i n f o r m e a n ua l - a n n ua l r e p o r t
2014 | 2015
www.serhs.com
SUMMARY
Institutional area
- Letter from the Chairman............................................................................................... 6
- SERHS, the leading tourist group in Catalonia.......................................... 8
> Quality stamps by divisions. ................................................................................ 11
> Brands by divisions......................................................................................................12
- On the inside ............................................................................................................................. 14
- Corporate Social Responsibility . ........................................................................... 16
- Policy of conciliation between working and family life. ......... 16
- Families programme...................................................................................................17
- Documentary Management Plan.................................................................. 18
- Equality plans and Social Area....................................................................... 19
- SERHS leads through talent ............................................................................ 19
- Human Resources................................................................................................................ 20
- Staff Administration................................................................................................. 20
- Safety and Hygiene: losses..................................................................................21
- Training.................................................................................................................................. 22
- Talent Project ................................................................................................................ 23
- SERHS Real Estate.............................................................................................................. 25
- SERHS Equity and Portfolio....................................................................................... 25
- Related companies.............................................................................................................. 25
- Associated companies..................................................................................................... 25
Business activities
- Letter from the CEO.......................................................................................................... 26
SERHS Divisions
- SERHS Distribution............................................................................................................. 30
- SERHS Tourism....................................................................................................................... 34
- SERHS Hotels........................................................................................................................... 38
- SERHS Food............................................................................................................................... 42
- SERHS Projects......................................................................................................................46
- SERHS Services..................................................................................................................... 50
Economic and Financial Information
- Presentation.............................................................................................................................. 55
- Consolidated annual accounts. ...............................................................................56
- Auditors’ report...................................................................................................................... 57
- Balance sheet ......................................................................................................................... 59
- Profit and loss account.................................................................................................. 60
- Investment activity.............................................................................................................. 61
- Operating income................................................................................................................. 62
- Consolidated information............................................................................................. 63
SERHS annual report 2014-2015
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Fourty years with devoted and enthusiastic people have enabled the success of this great adventure that we so excitedly started in 1975.
Dear shareholders,
THIS YEAR WE HAVE STARTED TO CELEBRATE OUR 40TH ANNIVERSARY and although 40 years are said very quickly, when you want to remember and go over everything that has happened in this time, you get caught up and find it very difficult to believe the number of things that have happened and the enormous and growth we have enjoyed as a group. When we started in 1975, there were not even 20 of us between partners and workers and our initial capital was somewhat less than 5,000 euros. Today, between partners and workers we now amount to more than 4,000, and the initial capital of 5,000 euros has become an entirely outlaid share capital of more than 100 million. Ramon Bag贸 Agull贸 SERHS Chairman
It is true that 40 years have passed, but it must also be remembered that we have had good and peaceful years, but we have also been through crises, some of which have been very hard such as that from 2008 to 2015, which has made many companies of the tourist world go bankrupt. Not only have we withstood this crisis, but we have always closed the years
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SERHS annual report 2014-2015
Today, between partners and workers we now amount to more than 4,000, and the initial capital of 5,000 euros has become a completely outlaid share capital of more than 100 million.
Not only have we withstood this crisis, but we have always closed the years with profi ts and have never stopped sharing out dividends and released shares amongst our partners.
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If we now look back and are surprised at what we have done in four decades, we will also be surprised how far we can develop in the coming fi ve years.
with profi ts and have never stopped sharing out dividends and released shares amongst our partners.
SERHS Services with Human Resources, Administration and Finance, New Technologies, SERHS Projects and Insurance.
All of this fi lls us with satisfaction, and especially myself, as I have had the fortune to be able to live through these 40 years with responsibility along with committed and enthusiastic people who have enabled the success of this great adventure that we so excitedly started in 1975.
Without ceasing to be a company with a clear Catalan character, ready to work effectively and effi ciently, today we are now entirely consolidated. We have nearly 1,500 partners, 2,500 workers and powerful directors strongly committed to the growth objectives. To all of these factors, we have to add our determined wager (now for many years) on new technologies, which leaves us at the forefront of the most developed companies on the market.
The beginnings of the company were diffi cult, as we were starting out on a new project. Suggesting purchasing together harmed many interests of the heads of budgeting in establishments, which infl uenced the decision of the person responsible for the business. In any case, as we managed to convince the easiest, we were fortunate that others also climbed on board, considerably increasing the number of partners.
It is for all of this that we are highly optimistic about our future perspectives. If we now look back and are surprised at what we have done in four decades, we will also be surprised how far we can develop in the coming fi ve years.
Thank you
One important moment was when, with a view to taking advantage of the group’s success, we turned the Co-operative into a Joined Stock Company in order to be able to grow and leave nobody on the way, for in SERHS we have always considered people before money. From here, companies were created over the years, others were brought in and the business divisions we know today were gradually built: SERHS Distribution, SERHS Tourism & Hotels, SERHS Food and the corporate support of
Ramon Bagó Agulló SERHS Chairman
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www.serhs.com
SERHS consolidated sales reached 472 million euros in 2014/2015.
SERHS
THE LEADING TOURIST GROUP OF CATALONIA The history of SERHS started 40 years ago, when a group of industrialists led by Ramon Bagó, Josep Janer and Cristóbal Villega joined forces to form a purchase co-operative and thereby to face a time of crisis in the tourist business. From this moment, the success of the business formula allowed the growth and diversification of the entity’s operations, focused above all on hostelry, restaurants and groups. From then to today, SERHS has become the leading tourist group in Catalonia and has been positioned amongst the leaders in the Spanish state. Structured into different
business divisions (Distribution, Tourism & Hotels, Food, Projects & Equipment and Services) Serhs is firmly present around Catalonia and around the whole of the peninsular Mediterranean Arc, Spain and Brazil. With a total of 51 active companies, the group employs an average of 2,500 people. With more than 1,400 shareholders (40% of whom are also workers) and a share capital of 102 million euros, SERHS’ consolidated sales amounted to 472 million euros in the last year, 2014/2015.
www.serhs.com
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SIGNIFICANT FIGURES 40,000
2,500
1,400
472
CUSTOMERS
AVERAGE WORKERS ON THE PAYROLL
SHAREHOLDERS
MILLION EUROS IN CONSOLIDATED SALES
102M
37
2,83M
EUROS IN SHARE CAPITAL
DELEGATIONS OF THE CORPORATION
MILLION EUROS IN DIVIDEND SHARE-OUT IN 2015
www.serhs.com
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FROM CATALONIA TO THE WORLD Ripoll Port del Comte Vic Sant Hilari Sacalm Cardona
Fornells de la Selva Blanes Malgrat de Mar Santa Susanna Pineda de Mar Calella
Tordera Palafolls Arenys de Munt Ripollet
Vilassar de Mar Barcelona
Reus Salou
Tarragona
Arnes
Benicarl贸
Palma de Mallorca
Val猫ncia
Madrid Benidorm
Torremolinos
Lorca
Cartagena
Tenerife
www.serhs.com
from Catalonia to tHe WorlD
Catalonia Spain
Canary Islands Natal (Brazil) Pipa (Brazil)
S達o Paulo (Brazil)
SerHS, SYnonYm of QualitY
ISO 9000:2008 QUALITY MANAGEMENT SYSTEMS
ISO 22000:2005 FOOD SAFETY MANAGEMENT
ISO 14001:2004 ENVIRONMENTAL MANAGEMENT
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BRANDS BY DIVISIONS
SERHS annual report 2014-2015
SERHS annual report 2014-2015
SerHS - otHer BranDS, proJeCtS, initiatiVeS anD proDuCtS
BranDS BY DiViSionS
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ON THE INSIDE
SERHS annual report 2014-2015
The courtyard of arms of the Castell Jalpí (Arenys de Munt) filled over two days with a strongly family and totally committed audience.
