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Annual Report 2018 Contents ANNUAL REPORT 2018 CONTENTS Group’s Governance 02 OUR MISSION: The Chairman's message 03 CONNECTING FOOD MARKET PLAYERS STEF at a glance 05 As a European leader in temperature- controlled logistics and transport Overview 06 services, STEF carries chilled, frozen Business environment 09 and thermosensitive products from their Group's operations 12 production sites to their consumption sites. Declaration of extra-financial Every day, the Group's 18,000 employees work performance to provide agrifood manufacturers, retailers Corporate social responsibility 34 and out-of-home foodservice businesses Corporate governance report 64 with tailored solutions, guaranteeing the best conditions in terms of food safety, lead time General information 71 and quality for their products. Risk factors 74 STEF relies on the professionalism of its Consolidated financial statements 79 teams, the density of its European network Annual financial statements 145 (France, Italy, Spain, Portugal, Belgium, the Netherlands and Switzerland) and its ability to adapt to market changes in order to fulfil its mission. OUR MISSION — ANNUAL REPORT — STEF 2018 — 01 GROUP'S GOVERNANCE THE CHAIRMAN'S MESSAGE Executive Management Jean-Pierre SANCIER Stanislas LEMOR Marc VETTARD Chief Executive Officer Deputy Chief Executive Officer Deputy Chief Executive Officer gradual slowdown in the growth of our European economies and a mixed trend in food consumption characterised 2018. For STEF, 2018 was a successful year with a significant increase in turnover and strong organic growth in our operations,A in France and abroad. 2018 also saw the budget for the Group’s investments double. Two external growth operations bolstered our positioning. In 2019, the Group’s governance will undergo a period One concerns the acquisition of the Marconi Group’s frozen of transformation; Jean-Pierre Sancier and myself have business in Italy. We are now present in this country across decided to hand over the reins to a new generation. all business sectors and all temperature ranges for our This new generation embodies both STEF’s culture and its customers, with a total warehouse volume of over one conquering spirit and, I am sure, is ready to support the million m3. changes in our markets in the years ahead. I am convinced The second operation was the acquisition of the company that Stanislas Lemor and Marc Vettard will continue to fly Express Marée in France, which specialises in seafood the flag and promote the Group's values. products logistics. Consequently, STEF is intensifying its This has already begun with the implementation of a strategy of specialising on the seafood products market new operational structure in France, which showcases and can now offers its customers full coverage of the region. our specialisation and will enable us to provide a better Finally, we have continued to invest in our production response to our customers’ expectations. The next facilities and new strategic sites have been introduced challenges lie in integrating and improving the operational Change in governance in 2019 – Since Messrs Francis Lemor and Jean-Pierre Sancier are set to stand down from including Le Plessis-Pâté and Aulnay-sous-Bois in Île- performance of the companies acquired in recent years their respective mandates after the Shareholders’ Meeting of 30 April 2019, Mr Stanislas Lemor has been appointed and supporting the digital transformation projects. Chairman and Chief Executive Officer of the Group and Marc Vettard, Deputy Chief Executive Officer in charge of operations. de-France, Kölliken in Switzerland, L’Isle-d’Abeau in the Rhône-Alpes region and lastly, Bologna in Italy. In the maritime sector, La Méridionale intends to continue In 2018, our Group’s workforce increased further and its public service mission to operate crossings to Corsica. today, over 18,000 employees contribute to STEF’s success, The commitment and expertise of its employees, the Marc REVERCHON Jean-Pierre SANCIER Executive Committee a figure that represents 1,300 new recruits in just one year. performance of its fleet and its recognised innovations (from left to right) Chairman and Managing Director Group Chief Executive Officer in terms of the environment will enable it, in the future as of La Méridionale Marc VETTARD In order to raise greater awareness of the opportunities that we provide around our social model, we have deployed in the past, to provide the reliable and competitive service Marco CANDIANI Deputy Chief Executive Officer that Corsica needs. Jean-Yves CHAMEYRAT Managing Director of STEF Italie Vincent FROMAGE our employer branding using the expression “Build your Human Resources Director Bertrand BOMPAS Sales and Marketing Director future at the heart of the food world”. Standing down as Chairman on the eve of the 100th Ángel LECANDA Deputy Chief Executive Officer Christophe GORIN The classic example of our Group’s uniqueness is still our anniversary of the creation of STEF, I would like to say Managing Director of STEF Iberia France Group Business Director dedicated