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Annual Report 2013 Contents ANNUAL REPORT 2013 CONTENTS Board of Directors and Executive Committee ��������������������������������������������������������������� 2 Chairman's message ������������������������������������������������������������������������������������������������������ 3 2013 Key figures ���������������������������������������������������������������������������������������������������������������� 4 MANAGEMENT REPORT Group's economic environment ������������������������������������������������������������������������������������� 6 Group's operations in 2013 ��������������������������������������������������������������������������������������������10 Transportation France �����������������������������������������������������������������������������������������������12 Logistics France ���������������������������������������������������������������������������������������������������������16 STEF International ����������������������������������������������������������������������������������������������������� 20 Maritime: La Méridionale ����������������������������������������������������������������������������������������� 24 Information Systems ������������������������������������������������������������������������������������������������� 26 Property ��������������������������������������������������������������������������������������������������������������������� 28 Sustainable development �������������������������������������������������������������������������������������������� 30 Environment �������������������������������������������������������������������������������������������������������������� 32 Social policy ������������������������������������������������������������������������������������������������������������� 40 Societal commitments ��������������������������������������������������������������������������������������������� 50 CSR compliance table ��������������������������������������������������������������������������������������������� 52 Auditors' certificate Environmental, social and societal information ���������������������������������������������������� 54 Group risks ��������������������������������������������������������������������������������������������������������������������� 56 Governance ������������������������������������������������������������������������������������������������������������������� 60 General information ������������������������������������������������������������������������������������������������������ 64 Outlook for 2014 ������������������������������������������������������������������������������������������������������������ 68 CONSOLIDATED FINANCIAL STATEMENTS Financial items ��������������������������������������������������������������������������������������������������������������� 70 Consolidated balance sheet and income statement �������������������������������������������������74 Notes to the consolidated financial statements ���������������������������������������������������������78 Statutory auditors' report on the consolidated financial statements ������������������������������������������������������������������ 118 ANNUAL ACCOUNTS Results of the parent company �����������������������������������������������������������������������������������120 INTERNAL CONTROL Chairman's report on the Board of Directors' activities and internal control ��������������������������������������������������������������������������������������122 Statutory auditors' report on the Chairman's report ���������������������������������������������������������������������������������������������������������131 THE CHAIRMAN'S MESSAGE The STEF Group emerged stronger from In Switzerland, the operational scope has a difficult 2013 for the transportation and been bolstered by the acquisition of a logistics sector� This demonstrates the facility in the German-speaking region� robustness of its business model which Finally, international consolidation has is built on a strong financial independ- also given us cause for satisfaction� We ence, a growth which outstrips that of have been able to support the growth its markets and a consistent operational of exporters in southern Europe and performance, now well established in all Germany with whom the Group has a our countries� solid reputation� The Group’s independence was illustrated As regards La Méridionale, it has started a in 2013 by the celebration of the 20th new public service concession to provide anniversary of the Company Savings Plan� BOARD OF DIRECTORS maritime services to Corsica from the With the Group’s employees holding over port of Marseille for a ten-year term� This Francis LEMOR, Chairman 16% of the capital, the Company Savings concession has validated the Group’s Bernard JOLIVET, Vice-Chairman