YEAR 2008 - SDF

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A N N U A L R E P O R T

Public limited company with share capital of € 13.515.649
Head office: 93, boulevard Malesherbes, 75008 Paris
999 990 005 RCS PARIS
Tel: 01 40 74 28 28 - Fax: 01 45 63 97 33
www.stef-tfe.com

CONTENTS
ANNUAL REPORT 2008
T H E E U R O P E A N S P E C I A L I S T I N C O L D L O G I S T I C S
Management bodies
Chairman's message
Key figures
Management report
Economic environment
Market trends
Group business
The TFE Transportation Unit
The Tradimar Transportation Unit
The STEF Logistics Unit
The European Affairs Unit
Other activities, including CMN
The Agrostar IT Systems Unit
Sustainable development
Group risks
Consolidated financial statements
Parent company's results
The Board of Directors
Outlook for 2009
Consolidated financial statements
Consolidated balance sheet and income statement
Variation in consolidated shareholders’ equity
Table of cashflows
Notes to the consolidated financial statements
Statutory Auditors' report
Chairman's Report on Internal Control
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ANNUAL REPORT 2008
BOARD OF DIRECTORS
CHAIRMAN AND MANAGING DIRECTOR OF STEF-TFE
Francis Lemor
DIRECTORS
BERNARD JOLIVET,
JEAN-CHARLES FROMAGE,
GILLES BOUTHILLIER,
HENRI BOUVATIER,
ALAIN BRÉAU,
ÉRIC GIUILY,
CHRISTIAN GUILBERT,
EMMANUEL HAU
ROBERT DE LAMBILLY,
*ANDRÉ NADIRAS,
DOMINIQUE NOUVELLET,
XAVIER OGIER DU TERRAIL
** DOMINIQUE THÉNAULT
AUDITORS
Incumbent
KPGM Audit - Mazars
EXECUTIVE COMMITTEE
AGF Vie,
REPRESENTED BY PIER RICHES
ATLANTIQUE PARTICIPATIONS,
REPRESENTED BY FRANÇOIS DE COSNAC
FRANCIS LEMOR, CHAIRMAN AND MANAGING DIRECTOR OF STEF-TFE,
BERNARD JOLIVET, VICE CHAIRMAN AND CHIEF EXECUTIVE OFFICER OF STEF-TFE, CHAIRMAN OF STEF-TFE TRANSPORT,
JEAN-CHARLES FROMAGE, CHIEF EXECUTIVE OFFICER OF STEF-TFE AND STEF-TFE TRANSPORT, CHAIRMAN OF SDF IBERICA,
JEAN-MARC BRUÈRE, CHIEF EXECUTIVE OFFICER OF STEF-TFE TRANSPORT,
SERGE CAPITAINE, DEPUTY GENERAL MANAGER OF STEF-TFE, DIRECTOR OF TRADE AND MARKETING,
BRUNO DUQUENNE, DEPUTY GENERAL MANAGER OF STEF-TFE, DIRECTOR OF EUROPEAN AFFAIRS,
GÉRARD GROFFE, DIRECTOR OF HUMAN RESOURCES,
ROBERT DE LAMBILLY, CHAIRMAN AND MANAGING DIRECTOR OF STIM D'ORBIGNY AND CMN,
LÉON DE SAHB, DIRECTOR OF INFORMATION SYSTEMS AND MANAGING DIRECTOR OF AGROSTAR,
JEAN-PIERRE SANCIER, CHIEF EXECUTIVE OFFICER OF STEF FRANCE,
GILLES SAUBIER, TECHNICAL DIRECTOR, REAL ESTATE, AND DEPUTY GENERAL MANAGER OF IMMOSTEF.
* Terms of office ending at the date of the Annual General Meeting on 13 May 2009.
** Appointed at the Annual General Meeting on 13 May 2009.

CHAIRMAN'S MESSAGE
ANNUAL REPORT 2008
2008 was a complex year of two halves: the first one featured brisk business despite a severe hike in energy
costs and interest rates, and the second one marked the start of the recession.
The Group posted satisfactory results in the first half of the year, but business flagged in the second half as the
knock-on effects of the financial crisis began to make themselves felt in transport and logistics.
The food sector is less affected, however, than other industrial sectors, and the Group is not so exposed to
fluctuations in business, while not escaping entirely unscathed.
The Group has further intensified its efforts to adapt practices and operating resources to market conditions and
customer needs, enabling it to post slightly improved operating income and relatively satisfactory net income, albeit
down from the previous year for the first time in a quarter of a century.
Business grew by over 4% on a like-for-like basis. Two sectors were particularly badly hit in 2008: seafood
logistics, because of supply problems in the fishing industry, and Italian activities, because of a very depressed
market and the costs involved in implementing Group procedures and tools at Cavalieri.
Sales teams have attempted to devise innovative solutions for customers' issues, supported by the Group's service
quality and operational efficiency, allowing STEF-TFE to extend the modelisation of its procedures, the
industrialisation of its processes and the search for productivity gains, especially the successful network-wide
deployment of TMS, the transport software designed by our Agrostar subsidiary.
2008 was also a busy year in property, with five new sites inaugurated and eleven extensions or extensive
renovations. In the maritime sector, our subsidiary la Méridionale placed an order for a new ship with considerable
capacity. Delivery is planned for 2011.
We foresaw problems with access to credit and issued a bond of €100 million, with option to subscribe and/or
buy shares, which has helped to secure financing for future growth.
Early 2009 saw the recession continue, with a tangible fall in demand by volume and heightened competition.
Despite this, I remain convinced that our teams' commercial vitality, the quality of our organisation, and, first
and foremost, the commitment of all employees will see us through the current difficulties. The significant 2009
investment programme is a token of our faith in the economic recovery and our ability to generate profitable
growth.
Even more than in previous years, I would like to pay tribute our employees, who have, over the past year, fought
tenaciously to adapt to the economic environment and whose determination embodies the level of quality, service
and performance which we demand.
Francis LEMOR
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€ million
ANNUAL REPORT 2008
KEY FIGURES AT THE END OF 2008
STEF-TFE Group has 220 platforms and warehouses across
Europe,
KEY FIGURES
1,527
1,718
Consolidated revenues
of warehouse volume
STEF:
89 sites
TFE:
55 sites
of dock area
TRADIMAR:
25 sites
EUROPEAN AFFAIRS UNIT:
45 sites
5,700,000 m 3 398,000 m 2 2,081 14,391
1,932
2,081
Group share in € million
202.7
231.8
260.3
263.1
million euros of revenues
34.7
38.8
44.4
40.5
+6 partner sites
employees
2005 2006 2007 2008 2005 2006 2007 2008 2005 2006 2007 2008
2005 2006 2007 2008
Consolidated shareholders’
equity
Group share in € million
12,500
13,400
14,213
14,391
Consolidated income Consolidated headcount

GENERAL CONTEXT
GROUP ENVIRONMENT
ECONOMIC ENVIRONMENT
Although the outlook was good at the beginning of 2008,
despite the risk of inflation and tension on raw materials
prices, the year closed with limited growth in prices and a
general decline in economic activity. The disaster scenario,
that seemed hardly possible in 2007, finally came to
pass, spreading from the subprime crisis in the United
States to the entire global economy.
Specifically, 2008 was marked by a sudden reversal
of economic conditions in the middle of the year.
The quarterly figures show sustained growth in the first
three months, representing 0.7% of GDP in the
eurozone and 0.4% in France and continuing the trend
set in 2007, followed by a sharp downturn in the
second quartern, when GDP fell by 0.2% in the eurozone
and 0.3% in France. The downturn continued during the
third quarter, with GDP falling by another 0.2% in the
eurozone, severely impacting countries with high exposure
to financial risk (0.2% fall in Spain) and those highly
dependent on exports (0.5% fall in Germany). Eurostat
estimates growth in the global economy of 0.5% for the
full year, compared to 3.3% in 2007. The eurozone is
expected to post-2008 growth of 0.9%, with significant
differences between the Group's countries of operation. ●
Change in price of oil
Price per barrel
ANNUAL REPORT 2008
There were also two distinct phases during 2008 in
energy and agricultural raw materials. The first seven
months of the year saw strong growth in oil prices (Brent
rose from $54 per barrel in January 2007 to $85 in
January 2008, then to over $140 in July), then
the second half saw a steady decline, due to the
fall in demand triggered by the economic crisis. By
the end of the year, the price had fallen to under
$40.
SECTOR CONTEXT
Agricultural raw materials, which affect the Group's
main customers' businesses followed a similar
pattern: prices continued their 2007 upward trend
in early 2008 before ending the year in decline.
The simultaneous recovery of European and global
production depressed the price of major crops and milk
over 12 months. In France, the fall reached 40% for
cereals in mid-October compared to the same period
one year earlier. ●
54$ 85$
140$
40$
January 2007 7 January 2008 July 2008 End 2008
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ANNUAL REPORT 2008
MARKET TRENDS IN FRANCE
The STEF-TFE Group mainly operates in the food
industry, dealing with two types of product:
processed products,
harvested products (seafood, fruit and
vegetables, flowers).
Its customers fall into four major categories:
PRODUCERS, RETAILERS, WHOLESALERS,
FOOD-SERVICE OUTLETS
A breakdown of retail sales volumes clearly demonstrates
the extent of the recent slowdown.
(source: Banque de France)
2006 2007 2008
� ��
General
business: +2.0% +2.9% -1.6%
- of which food products
excluding meat +0.4% +0.8% -2.8%
- of which meat and
meat-based products +1.0% -2.0% -5.1%
According to the latest available estimates, France is
being spared the recession, which will hit several
European countries in 2008. GDP growth is reckoned
at 0.7% over the full year, far short of the 2.2% recorded
in 2007.
Two major factors behind the weakness of the
economy:
■ Consumer spending: the traditional mainstay of French
economic growth. Demand has fallen under the
pressure of strong inflation recorded in the first months
of the year.
■ Corporate investment: the banking crisis has deprived
companies of access to credit, leading to a dramatic
fall in investment in 2008.
Consumer behaviour is explained by examining the
monthly inflation figures for France in 2008. The first
half saw a tangible increase in inflation (up 3.6% annually
in June), then the inflationary risk suddenly gave way to
virtual price deflation (down 0.2% in July, before reverting
to annual growth of 1% in December). The volume and
value figures for the economy should therefore be
examined in the light of these marked price effects. The
main factors influencing STEF-TFE's market, especially
in France, are food and agricultural production and
consumer demand for food products. The market's rising
food prices, however, tend to mask major differences
between branches.
In order to boost purchasing power by encouraging
competition, the French government has enacted two
laws (the Chatel Law of 3 January 2008 and the Law
on the Modernisation of the Economy of 4 August 2008)
which came into force in 2008 and 2009, with a
significant impact on the entire agrifood chain—retail,
transport and logistics.

GROUP ENVIRONMENT
MARKET TRENDS IN FRANCE
The Chatel Law has mostly affected business negotiations
between industry and retail.
By reforming the definition of selling at a loss to include
all retroactive rebates in the selling price to the consumer
(idea of "triple net": a purchase price that excludes all
concessions, discounts and rebates, even those granted
in the context of trade cooperation), the government
hopes to simplify trade discussions between industry
and retail.
The French Law on the Modernisation of the Economy
(LME) has brought about some far-reaching changes to
the market, by changing the rules of urban business
planning and reforming payment deadlines. It raises the
threshold for a business permit from 300m 2 to 1,000m 2
of sales area, boosting predicted openings of small shops,
which are the preferred format for discount chains.
Reforming payment deadlines could affect many sectors
of the economy, especially the agrifood industry, retail
and supply chain. Its requirement that "invoices must
be settled within 45 days of the date of issue or 60 days
from the date of the invoice itself" the law may affect
negotiations between industrialists and their supplies
and raise the issue of stock management.
According to the Fédération des Entreprises du Commerce
et de la Distribution (FCD) retail body, growth in
consumer retail spending came to 1.1% in 2008, despite
the impact of rising retail prices (up 3.2% in one year,
including 3.6% in supermarkets and hypermarkets). Over
the year, prices saw strong growth in the first half, before
flattening out in the second half, mirroring raw materials.
Declining purchasing power had tangible effects on food
retail. Excluding petrol, sales at supermarkets and
hypermarkets fell by around 2% over the year. Smaller
shops held out better against the downturn, albeit with
ANNUAL REPORT 2008
lower margins and increased promotions in the face of
competition from hard discount. In addition to the
enactment of the LME, there has been a large consumer
shift from supermarkets and hypermarkets to this kind
of outlet, with the battle focusing on own brand products
and discount brands sold in supermarkets and hypermarkets,
which are 25 to 30% cheaper than national
brands.
2008 was a difficult year for restaurants, however.
According to industry bodies, business had declined by
10 to 20% over the year up to the end of the third
quarter, with cafés, hotels and restaurants suffering the
biggest fall, partly because of the additional impact of
the ban on smoking in public places. Only fast food
outlets saw business increase, because of their low prices.
The number of businesses closures in the sector
increased by 13.8% in 2008. Benefiting from the crisis,
the sandwich market posted growth of 11% over the
year and sales of €6.8 billion (growth rates between
2003 and 2007 reached between 5 and 8% a
year. According to Gira Conseil, in 2008, 1.15 billion
sandwiches were sold in France. ●
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ANNUAL REPORT 2008
GROUP BUSINESS
After sustained growth in the first half—7.95% like
for like—despite lively competition spurred by the
financial crisis, the downturn began to make an impact
early in the second half. STEF-TFE managed to generate
growth of 4.05% over 2008. The logistics sector was
more severely hit than transport by the slowdown in
food spending in mass retail.
The key point about transport activities is that oil
prices were highly erratic throughout the year, combined
with an unprecedented fall in demand. The resulting
competitive pressure was particularly marked among
struggling operators who only acted on prices.
The Group's response was to step up its sales action
and ensure operational efficiency and service quality
in order to maintain prices that take account of all
production costs. In a difficult economic climate, the
seafood sector had an extremely difficult year.
For logistics, the important point is the sector's
stagnation compared to the previous year. Growth in
supermarket and hypermarket customers was negative,
if taking account of the loss of two accounts and weak
demand in hypermarkets. Multi-customer activities,
however, and home food services generated sales growth,
allowing the logistics sector to maintain its 2007 level.
The European Affairs Unit came into existence on 1st
January 2007 and encompasses domestic markets
outside France, i.e. Spain, Portugal, Belgium, Italy, the
UK and Switzerland. It also includes the specialised
structures that manage European and North African flows.
The Sales and Marketing division's main goal is
the implementation of a service offer and business
development model that is standard throughout the
Group, and 2008 was marked by increasing transversal
sales coordination.
The marketing department has conducted an analysis
of all channels in the French agrifood industry, as a helpful
tool in the creation of medium-term transport plans for
TFE and Tradimar. Additional research includes national
market surveys for Italy, Spain, Portugal and
Benelux, and fifteen or so company profiles
drawn up to improve knowledge of the Group's
customers' supply chain. The department also
helped to re-edit sales documents and analyse
the market and competition.
Real progress was made in coordinating sales
policy on strategic accounts, allowing the
Group to respond to these customers even more
efficiently. Key account directors for Europe are being
recruited, and common jobs-skills descriptions are being
finalised. In 2008 the Group pursued this task, enabling
it to capitalise on its strengths, both in France and abroad.
2008 was a busy year in terms of property, with five
new sites opened, three of which are owned and two
rented, extensions to eleven sites, including sites at Atton,
Barcelona, Brignais, Le Plessis Belleville, Lisbon, Saintes
(Belgium) and Saint-Sever (two sites). Extensive
renovation work was undertaken at Amorebieta in Spain,
Colturano in Italy, Montsoult, and Saintes in Belgium.
Employees were busy on several other sites which were
not finished at year end. As well as these new projects,
regular maintenance work was carried out on these sites.
Nine sites were closed, most of which were under
franchise or lease, requiring the creation of redundancy
schemes. ●
Five new sites opened 5

THE GROUP AS A WHOLE IS STRUCTURED AROUND THREE OPERATIONAL UNITS:
UTHE TRANSPORTATION UNIT,
U
U
with the TFE network for fresh products and Tradimar for seafood and frozen products.
THE LOGISTICS UNIT,
which under the single brand name STEF manages the logistics of fresh and frozen
products on behalf of major groups, mass retailers, and the food service industry.
THE EUROPEAN AFFAIRS UNIT
which is responsible for domestic activities outside France, and all European flows
operated by entities dedicated to this activity.
With the Compagnie Méridionale de Navigation, the Maritime Unit represents around
5% of the Group’s global revenues. Although its core business is freight transport, it is
handled separately because of the specific features of its market.
In addition to these directly operational units, there are also two skills units which
handle the Group's transversal functions:
IT SYSTEMS UNIT
Uwith Agrostar, which groups together all the Group’s IT teams, and handles corporate and
customer-oriented IT.
UTHE REAL ESTATE UNIT
with Immostef, which covers all teams dedicated to property-related affairs—the Technical
Property Division (DTI), the Property Maintenance Division (DMI) and the Environment
Department—and manages all property issues from construction to the final rehabilitation
at the end of its operational life.
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ANNUAL REPORT 2008
THE TRANSPORTATION UNIT
THE GROUP'S TRANSPORT ACTIVITIES ARE DIVIDED INTO TWO NETWORKS:
The TFE network, for the transportation of fresh products.
The Tradimar network, for the transportation and logistics of seafood and frozen products.
The temperature-controlled
transportation specialist.
The main activity of the TFE network, channelled through its
subsidiaries, is the operation of a temperature-controlled
transport and distribution network.
This network, unrivalled in France, serves 15,000
destinations every day—usually in less than 24 hours
(day A/day B)—and ensures 100,000 regular deliveries
every week. Its 55 controlled-temperature (0°-4°)
platforms in France are located in production areas as
well as in consumer and retailer areas.
TFE's revenues grew by 3.6% in 2008, with a large part
of this increase related to the impact of fuel price rises.
The market saw a severe decline in demand, and
maintaining volumes and prices proved something of a
challenge. The different segments tell varying stories,
with dairy and delicatessen products stagnating, while
meat and fruit and vegetables saw strong growth. This
performance can be attributed to the sales teams, with
good support from the management and operating
teams.
Several factors underlie the TF E network's sales
performance:
1. The market's recognition of the efficiency of a fully
operational national network offering good quality,
consistent service with continuous improvement, as
evidenced by the 8% reduction in non-quality incidents,
which is the standard operational indicator.
2. A segmented offer adapted to different markets and
different customers, developing added-value solutions
in an environment in which innovative solutions are
indispensable. In addition to recognised know-how in
grouped deliveries, enhanced expertise in transport
organisation and flow coordination acted as a catalyst
for this business dynamic.
3. A well-trained and mobilised sales force, attentive to
customer needs and perfectly supported by the production
teams.
In this economic downturn, the TFE network has stepped
up its efforts to industrialise its processes:
1. During 2008, all TFE's operations adopted the new
TMS (transport management system) software, developed
in-house by Agrostar. This system uses a single database
to offer real-time management and traceability. It represents
a technological leap forward with great potential
for the optimisation of Transport operations.
2. Ten pilot sites have also tested Infoquai, a management
and traceability software package for handling units
developed by Agrostar. Infoquai will be deployed on all
TFE sites before the middle of 2009, improving the
transfer of responsibility between network agencies and
providing total traceability of logistics units.
55 controlled temperature platforms
0°/4°

GROUP BUSINESS
THE TRANSPORTATION UNIT
3. All vehicles have been equipped with Masternaut, a
real-time geolocation and temperature traceability tool.
The TFE network continued to invest in its most important
asset, the quality of its employees:
1. We have worked hard with all site managers on the
development and organisation of our strategy, leading
to the creation of a medium-term plan to provide a
framework for the transformation of the organisation
over the next three years.
2. We have stepped up our efforts to recruit and train
talented employees; TFE hires and trains over 60 young
graduate managers every year.
2008 closed with operating results that had improved
in all regions. Taking account of the economic climate,
this fact demonstrates the strong ambition that all TFE
teams dedicate to their markets.
North & West
2008 affirmed the wisdom of decisions taken in the
previous years: the region surpassed its targets despite
the impact of:
• difficulties at TFE Vire, a subsidiary specialised in fullload
transport, which was severely hit by rocketing fuel
prices and declining volumes in national brands.
• commercial difficulties in two important areas—the
Paris region and the Lille region.
The region expanded its property portfolio with the
opening of a new site for TFE Orléans and the extension
of TFE Rouen.
Brittany/Loire Valley
Against the backdrop of a severe crisis in the agrifood
sector and heightened competition between transport
operators, the region produced a remarkable performance.
By aggressively developing various solutions in
flow massification, adapted to customer typology (flow
ANNUAL REPORT 2008
coordination, massification hubs, etc), it increased market
share and maintained its results. The merger of
operations at TFE Vannes and Meledo Vannes in late
2008 should finally solve the problems of this area,
which has been in the red for many years.
South-West
An exceptional year in every way in this region, which
was supported by a dynamic local industry network and
milder competition pressures. All action taken to solve the
problems experienced by certain subsidiaries in 2007
was successful.
Every subsidiary turned in a satisfactory performance.
The sites at Saint-Sever and Agen launched extension
works to meet rising demand.
South-East
Overall, performance was highly satisfactory, despite
differing economic situations in the Mediterranean basin
and the Lyon basin. The sites of the vast Lyon region
(Saint Etienne, Macon and Lyon) had a very difficult year,
with extensive reorganisations by many customers and
fierce competition. The outlook for 2009 is somewhat
brighter, as the requisite managerial and organisational
decisions were taken and are beginning to bear fruit.
East
In 2008, this region confirmed its strong growth and
performance dynamic. The subsidiaries in Mulhouse and
Reims honoured their pledges to push their results back
into the black, testifying to the regional management's
operational control.
A new complex owned by the Group will be available
to the Reims teams by mid-2009. ●
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ANNUAL REPORT 2008
THE TRANSPORTATION UNIT
The Tradimar network handles the STEF-TFE Group's seafood transportation and logistical activities, and
in 2008 also took on the transport of frozen products based in four sites of the TFE network. It is mainly
based in France but also has operations in England, Scotland, Spain and Italy. It manages 25 main platforms.
The extension of its remit to frozen foods enabled
Tradimar to optimise its transport operations and
to capitalise on frozen food facilities. Frozen foods
contributed €54 million in sales in 2008, i.e. one quarter
of the new entity, making a positive total contribution to
the net result.
Tradimar saw growth in its activities despite a difficult
market for seafood, especially in France, with strikes
and port blockades by fishermen, fishing quotas in the
Mediterranean and health scares over shellfish. Tradimar
boosted its position in this sector by taking over a seafood
distribution business at the new Plan d’Orgon site, as
part of a new property development. Operations recovered
in Scotland, and Italy confirmed its growth potential.
Frozen food activities saw growth of almost 11%.
Despite the positive effect of this merger, a number of
events prevented Tradimar fully exploiting these changes
during the course of the year, including a fire at the
frozen food site at Feyzin at the end of April, and the
sharp fall in sterling in the last two months of the year,
generating exchange losses on receivables in this
currency. Rising fuel costs at the beginning of the year
exacerbated the situation, and these effects combined
to weigh heavily on the network's profitability.
On the positive side, it is worth mentioning the rationalisation
of the customer portfolio, associated with the
sales reorganisation and the implementation of key
accounts and a regional sales force. Increased prospection
in Scotland after the loss of a major customer in 2007
has begun to pay off. The network also managed to
deploy TMS, the Group's transport management software,
vital to its performance in a network context, on all sites
in a very short space of time.
The subsidiarisation of all seafood sites came into
effect on 1 September 2008, at the same time as the
structuring of their management into a regional system,
designed to comply with the functioning of the seafood
section of the Group's transport network, encouraging
the Group to speed up its transformation into a French
multi-product transport network, while continuing to meet
the specific needs related to the nature of the product.
In 2009, therefore, the Group will pursue a number
of economic recovery measures, most of which have
already been launched. These measures will finalise the
consolidation of the operating tools, information systems,
structures, sales methods, and the management structure
of the Group's transport activities in France by gradually
creating a single network for all three markets: fresh
food, frozen food and seafood. The Group will retain the
Tradimar brand, with a dedicated sales structure.
In Italy, Tradimar Milano, which operates a platform
in Milan, had a good year. Sales rose from €5.5 million
to €7.5 million, and the company has moved to a new
building, close to the Cavalieri and TFE DA sites. ●
Tradimar: 25 main platforms
€54M

GROUP BUSINESS
THE LOGISTICS UNIT
The Logistics Unit manages the STEF-TFE Group’s logistics activity in France.
Logistics entities operate under the STEF brand.
Specialising in logistics for
fresh and frozen food
STEF's offering concerns fresh and frozen products
for major industrial players, mass retail, and the foodservice
industry. Since early 2008, the entire unit has
operated under the single STEF structure, which manages
all subsidiaries that practice logistics. Segmentation by
business remains valid, since the market itself is organised
along these lines.
2008 was in line with budget forecasts, despite the
patent reversal of economic conditions in the second
half. Faced with continuing weak demand in the food
sector, industry players took steps to slash stocks at the
end of the year, especially the major operators, who
reduced stock intake significantly, in line with low
production levels, and pitched output to correspond to
consumer demand.
MEAT AND DAIRY PRODUCTS
FROZEN FOODS
SEAFOOD
RETAIL
FOOD SERVICES
FROZEN FOOD LOGISTICS
2008 was a year of contrasts. The first half saw the Group
at full capacity: all warehouses were full, under the
combined effect of private storage operations in the west
and precautionary buying encouraged by rocketing raw
materials prices (fruit) and high stocks of finished
products.
At the end of June 2008, the Group began searching
for available premises to handle excess stock. Six months
later, there had been a tangible fall in occupancy at some
warehouses.
The sudden change in climate in activities which normally
experience long cycles prevented the Group reaching its
expected level of performance, and brought forward the
closure of obsolete, unprofitable sites (Landerneau,
Redon, Forges-les-Eaux and Sète), reducing capacity.
FRESH FOOD LOGISTICS
ANNUAL REPORT 2008
Like frozen foods, fresh foods were hit by a collapse in
demand, which affected the product categories handled
by STEF. Demand for dairy fell as the price of milk rose.
The fall in demand for national brands in favour of
cheaper own brand products mentioned above also
affected STEF's business.
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ANNUAL REPORT 2008
THE LOGISTICS UNIT
Given these conditions, the Group reorganised operations
in order to protect its interests, enabling it to post results
in line with expectations and to maintain the appeal of a
market positioning offering massification solutions to
industry players.
In 2009, the search for new customer/product pairs
should offset the decline in volume seen in 2008 and
gradually fill the extensions delivered in the course of
the year (Brignais and Le Plessis Belleville).
RETAIL LOGISTICS
This activity too was affected by falling hypermarket sales
in 2008. Sales for the year fell short of expectations
because of declining food demand from cybermarkets
and the late completion of premises delaying the launch
of a frozen food contract at STEF Paris Nord.
A contract expired during the course of the year at the
Neudorf site, following the reorganisation of its product
logistics. The successful launch of a new frozen foods
contract for a chain in the same Group in eastern France
partially offset this loss.
The adaptation of production resources to business and
the implementation on all sites of a continuous improvement
drive allowed the activity to honour its results
commitments despite declining sales.
FOOD SERVICE LOGISTICS
A vigorous recovery policy returned this activity to
profitability in 2008. After years of repositioning,
reconstructions and finally growth of 38% in 2007,
the sector is reaping the rewards of all the hard work,
despite the difficult context. The food-service logistics
activity posted sales in line with expectations.
Taking advantage of a relative slowdown in business, the
Group consolidated its commercial position and stabilised
operations, leading to improvements in both performance
and quality. The result is globally satisfactory, and above
budget predictions.
During 2008, synergies were implemented with other
activities, allowing the sector to identify new growth
drivers and leading to the opening of a new rented site
in Fos-sur-Mer. ●

