we have 4.37 metres! shared our corporate plan, culture, INTEGRATION This is the height of the December 2011, our Freight AN INTERNATIONAL SOLUTION management rules and tools. electrical transformers Forwarding service took on To ensure they are fully integrated, we A successful external growth strategy has manufactured by Alstom FOR PERISHABLE PRODUCTS DQHZGLPHQVLRQLQ&KLQD count on their ability to contribute to our enabled Norbert Dentressangle to gain Grid, the world’s leading Fruit, vegetables, medication, fresh products… Here is an update on its business process in order to develop real experience of integrating people electricity production and The import/export of perishable products and reinforce our own network. This and organisations. Every time new people transmission company. ongoing integration. calls for high quality services. Our expertise or organisations are brought on board, For the sea transport integration is currently at consolidation in this sector enables us to combine an air we devise a bespoke plan. of these non-standard stage, but we have every confidence in transport solution with a perfectly suited One and a half years after the opening This promotes a pragmatic and products between France the shared success of our new team! distribution centre. Packaged goods come of our first office in China, we now participative approach. This long-term and Africa, our teams from all over the world in temperature- have a team and operational resources vision provides reassurance for the new have developed specially controlled containers and pass through throughout the country. In December teams that we integrate. We do not have a tailored sea transport our perishable product centre, 2011, the integration of APC Beijing KEY FIGURES standard integration model, as each case solutions using open-top situated at Heathrow Airport in the International enabled us to reinforce is unique. However, we abide by certain containers. Traditional SULQFLSOHVHIÀFLHQF\LQGHSHQGHQFH UK, where our teams take our presence in the country, with 300 containers are actually GHFHQWUDOLVDWLRQDQGFOHDUO\GHÀQHG care of preparing and employees at 16 offices. Our people 4.37 METRES 4.37 limited to a height 300 distributing the products responsibilities. These principles form of 2.24 metres. are professional, experienced and EMPLOYEES AT all over Europe. the basis of our corporate culture recognised for their expertise and and contribute to the success of this integration process. 16 OFFICES 32 33

OVERVIEW - FREIGHT FORWARDING Norbert Dentressangle 2011

TURNOVER ANNUAL PRO TURNOVER TURNOVER FORMA TURNOVER NORTH AND SOUTH AMERICA EUROPE ASIA €150 % % % million 24 43 33

CHINA’S GROWING WINE MARKET The importing of French wine in China is in full swing. Faced with complex transport challenges, the market players are looking for door-to-door supply chain services. As these products require specially tailored solutions, we have developed a dedicated service for this 500 sector: Red Wine to China. EMPLOYEES AT 40 OFFICES IN FREIGHT 10 FORWARDING COUNTRIES KEY FIGURES FOR

This competitive service includes the secure transportation, by air or sea, of VLQJOHSDOOHWVSDFNDJLQJLQFHUWLÀHGZLQH containers and meeting times to market. 2011 34 35

KEY FIGURES Norbert Dentressangle 2011

year, the cash flow variation was limited acquisitions. Equity saw significant growth imposed by our banks as part of the “bank to €-39 million, which demonstrates our and reached €512 million. The net debt covenants”, protect our new investment capacity to maintain healthy cash flow amounted to €624 million: this level capacities. levels after a year of major development. represents only 1.14 times the group’s In relation to the balance sheet, our total equity (gearing ratio) and 2.47 times the non-current assets rose to over €1.4 billion, annual EBITDA (leverage ratio). These including €552 million in goodwill for two ratios, which are well below the limits

140 3,576 130.3 3,500 120 3,107 3,000 2,839 106.3 2,719 100 98.2 100

2,500 85.7 80.4 OUR SOUND BALANCE 80 79.8 80 2,000 1,804 63.3 60 60 57.2 1,500 SHEET REPRESENTS 49.3 42.4 40 40 A MAJOR ASSET FOR 1,000 20 20 500 PATRICK BATAILLARD LONG-TERM GROWTH 0 0 0 &)2 2007 2008 2009 2010 2011 2007 2008 2009 2010 2011 2007 2008 2009 2010 2011