THE SHAREHOLDERS APPROVE THE NEW STRATEGIC PLAN 2015-2018
At the General Shareholders’ Meeting
The Plan, conceived to face the new
of June, Jordi Bagó, the group’s CEO,
challenges of the future, expects to
presented the Strategic Plan for the
increase sales by 20%.
SERHS SHARES OUT DIVIDENDS FOR €2.83 MILLION
With a capital increase approved by the
For the sixth consecutive year, it was
Meeting of Shareholders in October
chosen to apply the “dividend choice”
2015, the 4,500 euros with which SERHS
programme.
three year period from 2015 to 2018 to the shareholders.
was incorporated in 1975 have now reached today’s 102,367,351.20 euros The Board of Administration of the SERHS Group agreed to share out
THE GROUP STARTS THE CELEBRATIONS OF ITS 40TH ANNIVERSARY
- 64.33% of the shareholders came down on the option of purchasing shares - the remaining 35.67% chose to
dividends and shares for a value of
receive the amount of the dividend in
2,834,317.59 euros
cash.
The starting gun was fired on the events
To celebrate the event, the group has
of the 40 years of the corporation with
planned different actions which will
the 39th SERHS Evening.
continue until July 2016.
As a symbolic action, during the
One of the biggest and most widely
39th SERHS Evening (July 2015) a
attended events of the celebration were
commemorative lithography made by
the concerts put on at the Castell Jalpí
the artist Josep Niebla was unveiled.
in Arenys de Munt. The courtyard of arms filled on both days with a strongly family and totally committed audience.
ON THE INSIDE
SERHS annual report 2014-2015
15
Since the start of the “Path of Ideas” programme (SERHS Innovation) in 2013, 10% of the proposals made by the workers of the Group have been implemented.
THE “SERHS CLUB” IS CONSOLIDATED AS A PLATFORM OF DISCOUNTS AND BENEFITS
This exclusive Club for workers and
The SERHS Club is one of the contents
shareholders of the group has now
offered by the “SERHS App” which was
reached 1,500 users.
started up in December 2014 and is
SERHS INNOVATION 2015 AWARDS
Since the project was started in 2013, a
The winner of the “SERHS 2015 Best
total of 18 ideas proposed by the workers
Idea” was Alex López (SERHS Services)
of the group have been implemented.
with the idea “Bla Bla Car SERHS”. The
aimed at workers and shareholders of With an ever stronger wager on online
the corporation and includes the most
operations, 300 discounts can be found
interesting content of the SERHS Portal.
on the main brands of the market.
finalists were Marta Carrasco (SERHS For the third consecutive year, the
Food) with the idea “Best child/monitor
“SERHS Innovation Prizes” were given to
relationship in school dining halls” and
the most participative workers and those
Rafa Mena (SERHS Services) with the
with the best ideas of the year.
idea “Supplying users with the ON/OFF of the servers”.
The winner of the “SERHS 2015 League of ideas” was Xavier Gómez (SERHS
In 2016, different workstations will be set
Distribution), after giving 5 ideas, 6
up to develop and study the feasibility of
comments and receiving 30 votes.
implementing these three proposals.
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CORPORATE SOCIAL RESPONSIBILITY
POLICY OF RECONCILING WORKING AND FAMILY LIFE
SERHS annual report 2014-2015
The SERHS Conciliation Plan offers
Until the child is 12 months old,
workers an extra pack of hours
SERHS allows the worker to reduce
equivalent to 5 working days.
their working day by one hour while maintaining their pay.
With regard to maternity/paternity leave, SERHS workers who are mothers and
The 1,029 applications received
fathers receive one week more than
amounted to a total of 3,453 hours
what is stipulated by law.
conceded.
TYPE OF REQUEST
HORES CONCEDIDES
Doctor
Doctor: 40% School meeting: 7% Public Administration process: 5% Examination: 0% Others: 2% Child’s birthday: 4%
School meeting
Examination Others Child’s birthday Extending maternity/ paternity leave
Compacting and reducing the working week by 1 hour: 19%
Compacting and reducing the working week by 1 hour Leave to care for relatives
Four weeks before the birth, working 75%: 3%
238
Public Adm. process
Extending maternity/paternity leave: 14%
Leave to care for relatives: 6%
1.368,5
Four weeks before the birth, working 75%
163 0 90 130 480 672 203,5 108
CORPORATE SOCIAL RESPONSIBILITY
SERHS annual report 2014-2015
17
The “Family Party” is the event with which most visibility is given to the ‘Family Programme’. This edition, (the 11th) was attended by around five hundred people who were able to enjoy a day in the park full of surprises, with a magician’s show included.
FAMILIES PROGRAMME
SERHS each year gives out 50,000 euros amongst families with children at school age.
The 2015 programme received a total of 422 applications, 64% of which were awarded.
Welcome Baby: A welcome gift to all newborns.
Nurseries: A subsidy for workers with children under 3 in their charge and enrolled in nurseries.
School material: Help with school material for workers with children from 3 to 17 years of age at school.
Higher Education: Granting of scholarships to workers’ children studying a university degree or higher vocational training cycle.
€12.250
€21.800
€16.000
€350/help
€100/help
€500
55received – 35awarded
329received – 38received – 18awarded 218awarded
37received – 37awarded
TOTAL
422 received – 271 awarded
o 100/help
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CORPORATE SOCIAL RESPONSIBILITY
DOCUMENTARY MANAGEMENT PLAN
SERHS annual report 2014-2015
In order to achieve a “Paper-free
There are currently three projects up
Office”, SERHS wagers on Documentary
and running to eliminate paper from our
Management.
processes.
1. INVOICE DIGITISATION 76% of the bills received now come in by electronic means. We work with several platforms to help our suppliers to integrate with our systems. Everything that SERHS receives on paper is made digital. A single digital file accessible to all users replaces the physical paper file. More than half of the bills issued by SERHS companies are now done in electronic format. PAPER
100%
E-BILL
90%
67%
81%
33%
52%
9%
28%
76%
33%
19%
67%
48%
91%
72%
24%
SERHS DISTRIBUCIÓ
SERHS TOURISM
SERHS HOTELS
SERHS FOOD
SERHS PROJECTS
SERHS SERVEIS
TOTAL SERHS
80% 70% 60% 50% 40% 30% 20% 10% 0%
2. DIGITAL WORK FILE Since 2014, work has been done to digitalise all payroll files. Since 2015, all new entries now have the Digital Work File from the time they come in. There are now 5482 files in this format.
SERHS DISTRIBUCIÓ
SERHS TOURISM
641
SERHS HOTELS
933
SERHS FOOD
SERHS SERVEIS CENTRALS
1.100
2.678
TOTAL
130 5.482
3. ELECTRONIC SIGNATURE and BIOMETRIC SIGNATURE Both complement the Documentary Management and substantially help to more effectively implement the Documentary Management Plan. The documents are already on digital support from origin
Document issue
Viewing on tablet
The worker signs biometrically on the tablet
The manager signs electronically
Direct access to the document from the worker’s portal
CORPORATE SOCIAL RESPONSIBILITY
SERHS annual report 2014-2015
EQUALITY PLANS
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SERHS has 5 Equality Plans published in
- SERHS Food Àrea SL
the Register of The Quality Plans of the
- Europea de Cuinats SL
Government of Catalonia in the following
- Sacalmser SL
companies:
- Serveis Educatius i Socials del Maresme - Mediterraneum XX SL.
SOCIAL AREA
FOOD BANK Every year SERHS increases its
In 2015, the figure amounted to almost
donations of product to the Food Bank.
30,000 euros of product, amounting to an increase of 49.36% and 183.70% over 2014 and 2013.
