ANNUAL REPORT 2018
CONTENTS | |
Group's Governance | 02 |
The Chairman's message | 03 |
STEF at a glance | 05 |
Overview | 06 |
Business environment | 09 |
Group's operations | 12 |
Declaration of extra-financial | |
performance | 34 |
Corporate social responsibility | |
Corporate governance report | 64 |
General information | 71 |
Risk factors | 74 |
Consolidated financial statements | 79 |
Annual financial statements | 145 |
OUR MISSION:
CONNECTING FOOD MARKET PLAYERS
As a European leader in temperature- controlled logistics and transport services, STEF carries chilled, frozen and thermosensitive products from their production sites to their consumption sites.
Every day, the Group's 18,000 employees work to provide agrifood manufacturers, retailers and out-of-home foodservice businesses with tailored solutions, guaranteeing the best conditions in terms of food safety, lead time and quality for their products.
STEF relies on the professionalism of its teams, the density of its European network (France, Italy, Spain, Portugal, Belgium, the Netherlands and Switzerland) and its ability to adapt to market changes in order to fulfil its mission.
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G R O U P ' S G O V E R N A N C E
Executive Management
Jean-Pierre SANCIER | Stanislas LEMOR | Marc VETTARD |
Chief Executive Officer | Deputy Chief Executive Officer | Deputy Chief Executive Officer |
Change in governance in 2019 - Since Messrs Francis Lemor and Jean-Pierre Sancier are set to stand down from their respective mandates after the Shareholders' Meeting of 30 April 2019, Mr Stanislas Lemor has been appointed Chairman and Chief Executive Officer of the Group and Marc Vettard, Deputy Chief Executive Officer in charge of operations.
T H E C H A I R M A N ' S M E S S A G E
A 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, in France and abroad.
2018 also saw the budget for the Group's investments double.
Two external growth operations bolstered our positioning. One concerns the acquisition of the Marconi Group's frozen business in Italy. We are now present in this country across all business sectors and all temperature ranges for our customers, with a total warehouse volume of over one million m3.
The second operation was the acquisition of the company Express Marée in France, which specialises in seafood products logistics. Consequently, STEF is intensifying its strategy of specialising on the seafood products market and can now offers its customers full coverage of the region.
Finally, we have continued to invest in our production facilities and new strategic sites have been introduced including Le Plessis-Pâté and Aulnay-sous-Bois in Île- de-France, Kölliken in Switzerland, L'Isle-d'Abeau in the Rhône-Alpes region and lastly, Bologna in Italy.
In 2019, the Group's governance will undergo a period of transformation; Jean-Pierre Sancier and myself have decided to hand over the reins to a new generation.
This new generation embodies both STEF's culture and its conquering spirit and, I am sure, is ready to support the changes in our markets in the years ahead. I am convinced that Stanislas Lemor and Marc Vettard will continue to fly the flag and promote the Group's values.
This has already begun with the implementation of a new operational structure in France, which showcases our specialisation and will enable us to provide a better response to our customers' expectations. The next challenges lie in integrating and improving the operational performance of the companies acquired in recent years and supporting the digital transformation projects.
In the maritime sector, La Méridionale intends to continue
Executive Committee
(from left to right)
Jean-Yves CHAMEYRAT
Human Resources Director
Ángel LECANDA
Managing Director of STEF Iberia
Léon de SAHB
IT Systems and Purchasing Director/Managing Director of STEF Information et Technologies
Board of Directors
Marc REVERCHON | Jean-Pierre SANCIER |
Chairman and Managing Director | Group Chief Executive Officer |
of La Méridionale | Marc VETTARD |
Marco CANDIANI | Deputy Chief Executive Officer |
Managing Director of STEF Italie | Vincent FROMAGE |
Bertrand BOMPAS | Sales and Marketing Director |
Deputy Chief Executive Officer | Christophe GORIN |
France | Group Business Director |
Vincent KIRKLAR | |
Real Estate Director | |
Managing Director of Immostef | |
Stanislas LEMOR | |
Deputy Chief Executive Officer | |
Alain GEORGES | ALLIANZ Vie, represented |
Emmanuel HAU | by Clarisse KOPFF |
In 2018, our Group's workforce increased further and today, over 18,000 employees contribute to STEF's success, a figure that represents 1,300 new recruits in just one year. In order to raise greater awareness of the opportunities that we provide around our social model, we have deployed our employer branding using the expression "Build your future at the heart of the food world".
The classic example of our Group's uniqueness is still our dedicated company mutual fund (FCPE) which celebrated its 25th anniversary in 2018 and which now enables over 10,000 of our employees to hold up to 16.60% of STEF's capital. STEF is therefore continuing its voluntary commitments in terms of corporate social responsibility and, for the second consecutive year, has been rated "Ecovadis Gold", the highest recognition level in this area.
its public service mission to operate crossings to Corsica. The commitment and expertise of its employees, the performance of its fleet and its recognised innovations in terms of the environment will enable it, in the future as in the past, to provide the reliable and competitive service that Corsica needs.