TURNOVER OPERATING INCOME BEFORE NET INCOME GROUP SHARE In 2011, Norbert Dentressangle’s consolidated (one of the highest margins for the sector increased to €182 million. The investment IN MILLION EUROS GOODWILL (EBITA) IN MILLION EUROS turnover rose to €3.576 billion (€2.839 billion at 5.1%); Freight Forwarding has already cash flow, at €-380 million, can be IN MILLION EUROS in 2010). This 26% increase results from broken even in financial terms, only two explained by the acquisitions underta- the organic growth of our traditional acti- years after its launch. ken during the financial year (TDG, 200 10 vities (+5.6%) and from the acquisition of APC Beijing International and the Brune 178% 8.96 TDG and APC Beijing International (April Lavages cleaning station) and investments The net financial result for 2011 includes a 159% and December 2011). These two opera- in equipment during the year. Finally, due 8 limited burden of €25.4 million (€26.8 million 150 tions create a structure for our internatio- in 2010). Despite an increased debt linked to a funding flow of €170 million for the 6.56 nal profile and the increased power of our to the acquisition of TDG, we benefited 6 5.96 111% 114% new Freight Forwarding division. from reduced interest rates. Net interest 100 5.14 expense represents only 0.67% of the 83% 4.43 The group’s operating profitability continued to group’s turnover, which reflects the sound AND WHAT DOES 4 rise steadily. Its EBITDA (Earnings before Interest, allocation of our financial resources, Taxes and Amortization) reached € 252 million in combined with an ambitious but realistic THE FUTURE HOLD? 50 2 2011 (€216 million in 2010). Its operating external growth policy. The consolidated 2011 was a year of change, marked profit before goodwill (EBITA) rose by net income rose to €63.3 million or 1.8% by major developments. Our capacity of turnover. With 11% growth, this result WRJHQHUDWHPDMRUÀQDQFLDOUHVRXUFHV 23% to €130 million, due mainly to the 0 0 shows how well Norbert Dentressangle has enables us to obtain the necessary marked upturn for our traditional activi- 2007 2008 2009 2010 2011 2007 2008 2009 2010 2011 performed, compared to the rest of its sector. funding for subsequent developments. ties, with an operating margin of 3.7%. To be precise, Transport generates an NET GEARING AS NET INCOME PER SHARE A PERCENTAGE OF EQUITY IN EUROS operating margin (or EBITA) of €47 million Despite an increased working capital requi- (2.5% of turnover); Logistics: €80 million rement (€28 million), the operating cash flow 36 37

STOCK EXCHANGE STOCK EXCHANGE Norbert Dentressangle 2011 Norbert Dentressangle 2011

DISTRIBUTION OF CAPITAL DISTRIBUTION OF VOTING RIGHTS AVERAGE CLOSING PRICE Shares held by (in Euros) 2010 - 2011 Norbert Dentressangle SA 1.91% Dentressangle Family 5.55% Employees 0.5% Shares held as per Employees 0.56% Dentressangle Family liquidity contract 0.12% 6.70% 100

Public 90 Dentressangle 18.45% Dentressangle (1) Initiatives (1) Initiatives 61.64% 74.35% 80

Public 30.22% 70

60

50

40 (1) Dentressangle Initiatives absorbed Financière Norbert Dentressangle on 1 January 2012. Dentressangle Initiatives is 100% owned by the Dentressangle family. Feb. 2012 Feb. 2012 Feb. 2011 2011 Feb. July 2011 Jan. 2011 July 2010 Jan. 2012 Jan. 2010 Feb. 2010 Aug. 2011 Sept. 2011 Oct. 2011 Aug. 2010 Nov. 2011 Nov. June 2011 June 2010 Oct. 2010 Dec. 2011 Nov. 2010 Nov. Sept. 2010 May 2010 May April 2010 May 2011 May Dec. 2010 April 2011 March 2011 March March 2010 March

A FAMILY-OWNED GROUP LISTED NUMBER OF SHARES EXCHANGED (daily average) 2010 - 2011 ON THE STOCK EXCHANGE 10,000

8,000 CAPITAL 6,000 On 31 December 2011, Norbert Dentressangle equity rose to €19,672,482, consisting of 9,836,241 shares with a nominal value of €2. 4,000

