YEAR 2008 - SDF

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4 € 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 5
Page 1 and 2: 2 0 0 8 A N N U A L R E P O R T
Page 3 and 4: CONTENTS ANNUAL REPORT 2008 T H E E
Page 5: CHAIRMAN'S MESSAGE ANNUAL REPORT 20
Page 9 and 10: GROUP ENVIRONMENT MARKET TRENDS IN
Page 11 and 12: THE GROUP AS A WHOLE IS STRUCTURED
Page 13 and 14: GROUP BUSINESS THE TRANSPORTATION U
Page 15 and 16: GROUP BUSINESS THE LOGISTICS UNIT T
Page 17 and 18: GROUP BUSINESS EUROPEAN AFFAIRS Eur
Page 19 and 20: GROUP BUSINESS EUROPEAN AFFAIRS POR
Page 21 and 22: GROUP BUSINESS OTHER ACTIVITIES MAR
Page 23 and 24: GROUP BUSINESS SUSTAINABLE DEVELOPM
Page 35 and 36: GROUP RISKS MARKET RISKS Interest r
Page 37 and 38: THE GROUP CONSOLIDATED FINANCIAL ST
Page 39 and 40: THE GROUP PARENT COMPANY'S RESULTS
Page 41 and 42: THE GROUP THE BOARD OF DIRECTORS on
Page 43 and 44: THE GROUP THE BOARD OF DIRECTORS CO
Page 45 and 46: THE GROUP THE BOARD OF DIRECTORS Ch
Page 47 and 48: THE GROUP THE BOARD OF DIRECTORS CO
Page 49 and 50: THE GROUP OUTLOOK FOR 2009 2009 sta
Page 51 and 52: Consolidated financial statements A
Page 53 and 54: Consolidated financial statements T
Page 55 and 56: Notes to the consolidated financial
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Notes to the consolidated financial
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CHAIRMAN’S REPORT concerning the
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CHAIRMAN’S REPORT RULES AND GUIDE
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CHAIRMAN’S REPORT These regional
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CHAIRMAN’S REPORT the subsidiarie
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100 ANNUAL REPORT 2008 For further
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