SERHS ANNUAL REPORT 2013 by SERHS

SERHSDNA 2013

informe anual annual report

SERHSDNA annual report 2013

summary Institutional area

SERHS Divisions

- Letter from the Chairman ...................................................... 4

- SERHS Distribution

- On the inside

- SERHS Tourism

..................................................................................... 6

- SERHS Hotels - SERHS Food

......................................................................... 10

.................................................................................. 14

....................................................................................... 18

.......................................................................................... 22

- SERHS Projects

.................................................................................. 26

Business activities

- SERHS Services ................................................................................... 30

Human resources ...................................................................................... 34

- Letter from the CEO .................................................................... 8

- Staff Administration ................................................................ 35

- Presence ............................................................................................. 35 - Training ................................................................................................ 36

- Occupational Risk Prevention ........................................ 36

- OHSAS 18001 certification .............................................. 37

- Accidents 2013 ............................................................................ 37

- SERHS Real Estate ........................................................................... 38 - SERHS Equity and Portfolio ...................................................... 38 - Associated companies ................................................................. 39

Registered address: Castell Jalpí, s/n - 08358 Arenys de Munt (Barcelona) Tax and administrative address: Carrer Garbí, 88-90 - 08397 Pineda de Mar (Barcelona) - Tel. 902 010 405 - (+34) 93 767 03 78 - Fax (+34) 93 767 05 40 - grupserhs@serhs.com

SERHSDNA annual report 2013

Corporate Social Responsibility

............................................... 40

Economic-financial information................................................. 48

- Occupational and family life conciliation policy..... 41

General explanation ................................................................. 49

- Families program ............................................................................... 42

- Serhs manages through talent ............................................. 43

Auditors report .............................................................................. 51

- Documentary management plan......................................... 43 Social area

..................................................................................................... 44

- Supportive agreements ................................................................ 44 - Emblematic events

......................................................................... 45

Environment.................................................................................................... 46

Consolidated Annual Accounts...................................... 50 ............................................................................... 52

Balance sheet

Profit and loss analysis ........................................................ 53

Investment activity ................................................................... 54

Revenue from operation ...................................................... 55

Consolidated information ................................................... 56

SERHSDNA annual report 2013

Dear shareholders, Last year, on the recommendation of our tax advisers, we closed the financial year on 31 August as the strong seasonal nature of our businesses made this advisable. The result of these 8 months was very positive, above all if we bear in mind the unusual state of the market in 2013. We closed our cash flow with €11.42 million, which was an increase of 20% over the same period in the previous year, and our consolidated sales increased by 2.01%, from €338.5 million in 2012 to €345.3 million in the same period in 2013 (if we take the consolidated sales of the 12 months in 2013, which amounts to €466 million, this is also a slight increase over the previous year). These results allowed us to return a dividend in September of €2,713,750, at a rate of €0.065 per share. In October, as every year, we distributed €1,613,143.90 in released shares, representing 1 share for every 60 under ownership. In December, we collected the capital increase, selling 216,740 shares, which raised our share capital to €98,210,000 represented by 42,700,000 shares. Just like last year, I want to thank all of the partners for your loyalty and commitment. In the last dividend share-out in September, more than 69% of the partners chose to receive the €0.065 dividend in shares instead of cash. This, which is already a significant figure in itself, is even more significant if

we place it within the framework of the times we are currently going through, once more showing the confidence that the partners of Grup SERHS, S.A. have in the Corporation. Also in January, the company employees took on the Flexible Compensation Plan by purchasing 25,000 shares. As for the perspectives for 2014, we must say that if we believe the news we read in the media, it seems that the market situation will tend to correct itself, while on a general level a certain improvement is already being felt that at least makes us think that we have hit the bottom. In any case this is not happening in the street; companies continue to have difficulty accessing credit and there is no need to mention the unemployment rate and the serious difficulties many workers are finding who have become unemployed. All of this makes us believe that nothing is quite as clear as they say, that the recovery will be slow and very difficult for some, but we have to be optimistic and believe that we are now going into a more relaxed situation. We have come through these last few years with a certain dignity, closing all of the financial years with profits and sharing out dividends and released shares. The work done to streamline structures, to correct inefficiencies, to gather and

concentrate activities and to considerably strengthen our management structures must be highlighted. There is no doubt that without the collaboration of all our staff, and particularly of our managers, this would not have been possible; we have all made a great effort. Now we can say that we have a much better management structure than in 2008 and that we are ready to take advantage of this new market situation to increase our sales and especially our profit margin. Today this is our greatest challenge, as we have the need to grow and to seek elements that allow us to increase our business. The importance step we have taken in 2013 in the Tourism division must be taken advantage of in order to maintain growth in 2014, especially bearing in mind that the tourist perspectives for this season are good. The Distribution division must continue to increase its Internet sales and must spread beyond the habitual areas in search of new markets, picking up on our experience in sales made last year in the Andalusian market. In the Food division we must continue to implement the Eudec System, which is our great opportunity to stand out from our competition and to create a model. Thanks to the development of the SERHS Equipment website, we must contin-

SERHSDNA annual report 2013

“

Investing in the training of our staff is one of our principal goals. “ Ramon Bagó i Agulló Chairman of the Board of Directors of SERHS

ue to increase sales through this channel. In the Hotels division, we still have interest in finding establishments to manage, especially in Barcelona, where we have seen the good experience of the SERHS Rivoli, and in Brazil, where the SERHS Natal Grand Hotel is working better and better. We will continue to focus all our attention on results, seeking maximum profitability and eliminating all products and actions that fail to bring in suitable profit or cause us excessive risk. For the moment we will be very restrictive with investments and only undertake those which are necessary in the development of our business. As for new investments, we will be very careful and will only act if the operation is a very good one and liable to be profitable in the short term. Where we will not stop placing our resources is in our staff training. We recently gave the diplomas to the first 18 managers who completed the one-year “SERHS leads through talent” course. We will also continue to wager firmly on investing in new technologies, as we are more and more certain that the decision we took 15 years ago to create a company exclusively devoted to these matters was entirely the right one. Everything is moving at great speed and the fact of investing in new technologies has placed

and connected us to today’s world. If we had not acted then, now we would be at a disadvantage and we would have missed an unrepeatable chance to be up-to-date. We will not stop seeking new business and innovating, above all, because we are in a world in which problems are not only resolved by doing things better, but often by being different. We are very satisfied at having achieved a patent for our Eudec System, a system which sets us aside from the competition and which we are applying to more and more centres managed by the division; we are sure that this system has a great future. Our hotel in Brazil, the SERHS Natal Grand Hotel, is working very well; so much so that it was recently named the 6th Best Hotel for Families in South America. The only problem we have with Brazil is the fact that its currency, the Real, is depreciating very fast, and this brings difficulty for us when we exchange this currency to euros. Furthermore, along with Barcelona Regional Council, we approached a specialised company to make a study of the Russian market, and this has served to leave us as the benchmarks in this market. We must also remember that, just like last year, we signed a co-operation agreement with the Andalusian Minister of Tourism for €418,000 in order to pro-

mote Andalusia in the Nordic and Eastern European markets. Last year this agreement amounted to €210,000 and I would like to stress that, in the area of tourism, the Government of Andalusia has signed an agreement of this kind with us alone. Our company has not been unseen in the economic sector of our country, as we are the leading tourist company in Catalonia and make a very large contribution to the national income. Our contribution to national income must be understood not only as an indicator of prosperity for the people forming part of the group, but also for the country as a whole. Our contribution to the national income in these eight months from January to August 2013 was €57,850,000 (if we consider the 12 months of 2013, this figure would be €83,169,000). Over the past five years, this figure has reached €432,000,010. To finish, I would like to thank all of our people for their work in adapting to the demands of the modern world without losing the spirit which brought us onto the market in 1975 (soon 40 years ago). We now have a structure which assures us a better future, in which our partners, who always remained by our side at complicated times, will be witnesses to a large step forward by our group when the markets are stabilised.

SERHSDNA annual report 2013

On the inside

SERHS shares out dividends for €2.7 million, 3% more than in 2012

SERHS increases its share capital to 98.21 million euros

On the past 12 September, the SERHS Board of Directors agreed to share out dividends and shares for a value of €2,713,750, 3% up on last year. For the fourth consecutive year, it was chosen to apply the dividend election programme for the 1,491 partners. As for the share-out of dividends, most of the shareholders, specifically 1,032 (69.22%) came down in favour of buying shares, and bought 201,608. The remaining 459 partners (30.78%) chose to receive the dividends in cash.

At the last SERHS Ordinary General Assembly of Shareholders held in the Castell Jalpí in Arenys de Munt On the past 7 October, the 358 shareholders that gathered there, representing 64.48% of the SERHS share capital, approved the capital increase by means of monetary contributions in order to close the year with a share capital of 98.21 million euros. The capital increase was entirely covered by selling 216,740 shares. The term for taking part in the capital increase started on 8 October and was finally closed on 30 December 2013. Apart from a going through the main business activities of the group, it was unanimously decided to share out 699,193 released shares to the partners by way of non-monetary retribution equivalent to a par value of €1,608,144

For the fourth consecutive year it was chosen to apply the dividend election program for the 1,491 partners

SERHSDNA annual report 2013

The winners of the Innovation Awards 2013 Santi Alcázar, Sandra Garrido and Joan Majó, accompanied by the General Manager Mr Raimon Bagó and the Chairman Mr. Ramon Bagó

The 6 business divisions are already on the net selling their products and services on-line

SERHS MARKET, NEW ON-LINE SALE STRATEGY

SERHS INNOVATION 2013

At the beginning of 2014, SERHS started up “SERHS Market”, a website created with the idea of bringing together all of the corporation’s on-line sales platforms. This is a firm wager on on-line sales, to the extent that the 6 business divisions are already on the net selling their products and services through 8 on-line sales platforms (5 for products and 3 for services). At the time of its launch, the page, which can be expanded as new virtual shops start up, includes a wide range of products and services of different categories: hotels and rural villages, food, drinks and cleaning products, equipment for the hostelry sector, prepared food range, insurance, computer products, staff administration services and many more.