SITUATION ON 31/12/2011 Shares - Quantity Voting rights - Quantity 2,000 Dentressangle Family 545,646 1,091,292 0 Dentressangle Initiatives (1) 6,063,132 12,108,532 Employees 54,647 81,014 Feb. 2012 Feb. 2012 Feb. 2011 2011 Feb. July 2011 Jan. 2011 July 2010 Jan. 2012 Jan. 2010 Feb. 2010 Oct. 2011 Aug. 2011 Sept. 2011 Aug. 2010 Nov. 2011 Nov. June 2011 June 2010 Oct. 2010 Dec. 2011 Nov. 2010 Nov. Sept. 2010 May 2010 May April 2010 May 2011 May Dec. 2010 April 2011 March 2011 March Public 2,972,700 3,004,637 2010 March Shares held by Norbert Dentressangle SA 187,841 0 Shares held as per liquidity contract 12,275 0 TOTAL 9,836,241 16,285,475 EQUITY TRADING (daily average in thousand Euros) 2010 - 2011 (1) Dentressangle Initiatives absorbed Financière Norbert Dentressangle on 1 January 2012. 800 700 2011 2010 2009 STOCK EXCHANGE INFORMATION 600 Price on 31/12 in € 54.00 66.30 38.16 500 Number of shares on 31/12 (1) 9,836,241 9,836,241 9,836,241 400 Market capitalisation in M€ 531.2 652.1 375.4 Net income per share in € (2) 6.56 5.96 8.96 300 Net dividend in € 1.25 (3) 1.10 0.90 200 Distribution ratio in % (1) 19.4 19 10 100 The distribution ratio corresponds to the net dividend divided by the net income. 0 (1) Including treasury shares (2) After deduction of treasury shares (3) Proposed to the General Meeting of 24 May 2012. Feb. 2012 Feb. 2012 Feb. 2011 2011 Feb. July 2011 Jan. 2011 July 2010 Jan. 2012 Jan. 2010 Feb. 2010 Oct. 2011 Aug. 2011 Sept. 2011 Aug. 2010 Nov. 2011 Nov. June 2011 June 2010 Oct. 2010 Dec. 2011 Nov. 2010 Nov. Sept. 2010 May 2010 May April 2010 May 2011 May Dec. 2010 April 2011 March 2011 March March 2010 March 38 39

FINANCIAL STATEMENTS FINANCIAL STATEMENTS Norbert Dentressangle 2011 Norbert Dentressangle 2011