DONATIONS TO THE FOOD BANK €29.712,44 €19.893,02 €10.473,08
2013
2014
2015
VICENTE FERRER FOUNDATION Continuing with the line of collaboration
The agreement is shown in the field with
for more than the last decade, SERHS
the building of reservoirs for collecting
continues with the agreement with the
rainwater.
Vicente Ferrer Foundation.
SERHS LEADS THROUGH TALENT
In 2015, the 7th and 8th editions of the “SERHS leads through talent” project
20 16
8
were completed. In these 8 editions (5 years) a total of 55 managers have been trained. The 9th call has already started and will finish during 2016.
12 8 4
5
6
6
7
6
6
5
6
2011
2012
2013
2014
2015
0
20
HUMAN RESOURCES
STAFF ADMINISTRATION
SERHS annual report 2014-2015
Specialised in advice and dealing with occupational processes, service is given to all SERHS companies, but also to external customers. All of the information is channelled through the “SERHS Service Portal”, and online, personalised, interactive, confidential, secure tool available 24/7.
FLEXIBLE COMPENSATION PLAN The purpose of the Flexible Compensation Plan lies in the fact that all SERHS workers can choose how they want to receive their gross annual pay (with a limit of 30% of the total). Each worker can design the composition of their pay package and devote part of the salary to contracting certain products with significant tax and economic benefits, and so increase their net availability. Investment in Flexible Compensation Plan Products = €369.382,57 100% 90% 80% 70%
75%
60% 50% 40% 30% 20% 10% 0%
11% SHARES
HEALTH INSURANCE
1%
3%
TRAINING
RESTAURANT CARD
9% NURSERY
HUMAN RESOURCES
SERHS annual report 2014-2015
HEALTH AND SAFETY
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ACCIDENTS All accidents occurring in SERHS companies in 2015 were light. 29.01% of these light accidents occurred outside the workers’ workplace. Of all of the light accidents, 13.74% occurred on route.
0%
100%
SERIOUS ACCIDENTS
70%
90% 80%
ACCIDENT OUTSIDE THE WORKPLACE
29,01% 13,74%
60% 50%
ACCIDENT EN ROUTE
57,25%
40%
100%
ACCIDENTS IN THE WORK CENTRE
30% 20% 10%
LIGHT ACCIDENTS
0% LOCATION OF THE ACCIDENTS
ABANTESER ASSOCIATED PREVENTION SERVICE OF THE HOSTELRY SECTOR The Abanteser Associated Prevention Service specialised for the hostelry sector was created in 2013 with 4 participating companies. It now has a total of 25 adhered companies and an annual average of 630 workers.
RETURN OF SERHS 2015 LOW ACCIDENT BONUS In 2015, fifteen SERHS companies were rewarded for their good management in health and safety.
€30.716,7
35.000€ 30.000€ 25.000€ 20.000€
€17.775,7
15.000€ €9.386,6
10.000€
€2.927,7
5.000€
€626,6
0€
SERHS DISTRIBUCIÓ
SERHS SERVEIS
SERHS TOURISM
SERHS HOTELS
TOTAL SERHS
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HUMAN RESOURCES
TRAINING
SERHS annual report 2014-2015
SERHS makes a firm wager on the skills of its employees. Investment in training is key for the workers to be prepared in a changing market with far more competition as a result of growing levels of globalisation, technological developments and commercial freedom.
GROUP COMPANIES: INVESTMENT IN TRAINING 2015: €282,000 €100.000
€92.690 €83.808
€80.000
€61.948 €60.000
€40.000
€29.336 €14.959 €20.000
€0
SERHS DISTRIBUCIÓ
SERHS TOURISM
SERHS HOTELS
SERHS FOOD
SERHS SERVEIS
Total hours of training done by SERHS workers: 35,220 hours
Number of training groups: 369 courses
Number of training participants: 3960 pupils
% successful completion of training: 85%
Average yearly hours of training per pupil: 13.41 hours
% pupils trained by means of our e-learning platform: 58%
Pupils trained by subject: ADMINISTRATION AND FINANCE
1% 4%
COMMERCIAL AND MARKETING
9%
SPECIFIC DIVISION TRAINING
6%
SKILLS AND HUMAN RESOURCES WELCOME MANUAL OFFICE TECHNOLOGY AND NEW TECHNOLOGIES
29% 1%
TRAINING IN ATTENDANCE
7%
HEALTH AND SAFETY, QUALITY, ENVIRONMENT AND CORPORATE SOCIAL RESPONSIBILITY TALENT PROJECT
34% 8%
As specialists in service for the hostelry and restaurant sector, the SERHS Human Resource department collaborated in giving and managing the training of several of its customers:
Total hours of training managed: 2575 hours
Number of training groups: 28 courses
Number of training participants: 183 pupils
HUMAN RESOURCES
SERHS annual report 2014-2015
TALENT PROJECT
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SERHS has started the first phase of the Human Resource Strategic Project for the transformation of the culture of the organisation, which consisted: On the one hand, of implementing Human Resource Management Processes, with even criteria for the whole of the company without forgetting the particular features of each of the businesses, which assure the skills that SERHS requires.
Some of the goals are achieved are:
Assessment of more than 240 work posts. Identification and analysis of the transversal maps of knowledge and business in SERHS, which were respectively a total of 124 transversal and 868 business. Analysis and definition of a catalogue of 20 core skills and a total of 85 identifiable behaviours. Assessment of knowledge and skills required for the work post of more than 450 SERHS professionals. On the other, this project also consisted of communicating and training managers and Business Directors so that it might be that they who lead this transformation process by implementing the Key Processes in Human Resources. * For 2016, it is planned to start the Development Management Programme for the whole of this group.
SERHS SERHS REAL ESTATE
RELATED COMPANIES:
This area seeks maximum yield on the assets held by SERHS. Its actions focus on renting out facilities, purchase and sale or promoting certain actions on urban and industrial land.
University School of Hostelry and Tourism of Sant Pol de Mar This hotel school founded in 1966 and attached to the University of Gerona has a long tradition in tourist, hotel and gastronomic training and maintains a close and reciprocal institutional link with SERHS. The centre, which is included in the exclusive “Hotel Schools of Distinction” network, is a pioneer in its area and allows intense and fruitful exchange with the SERHS group of companies.
SERHS EQUITY AND PORTFOLIO
Grup SERHS, S.A. is the holder of a large portfolio of securities and also the owner of a series of buildings. Through its security portfolio it has a dominant direct or indirect participation in all of the companies of the group.
ASSOCIATED COMPANIES: SERHS S / COOP. C. LTDA.
Its initial drive and cooperative and associative will at the service of people have allowed it to carry out an intense social activity. Since the company started now 40 years ago, its feeling of belonging, of mutual confidence and endeavour have led to the deployment of many initiatives in the surroundings of the company, which have achieved what today is known as SERHS.
Publintur SA A company engaged in image and communication and graphic and digital production, PUBLINTUR maintains a close and intense relationship and bond with SERHS. This year, PUBLINTUR has seen how the proposed creation of the “Museum of Tourism”, a unique project in the world, has become reality. It also offers its customers actions in the field of online marketing, with strategies that can improve its presence on the Internet, so that this might become a profitable resource. One thing that must be highlighted is the start of a new digital printing station and an electronic sign service. All of these are activities which have produced strong business synergies and driven quality relationships.
SERHS annual report 2014-2015
26
Today one year after the start of the Strategic Plan, we can say that we have developed the whole of the organisational part.
