Newrest activity report 2012/13

Activity Report

2012 / 13

With origins in Group Catair in 1996, and founded by its Co-CEO’s Olivier Sadran and Jonathan Stent-Torriani in Toulouse (France), Newrest is today a global leader in multi-sector catering. With 2013 revenues under management of almost 1’085 Billion Euros and more than 25’000 employees worldwide, Newrest is present in 49 countries. Newrest is the only major catering company active in all catering and related hospitality segments including airline catering, rail catering, contract catering, concession retail, buy-on-board, remote site and support services.

Newrest

Activity Report 2012/13

1

Introduction

P08 Introduction

2

Group presentation

P14 Newrest is ...

P16 History P18 Group structure P20 Global network P22 Key figures P24 Values P25 Shareholder structure P26 Executive Board P28 Organization chart

3

Group activities

4

Operating performance 2012/13

P32 Inflight

P54 Key events

P36 Rail

P56 Europe Division

P40 Remote Site

P74 North Africa Division

P44 Catering P48 Retail

5

Group commitments

P118 Hygiene & Quality P120 Newrest’s involvement in local communities

P82 Central & Western Africa Division

P126 Respect for our employees

P92 Southern Africa Division

P138 Respect for the Environment

P100 America Division

P144 Fighting corruption

P110 Middle-East & Asia Division

Photo credits: Frédéric Maligne, Dominique Pilatte, Pierre Zabbal, Fabien Revol, Sébastien Conejero, Nicolas Pauly, Renaud Gerbet, Matthieu Andrieu, Jean-Luc Sadran, Yvon Martinez, Juan Pita, Marcel Jurjus, Saskia de Wal, Thomas Déron, Manuella Kapagiannidi, Michal Debreceni, Gilles Picoreau, Nizzar Braham, Thomas Neveu, Jean Timbard, Pierre Martens, Lionel Pinto, Erik Weinmann, Sébastian Gervais, Felicia Gaspar, Newrest Wacasco, Newrest Wagons-Lits, Newrest Canonica, Newrest Wagons-Lits Austria, Newrest Bolivia, Newrest Dubrovnik, Newrest Reunion Island, Newrest Inalsa, Newrest Greece, Newrest Gabon, Newrest Congo, Newrest Ghana, Newrest Zambia, Newrest Angola, Newrest Chile, Newrest Niger, Newrest Cyprus, Newrest Madagascar, Dreamstime, Fotolia, Shutterstock, Getty Images Creation: Newrest Printing: Reprint Toulouse.

This activity report was printed on 70% recyled and 100% recylable paper. Used ink is not toxic and 100% degradable.

5

1

Activity

report

2012 /13

662,0 M€ NEWREST ACTIVITY REPORT 2012/13 - 1. INTRODUCTION

CONSOLIDATED SALES 2012/13

1’085 M€ SALES UNDER MANAGEMENT 2012/13

Introduction → Global consolidated sales reached 662,0 M€, an increase of 11,2%

→ Managed revenues reached 1’085,0 M€, an increase of 9,9%

→ Consolidated operating profits increased by 11,7% → The Group once again was net debt free

8

11,7% CONSOLIDATED OPER ATING PROFIT 2012/13

The year 2012/13 was a record year for our company despite a challenging global climate. Continued stagnation in large parts of Europe coupled with the ECB bailouts of Greece and Cyprus put major pressures on all our customer segments and created unprecedented unemployment and depression in the Euro-zone. Nevertheless Newrest was fortunate to benefit from strong growth in the Middle-East, Africa and South America markets. Overall it was a solid financial, operational and safety performance for the group in a tough year.

The Group’s excellent result was driven first and foremost by an excellent operating performance by Division Europe, due to focused leadership, disciplined cost management and effective execution. The division also won the largest rail catering contract in history with the award by the SNCF of its high-speed and intercity catering contracts in France with expected turnover in excess of 200 million Euros per annum over the next 5-years. Newrest is now effectively global market leader the rail catering sector.

The Americas Division disappointed, as we continue to struggle with some legacy issues of poor operational and financial past practice; nevertheless the division improved strongly during the year. A highlight for the division was the opening of our Newrest Inalsa subsidiary in Panama, which is managing all the site hospitality for Minera Panama, a mine and port project that will grow to in excess of 5’000 staff on site at maturity. Having split our Africa Division into 3 distinct zones under dedicated COO’s, the division showed strong improvement in the year, increasing operating profits by 27,9% and opening a number of new sites and countries in the year. Finally our Middle-East & Asia Division had mixed results with strong results in Saudi Arabia & Oman and a disappointing year in the Philippines. An exciting development was the founding of our new Joint Venture, Newrest Gulf, with our partner OQSI, in Qatar, Kuwait and the UAE.

In the year we launched our 3-year strategic plan founded on six key themes: training & development of our staff, productivity and competitivity, quality enhancement and control, innovation and improvement of our commercial offering, and rigor & discipline in our financial and legal systems. We have reviewed and refocused our leadership structure, having bolstered our operating leadership in zones in Africa and the Middle East as well as in support services in finance, internal audit and the Rail division. We will continue to aspire to be an industry leader in productivity and innovation while always respecting the cultures and social environments we work within. We are committed to allocating capital in a balanced and disciplined manner, but with a clear priority on long-term growth. We continue to cautiously invest in targeted value-adding acquisitions, respecting our strict internal guidelines, with a special interest in acquiring complementary skills and capabilities for our group. We remain dedicated to organic growth and therefore invest considerable resources in Product Development, R&D and Human Development, conscious of the fact that these elements are key to widening our scope and scale of activity.

‘‘

We launched our 3-year strategic plan founded on six key themes: training & development of our staff, productivity and competitivity, quality enhancement and control, innovation and improvement of our commercial offering, and rigor & discipline in our financial and legal systems.’’

9

NEWREST ACTIVITY REPORT 2012/13 - 1. INTRODUCTION

10

We strive to be a "family" company, constantly learning from our customers, our competitors and each other. We firmly believe that strong, unified teams with great people consistently outperform individuals. We constantly remind ourselves that while relative size can be a benefit, it can also cause harm if not managed carefully. We believe that size can breed arrogance, bureaucracy and a sense of entitlement. We wish to avoid complexity stifling innovation and smothering productivity. It is essential that growth does not let us lose touch with our customers and our people. Finally, size can cause a big companies to lose accountability, purpose and direction. We will fight to maintain our "challenger" spirit and status. We will strive to retain and improve our family company entrepreneurial DNA. We will seek to use the benefits of our relative size while retaining the positive elements of an entrepreneurial start-up.

We have concentrated heavily in the year on quality. We launched a global program for ISO certification of all of our units and companies world-wide as we have noted that our customers appreciate and recognize the investment of time and energy in a flawless, audited quality process. We have taken steps to improve our ecological practices, and effectively reduce our environmental footprint.

Wherever possible, we try to mitigate the impact of our sector on the environment, in cooperation with our clients. We try to integrate strongly into the local environments and cultures where we work, both in respect to our host countries and in the hope that we can bring value and skills to local employees.

Finally we are highly conscious that our significant growth rate brings with it challenges in complexity and scope of activity, particularly as we grow fast in emerging markets.

We will manage our growth responsibly and carefully, using the important key qualities of entrepreneurs; entrepreneurs get things done and are driven by clear goals.

They focus on customers and people, and they strive to solve problems instead of inventing new ones. Entrepreneurs put decision makers close to operations, they use judgment and intuition, move fast, execute and are instantly accountable. Entrepreneurs deliver for their customers and never resort to justifying mistakes or errors.

Finally, true entrepreneurs learn from their mistakes and strive to improve and assure they are not repeated. We wish to remain a company of entrepreneurs, with purpose and direction and clear accountability, delivering value every day to our stakeholders world-wide.

We wish to thank our customers for their loyalty and fidelity, our staff for their devotion, dedication and allegiance, and our stakeholders for their trust and confidence.