After corporation tax, CVAE and minority 2011 CONSOLIDATED ½PLOOLRQ $SDUWIURPWKHFDVKÁRZV QHZ SUMMARY OF THE EXECUTIVE BOARD interests, 2011 net income Group share loans, repayment of existing loans) related amounted to €63.3 million, up nearly 11% over CASH FLOW STATEMENT to the financing of operating assets, this MANAGEMENT REPORT 2010 net income Group share of €57.2 million, Cash flow from operations came in at development is largely due to the drawdowns .H\FRQVROLGDWHGGDWDRQ1RUEHUW'HQWUHVVDQJOHIRUWKHÀQDQFLDO\HDUHQGLQJRQ and representing 1.8% of consolidated €182 million in 2011, compared to 2010 on the “Tranche B” loan (€100 million) and on revenues. FDVK ÁRZ IURP RSHUDWLRQV RI ½ PLOOLRQ part of the revolving facility (equivalent to £95 CONSOLIDATED INCOME STATEMENT $OWKRXJKFORVHWRHDFKRWKHUWKHWZRÀJXUHV PLOOLRQ RIWKHV\QGLFDWHGORDQWRSDUWO\ÀQDQFH are made up very differently, as follows: Actual Actual Change the March 2011 acquisition of the TDG group. €000 31/12/2010 (*) 31/12/2011 2010/2011 ‡ 0XFK KLJKHU IUHH FDVK IORZ LQ  REVENUES 2,838,733 3,576,195 26% (€223 million) than in 2010 (€198 million), BANK BORROWINGS ‡+RZHYHUDQLQFUHDVHLQZRUNLQJFDSLWDO EBITDA** 216,276 252,264 17% reflecting higher cash outflows in 2011 FINANCIAL RATIOS as a % of revenue 7.6% 7.1% (€28.6 million) than in 2010 (€7.5 million); Under the loan taken out for the Christian while this increase largely occurred in the Salvesen acquisition in 2007 and adjusted in EBITA** 106,316 130,350 23% IRXUWKTXDUWHURIWKH\HDULWGLGQRWUHÁHFWDQ\ 2010, the Company must comply with three as a % of revenue 3.7% 3.6% major bad debt problem with customers. ÀQDQFLDOUDWLRVFRYHULQJEDQNGHEW Goodwill impairment/amortisation (3,779) (5,794) 2011FDVKÁRZIURPLQYHVWPHQWWUDQVDFWLRQV EBIT** 102,537 124,556 21% As at 31 December 2011: LQFOXGLQJ FKDQJH LQ À[HG DVVHW SD\DEOHV  as a % of revenue 3.6% 3.5% DPRXQWHG WR D QHW RXWÁRZ RI ½ PLOOLRQ - Gearing (i.e. the ratio between total net Net financial items (26,783) (25,437) (5)% compared to €80 million in 2010. borrowings – total debt less net cash and cash Income Before Tax and Share of Associates 75,754 99,119 31% CONSOLIDATED equivalents - and consolidated shareholders’ as a % of revenue 2.7% 2.8% equity) must remain under 2; Income tax (7,179) (22,243) BALANCE SHEET AS AT - Net interest cover (i.e. the ratio between CVAE (partial replacement of taxe professionnelle) (11,937) (13,138) 31 DECEMBER 2011 EBITA and net interest) must be over 2.25; and Share of Associates 537 240 Minority interests (649) Group share of consolidated net assets - Leverage ratio (i.e. the ratio between total net NET INCOME Group share 57,175 63,329 11% at 31 December 2011 amounted to borrowings – total debt less net cash and cash €509.5 million (€512.3 million including as a % of revenue 2.0% 1.8 % equivalents - and consolidated EBITDA) must minority interests), up over €51 million be under 3.5. (*) Including CVAE transferred to Income Tax. compared to 31 December 2010. At 31 December 2011, the Group complied Total non-current assets at 31 December with these three ratios. Norbert Dentressangle 2011 consolidated of TDG), €3.1 million of non-operating net arising from the restructuring but sought to stood at €1,406 million, up sharply vs. 2010 revenues amounted to €3,576 million, up capital gains, and €3.4 million of other non- limit the amounts deducted to a portion of the non-current assets of €1,061 million, due Operating income divided by Capital Employed 26% compared to 2010 consolidated revenues. operating net expense, EBITA (Earnings tax losses. Since then, management has been largely to the TDG acquisition. In reality, cash flow from investment (pre-tax average) (i.e. EBITA divided by Organic growth was buoyant (up 5.6%) Before Interest, Taxes and Amortisation) discussing with the authorities the proportion transactions was improved by the July 2011 average capital employed) amounted to 12.6% Working capital at 31 December 2011 sale and leaseback of the remaining real estate at 31 December 2011. The average capital throughout 2011. While business in the 4th came in at €130.4 million (3.6% of revenues), of the tax losses that can be offset against amounted to €-21.1 million (i.e. a cash of Christian Salvesen and its subsidiary CS Ltd, employed corresponds to the average capital up 23% (by over €24 million) compared to the current corporation tax charge in France. quarter was broadly similar to volumes in resource), similar to working capital at which brought in €30 million in cash from the Given that the discussions with the authorities, employed at 1 January 2011 and the capital the previous quarters, the general economy 2010. 31 December 2010 despite the first-time sales price. which at present are non-litigious, are still in employed at 31 December 2011. The capital gradually showed signs of a slowdown. consolidation of TDG, which had negative employed is calculated by adding consolidated 2011 net financial items amounted to a progress, and for reasons of prudence, the 2011 cash flow from operating capital working capital. net assets, net borrowings and other current 2011 EBITDA (Earnings Before Interest, €25.4 million expense, an improvement Company has booked a 2011 corporation tax expenditure (excluding the sale and leaseback) ended up much higher than in 2010. borrowings. Return On Equity (ROE) (i.e. net Taxes, Depreciation and Amortisation) came compared to 2010 net financial expenses charge for France without taking account of Provisions (short and long term) totalled €144 million, similar to 30 June 2011. 7KH RSHUDWLQJ FDSLWDO H[SHQGLWXUH FDVK ÁRZ income divided by shareholders’ equity) stands in at €252.3 million, representing 7.1% of (€26.8 million) despite the TDG acquisition. WKHSRWHQWLDOEHQHÀWRIXVLQJWKHDGGLWLRQDOWD[ should also include the value of investments at over 12%. revenues. losses (i.e. €27 million that can theoretically PLOOLRQRIWKH&636SHQVLRQIXQGGHÀFLW in shares in conjunction with the company The 2011 corporation tax charge amounted to still be used and has not yet been included in has been recognised; the unrecorded portion The EBITDA margin is estimated at 6.8% of acquisitions, specifically €288 million €22.2 million. Note that in France, management earnings). Consequently, the income statement (excluding the “corridor”) is estimated at revenues for Transport and 7.4% for Logistics, for TDG, Brune Lavage and APC Beijing are still in discussions with the tax authorities corporation tax rate comes to 26% of pre-tax £39.3 million. International. This increases the total 2011 Logistics being less capital intensive and on use of the 2009 tax losses from the legal net income (compared to 11% in 2010); this FDVK ÁRZ IURP LQYHVWPHQW WUDQVDFWLRQV WR D producing higher operating margins than Lastly, net debt reduced sharply in the restructuring of the Christian Salvesen group. rate is lower than the standard French tax rate ½PLOOLRQRXWÁRZ Transport. fourth quarter of 2011 to €624 million as at In a September 2011 notice of assessment, the of 36% due largely to the growing importance 31 December 2011. This level of debt Cash flow from financing transactions After €9.1 million of restructuring costs (similar tax authorities did not dispute the principle of taxable income outside France, particularly represents 1.14 times net assets and less than DPRXQWHGWRDQLQÁRZRI½PLOOLRQZKLFK WR  GHVSLWH WKH ÀUVW WLPH FRQVROLGDWLRQ of deducting the tax losses brought forward in the UK. 2.5 times 2011 EBITDA. ZDV PXFK KLJKHU WKDQ  QHW LQÁRZ RI 40 41