company mutual fund (FCPE) which celebrated its how honoured and proud I am to have helped to build a Léon de SAHB Vincent KIRKLAR 25th anniversary in 2018 and which now enables over 10,000 part of its history. It has been a privilege to share this daily IT Systems and Purchasing Real Estate Director of our employees to hold up to 16.60% of STEF’s capital. and demanding mission to serve our customers with the Director/Managing Director of STEF Managing Director of Immostef Group’s men and women. Information et Technologies Stanislas LEMOR STEF is therefore continuing its voluntary commitments Deputy Chief Executive Officer in terms of corporate social responsibility and, for the Once again, I would like to thank our customers for the second consecutive year, has been rated “Ecovadis Gold”, trust that they put in our Group and to assure them of the highest recognition level in this area. STEF’s loyalty to them, in all their projects. Board of Directors Alain GEORGES ALLIANZ Vie, represented Emmanuel HAU by Clarisse KOPFF Francis LEMOR, Chairman Estelle HENSGEN-STOLLER ATLANTIQUE MANAGEMENT, Francis LEMOR Bernard JOLIVET, Vice-Chairman Jean-François LAURAIN represented by François de COSNAC Chairman Jean-Charles FROMAGE Murielle LEMOINE Jean-Michel DELALANDE Lucie MAUREL-AUBERT Elisabeth DUCOTTET Dorothée PINEAU 02 — STEF 2018 — ANNUAL REPORT — GROUP’S GOVERNANCE CHAIRMAN’S MESSAGE — ANNUAL REPORT — STEF 2018 — 03 IN 2018, THE GROUP WAS ORGANISED INTO FOUR OPERATIONAL SEGMENTS STEF AT A GLANCE The Transport France Division The Logistics France Division focuses on the Group’s expertise in groupage, batch comprises all the logistics services offered to 2018 consolidated 2018 consolidated 2018 consolidated transport and organisation of national and international manufacturers, retailers and out-of-home foodservices turnover income equity consignments of chilled and frozen food products. for their frozen, chilled, thermosensitive and dry (in millions of euros) (Group share in millions of euros) (Group share in millions of euros) It also includes the transport of seafood products. food products. €3,255.1 M €94.4 M €693 M Workforce 1 2 18,053 3 4 Customers Deliveries over 10,000 over 100,000 per day International Activities The Maritime Division in Italy, Spain, Portugal, Belgium, the Netherlands and through La Méridionale, provides freight and passenger Switzerland in both transport and logistics, are brought transport between the continent and Corsica. 7 COUNTRIES together within the STEF International Division, which also covers European consignments. France, Italy, Spain, Portugal, Belgium, The Netherlands, Switzerland Breakdown of the Group’s transport and logistics activities Platforms and warehouses By temperature ranges By customer 169 sites in France 67 sites in other countries 2% 236 Wholesalers 14% 6% Frozen Out-of-home 8% -18°C/-21°C foodservices Thermosensitive Refrigerated quay area Storage volume & Temperature- controlled 16% 2 3 +5°C/+15°C Retailers 510,600 m 9,103,300 m Ro-ro mixed passenger 76% Over 4,000 vehicles operated and cargo vessels Agrifood industries of which 2,300 owned 3 78% Chilled +2°C/+6°C 04 — STEF 2018 — ANNUAL REPORT — STEF AT A GLANCE STEF AT A GLANCE — ANNUAL REPORT — STEF 2018 — 05 OVERVIEW JANUARY MARCH APRIL JUNE INTEGRATION URBAN DELIVERY PHOTOVOLTAIC EMPLOYEE SHAREHOLDING STEF swings into action to address these specific issues. STEF celebrates the 25th anniversary of its Company OF YOUNG PEOPLE On 13 March, the Group improved its urban logistics PANELS Savings Plan. We are proud of the fact that two out of three service for food professionals in Brussels city centre. A few employees are now Group shareholders, across all socio- STEF signs a local “Entreprises et Quartiers” partnership The Saintes site in Belgium is now fitted with these panels days later, STEF organised an event dedicated to Green professional categories and countries. agreement with the Prefecture of Seine-et-Marne to which are designed to cover nearly all its consumption. Logistics and urban delivery solutions in partnership with recruit employees on its Darvault site. It will also be able to benefit from green certificates that the City and Eurometropole of Strasbourg. will allow it to resell to electricity suppliers. FEBRUARY 500 PERMANENT FULL-TIME DRIVERS AND 50 ON WORK MAY EXPERIENCE CONTRACTS CONQUERING PARIS ENTRY ONTO THE FROZEN In order to support the development of its activities and MARKET IN ITALY With its new platform at Rungis international market, respond to the increasing strain on transport businesses, STEF STEF is directly operating its retail delivery business launches a major recruitment programme across France. STEF acquires the Marconi Group, Italy's leading frozen in the Paris region and improving the quality of service products logistics company. It is the largest transaction in the and distribution for its customers. APRIL temperature-controlled sector in recent years in Italy! With the establishments in Fidenza and Ascoli Piceno, real estate assets of 1.3 million m3 open up many growth prospects.
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