Olivier Sadran

Jonathan Stent-Torriani

11

2

Group

presentation

2012 /13

NEWREST ACTIVITY REPORT 2012/13 - 2. GROUP PRESENTATION

Newrest is…

5

ACTIVIT Y SECTORS Inflight Rail Remote Site Catering Retail

49

COUNTRIES

14

662,0 M€ CONSOLIDATED TURNOVER

25’000 EMPLOYEES

1’085 M€ MANAGED TURNOVER

850’000 ME ALS PER DAY

15

NEWREST ACTIVITY REPORT 2012/13 - 2. GROUP PRESENTATION

History

1996 Founding of Catair

by Olivier Sadran

2001 Merger of Catair with Eurest inflight (Compass inflight catering division)

2005 Founding of Newrest

16

2006 Opening of the inflight catering unit at Paris’ Charles de Gaulles

2008 Joint-venture with Saudia Catering in Saudi Arabia & Wacasco in the Sultanate of Oman

2010 Acquisition of the Wagons-Lits company (Rail) and Airshop (Inflight)

2012 IPO Saudia Airlines Catering & Jointventure with SOS in the Philippines and Red Med in Algeria

17

Group structure

NEWREST ACTIVITY REPORT 2012/13 - 2. GROUP PRESENTATION

NEWREST GROUP

INFLIGHT

R AIL

REMOTE SITE

TURNOVER*

TURNOVER*

38 M€

TURNOVER*

165 M€

COUNTRIES

COUNTRIES

COUNTRIES

ACTIVITIES

ACTIVITIES

ACTIVITIES

→ Catering → VIP Catering → Buy on board → Duty Free on bord → Lounges → Integrated mangagement services → Logistics

→ Catering → Hotel services → Logistics → Services to passengers (B to C) → Counsel & technical assistance (B to B)

→ Camp construction & management → Hotel services → Catering → Leisure → Facility Management

SUBSIDARY

SUBSIDARY

Newrest Wagons-Lits

Newrest Remote site

347 M€

23

4

18

SUBSIDARIES Newrest Inflight Airshop Solutions Airshop 18

*MANAGED E XCLUDING SAUDIA C ATERING

CATERING

RETAIL

Turnover by business (Consolidated)

48,8% INFLIGHT

TURNOVER*

89 M€

COUNTRIES

17

TURNOVER*

51 M€

COUNTRIES

11

ACTIVITIES

ACTIVITIES

Catering in → Companies → Administration → Education → Health system → Facility Management

→ Bars → Restaurants → Shops

24,5% REMOTE SITE 13,4% CATERING 7,6% RETAIL 5,7% RAIL

Operating profit by business (Consolidated)

in airports and on motorways

44,7% INFLIGHT 15,7% RETAIL

SUBSIDARY

SUBSIDARY

Newrest Catering

Newrest Retail

15,4% REMOTE SITE 12,3% RAIL 11,9% CATERING 19

Global network EUROPE MIDDLE-EAST

NEWREST ACTIVITY REPORT 2012/13 - 2. GROUP PRESENTATION

ASIA

AFRICA

POLYNESIA AMERICA

Turnover by division (Consolidated)

56,2% EUROPE 14,1% AMERICA 10,5% NORTH AFRICA 7,2% SOUTHERN AFRICA 7,1% MIDDLE-EAST & ASIA 4,9% CENTRAL & WESTERN AFRICA

20

EUROPE DIVISION

SOUTHERN AFRICA DIVISION

• AUSTRIA • BELGIUM • CROATIA • CYPRUS • FR ANCE • FRENCH WEST INDIES • GREECE • THE NETHERL ANDS • PORTUGAL • REUNION ISL AND • SPAIN • SWITZERL AND • UNITED KINGDOM

• ANGOL A • MADAGASC AR • MOZ AMBIQUE • SOUTH AFRIC A • UGANDA • Z AMBIA

NORTH AFRICA DIVISION • ALGERIA • EGYPT • LIBYA • MAURITANIA • MOROCCO • TUNISIA

CENTRAL & WESTERN AFRICA DIVISION • C AMEROON • CONGO -BR A ZZ AVILLE • GABON • GHANA • GUINE A • LIBERIA • NIGER • NIGERIA • SENEGAL

AMERICA DIVISION • BOLIVIA • BR A ZIL • C ANADA • CHILE • FRENCH POLYNESIA • ME XICO • PANAMA • PERU

MIDDLE-EAST & ASIA DIVISION • BAHR AIN • KUWAIT • OMAN • PHILIPPINES • QATAR • SAUDI AR ABIA • UNITED AR AB EMIR ATES

INFLIGHT

RE TAIL

R AIL

C ATERING

REMOTE SITE NE W COUNTRY

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Key figures 1’085 M€

Group’s turnover evolution

2009

595,1 M€

432,1 M€

2008

2010

2011

662,0 M€

893,9 M€

2007

384,6 M€

307,1 M€

282,1 M€

261 M€

2006

569,5 M€

638,6 M€

618,2 M€

2005

372,6 M€

0 M€

241,5 M€

400 M€

196 M€

NEWREST ACTIVITY REPORT 2012/13 - 2. GROUP PRESENTATION

600 M€

716,0 M€

800 M€

200 M€

987,3 M€

1,000 M€

2012

2013

Consolidated turnover Managed turnover (including Saudia Catering)

Saudia Catering’s turnover evolution (Not consolidated, minority shareholding under Newrest management)

2009

2010

2011

2012

5 42 MUS $

69% 31%

69%

4 46 MUS $

31%

72%

313 MUS $

75%

28 4 MUS $

77%

272 MUS $

80%

2008

28%

2007

25%

0 M€

236 MUS $

200 M€

84%

400 M€

383 MUS $

600 M€

2013 Airlines Catering Other activities

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Group’s turnover evolution by division (Managed turnover between 2011/12 and 2012/13)

Europe North Africa

0,6%

0,4% 2013: 372,3 M€ 2012: 373,8 M€

Middle-East & Asia

16,3%

2013: 88,9 M€ 2012: 88,4 M€

2013: 443,2 M€ 2012: 381,0 M€

America Central & Western Africa

10,4% 2013: 93,6 M€ 2012: 84,8 M€

252,3% Southern Africa

17,3%

2013: 32,8 M€ 2012: 13,0 M€

2013: 54,3 M€ 2012: 46,3 M€

Turnover distribution (countries) (% of Group’s total managed turnover 2012/13)

14,4%

FRANCE

146,2 M€

11,0%

SPAIN

111,4 M€

4,2%

MOROCCO

42,2 M€

3,7%

TUNISIA

37,5 M€

3,3%

OMAN

33,6 M€

3,1%

GREECE

31,1 M€

2,7%

FRENCH POLYNESIA

27,6 M€ Inflight

Rail

Remote Site

Catering

Retail

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QUALIT Y OF SERVICE

Because our business sectors relate to food and hospitality, we work in fields that are rigorous, sensitive and demanding, Newrest Group implements extremely strict hygiene and quality guidelines. Quality of service is a major concern of all Newrest employees: client’s needs and requirements are at the centre of our daily work. Our degree of service excellence is therefore non-negotiable.

HUMAN RESOURCES

Consideration and constant development of its human resources is a cornerstone of our group strategy. The respect of working conditions being a fundamental value; we are committed to social responsibility, local hiring, internal promotion and constant staff training. Newrest’s recruitment policy favours experience and dynamism, and encourages decision-making and entrepreneurial spirit.

SUSTAINABLE DEVELOPMENT

Only an intact ecological balance can guarantee a perfect match between human needs and nature in the future. Because sustainable development matters, Newrest Group respects and adheres to fundamental environmental values.

The use of local and seasonal products, waste treatment and the plan of a 0% paper policy are only some goals illustrating the convictions of Newrest Group.

SHAREHOLDER STRUCTURE

A solid economic development of a company requires a solid shareholder structure. Newrest Group’s capital is majority-owned by its management with the remaining shares held by trusted private investors. The company is therefore in control of its strategic choices - and shall continue to choose long-term sustainable development over short-term gains.

LONG TERME VISION

NEWREST ACTIVITY REPORT 2012/13 - 2. GROUP PRESENTATION

Values

Newrest’s strategic choices are based on a global, long-term vision, allowing for calculated risks but favouring enduring opportunities and long-term investments. A taste for challenges is encouraged, as illustrated by our company’s capacity to identify and seize new opportunities. To promote this long-term vision of business at a management level, we always strive for transparency and fairness, with a full confidence in our managers.

Shareholder structure Update 6 th of May 2014

10,0% FINANCIAL INVESTORS

90,0% MANAGEMENT

5,56%

NAXICAP PARTNERS

2,92%

ARDIAN (ex. AXA PE)

1,52%

BNP PARIBAS DVPT

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NEWREST ACTIVITY REPORT 2012/13 - 2. GROUP PRESENTATION

Executive Board

OLIVIER SADRAN

Chief Executive Officer

Chief Executive Officer

Olivier Sadran is the founder of Catair in France in 1996 and was principally responsible for the development of the company under the name of Eurest In-flight Services.