FINANCIAL STATEMENTS FINANCIAL STATEMENTS Norbert Dentressangle 2011 Norbert Dentressangle 2011

ACTIVITIES AND EARNINGS OF THE OPERATING DIVISIONS Transport bolstered its market positions in 2012 will also be a year of consolidation in the ‡6WHSXS IDFWRUV WKDW PDNH WKH *URXS VWDQG 2011, posting revenues of €1,966 million before Freight Forwarding business. out (e.g. customised offers - innovation - cost The breakdown of 2011 EBITA per Division was as follows: deducting intercompany revenues, up 20.2% reductions), In general terms, the Group will remain extre- (up 7.7% like for like). Growth was generally mely rigorous in managing costs and its balance constant throughout the year despite a more ‡6 W HS XS IDFWRUV WKDW PDNH WKH *URXS VWDQG 31/12/2011 sheet. It will be able to react swiftly, should the 31/12/2011 Change depressed economy in December. out (e.g. customised offers - innovation - cost 31/12/2011 Norbert economic context deteriorate during the year. €000 31/12/2010 Norbert vs. past reductions), TDG (*) Dentressangle Logistics posted 2011 revenues of €1,589 million Dentressangle (**) consolidation Under any such circumstances, its strengths + TDG before deducting intercompany revenues, up will be: ‡$KXPDQUHVRXUFHVSROLF\WKDWIRVWHUVDQ 28.2% (up 3.9% like for like), boosted especially LOGISTICS: entrepreneurial spirit. E\EXR\DQWYROXPHVLQWKH8.+RZHYHUÁDWWK ‡$ GLYHUVLÀHG FXVWRPHU SRUWIROLR DFURVV DOO Total revenues 1,239,283 1,294,182 294,946 1,589,128 4.4% TXDUWHUJURZWKLQEXVLQHVVUHÁHFWVWKHFKDQJHLQ sectors of the economy, 2012 should show little or no progress in Intercompany sales (4,896) (6,715) consumption over this period in Europe. like for like revenues. 2012 will above all be marked by the full-year effect of acquisitions Revenues less interco. 1,234,387 1,582,413 made in 2011. In a context of slow growth in Europe, we EBITA 63,013 75,830 4,542 80,372 20% anticipate growth exceeding GDP in those countries and continuing globalisation. % of consolidated revenues 5.1% 5.9% 1.5% 5.1% In addition, the Company’s strong balance TRANSPORT: VKHHWVKRXOGHQDEOHLWWRVHL]HRWKHURSSRUWX- Total revenues 1,635,564 1,734,322 231,659 1,965,981 6.0% nities for acquisitions in what are now its three business lines. Intercompany sales (42,949) (64,405) Revenues less interco. 1,592,615 1,901,576

EBITA 44,160 50,020 (2,660) 47,360 13%

% of consolidated revenues 2.8% 2.9% (1.1%) 2.5% FREIGHT FORWARDING Total revenues 11,852 46,843 38,808 85,651 295% Freight Forwarding continued to soar during ‡,WVVL]HÀQDQFLDOVWUHQJWKDQGGXUDELOLW\ Intercompany sales (121) (403) 2011. The acquisitions of TDG and APC Beijing International enabled the Group to step up a ‡$  GHFHQWUDOLVHG RUJDQLVDWLRQ ZLWK DXWRQR- Revenues less interco. 11,731 85,248 gear in the development of its new business mous and responsible managers at the head of line and become a major player in this market. its business units and staff (460). EBITA (855) (613) 910 297 28% Freight Forwarding posted 2011 revenues of In this environment, the Group cannot issue €86 million, up from €12 million in 2010. ÀJXUHVIRUIRUHFDVWEXVLQHVVOHYHOV % of consolidated revenues (7%) (1.3%) 2.3% 0.3% The qualitative objectives remain unchanged Dagenham site (disposal in progress) and are as follows: Revenues 6,958 6,958 OUTLOOK FOR 2012 ‡´$OO1RUEHUWLQDOOFRXQWULHVµJLYLQJSULRULW\ The business suffered a slowdown at the end of to organic growth. EBITA margin 2,327 2,327 ,QWKHFXUUHQWFRQWH[WRIDÁDWPDFURHFR- ‡6XVWDLQDEOHGHYHORSPHQWDVDIDFWRULQGDLO\ GROUP CONSOLIDATED TOTAL nomic outlook in Europe, the Group has little work, with four dimensions to the Group’s visibility of potential levels of business among Consolidated revenues 2,838,733 3,007,566 568,629 3,576,195 5.9% commitment: its customers. However, the low level of inven- tory held by customers suggests that there will - Reduction in greenhouse gas emissions EBITA 106,316 125,237 5,119 130,350 18% be no abrupt halt in activity during 2012, such - Road safety as the one that occurred during the crisis in the - Environmentally responsible site management % of consolidated revenues 3.7% 4.2% 0.9 % 3.6% last few months of 2008. - Staff integration and promotion (*) TDG: consolidated as of 1 April 2011, covering 3 quarters ,Q WKLV FRQWH[W WKH *URXS ZLOO EHQHÀW IURP (**) including APC and Brune Lavage, acquired during the year the post-acquisition cost synergies with TDG. 42 43