In 2013, the winning projects of the SERHS Innovation Plan 2011 were completed, making a reality, on the one hand, of SERHS Distribution’s launch of its new website (www.serhsdistribucio.com) around which its on-line channel project revolves and is materialised. Furthermore, the EUDEC project was consolidated as an alternative to traditional group restaurant services in different sectors such as education, hospitals and micro companies. More agile and transversal innovation With the purpose of creating a more participative innovation, the SERHS ideas platform was started up in July, which is accessible to all of the corporation’s workers through the portal and which in just 6 months has brought in 60 ideas, 175 comments and 1,200 votes from a total of more than 250 users. In the same period, the first idea on the platform was implemented and three were chosen (the best of the year) to be developed in more depth and have the feasibility of their implementation studied.

SERHSDNA annual report 2013

Dear shareholders, In SERHS we still believe that, without forgetting the present, we must continue to clearly wager on the future. Our idea as a company has always to be one step ahead of events and therefore, despite the uncertainty of the present situation and the speed with which the market is developing, in SERHS we continue to work to make innovation part of the DNA of our businesses. We therefore understand that we have to have the best technologies to be able to be sure in facing the future challenges. This year we can say that the Innovation Committee has worked in a consolidated manner to integrate all of the business divisions. The work done has allowed different initiatives to be started in various divisions, which we hope will be consolidated in the coming years. Another of our features as a company is the way we wager on our staff, and our commitment to training is therefore unceasing. We continue to develop our e-learning platform, which we successfully started many years ago. Thanks to this platform, we are able to offer transversal training to all workers of the group with complete flexibility and all possible guarantees of the quality of the training. Furthermore, two years ago we started the “SERHS leads through talent” project, aimed at managers of the different companies of the group in a highly innovative initiative in which we combine training in attendance with on-line training and coaching sessions. There is

great satisfaction in this and our aim is that around 100 managers of the company might benefit from it. I must also mention one of the most innovative and complex projects we have ever started in SERHS, the “Documentary Digitalisation Plan”. The aim is to achieve a paper-free office and, to do this we have worked on 3 large aspects: bills, occupational dossiers and mercantile documents. Today we are able to say that almost 90% of our suppliers’ bills come in digital format and that this year, 2014, we will focus on the whole of the area of the bills we send to our customers with the aim of ending the year at over 50% done. We will end 2014 with all of the occupational dossiers digitalised and will therefore not have any document concerning occupational matters that is not shared and filed in our occupational and dossier archive. We have also started to digitalise mercantile files. Alongside this, a large number of our managers already have their corresponding digital signature to be able to start to close the management circuit on these documents. As well as mentioning these corporate projects which are transversal in all divisions and form part of SERHS’s strategy, on the pages that follow you can find all of the projects on which our business divisions are working. Every division works day by day with a specific focus of its own activity, reinventing ourselves and strengthening the aspects which make us more competitive and give our

customers more value. The situation of economic crisis that we have suffered in the last five years has significantly increased the rate of destruction of restaurant points in the Spanish market; official figures point to between 12% and 15%. This obviously has a severe effect on our Distribution division, for these are our customers. To relieve the situation, in January 2013 we brought the fresh and frozen products of the portfolio into the 6 distribution platforms Catalonia. From Vic, Girona, Mataró, Palafolls, Barcelona and Tarragona, customers have a wide range of over 6,000 fresh and frozen products within their reach (fish, meat, delicatessen, dairy products, drinks, coffee and cleaning products, and many more) through a single comprehensive spokesperson. Also in early 2013 we merged the three companies Allelac, Costabonaser and Fruites Pàmies, into a single company, SERHS Fruits, which deals with the commercialisation of fruit and vegetables in order to advance, optimise and grow by unifying processes to enhance the achievement of synergies in all management areas (logistics, sales and administration) and especially in the area of purchases. We also have a new location for SERHS Fruits on three stalls of the Camp market (Reus). In June, it was agreed with Vins i Licors Grau to outsource part of our range of wines, liquors and sparkling wines. This agreement allows a larger cata-

SERHSDNA annual report 2013

“

In SERHS we continue to wager to make innovation part of the DNA of our businesses. “ Jordi Bagó i Mons Vice-Chairman and CEO of SERHS

logue to be offered to our customers, with more than 9,000 references and a more agile service in 24 hours. Furthermore, we have launched the new website in order to give greater visibility to promotions and offers by introducing new promotional mechanisms, discount coupons and other items. It also allows a single order to be made for different temperatures, with Web sales increased by around 20%. SERHS Tourism’s wager on standing out through products has led the division to invest heavily in destinations in Andalusia. In Huelva 3,000 exclusive beds have been brought in thanks to an agreement with the Asur chain. The work done in recent years in the Spanish market has allowed us to grow in a market which is clearly suffering and for which the official indicators still talk of a fall of over 20%. This year, however, we have managed to become even more consolidated in the Russian market. As well as achieving a very large increase in sales and strengthening our agreement with the leading tour operators in this market, we have considerably increased our customer portfolio and now have more than 40 Russian tour operators working with us. It is precisely in order to grow in this market that we have developed the first study on the behaviour of Russian tourists with Barcelona Regional Council; this work will give us all of the necessary indicators we need to be able to contin-

ue to grow in the market in which we are leaders today. In the hotel division, we must especially point to the development of our hotels in Brazil. In 2013, we closed the best year in terms of results and also in terms of customer satisfaction. This encourages us with the challenge we have in 2014 with the football World Cup being held in Brazil, where some of the games will be played in Natal. As for the domestic hotels, work has been done to consolidate the already good evolution of the “Experience Science in the Vilars Rurals” program which we carry out with the support of the Applied Physics Department of Catalonia Polytechnic University (UBC) and which is enjoying such great success amongst our customers. It must also be said that our Hotel in Barcelona, the SERHS Rivoli Rambla, has become the first Chinese Friendly hotel in Barcelona, in order to broach the Chinese market. In our Food division, we must congratulate ourselves on the broad implementation of our EUDEC food management system, for which we have finally achieved a patent. We recently implemented the system in some centres in Vic Hospital Consortium. A new Eudec virtual store has also been launched in order to the increase the customer base of our prepared food range product. With respect to public tenders, I must highlight the adjudication of 25 schools in Sabadell, amounting to 1,400

daily menus. Furthermore in Camp Nou the sales points of the north goal have been renovated in order to improve the product display and the segmentation of the offer and thus encourage sales and reduce waiting times. SERHS Projects has launched into the virtual adventure by opening the store www.serhsequipments.com with a new, previously non-existent concept with significant involvement on the part of hostelry equipment manufacturers. Although this is a project with a certain degree of maturity in the mid-term, we are already achieving sales above our initial expectations. In our Services division we must stress the agreement signed with Telefónica, which not only provides us with its data network, but also allows us to share projects of value for both companies. Under the same concept, we have renewed the agreement we signed three years ago with Oracle. We continue to wager firmly on our Corporate Social Responsibility plan, both with respect to the Occupational and Family Life Conciliation Program bringing in more workers every year, and on the Flexible Compensation Plan, which this year was approached by more than 600 workers, earning important advantages. We must not forget to mention the continuity we have given for many years to the Family Aid program, in which SERHS devotes large resources to help workers through the different stages of their children’s education.

SERHSDNA annual report 2013

On-line sales account for 17% of orders, and nearly 20% of turnover.

They have a portfolio of 30,000 customers.

They have an average staff of 800 people.

17 stores with an area of 160.000m2

Providing customers with a total of 775 vehicles.

On the web www.serhsdistribucio.com there are more than 3,500 registered customers who in 2013 made purchases for over 26 million euros.

As an innovative way to access this strategy, they present a new leading portal and the integration of the cold product as part of their portfolio of services, as well as promoting the fruit and vegetables division. As one of the leaders of the Horeca channel distribution, they offer a diversified catalogue of 6,000 products at three temperatures (ambient, cold and frozen) to the 30,000 customers in a large geographic area. The provision of the support activities of the customer businesses is a priority for the division just as it is to transmit the value of the integral service and the logistic and administrative optimisation. STRATEGIC AGREEMENTS CACAOLAT. In July, an important collaboration agreement was signed in sales and distribution with one of the most symbolic brands on the market: Cacaolat i Letona, benchmarks for their quality and good flavour in the Catalan dairy industry and backed by their long tradition (since 1925). SERHS Distribution has worked with them since the company started. Grup Cacaolat S.L. appeared in February 2012 as the association of two large leading drinks companies, Damm and Cobega. EUROFRITS. In July too, a long-term strategic agreement was reached with this frozen product manufacturer and distributor in Burgos. This is the only deep fro-

zen potato factory in Spain and produces a volume of 40,000 tons a year. Since 2007 it has had a sales partner, the Dutch manufacturer AVIKO, which specialises in making potatoes in all versions: frozen, fresh, flakes, precooked, and is a European leader in making and transforming potatoes. An agreement was also reached with Licors Grau for customers in the north of Catalonia. NEW INCORPORATIONS In January 2014 an agreement was signed between Casa Salvans of Ripoll and SERHS Distribution to incorporate the trade managed by this company from the Ripollès region and which has long experience and is widely renowned in the area. SERHS Distribution will therefore and above all market and distribute a large number of Coca-Cola boxes to the Garrotxa and Ripollès regions, thus increasing its area of action. At the end of December, SERHS Fruits signed an agreement with Fruites Montull I Fills, S.L. to bring in the fruit and vegetable distribution division. It is formed by more than 200 customers of the restaurant sector, and above all hotels and groups in Mataró, Barcelona and the Vallès area as far as la Garriga. This area of activity fits in perfectly with the stores of SERHS Fruits in Blanes and Ripoll.