French entrepreneur, he is the principal shareholder of several French companies in different sectors.

Previously CEO of Compass Group Southern Europe, and partner of Olivier Sadran in a number of ventures, he brings his strategic and senior management experience acquired over numerous years in the airline catering, industrial catering and hotel services industries to the Group.

EMMANUELLE BOCCARDO PUIG

Vice President Europe Division Graduate of Essec in 1991, Emmanuelle initially worked for Arthur Andersen and Ernst & Young.

Recruited in 2000, she was in charge of Group Finance, Country Manager (France) and Internal Audit. Emmanuelle has operational responsibility for Europe Division and is based in Toulouse, France.

JEAN-PAUL LLANUSA

Vice President America Division Graduate of a Business School and chartered accountant, Jean-Paul Llanusa worked at Sodexo and other companies for several years.

Recruited for internal audit projects, Jean-Paul is now responsible for the America Division.

He is based in Santiago de Chile, Chile.

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JONATHAN STENT-TORRIANI

OLIVIER MAURICETTE

Vice President France

Olivier has worked for the Group in several positions for over a decade, amongst which Country Manager (France, Tunisia), head of North Africa Division and Vice President Africa. Finally, he was promoted to Vice President France.

Olivier is based in Toulouse, France.

PASCAL REGIMBAUD

Vice President Remote Site Pascal Regimbaud was in charge of operations and later of the commercial department for Universal Sodexo, before being in charge of the commercial division of CIS. He joined Newrest in 2008 in order to develop the Remote Site Division, bringing new competence and know-how. Pascal is based in Toulouse, France.

Board members Invited to board assemblies

TOULOUSE

MONIKA TRAWINSKA

General Secretary

Graduate of International Business Law, Monika joined Newrest in 2006 as Legal Counsel. After assisting the presidents during several years, she was promoted in 2012 to Corporate Secretary. Monika is responsible for legal Group’s activities and is based in Toulouse, France.

PIERRE BRUGÈRE

Vice President Sales & Marketing

After many years of experience in airlines (United Airlines, Air France, UTA), airline catering and concession contract companies (LSG, Elior), Pierre joined Newrest in 2007. Previously VP of Europe, Pierre has the commercial responsibility for the entire inflight, rail and retail business. He is based in Paris, France.

OLIVIER LAURAC

COO Southern Africa Division Graduate of Science Specialization Finance, Olivier worked in several countries around the world. He was recruited in 2008, and hold positions as Country Manager in Oman, Angola and is now CM South Africa and COO of Southern Africa Division. Olivier is based in Johannesburg, South Africa.

FABIEN REVOL

COO Middle-East Division Fabien is graduated in economics & marketing with a master in international business. His specialization in Asian cultures brought him to Asia before joining Newrest in 2011 as Operations Director. Today, Fabien is Country Manager Oman and COO Middle-East (excluding Saudi Arabia). He is based in Muscat, Oman.

MATTHIEU JEANDEL

Vice President Finance Service Matthieu held various financial roles first with Thalès, then with Deloitte & Touche Corporate Finance. He joined Compass Group in 2003, based in Dubai with responsibility for finance in the Middle East and Africa. Joining Newrest in 2006, Matthieu is today in charge of Finance and Administration.

He is based in Toulouse, France.

NICOLAS PAULY

COO Central & Western Africa Division Graduate from an engineering school, Nicolas held various positions for different companies in Africa. Recruited in 2008, he was Remote Site Operation Manager. Nicolas is now Country Manager Niger and responsible for the Central and Western Africa Division. He is based in Niamey, Niger.

OLIVIER SUAREZ

COO North Africa Division Olivier works for the Group since 1998. Graduated in International Public Law, he hold several positions as Commercial and Country Manager (France, Spain). Today, Olivier is Country Manager Morocco and in charge of Northern Africa Division. He is based in Casablanca, Morocco.

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Organization chart Update March 2014

EUROPE Emmanuelle Boccardo Puig Vice President

Olivier Suarez

EUROPE DIVISION

NORTH AFRICA DIVISION

FRANCE E. Brissy Inflight F. Carpentier Rail A. Cecchi Dutyfree J. Le Gouais Airshop Solutions

Frédéric Gatteau Louis Shenouda Dutyfree

S

FRANCE

I

Romain Miquel

I

V

FRENCH WEST INDIES

Jean-Charles Bouquet

D

REUNION ISLAND

Michal Debreceni CROATIA Frank Martinez UK

J. van de Port Inflight M. Jurjus Dutyfree

X I

SALES & MARKETING

Jean Boher

Pierre Magnard

BELGIUM

CENTRAL & WESTERN AFRICA DIVISION

CAMEROON Thomas Neveu

MOROCCO Gilles Picoreau

CONGO-BRAZZAVILLE

Jean Pierre de Vido

MAURITANIA Alain Masson S. Hegron Inflight N. Letellier Catering J. F. Bescos Retail

Manuella Kapagiannidi

TUNISIA

GABON Maud Lindsay-Gamrat

GHANA Sébastien Joly GUINEA

GREECE & CYPRUS Jean-Luc Sadran

Rui Gonçalves

Djibril Seck

Philippe Tétu

Inflight, Rail & Retail

NIGER Richard Akerele NIGERIA

SENEGAL

SWITZERLAND

Vice President

Arezki Amir

LIBERIA

PORTUGAL

REMOTE SITES Pascal Regimbaud Vice President SALES & MARKETING

R

Remote Sites

FINANCES Matthieu Jeandel Vice President FINANCES & ADMINISTRATION Thomas Liarte

Catherine Chaplain

Commercial Director

Marketing Director

A

Erik Weinmann Inflight

M

T

COO

Louis Malikité

Olivier Suarez

AUSTRIA Richard Lelarge

Nicolas Pauly

ALGERIA

NETHERLANDS

SALES & MARKETING Pierre Brugère

COO

SPAIN

I

O

N

S

Olivier Mauricette Vice President NEWREST ACTIVITY REPORT 2012/13 - 2. GROUP PRESENTATION

CENTRAL & WESTERN AFRICA

NORTH AFRICA

Jean-Michel Fort

Retail & Rail

Jean Timbart Business Development in Africa

Consolidation

A. Cellier-Courtil Treasurer

Group's executive chef

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Olivier Sadran

Jonathan Stent-Torriani Co-CEO

Co-CEO

Henri Fiszer Monika Trawinska

General Secretary

Guillaume Jarlan

Human Resources

SOUTHERN AFRICA Olivier Laurac

COO

SOUTHERN AFRICA DIVISION

Olivier Laurac SOUTH AFRICA Marc Starké ANGOLA Pierre Martens MADAGASCAR Carlos Antunes MOZAMBIQUE Francis Uthurrisq Z. Manoubi Inflight

UGANDA Alexandre Lelièvre ZAMBIA

Patrick Timbart Benoît Vignon

AMERICA

Partner Counsel to the CEOs Internal Audit

MIDDLE-EAST & ASIA

Jean-Paul Llanusa Vice President

Fabien Revol COO

AMERICA & POLYNESIA DIV.

MIDDLE-EAST DIVISION

Matthieu Andrieux

Fabien Revol

BOLIVIA

OMAN

François Tack

Sébastian Gervais

BRAZIL

QATAR

Gerhard Marschitz CEO Saudia Catering

Wajdy Alghabban Inflight Bruno Hériché Retail SAUDI ARABIA

Frédéric Hillion

Louis-Paul Heussaff

CANADA

PHILIPPINES

Jean-Paul Llanusa CHILE Felicia Gaspar

Olivier Billerey

MEXICO

PERU

Yvon Martinez

Emmanuel Leprêtre

PANAMA

POLYNESIA

CONSTRUCTION

COMMUNICATION

Teresa Espada Director

Emmanuel Bonnin Project manager

Dominique Pilatte Director

François Martinez Director

HYGIENE & QUALITY

CONSTRUCTION

COMMUNICATION & NEW MEDIAS

IT SERVICES

HYGIENE & QUALITY

IT SERVICES

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3

Group

activities

Newrest is today a global leader in multisector catering. The Group is the only major catering company active in all catering and related hospitality segments including airline catering, buy-on-board, duty-free on board, rail catering, concession retail, contract catering, remote site and support services.