FINANCIAL STATEMENTS FINANCIAL STATEMENTS Norbert Dentressangle 2011 Norbert Dentressangle 2011

FINANCIAL RESULTS AS AT 31 DECEMBER 2011

RESULTS AND OTHER KEY FIGURES OF THE COMPANY OVER CONSOLIDATED FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2011 THE LAST FIVE FINANCIAL YEARS CONSOLIDATED INCOME STATEMENT

€ 31/12/2007 31/12/2008 31/12/2009 31/12/2010 31/12/2011 €000 Note 31/12/2011 31/12/2010 31/12/2009 CLOSING SHARE CAPITAL REVENUES c 3,576,195 2,838,733 2,719,428

Other purchases and external costs (2,173,850) (1,665,630) (1,541,599) . Share capital 19,672,482 19,672,482 19,672,482 19,672,482 19,672,482 Staff costs (1,102,554) (917,677) (925,703) . Number of ordinary shares 9,836,241 9,836,241 9,836,241 9,836,241 9,836,241 Taxes, levies and similar payments (42,490) (33,992) (49,595) . Number of non-voting preference shares Amortisation and depreciation charges f (120,690) (109,555) (115,100) . Max. number of shares to be created: Other operating expenses (income) f (3,193) 2,802 2,282 By bond conversion 0 0 0 0 0 (Gains)/losses on sales of operating assets 2,911 (106) (241) By subscription rights 115,000 250,000 250,000 250,000 175,000 Restructuring costs f (9,061) (9,119) (12,688) OPERATIONS AND INCOME/(LOSS) Fixed assets gains or losses 3,082 860 3,573

. Gross revenues 18,685,923 22,659,325 24,465,892 24,046,211 16,344,066 EBITA 130,350 106,316 80,357 . Earnings before taxes, investments, 26,662,422 3,968,767 266,817,329 7,118,992 (301,161,412) depreciation, amortisation and provisions . Income taxes (3,490,594) (17,575,942) (59,831,615) (27,359,313) (32,216,560) Amortisation of allocated Customer Relations f (5,794) (3,779) (3,658) . Employee profit-sharing 0 0 0 0 0 EBIT c-f 124,556 102,537 76,699 . Net income 29,703,698 15,577,664 19,711,229 28,998,467 26,510,323 . Income distributed 10,819,865 6,885,369 8,852,617 10,819,865 12,295,301 Financial income g 6,688 3,246 3,838 Financial costs g (32,125) (30,029) (29,603) EARNINGS PER SHARE GROUP PRE-TAX INCOME 99,119 75,754 50,933 . Income/(loss) after tax, investments before allowances 3.15 2.25 34.14 3.51 (27.34) for amortisation, depreciation and provisions Tax charge h (35,381) (19,116) 36,186 Group share of earnings of companies treated . Income/(loss) after tax, investments and allowances n 240 537 (1,395) 3.10 1.63 2.06 2.95 2.70 under the equity method for amortisation, depreciation and provisions . Dividend paid 1.10 0.70 0.90 1.10 1.25 * NET INCOME 63,978 57,175 85,724

EMPLOYEES Minority interests 649 0 0

NET INCOME GROUP SHARE 63,329 57,175 85,724 . Average number of employees 26 35 39 37 29 EARNINGS PER SHARE . Wages and salaries 3,266,043 4,834,469 4,079,589 4,092,903 3,442,628 Basic EPS on net income for the year j 6.57 5.96 8.96 . Social security charges 1,239,897 1,612,516 1,682,532 1,564,551 1,349,823 Diluted EPS on net income for the year j 6.45 5.81 8.73 * Proposed to the Shareholders’ General Meeting of 24 May 2012 on the basis of the number of shares as at the balance sheet date. 44 45