SERHSDNA annual report 2013

At your service Distribution of products at three temperatures for on-line and off-line sales

SERHS Distribution Distribution of drinks | food |

cleaning products | fresh and frozen | coffee | fruit and vegetables for hostelry, restaurants and groups

www.serhsdistribucio.com

SERHSDNA annual report 2013

SERHS Fruits has brought in the Fruites Montull distribution trade with 200 customers, above all in restaurants, in Matar贸 and Barcelona. New image of the widespread and renowned Cedi brand of great prestige for its value for money in the sector.

SERHSDNA annual report 2013

www.serhsdistribucio.com

Important collaboration agreement with Cacaolat, one of the most symbolic brands on the market, on the level of sales and distribution.

OUTSTANDING PRODUCTS AND SERVICES This year the new image has been launched of the widespread Cedi product renowned for its value for money in the sector. A fresher and more dynamic design has been applied in the family of preserves and food which will spread throughout the range. There are a total of 200 own brand items in the families of milk, wine, coffee and cleaning, amongst others. One of the basic premises of action this year was the integration of the cold product in the 6 distributors in Catalonia, preparing a diversified and specialised catalogue of frozen, refrigerated and fresh products. The geographic cover the company had up to the time with this kind of product has therefore been extended to a large number of customers of the division. The new on-line sales website started up in late October 2013. It has more than 3500 registered customers and is a great leap in quality over the first division website in 2010, and is considered a 2.0 website that allows customer needs to be better managed, while offering all perishable and non-perishable products on the same order, technical sheets, billing and a new range of commercial options to offer more personalised advantages and promotions. Adapted to any mobile device or tablet,

it incorporates contents for professionals and very good attention to website incidents 24/365. SERHS Fruits has reorganised its action by structuring and optimising the resources of the three stores it has in Ripoll, Blanes and at the Mercat del Camp (Tarragona) where it has transferred its activity to a larger area better suited to market sales, as well as the management of the Horeca channel distribution. With the location of an integral fruit and vegetable supplier, it has continued to expand its first range (fresh) product portfolio, introducing Km 0, organic, premium, special groups and above all advancing in the latest fourth range novelties. The campaign of fruit distribution to schools by Afrucat was carried out less in the 2012-2013 school year and was also restarted in 2013-2014. The aim is to promote the consumption of fruit and vegetables selected according to the season of the year for proximity and quality among schoolchildren.

SERHSDNA annual report 2013

Portfolio of 29,000 hotels in 64 countries

More than 500,000 visits to the B2B reservation portal

Average payroll of 226 people

1,900 million on-line requests with nearly 70% of reservations confirmed on-line

Giving service to more than 1.5 million tourists

Divisional consolidation in the traditional markets such as the Russian (+18%) and Spanish (+7.6%), in a context of significant retreat in domestic tourism.

OUTSTANDING PRODUCTS AND SERVICES

DIVISION STRATEGIC PLAN

SERHS Tourism expands its offer of accommodation in the principal destinations to the detriment of low demand products. This is the case of the new incorporation of “Premium” accommodation through alliances with outstanding chains in Andalusia and Catalonia, while continuing to wager on the company’s establishments and the classical hotels in its product offer. The company now increases its volume in urban and international hotels by means of agreements with independent owners and hotel distributors in various locations of Europe. In this respect, destinations such as Portugal, Malta, Croatia, Italy and France must be highlighted.

SERHS Tourism’s strategic plan, which culminates in 2014, focuses on 3 large axes: Diversification: in relatively unstable surroundings, the division continues to expand its portfolio of customers by applying policies of intensive administrative and commercial control in order to mitigate the financial risks. Internationalisation: this wager to strengthen our international presence, already a consolidated reality on the level of demand, has produced 50% growth in the provision of the division’s total sales produced in international hotels, making the offer of services available in the Mediterranean Arc and European capitals more attractive. Distinction: following the established objectives, the hotel dossier is carefully streamlined and adapted to the demand of the customer portfolio. This process seeks to balance the value proposal in terms of product, to cover present and future customers’ specialisation needs under exhaustive control of profitability in the operations.

SERHSDNA annual report 2013

SERHS Tourism On-line and off-line receiver agency and wholesale supplier

www.serhstourism.com

SERHSDNA annual report 2013

2013 finished with good development in the new markets such as the Nordic and Portuguese while establishing the goal of enhancing the proximity markets in 2014. SERHS Tourism and Barcelona Regional Council have drawn up the 1st Key Market Study: the habits and travel perceptions of the Russian tourist, the most in-depth study yet performed on the Russian market in Catalonia and Spain.

SERHSDNA annual report 2013

www.serhstourism.com www.rhodasol.es | www.serhstravelservice.com

STRATEGIC AGREEMENTS

Receiver and B2B Supplier of tourist services for agencies and tour operators for the principle issuing markets in the world.

In 2013 strategic agreements were signed with tourist destinations, such as the one made with the government of Andalusia (Turismo Andaluz) for international markets, that made with the Principality of Andorra for the Spanish market and the one

with Barcelona Regional Council, with which it performed the 1st Key Market Study, making an in-depth analysis of the profile of the Russian tourist in a study which has become one of the most important works on demand analysis made in Catalonia.

SERHSDNA annual report 2013

12 Hotel establishments under ownership and in management.

The team is formed by an annual average of 600 people.

5,225 beds and 1,918 rooms between domestic and international.

52 meeting and events rooms.

STRATEGIC AGREEMENTS

The diversity of the SERHS Hotels establishments and the division’s specialisation in different customer segments (family, corporate, holiday) behind success of our management model.

ABACUS: In order to expand the customer segment, a collaboration agreement was signed with Abacus in 2013 to reach the partners of this co-operative, using its own available channels of communication.

ZOOX: In order to adapt to the needs of Brazilian customers in the SERHS Natal Grand Hotel, a strategic agreement was signed with Zoox, a company which provides management solutions and Internet tariffs for hotel establishments.

TRIPADVISOR: SERHS Hotels wagers on direct marketing and the improvement and enhancement of establishments’ on-line reputation, which is why it has signed the contracting of the Tripadvisor Profile Plus for some of the hotels of the chain. It stresses that the SERHS Natal Grand Hotel came in in 6th place amongst the best hotels for travelling with one’s family in South America, an award made each year by Tripadvisor within the framework of the Travellers’ Choice 2014 awards.

BRITISH SUMMER: Continuing with its wager on education and training, a collaboration agreement was signed for English training in one of the Vilars Rurals under the caption of British Summer.

CEGOS: The division reached an agreement with this international consultancy to identify and define operative processes taking place is in its hotels. ZOPIM: An agreement with this technology company to bring in an instant chat system available to customers on the website of all the hotels.

PARTANCE: SERHS Hotels signed an agreement with this French company specialised in the MICE market for marketing the following establishments: Vilars Rurals, SERHS El Montanyà, SERHS Rivoli Rambla and SERHS Natal Grand Hotel in French-speaking markets (France, Belgium, Switzerland and Luxembourg). CODORNIU: An agreement was signed as the preferential drinks supplier in the SERHS Hotels’ restaurants. CLUB SÚPER 3: Thanks to the agreement with Súper 3, Vilars Rurals took part in the Festa dels Súpers children’s party with several activities. The agreement also includes Club Súper 3 activities in the Villages throughout the year.

SERHSDNA annual report 2013

SERHS Hotels Moments full of life Vilars Rurals | Holiday Hotels | Snow and Mountain Resorts | Urban Hotels | Brazilian Beach Resorts

www.serhshotels.com

SERHSDNA annual report 2013

The division wagers on the growth of the company and congress and sports segment at home and abroad with its new Meeting Experience by Serhs. SERHS Natal Grand Hotel closes its yearly sales with a record: R$ 43,560,017, 7% up on the previous year, enhancing sales in the holiday segment and on-line channels. It was 6th on the TripAdvisor ranking of the best family hotels in South America.

SERHSDNA annual report 2013

www.serhshotels.com

SERVICE ADAPTATION

Each month Vilars Rurals customers have been able to find a special weekend devoted to

Before the beginning of the season, the division created a new kind of Premium rooms at the SERHS Oasis Park, standing out over the rest for their modernity and the fact of having large format LED TV, new furniture, lighting and decoration. In 2013 complete Wi-Fi coverage was given in the different hotels by strengthening the structure, with fibre-optic installation wherever this was possible.

Science at Vilar Rural

NEW PRODUCTS AND SERVICES

de Cardona.