FACING THE CHALLENGES OF THE FUTURE
Jordi Bag贸 Mons SERHS CEO
This year we are celebrating our 40th anniversary and find ourselves at a very exciting time of our history, at a time of great changes in organisation and business models; changes we face with security and being very aware of our history, of our values and of the great confidence that our shareholders each day place in all of us. We also do so with great responsibility for our workers, who we thank once more for their daily effort to bring this great company onwards. Together, with this effort, in our history we have overcome very large changes in the market. We have recently done so in a strongly changing environment due mainly to the great growth of new technologies, to which we have always been very attentive, showing our great capacity to transform in order to adapt to them. This has all led us to new ways of managing our businesses, and we have done so consistently, firmly, with great vigour and a clear horizon, which is to bring value to the company, to give comfort to our workers and profits to our partners. Our sights, however, must also be focused on our growth and sustainability. It is for this reason that we believe it is important to start up a strategic plan which defines the master lines to be followed in the coming years and which, at the same time, guarantees our future growth.
www.serhs.com
SERHS annual report 2014-2015
This year we are celebrating our 40th anniversary and find ourselves at a very exciting time of our history, at a time of great changes in organisation and business models.
Our project in SERHS Tourism therefore passes through the transformation of a model of pure intermediation into a model which gives value to the hotels and to our customers.
Today, one year after the start of this plan, we can say that we have already developed the whole of the organisational part where, for months, the new Board of Administration and Monitoring Commission have been working. The former with a much more executive focus, with all of the executive positions covered and completely integrated in the new executive organisation of the Grup SERHS. With respect to the Business Divisions, we have carried out a great transformation in all of them. This year, the challenge we have set ourselves is to consolidate all of these changes. Also in line with the new Strategic Plan, we have merged the Tourism and Hotels divisions to allow us to share the know-how of the wholesale commercialisation with the sales management and revenue management of the hotels. In the Tourism division, both the tourist product distribution model and the behaviour of the customer have changed radically, which is something that is jeopardising the intermediation role we had always had as SERHS Tourism. Our project in SERHS Tourism therefore passes through the transformation of a model of pure intermediation into a model which gives value to the hotels and to our customers. This will give us a very significant competitive edge in the coming years and will allow us to cover a market niche which today is still pending. We are clearly setting the target of becoming the commercial arm of many holiday hotels: 1) thanks to our capillarity to reach the international markets, 2) to our knowledge of the product, and 3) above all to our powerful technological platform, which covers needs that many hotels are unable to achieve individually. This is a project that we will implement throughout the country and which will give us much sense in the market of tourist distribution, a market which, as everyone knows, has suffered great change in recent years. In the Hotels Division, our strong wager on Barcelona
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Our hotel in Brazil will enjoy another record year in employment, turnover and profitability.
has turned out to be entirely the right decision. Today we have three hotels and we are looking for new opportunities which, though not easy to find, we are sure we will achieve through our prestige. This year we are already beginning to see improvements in the Catalan market and we are therefore sure that the growth we have seen in the last year in the Rural Villages will be consolidated and grow again in coming years. Our hotel in Brazil will enjoy another record year in employment, turnover and profitability. The weakness of the currency has helped to increase the interior terrorist movement. This, associated with the difficulty of creating a new hotel offer in the country, means that the revaluation and growth of our hotel business are guaranteed. In the Distribution division, it is obvious that the food and drinks distribution market in the Horeca channel is also affected by great changes. For years the gradual destruction of restaurant points has continued alongside the growth of organised restaurant. The situation provides us with great opportunities for growth, as in SERHS Distribution we are partners of the best manufacturers of food, drinks, cleaning and coffee products for the Horeca channel. With our capacity to reach the customer and our extensive product portfolio, we are therefore in the best positions. For this reason, and following the recent market movements, we have also seen the chance to merger all of our distributors into a single company. Efficiencies, scalability and our market positioning distinguish us strongly from the rest of our competitors. Now, not only do we have a more suitable company format, but we also have all of our organisational, operational and commercial structures totally in line and with the most advanced management and sales technology on the market. Taking advantage of this merger, we are changing the computer platform to allow us a much more efficient and much more precise management in the sale. Today, SERHS Distribution is the largest drinks and food
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www.serhs.com
Today we have three hotels in Barcelona and are looking for new opportunities.
SERHS annual report 2014-2015
The merger of all of our distributors opens up great opportunities for us.
distributor on the Spanish market for the Horeca channel, which is why we are sure we will enjoy great growth in the coming years. In SERHS Food we made a determined wager many years ago. At that time, the wager was made in order to seek a factor to distinguish us from the great players of the sector and which has turned out to be the most innovative system in group restaurant services at this time in Spain, thanks to which we focus on a different, innovative management model and one with a great view of the future. This wager today is the system known as SINC (Safety Innovation and Nutrition for Collectives), a patented system we have already implemented in hospitals, schools and hotels, and which is likely to enjoy exponential growth in the coming years. Today what we foresaw many years ago is now confirmed, which is that the 5th range cuisine would end up taking over as an alternative in many meals, not only in collective surroundings, but also in the domestic environment. But in order to be able to see through this project, which is now a reality, we needed a new production plant, as the one we have had up to now had become small and obsolete. We are therefore in the process of building a new food production plant which we expect to open in the coming months. This new plant of more than 3,000 square metres of more than facilities will have a production capacity of more than 2,500,000 kg a year, five times more than that which we have today.
SERHS Food wagers on the SINC system, a patented system we have already implemented in hospitals, schools and hotels, and which is likely to enjoy exponential growth in the coming years.
The plant, which is much more efficient in all respects, will allow us to cover the demands of our growth in the coming years. Analysing the behaviour of the financial year 2014/2015, I think that we can be moderately satisfied with what has happened and very excited at what is on the way. Our organisation has managed to perfectly read all of the vicissitudes that we have found on the way and to answer them to the extent of being able to produce a broadly positive result; and we have done so bearing in mind the different facts that have gone against us in this year. This year we have not had any extraordinary impact such as the sale of the warehouse in Natal the year before. We have withstood the severe fall in the Russian market, which has caused a large loss of turnover for us due to our great exposure to this market. What’s more, the exchange rate of the real with the euro has suffered the devaluation of around 40%, which logically harmed our consolidated accounts with regard to the dividends from Brazil. As I have already said before, the budget for 2015/2016 is not one of great growth. It is a budget of consolidation and strength in the businesses of the Grup SERHS in order to guarantee strong growth after 2016/2017, as we have provided for in our three-year strategic plan. It is for this reason, as I said at the beginning, that we are now at a very exciting time. We face great opportunities which we are sure to be able to take advantage of, to continue to make this great group grow, by paving the way for it to continue on its long string of successes.
SERHS annual report 2014-2015
Our organisation has managed to perfectly read all of the vicissitudes that we have found on the way and answer them.
www.serhs.com
We face great opportunities which we are sure to be able to take advantage of, to continue to make this great group grow.
29
www.serhsdistribucio.com Distribution of drinks | food | cleaning products | fresh and frozen | coffee | fruit and vegetables for hostelry, restaurants and groups
SERHS DISTRIBUTION
SERHS Distribution is the division of SERHS which specialises in the comprehensive distribution of products for the hostelry, restaurants and group sector. The division is structured in accordance with the products it distributes, ranging from drinks, coffee, dispensing, dry food and cleaning products to fruit, vegetables, 4th range and perishable frozen and/or fresh products. The whole of the activity of SERHS Distribution is aimed at improving the management of our customers’ business by offering them a customised to value proposal depending on whether they are a bar, restaurant, hotel or social restaurant service. By applying the new technologies, we manage to be able to offer these proposals and our customers are able to place their orders through our online shop www.serhsdistribucio.com adapted to any kind of mobile device. There is also SERHS Fruits, the company of the division which specialises in distributing fruit and vegetables for the hostelry and food sectors.
5,000 7M
32M
30%
12M
PRODUCT REFERENCES
TURNOVER THROUGH THE ONLINE CHANNEL
OF THE PURCHASES IN SERHSDISTRIBUCION. COM ARE ALREADY MADE BY MOBILE DEVICE
KG OF FRUIT AND VEGETABLES DISTRIBUTED
BOXES OF PRODUCT
AT YOUR SERVICE
32
www.serhsdistribucio.com
SERHS annual report 2014-2015
SERHS Distribution proposes a new platform for interaction with customers. The online shop is constantly evolving according to the technological and operative improvements appearing at all times.
