4850-couv rapport 2007 GB:Mise en page 1 6/06/08 10:33 Page 1 2007 ANNUAL REPORT 4850-couv rapport2007GB:Miseenpage16/06/0810:33Page2 Photographic crédits: Stéphane Rambaud - Philippe Caron - Véronique Vedrenne - Pierre Brunet - Corbis - Getty Images. FINANCIAL INFORMATION PATRICK BATAILLARD Group Chief Financial Officer Tel: +33 475 232 526 Fax: +33 475 031 877 Shareholder’s Service Tel: +33 475 235 878 Web site: www.norbert-dentressangle.com (browse FINANCE) ANNUAL REPORT 07 20 AUDITORS ERNST & YOUNG AUDIT Member of the Versailles Regional Accountants Association CABINET ALAIN BONNIOT & ASSOCIES Member of the Lyon Regional Accountants Association Appointed Auditors GROUPE NORBERT DENTRESSANGLE BP 98 - 26241 Saint-Vallier-sur-Rhône - France RCS ROMANS 309 645 539 DENTRESSANGLE NORBERT 2 Bringi people closer to th 3 ng eir dreams 4 28 years of growth 332 Turnover in millions of euros 92 Introduction to the Paris Stock Exchange Creation of the Secondary Market Norbert Dentressangle Company 11979979 1988 1994 3083* 5 * Pro forma turnover including the Christian Salvesen group 1 608 1 053 647 Transfer to the Paris Stock Exchange Primary Market 1998 2002 2006 2007 6 In 2007 Norbert Dentressangle streng its position in 2 domains: fresh, chilled and frozen logistics, And acquired major market position Spain, the United Kingdom, 7 thened and pallet distribution in: Belgium and the Netherlands. 8 Norbert a major European A full range of Transport and Logistic services Ambient and reverse logistics Packed goods and temperature € 925m controlled transport € 894m Fresh, chilled and frozen logistics Distribution Transport € 400m € 616m Total Logistics: 43% Transport of goods in bulk € 248m Total Transport: 57% 9 Dentressangle, player 370 sites Warehousing area: in 14 countries 4,000,000 sq.m Employees: Tractor units: 8,500 29,631 Trailers: 9,300 The Netherlands 2.9% Other countries Germany 4.8% Belgium 2007 pro-forma Italy Ireland 3.5% Luxembourg turnover: Poland Portugal Spain 10.2% Czech Republic Romania 3.083 billion Switzerland euros United Kingdom 24% France Geographical turnover split 2007 12 month pro-forma based turnover 54.6% 10 The People in interdependent and committed entre who make a 11 Red: preneurs excellence daily reality. 12 What could be more 13 appealing than a world that makes life easier ... CONTENTS 14 2007 Retrospective 16 Growth of key consolidated figures for the Norbert Dentressangle Group 18 The Norbert Dentressangle Group on the Stock Exchange 20 The Group’s Management 22 The Norbert Dentressangle message 24 Interview with Jean-Claude Michel 26 Passion Rouge 2010 34 Logistics 44 Transport 54 2007 Financial Report 56 Executive Board Management report 88 Consolidated financial statements 136 Company financial statements 141 Draft resolutions 14 ANNUAL REPORT 2007 Retrospective 07 20 ■ March Norbert Dentressangle purchased 6.6 % of the capital of Interbulk, a British company specialising in intermodal tank container transport. ■ October NORBERT DENTRESSANGLE NORBERT Inauguration of the hub at Tours (France). ■ December Norbert Dentressangle won the European Commission’s Road Safety Excellence Award for large companies and multinationals. Increase in Norbert Dentressangle’s shareholding of Novatrans, a French company specialising in intermodal transport. Inauguration of the logistics hub in Valenciennes dedicated to Michelin as customer. 15 ■ 14 December Norbert Dentressangle acquires the Christian Salvesen group. Christian Salvesen is a British company present in 6 countries: the United Kingdom, France, Spain, Portugal, Belgium and the Netherlands. It employs 14,000 people and generates revenues of 1.3 billion euros. Its business expertise is Transport and Logistics with 2 strong specialities: pallet distribution and cold storage logistics. 