GROUP BUSINESS
EUROPEAN AFFAIRS
European Affairs saw strong growth, especially in Italy
after the takeover of Cavalieri in June 2007, creating
the need for a heavy property investment plan. Business
varied in 2008, with very different results from country to
country.
ITALY
Italy went into recession in 2008. Strong inflation during
the first months of the year, falling consumer confidence
and difficult access to credit weighed heavily on demand.
Overall, the economy shrank by 0.4% in the second
quarter and deteriorated further in the last two quarters
(by 0.6% and 1.8%).
Industrial production was down by 13% in Italy over
2008, despite a slight increase in production prices of
0.5%. In the agrifood industry, the number of mid-market
bankruptcies increased. Agrifood production results are
not as poor as those of some sectors, but the trend is
well into the red.
Within the Group, Cavalieri Trasporti is responsible for
Italian business. STEF-TFE took full control of Cavalieri
at the end of the year. Export grouping is managed by
TFE DA.
ANNUAL REPORT 2008
This sector was turned into a Unit in 2007, and its strong growth has created a need for a heavy property
investment plan.
Cavalieri Trasporti
After a first half marked by a decline in tonnage and
poor sales growth, Cavalieri saw no improvement in
business during the second half, which began with a
very difficult month of July. Operating costs and subcontracting
costs rose sharply, due partly to extensive work
to update the tools, and to financial charges related to
property investment. Similarly, costs related to the policy
of talent incubators to prepare for the future have also
increased dramatically. On the positive side, a major
contract with an industrial customer was launched
successfully in Verona.
2009 will be a year for reconstruction, with the full
deployment of the Group's transport tools, especially
TMS, and it will be a year of commercial expansion.
TFE DA
2008 was a year of stabilisation in difficult economic
conditions for the grouping of fresh food deliveries from
Italy. The subsidiary's new management has focused on
controlling operating costs, especially subcontracting, as
sales declined. The final result is close to breakeven and
the subsidiary is poised to take advantage of development
opportunities.
15

16
ANNUAL REPORT 2008
EUROPEAN AFFAIRS
In Spain and Portugal, STEF-TFE’s subsidiary SDF operates
more than 495,000m 3 of refrigerated warehouses and
360,000m 3 of cooled warehouses.
SPAIN
Economic activity degenerated quickly and dramatically
in Spain in 2008. The effects of the downturn seen
throughout Europe were spectacularly amplified in a
country which was emerging from a boom lasting several
years, when the economy suddenly went into decline.
Over the whole year, however, the result is rather good,
with growth of 1.2%, the highest rate of the major
countries in the eurozone. Like other major countries,
however, Spain has gone into recession, with GDP
growth of -1% in the fourth quarter, after -0.2% in the
third quarter.
There are several reasons for this reversal of fortune:
most importantly, the fall in domestic demand, the
collapse of the property market, and falling sales in the
automotive sector, which outsources extensively to
Spanish suppliers. The most significant effect of the
downturn is the rise in unemployment, from 8.3% in
January to 13.9% in December, or 3.2 million. Also
noteworthy is the fall in inflation, which reached its lowest
level since 1999, at 1.4% for 2008. Prices even fell
during the last quarter.
The agrifood industry was positive overall, with a 2.4%
increase in sales, positive trade balance and the creation
of 2,000 jobs. Agrifood prices across all segments
remained stable in 2008.
Spanish consumer spending was down from 2007 by
an estimated 2.3%. Mass retail sales ended the year up
5.7% but declined by 1% over the month of December.
There was no major consolidation to report on this sector
in 2008.
Total spending on food and drink came to an estimated
€95.8 million in Spain in 2008, of which 32% was in
non-home food services. In June, the revolving annual
total for the increase in food spending came to 6.9%,
driven by the sharp rise in production costs passed onto
the consumer. In the last six months of the year, with
raw materials prices falling, this trend declined.
As in other European countries, supermarkets saw greater
progress than hypermarkets, because of the latters'
relative inaccessibility and their wider range of products.
Own brands continue to record strong growth. Their
market share is estimated at around 37% in food
(compared to 35% in all products).
More than its European neighbours, the country saw the
arrival of the economic crisis at the end of 2008 coincide
with strong growth in energy costs (petrol and electricity)
and wage increases above inflation (national deals over
collective bargaining agreements).
In terms of internal organisation, Spanish and Portuguese
activities were separated and each country given
independent management. The SDF Galicia and SDF
Pais Vasco subsidiaries no longer served any real purpose
and were absorbed by SDF Iberica in late 2008. All
Spanish sites successfully migrated to the Group's TMS
transport information system.
In terms of operations, it is worth mentioning the Los
Olivos platform for its quality and results, which allowed
SDF to win the contract to manage a new platform in
Lugo. The North continued to support brisk growth, while
the sites at Alcala, Barcelona (extension operational at the
end of the year) and Seville began their return to profitability
after some difficult years. Continuing problems at
Torrejon, Pinto, Valencia and Malaga, however, explain
a disappointing overall result.
Portugal: strong growth
up18%

GROUP BUSINESS
EUROPEAN AFFAIRS
PORTUGAL
From 2002 to 2007, the Portuguese economy posted
average annual growth of 0.9% per year, trailing behind
the European average of 2.3% or the Spanish figure of
3.5%. The downturn of 2008 was less severe than in
some countries, with GDP growth estimated at a steady
0.2%. The main causes of the slowdown were falling
investment and exports. Market demand fell as raw
materials prices rose and credit dried up on the financial
markets. It was flat over the year, at 1.4%, while prices
rose by 2.7%.
Research revealed a gradual decline in Portuguese
consumer spending. In the final quarter of 2008, it was
around 2% down from the same period in 2007. Sectors
varied in this respect, with the slowdown particularly
marked in non-food products. Food spending rose during
the first months because of the rise in raw materials
prices. In the last quarter, they fell, but less than all
products, which were down 1.4%, since the Portuguese
prefer to cut down on manufactured products first.
Retailer brands continued to win market share, partly
because of their increased range, while manufacturer
brands lost value.
In 2008, mass retail sales increased by 4.1% by value.
Looking more closely at this figure, the main driver was
the rise in the average price of products, which was up
3.9%, instead of greater spending by shoppers, which
only rose by 0.2%. Sector consolidation continued, driven
by local chains. Sonae bought Carrefour's shops, Jerónimo
Martins (JM) bought the Tengelman shops, and various
chains bought independent shops.
This gloomy economic period was SDF Portugal's first
year of managerial independence. Having deployed its
commercial campaign and received new capacity with
ANNUAL REPORT 2008
the opening of the extension of the Lisbon site,
(5,400 m2 of cooled premises), the new managers
controlled operations well and successfully migrated to
the Group's TMS transport system. 2008 results for
Portugal are very satisfactory.
BENELUX
The Netherlands account for 60% of the population and
GDP of this region (compared to 36% of GDP for
Belgium and 4% for Luxembourg), and contributed
negatively to Benelux activity in 2008. Dutch GDP fell
during the second half, while in Belgium GDP continued
to grow for the first nine months of the year. Total
growth for the three countries should come to around
1.0% for 2008, with inflation of 4.2% in Belgium
and 2.2% in the Netherlands.
The impact of the financial crisis, which hit the main
banks, led to a credit squeeze for the private sector.
Industrial production (excluding construction) was
severely hit, with the Netherlands and Belgium falling
by 9.1% and Luxembourg by 16.7%. In this context,
especially in Belgium, the number of bankruptcies has
reached record levels, with over 8,000 companies going
into receivership, including many SMEs, which are more
exposed to risk.
In the agrifood industry, the most significant event was
the merger between Friesland and Campina, the two
dairy leaders. One year after the announcement that
they wished to merge, the European Commission green
lit the proposal on condition that the companies sold
some of their assets.
In the first nine months of the year, consumer spending
declined across the entire region, and indicators revealed
falling consumer confidence during the year.
17

18
ANNUAL REPORT 2008
EUROPEAN AFFAIRS
The Belgian food retail market is increasingly consolidated
and competitive. The five main groups account for almost
90% of the food market, and competition between them
has intensified, with discount chains holding out better
against the worsening economy.
In the Netherlands, the regulations governing new
hypermarkets or shopping centres near towns helped to
curb external development ambitions.
In 2008 the Group obtained excellent results in Belgium,
by pushing growth in its transport activity and export
grouping to France. Services were less successful, with the
main food service contracts suffering the effects of the
downturn.
In order to meet logistic demand, a 25,000 m 2 frozen
storage extension and 2,000 m 2 cool storage extension
were built at STEF's Saintes platform.
At the end of the year, a business deal was signed
allowing the Group to operate a new fresh food platform
in Belgium for supermarkets and hypermarkets as of
early 2009.
In the UK, TFE focused activities on cross-Channel flows
through a single agency. The TFE International Ltd
subsidiary recorded sales of €4.1 million, down from
the previous year's total of €5.2 million.
The European flow subsidiaries had a good year, with
EFF recording particularly good growth in flows to Spain
and Portugal. The three main subsidiaries dedicated
to exports from France also improved their results in
2008, boosted by sales growth of 39% and the results
of the Lyon subsidiary.
Unbalanced flows characterised a poor year for
Stefover, which conducts almost all of its business
with northwest Africa, especially Tunisia.
South-North flows grew by 5%, fuelled by rising imports
of lettuces and tomatoes. North-South flows saw a
tangible decline, however, especially to Libya (border
closure and Italian competition) and Tunisia (products
too expensive). This led to a marked increase in empty
North-South journeys, which explains the fall in the
company's sales and results.
In Switzerland, the Group has a minority operation, and
2008 was a good year, with rising occupancy rates at
the two warehouses and improved control of the
transport activity. The outlook for 2009 is encouraging. ●
FRANCE
SPAIN
UK
ITALY
SCOTLAND

GROUP BUSINESS
OTHER ACTIVITIES
MARITIME ACTIVITIES
Maritime activities are grouped together under STIM
d’Orbigny, which has full control of maritime broker
February 16th, 2009
Sata-Minfos. STIM d’Orbigny holds a majority stake (55%)
in the holding company Compagnie Méridionale de
Participation (CMP), which controls Compagnie Méridionale
de Navigation (CMN).
Under the terms of a Public Service franchise contract
signed on 7 June 2007 by the Corsican authorities, the
Corsican Transport Office, CMN and SNCM, CMN, in
partnership with SNCM, operates a regular maritime
service for passengers and freight for the period between
1 July 2007 and 31 December 2013, with freight
representing 59% of the revenues .
It also provides a regular service to Sardinia. These sea
routes are operated by three combined roll-on/roll-off
ships (Kalliste, Girolata, Scandola), with a total capacity
of 5,800 linear metres, the equivalent of 450 trailers
and 300 passengers with their cars.
Girolata Scandola
ANNUAL REPORT 2008
In 2008, CMN transported 230,000 passengers (down
3.2% compared to 2007) and 768,000 linear metres
of freight (up 2.46% compared to 2007), generating
total revenues of €91 million. In addition to heightened
competition, CMN had to face the breakdown and
grounding of the Scandola.
The company's result was in line with expectations,
however. At 31 December 2008, CMN employed
480 people, compared to 472 in 2007.
Under the terms of this agreement, CMN undertook to
replace one of the vessels used on the Corsica route
with a new high-capacity cargo and passenger ferry. Via
its subsidiary, Navale STEF-TFE ordered this vessel, in a
contract signed on 26 June 2008, and rendered definitive
on 16 July 2008. Delivery is planned for July 2011.
On 16 February 2009, CMN obtained ISO 14001 certification
for the implementation of its system of environmental
management. The company is now one of the
few passenger sea carriers operating in the Mediterranean
to have this certificate. ●
Kalliste
19

20
ANNUAL REPORT 2008
OTHER ACTIVITIES
INFORMATION SYSTEMS
Agrostar is responsible for all information systems,
and generally acts as a contracting party on behalf of
STEF-TFE. Agrostar pursued its integration and refocused
its publishing activities on transport, warehousing and
marketplace software for fresh foods. These activities
are mainly conducted on behalf of the STEF-TFE Group's
companies and its customers. Agrostar has therefore
implemented a new matrix organisation, with internal
and external activity units on one side and services lines—
R&D, infrastructures and deployment—on the other.
The unit deployed considerable resources for its management
system for warehouses and logistical platforms,
REAL ESTATE AND OTHER SERVICES
The real estate unit, which mainly comprises operational
assets, is structured into subsidiaries. Most of
these subsidiaries own properties which are rented out
within the Group, and some own reserved areas. This
Real Estate Unit consists of 52 subsidiaries (including
the Immostef company) and 54 operating sites, of which
34 are part of Immostef.
The Group also leases buildings on the sites at Bordeaux
(SCI Bruges Conteneurs), with 3,000 m2 of offices and
warehouses, and Suresnes (FIM), with 6,800 m2 of
WMS, releasing versions 3.0 and 3.1, including co-packing
and coordination functions, which have been installed
on almost half of STEF sites.
TMS, TFE's transport and activity software, was successfully
launched in all network subsidiaries in 2008. At the
end of the year, it was also extended to Tradimar
(seafood) and SDF (Spain) subsidiaries. The customer
profitability section of the CGO module (operational
management control) was also deployed in 2008, and a
pilot of the automatic berth management project has
been deployed in each region. Designed for internal use
by the TFE and Tradimar networks, these two modules
will be enriched with additional functions.
The year also saw an ambitious project to dematerialise
supplier invoices in all the Group's entities.
External sales, corresponding to the marketing of
industry-specific solutions developed by Agrostar, came
to €4.3 million, compared to €5.1 million in 2007. ●
offices and operations. There is also the entire operational
site at Allonnes which was leased outside the Group
throughout 2008. Between them these three sites, which
were totally occupied at 31 December, contribute
revenues of €4.1m.
Les Chais de la Transat, a specialist wine-trading
subsidiary, recorded a slight increase in sales (€4.6m)
and ended the year with a positive net result of similar
proportions to the previous year. ●

GROUP BUSINESS
SUSTAINABLE DEVELOPMENT
ANNUAL REPORT 2008
In the light of STEF-TFE’s approach to sustainable development, this section covers various labour-related and
environmental issues faced by the Group in the course of its operations.
At 31 December 2008, total headcount (indefiniteterm
and fixed-term contracts) came to 14,391
people, i.e., an increase of 1.3% compared to 2007
and 7.4% compared to 2006.
LABOUR RELATIONS
AND OCCUPATIONAL RISK PREVENTION
A) Change in headcount
In 2008, compared to 2007, the number of Group employees
on indefinite-term and fixed-term contracts were as follows:
2006 2007 2008
Transportation Unit 9,220 10,290 10,393
of which Tradimar 1,078 1,166 1,532
Logistics Unit 3,360 3,082 3,124
CMN 471 472 480
IT Systems Unit 168 173 184
Other activities 181 196 210
Group TOTAL 13,400 14,213 14,391
2006 2007 2008
Headcount France 11,843 12,229 12,303
Headcount outside France 1,557 1,984 2,088
of which Spain 1,089 1,178 1,241
of which Portugal 230 258 290
of which Italy 26 343 320
of which Belgium 152 149 152
of which UK 60 56 85
Group TOTAL 13,400 14,213 14,391
These figures do not include State-assisted contracts,
such as apprenticeships and qualifications, which
numbered 241 at 31 December. 2008, a similar number
to the previous year.
21

22
ANNUAL REPORT 2008
LABOUR RELATIONS
AND OCCUPATIONAL
RISK PREVENTION SUSTAINABLE DEVELOPMENT
At 31 December 2008, the breakdown of headcount was
as follows:
Permanent staff: 13,521, or 94% of the total headcount.
Contract staff: 870, or 6% of the total headcount.
At the same date, the number of temporary workers
employed by the STEF-TFE Group came to 2,146, down
198 compared to 31 December 2007, which reflects the
high level of activity, both in Transport and in Logistics,
recorded every year at this period.
The workforce breaks down as follows:
Blue-collar employees
59.49%
- mobile
24.91%
- stationary
34.58%
CATEGORIES
In terms of age, the breakdown is as follows:
Over 55
3.83%
41-55
39.37%
AGE BRACKET
Managers
9.16%
Supervisors and
Senior Supervisors
18.67%
White-collar
employees
12.68%
Under 25
7.97%
25-40
48.83%
At 31 December 2008, women represented 19.76% of
the workforce and men 80.24%.
In 2008, the increase in headcount was more
pronounced in foreign subsidiaries (up 104) than in
France (up 75), and especially in Spain (up 63) and
Portugal (up 32).
All branches increased headcount, but the Transport
total, up 103, grew more than Logistics, up 43.
In the Transport Unit, the increase in headcount of the
Tradimar network is explained by the incorporation of
the Frozen food activity into the Seafood activity,
amounting to an internal recategorisation.
B) Career development
STEF-TFE continued to implement and enrich Groupwide
transversal processes in 2008:
• career development and professional interviews for
all employees,
• integration in all entities of young graduate trainees,
• extension of activities of the Institut des Métiers du
Froid, a Group training body.
Every Group employee has an annual interview, in the
form of a career development or professional interview,
depending on their job. This is the preferred process
for identifying the skills and potential of every member
of staff, and represents a vital stage in the organisation
of a genuine career and skills management service.
This work has enabled the Group to fill two thirds of its
management vacancies internally and around 200
employees to enjoy promotion in 2008.

GROUP BUSINESS
SUSTAINABLE DEVELOPMENT
Recruitment of young graduates on training programmes
has risen significantly in all entities, both in France and
abroad.
By the end of the year, 200 young graduates had joined
the Group via these programmes. For recruits in all
countries, the graduate training course includes an
integration period in the French organisation in order to
provide a common basis in terms of business knowledge.
The aim is also, eventually, to cover all the Group's needs
in France and in Europe.
The activity of the Group's training body, the Institut des
Métiers du Froid, set up at the end of 2006, increased
fivefold in 2008, and now accounts for over a quarter
of training services provided at STEF-TFE.
A Training Director was recruited during the year, to
coordinate issues faced by this sector and to give the
project a Group-wide dimension.
Priorities are unchanged for 2009:
• Enriching our training processes,
• Formalising professional training for each function,
• Creating a system for employee appraisal and the
identification of potential in all entities,
• Expansion of the Institut des Métiers du Froid, in order
to capitalise on the Group's training investment.
.
C) Labour relations and Group Savings Plan
Several important labour relations projects were
concluded in 2008. One, in France, consisted of
entrusting newly created subsidiaries with the STEF and
Cyrologistic logistics activities.
It became necessary to structure STEF's logistics unit,
both legally and economically, after the acquisition of
Cyrologistic changed the size of the Group, fresh food
and retailer platforms developed, and non-home food
services began to boom.
Given the changes made to the organisation, the unit's
ANNUAL REPORT 2008
management has opened a workshop to redefine the
appropriate level of information for national and local
labour relations. A works council was therefore re-elected
immediately in each new entity and negotiations
were launched with a view to aligning the articles of
association. An agreement to set up a logistics network
committee, equivalent to a group committee limited to
warehousing has also been negotiated and signed in
order to provide a national view of the activity to
employee representatives, in the same vein as the
committees that exist for the Group's transport activities.
These particularly significant structural changes were
supported by constructive dialogue and their effects on
the workforce were dealt with appropriately.
Tradimar also underwent major structural changes in
2008, subsidiarising all its sites, in line with the
clarification principle underlying the subsidiarisation of
TFE's sites (pooling of central functions, creating a single
holding company for all central functions dedicated to
the Group's transport activities, streamlining of the
organisation into subsidiaries specialised by market or
type of activity, etc). As for STEF, the Group engaged in
constructive dialogue for this project, both locally and
nationally, and provided support for the employees
concerned.
2008 saw the launch of negotiations on the provisional
management of jobs and skills (called GP EC) at
STEF-TFE. These negotiations are designed to develop,
standardise and deploy tools at the Group level, to
define the most appropriate way to inform and consult
employee representatives and to implement both
planning and geographical and professional mobility
tools. Since it is the organisation of the Group that is at
issue, with a significant impact on the future, both sides
agreed to take time to reflect, and five meetings have
already taken place in 2008. Meetings began again in
early 2009 and will continue until the process has been
completed.
23

LABOUR RELATIONS
AND OCCUPATIONAL
RISK PREVENTION
24
ANNUAL REPORT 2008
SUSTAINABLE DEVELOPMENT
2008 also saw the nationwide implementation of a global
expertise mission on working conditions, connected with
the deployment of new operating tools such as TMS,
Masternaut and Infoquai. The mission is mainly designed
to draw up a diagnosis and forecasts of the changes that
may result from the use of these tools and their potential
effects on employee activity and health in the workplace,
while assessing their effectiveness.
The agreement signed in December 2006 on the
employment and continued employment of people with
a disability now has unanimous support, since the unions
CFDT and CGC, which were not among the original
signatories, have now signed it In the second year of
application, the Group maintained the direction taken
in 2007.
STEF-TFE now has a record level of disabled employees,
at 3.5%. The company employs 412 handicapped people
(i.e. 52 more than in 2007) in compliance with its legal
obligations.
This result is attributable to a good local liaison for the
policy implemented, responsible for encouraging
employees struggling at their workstations to apply for
disabled worker status, in order to obtain the best
possible support. Many people were able to stay in their
jobs, after technical adaptations to their workstations, a
different work organisation or training allowing them to
change position. External recruitment of people with a
disability was also encouraged, with 26 permanent
contracts signed in 2008, and outsourcing to specialist
companies was made more systematic.
In 2008, following research launched in 2005 on age
management and the extension of working life, which
stressed the importance of an appropriate diet in
improving people's resistance to cold and physical
work, STEF-TFE launched an extensive information and
awareness-raising campaign for all employees. The aim
was to help them adapt their diet to the specific nature
of their job, whether working at night, in the cold, in
shifts, etc. A cartoon specially commissioned for the
STEF-TFE "Nutrition Mission" and six newsletters provided
advice for different situations. This information was
supported by onsite events, with handouts of fruit, the
organisation of a competition and brochures published by
INPES, the French health education body.
On 24 June 2008, STEF-TFE was awarded first prize by
the ISICA foundation, a French body representing workers
in the food industry, for its work promoting good food
practice among its employees. This prize recognises the
global approach to health in the workplace, which forms
part of the Group's ongoing discussions on safety and
age management.
It is also worth repeating the successful management
of the medical and provident fund projects which,
despite the definitive withdrawal of Social Security,
allows STEF-TFE to offer all employees in France effective
coverage for a reasonable cost.
The Group has also applied the two major reforms
implemented in June and August 2008: the modernisation
of the job market and the new rules of union
representationn. The effect of the latter on labour
relations will only really be measurable Group-wide in
the next few years, after professional elections have been
held in the subsidiaries.
Finally, and despite the poor economy, interference in
the application of the law of December 2007, the Group
savings plan campaign was a definite success, owing to
the increase in contribution levels applicable in 2008.
Consequently, despite a lesser cumulated total in absolute
value than in 2007, caused by the decline in the share's
liquidation value at the time of "reblocking" (€20.71 in
First prize, Isica Foundation

GROUP BUSINESS
SUSTAINABLE DEVELOPMENT
2008 and €25.18 in 2007), total investments in the
employee investment fund at 31 December 2008
reached over €19 million. Profit-sharing payouts have
grown by 9% to €2.7 million, and voluntary payouts
excluding reblocking (€3.2 million, up by 18%). Total
Group contributions came to €3.6 million, up by 52%
from 2007.
Regarding employee savings, the rules on employer
contributions applicable to the employee savings plan
were altered with effect from January 2008, bringing
the gross contribution of the first tranche to 60%, or
€600 for every €1,000 deposited, and the second
tranche to 30%, or €100 for every €3,000 deposited.
The higher tranches were not altered. The maximum
gross subscription, for a deposit of €15,000, therefore
amounts to €1,900. These contribution rules were
extended to 2009, on a one-off basis.
D) Safety and the prevention of occupational risks
Safety and the prevention of occupational risks are a
constant concern for the Group's managers, given
the specific issues related to controlled-temperature
transport and logistics. Their daily work is summarised
in the single document, in addition to which employees
work on more specific fields during changes in regulation
or technology.
The European directives comprising the "Hygiene
Package" were implemented on time, with 167 documents
updated (90 for STEF and 77 for TFE-Tradimar)
before the end of July 2008. Handbooks listing the
"Good hygiene practices to apply" were distributed to
employees. Various technical adjustments corresponding
to additional requests from the veterinary services are
being completed. For 2009, the aim is to harmonise
Hygiene Package tools used in the logistics and transport
networks.
ANNUAL REPORT 2008
Among the laws requiring the Group's attention was the
European ATEX (explosive atmosphere) directive,
especially the section concerning loading areas. The first
stage was the drafting of a document, with the help of the
Veritas office, dealing with protection from explosions,
applicable throughout the Group. It became apparent
that some clarifications of the texts implemented at
classified installations were necessary, and the Group is
taking part alongside the French health and safety body,
the INRS, in the creation of the national recommendation
designed to clarify the rules governing loading premises.
STEF-TFE has spent several months experimenting with a
liquid nitrogen refrigeration system for vehicles. The aim
of this trial is to demonstrate the technical and economic
viability of this form of refrigeration that would replace
mechanical units. The system works by injecting liquid
nitrogen into the vehicle containers in order to cool the
produce, and has many advantages, including the
reduction of carbon dioxide emissions and noise pollution,
improved cold chain quality and easier maintenance.
Adopting cryogenics would require changing the habits of
those responsible for driving and maintaining these
vehicles, and implementing organisational and technical
preventive measures such as oxygen detectors, locked
barriers to the containers, and sound and light alarms. The
Group is ahead of the field with this new technology,
and alongside the Nancy INRS and the regional health
insurance fund based in Chambéry, it is taking part in
the definition of national training recommendations for
employees required to use these kinds of refrigerated
vehicles, including drivers, berth workers, tank fillers and
service providers.
Similarly, the Group has turned its attention to refrigerants,
both in terms of regulations (European F-Gas regulation
on the containment of refrigerants in installations and
equipment and the reduction of greenhouse gas emis-
25

LABOUR RELATIONS
AND OCCUPATIONAL
RISK PREVENTION
26
ANNUAL REPORT 2008
SUSTAINABLE DEVELOPMENT
sions), and accident prevention. The aim is to produce
standard Group documents (intervention sheets and
traceability procedure for fluid handling) and ultimately
to obtain a "capacity certificate" for sites joining the
process and an "aptitude certificate" allowing the relevant
employees to handle these fluids.
Another project has been launched, with the creation of
a single HSE (hygiene, safety, environment) reference
document for the entire Group, which should standardise
its procedures in these three areas. It will be made
available on a dedicated Group intranet, which is
expected to go online during the second quarter of the
year. ●
THE ENVIRONMENT
Because of its position on the food market, the Group
has long been attentive to the risks to the cold food
supply and the environment. In France, transport and
warehousing activities are strictly regulated at every level
by health permits, classified site authorisations, vehicle
licensing, etc. The Group plays an active role, within the
various administrative and professional bodies, in drafting
global regulations for health and the environment.
Internally, the Group is adapting and improving the safety
and reliability of its equipment, as well as researching
new technologies to reduce environmental impact and
control energy consumption. The Group has carried out
an analysis of its treatment of waste, beginning with an
inventory of the waste generated by the Group's
constituent parts and leading to the technical and economic
examination of ways to eliminate, reduce at source
and/or recycle waste.
REAL ESTATE
Construction
As the Group often has to supervise building sites in
France and the rest of Europe, it has confirmed experience
in understanding the various issues linked to the
design and construction of controlled-temperature
buildings. As in previous years, the Technical Department
factors all the stages in the life of the buildings into its
work, from location selection to demolition, but also the
health aspects and comfort of internal work spaces, the
management of energy, water, air, waste, upkeep and
maintenance. The Group is now a member of the French
logistics body AFILOG, and supervised by the construction
certification body Certivea. It is bringing its HQE (High
Quality Environment) manual into line with the requirements
of the construction of controlled-temperature
buildings. Once this document has been approved, the
Group will launch a pilot study in order to confirm its
ambition to innovate and lead the field and to make a
lasting commitment to this process.
In addition to the recurrent issues present in every real
estate or renovation project, which are dealt with
extensively in the 2007 report and remain valid, such
as site selection with a view to limiting negative impact,
integration into the landscape and creation of green
spaces, the use of sustainable and recyclable materials,
and waste processing, it is also worth mentioning projects
that are more emblematic of the Group's approach.
In Gap, for example, STEF-TFE is finalising the construction
of a new transport platform. It has been liaising with the
EDF (electricity board) subsidiary specialised in alternative
energy, with a view to installing a rooftop photovoltaic
system to generate electricity. If it is able to resolve
Hygiene - Safety - Environment HSE

