Annual Report SERHS 2012 by SERHS

SERHSDNA 2012

informe anual annual report

Institutional Area

Welcome

Ramon Bag贸 i Agull贸 Chairman of the Board of Directors of the Grup SERHS

SERHSDNA annual report 2012

Institutional Area

Dear shareholders, We have been suffering from this crisis for almost 5 years and it is affecting us all, though not everyone in the same way. However the general situation in the country is still bad: consumption fails to recover, unemployment is constantly on the increase, company and individuals’ accounts are worse and worse every day and the banks, as they have had to solve their own problems, are failing to play an efficient role to help companies and families. However, the most worrying thing is that the general future perspectives are not at all clear. But if we look at the internal situation of our Group, we will see that our situation is different, we have reaped the rewards of the last four years, starting new initiatives, seeking greater efficiency, streamlining structures, eliminating unproductive operations, grouping sales operations, enhancing online sales, starting up innovation plans and using new technologies, amongst many other things. The result of all of this is that we will most certainly be able to overcome the difficulties and the financial year 2013 will bring in an advance in our turnover and an improvement in our results. Although the results for 2012 are not what we expected because the situation has caught us at the end of our restructuring process, and although the state of the country’s economy has not been good, our company has covered the capital increase it proposed in October 2012. It has managed to share out dividends and shares amongst the shareholders for nearly €2.7 million by applying the innovative Dividend Choice program. To be more specific, most of the 74.26% of shareholders opted to purchase shares, whereas the remaining 25.74% chose to receive the corresponding amount in cash. SERHS closed 2012 with a turnover of €465 million and operating profits (EBITDA, earnings before interest, taxes, depreciation and amortisation) amounting to €18 million. Today our corporation is formed by an average payroll of 2,500 workers and a shareholding of 1,533 partners, 43.77% of whom are workers or relatives of workers. Our company has not passed unnoticed in the economic sector of our country, and here I clearly refer to our contribution to national income, understood as an indicator of prosperity not only of the people forming part of the Group, but of the country in general. Our contribution to the national income in 2012 amounted to €82.92 million. In the last five years, this figure has been €444.53 million. However, in order to move on, and in the Grup SERHS as a pioneering tourist company in Catalonia we are very aware of this, a company like ours has to invest. The present environmental circumstances have made us cautious when investing in recent years. However, we have not failed to invest in areas we considered essential for the future growth of our business. The amount of investment made by the Group in the last five years has been €78 million, and in the last year 2012, it amounted to €7.8 million, 47.38% of which

we put into new investments. One of the areas in which we have invested each year has been the development and improvement of new technologies, for we believe this is the only way to reduce costs and to have faster and more reliable information on our customers and our surroundings. This last year it was difficult to maintain the volume of our sales, firstly because of the market situation and also because in SERHS we pay great attention to profitability and receipts, which we will continue to do in 2013 with the utmost attention. With respect to 2013, one fact is we can look at with optimism is the good evolution of the sales being felt in the SERHS Tourism division. Our leadership in the markets of the Eastern bloc countries, and particularly Russia, the increase in online sales and, in our case, the market in the Spanish state, made us optimistic about the result of the tourist season. We must also highlight the good development of our activities in Brazil, where we are working to start up new business opportunities.

If we look at

the internal situation

of our Group, we will see that our situation

is different, we have

reaped the rewards of

the last four years. One

of the areas in

which we have invested each

To finish, I would like to reiterate the work done to adapt the structures of our Group to the present times, enhancing an organisation where each division has clearly defined its objectives and taken on human resources with sufficient capacity to achieve them, which will mean that in addition to being able to overcome the turbulence of the present times, we will be well prepared to take a large step forward into the future.

year has been the development and

improvement of new technologies.

I do not want to finish without thanking both our employees for their continued effort, commitment and their strong feeling of belonging, and our partners for the confidence and support they always show. Thank you very much

SERHSDNA annual report 2012

Companies and Territorial Extension Andorra

Ripoll

Port del Comte

Vulpellac Vic

Fornells de la Selva Seva Sant Hilari Sacalm Cardona Blanes Tordera Malgrat de Mar Palafolls Santa Susanna Pineda de Mar Arenys de Munt Calella Sant Pol de Mar Ripollet Mataró Vilassar de Mar Cornellà de Llobregat Barcelona Tarragona Salou Arnes

Palma de Mallorca Benicarló Eivissa

València

Benidorm

Cartagena Lorca

Benicarló

Madrid

València Benidorm Moscow

Cartagena Lorca Torremolinos

Catalonia Canary Islands

Morocco

La Palma Natal Pipa

Lanzarote Santa Cruz de Tenerife

Fuerteventura

Gomera Hierro

Tenerife

Gran Canaria

SERHS DISTRIBUTION SERHS VILLAS DA PIPA HOTEL (SERHS BRASIL E.T. LTDA) Division President: ALBERT BAGÓ I MONS - Rua da Mata, 529 – Praia de Pipa, Tibau do Sul - 59178-000 Pipa (BRASIL) - (0055)084.3246.2615 Division Director: IGOR ONANDIA ZARRABE (0055)084.3246.2615 - info@serhsvillasdapipahotel.com CEDISERHS, SL SERHS RIVOLI RAMBLA HOTEL (PASTUIRASER, SL) - Ctra. Hortsavinyà, km. 2 - 08370 Calella - 93.766.30.03 - 93.766.16.12 - cediserhs@grupserhs.com - Les Rambles, 128 – 08002 Barcelona - 93.481.76.76 - rivolihotels@rivolihotels.com - Pol. Ind. Can Verdalet, c/c 27-30 - 08490 Tordera - 93.765.05.52 - 93.765.08.70 - namnam@grupserhs.com VIVAHOTEL, SDH, SL. - Pol. Ind. Entrevies, Av. “A”, Nau 6 - 43006 Tarragona - 977.55.65.29 - cediserhs@grupserhs.com - c/ Garbí, 88-90 - 08397 Pineda de Mar - 902010405 - 93.703.25.33 - info@hotels-serhs.com - Pol. Ind. Entrevies, Av. “A”, Nau 1 - 43006 Tarragona - 977.55.65.65 - 977.55.65.45 namnam2@grupserhs.com SERHS FOOD COBRAMA, SL Division President: JOSEP VILELLA I LLIRINÓS - Pol. Ind. Les Malloles, c/Pruit, 1 - 08500 Vic - 93.889.27.19 - 93.889.13.47 - cobrama@grupserhs.com Division Director: RAIMON BAGÓ I MONS CORATAMA, SL SERHS FOOD SERVICE (SERHS FOOD AREA, SL) - Pol. Ind. Mata-Rocafonda, c/Foneria, s/n - 08304 Mataró - 93.755.25.40 - 93.790.64.91 - C. Lepant, 2-4 - 08397 Pineda de Mar - 902.99.64.55 - 93.795.10.68 coratama@grupserhs.com serhsfoodservice@grupserhs.com - Pol. Ind. Els garrofers, nau 98 - 08340 Vilassar de Mar - 902.99.64.55 - 93.759.31.20 DIBAMA, SA serhsfoodservice.vilassar@grupserhs.com - Av. Costa brava, s/n - 08389 Palafolls - 93.762.01.25 - 93.765.20.13 - dibamasa@grupserhs.com SACALMSER, SL DIMARSER, SL - c/ Garbí, 88-90 - 08397 Pineda de Mar - 902.99.64.55 - 93.795.10.68 - serhsfoodservice@grupserhs.com - Ctra. N-340, km. 1.047 - 12580 Benicarló - 96.446.73.30 - 96.446.73.31 - dimarser@grupserhs.com GAUDIUM SERHS, SL EUDIVASA, SL - c/ Garbí, 88-90 - 08397 Pineda de Mar - 902010405 - 93.767.06.02 - grupserhs@grupserhs.com - Pol. Ind. El Oliveral, C/ “A” - Parcel·la 6C i 6D - 46190 Ribarroja del Turia (Valencia) - 961.66.65.91 960.96.21.84 - eudivasa@grupserhs.com EUROPEA DE CUINATS, SL Servei Restauració instal·lacions FC Barcelona - Arístides Mallol s/n - 08028 Barcelona - 902.99.64.55 - 93.409.51.27 - serhsfoodservice.fcb@grupserhs.com FACILCAR, SL - Pol. Ind. Entrevies, Av. “A”, Nau 6 - 43006 Tarragona - 977.55.65.29 - 977.54.37.41 - facilcar@grupserhs.com SERVEIS EDUCATIUS I SOCIALS DEL MARESME SL - Plaça Miquel Biada, 1 - 08301 Mataró - 902.99.64.55 - 93.795.10.68 - serhsfoodservice@grupserhs.com PONENTSER, SL - Ctra. Nacional 301, km. 430.5 - 30330 El Albujón (Cartagena) - 968.16.02.69 - 968.16.05.20 “ARCS CATERING-CASTELL JALPÍ” ponentser@grupserhs.com - Castell Jalpí s/n - 08359 Arenys de Munt - 902.99.64.55 - 93.793.90.32 - arcs@grupserhs.com - Pol. Ind. de Lorca, Av. 2, Parcel·la D-15 - 30817 Lorca - 968.468.885 - ponentser@grupserhs.com FLECA SERHS (TAMENFO, SL) PORTPARÉS, SL - Pol. Ind. Mas Roger, c/Franklin (cruïlla Edison) - 08397 Pineda de Mar - 902.99.64.55 - 93.762.31.42 - c/ Sant Pere, s/n - 08291 Ripollet - 93.594.69.90 - 93.594.69.91 - portpares@grupserhs.com flecaserhs@grupserhs.com TRAMUNTANASER, SL SERHS PROJECTS - Pol. Ind. Pi Mas Lladó, c/Migdia, s/n - 17458 Fornells de la Selva - 972.47.62.80 - 972.47.65.20 Division President: JOSEP VILELLA I LLIRINÓS tramuntanaser@grupserhs.com Division Director: RAIMON BAGÓ I MONS - Ctra. de la Bisbal a Palamós, km. 28,2 - 17111 Vulpellac - 972.64.24.24 - 972.64.24.61 tramuntanaser@grupserhs.com EQUIP TURIS, SA - C. Lepant, 2-4 - 08397 Pineda de Mar - 93.762.93.30 - 93.767.08.46 - equipturis@grupserhs.com SERHS FRUITS DISTRIBUCIÓ GLOBAL SL - Pol. Ind. Mas Florit, c/ Montblanc, 38 - 17300 Blanes - 972.35.80.90 - 972.35.50.16 STUDIUMSER S.L. sfruits.blanes@grupserhs.com - Avda. America, 32 2ª planta - FRAPEMA Centro de Negocios - 28922 Alcorcón - studiumser@grupserhs.com - Pol. Ind. Els Pintors, C/. Joaquim Sorolla, 23-25 - 17500 Ripoll - 972.70.09.82 - 972.70.34.85 sfruits.ripoll@grupserhs.com SERHS SERVICES AND NEW TECHNOLOGIES - Mercat del Camp - Parada 12-13 - Autovia Reus-Tarragona - 43200 Reus President and Director of the Division: JORDI BAGÓ I MONS 977.54.81.60 - 977.54.59.89 - sfruits.reus@grupserhs.com ASSEGURIS MEDITERRANEUM CA, SL - C/ Garbí, 88-90 - 08397 Pineda de Mar - 937032520 - asseguris@grupserhs.com SERHS TOURISM MEDITERRANEUM XX, SL Division President: RAMON BAGÓ I AGULLÓ - C/ Garbí, 88-90 - 08397 Pineda de Mar - 902010405 - 93.767.05.40 - mediterraneumxx@grupserhs.com Division Director: DELFÍ TORNS I SOLÉ MIGJORNSER, SL SERHS TOURISM, SA - C/ Garbí, 88-90 - 08397 Pineda de Mar - 902010405 - 93.767.22.71 - migjornser@grupserhs.com CATALONIA: INVERSERHS, SL - Garbí, 88-90 - 08397 Pineda de Mar - 93.762.93.00 - 93.762.93.06 - C/ Garbí, 88-90 - 08397 Pineda de Mar - 902010405 - 93.767.06.02 - grupserhs@grupserhs.com direccion.pineda@grupserhs.com VECTOR-K, SA - Edif. Ventura Parc, C/ Terrer, 13 bloc C, local 1 - 43840 Salou - 977.38.85.52 - C/ Garbí, 88-90 - 08397 Pineda de Mar - 902010405 - 93.247.07.68 - vectork@grupserhs.com direccion.salou@grupserhs.com CONEXUMSER, SL - Pau Claris, 132, 8a planta - 08009 Barcelona - 93.272.63.21 - 93.272.63.22 - C/ Garbí, 88-90 - 08397 Pineda de Mar - 902010410 - 93.767.06.02 - grupserhs@grupserhs.com bookings.cities@grupserhs.com BALEARIC ISLANDS: SERHS COSTA BRAVA CENTRE, SL - Parc Bit Edifici U - local 11 Centro Empresarial Son Espanyol - 07120 Palma de Mallorca - 971.43.97.92 - Ctra. de la Bisbal a Palamós, km. 28,8 - 17111 Vulpellac - 972.64.24.24 - 972.64.24.61 971.43.30.44 - direccion.mallorca@grupserhs.com costabravacentre@grupserhs.com VALÈNCIA: - Avda. Europa, edificio Coblanca, local 2 - 03500 Benidorm - 966.83.07.53 - 966.80.41.53 SERHS REAL ESTATE direccion.benidorm@grupserhs.com Division President: ÒSCAR BAGÓ I MONS ANDALUSIA: - c/ Garbí, 88-90 - 08397 Pineda de Mar - 902.01.04.05 - 93.767.06.02 - grupserhs@grupserhs.com - Palacio de Congresos - C.México, 3, 2ª planta - 29620 Torremolinos - 952.37.83.07 - 952.37.83.08 BEGUDES, SA (BEGSA) - FLECA ESPIGA D’OR, SL - FRANCOLISER, SL - KIMBURU, SL direccion.torremolinos@grupserhs.com PROMOCIONES INMOBILIARIAS DE CALELLA SL - SEGRESER SL VIAJES LIDER CANARIAS, SA CANARY ISLANDS: SERHS WEALTH AND PORTFOLIO - Avda. Antonio Domínguez, s/n. Edifici Zentral Center, 1a planta, portes, 3, 4 i 5 - 38660 Playa de las Américas- c/ Garbí, 88-90 - 08397 Pineda de Mar - 93.767.06.02 - grupserhs@grupserhs.com Tenerife - 922.74.62.00 - direccion.canarias@grupserhs.com ARMEIG, SL - GRUP SERHS, SA - INTERNATIONAL CATERING ZFT, SARL - NAM NAM, SL SERAG INVEST SARL - SAKISTES, S.L. 902.01.04.05 SERHS HOTELS FABRICATION DU JUS AU MAROC SARL - JUS DU MAROC SARL 902.01.04.07 Division President: MIQUEL ESPOT I VIVES Division Director: JOSEP MARIA BAGUDÀ I SERENÓ ABANTSER, SL 902.01.04.08 VILAR RURAL DE CARDONA (CANIGOSER, SL) ITINERESER, SL 902.01.04.09 - Camí de Lourdes, s/n - 08261 Cardona - 93.869.00.44 - 93.869.00.51 - infocardona@vilarsrurals.com RELATED COMPANIES VILAR RURAL DE SANT HILARI (MONTSENYSER, SL) - c/ Camí del Reixach, s/n (Variant Fontvella) - 17403 Sant Hilari Sacalm - 972.87.28.20 - 972.86.95.77 SERHS S/COOP C. LTDA infosanthilari@vilarsrurals.com - c/ Garbí, 88-90 - 08397 Pineda de Mar - 902.01.04.05 - 93.767.06.02 - serhscoop@grupserhs.com VILAR RURAL D’ARNES (MONTNEGRESER, SL) ASSOCIATED COMPANIES - Camí del port, s/n - 43597 Arnes (Tarragona) - 977.43.57.37 - 977.43.50.76 - infoarnes@vilarsrurals.com EUHT SANT POL HOTEL SERHS SORRA DAURADA (SORRADAURADA, SL) - Ctra. Nacional II, s/n - 08395 Sant Pol de Mar - 93.760.02.12 - 93.760.09.85 - mail@euht-santpol.org - Passeig Marítim, 6-8 - 08380 Malgrat de Mar - 93.765.45.00 - 93.765.40.66 hotel.sorradaurada@hotels-serhs.com PUBLINTUR, SA - Rierany dels Frares, 5 - 08397 Pineda de Mar - 93.766.14.51 - 93.769.56.38 - publintur@publintur.cat HOTEL SERHS OASIS PARK (HOTEL KENT, SL) - c/ Montnegre, 54-64 - 08370 Calella - 93.766.02.10 - 93.769.08.51 - hotel.oasispark@hotels-serhs.com HOTEL SERHS SANT JORDI (DIBACASH, SL) - Avda. del Mar, 22 - 08398 Santa Susanna - 93.767.84.52 - 93.767.83.19 - hotel.santjordi@hotels-serhs.com HOTEL SERHS VILA DE CALELLA (MONTGRISER, SL) - C. Sant Josep, 66 - 08370 Calella - 93.769.02.08 - 93.766.19.56 - reserves.vila@hotels-serhs.com HOTEL SERHS SKI PORT DEL COMTE (ECOBEGUDES VALLÈS, SL) - Urb. Port del Comte, s/n - 25280 La Coma i La Pedra (Lleida) - 973.49.23.33 - 973.49.23.33 hotel.portdelcomte@hotels-serhs.com HOTEL SERHS EL MONTANYÀ RESORT & SPA (ONYARSER, SL) - Av. Montseny, s/n - 08553 Seva - 93.884.06.06 - 93.702.75.69 - reserves@elmontanya.com SERHS NATAL GRAND HOTEL (SERHS BRASIL E.T. LTDA) - Av. Senador Dinarte Mariz, 6045 Via Costeira Parque Das Dunas - 59090-002 Natal (BRASIL)- (0055) 084.4005.2000 - (0055)084.4005.2001- info@serhsnatalgrandhotel.com