SERHS Hotels continues to wager on new technologies as a tendency in the hotel market by introducing tablet functional technological mobility systems in their hotels. The aim is to gain operative efficiency in managing these departments, where the hotel staff are able to answer possible customer requests on site without having to go back to their workplace. In order to enhance the company, group and sports events and celebrations segment, SERHS Hotels has created a new brand, Meeting Experience by Serhs. This will help the division to ensure that the events part has its own entity and work will especially be done with 6 of its hotels, 1,000 rooms, 52 meeting rooms and sports facilities. SERHS El

MontanyĂ , Vilars Rurals, SERHS Rivoli Rambla and SERHS Natal Grand Hotel enable all kinds of events to be organised and held in their facilities to ensure domestic and international success. The Vilars Rurals have continued to promote the thematic science weekends. Each month, Rural Village customers have been able to find a special weekend dedicated to Science at Cardona Rural Village. In the villages too, as well as at El MontanyĂ , a new marriage concept and product has been started up: the Weekend Wedding, in which marriages are made to size depending on the needs of the bride and groom, and where the principal appeal is the fact of offering a celebration throughout the whole weekend to give family and friends such a special day at the price of a reception. It must also be mentioned that the Arnes Rural Village has created a new product intended for adults and families with children of over 12 years of age in packages help customers to discover the surroundings of the Rural Village.

SERHSDNA annual report 2013

Own centres and more than 250 managed (hostelry and groups).

More than 600 references with the Eudec product.

The team is formed by a yearly average of 825 people, up to 1,500 at peak times.

NEW PRODUCTS AND SERVICES

SERHS Food has achieved the patent of the EUDEC System with the name “Control and Management system for group restaurant service and associated procedure”.

SERHS Food set out last year on a virtual adventure with the new on-line store of the EUDEC product (www.eudecfood. com). The division continues to work and wager on this new sales channel, and especially on continually improving its image, functionality and expanding the range of products and references basically for the hotel, restaurant, health and education sectors, so that users are able to shop comfortably and easily. The continuous search to offer the best products and service in the world of restaurants has led the division to offer more than 400 dishes that can be made with the Eudec system to the on-line shopping system. With respect to its hospital line, SERHS Food produces new mashed references for hospitalised patients, which are characterised by their texture and visual presentation. From the hospital division, work is being done to improve patients’ meals with a mashed diet, as this is a monotonous diet not only for its texture, but also because all of the flavours are together in the same bowl.

ARCS CATERING has renewed the hospitality catering service contract for match days at FCBarcelona until 30 June 2015. At the same time, the catering service contract has been renewed with the UEFA to give service on Champions League match days for the 2013/14 season. Moreover, ARCS Catering was a sponsor of the Asobal Handball Cup at the Palau Blaugrana held on 21 and 22 December 2013. With respect to events with large gatherings, Arcs Catering was also chosen for the Concert for Freedom events at Camp Nou and the concert for the Centenary of the Birth of Salvador Espriu. Castell Jalpí has also signed a collaboration agreement with Cases Singulars, an institution dedicated to organising guided cultural visits open to the public in emblematic places such as the corporation’s majestic castle. The FLECA SERHS, bakery, in its line to constantly improve quality and customer service and in order to be consolidated as an integral supplier, has strengthened its portfolio and product variety with agreements with brands of renowned prestige.

SERHSDNA annual report 2013

SERHS Food Integral Restaurant Services

Integral restaurant services for hostelry and groups (Hotels, Hospitals, Old peopleâ&#x20AC;&#x2122;s homes, Social Healthcare Centres, Restaurants, Bars and cafeterias, Schools, Universities, Penitentiary Centres, Company, Football Stadiums I Leisure activities I Catering for Events I Macro events

www.serhsfood.com

SERHSDNA annual report 2013

Sabadell Town Hall adjudicates the management of the restaurant service of 25 schools and introduces the EUDEC System. Raimon Bag贸, SERHS General Manager, appointed vice president of the first Foodservice Cluster of Catalonia, developed by the Generalitat government.

SERHSDNA annual report 2013

www.serhsfood.com www.serhsfoodservice.com | www.eudecfood.com | www.serhsfoodeduca.com www.takeeateasyserhs.com | www.arcscatering.com

ARCS CATERING Has renewed the FCBarcelona hospitality catering service contract with the UEFA to give service on Champions League match days for the season 2013/14.

STRATEGIC AGREEMENTS

NEW INCORPORATIONS AND INVESTMENTS

The Government of Catalonia has encouraged the constitution of the Foodservice Cluster of Catalonia, with the leadership of ten Catalan companies of the sector as founding members, which together bring in a joint turnover of more than 3,000 million euros. One of these companies is SERHS, represented by Raimon Bagó, the corporation’s CEO, who was appointed vice president of the Cluster. This cluster wagers clearly on developing transforming projects related to innovation and internationalisation, and its strategic lines are intended to help associated companies in issues related to development and innovation, market awareness and tendencies, strategic reflection and improved efficiency in logistics operations.

SERHS has achieved the patent of the EUDEC System with the name “Control and Management System for group restaurant service and associated procedure”. This innovative system was developed to cover the needs and limitations of present management in the restaurant services in the healthcare area. SERHS has already set up the system in several hospitals to demonstrate its efficiency and show how easy it is to manage.

SERHSDNA annual report 2013

www.serhsequipments.com on-line sale of machinery for hostelry and restaurants.

Projects for restaurants and kitchen buffet and bar equipment.

Dedicated to the hostelry, restaurant, education and healthcare sectors.

Thanks to the confidence of large manufacturers in SERHS, serhsequipments.com offers highly competitive prices for hostelry and restaurants.

With more than 25 years of experience in projects for hostelry and restaurants, SERHS Projects has focused its business strategy on restaurant projects (basically kitchens, buffets and bars) and on the sale of equipment and machinery for hostelry, restaurants and groups. Similarly, the division continues to wager on consolidating the on-line sales channel (www.serhsequipments.com) where highly competitive prices are offered for equipment, accessories, lighting, furniture of the best brands on the market, so that customers can make their on-line purchases comfortably, fast and simply.

NEW ADJUDICATIONS AND RESTAURANT WORKS In recent months, SERHS Projects has performed the comprehensive refurbishment of the public cafeteria at Vic General Hospital, which basically consisted of a change of image and reinforcing the atmosphere with fresh and renewed paintwork and signs. Similarly, this division has refurbished the kitchen of the Hospital de Santa Creu in Vic and the supply of the reheating trolleys. Also noteworthy is the continuity which the UDON Noodle bar & restaurant has demonstrated, once more placing its trust in SERHS Projects. This brand of establishments has become a leader and benchmark in the sector of casual food specialised in noodles in Spain, and continues to grow with new establishments. The latest: Udon Splau in Cornellà de Llobregat and Udon Parc Vallès in Terrassa. With these restaurants, SERHS Projects has been consolidated as the chain’s habitual supplier. UDON has recently opened the UDONya line specialised in fast food and take-away food and has also entrusted SERHS Projects with the installation of several premises of this line in Barcelona (Illa Diagonal, Las Arenas Shopping Centre and El Triangle Shopping Centre).

SERHSDNA annual report 2013

SERHS Projects Innovative solutions Specialists in Food & Beverage areas

www.serhsprojects.com

SERHSDNA annual report 2013

Comprehensive interior refurbishment of the Gall de Bosc theme restaurant on the GrandValira ski slopes in Andorra. Project and equipment of the kitchen of the new Giulianiâ&#x20AC;&#x2122;s pasta and pizza franchise in the shopping centres of GavĂ Sud and Equinoccio in Madrid.

SERHSDNA annual report 2013

www.serhsequipments.com www.serhsprojects.com

SERHS Projects accompanies Urban Diner in its expansion, by advising and supplying the hostelry machinery equipment.

The projects include the refurbishment of the Gall de Bosc pasta theme restaurant on the GrandValira ski slopes in Andorra. This has included the refurbishment of the interior design and decoration of the dining room as well as the supply of a new free-flow. With respect to important future projects, the division has been adjudicated the performance in June 2014 of the extension of the kitchen and cold rooms of the Hotel Alhambra in Santa Susanna (El Maresme region). SERHS Projects accompanies Urban Diner in its expansion by advising and supplying hostelry machinery equipment. Urban Diner is a franchise with a menu typical of the 1950s American â&#x20AC;&#x153;Dinersâ&#x20AC;?, with dishes based mainly on hamburgers and hot dogs made with Rational ovens. There are two in Madrid, one in Almeria and another will soon be opened on Torrevieja seafront (Alicante).

NEW PRODUCTS AND SERVICES In the second half of 2013 the on-line sale of machinery and furniture for hostelry was consolidated through the Serhs Equipment virtual store with important strategic agreements for sale and distribution with different manufacturers. In order to move forward with the marketing of the E-water, the product concept has been renewed starting with a change of logo, new labels and accessories to optimise the use of the system. Work is being done above all on the complementary nature of this cleaning system with the use of microfiber mops. The surface cleaning using microfiber cloths and strips combined with the E-water system is very satisfactory and recommendable. The idea is that a product is marketed with all of the accessories for the optimal cleaning of any surface in the establishment, and not just kitchens.

SERHSDNA annual report 2013

Management of + 65,000 salaries.

Specialised in hostelry courses + 500 e-learning courses.

Management of + 6,000 insurance policies.

+ 3,400 pupils a year and 38,500 reading hours.

OSHAS 18001 certified. ORP quality.

SERHS SERVICES

SERHS New Technologies has signed important agreement with leading companies such as Telefónica, Vodafone and Oracle as technological partners.