ONLINE CHANNEL: SERHSDISTRIBUCIO. COM
In the last year, nearly 30 million euros were invoiced via the website.
OPERATIONAL IMPROVEMENTS AND NEW PURCHASES
Route to Market. A project whose main aim is to operationally integrate the commercial activities. The aim is to design the sales organisation more efficiently and effectively to carry out the commercial strategy.
Responsive adaptation conceived to improve the user experience from mobile devices.
Automation of the purchasing and stock management process. The whole of the supply chain is managed in a more advanced and comprehensive way.
AGREEMENT TO REDUCE CO2
The Government of Catalonia awards the Certificate of Adhesion to the Programme of Voluntary Agreements for the reduction of emissions in SERHS Distribution
The latest improvements are aimed at enhancing the exclusive benefits associated with online shopping, promotional dynamisation and acceleration of the purchasing process.
Incorporation of Alfa Dispensing to increase the range of products and services of the division. With a portfolio of 250 customers in 1,300 dispensing machines, its implementation in the hotel chains around the Mediterranean Arc as far as Andalusia is highlighted. The cold space is extended in Tarragona. The space is doubled to 3,000 cubic metres thanks to a new freezing chamber of 1,500 cubic metres. The aim is to be able to serve the increased demand from customers of the Territorial Business Units of the Centre and South of Catalonia.
(platforms in Barcelona and Tarragona), which with different effective actions have managed to reduce the consumption of diesel and electricity.
www.serhsdistribucio.com
SERHS annual report 2014-2015
33
SERHS Distribution mergers the 10 companies attached to the Division to gain in efficiency and to continue growing.
MERGER OF THE COMPANIES
On 1/12/2015, the 10 companies of the Division merged into a single mercantile company, SERHS Distribuci贸 i Log铆stica, S.L., creating the company with the largest turnover on the national HORECA sector market. This merger allows synergies to be generated, improvements in efficiency and working methods amongst the central support
departments and the operative service platforms close to the customers. In order to grow in different areas of implementation, investment was made throughout the year in the sales network and technological support for sales and service, seeking longer term loyalty with our customers.
STRATEGIC AGREEMENTS
The division continues to sign alliances with the best partners to continue offering its customers the best products and the greatest value for money:
Malongo, CEL, J. Garc铆a Carri贸n and Lactalis are some outstanding examples.
SERHS FRUITS
SERHS Fruits collaborate in the campaign to promote fruit in schools, which is promoted by the Department of Agriculture, Livestock, Fisheries, Food and Natural Medium of the Government of Catalonia.
New store location in Mercabarna. This space, in addition to improving the logistic efficiency of the service, is intended to grow commercially in the Metropolitan Area. It will allow coordination between the central purchasing management and the picking to be done for present customers in Barcelona.
www.serhstourism.com Online and offline receiver agency and wholesale provider
SERHS TOURISM
SERHS Tourism is a leading agency in the area of receiver tourism, which acts as a B2B distributor and offers its services to the principal international tour operators in the largest Spanish resorts. It includes the Rhodasol and Iberovacances wholesale agencies, which are specialised in Spain, Portugal and France. Overall it serves 1.5 million tourists a year thanks to its portfolio of nearly 35,500 hotels and a network of 9 offices on the coasts, islands and in cities. We are leaders in marketing holiday hotels and have projects consolidated in urban hotels. Power distribution technology also allows us to give an outstanding service to the more than 200 portals connected to our availability systems.
3,400M
35,500 1.5M
26
11,500
ONLINE REQUESTS MANAGED
HOTELS MARKETED
ISSUING MARKETS
NATIONAL AND INTERNATIONAL CUSTOMERS IN PORTFOLIO
PASSENGERS A YEAR HAVE RECEIVED OUR SERVICE
36
www.serhstourism.com
SERHS annual report 2014-2015
With Iberovacances and Rhodasol Portugal, the aim is to strengthen SERH’s presence on the proximity markets, and especially through the retail channel.
CHANNELS AND MARKETS
Launch of Iberovacances, the new wholesale brand for the French market as a peninsular holiday specialist. It has a full native sales team and a new website with integrated B2B booking. The online video marketing campaign with the sportsperson Fabien Pelou (Rugby) achieves a great impact on the French social networks.
TECHNOLOGY
New hotel availability motor enabling a scalable cost model, reply to an improvement, fewer incidents, greater agility and larger calculation capacity for the most complex operations, amongst other things.
Launch of the new Rhodasol Portugal wholesaler in order to strengthen the sales network. It is presented on the retail market with a specific product selection, a new website (www.rhodasol.pt) and a Portuguese speaking call centre with a long timetable. New commercial agreements with operators over Europe (Germany, Scandinavia, France, Poland, Czech Republic and Romania) and Asiatic operators with XML connection.
New integrated Channel Manager (Hotetec). This is a platform widely implemented in Spain which allows the availability and prices to be received in real-time and makes the product management simpler and more efficient. New Getaways development (Hotel + Activity). Online sales on booking platform with capacity to transmit to customers online (XML).
www.serhstourism.com
SERHS annual report 2014-2015
37
Preparation of the 2nd study of Key Markets: “Travel habits and perceptions of French tourism in Catalonia”, where the French issuer is analysed through the opinion on the social networks and through surveys.
PRODUCTS AND MARKETING
New SERHs Tourism website. Renovation of the divisions at website where the new design of the page is accompanied by a faster and easier access from which to manage bookings.
Rhodasol Catalogues 2015: 50,000 copies of the “My Hotels” catalogue reaching 2,300 Spanish travel agencies. Furthermore, 1,570 agencies receive 35,000 copies of the “Circuits” catalogue.
Co-marketing agreement with the Patronato de Turismo de Almuñecar – La Herradura in order to increase the domestic market in the area. Collaboration with the principal tour operators of the Spanish market in order to promote the destination.
SERHS Tourism is present in the main sector fairs with its own stand (Fitur 2015, BIT Milan 2015, BTL Lisbon 2015, Ditex Avignon, Scandinavian Travel Meet, etc). Also present at events, conventions, roadshows and famtrips with customers and suppliers.
SERHS Natal Grand Hotel ***** (Brasil)
www.serhshotels.com Rural Villages | Holiday Hotels | Snow and Mountain Resorts | Urban Hotels | Beach Resorts in Brazil
SERHS HOTELS
This division provides customers with a varied holiday leisure offer and also approaches business customers, who can choose from a wide range of 14 Hotel establishments of different types and locations. The aim is to continue to work to increase the product portfolio with hotels with the company stamp such as the Rural Villages and to strengthen its presence with urban hotels, without forgetting internationalisation with the search abroad and along the Mediterranean coastline.
290,000 1,782
62
590
656,000
ROOM NIGHTS IN 2015
MEETING ROOMS
PEOPLE IN THE AVERAGE TEAM
STAYS IN 2015
INTERNATIONAL AND NATIONAL ROOMS
MOMENTS FULL OF LIFE
40
www.serhshotels.com
SERHS annual report 2014-2015
A strategic agreement is reached with an important supplier of hotel software in order to implement integral hotel management software and Channel Manager.
CITY HOTELS
Hotel SERHS Rivoli Rambla **** (Barcelona)
The Hotel SERHS Del Port (3*) and the Hotel SERHS Carlit (3*) in Barcelona are brought in on the Avenida Paral.lel and Calle Diputaci贸 (near the Sagrada Familia) respectively as the second and third establishments of the division in the city. With the 48 rooms of the Hotel Del Port and 838 of the SERHS Carlit, SERHS Hotels now manages 212 rooms in the city of Barcelona.