SERHSDNA annual report 2012

ﾃ［bito institucional

Structure and Origins of SERHS

ADNSERHS informe anual 2012

Institutional Area

“Serveis Mancomunats d’Hostaleria i Similars”, a cooperative with the abbreviated name of SERHS, was founded in 1975 to face the crisis in the tourist business and specifically to cover the concerns of the hoteliers in Calella (El Maresme region). Our institution, now a large corporation, leads the tourist sector in Catalonia and is among the leaders in the Spanish State. The present SERHS now works on three continents and is formed by 63 active companies. It has an average payroll of 2,570 workers and a shareholding of 1,586 partners, 44% of whom are workers or relatives of workers in SERHS. Six large divisions make up the SERHS business, which also show considerable operative synergies between them: distribution (perishables and non-perishables); tourism and travel; hotels; food management and production; projects and equipment; services and new technologies. As a business corporation, SERHS also works in other areas of activity such as real estate, property and portfolio. Our growth, which is based on diversification, has brought new customers into the Group and has enhanced its territorial expansion inside and outside Spain. In order to face the future challenges, the Grup SERHS realises that it has to continue to base its activity on its important human structure, with one clear target: “to invest in future”, which means investing in innovation, training and in the application of new technologies without forgetting the philosophy based on the diversification of sectors and territories always within our field of action, and above all in giving a comprehensive service that includes all business divisions.

PLATE OF HONOUR OF TURISME DE CATALUNYA, 2001

PURPOSE AND VISION Our purpose is to continue to improve to offer goods and services basically to the tourist, hostelry and restaurant sectors through good management; with our own know-how and seeking active participation and teamwork, understanding the creation of prosperity and production of well-being for people related to the Group as “our own way of doing enterprise and country”. The vision, to be a benchmark in our sector in Europe and a Catalan company working on human principles with criteria of innovation, quality, service and efficiency. OUR VALUES - Diversification and specialisation in different related fields: tourism and travel, hotels, food management and production, distribution, projects and equipment and services. Companies that complement each other and which form a veritable integral service management. - Our origin as a cooperative, more than 35 years ago, is today a large Catalan corporation with a clear international projection. - The human side, both internal with our workers and shareholders, and external with our customers, suppliers and collaborators, showing continuous improvement, confidence, innovation, responsibility and respect for people. Our activity is largely based on people, given that these are our main asset.

PLATE FOR TOURIST MERIT OF THE SPANISH STATE - GOLD CATEGORY 2003

PRINCE FELIPE AWARD FOR BUSINESS EXCELLENCE,2005

SERHSDNA annual report 2012

ﾃ［bito institucional

SERHS and the economic fabric

ADNSERHS informe anual 2012

Business activities

SERHS INCREASES THE SHARE CAPITAL TO 96.025 MILLION EUROS On 4 October 2012, the Extraordinary General Assembly of Shareholders of the Grup SERHS unanimously agreed that the share capital would pass from the present 93.15 million euros to the figure of 96.025 million euros, an increase of 3.09%. The Assembly was held in the Castell JalpĂ in Arenys de Munt, the company headquarters. It was attended and represented by 351 shareholders, accounting for 61.09% of the SERHS share capital. In addition to going over the groupâ&#x20AC;&#x2122;s main business activities, the agenda dealt with the subject of approving the balance sheet closed on 30 June of this year, and which served as a basis for carrying out the capital increases to proceed to share out one released share for every 60 shares under ownership. The issue of new shares was also approved for placement on sale amongst the same shareholders or potential partners. SERHS will have a total of 41,750,000 shares. DIVIDEND SHARE-OUT

1 & 2. The General Assembly of Shareholders of the Grup SERHS.

In September 2012, the Board of Directors of the Grup SERHS agreed to share out dividends and shares to a value of 2,632,501 Euros, by applying the innovative dividend choice program. The majority, 74.2 6%, decided to purchase shares and bought 288,141 shares for a value of 1,233,243 Euros, at 4.28 Euros per share. The remaining 25.74% chose to receive a cash payment of 1,399,257 Euros, at a price of 0.065 Euros per share.

SERHSDNA annual report 2012

Business activities

Welcome

Jordi Bag贸 i Mons Vice President and Managing Director of the Grup SERHS

SERHSDNA annual report 2012

Business activities

Dear shareholders, We continue to invest in the future and wager on new technologies and innovation. The first Innovation Plan of the Grup SERHS, which was started in 2010, has now achieved its objective: to make a deep analysis of the company’s activity and organisation and to prioritise, cooperate and work in an organised manner, assessing risks and opportunities, being more creative and knowing how to manage and get the most out of innovation. We have gone for a committee of transversal innovation in which all divisions of the Grup SERHS are represented by at least one person. Both projects, winners of the “Eudec System Operation” and “Development of the online channel” of SERHS Distribution are now in the final straight of their development and are expected to be introduced in June 2013. And we also continue to wager on management through talent thanks to the training of our managers with more contents related to the Group and corporate areas, finance, management skills and process improvement. The Training Plan for managers is now in its fifth edition, and a further nine are planned. A total of around a hundred managers will be trained over the four years that the project will last. Our firm stake on new technologies also means materialising the Documentary Management Plan, in which the digitalisation process of all invoices received in all SERHS companies was introduced, and since mid-2012, the process of issuing invoices is also electronic, thus fostering the aim of achieving an office without papers. Along the same line we find the digitalisation process of employment and mercantile dossiers, which will include the electronic signature. In the Grup SERHS, not only are we overcoming the difficulties, which is already enough for companies today, but we have continued to undertake new projects, new investments, new agreements, assessing new opportunities to allow us in the short, medium or long term to continue developing a business strategy in accordance with the way we do and understand business. Some of these milestones are mentioned in the business activity report that you will be able to read in the following, but I would like to highlight the most important by way of summary, because some of their magnitudes show the solidity and position of our group on the market in the face of the general economic situation we are unfortunately experiencing. Tourism in the Spanish state is not at the best time of its history, and therefore in SERHS Tourism, increased sales have been enhanced, particularly in the emission markets such as the Russian, the British, countries of Eastern Europe and Nordic countries. This division is a clear example of the development of technology based on continuous improvement, and has therefore increased investment in the area of technology in order to strengthen our technological platform and the services offered to customers. The part of the group’s hotel division this year brought in the first urban hotel in the city of Barcelona, the SERHS Rivoli Rambla, a four-star establishment in the centre of the city which has led the division with a first and large step towards achieving one of the main master lines established in its expansion plan. The second step was to turn it in 2013 into the first Chinese Friendly Hotel in Barcelona, providing it with an opportunity to open to the Chinese market. We must not forget SERHS’s own products, such as the rural villages which aimed to consolidate their scientific activity proposal amongst the youngest with the initiative “Experience Science in the Rural Villages.” With this aim, it pushes the objective of becoming a Scientific Family Tourism Destination.

Supported by the Department of Applied Physics of the UPC (Catalonia Polytechnic University), which backs the educational content, they offer workshops and activities related to science for children, always seeking added value for our customers. With regard to distribution, we must highlight the integration of cold, cool and frozen in the six distribution platforms that until now only distributed non perishable goods. These are located in Catalonia and now bring refrigerated and frozen products into their portfolio, products which previously were only served from Tordera and Tarragona. Customers, restaurant and hotel professionals, are provided with a wide range of more than 6,000 articles through a single integral spokesperson.

In the Grup SERHS we continue to undertake new projects, investments, agreements, assessing new opportunities that allow us to continue to develop a business strategy in accordance with the way we do and understand business.

We are strongly positioned with business strategies aimed at online sales with web sites adapted to each kind of business such as the Eudec product, with a wide range of products and references basically for the hotel, restaurant, health and education sectors; that of SERHS Equipment with a website on machinery sales, furniture and household items for hostelry and groups; that of SERHS Distribution which also, from this year, includes refrigerated and frozen products; the Human SERHS consulting website, specialised in Integral Human Resource Service; and Migjornser, the new channel which is intended to show the wide portfolio of services and products they can offer and also achieve online sales of certain products.