MEDITERRANEUM XX, S.L. The extra value of this company lies in the use of new technologies and the most modern communication systems, which has supposed an outstanding advancement in all activities carried out and which allows users to directly and efficiently manage a large number of computer applications within their reach on-line. It also offers internal and external customers a quality job with highly professional specialists. Human resources SERHS Human Resource Corporate Management has created its own brand: “Human SERHS Consulting” through which, with a distinct identity, since June 2012 it has begun to offer its dossier of services: salary management, legal and occupational advice, associated occupational risk prevention service, selection, training and human resource consultancy to companies outside the Group. Focused principally on the tourist, hostelry and food sector, it is positioned on the market as a company specialised in Comprehensive Human Resource Services in all forms. www.humanserhs.cat. As a strategic project, we must also highlight the integration of the Human Resource part of the SERHS Food division in the specialities of training, staff administration and ORP in the Human Resource Corporate Management. The

main aim is to get the most out of all possible synergies, to accumulate efforts between the different divisions and departments of the group, which will undoubtedly produce overall savings in expenses by using a single management system and, at the same time, unifying the two Associated Prevention services. Administration and finance The SERHS financial corporate management is formed by different specialised sections such as the calculation centre, tax advice, auditing, treasury and financial aggregation and consolidation. Its field of action surrounds all companies of the corporation. It also receives collaboration from different external advisers. ASSEGURIS MEDITERRANEUM XX, CORREDORIA D’ASSEGURANCES, S.L. Set up as an insurance broker dedicated to advising on and distributing all kinds of insurance products, it deals with market leaders of the like of MAPFRE, AXA, DKV, ALLIANZ, ACE, ZURICH, VITALICIO, ARAG, FIATC, EUROPEA DE SEGUROS, MARKEL and Agrupació Mútua. This year it signed new agreements with leading companies in the insurance market (LIBERTY, NATIONAL SUISSE, REALE and CASER), in order to expand its offer. In 2013, the agreement was renewed that had been signed with AON, the leading multinational supplier of risk man-

SERHSDNA annual report 2013

SERHS Services Within your reach

Insurance | Administration and Finance | New Technologies I Computer Applications

www.serhs.com

SERHSDNA annual report 2013

Management of more than 2,000 mobile telephone lines and more than 1,000 land lines.

More than 60 points of presence are monitored around Spain and Brazil.

The CPD houses more than 350 servers of different technologies.

Support is given to over 1,500 internal and external users.

SERHSDNA annual report 2013

www.serhs.com www.humanserhs.com | www.asseguris.com | www.migjornser.com

agement, insurance and reassurance management, human resource and consultancy services. Work was also done on achieving exclusive high-quality products for customers on the portfolio. Asseguris wagered on investing in training in order to professionalise the payroll particularly on the questions of on-line and new technologies so that they might adapt to the new demands of modern consumers. With respect to new products and services, exclusive products have been marketed in the area of the Maresme region through the mentioned agreement with AON. SERHS NEW TECHNOLOGIES MIGJORNSER, SL Strategic Agreements In the last year, a framework collaboration agreement as technology partners was signed with TelefĂ˛nica for the coming 3 years, which includes landline telephony, the data network and Internet. With respect to mobile telephony, they continue to turn to Vodafone, renewing a collaboration which has now lasted more than 15 years. The agreement was also renewed with Google to continue using the collaboration and electronic mail suite (Google Apps), of which they were the pioneering installation in the Spanish state now

over 6 years ago. Equally, they continue to commission Ricoh with the management of all of the printers and the Documentary Management project, just as they have done in the last 6 years. This year too, SERHS New Technologies renewed the agreement with Oracle. Since the first agreement, which was signed in February 2011, SERHS and Oracle have been technology partners and this renewal is intended to intensify still further a relationship already consolidated with this sector leader. New Products and Services As a new development and aimed at small and medium-sized companies outside SERHS, this year the private area of the www.migjornser.com website has started up, the channel through which the management of the products and services that customers trust is to be facilitated. The services offered are: Google Apps (cloud collaboration tools) and integral mobile telephony solutions. Furthermore two new services have been brought in which are expected to give customers added value: web positioning through an agreement with a collaborating company specialised in this area; the aim is to be capable of giving a good service at competitive prices.

WiFi package for hotels. After one year of testing in different types of hotels, Migjornser is ready to spread this product with a full service guarantee and a high degree of quality giving great satisfaction to the establishment and to its hosts. VECTOR-K, S.A. The basic products offered are Guest (integral hotel management), Bistrot (management of bars, restaurants, discotheques, etc.) and the WebguestHotel, which allows the on-line sale of bookings from the hotel website itself. On-line sales enabled a turnover of more than â&#x201A;Ź4 million in 2013, a very good figure bearing in mind the fall in sales that mountain hotels are currently suffering. A new version of Bistro has been put on sale which is entirely functional for tablets with Windows 8 and Epson cordless printers may also be added as an option. A new version has also been created of the tourist tax for touch screens. This new version allows the new tourist tax to be managed easily and intuitively both in receipt and in payment. It also highlights the creation of sale point terminals intended for hotel receptions due to matters of upselling, loyalty gaining and deposits, amongst other things.

SERHSDNA annual report 2013

Human resources The SERHS Corporate Management includes all of the necessary specialities to give a complete human resource management service: • Staff Administration • Selection, Training and Development in Human Resources • Labour Relations • Occupational Risk Prevention

SERHSDNA annual report 2013

â&#x20AC;&#x153;

â&#x20AC;&#x153; STAFF ADMINISTRATION

PRESENCE

Advice and management in occupational processes to a team of specialised professionals. This department wagers firmly on Internet portals while applying the continuous improvement of its services in order to offer SERHS companies and external customers an ever more effective service.

2013 was also the year in which a new strategic project began for the Human Resources Development Department: the implementation of a new Presence Management System at the hand of the partner Softmachine. From the Corporate Management, a policy has been established with regard to this area, which will be applied across the whole of SERHS. This new system (hardware and software) has already begun to be implemented in some SERHS companies, specifically in the divisions of Services, Food and Distribution.

The https://portal.serhs.com/rrhh portal is used as a means of communication between the company and its occupational adviser. It is a personalised and interactive tool which supposes great savings in time and costs avoids travel or telephone calls and is operative 365/24. It can be used from any connection point in the world, and guaranteeing the required confidentiality and maximum security. As significant data, the staff administration department in 2013 dealt with a total of 65,240 salaries. Let us remember that this department started up and implemented a key project in all companies of the group, a project which dates back to 2010; the Flexible Compensation Plan. The products which have been offered are: SERHS Shares, Health insurance, Restaurant card, Nursery and Training. In 2013, the project received a total of 660 product purchase requests. Products of the Flexible Compensation Plan

Medical insurance. 71% Nursery. 5% Restaurant card. 1% Training. 8% Shares. 15%

The advantage of this new system lies principally in the fact that all workers have a portal through which they can consult and manage their own time and ask for leave of absence and holidays. The whole of the system is linked through a workflow that will facilitate the validation of these aspects and the reception of information in real time from any place and at all times.

SERHSDNA annual report 2013

Human Resources

TRAINING In 2013, an investment was made of more than €275,000 in training throughout all of the companies of the corporation. A total of 430 training groups were formed including 2,907 participants, giving a total of more than 32,000 hours of training. This year, the new collaboration agreement with E-doceo Spain takes the lead. Through this agreement, SERHS has a new, much more agile and intuitive LMS e-learning platform giving access to a catalogue of over 500 e-learning courses in different areas: sales skills, finance, office IT, Internet and basic tools, languages, management skills and quality, and many more, and even university certification courses. SERHS used this platform to train more than 58% of its students in 2013.

The graph shows the subjects in which SERHS staff were trained in 2013. RSC, CALIDAD Y MEDIO AMBIENTE; 376 OFIMÁTICA; 75 IDIOMAS; 21 HABILIDADES; 416 FINANZAS; 38 ESPECÍFICA DIVISIÓN; 323 COMERCIAL Y MARKETING; 128 PRL; 1530

As for external customers, the training department managed more than 35 training groups with a total of 533 students, amounting to 6,500 training hours and billing €34,000.

SERHSDNA annual report 2013

OCCUPATIONAL RISK PREVENTION

ACCIDENT RATE 2013

With respect to the SERHS Associated Prevention Service, the important events are the following:

The overall accident rate of the SERHS companies rose 0.97% in comparison with 2012. It must be said that all of the accidents were light. This increased accident rate was principally due to two reasons: 0.38% of the cases were due to “traffic accidents en route” and/or travelling to customer centres. Obviously in these cases it is very difficult for companies to prevent/act as this is beyond the activity of the company itself. The second reason, specifically applicable to 0.59% of cases, is related to the workplace itself. All of these accidents happened in centres which have been granted to SERHS and in which the state of the facilities and/or conditions are beyond the power of SERHS.

Merger of the Associated Prevention Service In May the Associated Prevention Service of the SERHS Food Area was merged with the SERHS Associated Prevention Service, thereby integrating the ORP management system in SERHS, and optimising all resources there for, while becoming much more efficient. Commercial agreement with the company Einber Sistemas de Gestión S.L. in setting up comprehensive risk prevention management software.

In July, the SERHS Associated Prevention Service signed a commercial agreement with the company EINBER SISTEMAS DE GESTIÓN S.L. for the implementation of ORP integral software in all of the companies of the group to cover and give service in risk prevention management and also in coordinating the business activities.

Comparative SERHS accident rate 2012 vs 2013

The agreement between EINBER and SERHS goes much further than the simple purchase of the module of business activity coordination which the former company already had. Together they are designing and creating new modules for this software to become a comprehensive management product in preventing occupational risks. This development will be carried out throughout 2014. OHSAS 18001 Certification In September, all of the companies adhered to the SERHS Associated Prevention Service achieved OHSAS 18001 certification. This certificate accredits the quality of the ORP management system compatible with the ISO 9001 (Quality) and 14001 (Environment) standards.