GROUP BUSINESS
SUSTAINABLE DEVELOPMENT
HEQ Label: Hight Environmental Quality
A secure site
Prevention/Protection
Les Messageries Laitières
certain problems linked to the legal status of these
installations, this first system should be installed soon,
before the idea is extended to ten further suitable sites.
In its extension to the Atton site, the Group has also
installed a carbon dioxide-based cooling system, which it
has previously used elsewhere, and which strikes a
satisfactory balance between regulatory constraints,
operational efficiency and personal safety.
Under the terms of a partnership with the Bongrain
group, STEF-TFE's Technical Department is also responsible
for helping (through contracting party consultancy)
with the construction of a new building for Messageries
Laitières. The building will be delivered in October 2009,
and is a sophisticated display of most of the tangible
measures that have been taken to integrate a global
sustainable development process into operational real
estate.
Renovation
Given the number of sites operated, renovation is a
major issue, both commercially (adapting facilities to the
latest professional technology) and in terms of the real
estate portfolio (extending working life). It also provides
the opportunity to put new techniques to use and to
bring tools closer to current standards for sustainable
development, while ensuring that aesthetic and landscaping
criteria are also respected. Every significant renovation
is therefore approached with a view to compliance with
the most recent standards, which are increasingly difficult
to implement for older buildings, in order to build facilities
suitable for the logistical needs of tomorrow's market.
With this in mind, the Group has acquired a building in
Strasbourg that is ideally located for multimodal services.
Initially unrefrigerated, this building will soon be fully
adapted for multimodal, controlled-temperature services.
Management of decommissioning
ANNUAL REPORT 2008
The Group's third concern is the rehabilitation of sites
which are too old or inconveniently located to be useful
to the Group. The Group has always adhered to a policy
of not allowing competitors to acquire its sites and will
only sell, therefore, to a user not present on its market.
Buildings are generally divested after having been stripped
of their refrigerated installations. In some cases, however,
the quality of the location is such that it is worth saving
some of the added value and increasing the potential
capital gains by converting the site. Various projects are
underway at one of the Group's old sites in Perpignan
and two others on sites closed during 2008 at Chalonsur-Saône
and Carquefou.
REAL ESTATE MAINTENANCE
Maintenance is an important consideration in real
estate, both as a significant source of expenditure
and as a prerequisite for the smooth running of operations,
ensuring their sustainability over time. It attempts
to provide solutions in a handful of different areas, and
constitutes a key link between operational needs and
employees working on design and construction. From
27

REAL ESTATE
MAINTENANCE
28
ANNUAL REPORT 2008
SUSTAINABLE DEVELOPMENT
an organisational point of view, the DMI (Real Estate
Maintenance Division) reports to the Group's Real Estate
Director.
The first area concerns the issues discussed under working
conditions, and includes safety, health and employee
hygiene: the main goal is to maintain the safety of the
infrastructure, equipment and merchandise, while improving
the working environment and limiting the risks
involved in the working under controlled temperatures.
The Group is investing heavily in constant temperature
WASTE MANAGEMENT
Afew years ago, STEF-TFE launched a waste management
progress drive. It is important to distinguish
between toxic waste, with a regulated disposal chain, for
which the Group has legal obligations, and non-toxic
TOXIC WASTE
Waste Annual estimation Comments
■ Oil separator sludges
■ Coolant fluids
R22, R404 A, R407 A, R410 A, R134 A
■ Coolant fluids / ammonia, carbon dioxide
■ Tube lighting
■ Printer and photocopier cartridges
■ Coolants
■ Used filters
■ Used lubricants
■ Used cloths
■ Electric and electronic goods
■ PCB/PCT
■ Lead + acid batteries
> 300 tonnes
> 1.5 tonnes
> 20 tonnes
> 8 tonnes
> around 12,000
> around 26,500 litres
> 2,800
> 133,000 litres
> 16 m 3
> between 10 and 20 pallets
> contaminated oil: 2.5 tonnes
> between 3,000 and 4,500
The cost of eliminating this waste is estimated at €200,000 for a full year.
monitoring, systems reducing internal and external noise
pollution, improving working conditions (dehumidification
and defrosting), staff training in refrigeration techniques,
security at installations including cooling towers.
The second area is the control and reduction of the total
energy requirement (for cooling, lighting and charging
the batteries of handling vehicles), by means of regular
audits, investment in energy-saving materials and even
batteries that can smooth over or improve the management
of occasional peaks in energy demand. ●
waste, whose disposal is not regulated, and reflects
the voluntary commitment of the measures taken by
the Group.
Pumping and elimination by a certified and controlled specialist
Recovery and elimination by certified specialists (mainly HCFC-R22)
Recovered as ammonia (NH 3 ) or ammonium hydroxide (NH 4 OH)
when dismantling installations and eliminated by certified specialists
Increasingly well controlled recycling and collection
Recovered by suppliers
Closed circuits drained every three years; topped up in summer
Placed in containers then recovered by certified collector
127,000 l for vehicles and 6,000 l industrial cold units Certified collector
Cloths either rented or washed before being reused => reduction of waste at source
Recovered and destroyed by a certified specialist
Elimination by certified specialist with waste tracking form
Recovered by suppliers/rental company

GROUP BUSINESS
SUSTAINABLE DEVELOPMENT
NON-TOXIC WASTE
Waste Annual estimation
■ Non-toxic waste similar to household waste
■ Expired or damaged food products
■ Paper and cardboard packaging
■ Non soiled plastic packaging
■ Wood (cases, pallets, etc)
■ Disused tyres
■ Copper, bronze, brass
■ Iron and steel
■ Office paper
The full-year cost of processing this waste is estimated
at €2,200,000 and the Group is beginning to
implement special measures in this field to recycle it as
part of a proactive programme.
Regular indicators are being deployed to track costs,
tonnage, the proportion of waste recycled, revenues
(from the sale of recycled materials), and the number
of optimisation projects. Processing has also been
implemented for electronic waste (WEEE, or waste
electrical and electronic equipment) such as monitors,
PCs, and printers. New real estate projects include
"waste areas".
NEW REGULATIONS
Fluids
For many years, synthetic fluids (CFCs and HCFCs)
were preferred for refrigerated equipment, which
mostly uses the HCFC-R22 coolant, particularly on the
grounds of safety. Despite their strong energy performance,
their environmental impact (on the ozone layer
and greenhouse effect) has led global authorities to
restrict and, ultimately, discontinue their use.
> 7,000 tonnes
> 1,600 tonnes
> 2,500 tonnes
> 400 tonnes
> 1,000 tonnes
Annual total 12,500 tonnes
> around 20,000, managed under the mileage contract
> Variable: ad hoc deconstruction or change of electrical or refrigerated
equipment
> First significant sorting implemented during 2008: no representative
data to date
ANNUAL REPORT 2008
France and the Netherlands are unusual in this respect,
since most other countries use ammonia. This European
divide is the result of stricter regulatory practices. The
withdrawal of HCFCs (including R22) by 31 December
2014 requires the replacement of all or part of existing
installations and an urgent review of French regulations
on ammonia. It is essential that French users not be put
at a disadvantage at this time, which would imperil the
entire logistics chain.
Current installations can be converted using existing
technologies, either by using synthetic fluids such as
HFCs or by using natural fluids such as carbon dioxide or
ammonia. HFCs contain no chlorine and therefore do
not affect the stratospheric ozone layer. Their uptake has
been largely encouraged as a replacement for CFCs.
They do not have the same energy performance, however,
especially in refrigeration and low temperatures,
and their use requires all equipment to be replaced. In
the event of accidental release into the atmosphere,
moreover, they exert a strong greenhouse effect, which
seems to cast strong doubt over their long-term use.
29

30
ANNUAL REPORT 2008
SUSTAINABLE DEVELOPMENT
Carbon dioxide has many advantages, but severe
operational issues, such as high working pressure and
the resulting risk to personal safety. Its use is preferred
for low temperatures (freezing) in combination with
another coolant.
Ammonia (N H 3 ), is widely used as a coolant in
warehousing and food processing. Compared to other
uses of ammonia, however, this application is fairly
marginal, probably accounting for less than 1% by
volume. Ammonia has traditionally been used as a
coolant because of its energy efficiency in major agrifood
installations, especially at low temperatures (freezing
and storage). With no effect on the environment,
ammonia is the preferred coolant in all other European
countries and its use is advocated by environmental
NGOs. Its toxicity, however, can make it dangerous to
use, but if safety rules are adhered to, it is no more
dangerous than other energy sources.
French regulations impose severe restrictions on the use
of ammonia, and professionals have been negotiating
for the past several years to obtain authorisation for
moderate use. These discussions have led to some
concrete proposals for adjustments. If all the profession's
proposals were taken into account, the French agrifood
log istics chain would be able to face the g row th
challenges presented by today's market. It is STEF-TFE's
policy to encourage the use of natural, sustainable fluids
like ammonia and carbon dioxide.
Buildings
French regulations set standards for the construction
of controlled-temperature warehouses, especially for
safety (fire, smoke ejection, automatic extinction, etc),
and feedback suggests that these standards bear no
relation to the actual risks involved. One reason for this
is the absence of a specific category for refrigerated
warehouses in the implementing laws and circulars. The
construction regulations applicable to dry warehouses,
however, are often taken as the starting point for drawing
up the corresponding authorisation laws. This puts French
operators at a severe disadvantage compared to their
EU competitors.
It would be appropriate to take account of the constructive
organisational proposals put forward by the market
players in a guide for "Fire Prevention in Refrigerated
Warehouses", in order to bring construction and operation
costs down to acceptable and competitive levels. It would
also be advisable to create a specific category for this
kind of warehouse in order to avoid over-interpretation
of the rules, and to adjust the thresholds for declaration
and authorisation, in order to give French players the
responsiveness they need to respond to customer calls
for tender. The Group is lobbying hard in this direction,
playing an active role alongside the sector's professional
bodies.
Use of natural fluids:
NH 3
CO 2

GROUP BUSINESS
SUSTAINABLE DEVELOPMENT
Transport and retail
The Group's priority for its vehicles is to combine safety
with a reduction in fuel consumption and environmental
damage. It has pursued the deployment of onboard software
in order to obtain transport data and to improve the overall
efficiency of its vehicles.
It has also begun using new tyres to reduce direct
consumption.
In late 2008, 54% of the Group's motorised vehicles were
compliant with Euro 2 and 3 standards, 31% were
compliant with Euro 4 and 15% with Euro 5. These figures
should rise to 34%, 31% and 35% by year end 2009.
STEF-TFE is aware of the environmental impact of its fleet
of vehicles, and stepped up orders for vehicles compliant
with Euro 5, which only comes into force in September
2009. According to estimates, the carbon footprint of the
Group's transport activities is around 350,000 tonnes of
carbon dioxide for 300 million kilometres, of which 275,000
tonnes is generated by engines and 75,000 tonnes by
refrigerated units.
Recent research into the aerodynamic qualities of heavy
vehicles has revealed potential fuel savings of up to 20%
in certain conditions. The Group initially decided to order the
roof spoiler option for its tractors, but other possibilities
are being examined, especially on semi-trailers, in collaboration
with bodywork professionals.
ANNUAL REPORT 2008
A new refrigerated unit model offering energy savings of
20% came out in late 2008, and will be deployed first as
a mono- then a multi-temperature unit.
Feasibility tests on cryogenic units using liquid nitrogen are
continuing, and economic viability should be confirmed
after a year of use. Finally, another test will examine the
possibility of reducing diesel emissions and noise pollution
from loaded vehicles that are left stationary over the
weekend by switching to electric mode.
A summary document (Passport for Sustainable Development)
is currently being finalised, and describes all
steps taken by the Group to improve sustainable
development, both at the level of the relevant Divisions,
and at the level of the specialist committees working
on the HSE reference document. ●
31

32
ANNUAL REPORT 2008
RISKS LINKED TO ACTIVITY
In addition to the personal and environmental links
covered previously, the Group is also exposed to various
operating risks by the very nature of an activity focused
on perishable goods, and, more generally, products with
temperature and date limitations. The main risks concern
the destruction of operating tools and interruptions
in the cold chain, and the resulting impact on the
merchandise entrusted to us.
The global organisation of the Group and the extent of its
facilities, in particular in France, allow it to respond quickly
if one or more of its operating facilities goes out of
commission.
This is a particularly sensitive issue for the grouped
delivery activity, which uses a network at the very heart of
the system. For this reason, the division responsible for
operations is entrusted, on a permanent basis, with
planning and implementing solutions in order to ensure
operating continuity, despite unforeseen events (weather
conditions, industrial action or accidents).
The Group’s facilities are equipped with temperature
recording systems during business hours and remote
surveillance systems for periods outside business hours,
i.e. from Friday evening to Monday morning for refrigerated
warehouses and from Saturday midday to Sunday
evening for transportation platforms. The aim is therefore
to ensure that the cold chain and the freshness of
products are maintained in order to reduce as much as
possible the risks of a building being destroyed by fire.
For several years now, the Group has been developing
both prevention and protection policies, by regularly
allocating significant financial resources to them.
The Group is also aware of its dependence on the flow
of information that circulates on a daily basis and ensures
that this information is kept secure, and has acted on
several fronts. Particular attention has been paid to
backing up data and rapid data restoration in the event of
an incident that affects the central units. Similarly, keeping
data secure and protecting information systems from
intrusion is a key issue in the relationship with the
Group’s clients.
Through its insurance policies for operating losses
and civil liability, the Group has extended cover that is
as closely adapted as possible to the responsibilities
it assumes. A conservative policy in terms of cover
and excess limits, which is reassessed periodically in
order to respond to market trends and Group growth,
coupled with an active prevention and training policy,
has reduced Group exposure to the consequences of
a major claim. ●
MARKET RISKS
Liquidity risk
The Group's cash needs are largely met by credit lines
from the parent company. At 31 December 2008,
STEF-TFE had 15 credit lines, confirmed in the medium
term, totalling €121.3 million. At 31 December 2008,
€65 million had been used. Credit is drawn for periods
of between ten days and three months, and carries
interest at the rate of the date of drawing. The credit
lines mature as follows: €37.3 million in one year;
€34.3 million in two years; €49.7 million in three years.
STEF-TFE and STEF-TFE Transport also have overdraft
facilities, with no ag reed maturity dates, up to
€41 million, of which €18 million was not used at
31 December 2008. Current confirmed and unused
credit lines and available overdraft, combined with good
cashflow planning, provide the Group with excellent
control over its liquidity risk.
The Group has commitments in respect of some credit
lines and loans, including the OBSAAR loan, particularly
regarding adherence to financial ratios. The main ratios
are: EBITDA/net financial charges over 6 (6.5 for the
OBSAAR) and net debt/shareholders' equity below 1.6 or
1.7. The Group adheres to all commitments related to
its financing.

GROUP RISKS
MARKET RISKS
Interest rate risk
Group consolidated debt, whether in the form of shortterm
drawdowns on confirmed long-term credit lines, or
financial leases and long-term mortgages, the two usual
methods of funding fixed assets, is mainly variable-rate.
To cover itself against rate increases, the Group implements
interest rate derivative instruments: either swaps,
options or combinations of the two.
At 31 December 2008, the Group had five instruments
in France, subscribed in 2007, representing a notional
amount of €280 million, covering almost all the variable
rate financing lines, excluding overdrafts and other
financial debt.
Their main features are outlined below:
Two caps with a notional value of €100 million cover
at each term the difference between the 3 month Euribor
and 4%, when the 3 month Euribor is higher than 4%.
Finally, there are three swaps with lower notional values,
of between €20 million and €40 million. All instruments
mature during the first quarter of 2009.
The Group did not apply any new hedging instruments in
2008 in order to prevent excessive cover.
There are three hedging instruments in Spain, in place
since 2006, covering the rate risk involved in variable
rate leasing contracts. These instruments represent a
consolidated notional amount of €36 million. A swap
with a notional value of €25 million, subscribed for three
years in July 2006 and amortisable monthly, to give the
option of swapping the 6 month Euribor for a fixed rate
of 3.82%. A non-amortisable swap representing a
notional amount of €6 million, subscribed in January
2006 for a period of 5 years, to cover at each yearly
term the 12 month Euribor and to pay a fixed rate of
between a minimum of 2.75% and a maximum of
4.75%, depending on the change in the 12 month
Euribor.
ANNUAL REPORT 2008
A non-amortizable deactivating swap subscribed in
March 2006 and valid for four years and nine months,
representing a notional amount of €5 million, to cover at
each quarterly term the 3 month Euribor and to pay
annually a rate of between a minimum of 2.90% and a
maximum of 3.50%, depending on the change in the
12-month Euribor if the barrier is deactivated.
Client credit risk
No client represents more than 10% of Group revenues,
which limits the risk of a client default having a significant
effect on Group results. To cover itself against the risk
of its clients defaulting, STEF-TFE has signed credit
insurance contracts.
Exchange rate risk
Non-euro currency flows to the eurozone remain fairly
well-balanced, so there is no foreign exchange risk. It is
worth highlighting, however, a foreign exchange loss on
an advance on current account at one of our United
Kingdom subsidiaries which was unable to refinance its
debt locally in sterling, because of the difficulties in this
field beginning in 2008. Sterling lost 30% against the
euro in 2008, including a 14.5% fall in December alone.
Diesel fuel risk
As a major consumer of diesel fuel, STEF-TFE, which is
exposed to the variations in the price of this fuel, is not
at present envisaging the purchase of hedging instruments.
In addition to the mechanisms for passing on
this expense, the Group relies above all on procurement
optimisation with specialised purchasers, as well as the
implementation of measures that aim to reduce fuel
consumption. ●
33

34
ANNUAL REPORT 2008
CONSOLIDATED FINANCIAL STATEMENTS
Millions of euros
Total sales 2,081 1,932
Sales by export-only subsidiaries 71.3 � 61.2
Sales by European subsidiaries 350.7 � 274.1
- Spain & Portugal 169.3 � 154.2
- Italy 137.3 � 73.2
- Benelux 28.1 � 31.8
- UK 15.9 � 14.9
Overall growth in core activities, i.e. transportation
and logistics, came to 7.51% for the entire year.
After taking into account the other activities, including
wholesale and CMN, consolidated Group revenues
reached €1,718 million (€1,527 million in 2007), which
represents annual growth of nearly 7.74%.
There was a major change in the consolidation scope in
2008 due to the full-year—as opposed to half-year in
2007—consolidation of the business of the Cavalieri
Group, which had an impact of €65 million. Excluding
the effect of the change in consolidation scope, the
growth in transportation and logistics amounted to 3.78%
over the year.
The European Affairs Unit came into existence on 1st
January 2007 and encompasses most domestic markets
outside France, i.e. Spain, Portugal, Belgium, Italy, the
UK and Switzerland, excluding seafood in Scotland and
Italy, because of the specific nature of the product. It
also includes the six specialised structures that manage
European and North African flows. The unit generated
overall revenues of € 422 million, compared to
€335.4 million in 2007.
(€ thousand)
Sales generated by the European subsidiaries came to
€350.7 million compared to €274.1 million in 2007.
Behind this increase lie diverse situations.
Spain and Portugal continued to perform well: Spain
posted growth of 8%, at €138.2 million, while Portugal
maintained a dynamic growth rate, at 18%, reaching
€31.1 million.
For the first time, sales by the Italian subsidiaries included
the Cavalieri Group and TFE DA—a subsidiary jointly held
(50-50) with Cavalieri—over a full financial year.
Cavalieri and TFE DA generated sales of €129.8 million,
with the remainder of €7.5 million due to seafood
specialist Tradimar Milano.
Sales in the UK (including Scotland) were up slightly.
Business in Benelux is largely focused on Belgium, where
sales for the two subsidiaries—transport and logistics—
reached €26.3 million, including €2.6 million in
wholesale.
In the Netherlands, business levels remain modest, at
€1.8 million, but have grown by almost 40%. Export
activities within the French transport subsidiaries
generated €87.5 million.
2008 2007 variation
Transportation 1,361.3 1,247.0 +9.17% �
Logistics 513.4 496.7 +3.36% �
Subtotal 1,874.7 1,743.7 +7.51% �
Maritime 91.8 85.4 +7.5% �
Wholesale and other activities 114.9 102.7 +11.88% �
Total 2,081.4 1,931.8 +7.7% �
2008
2007

THE GROUP
CONSOLIDATED FINANCIAL STATEMENTS
The creation of a unit dedicated to European affairs,
and its increasing importance since the integration
of Cavalieri, have led the Group to refine its approach
to the breakdown of platform activities in Spain and
Portugal using a special tool. As a result, the sales figures
of Spanish and Portuguese companies, which were
previously allocated to the logistics activity only, are now
broken down into logistics and transport. 2007 revenues
accordingly redefined as Transportation revenues come
to €68.8 million.
Logistics, which represented 27.4% of consolidated
revenues outside maritime, wholesale and other activities,
rose from €495.7 million to €513.4 million. This growth
of 3.35% is largely attributable to the integration of
Cavalieri's logistics business (€41.2 million) over the
full year.
Transportation represented €1,361 million, a growth of
9.2% compared to the previous year, or 5.6% on a likefor-like
basis. Cross-charging the rise in fuel prices, as a
surcharge on the invoice total, contributed to this growth
during the first nine months of 2008. The gradual decline
in volumes and stiffening competition resulting from the
worsening economic conditions weighed heavily on fourth
quarter sales, which remained flat during this period.
Maritime activities saw sustained growth of 7.5% despite
(€ thousand)
ANNUAL REPORT 2008
the g rounding of the Scandola which obstructed
operations during the first half. The unit generated overall
revenues of €91.8 million, compared to €85.4 million
in 2007.
Wholesale and other activities were up by €12.2 million
from the previous financial year. Around €9 million of
this growth can be attributed to the expansion of nonhome
food services (up €12.1 million in France and
€3.3 million in Benelux). Excluding Agrostar, other
activities posted sales of €8.8 million, up slightly from
2007 and including €4.6 million for Chais de la Transat,
with the remainder generated by non-Group property
rental. Agrostar, which encompasses all the IT teams,
generated external sales of €4.3 million, compared to
€4.8 million in 2007.
The Group's organisation, especially in the refrigerated
grouped delivery business, requires the various companies
to invoice each other for services that are eliminated
at the consolidation stage. In the same way, the Group’s
facilities are located in structures that are entirely
controlled by the Group, which invoice rent under normal
business conditions. Finally, the Group’s legal structure
and the location of the support services in some entities
justify the existence of business leases and management
fees, which are also charged at normal business rates.
2008 2007 Change
Revenues 2,081 1,932 +7.7 �
Operational income 85.4 83.2 +2.7 �
Income before tax 65.0 67.6 -3.8 �
Tax (19.8) (18.2) �
Companies using equity method +0.4 -0.4 �
Net income 45.6 49.0 -7.0 �
- Group share 40.5 44.4 -8.9 �
- minority interests 5.1 4.6 �
35

36
RAPPORT ANNUEL 2008
CONSOLIDATED FINANCIAL STATEMENTS
Third-party spending was the largest expense, at
€1,258 million, up 8.8%. Subcontracting expenses
accounted for 48.8% of this figure, at €614.1 million,
a year-on-year rise of 15.9%, due partly to the change in
scope of consolidation in Italy and partly to the expansion
of flow activities. National and local taxes were down by
€2 million, to €42.7 million.
Payroll charges, including temps, were up by 5.4% to
€696 million, in line with the increase in headcount.
Amortisation and depreciation were up to €73.3 million,
compared to €67.5 en 2007.
The balance of provisions showed a net expense of
€4.1 million, compared to a net reversal of €1 million in
2007. Other operating income and expenses, which
showed a loss of €0.6 million in 2007, showed a net
profit of €3.9 million in 2008. An analysis of the main
operations that led to this figure reveals that the capital
gains on the disposal of assets came to €3.7 million,
other income to €0.8 million, with the remainder
corresponding to various losses.
The operating profit was up by 2.7%, at €85.4 million,
which represents a profit margin of 4.1% on consolidated
sales.
Financial items showed a net expense of €20.4 million,
compared to €15.6 million in 2007, a rise partly due to
the cost of gross debt, with heavy investments in Italy
contributing to the rise in these charges (up €0.7 million).
Hedging instruments have been entered in the accounts
at their fair value (variance of €2.2 million compared
to 2007).
Pre-tax income amounted to €65 million, compared
to €67.6 million in the previous year, representing a fall
of 3.8%, in line with the financial result.
Taxes recorded in the income statement amounted to
€19.8 million, up by 9% from the previous year,
reflecting a four-point rise in the effective tax rate,
which represented 31% of pre-tax income compared to
27% in 2007.
Associated companies' share of net income stood at
€0.4 million.
Net income amounted to €45,569 million, including
Group share of €40,488 million. Stockholders' equity,
Group share, came to €263.1 million, compared to
€260.3 million in 2007. The net debt/total shareholders'
equity ratio was 1.22, compared to 0.99 after reclassification
at end 2007. Gross financial debt stood at
€434.3 million, while cash came to €44.2 million, giving
net debt of €390 million, up by €82 million on a yearon-year
basis.
Cashflow, which reached €121 million in 2007, was
down by €7.5 million to €113.5 million. The year's
investment prog ramme cost € 126.1 million, up
€23 million from the 2007 figure of €103.1 million. ●

THE GROUP
PARENT COMPANY'S RESULTS
It should first of all be pointed out that the comparability
of the parent company's accounts is affected
by the various subsidiarisation operations implemented
within STEF as of 1st January 2008. As a result,
ST E F -T F E h a s v i r t u a l l y b e c o m e a p u r e h o l d i n g
company, which now only owns properties rented out
to operating companies. Revenues, comprising rentals
and other essential internal Group services, came to
€10.5 million, compared to €92.5 million in 2007.
Expenses attributable to third parties, provisions on
reversals and other revenues totalled €32.1 million,
compared to €40.9 million in 2007.
Operating expenses came to €42 million compared to
€121.2 million in 2007. Payroll charges, including temps,
came to €7.6 million, while depreciations and provisions
rose from €10.1 million to €10.7 million, this being an
item which is genuinely comparable from one year to
the next.
Taxes and duties fell very significantly, due to the closing
of the warehousing activity and its impact on the
calculation of professional taxes. Overall they came to
€0.8 million. Operating income therefore came to
€0.6 million, compared to €12.1 million in 2007.
Financial income, made up chiefly, in 2008 as in 2007,
of revenue from equity, remained stable at €32.8 million,
compared to €33.7 million in 2007, while dividends
received increased by €2.1 million. Other interest and
assimilated revenues increased by €2,8 million, while
a depreciation reversal was recorded for €3 million.
Financial expenses came to €20.2 million, resulting in
income before tax and exceptional items of €13.2
million, compared to €25.3 million in 2007.
The exceptional income of €0.7 million in 2007 rose to
€3.1 million in 2008, including a net reversal of allocated
provisions of €3 million, compared to a net reversal of
€2.1 million in 2007. Transactions involving capital had
practically no impact on the result.
ANNUAL REPORT 2008
After taking into account tax revenues due to consolidation
(STEF-TFE is at the head of the tax group) of
€2 million, the parent company posted net income of
€20,206,848.01 compared to €26,037,781.01 in 2007.
There were no movements in terms of subsidiaries and
shareholdings.
The General Meeting is asked to allocate the income in the
following way:
Income for the year €20,206,848.01
Retained earnings €45,533,540.44
forming an available total of €65,740,388.45
to be allocated as follows:
to the payment of a net dividend of €1.05 per share
i.e. a total distribution of €14,191,431.45
to retained earnings of €51,548,957.00
If, at the payment stage, the company held some of its
own shares, the sum corresponding to the amount of the
dividend owed on these shares would be allocated to
retained earnings.
Payment of dividends will start on 25 May 2009.
The dividends paid for the three previous years were as follows:
Year
Net income Total earnings
per share per share
2005 0.76 0.76
2006 0.85 0.85
2007 1.00 1.00
In accordance with Article 223 quinquies of the CGI,
the Board informs the General Meeting that there have
not been any overhead expenses that lead to reconsolidation
into the taxable profit under Article 39-5 of the
same code, i.e. overheads that were omitted from the
special statement attached to the declaration of results,
or excessive overheads that were not incurred in the
direct interest of the company. ●
37