FINANCIAL STATEMENTS FINANCIAL STATEMENTS Norbert Dentressangle 2011 Norbert Dentressangle 2011

STATEMENT OF AMOUNTS POSTED TO SHAREHOLDERS’ EQUITY CONSOLIDATED BALANCE SHEET LIABILITIES €000 31/12/2011 31/12/2010 31/12/2009 €000 Note 31/12/2011 31/12/2010 31/12/2009 NET INCOME GROUP SHARE 63,978 57,175 85,724 Share capital s 19,672 19,672 19,672 Translation adjustments 1,069 3,767 7,102 Share premium 18,888 18,537 18,537 Gains and losses on revaluation of financial instruments (7,833) 2,838 (2,162) Translation adjustments (25,190) (26,532) (30,615) Tax on financial instruments and translation adjustments 4,559 (535) 5,052 Consolidated reserves s 432,753 389,127 307,047 Net income for the financial year 63,329 57,175 85,724 Other (272) 154 (232) OTHER ITEMS AMOUNTS POSTED TO SHAREHOLDERS’ EQUITY (2,477) 6,224 9,760 SHAREHOLDERS’ EQUITY GROUP SHARE 509,452 457,979 400,365

TOTAL COMPREHENSIVE INCOME 61,501 63,399 95,484 Minority interests 2,851 0 0 Minority interests share of comprehensive income 376 Group share of comprehensive income 61,125 63,399 95,484 SHAREHOLDERS’ EQUITY 512,303 457,979 400,365

Long-term provisions t 108,674 85,484 92,396 CONSOLIDATED BALANCE SHEET Deferred tax liabilities i 82,385 70,231 73,309 ASSETS Long-term borrowings u-x 640,229 453,422 406,669 €000 Note 31/12/2011 31/12/2010 31/12/2009 NON-CURRENT LIABILITIES 831,288 609,137 572,374 Goodwill k-m 551,863 366,238 358,631 Intangible fixed assets k 114,608 63,054 68,656 Short-term provisions t 35,839 27,032 22,228 Tangible fixed assets l 643,987 550,955 560,576 Short-term borrowings u-x 141,497 125,210 180,145 Investments in associated companies n 4,511 5,772 4,271 Other current borrowings w-x 21,137 13,210 16,048 Other non-current financial assets o 44,357 26,475 26,318 Bank overdrafts r 87,928 17,431 26,219 Deferred tax assets i 46,448 48,821 48,059 Trade payables w 523,593 405,008 368,743 Current tax payable 10,536 11,974 8,451 NON-CURRENT ASSETS 1,405,774 1,061,315 1,066,511 Other debt w 324,669 258,922 258,228 Inventories p 15,808 12,674 14,387 Trade receivables q 653,841 495,176 451,952 CURRENT LIABILITIES 1,145,199 858,787 880,062 Current tax receivable q 43,858 44,710 49,961 Other receivables q 124,171 98,146 101,990 TOTAL LIABILITIES 2,488,790 1,925,903 1,852,801 Other current financial assets o 0 0 Cash and cash equivalents r 245,338 213,882 168,000

CURRENT ASSETS 1,083,016 864,588 786,290

Assets held for sale 0 0 0

TOTAL ASSETS 2,488,790 1,925,903 1,852,801

46 47

FINANCIAL STATEMENTS FINANCIAL STATEMENTS Norbert Dentressangle 2011 Norbert Dentressangle 2011