16 Growth of key consolidated figures ANNUAL REPORT ANNUAL 07 20 for the Norbert Dentressangle Group 100 83.1(1) 79.8 80 65 2,000 60 1,804 50.6 51.5 NORBERT DENTRESSANGLE NORBERT 1,608 40 1,399 1,500 1,303 1,222 20 1,000 0 2003 2004 2005 2006 2007 500 0 OPERATING INCOME 2003 2004 2005 2006 2007 BEFORE inGOODWILL millions of euros (EBITA) (1) includes exceptional VAT refunds on motorway tolls TURNOVER in millions of euros 17 8 REPORT ANNUAL 07 7 6.77 20 6 5.19 5.14 5 4 3.66 2.88 3 2 1 NORBERT DENTRESSANGLE NORBERT 0 2003 2004 2005 2006 2007 NET EARNINGSin euros PER SHARE 200% 158% 150% 80 100% 70 81% 62.7 60 61% 50% 49.8 49.3 41% 50 25% 36.2 40 0 27.2 30 2003 2004 2005 2006 2007 20 10 0 OF EQUITY 2003 2004 2005 2006 2007 NET GEARING AS A PERCENTAGE NET EARNINGSin millions - GROUP of euros SHARE 18 The Norbert Dentressangle Group on the Stock Exchange CAPITAL As at 29/02/08, the capital of the Norbert Dentressangle Group was valued at € 19,672,482 divided into 9,836,241 shares with par value of € 2. ANNUAL REPORT 07 20 ALLOCATION OF THE CAPITAL AND VOTING RIGHTS On 29 February 2008 Number Number of shares of voting rights Dentressangle Family 545,646 1,091,292 Financière Norbert Dentressangle (1) 6,045,400 12,090,800 Employees 58,061 85,109 General public 2,887,020 2,892,644 Shares held by the Norbert Dentressangle Group 300,114 0 TOTAL 9,836,241 16,159,845 NORBERT DENTRESSANGLE NORBERT 3.05% 6.75% 5.55% 17.90% 0.53% 29.35% 74.82% 61.46% 0.59% Allocation of capital Allocation of voting rights Dentressangle Family Employees Financière Norbert Dentressangle (1) General public Shares held by the Norbert Dentressangle Group (1) The Dentressangle family wholly owns the capital of Financière Norbert Dentressangle. 19 DIVIDEND The dividend was € 1.10 per share for 2007, up 10% from that of 2006. The dividend will be paid on 3 June 2008. Stock market data 2007 2006 2005 2005 published restated published Price on 31 December in € 71.5 69.00 49.74 49.74 Number of shares on 31 December (1) 9,836,241 9,835,693 9,923,306 9,923,306 Market capitalisation in €m 703.3 679 494 494 Net earnings per share in € (2) 5.14 5.19 6.77 6.56 Net dividend in € 1.1 1.00 0.89 0.89 Distribution ratio in € (1) 21.4 19.8 13.6 14.1 (1) Including treasury stock (2) After cancellation of treasury stock TRANSACTION Norbert Dentressangle: FR0000052870-GND Number of Stock market: Euronext Paris Highest Lowest Average securities Capital Coursshare extrêmesshare closing traded (daily average Market: Eurolist Compartiment B price price price (daily in thousands Main index: CACMid 100 (in €) (in €) (in €) average) of €) Other indices: CACMid & small 190 Jan. 2006 54.70 48.01 51.57 15,031 770 2006 - 2007 80 Feb. 2006 53.00 51.00 51.82 4,715 244 70 Mar. 2006 55.60 51.10 52.65 5,653 298 60 April 2006 65.00 56.30 59.22 15,931 930 50 40 May 2006 61.00 53.50 57.62 14,541 827 30 June 2006 56.20 46.05 52.91 12,042 637 20 July 2006 57.50 50.60 54.95 10,849 596 10 0 8 06 07 006 007 ANNUAL REPORT 20 2006 2006 20 2007 2007 y 2 y 2 Aug. 2006 58.20 53.95 56.20 2,029 114 n. 2006 ch a ly n. 2007 ch a n. 200 a Ju a uly. a J M Sept. 2006 Nov. J M J Sept. 2007 Nov. J Mar Mar 07 AVERAGE CLOSING PRICE (in euros) Sept. 2006 62.80 55.05 57.38 6,910 400 20 Oct. 2006 66.50 62.55 64.92 11,552 747 2006 - 2007 20,000 Nov. 2006 70.50 64.05 68.11 5,181 353 Dec. 2006 72.90 65.65 68.64 5,180 358 15,000 Jan. 2007 70.00 62.00 66.35 3,864 256 10,000 Feb. 2007 72.95 63.10 67.86 3,364 230 5,000 DENTRESSANGLE NORBERT Mar. 2007 72.40 62.15 66.45 8,689 596 April 2007 71.00 68.34 69.64 7,280 509 0 06 07 006 007 20 2 2006 2006 20 2 2007 2007 n. 2006 h ay n. 2007 h ay n. 2008 a c uly. a c uly. a J M J Sept. 2006 Nov. J M J Sept. 2007 Nov. J May 2007 73.79 68.83 71.20 5,969 420 Mar Mar NUMBER OF SECURITIES TRADED (daily average) June 2007 76.00 69.00 72.95 6,231 455 2006 - 2007 July 2007 77.00 69.60 72.66 3,586 260 1,000 Aug. 2007 77.00 70.05 73.31 4,457 326 800 Sept. 2007 78.92 72.00 75.45 4,965 373 600 Oct. 2007 89.50 74.81 83.36 7,041 581 400 Nov. 2007 83.00 73.16 77.20 9,393 720 200 Dec. 2007 76.01 73.14 74.96 8,458 634 0 6 7 06 06 06 07 07 07 07 8 Jan. 2008 61.44 58.34 59.43 8,395 498 006 007 2 20 20 20 20 2 20 20 20 . 200 ch 200 n ch 200 . an. 2006 ov a ov an J May July. Sept. N J May July. Sept. N J Mar Mar Feb. 2008 57.48 55.49 56.01 9,334 522 CAPITAL TRADED (daily average in thousands of euros) 20 The Group Governance THE SUPERVISORY BOARD From left to right: Pierre-André Martel - Bruno Rousset - François-Marie Valentin - Henri Lachmann - Evelyne Dentressangle / Vice-chairman - Norbert Dentressangle / Chairman 21 THE EXECUTIVE BOARD Logistics Division Transport Division LOGISTICS TRANSPORT From left to right: Hervé Montjotin Jean-Claude Michel François Bertreau Patrick Bataillard Transport Division Executive Vice President Chief Executive Officer Logistics Division Executive Vice President Group Chief Financial Officer.