Our relationships with large companies such as FC Barcelona, RCD Espanyol and Port Aventura remain in force and the sign is that they will continue to trust in us. This year, in addition to these, we have brought in companies of the like of Barcelona Zoo, Vic Hospital Consortium, an old people’s unit of the Corporació Parc Taulí in Sabadell, thus extending the portfolio of sectors on the level both of health care and leisure. Finally, we find the section of Corporate Social Responsibility. In 2012, this was a year for consolidating the projects and policies forming part of the Values Plan started in 2008. A catalogue of posts and organisation charts, policy of reconciliation of working and family life, welcome to new workers, equal opportunities between men and women, help to families and supportive and social agreements are some of the outstanding projects this year. In a second block, you can find the economic and financial information corresponding to the year closed at 31 December 2012. These consolidated figures have been assessed by the FauraCasas Auditors i Consultors auditing company, which bore witness to the annual accounts after auditing the figures.

SERHSDNA annual report 2012

ﾃ［bito institucional

We continue investing in FUTURE

ADNSERHS informe anual 2012

Business activities TRAINING SERHS MANAGES THROUGH TALENT At the end of 2011, the Development Plan for Management Personnel: SERHS manages through talent was started up. The plan was designed to work on the aspects which all people forming part of the SERHS management team have to have, and therefore includes subjects which are typical to the Group and more corporate: financial aspects, management skills and process improvement, all accompanied by a coach to help to develop skills. Five editions of the Plan have now been carried out of a total nine expected. In total almost a hundred managers will be trained over the four years it will last.

BUSINESS VALUES

INNOVATION With regard to innovation, 2012 served to work on, enhance and conclude the profile of the two winning projects of the SERHS Innovation Plan 2011, which will be totally implemented by the middle of 2013: SERHS Food: Operation of the Eudec System. SERHS Distribution: the development of the online channel.

FINANCES FOR NONFINANCIERS

EDITION 1

COMPLETED

EDITION 2

COMPLETED

EDITION 3

COMPLETED JUNE 2013

EDITION 4

FINISHES OCTOBER 2013

EDITION 5

FINISHES DECEMBER 2013

EDITION 6

STARTS JUNE 2013

EDITION 7

STARTS OCTOBER 2013

EDITION 8

STARTS DECEMBER 2013

EDITION 9

STARTS MAY 2014

SKILLS DEVELOPMENT FOR TEAM MANAGEMENT

PROCESS IMPROVEMENT

COACHING

FINAL WORK

DIGITALISATION

After a period in which the broad lines of opportunity to improve the corporation more reflectively and analytically were established and worked on, now we start a new period with more open and collaborative participation, open to all people in the Group. The aim is to achieve innovation with a much more transversal presence throughout the Group.

DOCUMENTARY MANAGEMENT PLAN As part of the Social Responsibility Values Plan, in 2011, the Documentary Management Plan appeared with the objective of identifying, working and optimising the documentary management processes in all functions affecting the companies of the group. Through digitalisation, the plan enables: centralised storage of documents in electronic format using a single, central bank to guarantee security; control of the life cycle and flow of the documents; direct accounting of the bills received; digital documents to be sought and recovered using Web technology, fast and simple access to be provided for multiple users with advanced search tools, and; the dissemination of the use of electronic signatures.

A new Adhoc Innovation Committee was therefore constituted to achieve this transversality and agility. With the name of “The Path of Ideas” we must highlight the principal project of this new stage, an idea management program intended to ensure that all workers in the Group might give their proposals and work with those of their colleagues.

The digitalisation process includes four basic and strategic processes: the personal file, mercantile documentation, electronic signature and supplier and creditor billing. As for the last of these, 2011 saw the start of the system being implemented in some of the SERHS companies, and the remaining will be brought in in 2012. Along the same lines, since the middle of 2012 the invoice issuing process has also been electronic, fostering the aim of achieving an office without papers. In 2013 too, the project began to digitalise the labour and mercantile files, which will include an important step: the electronic signature. This will relieve offices of paper and speed up the signing process.

Additionally, and making use of the new SERHS Portal, a permanent space is created on innovation, which will collect all of the internal and external information related to this field.

ELECTRONIC INVOICING DATA 2011 DIVISION

SERHS TOURISM (start August 2011)

2012

2013 (JANUARY-MAY)

PAPER

ELECTRONIC ORIGIN

PAPER

ELECTRONIC ORIGIN

PAPER

ELECTRONIC ORIGIN

ORIGIN

(VOXEL)

ORIGIN

(VOXEL, BSF, SERES)

ORIGIN

(VOXEL, BSF, SERES)

79.754

105.325

103.787

279.974

16.497

65.465

SERHS SERVICES (start March 2012)

5.225

663

2.365

986

SERHS HOTELS (start June 2012)

1.662

295

1.401

660

SERHS DISTRIBUTION (start Sept. 2012)

4.074

6.247

11.488

20.815

932

140

SERHS FOOD (start January 2013)

Files of Human Resource documentation: introduction planned in July 2013. Files of mercantile documentation: introduction planned in the third quarter of 2013.

SERHSDNA annual report 2012

Distribution of drinks | food | cleaning products | cool and frozen | fruit and vegetables for hotels, restaurants and groups

At your service

PARTICIPATED COMPANIES Distribution of Drinks, Food, Cleaning Products, frozen, refrigerated and fresh food Products: 1. Cediserhs, S.L 2. Cobrama, S.L. 3. Coratama, S.L. 4. Dibama, S.A. 5. Facilcar, S.L. 6. Port Par茅s S.L. 7. Tramuntanaser, S.L. Distribution of Drinks, Food, Cleaning products: 8. Dimarser, S.L. 9. Eudivasa, S.L 10. Ponentser, S.L. Distribution of Fruit and Vegetables: 11. SERHS FRUITS Distribuci贸 Global, S.L,

SERHS Distribution SERHS DISTRIBUTION is a benchmark of distribution in the Horeca channel thanks to the extent of its portfolio with products at three temperatures, its broad geographic coverage and its specialisation and awareness of the customer. SERHS DISTRIBUTION has a portfolio of nearly 30,000 customers and in the last year continued to work on adapting to consumption needs and customer service.

www.serhsdistribucio.com

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HAS A PORTFOLIO OF NEARLY 30,000 CUSTOMERS

CURRENTLY REPRESENTS 13% OF ALL ORDERS, AND 20% OF TURNOVER.

HAS A TEAM OF 800 PEOPLE

3 18 STORES WITH A SURFACE AREA OF 175,000 SQUARE METRES

â&#x2030;Ľ OFFERS CUSTOMERS A TOTAL OF 775 VEHICLES

SERHSDNA annual report 2012

Integration of the cold product in the 6 distributors in Catalonia, giving a range of over 6,000 articles.

www.serhsdistribucio.com

The companies previously devoted to distributing fruit and vegetables have merged into a single company, SERHS Fruits Distribuci贸 Global, S.L.

SERHSDNA annual report 2012

STRATEGIC AGREEMENTS An important distribution agreement has been reached by which the distributors of the division (Dibamasa, Tramuntana, Cobrama) will market Coca-Cola products. With regard to coffee distribution, this year 2013 SERHS Distribution has reached an agreement with CAFENTO. The Addagio brand has appeared with its full range. A large agreement with Nestl茅 to develop the Milano coffee project, an innovative proposal of coffee drinks giving our customers distinction and also for dispensing, solutions for meeting the needs of all coffee points in a hotel or groups. This year an agreement was signed with Aceitunas Cazorla for the whole range of olives and marinate products, a leading company in the sector with capacity to produce all kinds of formats and qualities of olives. With J.Garcia Carrion, the strategic supplier of wines and sparkling wines, another agreement was reached over first price juices, improving the quality and the selection of products that the division had. OUTSTANDING PRODUCTS AND SERVICES New product developments include the launch of a new image for the Itelet milk packaging and the Econet cleaning product packaging, in addition to launching the new Adaggio coffee brand on the market. In order to offer customers a better service, the sales team have been provided with tablet terminals to improve their management, which is also an important innovation when they come to showing the products they offer. NEW INCORPORATIONS AND MERGERS The six distribution platforms in Catalonia incorporate refrigerated and frozen products on their portfolio, which until now were only served from Tordera and Tarragona. Now from Vic, Girona, Matar贸, Palafolls, Barcelona and Tarragona, restaurant and hotel professional customers will have a wide range of over 6,000 items available for them between fresh and frozen products such as fish, meat, delicatessen, dairy, drinks, coffee and cleaning products, amongst others, by contacting a single integral go-between. SERHS FRUITS, the sector leading integral supplier of fruit and vegetables merged into a single company on 1 January 2013 in order to create a larger and more solid company which would lead the sector and have all of the know-how accumulated over a long career. The wider range of products, particularly including fourth range novelties, orange juice machines, and products from leading brands in each category are, along with the segmenting for each kind of customer, the roadmap started by the company. The search for new customers in the city of Barcelona and new segments such as supermarket chains has deseasonalised the activity over this period. The campaign to distribute food to schools led by Afrucat was done once more during this school year 2012-2013 (last November and started in April 2013 until June). Since January, SERHS Fruits has also had a new brand image.

SERHSDNA annual report 2012

Wholesale and retail travel agencies |Online and offline sales

Destination: the Mediterranean

PARTICIPATED COMPANIES 1. SERHS Tourism, S.A. 2. Viajes LĂder Canarias, S.A.

SERHS Tourism SERHS Tourism is a receptive travel agency and B2B supplier of services for international travel agencies and tour operators. It is also a wholesale travel agency that offers its products to Spanish travel agencies through the Rhodasol trademark. SERHS Travel Service is the issuing travel agency that offers its services to workers, shareholders and companies related to the Group. It presents a wide range of services covering all market segments and a large variety of destinations around the world.

+ +

www.rhodasol.es www. serhstourism.com www. serhstravelservice.com 500,000 VISITS REGISTERED IN THE B2B ONLINE BOOKING SYSTEM

31,800 HOTELS IN 131 COUNTRIES

1,800 MILLION ONLINE REQUESTS MORE THAN 70% OF BOOKINGS CONFIRMED ONLINE

SERHSDNA annual report 2012

SERHS Tourism has increased international sales from 58% to 61%, thus reducing the impact of the recession on the domestic market.

Consolidation of the functional and centralised organisational model that was created some years ago as SERHS Tourism, S.A., strengthening transversality in the divisionâ&#x20AC;&#x2122;s business units.

SERHSDNA annual report 2012

www.serhstourism.com

The division has aimed growth as a consequence of the volume of sales and productivity by standardising its processes.

NEW PRODUCTS AND SERVICES With respect to the division’s receptive channel, specialisation and distinction are strengthened in Spain by signing hundreds of agreements with hotels to achieve an exclusive in the main issuing markets: Russia, Britain, Eastern Europe, Nordic countries and the Spanish market. The international presence is strengthened with the incorporation of new suppliers in European and Mediterranean destinations such as Portugal, Malta, Italy, France and northern Spain. Online commercial services have been strengthened by improving the B2B booking portal and the technological protocols providing our customers with contents. As for the issuing channel serving workers, shareholders and companies related to the group, we have started to diversify our services by opening the new companies project SERHS Travel Service. AGREEMENTS AND INVESTMENTS With respect to investments, SERHS Tourism has wagered once more on increasing investment in the area of technology in order to strengthen the architecture and services offered to customers. A recent agreement between SERHS Tourism and the Andalusian Government signed at Fitur 2013 promoted the fact of taking more than 63,000 tourists from 11 European countries to the community of Andalusia in the 2013 summer season. And carrying on with the agreements, another agreement was reached with the Catalan Tourism Agency for the joint promotion of family tourism in Catalonia and a multitude of specific agreements with other Catalan public institutions for the promotion of Catalan destinations. Alongside this, through its commercial trademark Rhodasol, SERHS Tourism has reached several agreements with the main agency management groups as a result of the new line of action of the Rhodasol commercial management. A new corporate image has also been created, as well as in the website, all within the framework of the 30th anniversary and intended to modernise the brand. STRATEGIC PLAN As part of the new strategic planning course, which will end in 2014, SERHS Tourism wagers on 3 large axes to strengthen in the final straight of this plan: » Diversification: by means of a multiclient strategy for the main issuing markets of the SERHS Tourism portfolio while focusing on new markets to actively develop. » Internationalisation: by intensifying the incorporation of products in the Mediterranean Park and the European capitals, seeking the effect of deseasonalising revenue. » Distinction: by undertaking a thorough optimisation of the portfolio of products seeking greater efficiency, profitability and control in order to have a distinction in a highly competitive environment.