Newrest is committed to constant improvement and innovation for its clients, the well-being and progress of its employees and managers, a sustainable and durable development of the company, and total respect of social and environmental values in all of its activities.

347 M€ NEWREST ACTIVITY REPORT 2012/13 - 3. GROUP ACTIVITIES

MANAGED TURNOVER 2012/13 EXCL . SACC

Inflight

CLIENTS

410’000 → Newrest inflight’s international network counts

63 production units and 15 logistic centres in 23 countries all around the world, mainly in Europe and Africa

→ Newrest inflight offers services to 507 clients respecting

all kind of quality standards: from high standard culinary creations for prestigious VIP airlines, to food and beverage selections for national and low-cost airlines

→ Newrest inflight caters every day 1’200 flights, delivering about 410’000 meals

→ Newrest inflight manages 20 airport lounges in 7 different countries

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507

ME ALS PER DAY

Newrest Inflight network

Inflight meals served by division (Served inflight meals - excluding Saudia Catering)

13,4% 70,6%

EUROPE

MIDDLE-EAST & ASIA

6,8%

SOUTHERN AFRICA

5,6% 3,6%

AMERICA

NORTH AFRICA

Turnover by activity (Total 2012/13 inflight turnover - excluding Saudia Catering)

11,6% 83,8%

INFLIGHT CATERING

DUTY-FREE & BOB

2,2% 1,8% 0,6%

VIP CATERING

AIRPORT LOUNGES

INTEGRATED MANAG.

33

Inflight

NEWREST ACTIVITY REPORT 2012/13 - 3. GROUP ACTIVITIES

Inflight catering, duty-free on board, integrated management of inflight and logistics. By providing all of these services, Newrest Inflight is taking responsibility for everything that is not a core part of the airline business.

Inflight Catering

78 PRODUCTION UNITS & LOGISTIC CENTRES

Newrest Inflight creates customized meals adapted to meet the high quality standards of airlines. Every day, our production units develop thousands of recipes for the most prestigious airlines as well as low-cost companies who choose a more simplified catering service. Whether based on religious, cultural, medical, or health reasons, our passengers’ dietary requests are always fulfilled. Our nutritionists offer advice and support in orienting airlines’ requirements.

Health and quality experts are always available to ensure that quality, hygiene, and food safety standards are optimal. We rigorously implement HACCP standards and most of our units are ISO 9001 certified. Our teams have ongoing training to guarantee an excellent level of service on a constant basis. Recording data related to the reception and handling of ingredients for each service guarantees accessible and easily consulted traceability.

VIP Catering Newrest Inflight has developed specific expertise in business-class and VIP flights. Our teams can meet the requests of important clients on a case by case basis. They listen to clients in order to develop ideal menus, select exceptional wines, and implement all services that help make the flight an unforgettable experience. They also rely on a network of well-known suppliers who contribute to the service’s excellence and refinement.

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20 Airport lounges

AIRPORT LOUNGES

Newrest Inflight manages welcome lounges for airlines and airports. As part of this service, we manage all aspects of the lounge: layout and design of the room, supplying equipment, welcoming travelers, and purchasing food and beverages.

Duty-Free & Buy-on-Board Newrest integrated the management of all inflight services to its subsidiary Airshop Solutions for airlines offering paid services (snack and duty-free sales) on board their flights. With regard to marketing, our teams regularly renew the ranges of products for sale, organize promotions for passengers and incentives for the crew, and develop attractive communication tools (on-board brochures, videos, and announcements). Regarding logistics, they manage the entire process, which they adapt to the specific requirements of each company.

Integrated management services

1’200 FLIGHTS DELIVERED E VERY DAY

Airshop Solutions, a Newrest subsidiary, coordinates all catering, logistics and supply-chain services for on-board products, manages clients’ worldwide catering network and negotiates with all catering and service companies on behalf of our clients. They work in operations, logistics & equipment, hygiene & quality, finance & reporting, and purchase & marketing. Airlines who hire Airshop Solutions are freed from all responsibilities that are not directly related to air transport.

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38 M€ NEWREST ACTIVITY REPORT 2012/13 - 3. GROUP ACTIVITIES

MANAGED TURNOVER 2012/13

Rail

TR AINS PER YE AR

3’100 → Newrest Wagons-Lits’ 3’100 employees offer services to 6 railway companies in 4 different countries

→ Newrest Wagons-Lits applies its know-how on board of more than 220 daily trains

→ Newrest Wagons-Lits serves over 3’500’000 meals a year at bar, restaurant and at-seat-catering-service

→ Newrest Wagons-Lits accompanies more than 8’500 voyagers at night trains daily

→ Newrest Wagons-Lits helps its clients with logistic activities on 38’000 trains a year

36

80’000

EMPLOYEES

Newrest Wagons-Lits network

Rail turnover by country (Total 2012/13 rail turnover)

40,3% 45,2%

FRANCE

13,7%

PORTUGAL

0,8%

AUSTRIA

CANADA

Activity distribution (Total number of served customers in 2012/13)

31,9%

AT-SEAT-SERVICE

38,9%

BAR SERVICE

19,3%

LOGISTIC ACTIVITIES

5,0%

HOTEL SERVICES

4,9%

RESTAURANT

37

Rail

NEWREST ACTIVITY REPORT 2012/13 - 3. GROUP ACTIVITIES

Creator of services for railway operators, Newrest Wagons-Lits offers a wide range of catering and hotel services. It also provides numerous services to ensure that travel is easy and enjoyable for passengers.

On-board catering Newrest Wagons-Lits offers a full range of on-board services: bar, dining car, and catering. Passengers can relax and have a bite to eat at bars and dining cars. In first class, meal trays are served at the seat. In standard class, the trolley serves drinks and snacks.

We provide services that meet passenger expectations during their entire trip.

Hotel services

3,5 M

We have a versatile crew, attentive to the comfort and safety of our passengers. They ensure the maintenance and cleanliness of trains and provide peace of mind for passengers. We are the only operator offering a global service concept combining railway safety and on-board services.

ME ALS PER YE AR

Services for passengers

35 LOGISTIC CENTERS

38

The full range of services offered by Newrest WagonsLits corresponds to each part of the journey: welcome, assistance, information, ticket sales and checks, access control, baggage assistance, and hotel and taxi reservations. We also escort passengers with specific needs: children, seniors, and persons with reduced mobility.

Logistics activities & complementary services Responsible for supplying the trains, we prepare, manage, and stock all products necessary for on-board services to run smoothly and for passengers to be comfortable. Thus, Newrest Wagons-Lits offers rail operators a complete and coherent service chain: stock purchase and management; synchronized loading and unloading of products, containers and materials; and diagnostic and control services before departure.

8’500 ACCOMPANIED VOYAGERS DAILY

Consulting & technical assistance for rail operators Newrest Wagons-Lits also offers support services for railway operators, consulting and technical assistance: defining innovative sales and on-board service concepts, design, a selection of product ranges that correspond to passengers’ expectations, and optimal organization of on-board services and logistical operations.

39

165 M€ NEWREST ACTIVITY REPORT 2012/13 - 3. GROUP ACTIVITIES

MANAGED TURNOVER 2012/13 EXCL . SACC

Remote Site

EMPLOYEES

75’000 → Newrest Remote Site counts on the expertise

of its 7’500 specialised employees, which are specially trained to operate in extreme environments

→ Newrest Remotes Site offers services to 90 clients in 18 countries all around the world: these clients are 51,4% mining and 33,5% oil & gas compagnies

→ Newrest Remote Site serves 75’000 POB every day on 235 operations

→ Newrest Remote operates on 135 sites, mostly on hostile environments: offshore platforms, camps in the desert, jungle operations, high altitude mining sites ...

40

7’500

POB PER DAY

Newrest Remote Site network

Turnover by division (Total 2012/13 remote site turnover - excluding Saudia Catering)

26,5% 27,5%

AMERICA MIDDLE-EAST & ASIA

25,5%

SOUTH AFRICA

10,7%

NORTH AFRICA

9,8%

CENTRAL AFRICA

Typology of clients (Total number of remote site clients - excluding Saudia Catering)

33,5% 51,4%

MINING COMPANIES

OIL & GAS COMPANIES

15,1%

OTHER CLIENTS

41

NEWREST ACTIVITY REPORT 2012/13 - 3. GROUP ACTIVITIES

Remote Site Over the past few years, Newrest Remote Site has demonstrated its ability to respond to the incredibly varied needs of their clients in the oil and mining industries. Thus, we became one of the references in the field of remote site management. We work primarily  but not exclusively - in hostile environments.