3,86% 3,25%

2,09% 1,70%

ACC. IN TRAFFIC OR DISTR.

2012

ACC. IN THE WORKPLACE

2013

Evolution of SERHS accident rate 2008 - 2013

2013 2012 2011 2010 2009 2008

5,92% 4,95% 6,50% 5,72% 7,35% 8,97%

In the last 5 years since 2008, the accident rate has been considerably reduced, maintaining an average of 5.75% in the last four years.

SERHSDNA annual report 2013

SERHS

Real Estate This business division has the function of seeking the greatest possible output from SERHS assets. Structured within the company Kimburu, S.L., it focuses its actions on renting facilities and purchase and sale, or developing certain actions on both urban and industrial lands.

Equity and Portfolio As a business Corporation, Grup SERHS S.A. has a significant portfolio of securities and, at the same time, is the owner of a series of buildings. Through its security portfolio, it directly or indirectly plays a dominant role in all of the group companies. These management actions led by the group’s general management are formed by companies engaged in the administration and ownership of properties, land, securities and facilities, forming a series of goods resulting from the corporation’s business. SERHS’s strategic axes pass through the strengthening and future viability of all of the companies that form it, which have a global focus to allow them to successfully deal with the critical factors of competitiveness by consolidating and creating new business opportunities in all areas of action.

SERHSDNA annual report 2013

Related Companies

Associated companies

SERHS S/COOP. C. Ltda.

UNIVERSITY SCHOOL OF HOSTELRY AND TOURISM OF SANT POL DE MAR The EUHT de Sant Pol de Mar is and has become the receiver of the group’s business baggage, which has provided it with updated knowledge at the forefront of the sector. This means that the group is able to benefit from the support and baggage of technical knowledge and experiences which can only be provided by a certified University Centre which is a benchmark in the country and enjoys international prestige. The school has received institutional recognition both in Spain and Catalonia and on the sector level, and has been distinguished with the “Placa d’Or al Mèrit Turístic” [Gold Plate for Tourist Merit] and the “Placa d’Honor del Turisme de Catalunya” [Plate of Honour of Turisme de Catalunya], amongst other awards. It belongs to the exclusive “Hotel Schools of Distinction” network and is the only member of this prestigious association of hotel schools in the south of Europe.

Its initial impulse and its will to cooperate and associate in the service of people have enabled it to develop an intense social activity. From its good start now 39 years ago, its sense of belonging, mutual confidence and its will to improve lead the deployment of many initiatives around the company, which have facilitated the achievement of what today is known as SERHS.

PUBLINTUR, S.A. Devoted to image and communication and to graphic and digital production, this company maintains a close and intense relationship and bond with SERHS and this year has increased its action in the field of on-line marketing in order to offer and help to implement strategies with its customers which are liable to improve its presence on the Internet to make it a profitable resource for the company. Altogether, activities which have produced strong business synergies and encouraged intense and close quality relationships. In 2013, PUBLINTUR celebrated its 30th anniversary by promoting different projects in the field of advice and attention to holiday customers, on-line communication and cultural equipment. It is in this field where, along with Calella Town Hall (Maresme region) it has become the promoter of the creation of the “Tourism Museum” project, a unique project of universal vocation which has received the support of the Catalan public administration and of the World Tourism Organisation, a body dependent on the United Nations, and of the different segments of tourist activity at home.

SERHSDNA annual report 2013

Corporate Social Responsibility

SERHSDNA annual report 2013

“

OCCUPATIONAL AND FAMILY LIFE CONCILIATION POLICY In 2013 a total of 797 applications were made, and more than 25% of the payroll asked for some measure of conciliation throughout the year, which is a considerable increase over the year before (7%).

67,78%

ILLNESS OPERATION WITHOUT HOSPITALISATION

39,77%

25,27%

TOTAL GRUP SERHS

SERHS SERVICES

SERHS FOOD

SERHS HOTELS

961,5

11,5

PUBLIC ADMINISTRATION PROCESSES 18,74%

29,27%

42,86%

38,46%

26,41%

16,19%

DOCTOR

164,5

177,5

CHILD’S MEETING EXAMINATION

SERHS TOURISM

17,73%

11,83%

SERHS DISTRIBUTION

64,89%

Percentage asking for some measure of conciliation, comparison January-December 2012-2013

As for the hours awarded, in 2013 these were 2,685:

FUNERAL

OTHERS CHILD’S BIRTHDAY

185

EXTENSION OF LEAVE FOR FAMILY CARE Hours available. 82% Child’s birthday. 3% Leave. 4% Change of working day. 11%

186

ONE-WEEK EXTENSION OF THE MATERNITY/ PATERNITY LEAVE

340

COMPACTING AND REDUCING THE WORKING DAY BY 1 HOUR 4 WEEKS AHEAD OF THE BIRTH, WORKING 75% OF THE DAY

514

SERHSDNA annual report 2013

Corporate Social Responsibility

FAMILIES PROGRAM Each year, SERHS starts up the Family Aid program, which covers subsidies for workers with children of school age. The program includes 4 kinds of aid: Welcome Baby: SERHS welcomes new-borns with a courtesy specially prepared for celebrating this happy event.

AID AWARDED 283 65 14

288 49

164

178 160

Nursery: This is a subsidy for workers who have children under 3 years of age enrolled in nurseries.

University Grants/higher grade training cycles: This proposal is intended to award grants to workersâ&#x20AC;&#x2122; children studying a university degree or in higher grade training cycles.

253

17 136

School material: Aid for school material for workers with three or more children in prep school, primary, secondary, baccalaureate or medium grade training cycles (children between 3 and 17 years of age).

295

281

153

50 22

2009 Welcome Baby

2010

2011

School material

2012 Grants

2013 Nursery

SERHSDNA annual report 2013

SERHS MANAGES THROUGH TALENT In the last quarter of 2013, the 7th edition of the Management Development Plan was started. 18 participants have already finished the project, 38 are on the way and 11 will be incorporated in the coming editions.

COMPANY VALUES

SKILLS DEVELOPMENT FOR TEAM MANAGEMENT

FINANCE FOR NON FINANCIERS

EDITION 1

PROCESS IMPROVEMENT

COACHING

FINAL WORK

FINISHED

EDITION 2

FINISHED

EDITION 3

FINISHED

EDITION 4

WORK PENDING

EDITION 5

DOING COACHING

EDITION 6 EDITION 7 EDITION 8

START MAY 2014

DOCUMENTARY MANAGEMENT PLAN At the end of the phase for implementing electronic billing, a second stage has been started in which work is being done to further automate the invoice approval circuit. Along the same line, we must highlight the bill issuing process, which has also been electronic since the middle of 2013, thus promoting the goal of achieving an office without papers. In the last quarter, the occupational dossier has begun to be implemented, and all of the dossiers opened in 2013 have started to be put into digital format. Alongside this, tests have been carried out with the electronic signature to enable this project to be developed and the projects on mercantile documentation to be started. The aim is to have all documentation produced from now on in digital format, offloading the paper from our offices and speeding up the signing and filing processes.

2011

2012

2013

PAPER ORIGIN

ELECTRONIC ORIGIN (VOXEL)

PAPER ORIGIN

ELECTRONIC ORIGIN (VOXEL, BSF, SERÉS)

SERHS TOURISM (Start August 2011)

79.754

105.325

103.787

279.974

88.654

372.745

SERHS SERVICES (Start March 2012)

5.225

663

7.875

2.341

SERHS HOTELS (Start June 2012)

1.662

295

4.287

2.990

SERHS DISTRIBUTION (Start September 2012)

4.074

6.247

33.968

54.973

SERHS FOOD (Start January 2013)

14.157

2.570

DIVISION

DIGITALISED DOSSIERS 1,000

1.000

PAPER ORIGIN

ELECTRONIC ORIGIN (VOXEL, BSF, SERÉS)

SERHSDNA annual report 2013

Social Area

Supportive agreements VICENTE FERRER FOUNDATION

ÒMNIUM CULTURAL

CÁRITAS AND FUNDACIÓN REIR

The foundation has received the collaboration of SERHS for many years. This year the project consists of building a primary education Centre for 40 children with intellectual disability in the city of Kanekal, in Anantapur.

SERHS has renewed the collaboration agreement with Òmnium Cultural to promote our language and the Catalan culture.

For the fifth consecutive year and to promote volunteer forces, SERHS has started up the “GIVE FOOD, SCHOOL MATERIAL OR TOYS AND FEED JOY” campaign. Once more this year, the aim was to voluntarily collaborate in donating all of these elements to be handed out amongst the most disfavoured groups and to play an active role in feeding, mainly with Cáritas, and to a smaller extent with toys with the Fundación Reir. These entities made a contribution of 4,000kg of food and 300 toys.

SERHSDNA annual report 2013

“

Emblematic events XXXVII SERHS EVENING

FAMILY PARTY 2013

This is an emblematic celebration held since the first year of SERHS’s existence around a gala dinner with the shareholders, collaborators and figures from the economic, institutional and social world. On 27 June 2013, the 37th SERHS evening was held in the Castell Jalpí. For the first time, the Minister for Enterprise and Occupation of the Government of Catalonia, Mr. Felip Puig, was the guest of honour at the meeting. The event brought together more than 300 guests between shareholders, collaborators, figures and friends of the corporation. The institutional event was also used to give the SERHS awards to the “Manager of the year”, which in 2013 went to Mr. Marc Serra, Manager of Telecommunications and Business Solutions of SERHS New Technologies; and the award to the “Distinguished worker”, which went to Mrs. Margarita Manzano, General Management Secretary and Head of Centralised Treasury in SERHS. These people were chosen from among the personnel of all of the companies forming the group. The award to a company for its “Development and commitment to SERHS” this time went to Vodafone.