SERHSDNA annual report 2012

Rural Villages | Holiday hotels | Snow and mountain resorts | Urban hotels | Brazil beach resorts

Moments full of life

PARTICIPATED COMPANIES 1. Vivahotel SDH S.L. Serveis Centrals de Serhs Hotels 2. Hotel SERHS Oasis Park (Hotel Kent, S.L.) 3. Hotel SERHS Sorra Daurada (Sorra Daurada, S.L.) 4. Hotel SERHS Vila de Calella (Montgriser, S.L.) 5. Hotel SERHS Sant Jordi (Dibacash, S.L.) 6. Hotel SERHS Ski Port del Comte (Ecobegudes Vallès, S.L.) 7. SERHS Natal Grand Hotel (SERHS Brasil, E.T. Ltda.) 8. SERHS Villas da Pipa (SERHS Brasil, E.T. Ltda.) 9. Vilar Rural de Cardona (Canigoser, S.L.) 10. Vilar Rural de Sant Hilari Sacalm (Montsenyser, S.L.) 11. Vilar Rural d’Arnes (Montnegreser, S.L.) 12. Hotel SERHS El Montanyà (Onyaser, S.L.) 13. Hotel SERHS Rivoli Rambla (Pastuiraser S.L.)

SERHS Hotels SERHS Hotels is a service company in the hospitality sector based on a management of its own hotel establishments, establishments under rental or with management contract, and with a diversity of products and services focused both on holiday and business customers. This division projects its growth based on internationalisation and strengthening its position in the country.

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www.serhshotels.com

12 HOTEL ESTABLISHMENTS BETWEEN OWNERSHIP AND MANAGEMENT

AN AVERAGE OF 660 PEOPLE IN THE TEAM

2,000 ROOMS BETWEEN DOMESTIC AND INTERNATIONAL

56 MEETING ROOMS FOR COMPANIES

SERHSDNA annual report 2012

Incorporation of the 1st Hotel in the city of Barcelona, the Hotel SERHS Rivoli Rambla****.

www.serhshotels.com

SERHS Hotels has extended its collaboration agreement with the Hotel El MontanyĂ with a rental contract.

SERHSDNA annual report 2012

NEW INCORPORATIONS The SERHS Hotels division continues to wager on national and international expansion. The roadmap of the Expansion Plan passes through acquiring hotels under rental or management, and particularly in urban destinations, Brazil, prime international destinations and other beach, mountain or urban options, provided that they allow us to continue to give service value to our customers and assure economic viability and increase our potential. Following this Strategic and Expansion Plan, the SERHS Hotels division in 2012 bought in its first urban hotel in Barcelona. The hotel SERHS Rivoli Rambla since the past 1 August is the division’s new acquisition under rental and has become the first hotel in the city of Barcelona. The four-star hotel establishment is on the Ramblas, in the heart of Barcelona. It is an emblematic establishment in the city by which SERHS Hotels continues to fulfil the roadmap within its Expansion Plan. STRATEGIC AGREEMENTS In the past October 2012, the SERHS Hotels division signed an agreement with Review Pro, a leading supplier of software for monitoring reputation online. With this agreement, SERHS Hotels takes a further step towards absolute control over what is comprehensively said on the net. In order to better adapt to the demands of customers and tourism staying in the division’s hotels, the hotel SERHS Rivoli Rambla has become the first Chinese Friendly Hotel in the city of Barcelona. This agreement was signed in March during the I World Conference of Chinese Friendly Cities in Seville. This organisation provides all of its associates with systems to be positioned and increase the number of Chinese visitors to their businesses through models of communication and marketing, training tools for their teams to be able to more successfully reach the Chinese market and, in short, the necessary resources to get the best out of this new opportunity for opening up to the Chinese market. The new rental contract with the Hotel El Montanyà for the coming years reaffirms and consolidates the roadmap in the expansion plan. The SERHS Hotels division will continue operating this leading and emblematic resort widely known in the sector. OUTSTANDING PRODUCTS AND SERVICES “Scientists wanted,” is the new wager with which the Vilars Rurals intend to consolidate their proposal of scientific activities amongst the youngest, complementing the concepts learned at school with scientific experiments. With more than 30 experiments for parents and children backed, designed and supported by the Catalonia Polytechnic University. Apart from the entertaining and didactic side, the Vilars Rurals intend to use them to transmit values such as respect, solidarity, education, teamwork, self-esteem and sharing. Most of the workshops are done using recycled materials such as plastic bottles, refreshment cans, cups, cardboard and paper, etc so that the children might be able to reproduce the experiments simply at home. The main subjects are meteorology, astronomy, physics, chemistry, sustainability and geology. The new agreement with Catalonia Polytechnic University continues to offer and enhance the enjoyment-educational side to be transmitted through the Vilars Rural trademark, thus giving the SERHS rural hotel establishments added value. SERHS Hotels reinforces its specialisation in organising and planning all kinds of events: company meetings, congresses and conventions, groups, incentives and sports stays to turn them into a unique, tailor-made experience. SERHS Hotels Corporate & Events provides customers with a wide range of possibilities for each of the events in rural and natural, urban or international surroundings with a totally personalised service, placing the human team and its facilities, meeting rooms, spaces and technology as required to make every event a success.

SERHSDNA annual report 2012

Integral restaurant services for hotels and groups | Caterings for events and macro events

Integral restaurant activity

PARTICIPATED COMPANIES 1. Europea de Cuinats, S.L. 2. Fleca SERHS (TAMENFO, S.L.) 3. Gaudium SERHS, S.L. 4. Sacalmser, S.L. 5. SĂ nita SERHS Serveis, S.L. 6. SERHS Food Area, S.L. 7. SERHS Food Area i Altres, AIE. 8. SESMAR S.L.

SERHS Food SERHS Food offers an integral service in the area of diet based on the production and sale of fifth range and bakery food products, and restaurant management activity both for groups and institutions and catering services for events and macro events. It has long been a pioneer in producing fifth range products where it has more than 700 references it applies both to its own centres and to others via online sales. It also has the EUDEC system, a unique and innovative, extremely efficient quality management system for restaurants.

www.serhsfood.com www.serhsfoodeduca.com www.eudecfood.com www.arcscatering.com IT MANAGES AN AVERAGE OF 250 CENTRES

MORE THAN 600 REFERENCES WITH EUDEC PRODUCT. THE TEAM IS FORMED BY AN ANNUAL AVERAGE OF 825 PEOPLE, REACHING 1,500 AT PEAK PERIODS

HOSPITALITY, HEALTH, RESTAURANTS, EDUCATION, PENITENTIARY CENTRES, COMPANIES, SPORTS STADIUMS AND LEISURE ACTIVITIES

SERHSDNA annual report 2012

EUDEC advances with a new product web site and with regard to the system, with new centres such as the Consorci Hospitalari de Vic. Start-up of the Innovation Plan winning project: the EUDEC system.

The restaurant points of the UAB have been distinguished by the government of Catalonia with AMED certification.

SERHSDNA annual report 2012

www.serhsfood.com

COETTC 2012 Award for Excellence to SERHS Food.

NEW PRODUCTS AND SERVICES SERHS Food has set out on a virtual adventure with the new Eudec product online store (www.eudec.com). This Web offers a wide range of products and references basically for the hotel, restaurant, health and education sectors so that users can buy more comfortably and simply. Since 2006, FCB has trusted in the experience and efficiency of SERHS Food and therefore reached an agreement to carry out, in addition to the general points in Camp Nou, the restaurant service in the balconies and VIP rooms of the stadium. The UEFA has also chosen ARC’s Catering for the VIP service at the champions league games held at Camp Nou. We must also highlight the performance of the EuroForum 2012 service by ARC’s Catering, an event which is put on every two years where the restaurant service was served for three days in Barcelona in such emblematic places as the Casa Batlló, el Palauet, the Cercle de Lectors and the dome of the Les Arenes shopping centre. Finally, another event which was covered by ARCS CATERING was the restaurant service of the Europa Race in Barcelona old port for all participants in the regatta. The Castell Jalpí has been the base for numerous institutional activities in the region and media activity such as the filming of the mythical TV3 Catalan series La Riera, where the Castell stage was used as the Casino of the soap opera. At the same time the Castell is the company headquarters for the Grup SERHS were a large number of meetings and events are held that require the solemnity and majesty of its surroundings and facilities, as is the case of a fashion parade by a clothing company from Canada, Ribkoff, which was held this year in the castle’s August Borràs room. The new development this last year for Fleca SERHS, the company that offers an integral service of wheat-based products for hospitality, restaurants and groups, has been to develop different references of Russian bread to expand its offer and customer satisfaction. The large affluence of tourists from Eastern Europe coming to the hotels and restaurants on the coasts has made Fleca SERHS adapt to the circumstances with a very positive result both in the Maresme area and Tarragona, where it has also been introduced in the hotels of PortAventura. In January 2012, the Take Eat Easy restaurant-cafeteria was opened in the World Trade Centre in Barcelona, a new business line in the SERHS Food Division. This is a new business concept in its product portfolio, a new concept of restaurant service to set up in business parks. In the first year since it was opened, it has achieved a figure of 50,000 menus, that is, it has served an average 225 menus each day and 60,000 breakfasts amongst other services. NEW STRATEGIC AGREEMENTS AND ADJUDICATIONS In this sense, we highlight the adjudication of the global proposal for managing the restaurant and catering areas of Barcelona Zoo for the coming two years. SERHS Food provides visitors to the zoo with four restaurant points, a cabin of natural products, a sweet shop, five impulse food points and cafeteria, the staff dining room, the vending machines distributed around the park, moving hotdog points, popcorn, slush, etc. and also the menus of the Casal Zoo and birthday parties. The adjudications particularly included the fact that in January 2013, SERHS Food was chosen to develop the management and operation of the Consorci Hospitalari de Vic restaurant service and that of the Hospital Fundació de la Santa Creu de Vic. The integral restaurant service was contracted by public tender for feeding patients, staff and managing the bar cafeterias in five health care centres: Manlleu Hospital, Residència Nadal, Clínica de Vic and to cafeterias, one public and another for staff at Vic General Hospital. Finally, in February the corporation’s food division started to give the integral restaurant and cafeteria-bar service for the public entity Sabadell Gent Gran Centre de Serveis, S.A. which forms part of the Corporació Parc Taulí. In this case SERHS Food manages the food and diet services for the 130 residents in the centre and the meals on the table, the cafeteria-bar and the cleaning service for a time of four years.

SERHSDNA annual report 2012

Innovative solutions for Food & Beverage | Online sale of machinery for hospitality and restaurants.

Innovative solutions

PARTICIPATED COMPANIES 1. Equipturis, S.A. 2. Studiumser, S.L.

SERHS Projects SERHS Projects, with over 25 years of experience in projects, has focused its business strategy on restaurants (basically kitchens, buffets and bars) and the sale of equipment and machinery for hospitality, restaurants and groups. Similarly, the division has created a new business line; a new online sales channel (serhsequipments.com). Since 2013, customers have been offered a large selection of equipment, complements, furniture of the best brands on the market so that customers can do their online purchases more confidently, faster and more simply.

www.serhsequipments.com www.serhsprojects.com

Innovate Food & Beverage solutions

HOSPITALITY SECTOR, RESTAURANTS, EDUCATION AND HEALTH

SPECIALISTS IN EQUIPMENT FOR HOSPITALITY, RESTAURANTS AND GROUPS

SERHSDNA annual report 2012

We continue to wager on highly efficient and widely accepted innovative productâ&#x20AC;&#x2122;s such as the exclusive cleaning and hygiene concept of SERHS Equipments: the E-water.

SERHSDNA annual report 2012

www.serhsequipments.com

In 2013, the SERHS Projects division launched a new online sale channel through a web site (www.serhsequipments.com) with a wide range of machinery, furniture and household lighting from the leading brands on the market for hospitality, restaurants and groups.

NEW ADJUDICATIONS Customers have continued to trust the services and experience of SERHS Projects. With respect to the latest projects carried out in 2012 and early 2013, we particularly highlight the installation of global kitchen equipment (cold rooms, cooking area, washing area and office/waiter area) of the Gran Casino dance hall in Lloret de Mar (La Selva region). This has a capacity for up to 800 people. Furthermore, the kitchen has been installed of the Terrace restaurant (cooking and washing area), the self-service area and the whole of the bar and area behind the bar in the Solomar campsite in Blanes (La Selva region). Continuing with its expansion policy, Udon has opened new centres in the past year and once more has given SERHS Projects the responsibility for carrying out the overall installations of the new establishments: Mataró Park, Spalu Cornellà, Madrid, Bilbao and Zaragoza. STRATEGIC AGREEMENTS SERHS Project maintains its agreement with the Japanese company HOSSIZAKI for the exclusive distribution in Spain of the innovative E-water. This is a cleaning and disinfection system that uses no chemical products and which offers maximum savings and sustainability in the process of cleaning and disinfecting in the hospitality sector. In the last year, SERHS Project has continued wagering on this new cleaning and disinfection solution for hospitality and particularly for the areas of Food & Beverage, cheaper than conventional cleaning. A new development this year is the option of renting the equipment, which includes maintenance and a cleaning plan. With respect to the Web support, agreements have been reached with different SERHS Projects providers to become partners on the machinery, furniture and lighting sale website www.serhsequipments.com OUTSTANDING PRODUCTS AND SERVICES The largest investment the company made in recent months was in the new business strategy based on e-commerce, a new exclusively online sales channel of equipment for hospitality, which has been the reason for launching the website serhs.equipments.com. This is a virtual shop where it is possible to find a wide range of machinery and equipment for hostelry and restaurants guaranteed by the main manufacturers in the sector.

www.serhsequipments.com

SERHSDNA annual report 2012

Insurance | Administration and finance | New technologies and computer applications

Within your reach

PARTICIPATED COMPANIES 1. Asseguris Mediterraneum C.A., S.L. 2. Mediterraneum XX, S.L. 3. Migjornser, S.L. 4. Inverserhs, S.L. 5. Vector-K, S.A. 6. SERHS Costa Brava Centre, S.L.