Remote Site construction

90 CLIENTS

18 COUNTRIES

42

Working in areas that are isolated or difficult to access is a major logistical challenge.

Newrest Remote Site provides turnkey remote camps in deserts, jungles, or high altitude areas. We assemble and develop the design for prefabricated camps as well as install and manage telecommunications equipment and all camp utilities (water, electricity, waste water, garbage, etc.). We support the economy by hiring local entrepreneurs to provide some if not all works or services during the construction phase.

Remote Site management: Hotel services, catering and leisure We manage all aspects of the Remote Site once construction is complete and it becomes operational. Newrest Remote Site also manages Remote Sites that were built by our clients. This is the case with offshore oil rigs.

This management includes catering from central and satellite canteens. The experience acquired in this field by the Newrest Group allows us to develop meals that respect nutrition standards as well as our clients’ eating habits. We also maintain accommodations for the entire workforce and provide laundry services. Team managers have hotel training, they ensure that cleaning and laundry procedures meet the strictest standards in the sector.

Our services includes utility management and site safety, as well as creating and running leisure spaces: sports rooms and fields, movie theaters, libraries, bars, etc. Specific staff members are dedicated to each activity sector.

Associated services In the countries where remote sites are located, we also manage guest houses, villas, offices, and other infrastructure belonging to our clients in large cities.

In the areas surrounding our operations, Newrest Remote Site asks its teams to devote some time to training the local population in fields related to its activities: cooking classes, hygiene training, school meals, etc.

235 OPER ATIONS

43

89 M€ NEWREST ACTIVITY REPORT 2012/13 - 3. GROUP ACTIVITIES

MANAGED TURNOVER 2012/13 EXCL . SACC

Catering

ME ALS PER DAY

312 → Newrest Catering’s 4’500 employees, specially dedicated to industrial catering, elaborate and serve more than 150’000 meals every day

→ Newrest Catering offers its know-how in 17 countries all around the world

→ Newrest Catering serves 312 institutions: 43,3% of our clients are companies, 39,1% schools and universities, 10,3% hospitals & clinics and 7,3% administrations

→ Newrest Catering is the reference of industrial catering in North Africa: almost ¾ of total served meals are produced in the North Africa division

44

150’000

CLIENTS

Newrest Catering network

Meals served by division (Total number of served catering meals - excluding Saudia Catering)

72,9%

14,5%

AMERICA

7,5%

EUROPE

NORTH AFRICA

3,5%

MIDDLE-EAST & ASIA

1,6%

SOUTH AFRICA

Typology of clients (Total number of catering clients - excluding Saudia Catering)

10,3% 39,1%

SCHOOLS & UNIVERSITIES

43,3%

COMPANIES

HOSPITALS & CLINICS

7,3%

ADMINISTRATIONS

45

Catering Every day around the world, our clients benefit from Newrest Catering’s expertise and trust them to manage their restaurants or canteens.

NEWREST ACTIVITY REPORT 2012/13 - 3. GROUP ACTIVITIES

Companies and administrations A number of public and private companies, administrations and embassies have trusted Newrest Catering to manage their restaurant, cafeteria, or reception lounge. We are convinced that employees who consume their daily meal in a pleasant environment, while being able to choose from a selection of fresh, appetizing, and carefully presented products will be more efficient. Intellectual capacity and productivity are conditioned by the quality of the meal break.

Health

17 COUNTRIES

46

Newrest Catering manages meals for patients and staff in hospital centers and clinics, as well as snacks, bars, and cafeterias for visitors (hospitality services).

We believe that good meals improve health and help sick patients recover. That is why our teams are attentive to the needs of each patient and scrupulously comply with dietary requirements.

4’500 Education

EMPLOYEES

Newrest Catering manages a number of refectories, canteens, restaurants, and hospitality services for teaching establishments including public and private elementary schools, secondary schools and universities. We know that children, adolescents and university students with a healthy, balanced, varied diet have a greater chance of intellectual success. We are fully aware of our responsibility to introduce children and youth to a variety of flavors.

Facility Management In companies and hospitals, we offer our clients a mobile food and beverage service. We can also provide this type of service with a store in the establishment. In every country, our production units are ready to provide catered food tailored to your needs: meal trays, sandwiches, and any other meal requested.

A single standard In all the establishments we manage, we are guided by an identical passion for excellence in all fields related to our management. Newrest Catering believes in the vital importance of nutrition and healthy eating. To this end, we hire qualified staff to collaborate with our clients and develop diverse menus.

With regard to food safety, continuous verification of the food manufacturing process is guaranteed by our scrupulous compliance with specifications. When we design our restaurants and canteens, our first priority is to make them as pleasant as possible. We believe that this aspect of our management expresses our ongoing passion for excellence with regard to the standard of living.

108’000 ME ALS SERVED IN NORTH AFRIC A

47

51 M€ NEWREST ACTIVITY REPORT 2012/13 - 3. GROUP ACTIVITIES

MANAGED TURNOVER 2012/13 EXCL . SACC

37

Retail

POINTS OF SALE

13’000 CLIENTS PER DAY

→ Newrest Retail counts 37 points of sale: 28 points of sale are located in airports and 9 along motorways

→ Newrest Retail 950 employees serve more than 13’000 clients every day

→ Newrest Retail counts 17 proper brands for retail restaurants, bars and shops; these are specially developed for the different needs of our clients

→ Newrest Retail serves 5’500 coffees daily to voyagers

the

in 11 countries all around the globe

48

Newrest Retail network

Served clients by division (Total number of served clients - excluding Saudia Catering)

13,7% 57,7%

MIDDLE-EAST & ASIA

NORTH AFRICA

4,8%

11,9%

EUROPE

9,9%

AMERICA

CENTRAL AFRICA

2,0%

SOUTH AFRICA

Typology of locations (Total number of points of sale - excluding Saudia Catering)

24,3% 75,7%

MOTORWAYS

AIRPORTS

49

Retail

NEWREST ACTIVITY REPORT 2012/13 - 3. GROUP ACTIVITIES

Newrest Retail develops and manages food franchises in airports and highway service stations. There are three kinds (restaurants, bars and shops), in order to best meet the specific needs of each customer.

Identifiable brands Newrest Retail has developed an in-house brand portfolio to manage their shops.

Each one is identifiable by its concept, type of service provided, products sold and design.

Complete management

11 COUNTRIES

5’500 COFFEES SERVED PER DAY

Before opening, Newrest Retail manages the entire development process. We conduct a thorough analysis of the drawbacks and assets of the future establishment with regard to its location, passenger flow, and the number and type of potential customers. We define the interior architecture, furnishings, decoration, uniforms, visual communication aids and monitor construction. We select the best product ranges in order to satisfy international travelers while taking local traditions and tastes into account.

We handle all management after opening. It includes product purchasing and sales and guaranteeing the best price/quality ratio, temporary sales and promotions to promote business, avoid monotony, stimulate impulse purchases, and provide a dynamic image of our points of sale. Management also includes maintenance and cleaning.

The establishment manager, technical managers, and staff are all Newrest employees. We provide continued training for our teams in order to ensure ongoing service quality.

50

950 EMPLOYEES

Bars Newrest Retail proposes a number of fast-food dining concepts with table service and/or takeout. Brands that provide these services are Caffé Lindo, Daily Break, Flying Café, e-café, Timgad Café and Sahara Tea.

Restaurants We apply our expertise in restaurants providing table services with the Tanit and Rayhana brands.

Shops Newrest Retail offers bar and mini-market services with products to enjoy on location or on the go. Skyshop and Sky Café brands offer this service.

Creative expertise The expertise acquired by Newrest Retail, allows us to continue creating new shop concepts tailored to each new client’s requests. It also allows us to work in partnership with prestigious local suppliers in any country.

17 PROPER BR ANDS

51

4

Operating Performance

2012 /13

Key events 2012/13

Portugal -

Night Train development → Since Dec. 2012, Newrest

in Portugal handles on-board catering on night trains for "Lusitânia Train hotel" (Lisbonne ▶ Madrid) and for "Sud Expresso Train Hotel" (Lisbonne ▶ Hendaye).