Standing down as Chairman on the eve of the 100th anniversary of the creation of STEF, I would like to say how honoured and proud I am to have helped to build a part of its history. It has been a privilege to share this daily and demanding mission to serve our customers with the Group's men and women.
Once again, I would like to thank our customers for the trust that they put in our Group and to assure them of STEF's loyalty to them, in all their projects.
Francis LEMOR, Chairman
Bernard JOLIVET, Vice-Chairman
Jean-Charles FROMAGE
Jean-Michel DELALANDE
Elisabeth DUCOTTET
Estelle HENSGEN-STOLLER | ATLANTIQUE MANAGEMENT, |
Jean-François LAURAIN | represented by François de COSNAC |
Murielle LEMOINE | |
Lucie MAUREL-AUBERT | |
Dorothée PINEAU |
Francis LEMOR
Chairman
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IN 2018, THE GROUP WAS ORGANISED
INTO FOUR OPERATIONAL SEGMENTS
The Transport France Division | The Logistics France Division |
focuses on the Group's expertise in groupage, batch | comprises all the logistics services offered to |
transport and organisation of national and international | manufacturers, retailers and out-of-home foodservices |
consignments of chilled and frozen food products. | for their frozen, chilled, thermosensitive and dry |
It also includes the transport of seafood products. | food products. |
1 2
3 4
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. | |||||
together within the STEF International Division, which | ||||||
also covers European consignments. | ||||||
Breakdown of the Group's transport | ||||||
and logistics activities | ||||||
By temperature ranges | By customer | |||||
14% | 2% | |||||
6% | Wholesalers | |||||
Frozen | ||||||
8% | Out-of-home | |||||
-18°C/-21°C | ||||||
foodservices | ||||||
Thermosensitive | ||||||
& Temperature- | 16% | |||||
controlled | ||||||
+5°C/+15°C | Retailers | |||||
76% | ||||||
Agrifood industries |
78%
Chilled +2°C/+6°C
STEF AT A GLANCE
2018 consolidated | 2018 consolidated | 2018 consolidated |
turnover | income | equity |
(in millions of euros) | (Group share in millions of euros) | (Group share in millions of euros) |
€3,255.1 M | €94.4 M | €693 M |
Workforce | ||
18,053 | ||
Customers | Deliveries | |
over 10,000 | over 100,000 per day |
7 COUNTRIES
France, Italy, Spain, Portugal, Belgium, The Netherlands, Switzerland
Platforms and warehouses
236 | 169 sites in France | ||
67 sites in other countries | |||
Refrigerated quay area | Storage volume | ||
510,600 m2 | 9,103,300 m3 | ||
Over 4,000 vehicles operated | Ro-ro mixed passenger | ||
and cargo vessels | |||
of which 2,300 | owned | 3 |
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OVERVIEW
JANUARY
INTEGRATION
OF YOUNG PEOPLE
STEF signs a local "Entreprises et Quartiers" partnership agreement with the Prefecture of Seine-et-Marne to recruit employees on its Darvault site.
FEBRUARY
500 PERMANENT FULL-TIME DRIVERS AND 50 ON WORK EXPERIENCE CONTRACTS
In order to support the development of its activities and respond to the increasing strain on transport businesses, STEF launches a major recruitment programme across France.
MARCH
URBAN DELIVERY
STEF swings into action to address these specific issues. On 13 March, the Group improved its urban logistics service for food professionals in Brussels city centre. A few days later, STEF organised an event dedicated to Green Logistics and urban delivery solutions in partnership with the City and Eurometropole of Strasbourg.
APRIL
E-COMMERCE
Together with Carrefour, STEF unveils the 1st platform in Île-de-France fully dedicated to drive-in click and collect services. This opening marks an important stage in STEF's development on the promising e-commerce segment.
APRIL
PHOTOVOLTAIC
PANELS
The Saintes site in Belgium is now fitted with these panels which are designed to cover nearly all its consumption.
It will also be able to benefit from green certificates that will allow it to resell to electricity suppliers.
MAY
ENTRY ONTO THE FROZEN
MARKET IN ITALY
STEF acquires the Marconi Group, Italy's leading frozen products logistics company. It is the largest transaction in the 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.
JUNE
EMPLOYEE SHAREHOLDING
STEF celebrates the 25th anniversary of its Company Savings Plan. We are proud of the fact that two out of three employees are now Group shareholders, across all socio- professional categories and countries.
CONQUERING PARIS
With its new platform at Rungis international market, STEF is directly operating its retail delivery business in the Paris region and improving the quality of service and distribution for its customers.
JUNE/JULY
STRENGTHENING THE SEAFOOD BUSINESS
With the acquisition of its long-standing partner, Express Marée, STEF confirms its growth strategy on the demanding seafood products market. STEF Seafood now offers its customers and partners of Seafoodways* coverage which includes the south-west and the Languedoc-Roussillon region.
- STEF Seafood and Express Marée are founding members of Seafoodways, the leading European transport and logistics network for seafood products.
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STEF SA published this content on 20 June 2019 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 20 June 2019 09:03:09 UTC