SERHS Services The companies attached to this division are intended to offer the largest possible number of services both generally to companies forming part of the Grup SERHS and externally, aimed mainly at customers of the tourist sector. At the same time, all of the corporate managements of SERHS are represented, in which they have a transversal task towards the remaining divisions of the groupâ&#x20AC;&#x2122;s business.

+ O O

www.humanserhs.com www.asseguris.com

MANAGEMENT OF + 6,000 INSURANCE POLICIES

MANAGEMENT OF + 63,800 SALARIES

+ 500 E-LEARNING COURSES

+ 3,500 PUPILS A YEAR AND 46,500 READING HOURS

SERHSDNA annual report 2012

www.humanserhs.com - www.asseguris.com

Human SERHS Consulting is our own brand created by the Grup SERHS Human Resource corporate management, which offers its services to companies outside the group.

MEDITERRANEUM XX, S.L. The added value of this company is the use of new technologies and the most modern systems of communication, which has supposed a considerable development in all activities carried out and which allow users to directly and effectively manage a large number of computer applications online that are placed within their reach. Similarly, it offers internal and external customers a quality job with high-level professional specialists. Human Resources The Human Resource Corporate Management of the Grup SERHS, in its search for innovation and continuous improvement, has created its own brand: “Human SERHS Consulting” through which, with a distinct identity, since June 2012 it has offered its service portfolio: salary management, legal-labour advice, associated occupational risk prevention service, selection, training and consultancy in human resources in companies from outside the Group. Focused mainly on the sector of tourism, hostelry and food, it is placed on the market as a company specialised in Integral Human Resource Service in all of its varieties. www.humanserhs.com Another strategic project is the integration of the Human Resource part of the SERHS Food division into the specialities of Training, Personnel Administration and Risk Prevention, HR Corporate Management. The principal aim is to make the best possible use of synergies, to bring efforts together between the different divisions and departments of the group, which will undoubtedly generate overall expense saving by making use of a single management system and at the same time unifying the two Associated Prevention services. Administration and Finance An area ascribed to the financial corporate management of the Grup SERHS that is formed by different specialised sections such as the calculation centre, tax advice, auditing, treasury and aggregation and financial consolidation. Its fields of action are all of the companies of the corporation. It also has the collaboration of different external advisers. ASSEGURIS MEDITERRANEUM XX, CORREDURIA D’ASSEGURANCES, S.L. Constituted as an insurance brokerage company in 2003, it deals with leading companies on the market such as MAPFRE, AXA, DKV, ALLIANZ, ACE, ZURICH, SANITAS, GENERALI, ARAG, FIATC, EUROPEA DE SEGUROS, MARKEL HISPCOX, DUAL, CHUBB and AGRUPACIÓ MUTUA. This private insurance brokerage company wages on new technologies and in the last year has therefore been working to improve the processes, which implies greater internal agility and the same time better customer agility as well as savings in material resources. Work is also being done to bring new technologies within the customers reach and to provide them with a web space where they can consult their policies without having to have them on paper support, and enjoy savings in their ordinary mail. Finally, work is also being done on the database to gather all of the necessary information to allow appearance on the social networks. In 2012 work has been done on containing customer expenditure by seeking quality and price in our policies in portfolio. At 31 December 2012, we managed 6,000 policies on our portfolio, 20% up on 2011. The year closed with more than 5M€ of brokered premiums. As for new strategic agreements, at the end of 2012 an agreement was signed with the world broker AON in order to commercialise exclusive products at unbeatable prices. At the present time Asseguris has the exclusive in the Maresme area for distributing their products. The agreement reached with AON on exclusive products was not commercialised until 2013, as at the end of 2012 the agreement was pinned down and the computer environment had to be prepared to allow this offer to be carried out with the largest possible number of services.

SERHSDNA annual report 2012

Insurance | Administration and finance | New technologies and computer applications

Within your reach

PARTICIPATED COMPANIES 1. Asseguris Mediterraneum C.A., S.L. 2. Mediterraneum XX, S.L. 3. Migjornser, S.L. 4. Inverserhs, S.L. 5. Vector-K, S.A. 6. SERHS Costa Brava Centre, S.L.

SERHS New Technologies In this area of activity we find two companies engaged in developing and implementing new technologies aimed at the tourism sector or for internal use in SERHS. Migjorner, S.L. and Vector K, S.A. are unified in the same place in Pineda de Mar, with the aim of enhancing and getting the most out of the synergies between them.

www.migjornser.com

MORE THAN 2,000 MOBILE PHONE LINES AND MORE THAN 1,000 LAND LINES MANAGED

MORE THAN 60 POINTS OF PRESENCE THROUGHOUT SPAIN AND IN BRAZIL MONITORED

THE CPD HOUSES MORE THAN 200 SERVERS USING DIFFERENT TECHNOLOGIES

SUPPORT IS GIVEN TO OVER 1,500 INTERNAL AND EXTERNAL USERS

SERHSDNA annual report 2012

www.migjornser.com

Migjorner, S.L. has focused its new business strategy aimed at external companies with a new website: www.migjornser.com

SERHSDNA annual report 2012

MIGJORNSER, SL This company, which is part of the SERHS New Technologies division, is engaged, as the name indicates, in the area of new technologies and fundamentally serves all of the companies of the Grup SERHS. Its business lines are based on supplying technological infrastructure to the whole of the corporation and on managing the corporate technological platform and all applications that are derived from it. Its areas of action are systems and they maintain and produce hardware and software. Another of the activities they carry out is technological projects either on installations, software implementations or IT consultancy. Furthermore, from the telecommunications department they deal both with management and consultancy. Migjornser has the responsibility of making Internet one of the group’s main channels of communication, starting with websites, e-mail and hosting management, as well as other functions. Finally, one of its values is the Service Desk for giving users technical attention, and also the Data Centre service (CPD). OUTSTANDING PRODUCTS AND SERVICES As a result of the new business strategy aimed at small and medium-sized enterprise external to the Grup SERHS, this year they are starting a new website (www.migjornser.com), a channel through which they intend to show the wide range of services and products they can offer. Their aim is to reach hospitality professionals, restaurants and public and private entities to give them their 15 years’ experience at the service of the companies of the Grup SERHS. The services they offer are: • • • • • •

Google Apps (cloud collaboration tools) Integral mobile phone solutions Antivirus tool (NOD32) Creation, maintenance and housing of dynamic web sites ICT assessment and consultancy Hosting/housing infrastructures

STRATEGIC AGREEMENT This last year a framework collaboration agreement as technology parties was made with Telefonica for the next 4 years including landline, data network and Internet. With respect to mobile telephony, they continue trusting in Vodafone, renewing a collaboration which has already lasted over 15 years. The agreement has also been renewed with Google to continue using the collaboration and electronically mail suite (Google Apps) of which they made the pioneering installation in Spain over five years ago. Equally, they still commission the management of the whole fleet of printers and documentary management project to Ricoh, as they have done over the last five years. VECTOR-K, S.A. A company of the SERHS Services and New Technologies division, Vector-K is dedicated to creating, maintaining, implementing and supporting computer products for the tourist sector, both for companies of the Group and for external companies. The basic Vector-K products are the Guest (comprehensive hotel management), the Bistrot (management of bars, restaurants, discotheques, etc.), and the WebguestHotel, which enables online sales of bookings from the hotel’s own Web. The WebguestHotel online sales engine, in its seventh year up and running, despite the fall in general sales, has maintained its sales thanks to the arrival of new customers and remained at 6 million Euros in 2012. The auction for mobiles and tablets is beginning to bear its first fruit, and also the integration of Google analytics in electronic commerce. The version of Guest 3.1 already includes the management of the tourist tax since last October 2012.

SERHSDNA annual report 2012

SERHS Real Estate

PARTICIPATED COMPANIES 1. Begudes, S.A. “BEGSA” 2. Fleca Espiga d’Or, S.L. 3. Francolíser, S.L. 4. Kimburu, S.L. 5. Promociones Inmobiliarias de Calella, S.L. 6. Segreser, S.L.

This business division deals with seeking maximum returns from the Grup SERHS assets. Structured within the company Kimburu, S.L., it focuses its actions on facility rental, bargain and sale and promoting certain actions on urban and industrial lands.

SERHSDNA annual report 2012

SERHS Equity and Portfolio

PARTICIPATED COMPANIES 1. Abantser, S.L. 2. Armeig, S.L. 3. Fabrication du Jus au Maroc, SARL. 4. Grup SERHS, S.A. 5. International Catering ZFT, SARL. 6. Itinereser, S.L. 7. Jus du Maroc, SARL. 8. Nam Nam, S.L. 9. Sakistes, S.L. 10. Serag Invest, SARL.

As a business corporation, Grup SERHS, S.A. is the holder of a large portfolio of securities and is also the owner of a series of buildings. Through its portfolio of securities it directly or indirectly takes part in dominating all the companies of the group. These management actions led by the general management of the group are formed by companies involved in administering and holding properties, lands, securities and facilities, which form a series of goods resulting from the Groupâ&#x20AC;&#x2122;s business rhythm. The strategic axes of the corporation pass through the strengthening and future viability of all of the companies of SERHS, which have a global focus that allows them to successfully confront the critical factors of competitiveness by consolidating and creating new business opportunities in all areas of action.

SERHS Related Companies SERHS S/COOP. C. LTDA. Its initial drive and its wish to cooperate and associate on the level of people have brought about an intense social activity. Since the company started now 37 years ago, its feeling of belonging, of mutual confidence and its wish to improve have led to the development of many initiatives around the company which have enabled the achievement of what today is known as the Grup SERHS.

SERHSDNA annual report 2012

Related companies ESCOLA UNIVERSITÀRIA D’HOSTALERIA I TURISME DE SANT POL DE MAR This centre, ascribed to Girona University and founded in 1966, has a long tradition in tourist and hotel training, and maintains a tight, reciprocal institutional bond with the Grup SERHS. But the most important thing about this hotel-school, the oldest in Spain, is the exchange which is established between this university centre and the Grup SERHS of companies, which generates intense, fruitful feedback. The EUHT in Sant Pol is receptive to the business baggage of the Group, which gives it prime order, updated knowledge of the sector movements. At the same time, this means that the Group can benefit from the support and a package of knowledge and technical experience which can only be given by a certified university centre that is a benchmark in the state. The school has received institutional recognition both around the state and in the autonomous community and sector, by being distinguished with the “Gold Plate for Tourist Merit” and the “Turisme de Catalunya Plate of Honour”, amongst other awards. It belongs to the exclusive “Leading Hotel Schools of the World” network, which receives the support of the “Leading Hotels of the World”, and is the only member in southern Europe of this prestigious association of hotel schools. PUBLINTUR, S.A. The Grup SERHS is and has always been aware of the need for instruments of dissemination and communication to effectively inform on the multiple, diverse actions it carries out. For this reason, it has a close, intense relationship and bond with the company PUBLINTUR, S.A., a company engaged in image and communication, as well as graphic and digital production. This company has become an instrument of help at the service of promoting and disseminating the tourist resorts of Catalonia, and a source of support for the tourist activity in areas in destinations where different tourist strategy plans have been drawn up. In the business field it has stood out by providing solutions adapted to the needs in marketing policy and image through imaginative proposals from the graphic design studio with leading technology and its own printing workshop, which have brought it numerous awards. Communication and external relations, advice and development of tourist products and services also appear amongst its activities. It has now expanded its actions in the field of online marketing in order to offer and help its customers to implement the strategy is that might improve its presence on Internet, so that it might become a profitable resource for the company. All of these activities have generated strong business synergies and developed intense, close quality relationships. In 2013, PUBLINTUR, S.A. is celebrating its 30th anniversary by promoting different projects in the fields of holiday customer advice and attention, online communication and culture equipment, where it has become a promoter of along with Calella town Hall (Maresme) of the creation of the “Tourism Museum” a universal project unique in the world, which has received the support of the Catalan public administration and the World Tourism Organisation (WTO), a body dependent on the United Nations and the different segments of tourist activity at home.