3

NEWREST ACTIVITY REPORT 2012/13 - 4. OPERATING PERFORMANCE 2012/13

NEW COUNTRIES JOINED THE GROUP IN 2012/13

French West Indies - Inflight Units PTP/FDF → FDF, Martinique: Construction of a new 900m 2 unit. → PTP, Guadeloupe: Redevelopment and optimisation of the inflight unit, bringing total capacity to 800 m 2.

PTP

Liberia -

New Inflight Unit FDF

→ ROB, Monrovia's airport: New inflight activity since October 2013.

Peru -

Gabon New Retail Activity

New Inflight Unit Lima → Central kitchen of ≈ 3'000m 2: end of work on the inflight catering unit in Callao, for the launch of inflight activity in November 2013.

→ LBV started retail activity in 2013.

Angola - Opening

Panama - Launching of

of Total’s TTA2 site

Remote Site and Hotel activities

54

NE W

→ Since Dec. 2012, Newrest Inalsa offers remote site, hotel & catering services to site personnel.

The mining site is composed of 2 distinct zones: the mine (6 camps), and the port (1 camp).

→ Catering activity faced major growth in 2012/13 with the opening of this site: more than 550 meals are served every day in a state-of-the-art facility.

France - Nov. 2013:

Launching of on-board Catering for SNCF

→ SNCF: Newrest Wagons-Lits now handles on-board catering on high speed trains: bar service, at-seat service and selection of the complete on-board offer and products.

→ ALLEO: Newrest has also been chosen for the catering of ALLEO trains, which link France to Germany.

Greece -

Olympic Air / Aegean Airlines → New partnership starting in Nov. 2013.

Qatar / Kuwait / The United Arab Emirates - New Joint Venture: "Newrest Gulf"

NE W

→ In Sept. 2013, Newrest signed a joint venture agreement with a local partner in Qatar: OQSI. The joint venture, called "Newrest Gulf", should allow the Newrest Group to deploy all its nonhousehold catering services by reinforcing its presence in the Arabian Peninsula.

NE W

Mozambique - Opening in 2013

Oman -

New Catering Contract

→ Since August 2013 Newrest manages catering for the "Military Technological college of the Ministry of Defence" in Muscat.

Philippines - New Remote Site Contract for Shell

→ Newrest has been chosen to manage facilities of Shell’s remote site in Subic (Zambales). Operations started in September 2012.

Madagascar -

New Remote Site Ambatovy South Africa -

New Joint Venture: "dnata Newrest" → This new company has been formed in March 2013 to offer services in inflight catering and other activities in South Africa.

→ In December 2012, Newrest Group started to manage the remote site of the Ambatovy consortium, serving 6'000 POB per day.

55

255’000 ME ALS SERVED PER DAY

34,3%

% OF GROUP’S MANAGED TURNOVER

72

NEWREST ACTIVITY REPORT 2012/13 - 4. OPERATING PERFORMANCE 2012/13

PRODUCTION UNITS & LOGISTIC CENTRES

372,3 M€

MANAGED TURNOVER 2012/13

Turnover distribution in Europe (Total managed turnover 2012/13 Europe)

10,6%

RETAIL

10,1% 78,3%

56

INFLIGHT

1,0%

RAIL

CATERING

Europe Division

In France and the French West Indies, 2013 was a crucial year in terms of business challenges won by local and matrix teams. Performance in France is solid and its progression is steady thanks to optimised asset management by the Europe Division and to benefits resulting from its productivity plan.

Despite difficult economic conditions that continued throughout 2013, the Europe Division continued to improve its performance. Turnover rose by 2.5% with commercial dynamism that remained strong, while profits increased by 13.6%.

S

pain was able to offset the decline in airline passenger traffic by obtaining new commercial contracts. Great efforts were made in terms of its organisation but also in the reduction of general overhead costs.

Despite a sharp increase in food prices and no improvement in their economic conditions, Greece and Portugal are nonetheless demonstrating positive results. In Cyprus, excellent management, notably at the procurement level, increased profits by 76%, a result undeterred by the unprecedented economic crisis that has hit the country. Croatia’s performance was similar, with a 32% increase in its results.

In the Netherlands and the United Kingdom, certain airlines streamlined their services. The Group helped them in their approach by working on ways to improve their competitiveness. Switzerland, launching new mass catering activities, was able to find operational and economic synergies, enabling the branch to improve its result by 148%.

The rail sector saw good results in Austria and in France, unlike in Portugal where the market is particularly bleak. The Duty Free sector remains a highly competitive market. It is a difficult sector and currently has stagnant consumption per passenger.

57

France 14

PRODUCTION UNITS

10

LOGISTIC CENTRES

NEWREST ACTIVITY REPORT 2012/13 - 4. OPERATING PERFORMANCE 2012/13

2

PRODUCTION UNITS

Major work was done on Parisian platforms to continuously provide industrial tools in line with the regulations and standards and our clients’ requirements.

INFLIGHT

R AIL

C ATERING

1’300 EMPLOYEES

99’000 ME ALS SERVED PER DAY

58

In France, an in-depth operation was carried out throughout 2012/13 in order to restore clear objectives targeting operational excellence in all centres.

It was completed by key management training, as well as targeted recruitment to solidify management teams.

Meanwhile, Newrest inflight France worked with its teams to improve its production processes in order to optimise its capabilities and quality. Anxious to offer a framework of increasingly high-performance relationships to its clients, this subsidiary implemented a comprehensive plan for the certification of its production units and related services. This certification scheme is broken down into three main steps: ISO 9001-2000 certification for business relationships (obtained in May 2013), ISO 9001-2000 certification for company asset and equipment management (underway, the certification audit is scheduled for November 2013) and finally, ISO 9001-2000 certification for production processes (the certification audit is scheduled for May 2014).

At the Orly unit, the composition of revenues was modified with the loss of the Royal Air Morocco contract and the gain of the logistics component of the Elvetino contract. This activity supplemented the operations already in place for food production, integrating the delivery of equipment and beverages for service on board. Newrest Inflight France’s expertise is thereby strengthened in the field of production for railway services.

▲ 9,7%

MANAGED TURNOVER INCRE ASE FR ANCE

‘‘

The Charles de Gaulle unit (...) has seen its business increase significantly with the arrival of new clients and growth in clients’ fleets of A380s - for example, Emirates and Thai International.’’

from early 2013/14 on the entire pool of computers for on-board sales for all airlines, thus fulfilling the Group’s commitment to professionalise this activity.

The Charles de Gaulle unit on the other hand has seen its business increase significantly with the arrival of new clients and growth in clients’ fleets of A380s - for example, Emirates and Thai International. These increases in capacity helped offset the unfortunate loss of customers such as Etihad due to financial constraints. In terms of human resources, Federico Alvarez succeeded Hugues Castagna as Commercial Director. Hugues has meanwhile joined the operational teams of Newrest France.

Duty Free has remained stable since 2012 and the opening of the Buy-On-Board service on certain routes, such as Portugal for Aigle Azur and the Middle East for Air Méditerranée, have become real growth areas.

Airshop France, a subsidiary of Newrest Group, saw the gradual introduction of a new warehouse on the Charles de Gaulle base in 2012/13. This helped to better meet the expectations of airlines such as XL Airways, which has decided to offer only Buy-on-Board services for its medium-haul flights and to integrate a second Buy-on-Board service into its long-haul flights to the United States. This new concept will be 100% operational at the beginning of fiscal year 2013/14. New technologies for transmitting flight data have been tested and will be implemented

In terms of human resources, it should be noted that following the departure of Valerie Edwards, Alain Cecchi took office as Director General of Airshop in February 2013.

59

NEWREST ACTIVITY REPORT 2012/13 - 4. OPERATING PERFORMANCE 2012/13

A

irshop Solutions, now manages two contracts, acting as service integrator.

As part of these contracts, ILC performs daily management for catering operations (PAX & PEQ order services), quality monitoring, and logistics for all MPL products at about 20 storage points, as well as related accounting, purchasing and product management on board.

The first contract was signed with Corsair. The target for the second year was achieved with results even exceeding guaranteed savings. On the second contract with Aigle Azur, the closing results of its second year are still being audited by the company. A decision was taken to terminate 2 minor contracts in October 2012 for profitability reasons.