For one day, Barcelona Zoo was filled with nearly 350 people from among the SERHS workers and families as part of the Family Day celebration, which for the first time was held in this so emblematic park in Barcelona. The event began with the awarding of the aid for the “Families Program 2013”, to workers of SERHS. The families were then able to enjoy a day out at the zoo, including a dolphin show. SERHS Food has managed the restaurant points in the zoo since November 2012. Mr. Ramon Bagó, SERHS Chairman, awarded the different aid, which this year amounted to €50,000 spread between allowances covering three kinds of aid: nurseries, school material and university grants, apart from the gift given to all workers when they become parents, as part of the Welcome Baby campaign.

SERHSDNA annual report 2013

Environment

SERHS DISTRIBUTION All of the companies of the division manage the waste they produce (mainly plastic, cardboard and organic product) through authorised waste managers. In the area of certifications, Cediserhs, S.L. has ISO 9001 quality certification and SERHS Distribution intends to have all of the companies of the division certified. All SERHS Distribution companies have a vehicle maintenance program for both their own vehicles and those subcontracted. Different measures have been taken to help to reduce CO2 emissions, especially including the strategy to reduce travel and the progressive improvement of transport vehicles. Cediserhs Tarragona has completely renewed its store with 13 condenser apparatuses and 4 compressors. As a result of the different modifications, all refrigerating apparatuses are loaded with R – 507 and R – 404a. These gases all produce very little toxicity despite long exposure periods. SERHS Distribution has a fleet of some 30 vehicles with regulated temperature distributed throughout the different companies of the division. These vehicles meet all established standards with regard to refrigerating gases. They use R – 404a and R – 134a and none of them contain chlorine. SERHS Distribution has a person responsible for Quality and the Environ-

ment who leads and defines the process involved in reducing the environmental impact of the waste produced by the distribution activity. The distributors have a Code of Good Environmental Practices integrated by a series of actions in order to improve the company’s environmental behaviour. It also has collaboration alliances for promoting these good environmental practices. SERHS TOURISM As part of the SERHS documentary digitalisation plan, the tourism division is taking a large step forward in electronic billing in order to avoid paper invoices. The aim to reach 100% of the hotel distribution industry is a complex matter, but the levels in 2013 already exceed 85%. Similarly, other elements such as certain contracts or occupational dossiers have been managed entirely digitally in 2013. SERHS HOTELS The hotels division has implemented the cleaning system using E-water technology, which cleans and disinfects by using water without any need for chemical or aggressive substances. A biomass boiler has been installed in SERHS El Montanyà in the place of the former propane boilers, giving considerable economic savings and reducing CO2

emissions; it is expected to be started up in March 2014. Efficiency studies have begun to be made by a specialised company in order to reach a long-term collaboration agreement with regard to installations and management in the Vilars Rurals. Work is underway on the gradual replacement of high consumption lighting for LED technology. Finally the planned replacement of taps in the SERHS Sorra Daurada and the SERHS Oasis Park to improve saving has been carried out. SERHS FOOD SERHS Food guarantees maximum safety and hygiene in food. The dishes are produced under rigorous dietetic control according to the strictest Food Safety and Hygiene regulations. Similarly, we have our own quality controls certified according to ISO 9001:2008 Quality Management System, ISO 22000:2005 Food Innocuousness Management System and Environmental Management certified according to ISO 14001:2004. the division also has ISO 9001 certification in its Vilassar factory and ISO 14001 for the Eudec System in Calella Hospital. SERHS PROJECTS Principally with the marketing of the e-water, customers are informed and become aware of the environmental

SERHSDNA annual report 2013

“

Environmental aspects In recent years, SERHS has brought environmental protection criteria into the general management of its business as part of a policy of corporate social responsibility and assuming its part of the responsibility in preserving and improving the environment. In this sense, the corporation is moving forward slowly but surely along this long path to environmental excellence. “

care taken in purchasing the product. This is a cleaning and disinfection system which does not use chemical products and furthermore, the use of this apparatus produces considerable savings not only in cleaning products, but also in water, for there is no need to rinse after the disinfection. SERHS SERVICES AND NEW TECHNOLOGIES These divisions promote the recycling of printer paper, cartridges and toners (the recycling process is established in SERHS’s agreement with Ricoh). Centralised recycling is applied to any electronic equipment from all of the SERHS companies, either in collaboration with NGOs or taking the material straight to approved disposal units. Both the SERHS New Technologies offices and the Data Process Centre have rooms fitted out with air-conditioning and heating programmed to guarantee the right temperature, but also to assure energy savings whenever this is possible (energy consumption is optimised). The fact of intervening in automation/domestic robotic projects means that the SERHS New Technologies division helps the remaining companies of the group to improve their energy efficiency and therefore to optimise their energy consumption. With respect to introducing technology to help to achieve the goal of an “Office

without papers”, multifunctional devices are used as well as on-line collaboration tools (Google Apps) and electronic billing, documentary management, electronic signature and the digitalisation of occupational and mercantile dossiers are also brought into operation.

SERHSDNA annual report 2013

Economic-Financial Information

SERHSDNA annual report 2013

“

Presentation This economic and financial information corresponding to the financial year closed at 31 August 2013, which we provide in the following, has been prepared from the accounts registers of Grup SERHS, S.A. and its the subsidiaries in order to demonstrate the true and fair image of the equity, the financial situation and the result of the Consolidated Group. These consolidated figures are backed by the auditing of the company Faura-Casas Auditors-Consultors and, as can be seen from their opinion attached below, the annual accounts for the financial year 2013 reflect the true and fair image of the consolidated equity and the consolidated financial situation of SERHS and its subsidiaries, and the results of their operations. In this dossier you can find: CONSOLIDATED ANNUAL ACCOUNTS OF THE GROUP Financial statements (Balance Sheet and Income Statement) Auditors’ report CONSOLIDATED INFORMATION Different analyses of important aspect of the economic and financial situation IMPORTANT: The General Assembly of 7 October 2013 approved the company changing the close of the financial year to 31 August, given the seasonal nature of our businesses. It is for this reason that, in relation to the figures which are compared, those indicated as 31/08/2013 correspond to a period of only eight months, whereas those from 2012 come from a full financial year starting on 01/01/2012 and ending on 31/12/2012.

SERHSDNA annual report 2013

SERHS consolidated annual accounts

For the effects of drawing up the Annual Accounts of GRUP SERHS, S.A. and its subsidiaries (Consolidated Group), we must remember that the group is formed by 59 active companies and, grouped into operative business divisions, has the following composition: SERHS DISTRIBUTION 11 Companies SERHS TOURISM 2 Companies SERHS HOTELS 12 Companies SERHS FOOD & PROJECTS 11 Companies SERHS SERVICES AND NEW TECHNOLOGIES 8 Companies SERHS REAL ESTATE 6 Companies SERHS EQUITY AND PORTFOLIO 9 Companies In the year 2013, there was no variation in the number of companies forming part of the consolidation perimeter, which remained at 59. However, there were movements between the different divisions caused by the process of rationalising the number of companies belonging to each division, and also due to the increased business in some divisions. In application of current regulations as a result of the different participation percentages in the companies forming the consolidation perimeter, different consolidation procedures were used this year, which were: • GLOBAL INTEGRATION method (Companies with a participation of over 50%). Companies consolidated by this method in 2013: “Viatges Sol i Esquí, SA” (travel agency), and “Baciverser, S.L.” (real estate company) • PLACEMENT IN EQUIVALENCE method (Companies with a participation of between 20% and 50%) Companies consolidated by this method in 2013: “Viatges Sol i Esquí, SA” (travel agency), and “Baciverser, S.L.” (real estate company)

The Group’s functional currency is the euro. Given the group’s internationalisation in recent years, it now includes Brazilian and Moroccan companies in the consolidation perimeter and the transactions with foreign customers and suppliers using currencies outside the euro have increased. This means that our Group is currently working with four kinds of different currencies: • Euros (EUR). - The principal working currency of our companies. • Dólares (USD). - The currency of certain operations with countries outside the EU. • Reales Brasileños (BRL). - The principal working currency of our companies in Brazil. • Dirhams (MAD). - The principal working currency of our companies in Morocco. The fact of working in different currencies and with different accounting principles makes the consolidation process more complex as the financial statements have to be converted into a currency other than that of the Group, which is the euro, which can cause conversion differences on the level of equity and on that of the results of the year due to exchange differences in the operations. Since 2010, the SERHS Group has paid tax under the system of fiscal consolidation, with 40 subsidiaries coming into the consolidation perimeter in 2013.