In order to increase output per room, investments were made in the rooms and common areas of the Hotel SERHS Rivoli Rambla, the Hotel SERHS Del Port and the Hotel SERHS Carlit. The 128 Rambla Restaurant is the new gastronomic proposal of the Hotel SERHS Rivoli Rambla in the heart of the city.
HOTELS IN BRAZIL
TripAdvisor for the fifth consecutive year awards the SERHS Natal Grand Hotel with the Certificate of Excellence. With this recognition, the hotel is included in the Hall of Fame of the prestigious website.
The Hotel significantly increases the % of sales via its website.
BEACH HOTELS
Refurbishment and improvements are made to receptions, common areas, furniture and more than 40 rooms in the SERHS Oasis Park and SERHS Sorra Daurada.
The Rural Villages, Sant Hilari Aventura, the Hotel SERHS Carlit, the Hotel SERHS Del Port and the Each Hotels of the Division have new websites. In addition to these new developments, SERHS Hotels adapts all of its websites to the responsive format, prepared for mobile devices.
www.serhshotels.com
SERHS annual report 2014-2015
SERHS Hotels integrates HOTELjuice in its structure, specialists in the integral management of direct sales (Web, Tour Operators and telephone).
Vilar Rural d’Arnes **** (Terra Alta)
VILARS RURALS RURAL VILLAGES
41
The Spanish Federation of Large Families (FEFN) backs the Rural Villages with the Stamp of Family Tourism as he believes that they are conceived especially for family leisure and rest.
Creation of the new product in value: “Arnes adventure territory” (Green Way, multi adventure park, canyoning and iron way) at the Arnes Rural Village to enhance sports tourism.
The Rural Villages for families with babies with their new “Babyfriendly” stamp: with rooms with themes, the establishments and activities are adapted to the needs and facilities of families with babies.
New management model for the Sant Hilari Aventura Park run by the team of SERHS Hotels.
Collaboration agreement with Grup Soler to outsource the management of the maintenance of the Rural Villages and to incorporate biomass plants.
“Regala Vilars”: a new online store for family stay gifts. The e-box Regala Vilars Art gift vouchers to be exchanged for bookings in any of the three Rural Villages: http://regala.vilarsrurals.com.
www.serhsfoodservice.com
SERHS FOOD
SERHS Food offers an integral service in the area of food based on the activity of production and sale of different food products and bakery, as well as the activity of managing restaurants for third-party groups and institutions as well as catering services for events and macro events. This operative division stands out for its high quality standards and for its flexibility and ability to innovate both in the productive processes and its management infrastructure and capacity. Experts in integral restaurant services: health, corporate, penitentiary centres, schools, universities, hotels, restaurants, sports centres, theme parks and more.
23,000
116
500
650,000
MEALS A DAY FOR GROUPS
SCHOOLS MANAGED BY SERHS FOOD EDUCA
REFERENCES IN 5TH RANGE PRODUCTS
KG OF PRODUCTION A YEAR IN THE PRODUCTION PLANT IN VILASSAR DE MAR
COMPREHENSIVE RESTAURANTEERING
44
www.serhsfoodservice.com
SERHS annual report 2014-2015
SERHS Food has enhanced its two business lines in 5th range by separating the SINC System from the EUDEC Food product.
SINC PRODUCT
Launch of the SINC brand with a new image and website to strengthen the magnitude of Safety, Innovation and Nutrition in group restaurants.
The whole of the SINC project is being developed for our sectors of activity: education, health, other groups and corporate.
EUDEC PRODUCT
EUDEC Product: first edition of the Eudec “Roadshow”. Campaign of various workshops throughout the state with demonstrations of product and show cooking, some aimed at the elderly, residences and healthcare.
The EudecFood.com online store is consolidated as a reference website of the sector. New range of frozen vegetables suitable for sectors such as healthcare, hostelry, restaurants and education.
NEW HEADQUARTERS OF THE CAR (HIGH OUTPUT CUISINE) AND THE OFFICES OF SERHS FOOD
Located in Mataró and with a surface area 4000 square metres, the plant will achieve 2,500,000 kg of annual production as opposed to the present 650,000 kg.
The flexible plant will be prepared to make between 400 and 500 references, and adapted for the manufacture of all kinds of allergens.
SERHS FOOD EDUCA
Launch of the midday space project which, apart from highlighting the nutritional and dietetic values, aims to strengthen the pedagogical values of the school dining room.
New commercial material, depending on the partner for monitoring, atmosphere and decoration of dining rooms. “10 causes” project, new form of menus, etc.
www.serhsfoodservice.com
SERHS annual report 2014-2015
45
Signing with the Catalan Agency of Consumption of the Pact for celiac people, for improving labels on the food products for celiacs.
COMMERCIAL RESTAURANTS
With the management of the Vall Parc sports complex, our line of commercial restaurants focuses on growing with leisure centres. The management of RCDE, FC Barcelona and Barcelona Zoo,
with which the contract has been renewed for a further year, come into this area. The Take Eat Easy (WTC) continues to strengthen its offer for business meetings and events.
EVENTS
The Castell Jalpí achieves the Golden Wedding Awards, the “Top 5%” of the locations in Spain most recommended and best appreciated
by wedding couples for their value for money, reply, professionalism and flexibility.
SERHS BAKERY
In line with the innovation and growth values of the division, SERHS Bakery faces a new stage with a renovated offer, working to give the market a new premium range line.
Quality, capacity to personalise products, craft know-how, image, originality and innovation will be the principal allies in achieving its objectives.
CHARITY ACTIONS
SERHS Food collaborated selflessly in different acts promoted by some of its partners: “Dreamnight at the Zoo”, “Un Dia de Narices” and the “Put your Hat On” campaign
of the FANOC at Barcelona Zoo, or the “One Drop, Two Lives” project (Escola Pia de Barcelona), amongst others.
Hotel Alhambra (Santa Susanna)
www.serhsequipments.com www.serhsprojects.com Specialists in food and beverage areas
SERHS PROJECTS SERHS Projects is the activity devoted to solutions and equipment for hostelry and groups. Its speciality is kitchen restaurant projects. It has developed and carried out functional designs for professional kitchens and restaurant areas adapted to current regulations and also specialises in designing buffets, show cooking, self-service and bars for all kinds of customers. SERHS Projects wagers on online commercialisation via the website www.serhsequipments.com, with one of the largest ranges of machinery for hostelry on the market. In order to achieve all of the equipment for any company of the hotel sector, a selection of kitchen menage items can also be found, as well as a wide offer of furniture. All of the products are guaranteed by the main manufacturers of the sector.
470
1,000
8,800
70
7,000
PROJECTS PRESENTED IN THE LAST YEAR
MACHINES SOLD EVERY YEAR
ARTICLES AVAILABLE ON THE WEBSITE
SUPPLIERS OF THE MARKET’S LEADING BRANDS
MONTHLY VISITS ON AVERAGE AND
INNOVATIVE SOLUTIONS
1,000
REGISTERED USERS ON THE SERHS EQUIPAMENTS WEBSITE
48
www.serhsequipments.com - www.serhsprojects.com
Important restaurant chains in Spain continue to prefer the knowhow of SERHS Projects for their expansion projects and opening of new premises.
SERHS annual report 2014-2015
Andorra Fun Food Ribaescorxada
ONLINE CHANNEL
SERHS Equipments boasts a new website with improvements both in the design and in the functional aspect. The new website also gains in intuition, and the elements displayed are organised in a more elegant and less invasive way.
New image of the SERHS Project website in accordance with the style of SERHS Equipments, responsive, simple and more visual.
RESTAURANT CHAINS
Giuliani’s, Italian food specialists, as they already did with their first establishments, once again has called on SERHS Projects for the installation of new kitchens.