Corporate Social Responsibility

2012 has been a year of consolidation of the projects and policies of the PLA VALORS started in 2008. The following projects are worthy of special note:

ANNUAL VOLUME OF REQUESTS SERHS DISTRIBUTION

REVISION OF THE CATALOGUE OF JOBS AND ORGANISATION

SERHS TOURISM

Having defined all of the jobs, this was all maintained so that the information on each of them would be completely updated. The organisation charts of all the companies were revised and the changes were integrated with the jobs.

16,19%

38,46%

SERHS HOTELS

SERHS FOOD

POLICY OF CONCILIATING WORKING AND FAMILY LIFE Within the framework of the conciliation policy, in 2012 a diploma was awarded certifying the membership of the XARXA NUST network, a work group promoted by Barcelona City Hall which ensures the implementation of conciliation policies in the company surrounding it, and the Grup SERHS wishes to be a reference in this area, which is why it gives great importance to the conciliation program. In 2012, a total of 602 requests were made, more than 18% of the payroll asked for some degree of conciliation throughout the year.

11,83%

18,75%

SERHS PROJECTS

66,67%

SERHS SERVICES

TOTAL GRUP SERHS

67,78%

18,74%

A total of 1235 hours were granted. 919

159,5

Medical visits, administration, emergencies…

SERHSDNA annual report 2012

156,5

School meetings, Leave to attend children’s birthdays dependent relatives (parents/children)

With respect to the percentages of requests granted for reasons, more than 50% were for time off for personal matters, which includes all visits to the doctor (the workers themselves or accompanying), procedures with the public administration, examinations for unofficial training the worker is doing on their own account, etc. Secondly we find the option of asking for a flexible work timetable, a measure which contemplates working eight hours between eight in the morning and seven in the evening; in third place comes time off for school meetings. Personal affairs 54%

1% 1% 1% 1% 1% 2% 3%

In mid-2012, a welcome procedure was developed to make it easier to incorporate newcomers into the company. On the SERHS Portal (worker portal) and the area was designed with all of the information that the person might need, from more corporate and general information on the group, to more specific information about their work centre or workplace. Apart from this, a two-hour training session was drawn up for the person to do in the first month and a half, which gives all of information on the portal and teaches them how to access each section.

Flexible working timetable 14% 54%

WELCOME TO THE WORKER

Paid leave to attend dependent relatives 4%

Availability of six hours for school meetings 11%

Time off for surgical interventions without hospitalisation 4%

11%

Leaving work to attend emergencies 3%

10% 14%

Afternoon off on the childâ&#x20AC;&#x2122;s birthday 3% Extension of leave for family care 2%

Extension of maternity/paternity leave by one week 1% Compacting and reducing the working day by one hour 1% Availability of 12 hours for prenatal visits 1% Compressed working week 1% Continuous working day 1% SERHSDNA annual report 2012

Corporate Social Responsibility

In 2012, from 148 new people were brought in on contracts of over three months, 89% of whom did the welcome training.

On the past 5 September, more than 300 people gathered for the “SERHS Family Day” where the support of the “Family Program 2012” was handed out to workers of the Grup SERHS. The meeting was held at the Castell Jalpí, the headquarters of the corporation, and was this time devoted to innovation and creation of inventions which changed the world at some time, objects of tools whose brilliance turned them into a great step forward for society. The party was attended by nearly 200 families who had received some collaboration in this Families Program 2012. Mr Ramon Bagó, the Chairman of SERHS, handed out the different awards, which this year amounted to €48,000. To close the event, there were refreshments in the castle courtyard and the youngest also had a party with gifts and children’s entertainment, apart from draws and gifts.

SERHS DISTRIBUTION

3% 16%

SERHS FAMILY PARTY 2012

24%

SERHS TOURISM SERHS HOTELS SERHS FOOD SERHS SERVICES

22%

35%

EQUAL OPPORTUNITIES BETWEEN MEN AND WOMEN Equal opportunities between men and women has long become a Group premise. Some specific actions have been taken that effect all of the companies, but what is sought is to have a diagnosis of the situation of each of the companies in the medium-term in order to be able to draw up a specific Equal Opportunities Plan adapted to their situation.

189

283

288

22 17

136

164

160

281 253

Moving on in our communication and within the indicated actions, we set up a space in the SERHS Portal where all of the staff can see general information on equal opportunities. As a result of the equality plans, actions have been carried out such as:

Creation of equality work commissions per company. Creation of a protocol against sexual or racial harassment. Development of the protocol of nonsexist language and image. Revision of the SERHS website and portal (own intranet) to adapt it to the criteria of non sexist language and image. Preparation of e-learning on equal opportunities. Dissemination of the protocol to prevent risks for pregnant women.

2008

2009

2010

2011

2012

Nursery

School material

Grants

Welcome baby

SOCIAL AREA – SUPPORTIVE AGREEMENTS HELP TO FAMILIES Paying honour to the fundamental values of the Grup SERHS, such as the human side, each year the “Families Program” is started up to benefit all workers of the corporation. There are 4 types of help: “Welcome baby”, nursery, school material and university/higher training grants. Welcome Baby: The Grup SERHS welcomes newborns with a gift specially indicated to celebrate this happy event. Nursery: This is a subsidy intended for workers who have children under 3 years of age in their charge enrolled in nursery schools. School material: A program of help for school material for workers with large families, with three children or more and with children in prep school, primary, secondary, baccalaureate or medium grade training cycles (children between 3 and 17 years of age). Higher grade training cycle/University Grants: This proposal is intended to award grants to workers’ children who are doing a university degree or higher training cycles.

VICENTE FERRER FOUNDATION: The Foundation has received help from the Grup SERHS for many years. This year the project consisted of the construction of a primary school for 40 intellectually disabled children in the city of Kanekal, in Anantapur. ÒMNIUM CULTURAL: This year the Grup SERHS signed a collaboration agreement with Òmnium Cultural in order to enhance our language and the Catalan culture. Amongst other things, the agreement made the Grup SERHS one of the sponsors of the most emblematic projects of the entity such as the Festival of Catalan Writings. ARSIS FOUNDATION AND CÁRITAS: 2012 ended with the fourth campaign “give food, school material and toys and feed spirit” and a total of 500 toys were gathered and given to the Associació Reir and 500 kg of food, given entirely to Càritas. Throughout all of the campaigns, more than 3 tonnes of food and 2,000 toys have been handed over. Continuing with the social policy adopted by the Grup SERHS, the corporation devotes free resources to carry out social collaborations with institutions in the area.

SERHSDNA annual report 2012

SERHS EVENING

Institutional events

This is an emblematic celebration which has been put on since the first year of SERHS’ existence and comprises a gala dinner with shareholders, customers, suppliers and figures from the economic, institutional and social worlds. In September 2012, it was held at the Castell Jalpí in Arenys de Munt and was attended by the Minister for Enterprise and Occupation, Mr Francesc Xavier Mena. It gathered nearly 400 people. The SERHS awards were also given during the evening for the professional career of the “Distinguished worker” and the “Manager of the year” chosen among the teams of all of the companies forming the group, and to a company for its “Trajectory and commitment with SERHS”, which was awarded to Mapfre last year. EXPOSERHS This is an interactive business fair where we can find leading companies in different areas of hospitality, food and collectives. This year, ExpoSERHS 2013 gave visitors to the fair nearly 6000 productions as a result of the 1st Snack Meeting. The event devoted to professionals of hostelry, restaurants and collectives was once more held at the Camp Nou facilities on 17 and 18 April of this year. More than 100 exhibiting brands from all areas of activity, 93% repeating from other years, successfully presented their products to those attending. The right Honourable Mr Felip Puig, Minister of Enterprise and Occupation of the Government of Catalonia, was responsible for presiding the opening ceremony of ExpoSERHS 2013. SERHS FORUM Addressed to all members of the group, shareholders, workers and collaborators of the corporation. The Forum started with the intention of seeing and getting a different view of the different sectors or current subjects forming the economic, social and cultural life of our country. Mr Frans van der Hoff, Doctor in Theology and the economy, theoretician of fair trade in its modern dimension, led the Forum SERHS 2012 held at the Castell Jalpí in Arenys de Munt on the past 13 November. His talk dealt with “The importance of ecological production and the construction of a fair market” based on carrying out ecological policies in developing areas such as Oaxaca (southern Mexico) where the father has been working for over 30 years, and how to look for a different kind of economy by seeking Fair Trade proposals.

Internal communication

Communication between the company and its workers is basic for the good operation of a corporation of the size of the Grup SERHS. This is why the Group is in favour of establishing fluid, two-way, open communication with all of the members who form part of the corporation, through the tools created specifically for this. As this is a very wide group, the fact belonging to the group allows the staff to benefit from considerable advantages everywhere. Channels of communication: NEW EXCLUSIVE PORTAL FOR SERHS WORKERS AND SHAREHOLDERS NEW PLATFORM FOR COLLECTING IDEAS FROM WORKERS THROUGH THREE PROGRAMS: “AND YOU, HOW WOULD YOU DO IT?” “THINK BIG” “THE CHALLENGE” SERHS MAGAZINE PRESENCE ON THE PRINCIPAL SOCIAL NETWORKS Advantages for the SERHS people: INTERNAL AND EXTERNAL DISCOUNTS USING THE SERHS CARD PARTICIPATION IN THE SHAREHOLDING, ALL SERHS WORKERS CAN BE SHAREHOLDERS WITH CONSIDERABLE TAX BENEFITS

Human Resources

This Grup SERHS Corporate Management includes all of the necessary specialities to give a complete human resource management service in all specialities: • • • •

of their salary to contracting certain products with significant tax and economic benefits and thus increase their net availability. The products offered this year are: Grup SERHS shares, health insurance, restaurant card, nursery and training. The project has been very well received by our workers, which once more was seen in the results of 2012 with a total of 286 workers forming part of the Plan.

Staff Administration Selection, Training and Development in Human Resources Labour relations Prevention of Occupational Risks

The star products once more were the the Grup SERHS shares and the health insurance. In second place were the training, nursery schools and restaurant cheques.

STAFF ADMINISTRATION The administration’s main task is to advise and manage in occupational procedures by a team of specialised professionals. This department stakes above all on the Internet portals and applies continuous improvement in its services in order to offer both Grup SERHS companies and external customers an ever more effective service. The http://portal.serhs.com/rrhh portal is used as a personalised and interactive means of communication between the company and the HR department. It is a tool which saves much time and costs, avoids travelling or telephone calls and is operative 365/24. It can be used from any connection point in the world, guaranteeing the required confidentiality and maximum security.

62%

22%

In terms of significant figures, in 2011 the staff administration department managed a total 63,800 salaries. In 2010, this department started and now implements the key project in all Group companies, the Flexible Compensation Plan, the intention of which was that Group employees could choose how they want to receive their gross annual income (up to 30% of total), in order to adapt it to their personal and family needs. The Flexible Compensation Plan gives staff the chance to voluntarily design the composition of their pay package, and to devote part

SERHSDNA annual report 2012

7% 1%

Health insurance 62%

Training 8%

Restaurant card 1%

Nursery 7%

Serhs shares 22%

TRAINING The work of the training department starts with the analysis of the training needs and aspects of improvement that companies seek in order to turn them towards a solution that might have a direct impact on results. Along with the company, a series of aspects/skills are chosen which are worked on during the year, through training, in order to bring the basic aptitudes/skills of the staff into line with the Group’s present and future strategic objectives. In 2012, in all of the companies of the corporation, more than €300,000 was put into training. Specifically, a total of 392 training groups were made with a total of 3150 participants, supposing a total of over 40,000 hours in training. Since 2010, the Grup SERHS has had its own e-learning catalogue with more than 500 courses in different areas: sales skills, finance, office computer technology, Internet and basic tools, languages, management skills, quality, amongst others, and even university courses. Through this platform, in 2012 the Grup SERHS trained more than 65% of its employees. Unlike traditional training in attendance, with e-learning students become the active subject in the training as they are the ones who said there learning rhythm and decide on the days, times and places where they will study. Furthermore, there are individualised tutorials and 24/7 communication with the tutor throughout the course. The SERHS companies choose e-learning because it is a guarantee of quality for them, smaller expenses (administrative and travel) and the standardisation of the training content received by the workers (everybody receives the same training whatever their geographic location). Furthermore, as added value, the workers trained in this way become more skilful with ICT tools, which is essential today for any job.

The following graph shows the subjects in which the staff of the Grup SERHS trained in 2012.

CORPORATE SOCIAL RESPONSIBILITY AND ENVIRONMENT

504 1.226

RISK PREVENTION 187

NEW TECHNOLOGIES FINANCE LANGUAGES, TOURISM AND RESTAURANTS DISTRIBUTION AND LOGISTICS

55 167

103

SKILLS AND HUMAN RESOURCES SALES AND MARKETING

447 326

As for the external customers, the training department managed more than 30 training groups in which 210 pupils took part and amounting to a total of 6,500 training hours and a turnover of €20,700.