Robert de LAMBILLY Plan is a key characteristic in the corporate decision to position itself on this market culture at STEF, whose management and Jean-Charles FROMAGE, Murielle LEMOINE with a fleet of passenger/freight ships Deputy Executive Officer staff hold more than 66% of its capital� Dominique NOUVELLET and a quality service perfectly matched Gilles BOUTHILLIER The Group’s growth and operational to the requirements of the transportation Xavier OGIER du TERRAIL Alain BRÉAU strength have resulted in the success of goods and passengers� ALLIANZ Vie, represented of a major external growth operation Eric GIUILY by Peter Etzenbach In France and other southern European being successfully managed, that of Emmanuel HAU countries, the political environment in ATLANTIQUE MANAGEMENT, the acquisition of the company EBREX in Estelle HENSGEN-STOLLER represented by François de COSNAC 2014 seems to pay greater attention to October 2013� Its swift integration, coupled the interests of business� In this more with a concern for the quality of service positive context, STEF is determined to EXECUTIVE MANAGEMENT provided to customers, demonstrates the continue with its proactive external growth maturity of the Group’s organisation� In Jean-Pierre SANCIER Bruno DUQUENNE policy and ambitious investments� Several addition, the existing scope has been Chief Executive Officer Deputy Executive Officer building projects will be delivered in extended with much smaller acquisitions European Affairs 2014 and new IT tools will enhance the (in Spain and Switzerland)� Serge CAPITAINE Stanislas LEMOR effectiveness of internal procedures Deputy Executive Officer Deputy Executive Officer This external growth, combined with the including the CRM (Customer Relationship Sales and Marketing Finance and Administration organic growth of our divisions, has rein- Management) project� This vast data forced the Group’s activities in France and standardisation and customer relation- EXECUTIVE COMMITTEE its market share in the European countries ship management programme will be 3 Bertrand BOMPAS 4 Stanislas LEMOR where STEF has started to expand� deployed throughout Europe� Managing Director of STEF Logistique Deputy Executive Officer of STEF This development is one of specialisa- To conclude, I would like to commend all Financial Director 9 tion – temperature-controlled – and the Group’s employees for their loyalty and Jean-Marc BRUÈRE 10 Marc REVERCHON a multicountry positioning in Europe, their professionalism� Thanks to them, the Deputy Executive Officer of STEF Transport Managing Director of Compagnie in both transportation and logistics� STEF Group is built on the strength of its Méridionale de Navigation 8 Serge CAPITAINE This is an economic model which has culture and its European roots� Alongside 7 Deputy Executive Officer of STEF Léon de SAHB scarcely changed even in the still adverse our customers, we are ready to seize the Sales and Marketing Director Managing Director of STEF Information and Technologies economic conditions, enabling all the first signs of recovery that appear� 2 Bruno DUQUENNE IT Systems Director countries to continue their growth and Deputy Executive Officer of STEF improve their profitability� 6 Deputy Executive Officer of STEF Transport Jean-Pierre SANCIER 1 Chief Executive Officer of STEF This is the case in Italy which has become Gérard GROFFE Chairman of STEF Transport Human Resources Director a key player in fresh products groupage 5 Gilles SAUBIER and logistics across the entire country� Buildings and Purchasing Director This is the case in other countries (Spain, Portugal, Belgium), which have been able 8 to control operating costs and secure, or 2 6 9 1 4 7 even increase their market share� 3 5 10 Francis LEMOR, Chairman 2 BOARD OF DIRECTORS AND EXECUTIVE COMMITTEE STEF ANNUAL REPORT 2013 STEF ANNUAL REPORT 2013 THE CHAIRMAN'S MESSAGE 3 KEY FIGURES 87 SITES Logistics France 53 SITES 235 European activities PLATFORMS AND THE EUROPEAN EXPERT WAREHOUSES 95 SITES IN COLD LOGISTICS Transportation France 2,633 424.1 60.2 2,502 376.5 55.3 2,300 352.6 52.2 2,057 321.2 47.2 2010 2011 2012 2013 2010 2011 2012 2013 2010 2011 2012 2013 CONSOLIDATED CONSOLIDATED CONSOLIDATED TURNOVER EQUITY INCOME IN MILLIONS OF EUROS GROUP SHARE GROUP SHARE IN MILLIONS OF EUROS IN MILLIONS OF EUROS VEHICLES 2,200 2,250 REFRIGERATED TRAILERS EMPLOYEES 15,490 REFRIGERATED QUAY AREA 458,500m2 STEF sites STEF partners COLD STORAGE 6,425,000m3 4 PASSENGER/FREIGHT SHIPS Canary Islands 4 KEY FIGURES STEF ANNUAL REPORT 2013 STEF ANNUAL REPORT 2013 KEY FIGURES 5 THE GROUP’S ECONOMIC ENVIRONMENT ue to its highly specialised offer and THE ECONOMIC SITUATION IN THE EUROZONE STABILISES multi-country positioning in logistics 2013 was marked by a fragile return
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