However, Airshop Solutions remains quiet confident on this point: the objectives were met and the contract complied with. 2012/13 will be the last contract year for both clients (May 2013 for Corsair and September 2013 for Aigle Azur). The Group is eager to respond to new calls to tenders.

For Seashop, the beginning of this fiscal year was devoted to discussions about the sustainability of our partnership with Corsica Ferries. The trust shown by Corsica Ferries brought huge honour to this Group subsidiary. Thanks to this exceptional relationship, this contract had been extended for 3 years in balanced financial conditions. Despite extremely adverse economic conditions on many commercial lines, Seashop teams in France have demonstrated creativity and initiative so as to always provide more innovation and products to its customers. Thanks to a bold sales and marketing strategy, sales, services and tools all increased significantly.

In terms of human resources, Giulia de Marinis joined the Seashop team, replacing J茅r么me Gaignault as Director of Operations. For his part, J茅r么me joined our remote site teams in Africa for other missions. In parallel with these activities, Seashop started negotiations with other shipping companies in order to develop its know-how.

60

3 R AIL CUSTOMERS

126 TR AINS C ATERED PER DAY

Turnover distribution (Regarding total consolidated turnover 2012/13 France)

11,0%

‘‘

RAIL

3,0%

CATERING

86,0%

INFLIGHT

Newrest Wagons-Lits was awarded the task of determining the complete SNCF on-board offer and products.

In direct communication with SNCF’s teams (...), Newrest Wagons-Lits’ teams will have the pleasure of demonstrating the Group’s expertise.’’

F

inally, for Newrest Wagons-Lits in France, this year was devoted to achieving two main goals: a return to profitability in line with the Group’s standards, and the response to SNCF’s call to tenders, the specifications of which were issued in December 2012. The final decision was announced in July. On this occasion, a joint venture was created to meet the formidable challenge of reinventing catering services on board high-speed trains, as well as on inter-city networks in France, and to better respond to all of the tender’s requirements.

Combining Newrest’s renowned expertise (for the choice of supplies and for service offered on trains) with that of Elior (for catering to passengers at stations through innovative offerings and the implementation of recognised brands) is a key success factor for future catering services on trains.

In addition to being selected to handle traditional sales on trains, Newrest Wagons-Lits in France was also awarded the task of determining the complete on-board offer and products. In direct communication with SNCF’s teams responsible for on-board catering, Newrest Wagons-Lits’ teams will have the pleasure of demonstrating the Group’s expertise.

Finally, the subsidiary is also honoured to having been chosen for the management of Alléo trains, which link France and Germany, thanks to innovative concepts highlighting regional products from Alsace and Germany.

61

Spain

NEWREST ACTIVITY REPORT 2012/13 - 4. OPERATING PERFORMANCE 2012/13

210 CUSTOMERS 90 CUSTOMERS

Newrest Spain signed three new contracts in fiscal 2012/13.

The first, with Norwegian, became effective in October 2013 and relates to the Alicante, Malaga and Las Palmas sites.

The new contract with Norwegian is a Buyon-Board contract, with a total annual volume of almost €4 million. The second contract with Aeromexico started in February 2013 with the Madrid unit for one flight per day and an annual volume in excess of €1 million. Finally, the third contract entered into with Boliviana took effect in December 2013 and involves the Madrid unit for four flights per week.

INFLIGHT

C ATERING

14 PRODUCTION UNITS INFLIGHT

106’500 ME ALS SERVED PER DAY

The economic environment in Spain is still very uncertain and Spanish companies in general have become highly savingsoriented. In addition, AENA increased its entire pricing policy, leading to a restructuring of the modus operandi of airlines, in particular Air Europa. An exit plan for the AENA facilities was triggered in six of Newrest Spain’s units. The first in Valencia will become operational in January 2015. The Madrid unit was restructured, allowing the site to remain profitable. Efforts were additionally made in the supply chain where a global offer was launched to stabilise food prices.

In January 2013, Newrest Spain was granted ISO 9001 certification. Halal certifications for the CPU were also renewed in Madrid and Barcelona. In February 2013, the subsidiary was registered with ECOMBES and is now certified "Punto verde".

62

▼ 58,4%

▼ 2,5%

MANAGED TURNOVER DECRE ASE BELGIUM

MANAGED TURNOVER DECRE ASE SPAIN

In terms of human resources, the teams were reorganised.

Thomas Matthey left his position as manager in Madrid and was replaced by Jessica Hayes, who, having left the Sales Department, was replaced by Arnaud Guignard. For her part, Theresa Espada was replaced by Margarita Bauza as QSH Manager. Finally, Alberto Rodriguez took over from Juan Pita as IT Manager.

Belgium Generally speaking, Airshop Belgium was able to keep its turnover constant in 2012/13, despite a reduction in the sector’s business and a persistent crisis.

With the renewal of 2 seasonal contracts with Turkish companies, a remarkable 33% turnover increase brought by these 2 clients should be noted. This increase is due in part to the integration of the Buy-On-Board service, as well as other services adapted to airline companies’ specific needs, contingent on clients and destinations.

Overcoming the loss of JetAirFly at the end of 2012, the remaining team was able to demonstrate cohesion and flexibility in order to maintain quality service. Positive feedback was received, especially from Luxair, which renewed its contract in 2013. Airshop Belgium is currently working with this company to set up a Buy-On-Board option for certain destinations. The Thomas Cook company seems equally promising. It is currently in the midst of a restructuring and is actively working on incorporating Buy-On-Board on all its flights in 2014. The year 2014 promises a bright future for Airshop in Belgium.

‘‘

With the renewal of 2 seasonal contracts with Turkish companies, a remarkable 33% turnover increase brought by these 2 clients should be noted.’’

63

The Netherlands

▼ 6,6%

MANAGED TURNOVER DECRE ASE NETHERL ANDS

NEWREST ACTIVITY REPORT 2012/13 - 4. OPERATING PERFORMANCE 2012/13

The main event of 2012/13 in Newrest’s inflight business in the Netherlands was the change in Amsterdam’s inflight market due to the buy-out of Alpha Inflight Services by Gate Gourmet in November 2012.

This will give Newrest in the Netherlands opportunities to expand our business in Schiphol Airport. Schiphol is reaching its maximum capacity for the holiday and leisure market. New routes deployed to Schiphol are mainly handled by Middle Eastern carriers. Newrest Inflight was already operational (through its partner Erasmus) in Rotterdam Airport and it recently added Eindhoven Airport to its portfolio.

160 EMPLOYEES

18 CUSTOMERS

2012/13 has been a successful year for inflight business: Air Astana has become a new customer in March 2013, including 6 flights per week (44’000 meals served per year). Since April 2013 we also serve Ryanair, catering 1 flight per day. Finally, we welcomed Iran Air to our client’s portfolio in Amsterdam, serving 2 flights per week with 20’000 in house made meals per year. Newrest Inflight has improved productivity by implementing a procedure whereby consolidation takes place directly on the shop floor. This eliminates two side steps in the total process and this new set-up allows for better control of stock. In order to stay competitive in the Amsterdam market, a halal kitchen is required. The new halal kitchen will be finished by the end of 2013. Newrest Inflight is ready for the future. In collaboration with Newrest Group, the certification process for ISO 9001 and ISO 22001 has been initiated. The goal is to achieve certification in 2014.

Concerning Airshop Solutions, the loss of ArkeFly in 2013 had a huge impact on the budget for the Netherlands. ArkeFly decided to insource the purchase of Buy-OnBoard and Duty Free products. The main focus of Airshop Solutions is to find new business for coming years to ensure its growth and continuity. Another objective is to identify more synergies with Airshop Belgium in order to reduce costs and gain new business in Benelux.

The management structure has changed: Marcel Jurjus took over from Bart van Schagen as General Manager in June 2013. Also in June 2013, John Heemskerk was appointed Executive Chef, replacing Arjen Ten Pas. Finally, in September 2013, Michelle Van Zutphen was appointed Quality Manager.

64

United Kingdom

▲ 0,9%

MANAGED TURNOVER INCRE ASE UK

Despite the difficult economic climate Newrest Servair in the UK is experiencing in the air transport industry, in 2012/13 its performance was solid.