SERHSDNA annual report 2012

PREVENTION OF OCCUPATIONAL RISKS

Human Resources

With respect to the Grup SERHS Associated Prevention Service, three important aspects stand out in 2012 and the first quarter of 2013. Firstly, the overall loss index of the companies of the Grup SERHS has clearly fallen in 2012 in comparison with 2011. This was specifically a fall of 1.63%. Two of the divisions causing this fall, in which the number of accidents requiring sick leave were reduced, were SERHS Distribution and SERHS Food. It must be said that most of the accidents were only light.

COMPARATIVE INDEX OF LOSSES 2011 VS. 2012 FOR THE WHOLE GROUP All of the accidents are light

Accumulated index 2010 5,72%

Accumulated index 2011 6,50%

Accumulated index 2012 4,87%

Difference 2011/2012 -1,63%

Loss index for the whole group = (no. accidents with sick leave year/average workers year)*100

In the second term, in March 2013 OHSAS 18001 Certification for the Risk Prevention Management System was achieved for all of the companies of the Group. And finally, in the first quarter of 2013, a new Associated Prevention Service was created in hostelry and restaurants called ABANTSER, S.L., through which the team of professionals of the Grup SERHS Occupational Risk Prevention department intends to offer the same quality and excellent service in ORP to companies of the same sector, but outside the Group.

Environmental report

TRANSVERSAL MANAGEMENT PLAN The Grup SERHS in recent years has brought in criteria for protecting the environment within the general management of its business in a general policy of corporate social responsibility, and assuming part of the responsibility corresponding to them in preserving and improving the environment. In this sense, SERHS is moving slowly but steadily along the path to environmental excellence. The TÜV Rheinland auditing team, following the purpose of the audit, discovered that the company’s management system meets the requirements of the regulations, and is duly maintained and implemented. In order to favour exemplary environmental behaviour throughout our staff, and at the forefront of companies committed to the environment, the “Efficient Driving for drivers of industrial vehicles and support personnel” e-learning program was carried out. The aim of these courses is to apply new driving technologies that allow drivers to save fuel up to 15-20% and thereby reduce emissions into the environment and improve safety. Importance is still given to the Manual of Good Environmental Practices of all of the companies of the Group and can be accessed through the Welcome Manual on the SERHS intranet portal. Alongside this and in order to nurture responsible use of heating in the winter and air-conditioning apparatuses in the summer, the “Set an example, let’s save energy” campaign has been started to make workers aware with a series of recommendations to produce well-being and energy-saving.

SERHS DISTRIBUTION The distribution companies in the hostelry and collective sector carry out a very positive function for the whole of society in preserving the environment. The distribution of drinks in returnable and reusable packs (boxes or barrels) helps to reduce a large volume of packs. In recent years, a process has also been carried out to renew all of the forklift trucks in the stores, by replacing the diesel trucks with electric ones, a cleaner energy which avoids gas emission in the stores. In 2012, the process was started to renew the fleet of commercial and distribution vehicles in order to meet the requirements of the Euro 5 Regulation, which establishes the technical requirements for approving motor vehicles regarding atmospheric emissions. The plan is to renew 80 commercial vehicles between 2012 and 2013. The company NAM, NAM, S.L. achieved the ISO 14001 in 2011, technical certification intended to minimise the negative effects of its activities on the environment, and to achieve environmental improvement in its production by reducing its energy and material expenditure (pollution, paper, plastic etc.). On the level of waste management, all of the companies of the Division use authorised waste managers to deal with the waste they produce (mainly plastic, cardboard and organic product). With respect to certifications, Cediserhs, S.L. has also upgraded its quality certification by renewing the ISO 9001 and SERHS Distribution plans to certify all of the companies in the Division in 2013. SERHS HOTELS With respect to the division’s environmental report, in the Sant Hilari Rural Village work has been done on forest management by cleaning a large part of the forest surrounding the village and the adventure park. The beach hotels have also carried out a pilot test with the use of low consumption lighting and LED technology in order to achieve savings in electrical consumption in the Common areas. More specifically, in the SERHS Oasis Park hotel in

SERHSDNA annual report 2012

Calella, the cooling gas has been changed in the air-conditioning machinery in order to adapt them to European regulations and to ensure that they are not so highly polluting as the previous system on the ozone layer. Finally, at the Hotel SERHS El Montanyà Resort&Spa, the existing consumptions have been adjusted in order to reduce the cost.

SERHS TOURISM Within the Documentary Digitisation Plan and management efficiency in 2012, SERHS Tourism achieved nearly 80% of its billing without paper, directly online, following its objective to have 100% of its invoices in digital format by the end of the Strategic Plan 2014.

SERHS FOOD SERHS Food guarantees maximum safety and hygiene in food. The dishes are produced under rigorous diet control according to the strictest Food Safety and Hygiene regulations. We also have our own quality controls and certificates in the ISO 9001: 2008 standard of the Quality Management System, the ISO 22000: 2005 standard of the Food Innocuousness Management System, and the certificate of Environmental Management according to the ISO14001: 2004 standard. In mid-2012, the ISO 9001 certifications were achieved for the Vilassar factory and the ISO 14001 for the Eudec System in Calella Hospital. Also in 2012, positive results have enabled us to pass OHSAS 18001:2007 certification in the Prevention of Occupational Risks in the area of “Technical and administrative management of Catering services” carried out by DNV-Det Norske Veritas Business Assurance España, S.L. and certified by ENAC (National Certification Entity).

SERHS SERVICES These divisions promote the recycling of paper, printer cartridges and toners (the recycling procedure is established in the agreement that the Grup SERHS has with Ricoh). Centralised recycling is carried out of any electronic equipment in all of the companies of the Grup SERHS, either in collaboration with NGOs or taking the material directly to the disposal units. Both the new offices of SERHS New Technologies and the Data Processing Centre have rooms fitted out with programmed air-conditioning and heating to guarantee a suitable temperature, but also to ensure energy savings whenever possible (we optimise energy consumption as far as possible). The fact of intervening in automation/domestic robotic projects means that the SERHS New Technologies division helps the rest of the group companies to improve their energy efficiency and therefore to optimise their energy consumption. Regarding the introduction of technology to help to meet the objective of “Paper-free offices” we use multifunction devices, online collaboration tools (Google Apps) and digital invoicing has also been started up.

SERHS PROJECTS With the commercialisation of the E-water, an attempt is made to make customers aware of the possibility of caring for the environment by purchasing this such innovative apparatus. This is a cleaning and disinfection system that does not use chemical products. Numerous studies indicate that e-water or electrolyte water is more effective and safer than the alternatives such as acid compost and bleaches. As it is not toxic, it causes no irritation to eyes or skin. Furthermore, this apparatus gives considerable savings not only in cleaning, but also in water, as it does not have to be rinsed after disinfection.

SERHSDNA annual report 2012

Economic and financial information

Consolidated annual accounts

PresentATION

GENERAL EXPLANATION

This economic and financial information corresponding to the year closing at 31 December 2012, which we provide in the following, has been prepared from the accounting registers of Grup SERHS, S.A. and its subsidiaries in order to show the true and fair image of the equity, the financial situation and the results of the Consolidated Group.

For the effects of preparing the Annual Accounts for GRUP SERHS, S.A. and its subsidiaries (Consolidated Group), we must remember that the Group is made up of 59 active companies which, grouped by operative business divisions, has the following composition:

These consolidated figures are backed by the auditing of the company Faura-Casas Auditors-Consultors and, as revealed in the opinion which we attach further on, the annual accounts of 2012 express the true and fair image of the consolidated equity and financial situation of the Grup SERHS and its subsidiaries, and the results of their operations. In this dossier you can find: • •

GROUP CONSOLIDATED ANNUAL ACCOUNTS - Financial Statements (Balance Sheet and Income Statement) - Auditors’ Report CONSOLIDATED INFORMATION - Different analyses of important aspects of the economic and financial situation

SERHS DISTRIBUTION SERHS TOURISM SERHS HOTELS SERHS FOOD SERHS PROJECTS SERHS SERVICES AND NEW TECHNOLOGIES SERHS REAL ESTATE SERHS EQUITY AND PORTFOLIO

12 Companies 2 Companies 11 Companies 9 Companies 2 Companies 7 Companies 6 Companies 10 Companies

In 2012 a business combination operation was carried out in three companies that already formed part of the consolidation perimeter, the merger by takeover by SERHS Fruits Distribució Global, SL (formerly Allelac, S.L.) with Costabonaser, S.L. and Fruites Pàmies, S.L. under a criterion of concentrating the distribution activities in the area, taking advantage of the synergies and rationalising the distribution process. Similarly, in 2012 the following companies left the Group consolidation perimeter: Gregalser, S.L. (by dissolution) and Hotel Maripins, S.L. (loss of direct and indirect participation of the Group) 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%). Consolidation method used in 2012 for all companies of the Group, mentioned above.

•

PLACEMENT IN EQUIVALENCE Method (Companies with a participation of between 20% and 50%) Companies consolidated by this method in 2012: “Viatges Sol i Esquí, SA” (travel agency), and “Baciverser, SL” (real estate company).

The Group’s functional currency is the Euro. Given the Group’s internationalisation in recent years, the Group 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. • Dollars (USD).- The currency of certain operations with countries outside the EU. • Brazilian Reals (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 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 Grup SERHS has paid tax under the system of fiscal consolidation, with 36 subsidiaries coming into the consolidation perimeter in 2012.

SERHSDNA annual report 2012

Consolidated Balance Sheet at 31 December ASSETS

2012

2011

200.608.712,57

207.946.521,63

17.822.329,27

16.271.521,20

149.903.517,65

161.489.419,61

2.469.742,42

4.832.426,01

576.625,29

571.269,19

8.167.752,85

4.626.536,98

VI. Assets due to deferred tax

10.749.356,69

9.235.960,24

VII. Consolidation Goodwill

10.919.388,40

99.573.677,19

94.307.248,57

5.224.350,00

II. Stocks

21.163.852,29

19.582.661,66

III. Commercial debtors and other accounts receivable

52.648.424,24

62.356.667,07

0,00

V. Short-term financial investments

9.256.573,87

4.998.497,03

VI. Short term deferrals

1.259.296,76

1.224.489,05

10.021.180,03

920.583,76

300.182.389.76

302.253.770,20

2012

2011

89.357.767,10

101.988.504,35

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

87.835.472,38

88.793.757,43

A-2) Value change adjustments

-5.753.745,84

-816.967,03

0,00

7.276.040,56

14.011.713,95

111.562.877,03

109.563.547,54

0,00

110.608.603,29

108.541.169,03

0,00

954.273,74

1.022.378,51

0,00

99.261.745,63

90.701.718,31

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

0,00

II. Short-term provisions

0,00

48.695.348,57

48.280.262,28

0,00

50.373.152,69

42.356.972.99

193.244,37

64.483,04

0,00

300.182.389,76

302.253.770,20

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

B) WORKING ASSETS I. Non-working assets held for sale

IV. Short-term investments in group and associated companies

VII. Cash and other equivalent liquid assets

TOTAL ASSETS (A+B)

LIABILITIES A) NET WEALTH

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

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 expressed in Euros.

SERHSDNA annual report 2012

Consolidate Profit and Loss Account at 31 December Year 2012

Year 2011

465.394.646,25

472.821.804,81

a) Net turnover

435.849.909,72

451.487.660,14

a1) Sales

388.713.442,86

404.111.873,17

47.136.486,86

47.375.786,97

29.544.736,53

21.334.144,67

26.318.490,46

17.223.044,55

0,00

7.630,67

3.226.246,07

4.103.469,45

-331.930.489,31

-336.627.825,91

-331.389.050,77

-335.728.512,17

-541.438,54

-899.313,74

-76.429.595,96

-78.551.253,86

a) Wages, salaries and similar

-60.396.666,86

-62.406.840,40

b) Social charges

-16.032.929,10

-16.144.413,46

-39.084.108,00

-38.300.326,86

-33.322.297,35

-33.828.484,91

-3.809.861,42

-3.759.416,16

-702.657,83

-691.380,24

-1.249.291,40

-21.045,55

-10.518.582,36

-10.567.368,01

0,00

57.375,85

-22.839,25

OPERATION RESULT

7.489.246,47

8.752.190,92

Financial revenue

2.830.257,56

4.751.867,32

Financial expenditure

-7.601.538,16

-7.281.213,39

FINANCIAL RESULT

-4.771.280,60

-2.529.346,07

0,00

2.717.965,87

6.222.844,85

-338.986,68

-1.206.291,23

2.378.979,19

5.016.553,62

0,00

2.378.979,19

5.016.553,62

ON-GOING OPERATIONS Operation revenue

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

Other operation 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 asset sell-off

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 expressed in Euros.