38
RAPPORT ANNUEL 2008
THE BOARD OF DIRECTORS
CHANGES IN SHARE CAPITAL AND VOTING RIGHTS
Share capital
At 31 December 2007, the Company's share capital
was €13,603,672, made up of 13,603,672 shares
with a par value of €1.
The Company's Board of Directors enacted the following
operations at its meeting on 10 December 2008:
• increase in capital of €12,944 following the exercising
in 2008 of 12,944 stock options from the third tranche
(exercisable as from 15 December 2005) and the posting
of an issue premium of €1,067,638.12, at a price of
€9.76 per option, i.e. an overall amount of €126,333.44.
STEF-TFE's share capital was increased by €12,944 and
an issue premium of €113,389.44 was recorded.
STEF-TFE's share capital, which was previously
€13,603,672, made up of 13,603,672 shares with a par
value of €1 each, was increased to €13,616,616, made
up of 13,616,616 shares with a par value of €1 each.
Breakdown of share capital and voting rights
The main known shareholders at 31 December 2008 were as follows:
Exceeded thresholds declared since 1st January 2008
are as follows:
• 25 February 2008: Minosfin, controlled by Mr. Norbert
Dentressangle, declared that on 21 February 2008,
it reached the threshold of 5% of voting rights in
STEF-TFE, and now held 746,832 STEF-TFE shares
representing 1,123,172 voting rights, i.e. 5.49% of the
• rreduction in the share capital of €100,967, through the
cancellation of 100,967 STEF-TFE shares acquired in
2008 as part of the share buyback programme.
The capital was thereby reduced to €13,515,649, made
up of 13,515,649 shares with a par value of €1.
The difference between the par value and acquisition
value of the shares (€3,563,845), representing a sum of
€3,462,878, was deducted from the issue premium
noted above, bringing this to zero, and for the remainder,
i.e. €3,349,488.56, on the issue and contribution premium
account on the balance sheet at 31 December
2007, bringing this to €4,283,743.50.
This decision to reduce the share capital was taken following
a delegation conferred on the Board of Directors by
the General Meeting of 14 May 2008, in its sixteenth
resolution.
As a result, at 31 December 2008, the share capital was
€13,515,649, made up of 13,515,649 shares with a par
value of €1. ●
Shareholders Capital Voting rights
as % as %
Atlantique Participations 19.72 24.47
Group employees’ investment fund 15.30 16.66
Bestinver 9.31 5.79
Invesfroid 8.32 10.35
Société des Personnels de la Financière de l’Atlantique 5.72 7.10
AGF Vie 5.35 6.65
Minosfin 5.53 6.42
Union Economique et Financière 3.64 4.52
company's share capital and 5.08% of its voting rights.
• 4 July 2008, Bestinver Gestion SA, SGIIC (CL Juan de
Mena, 8, 28014 Madrid, Spain), acting on behalf of
various investment funds which it manages, declared
that on 27 June 2008, following the acquisition of STEF-
TFE shares on the market, it had reached the threshold
of 5% of voting rights in STEF-TFE, and now held,

THE GROUP
THE BOARD OF DIRECTORS
on behalf of the said investment funds, 746,832 STEF-
TFE shares representing 1,089,026 voting rights, i.e.
8.01% of the company's share capital and 5.06% of its
voting rights.
• On 2 and 4 September 2008, BNP Paribas Asset
Management, acting on behalf of the STEF-TFE employment
fund which it manages, declared, for reasons of
regularisation, that on 8 July 2008, following the
acquisition of STEF-TFE shares on the market, it had
reached the threshold of 15% of voting rights in STEF-TFE,
and now held, on behalf of the said employment fund,
2,052,571 STEF-TFE shares representing 3,609,847
voting rights, i.e. 15.09% of the company's share capital
and 16.78% of its voting rights.
ACQUISITION BY THE COMPANY OF ITS OWN SHARES
2008 Share buyback programme
In 2008 there were two successive share buyback
programmes:
• the buyback programme voted by the Shareholders'
General Meeting of 22 May 2007. Within this programme,
611 661 shares were bought, of which 110,000 were
cancelled. At the date of the General Meeting of 14 May
2008, the company held 501,661 STEF-TFE shares,
acquired as part of the share buyback programme, for
an average weighted cost of €43.35, for a total outlay of
€21.7 million.
• the buyback programme voted by the Shareholders'
General Meeting of 14 May 2008, under the terms of
the 14th resolution. A description of this programme
was prepared, describing its main features, its objectives
and the rules for its application, in accordance with
Articles 241-1 to 241-6 of the AMF's General Regulations.
The maximum purchase price was fixed at €65, equivalent
to an upper limit for the buyback programme of
€44,211,934, and the maximum amount of the stock
to be bought at 5%, excluding treasury shares held
ANNUAL REPORT 2008
• On 4 and 8 September 2008, BNP Paribas Asset
Management, acting on behalf of the STEF-TFE France
employment fund which it manages, declared that on
4 September 2008 the STEF-TFE France employment
fund and STEF-TFE's shareholding officers together held
6,492,088 STEF-TFE shares representing 12,477,684
voting rights, i.e. 47.72% of the company's share capital
and 58.02% of its voting rights.
At 31 December 2008, the management structures and
the STEF-TFE employment fund, acting in concert,
together held 6,513,645 STEF-TFE shares representing
12,496,841 voting rights, i.e. 48.19% of the company's
share capital and 57.46% of its voting rights. ●
on the date of the previous share buyback programme
(501,661 shares on the date Board meeting of 26 March
2008).
The programme will last for 18 months as from the
date of the Shareholders' General Meeting, i.e. until 14
November 2009.
The state of the programme in progress at 31 December
2008 is as follows:
From 14 May to 10 December 2008, 100,967 STEF-TFE
shares were acquired for an average gross sum of
€35.30 per share. These shares were cancelled by the
Board meeting of 10 December 2008. Between this date
and the closing of the accounts, 4,926 shares were
acquired for an average gross sum of €30.35 per share.
Between the closing of the accounts and the Board
meeting of 26 May 2009, 10,942 options were exercised,
bringing the number of treasury shares allocated to cover
the needs of the share option programme to 91,592
STEF-TFE shares.
Lastly, at the date of the Board meeting of 28 March
2009, the company held 19,162 STEF-TFE shares,
acquired as part of the share buyback programme, for
39

40
ANNUAL REPORT 2008
THE BOARD OF DIRECTORS
an average weighted cost of €30.21, for a total outlay of
€0.6 million.
The shareholders will be asked to renew the programme
for specific purposes at their next meeting, by fixing the
maximum purchase price at €55, equivalent to an upper
limit for the buyback programme of €41,707,105, and a
maximum amount of 10% of the stock to buy (including
treasury shares held by the Company), i.e. 1,351,564
shares at 31 December 2008.
LIQUIDITY CONTRACT
Aliquidity contract of one year, renewable by tacit
extension, for an initial amount of €500,000 was
signed on 1st June 2006 on the Euronext Paris market
with Gilbert Dupont stockbrokers.
It complies with the Charter of Ethics established by the
French Association of Investment Companies (AFEI) and
approved by an AMF decision taken on 22 March 2005.
DELEGATION OF COMPETENCE FOR INCREASE IN CAPITAL
The General Meeting of 14 May 2008 delegated its
competence to the Board of Directors to proceed
with an issue of ordinary shares and/or short-term
Delegation
characteristics
Maximum nominal
amount authorised
BOND ISSUE
Under the terms of the aforementioned delegation,
STEF-TFE proceeded on 21 July 2008 with the issue
of a loan of 99,999,848 euros, represented by 452,488
bonds with warrants for subscribing or buying redeemable
stock ("OBSAAR"s) of a par value of €221 each.
Each bond includes two warrants to subscribe and/or
Amount used at
31/12/2008
In order to allow the Board if Directors to implement
the objectives of the aforementioned share buyback
programme, we will recommend the General Meeting to
authorise the Board of Directors to cancel all or part of
the shares bought by the Company, up to a limit of
10% of the Company's share capital per period of
twenty-four months, and to reduce the share capital
proportionately. ●
At 31 December 2008 the number of treasury shares
held under the terms of the liquidity contract came to
30,656, including the 5,803 shares held at 31 December
2007.
Lastly, on the date of the Board meeting of 26 March, the
Company held 34,868 STEF-TFE shares acquired under
the terms of the liquidity contract. ●
investment securities giving access to capital and / or
to the allocation of debt securities with maintained
preferential subscription rights. ●
Balance
Expiry of
Delegation
Increase in capital 1,500,000 904,976 595,024 13 july 2010
Debt securities likely 150,000,000 99,999,848 50,000,152 13 july 2010
to be issued
acquire redeemable shares (BSAAR), with the maximum
number of shares likely to be issued following this decision,
as a result of the BSAAR being exercised, being
904,976. It should be stipulated that 501,661 treasury
shares have been allocated to cover subscriptions or
acquisitions resulting from this OBSAAR issue. ●

THE GROUP
THE BOARD OF DIRECTORS
COMPOSITION OF THE BOARD OF DIRECTORS
The composition of the Board of Directors did not
change during 2008.
The General Meeting of 14 May 2008 ratified the coopting
as Directors, by the Board of Directors, of
Atlantique Participations, represented by François de
Cosnac, and by Emmanuel Hau.
The terms of office as Directors of Bernard Jolivet,
Dominique Nouvellet, Xavier du Terrail and Atlantique
Participations were renewed for a period of six years,
i.e. up to the General Meeting which will deliberate, in
2014, on the accounts for 2013.
Mr. Jolivet's functions as Vice Chairman and Chief
Executive Officer were also renewed for the duration of
his term of office as a Director. The Company's Board
of Directors delegated to him general powers as defined
in Article L.225.56 of the French Commercial Code.
Mr. Nadiras, member of the Supervisory Board of the
Company's investment fund and representative of the
employee-shareholders, is a Director of STEF-TFE, and
the Company therefore meets the requirements of Article
L. 225-23 of the French Commercial Code. As Mr. Nadiras
is retiring, the Shareholders' General Meeting is required
to appoint a Director representing the employeeshareholders,
chosen from the members of the Supervisory
Board of the Company's investment fund.
OFFICES AND FUNCTIONS HELD BY DIRECTORS
In 2008, Francis Lemor, Chairman and Managing
Director, and Director since 1983, held the following
offices and functions:
• Director of CMN,
• Director of SDF Iberica,
• Member of the Supervisory Board of Cryolog is
Développement,
• Permanent representative of STEF-TFE on the Board
of Atlantique Développement.
ANNUAL REPORT 2008
All these companies are part of the STEF-TFE Group.
Mr Lemor is also a Director of UEF, of Société Immobilière
du Palais des Congrès (SIPAC) and of Comexposium.
In 2008, Bernard Jolivet, Vice-Chairman and Chief
Executive Officer, and Director since 1996, held the
following offices and functions:
• Chairman of STEF-TFE Transport,
• Director of SDF Iberica, TFE Benelux, of Cavalieri
Trasporti Spa and Cavalieri Fin Srl,
• Director of TFE International Limited,
• Chairman of Atlantique SA,
• Permanent representative of STEF-TFE on the boards of
Stim d’Orbigny and EFL,
• Permanent representative of Immostef on the board
of Atlantique Développement,
• Member of the Supervisory Board of Cryolog is
Développement.
Permanent representative of STEF-TFE Transport on the
board of Tradimar Sète and Transcosatal Finances.
In 2008, Jean-Charles Fromage, Chief Executive Officer
and Director since 2005, held the following offices
and functions:
• Deputy Managing Director of STEF-TFE Transport,
• Chairman of SDF Iberica and Vice-President of TFE
Benelux,
• Director of Cavalieri Trasporti Spa and Director of
Cavalieri Fin Srl,
• Director of Chais de la Transat, of Transcosatal Finances,
of TFE DA S.p.a (Italy) and of TFE International Limited
(UK),
• Permanent representative of STEF-TFE Transport on the
board of Froidcombi and Transports Frigorifiques
SPADIS.
The functions and offices of the members of the Board
of Directors, other than Messrs Lemor, Jolivet and
Fromage, are, for non-STEF-TFE functions, as follows:
41

42
ANNUAL REPORT 2008
THE BOARD OF DIRECTORS
Gilles Bouthillier, Director,
Director since 1997.
Chairman, Worms Management Services. Director of
Worms Services Maritimes and Héli-Union, Senior Advisor
of Financière de Courcelles (SA).
Henri Bouvatier, Director,
Director since 1989.
Managing Partner of Arjil SAS, Managing Partner of
Hyperion H. Director and Vice-President of SPFA.
Alain Bréau, Director,
Director since 2004.
Chairman of Mory (SAS), Financière Mory (SAS), Flow
One, Management Team, Mory Inter, Mory Logidis, Mory
Logidis Nord-Picardie, LDI Groupe, Mory Team (SAS),
Sophial and Vanderhoeft and France Valeur (SAS),
Chairman of the Board of Directors of Europa SCA
Express; Director of Mory Tunisie. Permanent representative
of Sophial on the board of Est Valeurs, and of
Financière Mory on the board of Virolle Tenoux Transports.
Manager of SCI du 4, rue du Hoguet.
Robert de Lambilly, Director,
Director since 2007.
Chairman and Managing Director of STIM d'Orbigny,
Chairman and Managing Director of CMN, Director of
CMP and SAFACIL. Member of the Supervisory Board of
Seafrance. STIM d’Orbigny is Manager of FIM and
Chairman of Sata Minfos. CMN is Chairman of Armement
Maritime Cyrnos.
Eric Giuily, Director,
Director since 1992.
Manager of Publicis Consultants/ France SARL, Corporate
Factory SARL and Clai SARL; Chairman of Association
French Lines, Publicis Consultants/ Rowland SARL (Italy)
and Publicis Consultants/UK Ltd (United Kingdom);
member of the board of Publicis Consultants/Van Sluis
BV (Netherlands) and of Publicis Consultants Brussels
SA (Belgium). Director of Solange Stricker/Finincom.
Christian Guilbert, Director,
Director since 1996.
Manager of SARL I.T.S., Saint-Germain Participations, SCI
SN République, SNC FFSG, SNC ITS Cie, SCI Etud Cour,
SCI SN de Gaulle, SCI Paris Poissonniers and EURL
Lowendal Participations; Chairman and Managing Director
of SA Genesis Partners, Chairman of the Supervisory
Board of SAS Demeter; Director of CIEH and SGF.
Emmanuel Hau, Director,
Director since 2007.
Previously permanent representative of Compagnie
Financière Saint Honoré on the board of directors of
STEF-TFE.
Chairman of the Supervisory Board of Autogrill Restauration
Services and IGF Industrie Arbel Fauvet Rail,
Director of Sterling Strategic Limited and Aedian SA,
Member of the Supervisory Board of Marc OriAn, nonvoting
Director of Powéo, Member of the Strategic
Committee of France Trésor.
André Nadiras, Director,
Director since 2002.
Member of the Supervisory Board of the FCP (investment
fund) for STEF-TFE employees (until December 2008).
Permanent representative of STEF-TFE on the Board of
Immostef. Member of the Supervisory Board of Financière
de l'Ombrée. Permanent representative of STEF-TFE on
the board of Immostef. Director of the Institut Supérieur
d’Agriculture de la région Rhône-Alpes (ISARA). Manager
of SCI Orion.
Dominique Nouvellet, Director,
Director since 2003.
Chairman and Managing Director of Sigefi SAS, Sigefi
Ventures Gestion SA, Sigefi Nord Gestion SAS, Chairman
of Sigebe SAS, Sigefi Ventures Partners SAS, Sigefi
Partners SAS, Chairman of the Board of Directors of
Sigera, permanent representative of Sigefi on the board
of Sud Partners SA and Rhône Alpes PME Gestion;

THE GROUP
THE BOARD OF DIRECTORS
Chairman of the Supervisory Board of SES Iberica Private
Equity; Chairman of the Board of Directors of Sigefi Italia
Private Equity Spa; Director of Indépendance & Expansion,
ANSA, Tuninvest Finance Group (Tunisia), Morocco Capital
Invest and the Ecole Catholique des Arts et Métiers.
Xavier Ogier du Terrail, Director,
Director since 2001.
Managing Director of Montpensier Finance. Director
of Neville Gestion.
AGF Vie, Director, represented by Pier Riches,
Director since 1997.
Director of: AGF Actio France Sicav, AGF Actions Sicav,
AGF Boieldieu, AGF Foncier Sicav, AGF Richelieu, AGF
Valeurs durables Sicav, AGFIMO Sicav, Assurances
Médicales SA, Athena, Calypso, Camat, Cie de Gestion et
de Prévoyance, Cofitem Cofimur, Gaipare Diffusion,
Génération Vie, Phenix Sécurité Sicav, Sémaphore Sicav,
Société Financière de la Tour Boieldieu, Sibi, Spaceco,
SPPICAVALOR OPCI.
Member of the Supervisory Board of AGF Pierre Actif 2
SCPI, AGF Pierre Locatif (SCPI in liquidation), SCPI Distri
Pierre 1, SCPI Domivalor, SCPI Domivalor 2, SCPI
Domivalor 3, SCPI Logivalor 6, SCPI AGF Pierre Valor.
Chairman of the Supervisory Board of AGF Pierre SCPI
and AGF Pierre ACTIF SCPI.
Pier Riches is Chairman of the Board of Directors
of GIE Allianz Investment Management Paris, Vice
Chairman of the Supervisory Board of AGF Private Equity
(SA) until 28.05.2008, member of the Supervisory Board
of AGF Private Equity (SA) since 23.12.2008, member of
the Supervisory Board of Oddo et Cie SCA, Director of
AGF Holding, Chairman of the Board of Directors of
Sociéta Agricola San Felice (based in Italy), permanent
representative of AGF Holding on the Board of Directors
of Allianz Banque (since 28.11.2008) and Génération
Vie (since 14.04.2008), permanent representative of
AGF IART on the Board of Directors of AGF Boieldieu
ANNUAL REPORT 2008
until 28.11.2008, permanent representative of AGF SA on
the Board of Directors of Sequana Capital, Deputy
Managing Director in charge of investment at AGF, AIM SE
and Allianz Alternative Asset.
Atlantique Participations, Director, represented by
François de Cosnac,
Director since 1998.
Director of Immostef, Chairman of UEF, Chairman of the
Board of Directors of Gerignac SA, member of the
Management Board of SOMERVI, Manager of FDC Conseil
Patrimoine, member of the Supervisory Board of Auris
Gestion Privée.
An examination of the Directors' situations shows
that three Directors may be considered independent
according to the criteria defined in the Bouton Report.
Seven Directors’ terms of office will expire following
t h e G e n e r a l M e e t i n g d e l i b e r a t i n g o n t h e 20 0 8
accounts: Jean-Charles Fromage, André Nadiras, Gilles
Bouthillier, Eric Giuily, Christian Guilbert, Emmanuel
Hau and AGF Vie.
We recommend the Meeting to appoint a Director
representing the employee-shareholders, in accordance
with Article L.225-23 of the French Commercial Code. ●
43

44
ANNUAL REPORT 2008
THE BOARD OF DIRECTORS
COMPENSATION OF CORPORATE OFFICERS
The members of the Board of Directors receive
Directors' fees set at €60,000 overall by the Ordinary
and Exceptional General Meeting of Shareholders held on
14 May 2008. We recommend the Meeting to maintain
the overall total of Directors' fees at this amount.
The compensation of the Chairman and Managing
Director and of the Deputy Managing Directors is set by
a special committee made up of Messrs Bouthillier,
In accordance with the provisions of Article L225-102-1,
paragraph 3 of the French Commercial Code, it is specified that
the employment contracts of Messrs Jolivet and Fromage
contain specific clauses that fall within the scope of regulated
and previously concluded agreements.
Both Mr Jolivet and Mr Fromage, in the event of dismissal,
will benefit from an indemnity equal to 18 months of salary,
which includes the indemnity stipulated by the collective
bargaining agreement. They also have non-competition clauses,
for which the compensation is equal to 50% of their gross
remuneration over three years. In addition, they have been
granted a change of control clause, whereby, in the event of
a change in shareholding, they would benefit from a dismissal
and therefore from the implementation of the measures
described above. Mr. Jolivet would receive 12 months’ notice
Bouvatier and Riches, Directors, and is determined each
year on the basis of the Group’s overall performance
and objective elements of comparison.
Mr Nadiras, the Group’s Director of Purchasing and
Technical Resources, is compensated under his employment
agreement.
The compensation, net of social security contributions,
paid to the Corporate Officers in the last two years was
as follows:
Directors' fees Fixed compensation Variable compensation Benefits in kind
in euros
Directors and Corporate Officers
2007 2008 2007 2008 2007 2008 2007 2008
Francis Lemor - Chairman & Managing Director 3,860 6,548 220,320 221,340 132,600 143,580 3,860 3,860
Bernard Jolivet - Vice Chairman, Chief Executive Officer 3,860 5,048 193,735 195,800 109,340 119,221 3,750 3,750
Jean-Charles Fromage - Chief Executive Officer
Directors
3,860 21,368 160,983 167,550 86,140 100,000 5,693 3,985
Gilles Bouthillier 3,860 4,214
Henri Bouvatier 2,292 4,048
Alain Breau 1,350 714
Xavier du Terrail 3,860 5,048
Eric Giuily 1,292 833
Christian Guilbert 2,860 5,048
Robert de Lambilly 2,350 6,928 77,616 79,294 98,840 115,194 - -
Dominique Nouvellet 2,860 3,214
André Nadiras 3,860 5,048 91,752 105,043 35,247 35,247 2 212 2,112
Emmanuel Hau - 4,214
AGF Vie represented by Pier Riches 600 3,381
Atlantique Participations represented by François de Cosnac 3,860 5,048
in the event of dismissal, whereas Mr. Lemor's contract does
not have any clause relative to the provisions of this Article.
The provisions of these clauses were approved by the
Shareholders' General Meeting of 14 May 2008, and were
made public under the requirements relative to regulated
information.
As required by law, the engagements towards Messrs Jolivet
and Fromage were assessed against performance criteria,
namely an improvement of at least 3% in consolidated
revenue and operating result.
We recommend that the General Meeting reiterates, on these
same principles and for the forthcoming years, its approval
of the engagements regarding compensation,
indemnities and benefits to be paid by the Company
to Messrs Jolivet and Fromage.

THE GROUP
THE BOARD OF DIRECTORS
CORPORATE OFFICERS' INTERESTS IN THE COMPANY'S
CAPITAL: - OPTIONS PLAN
Firstly, we should remind you that the General Meeting
decided, on 21 December 2005, to divide by four the
par value of STEF-TFE shares and, in parallel, to multiply the
number of shares by four.
The General Meeting held on 28 May 1998 authorised the
creation of a stock option plan (Plan 1) restricted to 3.75%
of the share capital, i.e. 124,300 shares (or 497,000 shares
after multiplication of the number of shares by four).
• On 15 December 1998, 50,000 stock options were
granted to 30 beneficiaries, all senior executives of the
Group. The exercise price was set at €39.33 (€9.83 after
division of the par value).
• On 15 December 1999, the Board of Directors granted
49,997 stock options to 33 senior executives of the Group.
The exercise price was set at €44.97 (€11.24 after division
of the par value).
On 13 December 2000, the Board of Directors granted
28,587 stock options (24,303 non-allocated plus 4,284
made available by the departure of two beneficiaries) to
35 senior executives of the Group. The exercise price was
set at €39.03 (€9.76 after division of the par value).
No options remain to be allocated under Plan 1.
The General Meeting held on 13 June 2001 authorised the
setting up of a stock option plan (Plan 2) for up to 1.5% of
the company's current share capital, i.e. a maximum of
ANNUAL REPORT 2008
49,723 shares (or 197,092 shares after multiplication of the
number of shares by four).
On 12 December 2001, the Board of Directors granted
36,086 stock options to 36 senior executives of the Group at
an acquisition price of €54.90 (€13.73 after division of the
par value.
On 10 December 2003, the Board of Directors granted
13,637 stock options to 21 senior executives of the Group at
an acquisition price of €65.11 (€16.28 after division of the
par value). Given that 382 stock options were granted in
2001 to a beneficiary who has since lost the right to exercise
them, the number of stock options exercisable under this
scheme, at 31 December 2003, was 49,341.
No options remain to be allocated under Plan 2.
Given the options exercised during 2008, the situation at 1st
January 2009 regarding options which can still be exercised
is as follows:
• Plan 1: all stock subscription options have been exercised.
• Plan2: > Tranche 1: 43,018 stock purchase options at an
acquisition price of €13.73.
> Tranche 2: 52,488 stock purchase options at an acquisition
price of €16.28.
The shares corresponding to the exercise of Plan 2 stock
purchase options will be taken from treasury shares held
by the Company.
The table below shows the situation after the division of
the par value and the adaptation of the exercise prices:
Plan 1 / Tranche 1 Plan 1 / Tranche 2 Plan 1 / Tranche 3 Plan 2 / Tranche 1 Plan 2 / Tranche 2
Date of General Meeting 28/05/1998 28/05/1998 28/05/1998 13/06/2001 13/06/2001
Date of Board Meeting 15/12/1998 15/12/1999 13/12/2000 12/12/2001 10/12/2003
Number of options granted 200,000 199,988 114,348 144,344 54,548
Number of beneficiaries 30 33 35 36 21
- of which Executive Committee 99,708 92,052 51,576 60,316 3,088
- of which Corporate Officers 36,668 36,364 19,092 22,900 0
• Francis Lemor 12,600 12,500 6,356 7,636 0
• Bernard Jolivet 12,608 12,500 6,368 7,632 0
• Jean-Charles Fromage 11,460 11,364 6,368 7,632 0
André Nadiras 9,168 7,956 4,460 4,584 0
Robert de Lambilly 5,732 0 0 0 0
Initial exercise date 15/12/2003 15/12/2004 13/12/2005 12/12/2006 10/12/2008
Final exercise date 15/12/2006 15/12/2007 13/12/2008 12/12/2009 10/12/2011
Subscription price 9.83€ 11.24€ 9.76€ 13.73€ 16.28€
Options exercised at 31.12.08 189,684 193,168 111,796 96,362 -
Options cancelled 10,316 6,820 2,552 4,964 2,060
Options 0 0 0 43,018 52,488
Charges relating to the stock options thereby allocated came to 45,000 euros in the consolidated financial statements.
45

46
ANNUAL REPORT 2008
THE BOARD OF DIRECTORS
SALE OF SHAR ES BY DI R ECTORS AN D OPTIONS
EXERCISED
In accordance with the provisions of Article L.621-18-
2 of the French Monetary and Financial Code, it is
specified that in April 2008, Mr Jolivet exercised 7,632
shares stock options in the first tranche of Plan 2.
SHARE PRICE
Between 2 January 2008 and 31 December 2008, the
share price varied between a minimum of €27.59
and a maximum of €52.38.
Over the same period, the average volume of shares
traded daily was 6,018. The average price for the year
was €40.805, a rise of 21.06% compared to the average
price for 2007.
STATUTORY MODIFICATIONS
The French law on the modernisation of the economy
dated 4 August 2008 removed the obligation for
Directors to hold so-called "guarantee shares" in a
company, unless specifically stated in the articles of
association. We therefore recommend removing Article 11
"Board of Directors" paragraph 2: "Every Director must be
a shareholder and own one share. This provision does not
apply to the shareholder-employee designated as Director
in this capacity".
Moreover, in order to meet the legal requirements
according to which the conditions under which a shareholder-employee
candidate may be designated for a
place as Director are defined in the articles of association,
we recommend adding a new paragraph 2 to
Article 11, stipulating the conditions in which a shareholder-employee
candidate may be designated for a
place as Director.
These conditions may be summarised as follows: the
candidate is designated by the Supervisory Board of the
Company's investment fund when the right to vote
attached to the shares held by the employees is exercised
by the candidate, or among the employees, by
consultation, when the right to vote is directly exercised
by the latter.
The minutes of the Supervisory Board and/ or electoral
commission's decision are then conveyed to the Board
of Directors which submits to the Shareholders' General
Meeting the names of the candidate(s) obtaining the
greatest number of votes.
A cooptation principle is included in order to cover any
absence caused by the designated Director being unable
to hold his or her office until the end of its term.
SHAREHOLDINGS ACQUIRED DURING THE FINANCIAL
YEAR
Incorporation of companies
During the year, the Group incorporated:
• one maritime subsidiary: SNC Navale STEF-TFE, in order
to build and then operate a new vessel.
• three real estate companies: SNC Gap Plan de Lardier,
SNC Reims La Pompelle and Immostef New Torrejon (a
subsidiary of SDF Iberica).
• seven subsidiaries within its seafood business: Tradimar
Arras, Tradimar Metz, Tradimar Nantes, Tradimar Niort,
Tradimar Rennes, Tradimar Rungis and Tradimar
Logistica del Mar (a subsidiary of SDF Iberica).
• one subsidiary within the Cavalieri structure: SLF Sicilia.
Internal restructuring in France and Europe
• Universal transfer of assets from Méledo Bretagne to
TFE Vannes and from Transports frigorifiques du Maine
to TFE Le Mans.
• Absorption of SDF Galicia and SDF Pais Vasco by SDF
Iberica.
Shareholdings acquired
• Acquisition of the remaining shares in the Italian
transportation group Cavalieri (increase in shareholding
from 90% to 100%).
• Acquisition of a 49% share, through an increase in
capital, in Stefover Tunisie, via the Stefover company. ●