SERHSDNA annual report 2013

AUDITORSâ&#x20AC;&#x2122; REPORT ON THE CONSOLIDATED ANNUAL ACCOUNTS To the Shareholders of the GRUP SERHS S.A. We have audited the consolidated annual accounts of Grup Serhs S.A. and subsidiaries (Consolidated Group), which include the consolidated balance sheet at 31 August 2013, the consolidated profit and loss sheet, the changes to the consolidated net equity, the consolidated cash flow and the consolidated report corresponding to the financial year ending on this date. The administrators of the dominant company are responsible for drawing up the consolidated annual accounts according to the regulations of financial information applicable to the institution, which are identified in note 2 of the attached report, and particularly the accounting principles and criteria contained there. Our responsibility is to give an opinion on the mentioned consolidated annual accounts as a whole based on the work done in accordance with the regulations governing the account auditing activity in Spain, which requires the examination by selective tests of the evidence justifying the consolidated annual accounts and the evaluation of their presentation, the principles and criteria used and estimates made according to the applicable regulations on financial information. In our opinion the attached consolidated accounts for the year ending at 31 August 2013, in all significant aspects, reflect the true and fair image of the consolidated wealth and consolidated financial situation of Grup Serhs S.A. and subsidiaries at 31 August 2013, and the consolidated results of their operations and cash flows corresponding to the year ending on this date, according to the applicable regulations of financial information and particularly the accounting principles and criteria contained there. Without this affecting our opinion, we must mention what is indicated in note 2.4 of the report, where it is reported that the General Assembly of Shareholders agreed on the change of the date on which the financial year is closed, which will now be 31 August, which must be considered for the effects of comparing financial years. The attached management report closed at 31 August 2013 contains the explanations that the administrators consider appropriate on the situation of the consolidated group, the evolution of their business and other matters, and does not form an integral part of the consolidated annual accounts. We have checked that the accounts information contained in the mentioned consolidated management report coincides with that of the annual accounts for the financial year ending at 31 August 2013. Our work as auditors is limited to checking the consolidated management report with the scope mentioned in this paragraph and does not include the revision of information other than that obtained from the accounting registers of Grup Serhs S.A. and subsidiaries.

Barcelona, 18 December 2013

SERHSDNA annual report 2013

Consolidated Balance Sheet ASSETS A) NON-WORKING ASSETS I. Intangible fixed assets II. Tangible fixed assets III. Real estate investments IV. Long-term investments in group and associated companies V. Long-term financial investments

31-08-2013

31-12-2012

177.963.253,35

200.608.712,57

18.018.814,21

17.822.329,27

125.595.833,22

149.903.517,65

5.075.280,85

2.469.742,42

571.017,05

576.625,29

7.563.046,16

8.167.752,85

VI. Assets due to deferred tax

10.218.873,46

10.749.356,69

VII. Consolidation Goodwill

10.919.388,40

160.700.301,01

99.573.677,19

I. Non-working assets held for sale

24.971.413,47

5.224.350,00

II. Stocks

20.485.763,06

21.163.852,29

III. Commercial debtors and other accounts receivable

84.862.223,13

52.648.424,24

0,00

6.791.074,16

9.256.573,87

1.961.156,45

1.259.296,76

21.628.670,74

10.021.180,03

338.662.554,36

300.182.389.76

31-08-2013

31-12-2012

B) WORKING ASSETS

IV. Short-term investments in group and associated companies V. Short-term financial investments VI. Short-term deferrals VII. Cash and other equivalent liquid assets TOTAL ASSETS (A+B) LIABILITIES A) NET WEALTH

83.978.273,85

89.357.767,10

A-1) Stockholdersâ&#x20AC;&#x2122; equity

86.444.167,70

87.112.607,85

A-2) Value change adjustments

-9.430.069,24

-5.030.881,31

A-3) Subsidies, donations and legacies received A-4) Minority interests B) NON-WORKING LIABILITIES

I. Long-term provisions

II. Long-term debts III. Long-term debts with group and associated companies IV. Deferred tax liabilities V. Long-term deferrals C) WORKING LIABILITIES

0,00

6.964.175,39

7.276.040,56

95.400.894,15

111.562.877,03

0,00

94.687.051,31

110.608.603,29

0,00

713.842,84

954.273,74

0,00

159.283.386,36

99.261.745,63

I. Liabilities related to non-working assets held for sale

0,00

II. Short-term provisions

0,00

27.953.694,20

48.695.348,57

0,00

131.138.944,33

50.373.152,69

190.747,83

193.244,37

0,00

338.662.554,36

300.182.389,76

III. Short-term debts IV. Short-term debts with group and associated companies V. Commercial creditors and other accounts payable VI. Short-term deferrals VII. Short-term debt of special characteristics TOTAL NET WEALTH AND LIABILITIES (A+B+C) Data are expressed in euros.

SERHSDNA annual report 2013

Consolidated Profit and Loss Account 31-08-2013

31-12-2012

ON-GOING OPERATIONS Operation revenue

345.307.226,52

465.394.646,25

a) Net turnover

331.533.434,36

435.849.909,72

a1) Sales

292.033.411,31

388.713.442,86

39.500.023,05

47.136.486,86

13.773.792,16

29.544.736,53

12.514.682,41

26.318.490,46

0,00

1.259.109,75

3.226.246,07

-249.857.454,06

-331.930.489,31

-249.764.556,43

-331.389.050,77

-92.897,63

-541.438,54

-50.743.961,34

-76.429.595,96

a) Wages, salaries and similar

-39.726.121,62

-60.396.666,86

b) Social charges

-11.017.839,72

-16.032.929,10

Other operation expenditure

-29.170.751,66

-39.084.108,00

-25.539.120,21

-33.322.297,35

-2.754.505,35

-3.809.861,42

-863.447,59

-702.657,83

-13.678,51

-1.249.291,40

-7.070.649,10

-10.518.582,36

0,00

-49.916,86

57.375,85

8.414.493,50

7.489.246,47

361.609,10

2.830.257,56

Financial expenditure

-4.422.822,63

-7.601.538,16

FINANCIAL RESULT

-4.061.213,53

-4.771.280,60

0,00

4.353.279,97

2.717.965,87

-1.352.665,76

-338.986,68

3.000.614,21

2.378.979,19

0,00

3.000.614,21

2.378.979,19

a2) Services b) Other operation revenue b1) Accessory revenue from operation b2) Subsidies b3) Jobs for own fixed assets Supplies a) Goods consumption c) Work done by other companies Staff expenditure

a) External services b) Taxes c) Losses, damage and variation of provisions for commercial operations d) Other ordinary management expenses Fixed asset redemption Provision surpluses Damage and result due to fixed assets sell-off OPERATION RESULT Financial revenue

Participation in profits (losses) of companies placed in equivalence PRE-TAX RESULT Profit tax RESULT OF THE YEAR FROM ON-GOING OPERATIONS INTERRUPTED OPERATIONS YEAR RESULT Data are expressed in euros.

SERHSDNA annual report 2013

Investment activity

The present circumstances in our surroundings makes us cautious when investing, without stopping the investments we believe essential for future growth of our business. The volume of investments made by SERHS in 2013 was an overall amount of around 3.4 million euros, mainly in the current investments: new technologies (management applications of our businesses), vehicle fleet renewal, computer equipment, improvement of the hotel facilities and stores, and others. Analysing the investment activity of the 2013 financial year by group operative divisions, this breaks down as follows:

INVERSION 2013 23,08%

4,86%

21,67%

INVESTMENT 2013 BY DIVISIONS

22,88%

27,51%

(Thousands of â&#x201A;Ź)

SERHS DISTRIBUTION

776,00

SERHS TOURISM

783,00

SERHS HOTELS

933,00

SERHS FOOD & PROJECTS

735,00

SERHS SERVICES, REAL ESTATE AND PORTFOLIO 165,00 TOTAL 3.392,00

SERHS DISTRIBUTION SERHS TOURISM SERHS HOTELS SERHS FOOD & PROJECTS SERHS SERVICES, REAL ESTATE AND PORTFOLIO

SERHSDNA annual report 2013

Operation revenue

The consolidated revenue from the operation for the financial year closing at 31 August 2013 supposed an increase of 2.01% over the same eight-month period (January-August) in 2012, which we believe to be satisfactory given the circumstances occurring this year and the crisis situation in which we are immersed.

The weight of each of the divisions in the whole of the group’s consolidated revenue is given below. OPERATION REVENUE BY DIVISIONS

49,73%

This operation revenue is broken down below, between the different divisions of the group:

División

31/08/2013 31/08/2012

SERHS DISTRIBUTION

117.493

120.415

SERHS TOURISM

171.723

162.219

SERHS HOTELS

21.092

18.971

SERHS FOOD & PROJECTS

32.406

32.986

2.593

3.913

345.307

338.504

OTHERS (Services and Equity) TOTAL Data expressed in thousands of euros.

0,75% 9,38%

6,11 %

SERHS DISTRIBUTION SERHS TOURISM SERHS HOTELS SERHS FOOD & PROJECTS OTHERS (Services and Equity)

34,03%

SERHSDNA annual report 2013

Consolidated information We must insist once more on the importance of the SERHS team, for as a result of their active participation and their daily work, we are able to continue improving our products and services, and to maintain our leading position. The evolution of the payroll in recent years, taking the eight-month period from January to August, has been: PERIOD

Average Payroll

January-August 2010

2.636

January-August 2011

2.572

January-August 2012

2.517

January-August 2013

2.543

The contribution to national income, which is understood as a prosperity indicator not only of the people of the group but generally of our country, has always been a priority point of attention for the group. In recent years, this contribution has evolved as follows: YEAR

Thousands of euros

2008 95,69 2009 88,38 2010 88,90 2011 88,60 2012 82,96 2013 (January-August)

57,85

The following table shows the evolution of both the Results and the Cash flow and EBITDA of the financial year 2013 with respect to the year before (taking eight-month periods to make the comparison). Years EBITDA

31/08/2013 31/08/2012 15.485

13.082

Ordinary gross result

15.485

13.082

Amortisation

-7.071 -7.482

Operation result

8.414

Financial

-4.061 -4.017

Pre-tax profit

4.353

1.583

Amortisation

7.071

7.482

11.424

9.065

Extraordinary results

Cash flow

5.600