SERHSDNA annual report 2012

Auditorsâ&#x20AC;&#x2122; Report at 31 December

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 December 2012, 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 2.2 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 2012, 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 December 2012, 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. The attached management report for 2012 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 2012. 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, 23 April 2013

SERHSDNA annual report 2012

Consolidated on 31 December

Investment activity

The present circumstances in our surroundings makes us cautious when investing, without stopping the investments we believe essential for the future growth of our business. The volume of investments made by the Grup SERHS in 2012 was an overall amount of more than 7.8 million Euros. With the investment made this year, the overall investment made by the Grup SERHS in the five-year period 2008-2012 amounts to 78.0 million Euros (around 12,978 million of the former pesetas)

When the investment activity in 2012 is analysed by Group operative divisions, its share-out breaks down as follows: INVESTMENT 2012 BY DIVISIONS

YEAR INVESTMENT (Thou. €)

SERHS DISTRIBUTION

(Thou. €) 1.928,00

2008 26.115,00

SERHS TOURISM

2009 12.292,00

SERHS HOTELS

1.895,00

2010 15.045,00

SERHS FOOD

1.382,00

SERHS SERVICES, REAL ESTATE AND PORTFOLIO

2011 16.775,00 2012 7.809,00 TOTAL 78.036,00

TOTAL

INVEstment 2012 (Thou. €) HABITUAL INVESTMENT

4.109,00

52,62%

NEW INVESTMENT 3.700,00 47,38% TOTAL 7.809,00

Of the whole of the investment made in 2012, 47.38% corresponds to new investments and the remainder, some 4.11 million Euros, to recurrent investments (vehicle fleet renewal, computer equipment, improvement of hotel facilities and stores, amongst others).

SERHSDNA annual report 2012

773,00

1.831,00 7.809,00

Consolidated on 31 December

Investment activity

9,90% 24,69%

23,45%

Regarding the new investment made by the Group in the year, this was 3.7 million Euros (47.38% of the total), and especially the following: • In the SERHS Distribution Division we highlight the completion and start-up of the SERHS Distribution website to allow the development of the online channel and the upgrading of the administrative and commercial computer applications in several companies of the division. • In the SERHS Tourism Division this year and continuing with the Group’s wager on new technologies, the investment and start-up of the SERHS.NET administrative and commercial management solution was completed.

17,70%

24,27%

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

• Of the investments made in the SERHS Hotels Division, we highlight the incorporation of the hotel establishment Hotel SERHS RIVOLI RAMBLA (Pastuiraser, S.L.), the first urban hotel in Barcelona that we manage. Also the investments in improving and preserving the different beach hotels of the Group (Hotel SERHS Sorradaurada, Hotel SERHS Oasis Park, Hotel SERHS Vila de Calella), and our hotel in Natal (Brazil) SERHS, the Natal Grand Hotel. • As for the SERHS Food Division, work is still under way on the innovative and effective EUDEC system to solve the present problems of collective restaurant services. This system is intended for different sectors such as residences, hospitals, hotels, companies, schools, etc. The EUDEC system was successfully introduced for hospitals and residences in 2012 and now work is under way for schools.

SERHSDNA annual report 2012

Consolidated information

Financial situation

There follows our analysis of the state and evolution of the Group’s financial resources. The attached table shows that despite a slight fall with respect to the previous year due to the effects of the value adjustments and fall in minority interests we will mention below, the net equity accounts for 29.78% of all liabilities. Years Stockholders’ Equity

2008

2009

2010

2011

2012

81.117

82.537

87.994

88.794

87.836

Value change adjustments

-4.793

-1.399

2.793

-817

-5.754

Minority interests

16.389

15.747

12.815

14.012

7.276

NET EQUITY

92.713

96.885

103.602

101.989

89.358

Financial institutions

87.973

101.541

106.680

105.085

107.236

2.194

2.899

3.451

4.478

4.327

90.167

104.440

110.131

109.563

111.563

182.880

201.325

213.733

211.552

200.921

Other credits LONG-TERM EXTERNAL RESOURCES TOTAL PERMANENT RESOURCES Figures expressed in thou. Euros

In 2012 we highlight the effect on the net equity (specifically the caption of value change adjustments) of the conversion into Euros of the financial statements of the Group companies working in another currency (especially Brazil). This caused a fall in the net equity of 4.7 million Euros over the previous year. Similarly, the fall in minority interests is partly due to the Hotel Maripins leaving the consolidation perimeter and also the effects of the increase of the direct and indirect participation by the Group in companies that already formed part of the consolidation perimeter, such as SERHS Fruits Distribució Global, S.L. and Nam-Nam, S.L. In recent years, we understand that we maintain an adequate financial structure with a correct balance between the use of long-term resources from Group operations and its shareholding and from indebtedness operations with third parties.

250.000 Milers d’euros

200.000 150.000 100.000 50.000 0

2008

SERHSDNA annual report 2012

2009

2010

2011

2012

OWN RESOURCES LONG-TERM EXTERNAL RESOURCES

Consolidated information

Financial situation

The following table breaks down the permanent resources at the close of 2012 by operative divisions: PERMANENT RESOURCES BY DIVISIONS (Thou. â&#x201A;Ź) SERHS DISTRIBUTION

26.774,00

SERHS TOURISM

18.435,00

SERHS HOTELS

71.360,00

SERHS FOOD

15.288,00

SERHS PROJECTS

2.982,00

SERHS SERVICES, REAL ESTATE AND PORTFOLIO

66.082,00

TOTAL

200.921,00

DISTRIBUTION OF PREMANENT RESOURCES 2012 9,18%

1,48% 13,33% SERHS DISTRIBUTION SERHS TOURISM SERHS HOTELS

35,52%

SERHS FOOD SERHS PROJECTS

32,89%

SERHS SERVICES, REAL ESTATE AND PORTFOLIO

7,61% This distribution of permanent resources reflects the correlation with the volume of fixed assets in the divisions. The concentration of the bulk of the assets occurs in two divisions; in SERHS Hotels for the hotel establishments owned by the Group and the SERHS Portfolio division where there are the remaining buildings of the Group which are used by different companies in their activity.

SERHSDNA annual report 2012

Consolidated information

Strategic analysis of growth

The following table shows the effects of the growth strategy introduced in recent years on the Groupâ&#x20AC;&#x2122;s most representative variables. Year

2002

2007

2012

Investments

32.546

48.291

7.809

Stockholdersâ&#x20AC;&#x2122; Equity

45.264

80.572

87.836

Permanent resources Turnover Staff Contribution to National Income Number of Partners EBITDA

68.398

179.590

200.921

352.158

476.447

465.395

1.714

2.730

2.500

48.049

86.375

82.957

701

1.466

1.533

10.132

24.079

18.008

Cash flow

9.706

20.784

13.237

Net profit

3.037

6.079

2.379

Figures expressed in thou. Euros

In this analysis, we highlight a deceleration in investment in recent years, meaning that the current circumstances have led us to be much more selective in investing and to wait for better times. However, we can see that the permanent resources continue to grow and have multiplied by almost three since 2002, a growth which in our own resources has amounted to 42.57 million Euros. We must also mention the evolution of the EBITDA and the CASHFLOW, which reflect the effects of the economic crisis since later 2008, but which are higher than those of 2002.

EBITDA

25.000 20.000 15.000 10.000 5.000 0

18.008 10.132

2002

2007 Years

30.000

24.079

SERHSDNA annual report 2012

2012

Thou. Euros

30.000

cash flow

25.000 20.000 15.000 10.000 5.000 0

20.784 13.237 9.706

2002

2007 Years

2012

Consolidated information

Operative revenue

The figure of consolidated operative revenue for the year closing at 31 December 2012 supposed a minimal fall of 1.57% over the previous year, which we consider satisfactory given the circumstances in this year caused by the crisis in which we are immersed. The effects of the fall in internal consumption have most been noticed in our SERHS Projects division and to a smaller extent in SERHS Tourism. The remaining divisions have withstood the repercussion of the fall in consumption we are suffering and have maintained their income with respect to the previous year. We break down this revenue figure for the different divisions of the Group: DivisiON SERHS DISTRIBUTION SERHS TOURISM SERHS HOTELS SERHS FOOD SERHS PROJECTS OTHERS (SERVICES AND EQUITY) TOTAL

2011 173.819 211.705 28.852 45.650 7.213 5.583

2012 174.362 206.014 29.760 45.327 3.997 5.935

472.822

465.395

Figures expressed in thou. Euros

We hereby present the weight of each of the divisions in the overall consolidated income of the Group. 10%

1% 1% 38%

SERHS DISTRIBUTION SERHS TOURISM SERHS HOTELS SERHS FOOD SERHS PROJECTS OTHERS (SERVICES AND EQUITY)

44%

This distribution of permanent resources reflects the correlation with the volume of fixed assets in the divisions. The concentration of the bulk of the assets occurs in two divisions; in SERHS Hotels for the hotel establishments owned by the Group and the SERHS Portfolio division where there are the remaining buildings of the Group which are used by different companies in their activity.

SERHSDNA annual report 2012

Consolidated information

Contribution to National Income

The contribution to national income, which is understood as an indicator of prosperity not only of the people in the Group but also of the country in general, has always been a priority for the Group. In 2012, this indicator amounted to a volume of 83 million Euros, which means that in the last five years we have contributed almost 444 million Euros to the national income. YEAR

MilLION euros

EVOLUTION OF CONTRIBUTION TO NATIONAL INCOME 120

2008 95,69 2010 88,90 2011 88,60 2012 82,96

100 Million euros

2009 88,38

95,69

88,38

2008

2009

88,60

82,96

2010

2011

2012

60 40 20 0

TOTAL 444.53

NATIONAL INCOME 2012

88,90

Years

Thou. Euros

% of Total

Workers (paid)

60.397

72,80%

Administration (Social Security + Taxes)

20.181

24,32%

2.379

2,88%

Shareholders (Dividends + Reserves) TOTAL

82.957 100,00%

Once more we must insist on the importance of the Grup SERHS staff as their active participation and daily work have allowed us to continue improving our products and services and maintaining our leadership. YEAR

Average Payroll

PERCENTAGE OF WORKERS WHO ARE PARTNERS YEAR No. Workers and relatives-partners

2008 2935 2009 2697 2010 2683 2011 2570 2012 2500

No. Partners

2008 624

1504

2009 637

1506

2010 692

1580

2011 692

1586

2012 671

1533

The workers and relatives who are partners of Grup SERHS at the end of the year 2012 account for 43.77% of the total.

SERHSDNA annual report 2012

Consolidated information

Study of consolidated profitability

This table shows evolution of the results of both the Cash flow and EBITDA for 2012 over the previous year.

Year EBITDA Extraordinary results Ordinary gross result Redemption Operation result Financial

2011

2012

19.319

18.008

19.319

18.008

-10.567

-10.519

8.752

7.489

-2.529

-4.771

Pre-tax profit

6.223

2.718

Redemptions

10.567

10.519

Cash flow

16.790

13.237

Figures expressed in thou. Euros

Analysing the above data, the figures achieved in 2012 are very satisfactory, bearing in mind the effects of the financial and economic crisis we have been suffering since the last quarter of 2008. The net result of the year closed at 31 December 2012 was â&#x201A;Ź2,378,979.19

SERHSDNA annual report 2012

Consolidated information

Study of the Profitability of Grup SERHS, S.A. There follow the data referring to the retribution received by the shareholders of Grup SERHS, SA in recent years. In 2012 a split operation was completed on the share capital, consisting of dividing the par value of the shares by 10. VOLUME OF TOTAL SHAREHOLDER RETRIBUTIONS (data in Euros) Year Dividends (cash) Choice dividend (shares)

2008

2009

2010

2011

2012

2.796.563,75

2.216.023,55

1.101.679,15

1.096.974,73

1.399.257,41

0,00

1.281.862,40

1.421.745,40

1.235.710,88

Released shares (par value)

2.062.500,00

1.491.000,00

1.627.472,00

1.798.140,00

1.563.544,60

Total

4.859.063,75

3.707.023,55

4.011.013,55

4.316.860,13

4.198.512,89

2011

2012 amb split

EVOLUTION OF SHAREHOLDER RETRIBUTIONS PER SHARE (data in Euros) Year

2008

2009

2010

Dividend per share

0,85

0,65

0,065

Per released shares (real value)

1,16

0,77

0,80

0,83

0,070

Total retribution per share

2,01

1,42

1,45

1,48

0,135

There follows the valuation of one share in Grup SERHS, S.A. according to the agreements reached in the General Assembly of Shareholders through the successive capital increases. VALUE OF ONE SHARE YEAR

In euros

WITH Split

2008

37,00 3,70

2009

38,50 3,85

2010

40,00 4,00

2011

41,50 4,15

2012

-,- 4,20

The yield of one share in Grup SERHS, S.A., based on the following parameters for its calculation and applying the split made during the year 2012 was:

Value in Euros

Outlay of one share acquired in the capital increase of 31/12/2011 at a 4,15 â&#x201A;Ź: Payment made on 31/12/2011

2,425

Payment made on 30/07/2012

1,725

Yields obtained: Dividend collection (September/2012)

0,065

Released share (October/2012)

0,070

Share value increase (December/2012)

Total

2012 ECONOMIC YIELD OF SHARES AQUIRED IN THE CAPITAL INCREASE OF 31/12/2011

SERHSDNA annual report 2012

0,050 0,185

5,88%