THE GROUP
OUTLOOK FOR 2009
2009 started much as 2008 had finished, with volumes
handled falling in all activities and in practically all
countries. In a difficult economic context, the various
operators waged a fierce battle to maintain market share,
or quite simply to survive. One must therefore expect a
difficult first half and disrupted business for as long as the
economic crisis lasts and the conditions for a return to
healthy competition are not fulfilled.
In early 2009, the Group acquired a building adjacent to its
head office, with a view to expanding the latter. It also
acquired a majority stake in a company which operates a
logistics platform in Belgium.
ANNUAL REPORT 2008
CONSOLIDATED FINANCIAL STATEMENTS
YEAR
2008
Consolidated balance sheet and income statement
Variation of consolidated shareholders’ equity
Table of cashflows
Notes to the consolidated financial statements
Statutory Auditors' report
Chairman's Report on Internal Control
48
50
51
53
88
90
47

48
ANNUAL REPORT 2008
Consolidated financial statements
At 31 December
CONSOLIDATED INCOME STATEMENT
(€ thousand) 2008 Financial Year 2007 Financial Year
Revenues (note 4.1) 2,081,369 1,931,815
Consumption from third parties (note 4.2) (1,258,554) (1,156,014)
Taxes, levies, and similar payments (42,726) (44,779)
Payroll charges (note 4.3) (621,133) (580,803)
Depreciation (73,347) (67,481)
Net depreciation (reversals) and provisions (note 4.4) (4,080) 1,028
Other operating income and expenses (note 4.5) 3,895 (598)
Operational income (note 4.1) 85,424 83 ,168
Financial expenses (note 4.6) (21,019) (15,878)
Financial income (note 4.6) 618 299
Financial income/(expenses) (20,401) (15,579)
Pretax profit 65 ,023 67,589
Tax (note 4.7) (19,833) (18,197)
Share of net income from companies consolidated using equity method (note 4.13) 379 (391)
Income 45,569 49,001
* share attributable to STEF-TFE shareholders 40,488 44,429
* share attributable to minority shareholders 5,081 4,572
EBITDA : (note 4.8) 162 ,851 156 ,285
Income per share: (in euros) (in euros)
- Non-diluted (note 4.19) 3.07 3.30
- Diluted (note 4.19) 3.06 3.26

Consolidated financial statements
At 31 December
CONSOLIDATED BALANCE SHEET
ASSETS (€ thousand)
Non-current assets
31/12/2008 31/12/2007
Consolidated goodwill (note 4.9) 110,874 108,162
Other intangible fixed assets (note 4.10) 11,546 12,175
Tangible fixed assets (note 4.11) 636,830 595,684
Non-current financial assets (note 4.12) 13,676 12,224
Holdings consolidated using the equity method (note 4.13) 7,780 7,391
Deferred tax assets (note 4.14) 6,489 5,578
Total non-current assets 787,195 741,214
Current assets
Inventories and goods in process (note 4.15) 18,845 16,838
Trade receivable (note 4.16) 381,123 344,192
Others receivables and current financial assets 116,140 114,482
Cash and cash equivalents (a) (note 4.17) 44,183 69,059
Non-current assets held with a view to being sold (note 4.11) 13,230 13,573
Total current assets 573,521 558,144
Total assets 1,360,716 1,299,358
LIABILITIES
Shareholders' equity
Capital (note 4.18) 13,516 13,604
Premium 4,284 7,634
Reserves 245,315 239,014
Equity attributable to STEF-TFE shareholders 263,115 260,252
Minority interests 56,275 50,938
Total shareholders' equity 319,390 311,190
Non-current liabilities
Non-current provisions (note 4.22) 14,074 14,174
Deferred tax liabilities (note 4.14) 40,896 44,322
Non-current financial debts (b) (note 4.20) 303,671 175,086
Total non-current liabilities 358,641 233,58
Current liabilities
Trade payables 264,242 270,132
Current provisions (note 4.22) 15,658 14,611
Other current debt 267,327 257,627
Current tax debts 1,467 6,934
Current financial debts (c) (note 4.20) 130,631 201,922
Liabilities associated with non-current assets held with a view to being sold 3,360 3,360
Total current liabilities 682,685 754,586
Total shareholders' equity and liabilities 1,360,716 1,299,358
Net debt (b) + (c ) - (a) 390,119 307,949
Total shareholders' equity/net debt ratio 1.22 0.99
ANNUAL REPORT 2008
49

50
ANNUAL REPORT 2008
Consolidated financial statements
VARIATION IN CONSOLIDATED SHAREHOLDERS’ EQUITY
(€ thousand)
Consolidated Conversion Treasury Fair Total share Minority Total
attributable to
Capital Premium reserves reserves shares value interests shareholders'
STEF-TFE
reserve shareholders
equity
Shareholders' equity at 31 December 2006 13,625 1,433 208,084 (273) (2,090) 58 231,837 47,192 279,029
Conversion differences resulting
from activities outside France (304) (304) (304)
Variation in fair value of
cash flow hedging 152 152 152
Income and expenses recorded directly
under shareholders' equity - - 0 (304) - 152 (152) - (152)
Income for the period 44,429 44,429 4,572 49,001
Total statement of income and
expenses recorded during the period - - 44,429 (304) - 152 44,277 4,572 48,849
Increase in capital 94 907 1,001 1,001
Reduction in capital (115) (5,706) (5,821) (5,821)
Payout of dividends (11,459) (11,459) (231) (11,690)
Payments based on shares 45 45 45
Company mergers 0 341 341
Buyback and sale of treasury shares 372 372 372
Acquisition of minority interests 0 (936) (936)
Shareholders' equity at 31 December 2007 13,604 7,634 241,099 (577) (1,718) 210 260,252 50,938 311,190
Conversion differences resulting
from activities outside France (954) (954) (954)
Revaluation of assets (1) 594 594 594
Variation in fair value of cash flow hedging (815) (815) (815)
Income and expenses recorded
directly under shareholders' equity - - 594 (954) - (815) (1,175) - (1,175)
Income for the period 40,488 40,488 5,081 45,569
Total statement of income and
expenses recorded during the period - - 41,082 (954) - (815) 39,313 5,081 44,394
Increase in capital 13 113 126 126
Reduction in capital (101) (3,463) (3,564) (3,564)
Payout of dividends (12,966) (12,966) (173) (13,139)
Payments based on shares 45 45 45
Equity component of OBSAAR 2,424 2,424 2,424
Buyback and sale of treasury shares (22,496) (22,496) (22,496)
Acquisition of minority interests (19) (19) 429 410
Shareholders' equity at 31 December 2008 13,516 4,284 271,665 (1,531) (24,214) (605) 263,115 56,275 319,390
(1) Tax rate differential on revaluation reserve.
The amounts appearing in the above table are presented net of tax, where applicable.

Consolidated financial statements
TABLE OF CASHFLOWS
(€ thousand)
ANNUAL REPORT 2008
31/12/2008 31/12/2007
Consolidated net income 45,569 49,001
+/- Net depreciation, amortisations and provisions (excepting those linked to working assets) 77,427 80,125
+/- Capital gains or losses on asset disposal (2,158) (2,880)
+/- Share of income from companies consolidated using equity method (379) 391
+/- Variation in fair value of financial instruments 1,470 (716)
+/- Variation in conversion differences (1,530)
+/- AOther calculated income and expenses 233 2,401
+/- Costs of payments based on shares (1,031) 45
- Provision for deferred taxes (6,074) (7,339)
Cashflow (A) 113,527 121,028
+/- Variation in WCR linked to operations (B) (35,903) 20,966
Net cashflow from operations (C) = (A+B) 77,624 141,994
- Outflows linked to acquisitions of intangible fixed assets (7,692) (4,080)
- Outflows linked to acquisitions of tangible fixed assets (117,187) (80,640)
+/- Variation in loans and advances granted (1,521) (1,734)
- Inflows and outflows relating to acquisitions and disposals of subsidiaries, net of cash acquired (*) (1,213) (18,369)
+ Inflows linked to disposals of tangible and intangible fixed assets 12,964 24,795
+ Net dividends received on shareholders' equity instruments 491 115
Net cash flow from investing operations (D) (114,158) (79,913)
+/- Buy-backs and re-sales of treasury shares (22,496) (372)
+ Amounts received from shareholders during increases in capital 126 1,001
- Amounts paid to shareholders during reductions in capital (3,564) (5,821)
- Dividends paid to STEF-TFE shareholders (12,966) (11,459)
- Dividends paid to minority shareholders of affiliated companies (173) (231)
+ Inflows linked to new loans 142,852 22,594
- Loan repayments (including financial leases) (77,384) (52,839)
Net cashflow from financing operations (E) 26,395 (47,127)
Net cash at opening (6,915) (21,869)
Net cash at closing (17,054) (6,915)
= Change in net cash (C+D+E) (10,139) 14,954
Amount of tax paid during the year: (18,012) (19,468)
Net cash at close breaks down as follows: 31/12/2008 31/12/2007
Cash and cash equivalents 44,183 69,059
Bank overdrafts and current cash liabilities (61,237) (75,974)
(17,054) (6,915)
(*) 31 /12/ 2008 31/12/ 2007
Purchase cost of shares in companies acquired 1,213 23,701
Cash acquired 0 (5,332)
Net disbursement 1,213 18,369
51

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ANNUAL REPORT 2008
CONTENTS 1 Authoritative accounting literature
2 Significant accounting policies
2.1 Consolidation rules and procedures
2.2 Consolidated goodwill
2.3 Other intangible fixed assets
2.4 Tangible fixed assets
2.5 Non-derivative financial assets
2.6 Depreciation of fixed assets
2.7 Inventories
2.8 Non-current assets held with a view to being sold
2.9 Corporate income tax
2.10 Employee benefits
2.11 Non-derivative financial liabilities
2.12 Financial instruments
2.13 Provisions
2.14 Treasury shares
2.15 Payment in shares
2.16 Rental contracts
2.17 Monetary conversion
2.18 Income from operations
2.19 Business unit information
2.20 Presentation options
2.21 New non-applicable standards and interpretations
2.22 Non accounting indicators
3 Scope of consolidation
3.1 List of consolidated companies
3.2 Changes occurring in 2008
3.2.1 Acquisitions, incorporations, disposals
3.2.2 Internal operations
3.3 Changes occurring in 2007
3.3.1 Acquisitions, incorporations, disposals
3.3.2 Internal operations
3.4 Merged companies
3.4.1 2008 Financial Year
3.4.2 2007 Financial Year (reminder)
4 Information on the financial
4.1 Business unit information
4.1.1 Information by business:
4.1.2 Consolidated information by geographical region statements
4.2 Consumption from third parties
4.3 Payroll charges
4.4 Net depreciation (reversals) and provisions
4.5 Other operating income and expenses
4.6 Financial income and expenses
4.7 Corporate income tax
4.8 EBITDA
4.9 Consolidated goodwill
4.10 Intangible fixed assets
4.11 Tangible fixed assets
4.12 Non-current financial assets
4.13 Companies consolidated by equity method
4.14 Deferred tax assets and liabilities
4.15 Inventories
4.16 Trade receivables
4.17 Cash and cash equivalents
4.18 Shareholders' equity
4.19 Income per share
4.20 Financial debts
4.21 Employee benefits
4.22 Provisions
4.23 Dilutive instruments
4.24 Financial risks
4.25 Presentation of financial instruments by category
4.26 Off balance sheet undertakings
4.27 Ordinary leasing
4.28 Operations with third parties
4.29 Management of capital
4.30 Auditors' fees
4.31 Potential liabilities
4.32 Public service franchise contract
4.33 Events occurring after the end of the financial year
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Notes to the consolidated financial statements
2008 Financial Year
ANNUAL REPORT 2008
STEF-TFE and its subsidiaries (hereafter known as STEF-TFE or the Group) operate principally in road transportation, temperaturecontrolled
logistics and maritime transportation.
The parent company, STEF-TFE S.A., incorporated under French law, is headquartered at 93 boulevard Haussmann, 75008 Paris, and
shares are listed in compartment B of Euronext Paris.
NOTE 1. ACCOUNTING PRINCIPLES
STEF-TFE’s consolidated financial statements for the year ended 31 December 2008 were prepared using International Financial Reporting
Standards (IFRS) as approved by the European Union and applied as from the year ended 31 December 2008.
IFRS are available on the European Commission's website at the following address:
htpp://ec.europa.eu/internal_market/accounting/ias_en.htm#adopted-commission.
The consolidated financial statements also comply with the IFRS accounting rules published by the IASB (International Accounting
Standards Board), applied as from the year ended 31 December 2008
The consolidated financial statements have been prepared using the historical cost principle. However, fair value has been used to
evaluate derivative financial instruments and financial assets classified as being available for sale.
The following interpretations and amendments, applicable for the first time in 2008, did not have any impact on the financial statements:
• Interpretation IFRIC 11 "Group and Treasury Share Transactions";
• Amendments to IFRS 39, “Financial instruments: Recognition and measurement" and IFRS 7 “Financial instruments: Disclosures" about
reclassification of financial assets.
The Group has decided to apply by anticipation, as of 1st January 2008, the revised IAS 23 "Borrowing costs" which removes the option
applied by the Group until 2007 to book immediately as expenses, those borrowing costs directly attributable to the acquisition, construction
or production of a qualified asset. A qualified asset is an asset which requires a long period of preparation before it can be used or sold. An
entity must therefore record such borrowing costs in the assets, as an element contributing to the cost of the asset. The Group's assets are mainly
made up of refrigerated warehouses, platforms, transportation vehicles and ships. The average construction time for platforms and warehouses
does not generally exceed 12 months. The Group considers that certain specific assets, such as ships acquired new, for which the construction
time significantly exceeds twelve months, are eligible for having their borrowing costs recorded under the revised IAS 23.
Other standards and interpretations adopted by the European Union that will be obligatory in 2009 and beyond were not applied in
advance at 31. December 2008 (Note 2.21).
The preparation of financial statements using IFRS requires the Group's management to take into account estimates and projections to
determine the amounts of some assets, liabilities, income and expenses as well as certain information provided in the Notes. The estimates
and projections used are those that the management considers most pertinent and achievable in light of the Group’s environment and their
previous experience. Because of the uncertain nature of such estimates, the final amounts may differ from those initially projected. To limit
uncertainty, estimates and projections are subject to regular review, and any changes made are immediately reflected in the Group’s accounts.
The use of estimates and projections is of particular significance in the following areas:
• determining the useful lives of fixed assets;
• determining the recoverable value of non-financial assets in the long term (Notes 4.9 and 4.10);
• qualification of rental contracts (Note 2.16);
• evaluation of identifiable assets and liabilities acquired through mergers (Note 3.4);
• recognition of deferred tax assets (Notes 2.9 and 4.14).
The financial statements for 2008 were prepared at a time of economic crisis when it was difficult to foresee how market conditions would
evolve, in the short and medium term, in France and the main European countries in which the Group operates. In this context, a heightened
degree of uncertainty surrounds the hypotheses and projections chosen, especially regarding the recognition of deferred tax assets in the
Spanish and Italian subsidiaries.
53

54
ANNUAL REPORT 2008
Notes to the consolidated financial statements
2008 Financial Year
These financial statements were closed by the Board of Directors during its meeting of 26 March 2009. They will only become definitive
once they have been approved by the Shareholders' General Meeting to be held on 13 May 2009. Unless otherwise stated, the consolidated
financial statements are presented in euros, and rounded off to eh nearest thousand.
NOTE 2. ACCOUNTING PRINCIPLES
The accounting methods presented below were applied consistently to all periods covered by the financial statements.
2.1 CONSOLIDATION RULES AND PROCEDURES
Subsidiaries
The financial statements of the entities controlled by the group are consolidated on the basis of the complete consolidation method. Control
of an entity is deemed to have been acquired when STEF-TFE, either directly or indirectly, is entitled to take operational and financial decisions
for an entity, in such a way as to benefit from its operations. Control is presumed when the Group directly or indirectly holds more than 50%
of an entity’s voting rights. The existence of control is not only assessed on the basis of the Group's voting rights, but also on those that are
likely to be obtained via the exercising of options, if such options are immediately eligible for exercise. The inclusion of an entity's accounts
in consolidation starts at the date control is acquired and ends when control ceases.
Associated companies
The equity method is applied to shares in entities over which the group has notable influence but which it does not control. Notable influence
is presumed when the Group holds, directly or indirectly, at least 20% of the voting rights. The equity method is applied as from the time notable
influence is obtained, and ends when notable influence disappears.
Elimination of intragroup operations and results
Receivables, debts and transactions between subsidiaries are fully eliminated. Internal profits generated by the disposal of assets are also
eliminated, along with internal losses, unless these indicate losses in value.
Internal profits and losses between the Group and its associated companies are eliminated in proportion to the Group’s shareholding in
these companies.
2.2 CONSOLIDATED GOODWILL
Acquisitions of subsidiaries and shareholdings in associated companies are recorded according to the acquisition method.
Consolidated goodwill from acquisitions after 1 January 2004 is equal to the difference that exists at the acquisition date between the
cost of the acquisition and the part acquired in the fair value of the assets, liabilities and any identifiable liabilities. This difference is recorded,
if it is positive, under “consolidated goodwill”. When it is negative, it is immediately recorded in the income statement under “other operating
income and expenses”. Consolidated goodwill relating to holdings in companies whose shares are consolidated according to the equity method
is included in the book value of holdings.
For the switch to IFRS, the Group decided not to restate mergers occurring before 1 January 2004.
For these mergers, consolidated goodwill corresponds to the amounts entered according to the Group’s previous accounting methods.
After this, consolidated goodwill is evaluated at its cost minus total depreciations. It is subject to a yearly depreciation test or the
occurrence of an event indicating a loss in value.
2.3 OTHER INTANGIBLE FIXED ASSETS
Intangible fixed assets other than consolidated goodwill are mainly made up of software that is either designed in-house or acquired. They
appear in the balance sheet at their acquisition or production cost. These costs are depreciated using the straight-line method over their
estimated useful life, which currently does not exceed five years.
The costs of developing new software, either for in-house use or to be marketed, are treated as a fixed asset as from the date when certain

Notes to the consolidated financial statements
2008 Financial Year
ANNUAL REPORT 2008
conditions are met, in particular when the software is intended to significantly improve operations and when the Group has sufficient technical
and financial resources to complete the development and intends to use or market it.
2.4 TANGIBLE FIXED ASSETS
Tangible fixed assets are mainly made up of refrigerated warehouses, platforms, transportation vehicles, ferries and office furniture. As regards
fixed assets that were re-evaluated prior to 1 January 2004, the date of the change to IFRS, it has been assumed that their re-evaluated
values correspond to their acquisition cost as of said date.
Depreciation allowances are determined using the straight-line method, over the estimated useful life of the tangible fixed assets. The basis
for depreciation is their cost, with the exception of warehouses and platforms built in France, for which the depreciable basis is equal to 90%
of the cost. When certain building components have useful lives that are less than those for the building taken as a whole, the components
are depreciated using their own useful lives. Land is not depreciated. Useful lives are estimated as from the time of delivery as new, with
the exception of the Group headquarters, and are as follows:
• Platforms and warehouses: 25–30 years
• Later extensions: 20 years
• Group headquarters: 40 years as of 1996
• Production equipment and facilities: 10 years
• Fittings and installations: 6–10 years
Costs of loans which are directly attributable to the acquisition, construction and production of a qualified asset are incorporated within
the cost of the asset. Qualified assets are ships acquired new, for which the construction time significantly exceeds twelve months.
The Group owns a building which is neither used in an operational capacity nor held with a view to disposal as defined in IFRS 5. This
asset has not been entered in the accounts as per IAS 40, as its book value and fair value are considered to be insignificant in the context of
the Group's assets as a whole.
2.5 NON-CURRENT FINANCIAL ASSETS
Financial assets include receivables linked to the operations, cash and cash equivalents, equity interests classed as available for disposal,
loans, security deposits held until their maturity. They are initially recorded at their fair value.
Trade receivables and other operating receivables that have short maturity times are listed as assets at their nominal value, which is
very close to the value that would be obtained using the effective interest method. If a debtor defaults, the accounts receivable are depreciated
so that their net amount reflects the forecast cash flows.
Interest-free loans, which are granted to organisations as part of employers' mandatory contribution to the construction drive, are booked
for their discounted amount at the date of payment. The difference compared to the amount paid is booked as an expense at the time of payment.
These loans are later evaluated at their amortised cost and, in accordance with the effective interest method, financial revenues are recorded
during the term of these loans, so that their balance sheet amount is matched to their maturity repayment value.
Unconsolidated equity interests classed as available for disposal are evaluated at their fair value, with later changes in fair value recorded
directly as shareholders’ equity, except for depreciations written into the result. Securities whose fair value cannot be accurately assessed are
valued at cost, minus, if applicable, all later depreciations. These are never reversed.
The cash position equivalents are short-term investments, which are highly liquid and likely to be disposed of rapidly and are only liable
to undergo very slight changes in value, if any. These assets are shown on the balance sheet at their fair value, and any later changes in fair
value are reflected in the income.
2.6 DEPRECIATION OF GOODWILL AND FIXED ASSETS
• Ship equipment: 20 years
• Transportation equipment: 5–9 years
• Office furniture: 7–10 years
• Computer hardware: 3–5 years
IAS 36 requires companies to ensure that the book value of intangible fixed assets (including consolidated goodwill), and tangible fixed
assets, does not exceed their net recoverable amount.
This verification is carried out systematically once a year for consolidated goodwill and intangible assets with an indefinite useful life and
for those in development. This verification is made for other fixed assets when there is a sign of a loss in value.
55

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ANNUAL REPORT 2008
Notes to the consolidated financial statements
2008 Financial Year
The recoverable value of a fixed asset is the higher of its going concern value and its fair value, net of disposal costs. The going concern
value of a fixed asset is the discounted value of the future cash flows expected from the use of the fixed asset. Fixed assets that do not
produce sufficiently autonomous cash flows are grouped into cashflow generating units corresponding to the smallest groups of fixed assets
producing autonomous cash flows. Consolidated goodwill is allocated to cashflow generating units that benefit from synergies from mergers
between the corresponding companies.
Future cash flows expected from a fixed asset or cashflow generating unit are calculated using a 5-year business plan and a terminal value
determined by the capitalisation of a normative flow obtained by extrapolating the most recent flow of the explicit horizon of the business plan,
modified by a growth rate specific to the business concerned. The flows obtained are discounted at a determined rate, based on the weighted
average cost of the Group’s capital.
Future cash flows expected from a fixed asset or cashflow generating unit are calculated using a 5-year business plan and a terminal value
determined by the capitalisation of a normative flow obtained by extrapolating the most recent flow of the explicit horizon of the business plan,
modified by a growth rate specific to the business concerned. The flows obtained are discounted at a determined rate, based on the weighted
average cost of the Group’s capital.
2.7 INVENTORIES
The main inventories comprise fuel, spare parts, commercial packaging and consumables. They are valued at the acquisition cost.
Damaged inventory is subject to depreciation, calculated according to their probable realisable value.
2.8 NON-CURRENT ASSETS HELD WITH A VIEW TO DISPOSAL
Non-current assets (or groups of assets and liabilities held with a view to disposal) whose book value will be recoverable mainly through
a sale rather than by their continuous use, are classified in the balance sheet as assets held with a view to disposal. Once classed under this
heading, they are recorded at the lower of their book value and their fair value, minus sales costs. Amortisable intangible fixed assets and tangible
fixed assets are no longer amortised from when they are recorded as assets held with a view to disposal.
2.9 CORPORATE INCOME TAX
Corporate income tax expenses (or income) comprise, on the one hand, tax due for the financial year, and secondly, expenses or income
from deferred taxes. Tax is recorded in income unless it is attached to elements recorded directly as shareholders’ equity, in which case it is
recorded in shareholders’ equity.
Deferred taxes are calculated for each fiscal entity when there is a temporary discrepancy between the book values of assets and
liabilities and their tax values. They are calculated by applying the tax rate in force when the temporary discrepancies are resolved, on the basis
of tax legislation adopted or almost adopted on the closing date.
Deferred tax assets are only booked if it is likely that the tax entities concerned will have future taxable profits against which these
assets can be entered. They are examined at each closing date and, where applicable, reduced in proportion to the part which could probably
no longer be recorded against taxable future profits.
2.10 EMPLOYEE BENEFITS
Post-employment benefits
The fixed payout post-employment benefits granted by the Group are made up of the retirement payments made when employees
retire and are determined in light of the employee's final salary and seniority. The corresponding commitments are booked as liabilities as and
when entitlement is accrued, using the actuarial method of projected credit units applied to an estimate of the salaries at the time the
indemnities will be paid. The fair value of the funds paid to insurance companies to cover the commitments is deducted from the liabilities.
Actuarial discrepancies that are the result of changes in hypotheses or differences between projections and the amounts paid are not
immediately recorded as income, but are deferred using the "corridor" method. According to this method, actuarial discrepancies are only