Supply and installation of machinery and the premises of the Tex-Mex Take Away in Madrid and Catalonia.
Installation of several kitchens by UDON, the Japanese fast food restaurant chain.
ANDORRA
Grandvalira: restaurant and interior design project of the Ribaescorxada building in the area of El Tarter, with the creation of a new image, new interior distribution and a new gastronomic offer, dividing the space into two atmospheres: Fun Food and CafĂŠ Espresso.
Installation of the kitchen equipment and bar for the high-level restaurant in Pas de la Casa.
SERHS annual report 2014-2015
www.serhsequipments.com - www.serhsprojects.com
Renovation and updating of the image of the division’s websites.
Hotel Rosamar Marítim (Lloret de Mar)
BARCELONA CITY AND BARCELONAMARESME COAST
Nen Jesús Jesuit school of Sant Gervasi (Barcelona): Works in the kitchen and the dining room selfservice for SERHS Food Educa. 950 boys and girls are served every day. Hotel Brummel (Barcelona): installation of the kitchen, the office and the cafeteria in this new hotel in a rehabilitated building at the foot of Montjuïc. Hotel Rosselló (Barcelona): installation of the new kitchen, buffet and bar of this hotel on the left of the Eixample.
MADRID
49
Installation of the cooker and area behind the counter of the new premises of the new and innovative restaurant chain Bocadillo de Jamón y champán. Installation of the kitchen in the Hotel Apartosuites Jardines de Sabatini, and other restaurant establishments of the Spanish capital.
Rosamar Hoteles (Lloret de Mar): design, supply and installation of buffets and show cooking using material such as silestone, white formica and flat glass screens, giving the project a more modern and innovative air. Hotel Alhambra (Santa Susanna): installation of the new kitchen, chambers and bar. A 404 square metre industrial kitchen project with an innovative chamber cooling system offering greater safety and energy efficiency.
Installation of the central kitchen and chambers of the Fundación Rais, an initiative to give employment to the homeless, which produces 1,000 meals a day.
www.serhs.com Insurance | Administration and Finance | New Technologies | Computer Applications
SERHS SERVICES SERHS Services, backed by the management of the Grup SERHS, has solid know how that we pass on to all of our customers to form a complete product dossier. This division represents the corporate managements of SERHS with a transversal job towards the rest of the group’s business divisions. SERHS TIC (Migjorn): New technologies, computer applications and telecommunications systems. Human resources Insurance Administration and finance Real estate services
4,100
66,000 38,000
6,500
UNIT OF TECHNOLOGY MANAGED
SALARIES CALCULATED IN ONE YEAR
ACTIVE INSURANCE POLICIES
HOURS OF TRAINING MANAGED
WITHIN YOUR REACH
52
www.serhs.com
SERHS annual report 2014-2015
300 servers located in 4 different data centres (between the company’s own CPD and those of Cloud Computing).
MIGJORNSER (SERHS TIC)
Migjornser has been registered officially on the National Commission of Markets and Competition as a telecommunications operator to give Internet services. Documentary management: completion of the biometric signature project in mobility for job files. Our network includes 71 nodes, most of which are duplicated and/ or triplicated: 250 units in total between routers, switches, etc.
Management of 2,200 electronic mail accounts and 2,300 mobile telephone lines. The Migjornser team of professionals manages 14,500 technology incidents and requests a year. Creation of two new units in the organisation to deal with the challenges of the future: Unit of Governance, Security and Quality and Unit of Technological R&D+i.
www.serhs.com
SERHS annual report 2014-2015
53
Fifteen SERHS companies awarded for the good management in health and safety.
HUMANSERHS CONSULTING
Talent project: SERHS has started the first phase of the strategic human resource project for the transformation of the organisational culture.
The SERHS Food companies successfully pass the 2nd legal audit with respect to the fulfilment of standards of health and safety.
The “Technical and administrative management of the catering services� of SERHS Food is recertified in accordance with the requirements of the OHSAS 18001:2007 standard.
ASSEGURIS
Asseguris signed an agreement with the ACCAC (Association of Holiday Houses and Hostels of Catalonia) to offer specialised insurance to more than 100 holiday houses around Catalonia. Agreement with AON (market leading company) allowing Asseguris to offer customers products and unbeatable conditions.
Asseguris has 19.2% of integral customers (more than 4 contracted policies) as opposed to the market average of 15%. The density of policies per customer on the market stands at 1.5% whereas that of Asseguris is 2.1%.
SERHS annual report 2014-2015
55
ECONOMIC AND FINANCIAL INFORMATION
PRESENTATION
This economic and financial information corresponding to the year closing at 31 August 2015 which we provide in the following has been prepared from the account registers of Grup SERHS, S.A. and its subsidiaries in order to show the true and faithful image of the equity, the financial situation and the results of the Consolidated Group. These consolidated figures are backed by the Faura-Casas Auditores-Consultores firm of auditors and, as can be seen from their opinion attached below, the annual accounts for the year 2015 express the true and faithful image of the consolidated equity and the consolidated financial situation of the Grup SERHS and its subsidiaries, and the result of their operations. In this dossier you can find: ANNUAL ACCOUNTS OF THE GROUP Financial Statements (Balance Sheet and Results Account). Report from the Auditors CONSOLIDATED INFORMATION
Several analyses of important aspects of the economic and financial situation.
56
www.serhs.com
SERHS ANNUAL ACCOUNTS
SERHS annual report 2014-2015
For the effects of preparing the Annual Account of GRUP SERHS S.A. and its subsidiaries (Consolidated Group), we must remember that the group is formed by 56 active companies which, grouped into operative business divisions, presents the following composition:
SERHS DISTRIBUTION SERHS TOURISM SERHS HOTELS SERHS FOOD SERHS SERVICES AND NEW TECHNOLOGIES SERHS REAL ESTATE SERHS EQUITY AND PORTFOLIO
11 Companies 3 Companies 13 Companies 9 Companies 10 Companies 7 Companies 3 Companies
In the year 2015, the three Moroccan companies left the consolidation perimeter of the group (due to the sale of the participation is to third parties), and a new company IBEROVACANCES, S.L. (Travel Agency) was brought in, leaving the number of companies at 56. However there were movements between the different divisions caused by the process of rationalising the number of companies belonging to each division, and an increase in the business in certain divisions. In application of current regulations as a result of the different percentage participations in the companies forming part of the consolidation perimeter, this year different consolidation procedures were used, which are: • GLOBAL INTEGRATION method (Companies with a participation of over 50%). The consolidation method used in 2015 for all of the companies forming the group, mentioned above. • EQUIVALENCE method (Companies with a participation of between 20% and 50%) Companies consolidated by this method in this year 2015 were “Viatges Sol i Esquí, SA” (Travel Agency), and “Baciverser, SL” (Real Estate Company) The group’s functional currency is the euro. As a result of the group’s internationalisation process in recent years, Brazilian companies have been brought into the consolidation perimeter and the number of transactions with foreign customers and suppliers using currencies other than the euro have increased. This means that our group currently works with three different kinds of currency: • Euros (EUR).- The principal working currency of our companies. • Dollars (USD).- The currency in which some operations are performed with countries outside the EU. • Brazilian Reales (BRL).- The principal working currency of our companies in Brazil. The fact of working with different currencies and using different accounting criteria makes the procedure of consolation more complex due to the need to transform the financial statements in currencies other than the functional currency of the Group, which is the euro, and this can produce conversion differences with repercussions on the equity and results of the year due to exchange differences in the transactions. Since 2010, Grup SERHS has paid tax under the system of Tax Consolidation, bringing a total of 43 subsidiaries into the consolidation perimeter in this year 2015 for Corporate Tax, and 47 subsidiaries for VAT.