CONSOLIDATED CASH FLOW STATEMENT CHANGE IN CONSOLIDATED SHAREHOLDERS’ EQUITY

€000 Note 31/12/2011 31/12/2010 31/12/2009 Share Share Undistributed Other Translation Minority Net income 63,329 57,175 85,724 €000 Earnings Total Depreciation and provisions 124,366 115,777 115,994 capital premium reserve reserves adjustments interests Capital gains or losses on disposals of fixed assets (5,244) (563) (2,919) Deferred tax and taxes posted to shareholders’ equity 10,499 1,571 (3,103) AS AT 31 DECEMBER 2008 19,672 18,537 296,801 (28,750) 42,406 (37,717) 0 310,949 Net financial costs on financing transactions 28,444 22,572 22,561 Appropriation of earnings 42,406 (42,406) Dividends paid to parent company Other adjustments 1,963 1,774 2,167 (6,697) (6,697) shareholders Operational cash flow 223,357 198,306 220,424 Change in inventories 356 981 235 Net profit for the year 85,724 85,724 Trade receivables (32,334) (30,540) 39,224 Other items posted to shareholders’ equity 2,658 7,102 9,760 Benefits related to share-based Trade payables 5,687 17,068 (18,882) 629 629 compensation Operating working capital (26,291) (12,491) 20,577 Social security receivables and payables 3,018 1,673 5,353 AS AT 31 DECEMBER 2009 19,672 18,537 332,510 (25,464) 85,724 (30,615) 0 400,365 Tax receivables and payables 3,854 5,000 (32,764) Appropriation of earnings 85,724 (85,724) 0 Other receivables and payables (9,176) (1,671) 2,921 Dividends paid to parent company (8,614) (8,614) Non-operating working capital (2,304) 5,002 (24,490) shareholders Operational working capital (28,595) (7,489) (3,913) Net profit for the year 57,175 57,175 Change in Pension Fund (12,919) (7,640) (11,260) Other items posted to shareholders’ equity 2,142 4,082 6,224 NET CASH FLOW FROM OPERATIONS 181,843 183,177 205,251 Sales of intangible and tangible fixed assets 96,303 44,819 56,972 (Acquisitions) disposals of treasury shares 855 855 Receivables on sales of fixed assets 305 (3,983) (2,063) Benefits related to share-based 2,038 2,038 Sales of financial assets (16) 2,285 compensation Acquisition of intangible and tangible fixed assets (198,382) (136,232) (109,337) Other variations (64) (64) Acquisition of financial assets (128) (975) 0 Payables on acquisitions of fixed assets 9,960 15,433 (12,291) AS AT 31 DECEMBER 2010 19,672 18,537 409,620 (20,492) 57,175 (26,533) 0 457,979 Net cash flow from company acquisitions and sales v (288,405) (4,998) 0 Appropriation of earnings 57,175 (57,175) Dividends paid to parent company NET CASH FLOW FROM INVESTMENT TRANSACTIONS (380,363) (85,936) (64,434) (10,688) (10,688) shareholders NET CASH FLOW (198,520) 97,241 140,817 Net profit for the year 63,329 649 63,978 Dividends paid to parent company shareholders (10,688) (8,614) (6,697) Other items posted to shareholders’ equity 94 (3,640) 1,342 (273) (2,477) Net new loans 198,220 334,397 173,804 (Acquisitions) disposals of treasury shares (1,083) 113 (970) Capital increase/(reduction) 350 0 0 Treasury shares 114 798 0 Capital increase 354 354 Other financial assets/liabilities 00 Benefits related to share-based 1,113 1,113 Repayment of loans (347,293) (182,979) compensation Net financial costs on financing transactions (28,444) (22,572) (22,561) Changes in consolidation 539 2,475 3,014 NET CASH FLOW FROM FINANCING TRANSACTIONS 159,552 (43,284) (38,433) Other variations

Exchange differences on foreign currency transactions (73) 712 1,635 AS AT 31 DECEMBER 2011 19,672 18,891 456,770 (24,019) 63,329 (25,191) 2,851 512,303 Change in cash (39,041) 54,669 104,019 Opening cash and cash equivalents 196,451 141,782 37,763 Closing cash and cash equivalents 157,410 196,451 141,782 Change in cash (closing - opening) (39,041) 54,669 104,019 FDVKÁRZVIURPUHFHLSWVDQGSD\PHQWVRIFXUUHQWWD[DPRXQWHGWRDQHWRXWÁRZRI½PLOOLRQ 48

NOTES

FINANCIAL INFORMATION PATRICK BATAILLARD CFO Tel: +33 472 836 600 Fax: +33 472 836 601 Website: www.norbert-dentressangle.com (FINANCES section)

AUDITORS ERNST & YOUNG & Autres Member of the «Compagnie régionale de Versailles» GRANT THORNTON French member of Grant Thornton International Current auditors

NORBERT DENTRESSANGLE SA BP 98 - 26241 Saint-Vallier-sur-Rhône - France RCS ROMANS 309 645 539 Photo credits: S. Rambaud - V. Vedrenne N. Bouchut P. Caron G. Perret Demouveaux Green Imaging Ltd D. Studio 3 - V. Traver A. Ramella Céline Deligey Corbis Shutterstock Internal photos. In 2011, Norbert Dentressangle supported the Greffe de Vie foundation

The Greffe de Vie Foundation is a registered charity, which works to promote organ transplantation and donation. It aims to provide information and raise awareness of organ donation in France, stimulate transplantation activities and improve quality of life for patients.

Bringing people closer to their dreams

Further information: www.greffedevie.fr www.norbert-dentressangle.com