Notes to the consolidated financial statements
2008 Financial Year
ANNUAL REPORT 2008
amortised when their aggregate amount exceeds a threshold equal to 10% of the actuarial debt or the fair value of the amounts set aside, if
the latter amount is higher. The amortisation is determined using the straight-line method over the average residual period of activity of
scheme beneficiaries.
Other long-term benefits
The Group pays bonuses in addition to granting length of service medals, which are booked as and when entitlement is accrued, and are
evaluated under the same conditions as retirement payments. However, any resulting actuarial discrepancies are immediately booked as
income.
Commitments in terms of retirement payment plans and length of service medals are assessed by an independent actuary.
2.11 NON-DERIVATIVE FINANCIAL ASSETS
Financial liabilities include loans, financial liabilities and debts generated by operating transactions (trade notes and other liabilities).
When initially recorded, they are evaluated at their fair value, net of transaction costs. In the case of operating debts, because of their very brief
maturity times, their fair value corresponds to the nominal value. Financial liabilities are later evaluated at the amortised cost, using the
effective interest method.
Composed instruments
Some composed financial instruments contain both a debt component and an equity component. The two components are booked
separately, the first as debt and the second as equity, and determined in the following manner:
Debt component
The debt component is evaluated at its date of issue on the basis of the fair value of a similar instrument which presents the same
characteristics (maturity, cashflow) but does not include an option to convert or redeem in shares. This value corresponds to the value of
future contractual cash flows (including the coupon and redemptions), discounted at market rate (taking the credit risk at issue into account)..
Equity component
The equity component represents the value of the option to convert or redeem in shares. It is determined by taking the difference
between the value of the debt component, determined using the method described above, and the income from the issue of the loan.
2.12 DERIVATIVE INSTRUMENTS
The Group uses derivative instruments to hedge interest rate risk on its debts. They are initially recorded at their fair value. Even when
the Group's objective is to cover risk economically, some derivatives do not fulfil the conditions laid down by IAS 39 in order to qualify as
compatible hedging instruments. In this case, later variations in value are recorded under income.
When it is possible to qualify a derivative as a hedging instrument, later variations in fair value are booked as follows:
• If it involves a fair value hedge (exchange of fixed interest rate flows against variable flows), the variations are recorded under income,
under the same heading as fair value variations in hedged debt;
• If it involves hedging future cash flows (exchange of variable interest rate flows against fixed flows), then the latter are recorded
directly under shareholders' equity for the effective part of the hedge, and are then transferred to "income" when the interest flows being
hedged are booked as expenses.
2.13 PROVISIONS
Provisions are debts for which the maturity dates or the amount carries a certain degree of uncertainty. Provisions are booked when
the Group has to deal with an obligation that is current, legal or implicit, that results from past events, when the obligation can be reliably estimated
and when it is likely that the result will be an outflow of funds representing an economic advantage. Provisions are evaluated at the most likely
amount to be paid out.
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ANNUAL REPORT 2008
Notes to the consolidated financial statements
2008 Financial Year
2.14 TREASURY SHARES
The cost of STEF-TFE shares acquired by the Group (treasury shares) is presented as a deduction from consolidated shareholders' equity.
When treasury shares are sold or made available, the amount is presented as an increase in consolidated shareholders' equity. Income and
expenses (capital gains or losses at disposal) generated by treasury shares are directly allocated to the reserves.
2.15 PAYMENT IN SHARES
The share subscription options granted to certain STEF-TFE officers are evaluated at a fair value on the grant date. This evaluation, which
is not subsequently modified, is booked as an expense using the straight-line method during the period required for the grant to become
definitive. This expense is only revised if the definitive number of grantees is different from that planned when the expense was initially
evaluated.
The counterpart for this expense is made up of credits in the shareholders' equity under the reserves item, in such a way that the overall
amount of shareholders' equity is not modified.
2.16 RENTAL CONTRACTS
STEF-TFE uses financial lease contracts to finance part of its tangible fixed assets, such as "carrier" vehicles and "semi-trailers", naval
equipment, and operational real estate such as platforms and warehouses. These contracts are deemed as financing when they transfer to the
Group the essential risks and benefits obtained by the leased assets; this is the case when the contracts give the Group the option of becoming
the owner of the asset at the end of the leasing period, under conditions that are sufficiently attractive, at the signature date of the contracts,
for it to be highly probable that the Group will exercise its purchase option at the end of the contract.
When a rental contract has the same characteristics as a financing operation, the tangible fixed assets are booked as assets at an amount
equal to their fair value or, if this is lower, to the discounted value of minimum future leases; as the counterpart, a debt is booked in the
liabilities and is reduced as and when lease payments are made, for the part representing the amortisation of the debt.
For operating real estate (platforms and warehouses), the Group distinguishes between two types of rental contracts: those signed for
buildings included in the Group network, for which the Group considers that it bears almost all the risks and benefits from almost all the
advantages, and those concluded for specialised buildings constructed in accordance with the specifications of a single client. The first category
is booked under assets. As regards the second category, the Group considers that the risks are shared with the client and there is no certainty
that the Group will exercise the purchase options at the end of the contract, except where there is a genuine financial incentive to exercise the
option. This means that the platforms or warehouses are not booked as assets on the balance sheet and that the contracts are booked as ordinary
leases.
The rental payments owed in respect of ordinary leases are taken into account during the periods with regard to which they are called in.
In the event of sliding scale rent, STEF-TFE defers the payments in a straight line over the term of the agreement and books the surplus rent
under assets, as prepaid expenses.
2.17 MONETARY CONVERSION
Receivables and debts in foreign currency are converted at the exchange rate in force at the closure of the financial year. The corresponding
conversion differences are booked as income, with the exception of those relative to receivables and debts which, in substance, are part of net
investments in foreign subsidiaries and which are directly booked under shareholders' equity.
Assets and liabilities for foreign subsidiaries for which the operating currency is not the euro are converted at the exchange rate in force
at the close of the financial year. Expenses and income are converted at the average price for the year which, outside major price fluctuations,
is considered to be close to the price applicable on the transaction dates. The resulting conversion differences are directly assigned to
shareholders’ equity.
2.18 INCOME FROM OPERATIONS
Income from ordinary operations is evaluated at the fair value of the counterpart to be received, net of discounts granted. They are
recorded when the recoverability of the counterparty is likely, and when the degree to which the services have been accomplished and the
associated costs can be reliably measured, whatever the activity.

Notes to the consolidated financial statements
2008 Financial Year
ANNUAL REPORT 2008
Income from maritime activities includes the contributions from the Corsica Transportation Bureau provided for in the
franchise agreement.
2.19 SEGMENT REPORTING
A segment is a distinct component of the Group that is engaged in the supply of services in a particular business environment and
which is exposed to risks and profitability that differ from those of the other components. The Group’s first level of business unit information
is based on business segments.
2.20 PRESENTATION OPTIONS
The Group has chosen to present its operational expenses on the income statement by type. “Other operating income and expenses” includes
capital gains and losses on the disposal of non-current assets, the depreciation of non-current assets, and significant operating income and expense
items related to one-off events or operations that have a bearing on the comparison of financial periods. The net exchange rate income is entered
under “financial income” (net gain) or under “other financial expenses” (net loss).
On the balance sheet, the difference between the commitment in respect of pension severance pay and the funds paid over to insurance
companies is presented according to its direction, either as a non-current liability or as a current asset. The total amount of the expense for
the financial year is included in the operating expenses, including the financial component.
Cash flows generated by operations are presented using the indirect method in the table of cash flows.
2.21 NEW NON-APPLICABLE STANDARDS AND INTERPRETATIONS
Standards, amendments to standards and interpretations adopted by the European Union on 31 December, 2008 but not yet in force for
fiscal years closing on 31 December 2008, have not been applied for the preparation of the consolidated financial statements, except in the
revised IAS 23 "Borrowing costs":
• IFRS 8 "Operating segments", whose application will be compulsory in the 2009 financial statements, replaces IAS 14 "Segment
reporting". IFRS 8 requires reporting by segment, based on internal management data used by management to measure the performance
of each segment and allocate resources to it. The Group has examined what impact the application of this standard would have on the
presentation of its financial statements. Up till now the segments of activity chosen for this reporting by segment have corresponded
to the operational breakdown of the Group's activity. However, taking into consideration both the information used by the Group's
managers, and the criteria quoted in the standard to determine the segments to be represented, the effect of applying IFRS 8 to the
financial statements will be to alter the field of analysis as follows:
• Segment reporting as defined in IAS 14: Three operational segments – Logistics, Transportation, Maritime – with less significant
business grouped together in a segment called Other;
• Operational Segments as defined in IFRS 8: Four reporting segments – Logistics France, Transportation France, STEF-TFE International,
Maritime – with less significant business remaining in the "Other" segment;
These four segments represent the Group's four main areas of business, while respecting the specific nature of the STEF-TFE Group. In
France the Group operates each of its activities through two distinct companies: this is for historical reasons related to the merger between STEF
and TFE. The Group's more recent international development has taken place under a common "transportation and logistics" banner. The
Maritime activity represents a very distinct business.
The main change compared to the current presentation by segment, concerns the emergence of an international Unit. This Unit came into
existence on 1 January 2007 and encompasses most domestic markets outside France, i.e. Spain, Portugal, Belgium, Italy, the UK and
Switzerland, excluding seafood in Scotland and Italy, because of the specific nature of the product. This unit also includes the specialised
structures that manage European and North African flows.
This Unit was created because of the specific nature of the local markets, and the need to take their specific features into account when
steering the Group's future growth in these countries. Moreover the growth of the European subsidiaries' revenues, the integration of Cavalieri,
itself committed to a growth logic through the acquisition of new business operations and the deployment of real estate assets, also confirms
the relevance of this structure.
The application of IFRS 8 will come into effect in the STEF-TFE Group as of 1st January 2009, and the Group's revenues will be
communicated in accordance with this new breakdown by segment, starting with the publication of the figures for the first quarter of 2009.
59

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ANNUAL REPORT 2008
Notes to the consolidated financial statements
2008 Financial Year
• IAS 1 "Presentation of Financial Statements" updated in 2007 and applicable to fiscal years starting as of 1st January 2009. The
impact of this update on the Group's financial statements is currently being analysed.
• Amendments to IFRS 2 "Share-based payment – Vesting Conditions and Cancellations". These amendments, applicable to fiscal years
starting as of 1st January 2009, should not have any significant impact on the Group's financial statements.
• IFRIC 13 "Customer Loyalty Programmes". This interpretation is not applicable to the Group.
2.22 NON ACCOUNTING INDICATORS
The Group uses the following performance indicators in its financial statements:
EBITDA: this indicator is equal to the operating earnings before amortisation of fixed assets, depreciation of fixed assets, provisions /
(reversals) and negative consolidated goodwill.
Net debt: this indicator is equal to the total current and non-current financial debt, minus cash and cash equivalents. To determine its
net debt from 2008 onwards, the Group has decided to consider that the liability represented by the provision for employee profit-sharing was
not a component of the Group's financial debt but an operating liability with regard to its employees. This classification corresponds more closely
to the generally accepted definition of net financial debt. The amount reclassified in this context in 2007, for an equivalent presentation,
came to €10,111,000. If the Group had maintained the previous classification, its net debt would have been €400,367,000 (instead of
€390,119,000) and the debt/shareholders' equity ratio would have been 1.25 (instead of 1.22).
NOTE 3. SCOPE OF CONSOLIDATION
CHANGES IN CONSOLIDATION SCOPE Subsidiaries
Companies consolidated
by equity method
Total
Number of companies at 1 January 2008 215 12 227
Universal transfer of assets, France (2)
Mergers, Spain (2)
Creation of real estate subsidiary, Spain 1
Cavalieri structure 3
Creation of Tradimar subsidiaries 7
Creation of SNC 2
Creation Maritime company 1
Shareholding in Tunisia 1
Number of companies at 31 December 2008 222 16 238
3.1 LIST OF CONSOLIDATED COMPANIES
In application of the rules set forth in Note 2.1 above, the following companies are included in the consolidated financial statements:
FULLY CONSOLIDATED COMPANIES
STEF-TFE - SA (parent company) 31/12/2008 31/12/2007
% Control
■ Agrostar 100% 100%
■ Atlantique Développement 100% 100%
■ Atlantique SA - Spain 100% 100%
■ Chais de la Transat and its subsidiary: 100% 100%

Notes to the consolidated financial statements
2008 Financial Year
FULLY CONSOLIDATED COMPANIES
ANNUAL REPORT 2008
2008 2007
% Control
- Magasin de Bord des Paquebots 98% 98%
■ Compagnie Frigorifique Française (CFF) 100% 100%
■ Cryologis Développement and its subsidiaries: 100% 100%
- Cryologistic 100% 100%
- Bretagne Frigo 100% 100%
- Cryologistic Services 100% 100%
- Entrepôts Frigorifiques du Nord et de l’Est (EFNE) 100% 100%
- Entrepôts Frigorifiques de Normandie Loire (EFNL) 100% 100%
- Entrepôts Frigorifiques du Sud Ouest (EFSO) 100% 100%
- FSD 100% 100%
■ Entrepôts Frigorifiques du Léon (EFL) 79% 79%
■ Immostef SA and its subsidiaires: 100% 100%
- Immostef Italia 100% 100%
- Frigaurice 100% 100%
- SNC Adour Cap de Gascogne 100% 100%
- SNC Agen Champs de Lassalle 100% 100%
- SNC Allonnes Entrepôts 100% 100%
- SNC Atton Logistique 100% 100%
- SNC Bondoufle La Haie Fleurie 100% 100%
- SNC Brignais-Charvolin 100% 100%
- SNC Burnhaupt les Mulhouse 100% 100%
- SNC Carros La Manda 100% 100%
- SNC Cavaillon Le Castanié 100% 100%
- SNC Cergy Frais 100% 100%
- SNC Cergy Froid 100% 100%
- SNC Donzenac Entrepôts 100% 100%
- SNC Donzenac La Maleyrie 100% 100%
- SNC France Plateformes 100% 100%
- SNC Gap Plan de Lardier 100% -
- SNC Guiberville Bocage Normand 100% 100%
- SNC La Pointe de Pessac 100% 100%
- SNC Les Essarts Sainte Florence 100% 100%
- SNC Louverné les Guicherons 100% 100%
- SNC Les Mares en Cotentin 100% 100%
- SNC Mâcon Est Replonges 100% 100%
- SNC Perpignan Canal Royal 100% 100%
- SNC Plan d’Orgon-sur-Durance 100% 100%
- SNC Reims La Pompelle 100% -
- SNC Saint Herblain Chasseloire 100% 100%
- SNC Saran les Champs Rouges 100% 100%
- SNC Strasbourg Pont de L’Europe 100% 100%
- SNC Toussieu Chabroud 100% 100%
- SNC Trangé le Bois des Chardons 100% 100%
- SNC Valence Pont des Anglais 100% 100%
■ Institut des Métiers du Froid 100% 100%
■ SNC Navale STEF-TFE 100% -
■ SCI Bruges Conteneurs 51% 51%
■ S té des Glacières Frigorifiques de Saint-Nazaire (SGN) and its subsidiary: 100% 100%
- SNC Loudéac Froid 100% 100%
■ SLD Aix en Provence 100% 100%
■ STEF SAS and its subsidiaries: 100% 100%
- Bordeaux Surgelés 100% 100%
- Ile-de-France Surgelés 100% 100%
- SLD Aix 100% 100%
- SLD Allonnes 100% 100%
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ANNUAL REPORT 2008
Notes to the consolidated financial statements
2008 Financial Year
FULLY CONSOLIDATED COMPANIES
2008 2007
% Control
- SLD Atton 100% 100%
- SLD Bain-de-Bretagne 100% 100%
- SLD Blanquefort 100% 100%
- SLD Cergy 100% 100%
- SLD Le Mans 100% 100%
- SLD Lesquin 100% 100%
- SLD Lorraine Surgelés 100% 100%
- SLD Moulins-les-Metz 100% 100%
- SLD Neudorf 100% 100%
- SLD Nord Paris 100% 100%
- SLD Rouen 100% 100%
- SLD Toussieu 100% 100%
- SLD Vénissieux 100% 100%
- SLD Vitry 100% 100%
- SLF Aurice 100% 100%
- SLF Givors 100% 100%
- SLF Le Plessis Belleville 100% 100%
- SLF Tours 100% 100%
- SLR France 100% 100%
- SLS Cergy 100% 100%
- SLS Pessac 100% 100%
- SLS Saint Dizier 100% 100%
- SLS Saint Sever 100% 100%
- STEF Alsace 100% 100%
- STEF Bretagne Nord 100% 100%
- STEF Bretagne Sud 100% 100%
- STEF Logistique Santé 100% 100%
- STEF Lyon 100% 100%
- STEF Méditerranée 100% 100%
- STEF Midi Pyrénées Limousin 100% 100%
- STEF Montsoult 100% 100%
- STEF Nord 100% 100%
- STEF Normandie 100% 100%
- STEF Pays-de-Loire 100% 100%
- STEF Sud Rhône Alpes 100% 100%
- STEF Vitry 100% 100%
■ SLR Benelux 100% 100%
■ GIE STEF-TFE Géodis 50% 50%
■ Sofrilim 100% 100%
■ STEF-TFE Services 100% 100%
■ Sté de Travaux Industriels et Maritimes d’Orbigny (STIM d’Orbigny) and its subsidiaries:
- Compagnie Méridionale de Participation (CMP)
100% 100%
and its subsidiary la Compagnie Méridionale de Navigation (CMN) 55% 55%
- Financière Immobilière et Maritime (FIM) 100% 100%
- Sata-Minfos 100% 100%
■ STEF-TFE Transport and its subsidiaries: 100% 100%
- BV Participation and its subsidiaries: 100% 100%
- TFE Bourges (formerly: FA Berry Distribution) 100% 100%
- TFE Orléans (formerly: FA BV Distribution) 100% 100%
- SCI PPI 45 100% 100%
- SCI BV 18 100% 100%
- Cavalieri Fin and its subsidiaries: 100% 100%
- Cavalieri Trasporti Spa and its subsidiary: 100% 100%
- TFE DA (jointly held with STEF-TFE Transport) 100% 100%
- SLF Sicilia 51% -
- ST1 Food 51% 51%

Notes to the consolidated financial statements
2008 Financial Year
FULLY CONSOLIDATED COMPANIES
ANNUAL REPORT 2008
2008 2007
% Control
- SDR Sicilia 51% 51%
- Dispack 100% 100%
- Étienne Logistique 100% 100%
- Express Surgelés 100% 100%
- Normandie Rapide (Transports Souchet) 100% 100%
- Mélédo Bretagne (fusionnée avec TFE Vannes) - 100%
- Provence Surgelés 100% 100%
- Rhône Alpes Surgelés 100% 100%
- SCI des Vallions 100% 100%
- SCI Imm’o 100% 100%
- SCI Immotrans 33 100% 100%
- SCI Immotrans 35 100% 100%
- SCI Immotrans 49 100% 100%
- SCI Immotrans 56 100% 100%
- SCI Immotrans 69 100% 100%
- SNC de la Prairie 100% 100%
- SNC La Vesvroise 100% 100%
- SCI Vendargues Le Serpolet 100% 100%
● SDF Iberica and its subsidiaries: 100% 100%
- SDF Galicia (merged with SDF Iberica) - 100%
- SDF Portugal 90% 90%
- SDF Pais Vasco (merged with SDF Iberica) - 100%
- SDF Los Olivos 100% 100%
- SDF Prestalog 100% 100%
- Immostef Alcala 100% 100%
- Immostef España 100% 100%
- Immostef New Torrejon 100% -
- Immostef Los Olivos 100% 100%
- Immostef Portugal 100% 100%
● Transports Frigorifiques Spadis and its subsidiaries: 100% 100%
- SCI Immotrans 42 100% 100%
- TFE Saint-Étienne (formerly Spadis) 100% 100%
- SLF Caen 100% 100%
- SLF Niort 100% 100%
- SLT Lyon 100% 100%
- Société Logistique de Vannes (SLV) 100% 100%
- Stefover 100% 100%
- TFE AG (Bale) 100% 100%
- TFE Agen 100% 100%
- TFE Alpes 100% 100%
- TFE Angers (formerly Mélédo Anjou) 100% 100%
- TFE Atton 100% 100%
- TFE Auvergne 100% 100%
- TFE Avignon 100% 100%
- TFE Benelux 100% 100%
- TFE Bordeaux 100% 100%
- TFE Brive 100% 100%
- TFE Caen 100% 100%
- TFE Chaulnes 100% 100%
- TFE Côte d’Azur 100% 100%
- TFE Dijon 100% 100%
- TFE Epinal 100% 100%
- TFE Eurofrischfracht Logistics - France 100% 100%
- TFE International Ltd - UK 100% 100%
- TFE International Est (formerly N.A.E.) 100% 100%
- TFE International Ouest (formerly TFE International Rennes) 100% 100%
63

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ANNUAL REPORT 2008
Notes to the consolidated financial statements
2008 Financial Year
FULLY CONSOLIDATED COMPANIES
2008 2007
% Control
- TFE International Paris 100% 100%
- TFE International Sud Est (formerly TFE International Lyon) 100% 100%
- TFE International Sud Ouest (formerly Transports Logistique Distribution) 100% 100%
- TFE Investissement 100% 100%
- TFE Landivisiau 100% 100%
- TFE Langres 100% 100%
- TFE Languedoc Roussillon 100% 100%
- TFE Laval 100% 100%
- TFE Le Mans (formerly Maine Denrées) 100% 100%
- Transports Frigorifiques du Maine (absorbed by TFE Le Mans) - 100%
- TFE Lille (formerly Lacroix Nord) 100% 100%
- TFE Limoges 100% 100%
- TFE Logistiek Nederland BV 100% 100%
- TFE Lyon 100% 100%
- TFE Mâcon 100% 100%
- TFE Marseille 100% 100%
- TFE Metz 100% 100%
- TFE Montigny 100% 100%
- TFE Mulhouse 100% 100%
- TFE Nantes 100% 100%
- TFE Niort 100% 100%
- TFE Nord Surgelés 100% 100%
- TFE Paris 100% 100%
- TFE Paris Nord 100% 100%
- TFE Quimper (formerly Le Coz et Mahé) 100% 100%
- TFE Reims 100% 100%
- TFE Rennes 100% 100%
- TFE Rouen 100% 100%
- TFE Saint Brieuc 100% 100%
- TFE Saint Sever 100% 100%
- TFE Strasbourg 100% 100%
- TFE Toulouse 100% 100%
- TFE Tours 100% 100%
- TFE Valence 100% 100%
- TFE Vannes 100% 100%
- TFE Velaines 100% 100%
- TFE Vendée (formerly Deramé Vendée) 100% 100%
- TFE Vire 100% 100%
- Tradimar Arras 100% -
- Tradimar Bordeaux 100% 100%
- Tradimar Boulogne and its subsidiaries: 100% 100%
- Seagull - UK 100% 100%
- Tradimar Ltd - UK 100% 100%
- Tradimar Caen 100% 100%
- Tradimar Dijon 100% 100%
- Tradimar Lorient (formerly Tradimar Bretagne) 100% 100%
- Tradimar Logistica del Mar - Barcelona 100% -
- Tradimar Lyon 100% 100%
- Tradimar Milano - Italy 100% 100%
- Tradimar Metz 100% -
- Tradimar Nantes 100% -
- Tradimar Niort 100% -
- Tradimar Plan d’Orgon 100% 100%
- Tradimar Rennes 100% -
- Tradimar Rungis 100% -

Notes to the consolidated financial statements
2008 Financial Year
FULLY CONSOLIDATED COMPANIES
ANNUAL REPORT 2008
- Tradimar Sète 100% 100%
- Tradimar Strasbourg 100% 100%
- Transports Fréret 100% 100%
COMPANIES CONSOLIDATED USING EQUITY METHOD
STEF-TFE shareholdings:
- Société des Gares Frigorifiques et Ports Francs de Genève (S.G.F.) - Switzerland 31.33% 28.5%
- Société Brigantine de Navigation (1) 100% 100%
STEF TFE Transport shareholdings:
- Calabria Dist Log (subsidiary of Cavalieri) 46% 51%
- Froid Combi SA 25% 25%
- Gare Frigorifique de Marée 50% 50%
- Logirest (subsidiary of SDF Iberica) 40% 40%
- Messageries Laitières SNC 40% 40%
- Olano Caudete Logistica SL (subsidiary of SDF Iberica) 20% 20%
- SDR Sud (subsidiary of Cavalieri) 20% 20%
- Stefover Tunisie (subsidiary of Stefover) 49% -
- Transcosatal Finances 34% 34%
- Tomsa - Irun, Spain 32% 24%
- Tomsa Madrid - Spain 32% 24%
(1) No longer in business or in liquidation.
3.2 CHANGES OCCURRING IN 2008
3.2.1 ACQUISITIONS, NEW COMPANIES, DISPOSALS
During the year, the Group:
2008 2007
% Control
% Control
% Control
• created a maritime subsidiary called Navale STEF-TFE, to manage investment in a new vessel.
• created three real-estate companies, called SNC Gap Plan de Lardier, SNC Reims La Pompelle and Immostef New Torrejon
(a subsidiary of SDF Iberica).
• acquired a 49% share in Stefover Tunisie, via its French subsidiary Stefover.
• created seven subsidiaries within its seafood business: Tradimar Arras, Tradimar Metz, Tradimar Nantes, Tradimar Niort, Tradimar
Rennes, Tradimar Rungis and Tradimar Logistica del Mar (a subsidiary of SDF Iberica).
• created SLF Sicilia, a subsidiary within the Cavalieri structure.
3.2.2 INTERNAL OPERATIONS
During the year, the Group:
• carried out a universal transfer of assets from Méledo Bretagne TFE Vannes, and from Transports frigorifiques du Maine to TFE Le
Mans.
• completed the following mergers within its Spanish structure: absorption of SDF Pais Vasco and SDF Galicia by SDF Iberica.
• continued to rename its transportation subsidiaries under its generic TFE name, followed by the name of the town in which the
company operates (see list of consolidated companies above).
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ANNUAL REPORT 2008
Notes to the consolidated financial statements
2008 Financial Year
3.3 CHANGES OCCURRING IN 2007
3.3.1 ACQUISITIONS, NEW COMPANIES, DISPOSALS
In 2007, the Group:
• exercised its option, on 30 June 2007, to buy shares in Cavalieri Fin. s.r.l., which were exercisable as of 1st June, thereby increasing its
holding to 51%, and then to 90% in December 2007, following the acquisition of a second block of shares;
• acquired a 100% share in Transports Frigorifiques Spadis, which owned 100% of its own subsidiaries Spadis SARL, Dispack and
Immotrans 42;
• acquired all the remaining shares (60%) Transports Fréret, on 1st May 2007, and in Déramé Vendée (20%), and also in S.G.N. (13%);
• took a minority shareholding (20%) Olano Caudete Logistica S.I. in Spain, and brought its holding in E.F.L up to 79%;
• liquidated Logipesca and M.A.T., and did not take part in the increase in capital of Transports Navarro S.A., thereby bringing the Group's
shareholding in the latter company down to 3.77%. This company was therefore deconsolidated;
• created the following companies: SNC Trangé le Bois des Chardons, SNC Plan d’Orgon sur Durance, SNC Strasbourg Pont de l’Europe,
SLF Niort SAS, Prestalog, Tradimar Dijon, Tradimar Plan d’Orgon, Immostef Italia, SNC Guilberville Bocage Normand, SNC Saran les
Champs Rouges;
• In addition, the Group launched a reorganisation of the Logistics Unit to supplement the existing facilities, 14 companies were created
at the end of the year, with none of these companies doing any business during the year.
The Group made no external disposals of shareholdings in 2007.
3.3.2 INTERNAL OPERATIONS
• Frigaurice, which was partly owned by Immostef S.A., STEF-TFE Transport and SLS Saint Sever, is now 100%-owned by Immostef S.A.
• As part of the reorganisation of the Logistics Unit initiated by the Group in 2007, STEF-TFE SA transferred the shares in its 18 logistics
subsidiaries to its own subsidiary STEF SAS. STEF SAS also acquired 8 logistics companies from STEF-TFE Transport, Lacroix Nord and
Maine Denrées. These reclassifications of holdings within the Group had no impact on the scope of consolidation.
3.4 MERGED COMPANIES
3.4.1 IN 2008
No significant merger took place in the course of the year.
In the first half of 2008 the Group finalised its evaluation of identifiable assets and liabilities acquired when it took over the Cavalieri Group
in 2007. No significant adjustment was made to the provisional value of assets held at 31 December 2007.
Regarding liabilities taken over, the Group's investigations revealed a lawsuit with a subcontractor which began before the takeover.
Following the settlement of this lawsuit in 2008, representing a sum of €1,100,000, the goodwill was adjusted by the same amount, net of
tax effect (see Note 4.9).
3.4.2 IN 2007 (REMINDER)
On 1st June, 2007, the Group took control of Cavalieri Fin. s.r.l. Its option to buy shares, and thereby increase its holding from 33% to
51% of the capital, became exercisable as of that date, and this option was exercised on 27 June 2007. In early December 2007, the Group
then increased its holding from 51% to 90%, through the acquisition of a second block of shares. The Group also holds an irrevocable option
allowing it to acquire the remaining 10% of the capital. This option may be exercised between 1st January 2008 and 31 December 2010.
In return, the minority shareholders hold a selling option covering all the shares which they own, which can be exercised until 31 December
2010. In accordance with IAS 32 "Financial instruments", these commitments to buy minority interests have been recorded as financial
liabilities since 1st June 2007