SERHS annual report 2014-2015
www.serhs.com
57
58
www.serhs.com
SERHS annual report 2014-2015
www.serhs.com
SERHS annual report 2014-2015
59
CONSOLIDATED BALANCE SHEET ASSETS A) NON-WORKING ASSETS I. Intangible fixed assets II. Tangible fixed assets III. Real estate investments IV. Long-term investments in group and associated companies V. Long-term financial investments
31-08-2015
31-08-2014
181.200.206,06
191.636.008,58
18.066.337,57
17.999.060,54
125.886.299,68
132.317.209,10
6.390.084,17
6.476.609,26
574.208,56
573.985,09
8.914.396,96
14.205.621,89
VI. Assets due to deferred tax
10.449.490,72
9.144.134,30
VII. Consolidation Goodwill
10.919.388,40
10.919.388,40
125.792.486,63
139.895.051,08
5.224.155,73
9.612.266,65
18.810.862,26
18.156.673,49
84.308.249,35
85.471.346,74
0,00
0,00
B) WORKING ASSETS I. Non-working assets held for sale II. Stocks III. Commercial debtors and other accounts receivable IV. Short-term investments in group and associated companies V. Short-term financial investments VI. Short-term deferrals VII. Cash and other liquid equivalents TOTAL ASSETS (A + B)
LIABILITIES A) NET EQUITY A-1) Stockholders’ equity A-2) Adjustments due to changes in value 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. Liabilities due to deferred tax V. Long-term deferrals C. WORKING LIABILITIES
6.809.498,47
3.174.667,37
2.631.698,29
2.005.007,30
8.008.022,53
21.475.089,53
306.992.692,69
331.531.059,66
31-08-2015
31-08-2014
72.302.289,49
86.547.956,89
84.164.115,48
87.570.766,88
-18.949.364,25
-7.907.413,42
0,00
0,00
7.087.538,26
6.884.603,43
99.935.833,14
106.051.324,17
0,00
0,00
99.340.412,67
105.455.903,70
0,00
0,00
595.420,47
595.420,47
0,00
0,00
134.754.570,06
138.931.778,60
I. Liabilities related to non-working assets held for sale
0,00
0,00
II. Short-term provisions
0,00
0,00
16.452.508,98
15.920.619,00
0,00
0,00
118.217.877,34
122.899.609,36
84.183,74
111.550,24
0,00
0,00
306.992.692,69
331.531.059,66
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 with special characteristics TOTAL NET EQUITY AND LIABILITIES (A + B + C) Data expressed in euros.
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SERHS annual report 2014-2015
CONSOLIDATED PROFIT AND LOSS ACCOUNT 31-08-2015
31-08-2014
471.840.053,88
473.304.261,11
452.434.028,99
449.883.370,10
a1) Sales
391.896.533,61
389.258.215,02
a2) Services
60.537.495,38
60.625.155,08
19.406.024,89
23.420.891,01
17.781.243,78
20.366.119,68
0,00
0,00
1.624.781,11
3.054.771,33
-339.272.039,78
-338.682.530,61
-339.085.441,81
-338.092.381,88
-158.910,95
-590.148,73
-27.687,02
0,00
-76.485.973,05
-76.824.196,38
-59.840.221,64
-60.100.606,52
-16.645.751,41
-16.723.589,86
-39.623.906,55
-40.579.728,91
-36.006.087,40
-36.142.271,79
-3.080.269,84
-3.912.447,44
-534.698,74
-522.839,85
-2.850,57
-2.169,83
-10.196.488,75
-12.039.328,71
0,00
0,00
Deterioration and result due to sell-off of fixed assets
3.277.595,79
8.045.818,95
OPERATION RESULT
9.539.241,54
13.224.295,45
690.905,11
771.326,08
Financial expenditure
-8.170.065,56
-9.976.465,92
FINANCIAL RESULT
-7.479.160,45
-9.205.139,84
0,00
0,00
2.060.081,09
4.019.155,61
144.797,01
-1.798.589,60
2.204.878,10
2.220.566,01
0,00
0,00
2.204.878,10
2.220.566,01
ON-GOING OPERATIONS Operation revenue a) Net turnover
b) Other operation revenue b1) Accessory operation revenue b2) Subsidies b3) Work on real estate Supplies a) Goods consumption b) Work done by other companies c) Damage Staff expenses a) Wages, salaries and similar b) Social charges Other operation expenditure a) External services b) Taxes c) Losses, damage and changing provisions due to commercial operations d) Other current management expenses Fixed asset amortisation Provision surpluses
Financial revenue
Participation in profits (losses) of companies placed in equivalence PRE-TAX RESULT Profit tax RESULT OF THE YEAR FROM ON-GOING OPERATIONS INTERRUPTED OPERATIONS YEAR RESULT Data expressed in euros.
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SERHS annual report 2014-2015
inVeStment aCtiVitY
61
The present circumstances of our environment make us cautious when undertaking new investments, without giving up those investments which are considered essential for the future growth of our businesses. The volume of investments carried out by Grup SERHS in the fi nancial year 2015 was an overall 6.5 million euros, mainly in recurrent investments (new technologies, management applications in our businesses, the renewal of vehicle fl eet, computer equipment, improvement of hotel facilities and stores, and others). Analysing the investment activity of 2015 by operative divisions of the group, this breaks down as follows: 2015 INVESTMENT BY DIVISIONS
(thousands â‚Ź)
SERHS DISTRIBUTION
2.408,00
SERHS TOURISM
941,50
SERHS HOTELS
2.243,50
SERHS FOOD
775,00
SERHS SERVICES, REAL ESTATE AND PORTFOLIO
125,00
TOTAL
6.493,00
INVESTMENT 2015
14,50%
37,09%
1,93%
11,94%
34,55%
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operation reVenue
SERHS annual report 2014-2015
The fi gure of consolidated operation revenue for the year closed at 31 August 2015 supposed a minimal fall of 0.31% with respect to the previous year, which we consider satisfactory given the circumstances of this year caused by the fall in the Russian market. We break down this revenue fi gure by the different divisions of the group:
Division
31/08/2015
31/08/2014
SERHS DISTRIBUTION
177.687
167.868
SERHS TOURISM
209.212
220.788
SERHS HOTELS
33.388
33.407
SERHS FOOD
44.653
43.620
6.900
7.621
471.840
473.304
OTHERS (Services and Equity) TOTAL
Data in thousands of euros.
We now present the weight of each of the divisions in the overall consolidated revenue of the group. OPERATING REVENUE BY DIVISIONS 44,34%
1,46% 9,46%
7,08 %
37,66%
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SERHS annual report 2014-2015
CONSOLIDATED INFORMATION
It is necessary to insist once more on the importance of the staff of the Grup SERHs, for thanks to their active participation and daily work, we are able to continue to improve our products and services and to maintain our position of leadership. The evolution of the staff in recent years, taking the 12 month period, has been as follows: PERIOD
Average Payroll
2011
2.570
2012
2.500
2013
2.524
2014
2.529
2015
2.490
The contribution to the national income, understood as an indicator of prosperity not only of the people forming part of the group, but also of our country in general, has always been a priority point for attention in the group. Its evolution in recent years has been as follows: YEAR
Million euros
2010
88,90
2011
88,60
2012
82,96
2013 (January-August)
57,85
2014
84,76
2015
81,63
The following table shows the evolution both of the Results and of the Cash flow and EBITDA of the year 2015 with respect to the previous year. Years
2015
2014
20.234
25.263(*)
-499
0
Ordinary gross result
19.735
25.263
Amortisation
-10.196
-12.039
Operation result
9.539
13.224
Financial
-7.479
-9.205
Pre-tax profit
2.060
4.019
Amortisations
10.196
12.039
12.256
16.058
EBITDA Extraordinary results
Cash flow Data in thousands of euros.
(*) Includes result due to the sell-off of the warehouse in Brazil (8.00 million euros)
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