Stef : 2021 Half-yearly financial report

2021 HALF-YEARLY FINANCIAL

REPORT

2021 Half-yearly Financial report - 1

Table of contents

BUSINESS REVIEW FIRST HALF OF 2021 .................................................................................................	3
INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE FIRST HALF-YEAR ENDED
ON 30 JUNE 2021 ..................................................................................................................................	21
STATEMENT FROM THE PERSON RESPONSIBLE FOR THE HALF-YEARLY FINANCIAL REPORT...............	41
STATUTORY AUDITORS' REPORT ON THE 2021 HALF-YEARLY FINANCIAL INFORMATION ...................	43

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BUSINESS REVIEW FIRST HALF OF 2021

2021 Half-yearly Financial report - 3

Table of contents
ENVIRONMENT AND MARKET TRENDS IN THE FIRST HALF OF 2021	................. 5
KEY EVENTS DURING THE PERIOD AT STEF.....................................................................	6
STEF GROUP'S OPERATIONS IN THE FIRST HALF OF 2021......................................	8
STEF FRANCE................................................................................................................................	8
STEF INTERNATIONAL ..........................................................................................................	11
MARITIME.....................................................................................................................................	13
OUTLOOK FOR 2021..................................................................................................................	14
CENTRES OF EXPERTISE...........................................................................................................	15
REAL ESTATE..............................................................................................................................	15
INFORMATION SYSTEMS ....................................................................................................	17
HUMAN RESOURCES..................................................................................................................	18
CONSOLIDATED FINANCIAL STATEMENTS...................................................................	19

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ENVIRONMENT AND MARKET TRENDS IN THE FIRST HALF OF 2021

The first half of 2021 was marked by the resurgence of a new wave of the Covid-19 epidemic in Europe. This led to the tightening of health restrictions already in force and successive lockdowns in the Group's operating countries. However, the situation gradually eased from May. STEF's activities have been impacted by the effects of the health crisis and how its evolution has been dealt with in all its operating countries.

A resilient European economy

As in the previous half-year, the European economy fared well, even exceeding its growth forecasts for the first quarter.

		GDP
	Q1			Q2
Eurozone	-0.3%	+2%
France	-0.0%	+0.9%
Italy	0.2%	+2.7%
Spain	-0.4%	+2.8%
Portugal	-3.2%	+4.9%
Belgium	+1.1%	+1.4%
The Netherlands	-0.8%			n.a
Switzerland	-0.5%			n.a

OECD data: growth rate based on the corrected volume data of seasonal variations, variation compared with the previous quarter

The rapid progress in the vaccination campaigns and the simultaneous lifting of health restrictions contributed to a gradual return to confidence. Continued government support helped to suppress the impact of the economic crisis, both on companies and on communities.

It should be noted that Brexit, effective since 1st January 2021, has not led to the effects anticipated by certain pessimistic scenarios.

Globally, the significant increase in the prices of energy and the raw materials for food and industry caused by the economic recovery, has led to all stakeholders fearing a return to inflation, already visible in the second quarter. This has created increased costs for agrifood manufacturers and generated strong pressures on supplies. As for the transport and logistics sector, in addition to the rise in energy prices, it must also absorb the surge in pallet and packaging prices, and the extra costs related to the new health standards.

Food consumption behaviours: returning to some normality adopts new habits

Food consumption is gradually returning to some form of normality, far from the erratic purchasing behaviours seen during the first lockdown in 2020. Still affected by health

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