Notes to the consolidated financial statements
2008 Financial Year
ANNUAL REPORT 2008
The activity of Cavalieri Fin. s.r.l.'s subsidiaries, of which the main one is Cavalieri Trasporti s.p.a., is refrigerated transport and warehousing
in Italy, and they operate from 28 platforms.
The takeover of Cavalieri Fin. s.r.l. and its subsidiaries, which were previously consolidated using the equity method, meant that they
were fully consolidated in the Group's consolidated financial statements as of 30 June 2007.
The Group also acquired a 100% share in Transports Frigorifiques Spadis, and the remaining 60% of the capital of Transport Fréret, of which
it already held 40%.
.
The effects of these acquisitions on the Group’s assets and liabilities were as follows:
(€ thousand)
Cavalieri Spadis Fréret
Intangible fixed assets 17,949 2,886 297
Tangible fixed assets 53,697 3,786 91
Other assets 43,311 6,241 1,750
Sub-total (a) 114,957 12,913 2,138
To be deducted:
Share held through equity method 2,527 - (65)
Net financial debt 45,217 2,242 17
Other debts and provisions 50,177 3,671 1,936
Sub-total (b) 97,921 5,913 1,888
Cost of merger (a) - (b) 17,036 7,000 250
For Cavalieri, the assets and liabilities acquired were entered at their book value determined in accordance with IFRS. The difference between
the cost of the merger and the book value of the net assets acquired has been provisionally recorded as goodwill (see Note 4.9). In the
table above, it appears under "intangible fixed assets".
The contributions made by these acquisitions have been booked using the equity method up to the date of the takeover by the Group,
and then consolidated within the Group's consolidated accounts.
If these acquisitions had been completed at 1 January 2007, the additional contributions to the Group’s revenues, operating income
and net income up to their integration would have been around €68,870,000, –€777,000 and –€1,456,000, respectively.
NOTE 4. INFORMATION ON THE FINANCIAL STATEMENTS
4.1 SEGMENT INFORMATION
Segment information comprises an analysis of the consolidated data by activity and by geographic area. The segment information provided
below is derived from the Group’s organisational system and its internal reporting method.
The first level of Group information by segment is based on the following business segments.
• temperature-controlled road transportation;
• logistics, including refrigerated warehouses;
• maritime activities.
The wholesale activities have been regrouped within the business units to which they are attached.
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ANNUAL REPORT 2008
Notes to the consolidated financial statements
2008 Financial Year
4.1.1 CONSOLIDATED DATA BY BUSINESS
Consolidated
2008 Transportation Logistics Maritime Other Eliminations data
External revenues 1,379,919 596,477 91,768 13,205 2,081,369
Inter-activity revenues 478,993 105,924 384 54,752 (640,053) 0
Total revenues from activities 45,713 32,546 5,286 1,879 85,424
Net financial expenses (20,401)
Corporate income tax (19,833)
Share of net income from companies consolidated using equity method 365 10 4 379
Net income of companies consolidated 45,569
Activities' assets 758,889 465,886 99,394 36,547 1,360,716
Unallocated assets -
Total assets 1,360,716
including goodwill 87,119 15,261 8,128 366 110,874
including non-current assets held with view to being sold 13,230 13,230
including companies consolidated using equity method 5,448 1,920 412 7,780
Activities' liabilities 366,907 183,774 20,941 35,401 607,023
Unallocated liabilities 753,693
Total liabilities 1,360,716
Amount of depreciation recorded during the year 30,223 32,038 12,296 2,870 77,427
Consolidated
2007 Transportation Logistics Maritime Other Eliminations data
External revenues 1,194,774 639,291 85,376 12,374 - 1,931,815
Inter-activity revenues 459,938 57,490 267 52,670 (570,365) -
Total revenues from activities 49,834 31,343 4,578 (2,587) - 83,168
Net financial expenses (15,579)
Corporate income tax (18,197)
Share of net income from companies consolidated using equity method (116) (275) (391)
Net income of companies consolidated 49,001
Activities' assets 665,987 488,600 107,391 37,380 1,299,358
Unallocated assets -
Total assets 1,299,358
including goodwill 84,598 15,421 7,921 222 108,162
including non-current assets held with view to being sold 13,573 13,573
including companies consolidated using equity method 5,502 1,889 7,391
Activities' liabilities 260,238 254,897 25,199 60,715 601,049
Unallocated liabilities 698,309
Total liabilities 1,299,358
Amount of depreciation recorded during the year 32,975 26,776 10,276 4,224 74,251
The main change in the result of "Other activities" involves the information systems activity.
The assets of the businesses are made up of all the asset items on the balance sheet. Non-allocated liabilities are the financial debts. These
liabilities cannot reasonably be allocated because Group financing is managed by a central structure.
No depreciation of assets in any segment was recorded in 2008. Depreciations recorded in 2007 and 2006 for €6,770,000 and
€7,381,000 concern software respectively for commercial use and in-house use (see Note 4.10). In 2007 they had an impact of €6,011,000
on the Transportation segment's operating income, and €759,000 on the Logistics segment.
Activities grouped under “Other” relate to various marginal activities (wine trading and IT services for external use). Non-current assets
held with a view to disposal are also allocated to this segment.

Notes to the consolidated financial statements
2008 Financial Year
ANNUAL REPORT 2008
2008 France Other regions Consolidated data
Revenues 1,572,480 508,889 2,081,369
Assets by zone 1,009,056 351,660 1,360,716
2007
4.1.2 CONSOLIDATED INFORMATION BY GEOGRAPHICAL REGION
Revenues 1,498,008 433,807 1,931,815
Assets by zone 933,247 366,111 1,299,358
4.2 CONSUMPTION FROM THIRD PARTIES
2008 2007
Non-energy purchases 107,851 104,957
Purchase of diesel and other fuel 141,723 120,643
Purchase of other energies 26,896 26,611
Subcontracting 614,094 529,975
Rents and rental expenses 72,862 70,042
Upkeep and maintenance 65,798 66,027
External staff, remuneration of temporary staff 101,402 99,676
Insurance 17,809 15,361
External services 102,824 107,967
Other 7,295 14,755
Total 1,258,554 1,156,014
Subcontracting mainly comprises the costs of chartering and haulage related to transportation operations. €49 million out of the increase
of €85 million under subcontracting are the result of consolidating Cavalieri for the second half of 2007 only.
4.3 PAYROLL CHARGES
Social security charges include payments made for fixed-contribution pensions.
4.4 NET DEPRECIATION (REVERSALS) AND PROVISIONS
2008 2007
Wages and salaries 426,716 401,891
Social security charges 182,496 167,705
Charges net of pension indemnities 1,407 1,398
Payments based on shares 45 45
Employee profit-sharing (statutory profit-sharing) 10,469 9,764
Total 621,133 580,803
2008 2007
Depreciation of inventories 54 (132)
Depreciation of trade receivables 1,185 92
Depreciation of other financial assets 101 -
Net movements on provisions 2,740 (988)
Total 4,080 (1,028)
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ANNUAL REPORT 2008
Notes to the consolidated financial statements
2008 Financial Year
4.5 OTHER OPERATIONAL INCOME AND EXPENSES
2008 2007
Capital gain on disposal of fixed assets 3,698 4,312
Profit from lawsuit on logostics issue 634
Negative goodwill (Déramé) 106
Loss on disposal of company (CMN, Navarro) (560)
VAT reimbursement on motorway tolls and interst on arrears 1,754
Depreciation OMS software (6,770)
Cancellations of previous professional taxes 123
Net amount 3,895 (598)
In 2008, the capital gains came from the sale of vehicles for €3,372,000, and the sale of land in Nantes and at Landivisiau.
In 2007, following the Council of State’s ruling on 29 June 2005 relative to motorway tolls, the Group recorded the income from the related
lost interest. In 2007 capital gains from the disposals of tangible fixed assets correspond mainly to the sale of the Mandelieu, Polliat and
Lezignan sites, of vehicles and of goodwill.
4.6 FINANCIAL INCOME AND EXPENSES
Financial income
4.7 CORPORATE INCOME TAX
Analysis of the corporate income tax expense on the income statement:
Current tax expense
2008 2007
- in respect of the financial year 25,907 25,216
- in respect of previous financial years - 320
Sub-total for current tax expense 25,907 25,536
Deferred tax expense
2008 2007
Net income received from disposal of financial assets 224 431
Dividends received from disposal of financial assets 166 115
Change in fair value of financial instruments 716
Financial expenses
Interest paid on financial liabilities at amortised cost (18,590) (16,474)
Net foreign exchange loss (731) (367)
Change in fair value of financial instruments (1,470)
Net financial expenses (20,401) (15,579)
The increase in net financial expense is the result of the increase in debt and the variation in interest rates, of the variation in fair value
of financial instruments (–€1.5 million in 2008; +€0.7 million in 2007), and of the consolidation Cavalieri's income for the second half of 2007
only (around €1.4 million).
The only variation in 2008 in fair value of assets and liabilities designated at fair value under income/loss, corresponds to interest rate
derivatives not qualified as hedging instruments. In 2007 the net amount of this variation took account of the cost of putting these instruments
in place (€808,000).
- linked to temporary differences (9,723) (8,858)
- Deferred taxes activated on foreign deficits 3,712 1,724
- linked to the use of loss carryovers (63) (205)
Sub-total for deferred tax expense (6,074) (7,339)
Total tax expense on income 19,833 18,197

Notes to the consolidated financial statements
2008 Financial Year
4.7 CORPORATE INCOME TAX (CONTINUED)
ANNUAL REPORT 2008
Analysis of the difference between the theoretical tax expense calculated using the tax rate applicable to the parent company and the actual
tax expense:
2008 2007
Pre-tax income 63,493 67,589
Negative goodwill 106
Profits subject to tax on tonnage (maritime activities) 5,361 6,338
Basic amount subject to tax 58,132 61,145
Theoretical tax at the current tax rate 34.43% 34.43%
20,015 21,052
Activation of loss carryovers (63) (205)
Tax rate differentials (non-consolidated companies and abroad) 2 (577)
Tax not directly related to income 1,451 361
Effects of reduced rate (1,422) (1,686)
Effects of adjustments to previous tax years (36) (41)
Other tax effects (114) (707)
Effective tax 19,833 18,197
Effective tax rate 31.24% 26.92%
The increase in the effective tax rate in 2008 results partly from the declining results of the maritime business, which enjoys a special
tax rate (tax per tonnage), and partly from taxes, in Italy in particular, which are not directly related to income, and from a reduction in
research tax credit in France.
4.8 EBITDA
2008 2007
Operational income 85,424 83,168
Depreciation 73,347 67,481
Net depreciation (reversals) and provisions 4,080 (1,028)
Negative goodwill (106)
Depreciation OMS software 6,770
Total EBITDA 162,851 156,285
4.9 CONSOLIDATED GOODWILL
2008 2007
Net value at 1 January 108,162 82,284
Acquisition of subsidiaries 486 20,567
Goodwill previously linked to associated companies - 4,776
Purchase of minority shareholdings and businesses 2,286 535
Disposals and adjustments (60)
Net value at 31 December 110,874 108,162
For 2008, "Acquisition of subsidiaries" concerns the Cavalieri goodwill, and corresponds to the finalised allocation of the acquisition
price. A reduction in price on the capital paid in 2008 was taken into account, as was the discovery of a lawsuit with a subcontractor which began
before the takeover. Variation in business assets concerns the acquisition of DISPAM's "tidal" business.
Acquisitions in 2007 correspond mainly to the takeover of the Cavalieri Group (€13,940,000 excluding the goodwill previously included
in the value of the shareholding through the equity method), to a lesser extent to the acquisition of Transports Frigorifiques Spadis (€2,502,000),
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ANNUAL REPORT 2008
Notes to the consolidated financial statements
2008 Financial Year
and to additional shareholdings taken in Transports Fréret (€341,000). All consolidated goodwill recorded in 2007 was allocated to the
"Transportation" cashflow generating unit.
No depreciation was recorded in 2008 or 2007.
Deprecation tests were carried out at the end of the 2008 financial year, in line with the methodology described in Note 2.6. For this purpose,
consolidated goodwill is allocated to cashflow generating units which correspond to the Group's business segments.
The going concern value of the cashflow generating units, which corresponds to the discounted future cashflows, was calculated using
the following forecasting principles:
Transportation Logistics Maritime
- Discounting rate 8.4% 8.4% 8.4%
- Long-term growth rate 1.5% 2.3% 3%
The discounting rate is based on the Group’s financial structure (cost of equity and cost of debt) including the generally used parameters
(beta, market risk premium). This rate is net of tax. The pre-tax rate which, when applied to pre-tax cash flows, would have produced an identical
going-concern value, comes out at around 10.1%.
The projections used in 2007 were 7.9% for the discounting rate (after tax), and identical to those used in 2008 for the long-term growth
rate for all cashflow generating units.
4.10 INTANGIBLE FIXED ASSETS
Software developed Other Other
Gross values by the Group software intangible fixed assets Total
At 1 January 2007 36,652 22,209 420 59,281
Acquisitions 3,071 839 170 4,080
Entering consolidation scope 517 517
Disposals and retirements (292) (2,220) (2,512)
At 31 December 2007 39,431 21,345 590 61,366
Acquisitions 2,406 2,261 861 5,528
Entering consolidation scope -
Disposals and retirements (262) (55) (317)
At 31 December 2008 41,837 23,344 1,396 66,577
Depreciations
At 1 January 2007 17,608 20,073 420 38,101
Acquisitions 12,461 943 13,404
Entering consolidation scope 198 198
Disposals and retirements (292) (2,220) (2,512)
At 31 December 2007 29,777 18,994 420 49,191
Acquisitions 4,940 1,042 248 6,230
Entering consolidation scope -
Disposals and retirements (178) (212) (390)
At 31 December 2008 34,717 19,858 456 55,031
Net book value at 31 December 2007 9,654 2,351 170 12,175
Net book value at 31 December 2008 7,120 3,486 940 11,546
The depreciation test carried out in June 2007 against a background of commercial and financial results which were below target, led the
Group to record an additional depreciation of €1,834,000 in order to bring the net book value of the OMS software to zero.
Moreover the result of the successful deployment from October 2007 of a new version of the TMS software, allocated to the Transportation
cashflow generating unit, was to deprive previous developments of any future use it might have for the Group, which therefore decided to abandon
them. Having ascertained that these software developments were obsolete, the Group decided to depreciate them totally (€4,593,000
recorded in the Transportation cashflow generating unit, and in the "Transportation" primary segment).
Intangible fixed assets in progress at 31 December 2008 amounted to €742,000. This item mainly involves software.

Notes to the consolidated financial statements
2008 Financial Year
4.11 TANGIBLE FIXED ASSETS
The net book value of fixed assets used by the Group through financial leases is as follows:
31/12/2008 31/12/2007
- Vehicles 10,231 14,895
- Technical facilities 4,309 5,013
- Platforms & warehouses 120,081 129,598
- Adjoining land 42,371 36,029
Total 176,992 185,535
ANNUAL REPORT 2008
Land Transport
Gross values & buildings equipment Ships Other Total
At 1 January 2007 (1) 625,228 72,281 187,327 289,508 1,174,344
Acquisitions 33,968 3,421 215 39,419 77,023
Entering consolidation scope 38,635 4,130 40,164 82,929
Disposals and retirements (32,890) (2,865) (47,265) (83,020)
Other variations (418) 1,999 1,581
At 31 December 2007 664,523 76,967 187,542 323,825 1,252,857
Acquisitions 58,417 4,160 15,104 38,198 115,879
Entering consolidation scope -
Disposals and retirements (6,292) (6,215) (15,368) (27,875)
Other variations 4,206 1,184 (2,415) (3,383) (408)
At 31 December 2008 720,854 76,096 200,231 343,272 1,340,453
Depreciations
At 1 January 2007 (1) 246,834 48,033 118,085 199,658 612,610
Increases 20,788 8,873 10,024 21,226 60,911
Entering consolidation scope 1,274 1,746 22,089 25,109
Disposals and retirements (15,416) (2,865) (37,323) (55,604)
Other variations 574 574
At 31 December 2007 253,480 55,787 128,109 206,224 643,600
Increases 22,233 7,091 10,150 27,643 67,117
Entering consolidation scope -
Disposals and retirements (4,131) (4,461) (12,018) (20,610)
Other variations (1,246) 547 (1,867) 2,852 286
At 31 December 2008 270,336 58,964 136,392 224,701 690,393
Net book value at 31 December 2007 411,043 21,180 59,433 117,601 609,257
- non-current assets held with a view to sell (13,573) (13,573)
- non-current assets 397,470 21,180 59,433 117,601 595,684
Net book value at 31 December 2008 450,518 17,132 63,839 118,571 650,060
- non-current assets held with a view to sell (13,230) (13,230)
- non-current assets 437,288 17,132 63,839 118,571 636,830
(1) Following a merger at the parent company STEF-TFE in 1996, certain amounts were adjusted at the 2007 opening, as shown in the
table above. This adjustment in the presentation, which had no impact on either balance sheet or income statement, should have been made
the first time IFRS were applied. Its effect was to increase the gross amounts and accumulated amortisation by the same amount, which was
€33,966,000 for construction, €14,761,000 for haulage vehicles, and €44,679,000 for other equipment.
At 31 December 2008 and 2007, non-current assets held with a view to disposal included two warehouses in Belgium. These two
warehouses were acquired following the takeover of Cryologistic in 2006, and assessed at fair value, net of sales costs. The transaction
included options to purchase them, and in December 2008 the beneficiary of these options informed the Group of its intention to exercise them.
In accordance with the terms of these options, the transfer of ownership of the warehouses will take place in July 2009 when the deeds are
signed and the price of sale paid.
The amount of the costs of loans associated in 2008, in application of the revised IAS 23, with the acquisition cost of a vessel under
construction, came to €154,000.
In addition, the net book values above include current fixed assets of €28,988,000 (compared to €10,681,000 at 31 December 2007).
Firm orders for tangible fixed assets at 31 December 2008 that have not yet been fulfilled, amounted to €156,090,000, including
€133,200,000 for a vessel (compared to €39,978,000 at 31 December 2007).
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ANNUAL REPORT 2008
Notes to the consolidated financial statements
2008 Financial Year
4.12 NON-CURRENT FINANCIAL ASSETS
2008 2007
Non-consolidated shareholdings 1,106 162
Loans and receivables 11,336 8,104
Other non-current financial assets 1,234 3,958
Total 13,676 12,224
The increase in consolidated shareholdings is the result of a new minority shareholding (11%).
Loans and receivables mainly comprise loans paid to support the Group's construction effort construction (€6,456,000 in 2008 and
€5,789,000 in 2007). Other non-current financial assets include miscellaneous deposits, and loans to employees.
4.13 ASSOCIATED COMPANIES
Companies in which the Group has holdings consolidated using the equity method, are listed in Paragraph 3.1. Data taken from the
financial statements of companies consolidated using the equity method are as follows:
Group Total Total Total Net Value Consolidated Income
share revenues ssets liabilities company using equity goodwill Net
2008 assets method
Société des Gares Frigorifiques 31.33% 12,109 11,659 8,130 3,529 1 106 170 390 122
Brigantine de Navigation (1) 100.00% - 421 8 413 413 5 5
Gare Frigorifique de Marée 50.00% 126 89 79 10 5 - -
Transcosatal Finances 34.34% 64,359 36,735 30,862 5,873 2,017 68 (875) (300)
Groupe Cavalieri - 406 (4) (4 )
Stefover Tunisie 49.00% 67 212 127 85 42 57 - -
Froid Combi 25.50% 10,894 3,122 1,748 1,374 350 104 27
Messageries Laitières 38.69% 38,727 15,973 12,249 3,724 1,441 1,125 435
Tomsa et Tomsa Madrid 32.00% 1,168 1,104 (1,157) 2,261 724 337 643 206
Olano Caudete 20.00% 4,868 8,528 7,407 1,121 224 421 59 13
Logirest (2) 40.00% 26,750 4,392 4,394 (2) - (751) (124)
Total 159,068 82,235 63,847 18,388 6,727 1,053 696 379
(1) No longer in business, in liquidation
(2) Proportion of the negative result for the year limited to contributions (IAS 28)
Group Total Total Total Net Value Consolidated Income
share revenues ssets liabilities company using equity goodwill Net
2007 assets method
Income
consolidated
using
equity method
Income
consolidated
using
equity method
Société des Gares Frigorifiques 28.24% 10,092 10,882 8,342 2,882 814 76 360 102
Brigantine de Navigation (1) 100.00% 419 53 366 366 7 7
Gare Frigorifique de Marée 50.00% 125 89 79 10 5 -
Transcosatal Finances 34.34% 6,720 2,308 68 (243) (83)
TFE D.A. (3) 50.00% 154 77
Groupe Cavalieri (3) 33.00% (1,957) (646)
Palier Cavalieri 412 10
Froid Combi 25.50% 12,376 3,367 2,015 1,361 347 30 8
Messageries Laitières 38.69% 32,590 13,540 9,993 3,542 1,370 960 371
Transports Fréret (2) 40.00% 90 36
Tomsa 24.00% 9,110 8,493 4,822 3,671 881 344 83
Tomsa Madrid 24.00% 4,230 1,305 861 463 111 119 29
Olano Caudete 20.00% 3,607 3,166 633 36 7
Logirest (4) 40.00% 23,748 2,416 2,852 (481) (192) (978) (391)
Total 95,878 40,511 29,017 21,700 7,055 144 (1,078) (391)
(1) No longer in business, in liquidation
(2) Fully consolidated in 2007
(3) Integrated from 30 June 2007
(4) The negative worth of the shares consolidated under the equity method has been recorded in the balance sheet liabilities under "non-current provisions"

Notes to the consolidated financial statements
2008 Financial Year
4.14 DEFERRED TAX ASSETS AND LIABILITIES
ANNUAL REPORT 2008
The main nature and origin of the deferred taxes, as well as their variation during the financial year, are as follows (after compensation
for assets and liabilities in each of the tax entities concerned):
1 January Variations Other 31 December
2008 2008 on the income variations 2008
statement
Deferred tax assets
France 1,818 63 1,881
Abroad 3,488 3,712 (2,592) 4,608
Deferred capital gains 272 (272) -
Total deferred tax assets 5,578 3,503 (2,592) 6,489
Deferred tax liabilities
Temporary differences 6,068 288 (469) 5,887
Tax-allowable depreciation reserves (9,644) 1,096 6 (8,542)
Depreciation differential of tangible fixed assets (1,680) (116) 385 (1,411)
Tangible fixed assets financed through leasing (19,689) (315) (608) (20,612)
Depreciation of ships (5,919) 1,422 (4,497)
Financial intruments (604) 432 149 ( 23)
Revaluation of fixed assets (9,919) 1,984 1,237 (6,698)
Operations on treasury shares (2,067) (2,067)
OBSAAR (370) (1,273) (1,643)
Merger duty 361 (1,705) (1,344)
Other 199 (144) 55
Sub-total (41,189) 2,571 (2,278) (40,896)
Entering consolidation scope (3,133) 3,133 -
Total deferred tax liabilities (44,322) 2,571 855 (40,896)
Net impact on result 6,074
Other variations are:
- either reclassifications by type which have no impact on the result, and in particular, in Italy, the balance of taxes which reflects a net
liability for the previous year and constitutes a fiscal debt at 31 December 2008.
- or deferred taxes resulting from elements assigned to shareholders' equity, such as the equity component of the OBSAAR (see Note 4.20)
and the variation in fair value of derivatives qualified as hedging instruments. Deferred tax which is directly assigned to shareholders’
equity represents a negative amount of €1,484,000.
1 January Variations Other 31 December
2007 2007 on the income variations 2007
statement
Deferred tax assets
France 1,621 205 (8) 1,818
Abroad - (150) 3,638 3,488
Deferred capital gains 781 (272) (237) 272
Total deferred tax assets 2,402 (217) 3,393 5,578
Deferred tax liabilities
Temporary differences 4,551 546 971 6,068
Tax-allowable depreciation reserves (7,285) 2,902 (5,261) (9,644)
Depreciation differential of tangible fixed assets (5,384) 264 3,440 (1,680)
Tangible fixed assets financed through leasing (23,112) 878 2,545 (19,689)
Depreciation of ships (7,321) 1,686 (284) (5,919)
Depreciation of warehouses (2,408) 2,408 (0)
Merger duty (1,441) 1,441 -
Company mergers (8,400) 8,400 (0)
Financial intruments 1,614 (524) (1,694) (604)
Revaluation of fixed assets - 1,696 (11,615) (9,919)
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ANNUAL REPORT 2008
Notes to the consolidated financial statements
2008 Financial Year
1 January Variations Other 31 December
2007 (continued) 2007 on the income variations 2007
statement
Other 653 108 (562) 199
Sub-total (48,534) 7,556 (211) (41,189)
Entering consolidation scope (3,133) (3,133)
Total deferred tax liabilities (48,534) 7,556 (3,344) (44,322)
Net impact on result 7,339
At 31 December 200 the Group recognised deferred tax assets relating to tax loss carry-overs from some of its foreign subsidiaries. The
sums involved were €2,958,000 for the Italian subsidiary and €754,000 for the Spanish subsidiary. The total of deferred tax assets came to
€4,608,000 at the end of 2008.
The Group estimates that, on the basis of action plans implemented locally, and the resulting income forecasts made using conservative
estimates, its subsidiaries will have sufficient taxable income at their disposal in the foreseeable future against which these deferred tax
assets could be offset.
4.15 INVENTORIES
Merchandise inventories are the result of wholesale operations for some food and maritime companies.
2008 2007
Spare parts, fuels 11,954 10,276
Inventories of goods in process 1,466 856
Merchandise 5,526 5,753
Total 18,946 16,885
Depreciation (101) (47)
Inventories evaluated at net market value 18,845 16,838
4.16 TRADE RECEIVABLES
2008 2007
Gross amount of trade receivables 391,629 353,513
Depreciation (10,506) (9,321)
Net 381,123 344,192
Depreciations of trade receivables recorded against income in 2008 and 2007 are detailed in Note 4.4.
4.17 CASH AND CASH EQUIVALENTS
2008 2007
Bank balances 44,070 68,902
Petty cash 113 157
Total cash and cash equivalents 44,183 69,059
4.18 SHAREHOLDERS' EQUITY
Shareholders’ equity comprised 13,515,649 shares of par value of one euro at 31 December 2008, compared to 13,603,672 shares at
31 December 2007.
Regarding the exercise of share subscription options in 2008, 12,944 Tranche 3 options were exercised at a price of ¤9.7 6 per option,
i.e. an overall amount of €126,333.44 representing an increase in capital of €12,944 and an issue premium of €113,389.44. In 2007,
94,097 options were exercised for an amount representing a capital increase (including issue premium) of €1,000,595.96.

Notes to the consolidated financial statements
2008 Financial Year
ANNUAL REPORT 2008
As part of the share buy-back programme initiated in 2006 and then in 2008, STEF-TFE bought back some shares in order to cancel them.
105,893 STEF-TFE shares were acquired in 2008 for an average unit price of €50.86. A capital reduction followed, involving 100,967 shares
of one euro each, bringing the capital to €13,515,649. The difference between the share purchase price (€3,563,845) and their par value
(€100,967), i.e. €3,462,878, was entered under the issue premium.
At their meeting on 26 March 2009 the Board of Directors fixed the dividend to be paid for 2008 at €1.05¤ per share (compared to €1
in 2007). This dividend was not recorded in the 2008 consolidated financial statements and will constitute a debt for the company if it is approved
by the shareholders’ general meeting.
4.19 INCOME PER SHARE
The non-diluted income per share is determined by dividing the Group share in the net income by the weighted average number of shares
in circulation during the financial year.
The weighted average number of shares in circulation is determined by taking into account (i) the shares issued following the exercise
of subscription options by the beneficiaries of these options (ii) treasury shares acquired by the Group, which are deducted and (iii) treasury
shares allocated to the beneficiaries of share purchase options who exercise their purchase options. In 2008 and 2007, the weighted average
numbers of shares were 13,174,051 and 13,460,037, respectively.
The only shareholders' equity instruments issued by the Group that could have a potentially diluting effect are share subscription and
purchase options, and warrants for subscribing or buying redeemable stock ("BSAAR" - see Note 4.20). The calculation of the diluted income
per share is made on the basis of a number of shares increased by the effect of exercising all these instruments:
The difference between the shares existing at the start of the financial year and the weighted average number of shares used in the
calculation of income per share is as follows:
Year 2008 Year 2007
Number of shares at 1 January 13,603,672 13,624,030
- Share issues as a result of subscription options 12,944 94,097
- Shares cancelled following reimbursement of capital (100,967) (114,455)
Number of shares at 31 December (a) 13,515,649 13,603,672
Weighting of movements for the year (b)
Number of treasury shares held at 1 January 126,398 181,708
Purchase of shares during the year 607,554
- transfer of treasury shares following the exercise of share purchase options and cancellation of shares (124,831) (55,310)
Number of treasury shares at 31 December (c) 609,121 126,398
Weighting of movements for the year (d) (265,026) 17,237
Number of shares during the financial year for the calculation of the non-diluted result (a) + (b) - (c ) - (d ) 13,171,554 13,460,037
Number of share subscription options 1,000,482 132,314
Weighting (930,447) 20,076
Weighted average number of shares used to calculate the diluted income per share 13,241,589 13,612,427
Income per share in euros (Group share)
- undiluted: 3.07 3.30
- diluted: 3.06 3.26
4.20 FINANCIAL DEBTS
Non-current financial debts
- OBSAAR bonded loan 95,227
2008 2007
Bank loans and draw downs on confirmed credit lines with a repayment period of more than one year 104,908 64,565
Debts relating to financial leases 102,398 107,977
Other financial debts 2,544
Fair value of financial instruments 1,138
Total non-current debts 303,671 175,086
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ANNUAL REPORT 2008
CHAIRMAN'S REPORT ON THE FUNCTIONING
OF THE BOARD OF DIRECTORS AND ON INTERNAL CONTROL PROCEDURES
In accordance with the provisions of Article L 225-37 of the
French Commercial Code, the purpose of this report is
to report on the conditions for preparing and organising
the Board's work, and on the internal control procedures
set up by the company.
1
Functioning of the Board
of Directors and corporate governance
General Management
The Chairman of the Board of Directors organises and directs
the Board of Directors' work, and reports on it to the General
Meeting.
In compliance with the provisions of Article L 225-51-1 of
the French Commercial Code, the Board of Directors has
decided not to dissociate the functions of Chairman and
Managing Director.
The General Management of the Company is therefore in
the hands of the Chairman of the Board of Directors, Francis
Lemor.
Two Chief Executive Officers, Bernard Jolivet (who is also
Vice Chairman) and Jean-Charles Fromage, assist the
Chairman and Managing Director in the General Management
of the Group.
The Managing Director is invested with the widest powers
to act on the Company's behalf in any circumstance. He
exercises these powers within the limits of the company's
objects, and under reserve of any powers specifically
belonging to Shareholders' General Meetings and meetings
of the Board of Directors.
Composition of the Board of Directors
The Board of Directors has fifteen members, of whom
thirteen are individuals, and two are corporate entities.
• Francis LEMOR, Chairman & Managing Director
• Bernard JOLIVET, Vice Chairman, Chief Executive Officer
• Jean-Charles FROMAGE, Chief Executive Officer
• Gilles BOUTHILLIER
• Henri BOUVATIER
• Alain BREAU
• Xavier du TERRAIL
• Eric GIUILY
• Christian GUILBERT
• Emmanuel HAU
• Robert de LAMBILLY
• André NADIRAS
• Dominique NOUVELLET
• AGF Vie, represented by Pier RICHES
• ATLANTIQUE PARTICIPATIONS, represented by François
de COSNAC
Board of Directors' rules of procedure
The Board of Directors laid down an operational framework
for itself by adopting formal rules of procedure at its meeting
on 28 January 2009. Up till then the Board of Directors of
STEF-TFE had followed a set of procedures which were
solidly established, but had never been formally approved.
STEF-TFE's rules of procedure organise an operational
approach for the Board of Directors within the legislative
and regulatory framework which is applicable to the
Company. It determines the scope of responsibility of the
Board of Directors and its members, the modus operandi of
the Board of Directors, the Audit Committee and the
Compensation and Appointments Committee, and a set of
guidelines for Directors.
It incorporates all the provisions of Decree n° 2008-1278 of
8 December 2008 relative to the composition and attributions
of the Audit Committee.
Since the meeting of the Board of Directors held after the
Shareholders' General Meeting of 13 May 2009 will be
required to appoint the members of the committees in
accordance with internal regulations, these regulations will
come into force as of that date.
The Company's corporate governance code
The internal regulations adopted are based on the
current recommendations of the AFEP-MEDEF, and
recommendations dated 6 October 2008

CHAIRMAN’S REPORT
concerning the remuneration of corporate officers of listed
companies. These recommendations constitute the corporate
governance code to which the company has chosen to refer
for the purposes of compiling the present report on internal
control, in accordance with the law of 3 July 2008,
transposing the EU directive 2006/46/CE of 14 June 2006
into the French statute books.
The Company has decided, however, to relinquish some of
the recommendations made by the AFEP-MEDEF, which it
did not deem appropriate and relevant to its organisation
and operation, especially with regard to its shareholders'
structure.
The AFEP-MEDEF code recommends, for example, that the
number of independent directors sitting on the Board of
Directors must reach at least one third of the total in
companies with inside shareholders. The Company has
chosen to ensure that all shareholders are represented on
its Board of Directors, balancing their interests carefully.
Three Directors sitting on the Company's Board of Directors
are independent as defined in the Bouton Report, and four
are independent in the view of the Company itself. The
Company considers, therefore, that the interests of all
shareholders are fairly represented.
The same principles govern the composition of the Financial
Committees and Remuneration Committees, which must
each have at least one independent Director. The Company
considers that these principles meet the criteria for the
independence and efficient functioning of these bodies. An
examination of the composition and potential expansion of
the role of the Financial Committee will consider its change
to an Audit Committee, in compliance with the regulations
of 8 December 2008. Similarly, the role of the Remuneration
Committee will be extended as described below.
Directors hold office for six years, the maximum term
allowed by law. Given the stability of its shareholder
structure, the Company does not feel that a lesser term
would be justified.
The meeting of the Board of Directors of 10 December
2008 expressed an opinion on the AFEP-MEDEF
ANNUAL REPORT 2008
recommendations on the remuneration of corporate officers,
and declared that it approved the recommendations in
principle.
The recommendation made in relation to the termination of
the employment contract does not apply to the Chairman &
Managing Director since the latter does not have an
employment contract and is only compensated for the office
held on the Board. The Chief Executive Officers are excluded
from this particular recommendation.
The Board of Directors found the termination bonuses
paid to corporate officers, which were approved by the
Shareholders' General Meeting, to be reasonable. The
Directors declared that the remuneration policy for corporate
officers was the result of a considered approach based on
objective criteria and was consistent with the remuneration
policy applied generally within the Group.
PREPARATION AND ORGANISATION OF THE BOARD OF
DIRECTORS' WORK
1. Organisation of the Board of Directors' work
The Chairman of the Board of Directors convenes the Board
as often as he sees fit, in accordance with the Company's
interests.
The provisional calendar of the forthcoming year's meetings
is established at the end of the previous year. Four meetings
are scheduled, with any extra meetings optional, depending
on any matters on which decisions may need to be made.
Around two weeks before the meeting, Board members
receive individual notice of each meeting of the Board of
Directors, together with the agenda for the Board meeting
and the draft minutes of the previous meeting. Shortly
before each meeting of the Board of Directors (usually five
clear days), a file containing documents covering the main
items on the agenda is sent to each Board member.
Each month, STEF-TFE's operating results for the previous
month are sent to all Members of the Board, along with a
memorandum containing the Chairman's comments.
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ANNUAL REPORT 2008
CHAIRMAN’S REPORT
The Board of Directors' rules of procedure and articles
define in which circumstances Directors may take part in
Board meetings by videoconference. Questions likely to be
discussed and decisions taken by this form of participation
are governed by the relevant legislative and regulatory texts.
Board members' overall attendance rate at Board meetings
in 2008 was 80%, identical to 2007.
2. The Board of Directors' work
The Board of Directors met on six occasions in 2008, on 30
January, 26 March, 14 May, 10 June, 27 August and 10
December 2008.
The first of the scheduled meetings is traditionally held in
late January / early February to consider the initial results
from the previous year's reporting and elements of the
budget for the current year.
The meetings in March and at the end of August are mainly
dedicated to the annual and half-yearly closure of accounts.
In 2008, the Board met exceptionally:
• on 14 May, following the Shareholders' General Meeting,
to decide whether to renew the mandate of the Vice-
Chairman and Chief Executive Officer. It also decided the
principles of a bond issue by STEF-TFE of around €100
million in warrants to subscribe or acquire shares
("OBSAAR").
• on 10 June, in order to proceed with the issue of 100,000
OBSAAR at a unit price of €1,000, on the condition
precedent of approval by the Autorité des Marchés
Financiers (AMF), maintaining the pre-emptive right,
representing a bond issue of a nominal amount of
€100,000,000, with delegation of powers to the Chairman
and Managing Director to reduce the unit price of each
warrant and to adjust their number accordingly within the
limits of the bond issue.
In december the Board considers the situation in relation to
updated budget forecasting.
At each meeting the Board analyses the situation arising
from the previous month's reporting.
The Board of Directors has set up two specialised Committees
in its midst, in line with the principles of corporate governance.
COMMITTEES OF THE BOARD OF DIRECTORS
1. Financial Committee
The Financial Committee comprises a representative from
each of STEF-TFE's major shareholders (AGF and Investfroid),
plus Emmanuel Hau, i.e. three persons, in addition to the
STEF-TFE Vice Chairman and the Financial and Accounting
Directors.
The Committee meets before each meeting of the Board of
Directors where analysis of the accounts is on the agenda,
in order to receive and analyse the accounting and financial
data that will be presented to the Board. If need be, the
Statutory Auditors attend these meetings. The Financial
Committee may convene any manager (e.g. finance,
accounting, management control, audit) as it sees fit.
During the course of 2009, in accordance with order
no.2008-1278 of 8 December 2008, the powers of the
Financial Committee will gradually become those of an
Audit Committee, and its role will be expanded to include
internal control and risk analysis. It will include one
independent member as defined by its regulations, who
will be familiar with finance and accounting.
2. Corporate Officer Compensation Committee
This Committee, which is made up of Board members
designated by the Board (Messrs Bouthillier, Bouvatier and
Riches) is responsible for determining the compensation
of the Chairman & Managing Director and the Chief
Executive Officers. The Chairman & Managing Director
joins the Committee for the process of determining the
compensation of the Chief Executive Officers.
During 2009, the role of this Committee will be expanded
to include incentive schemes for shareholders, directors
and staff, which were previously determined by a special
committee, which has not sat since the last stock option
allocation in 2003. In the event of a change of membership
of the Board of Directors, the Compensation Committee
will also determine the independence or otherwise
of new directors.

CHAIRMAN’S REPORT
RULES AND GUIDELINES FOR DETERMINING THE REMU-
NERATION OF CORPORATE OFFICERS.
The Board of Directors is responsible for determining the
remuneration of the Company's corporate officers, on the
advice of the Corporate Officer Compensation Committee.
The Committee generally meets once a year (before the
December meeting of the Board of Directors), to examine
the constituent parts of corporate officers' remuneration.
The members of the Committee determine the fixed and
variable parts of corporate officers' remuneration. The
Committee bases its decision on both qualitative and
quantitative factors, using criteria determined by the Group's
overall performance and objective elements of comparison.
For the deferred compensation of the two Chief Executive
Officers, and in order to comply with the provisions of article
L.225-42-l of the French Commercial Code, which subjects
the payment of deferred compensation to specific
performance criteria, on 26 March 2008, on the advice of
the Compensation Committee, the Board of Directors of
the Company decided to subject an extended notice period
and the payout of a termination bonus greater than the
normal redundancy payout to growth in revenues and
consolidated operating profit of at least 3%.
These commitments were approved by the Shareholders'
General Meeting of 14 May 2008, and the information
concerning the remuneration of corporate officers is
published in the management report of the Board of
Directors.
Participation in General Meetings
Participation in General Meetings takes place under the
conditions defined by French law and stipulated in Articles
18 and 19 of the Company's articles of association.
Statutory conditions relative to the company changing
hands
In accordance with legal requirements, it should be pointed
out that the Company's articles of association do not
contain stipulations whose effect would be to delay,
postpone or prevent the company changing hands.
2
Internal control procedures
ANNUAL REPORT 2008
One of the objectives of the internal control system is to
anticipate and control risks arising from the company's
activity and risks of errors or fraud, in particular in terms of
accounting and finance. As with any control system, there is
no absolute guarantee of these risks being ruled out
completely.
The purpose of the internal control procedures implemented
at STEF-TFE is:
• firstly, to ensure that all management measures taken,
operations implemented, and behaviour displayed by
all staff, are in line with the policies defined for the
company's activities by its statutory bodies, with all
applicable laws and regulations, and with the company's
own values, standards and house rules.
• secondly, to check the reliability of all accounting, financial
and management information.
1. The internal control environment
Internal Control covers all companies consolidated within
the Group.
By continuing to structure itself, the Group is able to
reinforce internal control through more efficient steering of
the business.
In 2008, for example, the Logistics Unit was totally
restructured, with the result that the refrigerated warehousing
activities and logistics services are now organised through
twelve subsidiaries, belonging to a single holding company,
STEF.
STEF-TFE has therefore become a pure holding company,
providing management services only. It controls STEF-TFE
Transport (TFE's road transport and Tradimar) and STEF
(the STEF network), in addition to the Maritime business
(STIM d’Orbigny – CMN), Real Estate (Immostef) and
Agrostar IT systems.
Since 2007, the European Business Unit has been managing
most of the business outside France.
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ANNUAL REPORT 2008
CHAIRMAN’S REPORT
STEF-TFE's purpose in implementing these structural
measures was to rationalise its modus operandi and increase
synergy within each area of business.
As a result, the STEF-TFE Group is organised by business
unit (Transportation, Logistics and Maritime), by network
(fresh produce, frozen produce, and seafood, within the
Transportation Unit), by geographical zone, and by transversal
function (real estate, information systems).
Operational-type functions are generally decentralised, with
a pyramid structure of sites/regions, and each site (or agency
in the case of transportation) or group of sites is represented
by a subsidiary.
The support functions, however, such as legal and financial,
are centralised.
2. The players involved in internal control
In this environment, internal control is organised through
a division of roles and responsibilities among the following
players.
Executive Committee
The Executive Committee is the main decision-making
structure within the Group. It has twelve members, and it
covers and supervises all the Group's functions. Apart from
the Chairman & Managing Director and the two Chief
Executive Officers, its members are the directors of each
unit and the officers in charge of the main functions. It
meets every month (except in August).
It is the Group's decision-making and arbitrating body,
especially as regards investments.
Each of the Group's functions has a representative on the
Executive Committee, and that person is responsible for
ensuring that decisions, once adopted, are applied.
General Management
The main risks identified (operational, environmental,
regulatory, financial and legal) are monitored regularly and
checked by the Group's General Management.
The Group's functional and operational departments
In view of the closely regulated environment in which the
Group operates, each management function is responsible
on the ground for the implementation of statutory rules
and regulations applying to its field.
The scope of these management functions may be limited
to a network (Transportation Operations Management for
Transportation, and Logistics Management for Logistics) or
refer to skills across the board (Technical Management—
Real Estate, Technical Management—Vehicles, Purchasing
Management, Legal Affairs and Insurance, Accounting,
Auditing, Taxation, Human Resources, IT systems, etc. More
precisely, the management functions below play specific
roles in their own fields.
Financial Management
The Financial Management department ensures the reliability
of the Group's accounting and financial information, handles
its financial risk management and its financing policy, and
monitors its objectives through the budgetary process.
The Group's tax department coordinates its tax policy and
assists its entities in all matters of a fiscal nature.
Cash management is centralised in order to optimise
management of cash surplus, reinforce cash flow control,
and reduce the number of bank accounts.
Group accounting comes under the authority of Financial
Management.
STEF-TFE Services, a dedicated company, is in charge of
the accounting function for the entire Group and is also
responsible for drawing up individual Group companies'
accounts, and consolidating the Group's accounts.
This structure was created in order to support the Group's
growth, to structure and harmonise the accounting procedure
for its operations, and to meet all obligations relative to the
application of IFRS and to legislative and regulatory changes.
The organisation in place is backed up by regional accounting
centres, comprising qualified accountants who handle the
operations leading up to the publishing of the accounts for the
companies within their area. The Group now has the necessary
structures in place to cover the accounting requirements
of its various entities, across all its business segments.

CHAIRMAN’S REPORT
These regional accounting centres also supervise the
optimisation of information flows in both directions, in order
to avoid redundancy and breakdown, and ensure that tasks
are properly separated.
The role of the accounting department at Group headquarters
is to establish the appropriate directives to ensure
that this function operates smoothly through procedures,
regular meetings and work groups.
This transversal organisation reinforces the independence of
the function with respect to the operational management
departments.
Internal Audit
Internal Audit's mission is to audit the subsidiaries, especially
at the acquisition or during the integration process, but it also
carries out transversal missions and specific missions at the
request of General Management, to which it is directly
attached.
The department makes recommendations aimed at
improving procedures, ensures that they are correctly
implemented, and monitors their application over time.
Through these missions, Internal Audit thereby helps to
identify, assess and prevent risks.
Other central functions
Human Resources and the General Secretariat (Legal Affairs
and Insurance) contribute to the legal certainty of the
Group's operations and to the control of risks.
Information system management also plays a major role in
the Group's internal control, with the efficiency of the
Group's core activities depending on the availability of
reliable information within the appropriate timeframe.
Information systems are therefore grouped together within
a dedicated entity, Agrostar, which acts as a contracting
party on behalf of STEF-TFE.
The Group's external stakeholders
The Group may decide to use external bodies to assist in
appreciating a risk or in setting up the relevant
procedure to handle it.
3. Internal control procedures
ANNUAL REPORT 2008
3.a ) Procedures relative to the Group's main acts of
management:
Delegations of power
A set of procedures, including delegations of powers or
authorisations, have been set up on a Group level.
Each director of a region or subsidiary has a general framework
which defines their action, usually in the form of a
formalised delegation of power. In organisational terms, the
general manager of a network delegates the following
powers to his regional managers and subsidiary managers:
representation of the company, organisation of its technical,
industrial and commercial resources, control of the
application of regulations, management of employees,
hygiene and safety. The limits of this delegation of powers,
in terms of financial commitments, are degressive in
proportion to the chain of delegation. However no delegation
is conferred in areas such as buying and selling securities,
shareholdings, or businesses, real estate operations, or
loans and guarantees: all these remain the responsibility
of Group General Management.
To back up the delegation of responsibility, most of the
internal procedures, whether they involve operational affairs
(actual operation) or a functional aspect (e.g. accounting
or insurance), are set out in handbooks which may be
considered as standards for the network or function
concerned (certification procedures).
Alongside this operating mode, specific procedures apply
to targeted operations.
External growth operations
Any acquisition project is subjected to an audit and a
detailed review, as part of the due diligence. All the Group's
support functions (e.g. legal, audit, finance, business
segments, real estate) take part in the process and deliver
a report which is then submitted to the Group's Executive
Committee.
Group investments
Given the relative weight of the Group's real estate
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ANNUAL REPORT 2008
CHAIRMAN’S REPORT
investments, any project involving the creation or extension
of a platform or warehouse are only launched if there is
an increase in demand or a specific demand from a
customer. The definition of the investment programme is
submitted for the approval of the Group's Executive
Committee, which applies the appropriate arbitration.
Validation of commercial offers / customer contracts
Calls for tender are subjected to an analysis and then to
an internal validation process which involves a series of
successive stages from when the tender is received until
the service is actually launched. The mechanism involves
the participation of the relevant regional managements; the
technical design department, if appropriate; and a project
team which is assembled before the process is launched.
The parameters of the tender are examined along with the
resources and investments required, the inherent risks and
their coverage, and the project's anticipated profitability.
Accounting and financial processes
The processing of accounting and financial information is
harmonised, both in principle and in technical application,
in line with the organisation described above under
"Financial Management".
The Group's accounts are consolidated at Group
headquarters by the Group's accounting department, which
works in close contact with the regional accounting and
financial managers. Its role is both to gather and control
information from all the Group's companies, and to ensure
that it is then reprocessed in accordance with the Group's
rules and with the relevant standards, and that the
aggregation and internal eliminations have been effected,
and then to draw up the consolidated financial statements.
The entire process is managed with the aid of a software
application which interfaces with the Group's accounting
software. The consolidation team is also in charge of
monitoring any changes in the IFRS and supplying the
accounting managers with the right procedures and
instructions to ensure the coherence of the consolidated
statements as a whole.
The Group's Internal Audit Department ensures that
accounting procedures and legal requirements applicable
to the accounting profession are complied with. Every
regional administrative and accounting manager, in
conjunction with the Audit Department, ensures that the
organisation in place in their respective fields meets the
requirements in terms of securisation and quality of
financial information.
As STEF-TFE uses system software (SAP), the audit
department has access at all times to all accounting
entries made in the various agencies and subsidiaries.
It is thus able to study any accounting entry sampled at
random, and carry out any consistency check.
Budgetary control and reporting
The budgetary process is conducted as follows: each
department draws up its own budget and has it validated
by General Management in November at the budgetary
meetings. Budget forecasts are reviewed in the course
of the year.
Financial reporting takes place on the 15th of each
month, and is communicated systematically to Executive
C o m m i t t e e m e m b e r s i n t h e f o r m o f a d a s h b o a r d
including the main monthly operational and financial
indicators.
Every month the Executive Committee analyses the
reporting data.
In addition the Group's operating results are sent every
month to all Board members, in the form of cumulated
monthly data.
Legal control of the Group
In legal terms, the Group comprises a majority of
simplified corporations (société par action simplifiée, or
SAS) for the operational structures and of partnerships
(société en nom collectif, or SNC) for the real estate
structures.
In most cases, the corporate representatives of these
structures are corporate entities. The management of

CHAIRMAN’S REPORT
the subsidiaries, as legal entities, is the responsibility of the
Group Legal Affairs Management at the registered head
office.
The incorporation of a new company is the exclusive remit
of the Group's General Management.
Any company act involving real estate or business assets
(acquisition, disposal, or leasing to an independent manager)
is the exclusive responsibility of the Legal Affairs Management,
which takes its instructions solely from General
Management.
The internal procedures regarding the signature of purchase
contracts and commercial contracts provide for a limited
number of signatories, who are generally Executive
Committee members. These contracts are validated by the
Group's legal departments.
Moreover, in terms of responsibility, the mechanisms used
to determine areas of responsibility are dictated both by
the current legislative and regulatory measures applicable to
the profession, and by the specific clauses of the general
conditions of service, applied across the Group. Depending
on the case, these mechanisms make it possible to limit
the company's responsibility to the amount of the service
provided or merchandise declared.
In general, the Group's Legal Department ensures that all
these principles are applied, both across the board, through
the implementation of framework conventions or procedures,
and in particular cases, through the treatment of specific
problems.
Management of insurance programmes
The Group centralises the management of its insurance
programmes. The Group insurance department defines a
strategy for coverage with General Management, negotiates
the main policies, coordinates relations with brokers and
insurance agents, and monitors the coherence of the process
as a whole. So-called "master" insurance policies are in
place for the main guarantees, such as operating losses
and damages, civil liability as a company and civil liability
for transported merchandise.
ANNUAL REPORT 2008
3.b ) Procedures relative to the Group's professional
environment
Quality and certification procedures
Within its operating management, STEF -TFE has added the
necessary in-house skills, resources and procedures for
respecting its regulatory obligations and also preventing
and detecting the risks inherent in its activities.
For example, when it comes to respecting environmental
standards, the surveys for real estate projects, independently
of the application of legislation about environmental respect
(ICP E) specific to classified buildings, also take environmental
impact into account as defined in the AFILOG
"sustainable logistical platform" charter and in the recommendations
of the HQE ("High Environmental Quality")
reference document.
The safety of people also forms a central part of the Group's
risk prevention focus, and a process to identify risks in this
context has been written up in a single document which is
monitored periodically during operating audits.
In this field, an audit has been carried out to inspect the
compliance of all Group facilities, in order to assess the risk
of legionella. As part of the implementation of the European
act introducing the Hygiene Package, training modules have
been created and handbooks officially explaining "Good
hygiene habits" have been given out to employees.
The creation of a Hygiene, Safety, Environment (HSE)
reference document
In 2008 a project was launched to create a single HSE
(Hygiene, Safety, Environment) reference document for the
Group.
Its purpose is to classify the appropriate legislative and the
Group's practices by identified subject (e.g. berth equipment,
technical facilities, traffic flow, personal safety, etc.).
This reference document will be accessible, via the Group
intranet, to all site managers, who will thereby be able to
ensure the topicality of applicable standards, check
instructions for using equipment, and carry out selfassessments
of their own practices.
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98
ANNUAL REPORT 2008
CHAIRMAN’S REPORT
The document should be fully operational for the identified
themes by the end of 2009.
4. Identification, prevention and internal control
In 2008 the Group continued with the process of formalising
a reference document for defining the key internal control
structures in line with the AM F's January 2008
recommendations regarding small and mid caps. A
questionnaire was prepared and sent to the support
functions, in order to identify any discrepancies between
the internal control reference currently used by the Group,
and the official AMF reference. This questionnaire is the
first working document to be produced with a view to
formalising the STEF-TFE Group 's reference.
When the Company was preparing its reference document
in 2007, it carried out a detailed study of its risks, to which
a specific chapter of the Company's management report
was devoted.
5. Internal control monitoring
The missions undertaken by the Audit Department in 2008
were as follows:
• Drafting of a handbook formalising the administrative
processes of the Group's wholesale activity;
• Pursual of targeted missions (review of organisational
aspects – analysis of functions – analysis of process for
computerised processing of operations, and in particular
inventory management), work aiming to harmonise
procedures for managing subcontractors, audit of the
processing chain for transport disputes);
• Finalisation of audit on the Purchasing function in France;
• Completion of transversal audits, both in the Group's
operational segments (e.g. audit of Transportation unit's
road costs, review of modus operandi for inventory
management) and in the monitoring of accounting and
financial processes (e.g. processing of flows by type, audit
of counter-reimbursement management);
• Acquisition audits carried out as part of the Group's
external growth plans.
In order to meet the growing demands that exist in terms of
internal control, from the point of view of both legislative
changes and the Group's own development, the Audit
Department was boosted by the addition of two auditors
in 2008.
The Audit Department also trained incumbent members of
the Group's Executive Committee in corporate management.
Missions carried out in the first quarter of 2009 focused on
the following areas:
• The Internal Audit team took part, alongside Agrostar, the
Group's subsidiary specialising in information systems,
via the acquisition of an SAP-integrated tool, in a normalisation
and securitisation process to control user access to
SAP in a properly managed context. The goal was to
ensure that internal control principles (e.g. aspects of task
separation) were suitably mastered. The process is
scheduled for roll-out in the first half of 2009;
• Assessment of the reliability of the supplier process and
the process for recording invoices and settlements;
• Audit of the human resources function in the various
business segments.
6. The process for preparing and communicating
accounting and financial information
Responsibility for preparing and circulating financial
information lies exclusively with General Management.
Information of a financial nature is circulated after validation
by the manager in charge of financial information.
Closure of the annual and half-yearly accounts is followed
by a press release whose content is validated by the Board
of Directors. The annual accounts are certified by the external
auditors, who carry out a limited examination of the halfyearly
accounts.
The Chairman (1)
(1) Report submitted to the Company's Board of Directors at its
meeting held on 26 March 2009.

100
ANNUAL REPORT 2008
For further information, please contact:
Marie-Line Pesquidoux
General Secretary
e-mail: Marie-Line.Pesquidoux@stef-tfe.com
Photography:
D.R. STEF-TFE, PETER CORREZ, GAUTHIER FLEURI, B.Y. LEGLATIN,
DELESSARD, R. POIROT,
G. Zibell, Getty/Joss Mind.
Magnum Agency: P. Zachmann, H. Gruyaert.
Group photo: Agence Visavu, J.P. Glatigny
Photo Fotolia.
Imprimé sur papier recyclé cyclusPrint (certifié iso 9001 et 14001 – Puis label EU Eco-label « Flower »)

Public limited company with share capital of € 13.515.649
Head office: 93, boulevard Malesherbes, 75008 Paris
999 990 005 RCS PARIS
Tel: 01 40 74 28 28 - Fax: 01 45 63 97 33
www.stef-tfe.com