The operation has risen to the challenges of higher complexity and lower margins by driving productivity and strengthening Newrest Servair’s relationship with key suppliers. By working with its customers, it has been able to maximise the supply chain often generating greater value for its customers. This has allowed the company to extend and renew all its customer contracts, most notably with British Airways City Flyer who have granted a 3 year contract extension. This demonstrates the strength of its relationships and the trust its customers have in Newrest Servair in the UK. The operation in Glasgow airport has transitioned to fully in-house final mile operations. This has created a stronger operation with greater flexibility and compliance. This proved to be the right decision as Newrest Servair doubled its results compared with previous years. The charter operations have increased in volume, with very strong performance, which has been recognised by customers.

2

PRODUCTION UNITS

4’800 ME ALS SERVED PER DAY

‘‘

By working with its customers, it has been able to maximise the supply chain often generating greater value for its customers.’’

Newrest UK is currently focusing on sustainable process control through the implementation of ISO 9001 for London and Glasgow (planned for 2014).

For years to come, London City Airport has ambitious expansion plans for the physical airport, with an increase of 30% stand capacity and more than 100’000 flight movements per year. Newrest Servair remains well placed to provide this additional capacity demand in the future.

65

Greece

NEWREST ACTIVITY REPORT 2012/13 - 4. OPERATING PERFORMANCE 2012/13

In 2012/13, Newrest Greece continued to be embroiled in the persisting economic crisis in Greece. The number of flights and passengers to Athens and Thessaloniki remained low due to the continuing crisis.

63 18 INFLIGHT

However, after a slow winter period, inflight catering in Greece had a strong and successful high season, mainly due to the significant increase in volume in its island unit operations, which resulted in a yearly turnover decline of only 4% compared with the previous year.

CUSTOMERS CUSTOMERS

C ATERING

24’300 ME ALS SERVED PER DAY

The strategy adopted by Newrest Greece was to promote itself eastward, as tourism from Russia and Eastern Europe is growing, especially to the Greek Isles. In 2012/13, Newrest’s inflight activities were honoured to enter into a new collaboration throughout the Greek network with Rossiya, Orenair, UTAir (via the Goldair Group), Ryanair and Private-Flight.com, as well as with Etihad in Athens. Following its main customer’s (Aegean) route expansion, as the Peloponnese is becoPRODUCTION ming a very important tourist area, service for direct UNITS INFLIGHT international flights from Kalamata was provided for the first time. Finally, Newrest Greece is proud to announce and welcome a new partnership with Olympic Air starting in November 2013.

7

2012/13 was not a good year for catering activities in Greece; results were affected by the loss of a number of existing contracts, and the development target was not achieved despite active participation in tenders. A contract was signed with OTE, a large private telephone group, where 200 meals have been provided daily since July 2103.

Key challenges for 2013/14 in the inflight business are the integration of Olympic Air into operations in Athens and Greece, and the future impact of the merger between A3 and OA on Newrest Greece.

Regarding institutional catering, major development is not foreseen for next year due to the market situation; the target is to focus on retention of the client portfolio for staff meals and the healthcare sectors, to optimise OTE operational results, and to consolidate the

66

▼ 4,7%

MANAGED TURNOVER DECRE ASE GREECE cooperation with Alpha Bank Group (second largest customer), which recently acquired Commercial Bank, thus opening up new potential for staff catering services.

Due to good team communication, hard work and a dedicated staff, Newrest Greece was able to surpass its objectives and achieved better than projected results. Continuing to uphold these values is the key to ultimately reaching the Group’s goals for 2013/14.

Reunion Island In 2012/13, Newrest Reunion won the contract that had been the subject of a Corsair International invitation to tender.

To satisfy this client, the Group launched major investments, building a new catering unit that covers 1’000 m2.

This production unit was inaugurated in May 2013 and is exclusively dedicated to inflight catering. It fully complies with the most recent international hygiene standards, and will be able to fulfil demand from other clients in Reunion Island. Air Austral renewed its contract with the other subsidiary in Reunion Island, Airshop Reunion, which illustrates the quality of its know-how and expertise.

During the same year, Newrest Reunion broadened its range of business sectors: it is now present in the island’s airport concessions. Further to a number of consecutive invitations to tender, the management company for the Roland Garros Airport in Reunion awarded Newrest a contract for the design and operations of a bar, snacks and creamery outlet, which has been open since October 2012. In 2013, the Group received sanitary accreditation after implementing and applying HACCP rules in the catering unit and retail concessions.

67

▲ 26,2%

Portugal

NEWREST ACTIVITY REPORT 2012/13 - 4. OPERATING PERFORMANCE 2012/13

3 2 1

MANAGED TURNOVER INCRE ASE PORTUGAL

PRODUCTION UNITS LOGISTIC CENTRES POINT OF SALE

For Newrest Portugal, 2012/13 was a positive year, with growth of 26,2% in total turnover compared to last year, thereby avoiding the major economic and social recession in Portugal.

The commitment to extend activities to various sectors, in line with Newrest Group’s philosophy, allowed the company to bypass a difficult economic situation. In this framework, Newrest Portugal is mostly involved in inflight catering, but also rail catering, retail concessions and group catering. Additionally, Newrest was also able to take major steps forward in Portugal by improving productivity, establishing synergies between the various units and the Group, and ensuring cash flow availability.

INFLIGHT

R AIL

RE TAIL

3’900 ME ALS SERVED PER DAY

365 EMPLOYEES

In the rail sector, the situation is stable in terms of sales: to our great satisfaction, the ALFA Pendular contract was renewed for another year. In terms of inflight catering, turnover rose further to an increase in the number of Easyjet airplanes served at Lisbon Airport and the renewal of many other contracts. With regard to group catering, Newrest Portugal achieved new sales thanks to its know-how and quality service: a new contract was signed in July 2013 with Prego Gourmet in Lisbon.

Concerning human resources, the successful implementation of cost reductions in the Portuguese structure should be mentioned, based on the centralisation of services, the optimisation of administrative costs and synergies between the different business areas.

For the upcoming year, Newrest Portugal intends to continue with the encouraging progress made this year and also to enter new business sectors, such as VIP catering (Festival Optimus Alive) and retail concessions (Prego Gourmet).

68

French West Indies

In 2012/13, production capacity in the West Indies increased significantly thanks to the construction of a new 900 m2 unit in Fort de France.

The redevelopment and optimisation of the Point à Pitre unit brought total capacity from 600 m2 to 800 m2, in order to provide services to Corsair Fly since early May 2013 on the FDF-ORY and PTP-ORY routes. This tender was awarded at the end of 2012. Newrest’s turnover in the West Indies, which is exclusively based on the inflight sector, should increase by almost 70% in 2013.

The Fort de France unit (plan-based) was designed so as to be as autonomous and ergonomic as possible. It has extensive capacity both for negative cold storage and dry storage. Today, it is a reference unit in the West Indies.

The Point à Pitre unit, for its part, has benefited from many re-fittings, and its production capacity has increased as well. The Raizet premises, close to the runways, allows for even greater responsiveness.

In 2012/13, in the West Indies, Newrest received excise bonding warehouse accreditation from Martinique and Guadeloupe’s customs authorities. It can therefore now offer additional storage and procurement services to its clients for alcoholic beverages.

2’950 ME ALS SERVED PER DAY

‘‘

Production capacity in the West Indies increased significantly thanks to the construction of a new 900 m2 unit in Fort de France and the redevelopment and optimisation of the Point à Pitre unit. ’’

69

Cyprus

NEWREST ACTIVITY REPORT 2012/13 - 4. OPERATING PERFORMANCE 2012/13

In 2012/13 Newrest Cyprus found itself facing the Cypriot banking crisis, which has seriously affected foreign and domestic investment into the Cypriot banking industry.

Cypriot consumers’ disposable income has fallen drastically, and the lack of lending power has caused severe cash flow issues throughout the private and public sectors.

However, one shining industry throughout this debacle was tourism, not only from the new Russian frontier, but also from the Middle East and traditional Western European markets.

4’650 ME ALS SERVED PER DAY

Newrest Cyprus’ challenge was to develop new processes in order to handle the projected increase of passengers and to reduce the potential for bottleneck situations throughout the Larnaca unit.

The first step was to tighten the production flow and increase efficiency in an already strong operations department, followed by consolidating procurement with Newrest Greece. The results were positive and all of the targets for 2012/13 were exceeded.

In 2013, Newrest Cyprus received halal certification and was honoured to sign Etihad on as its first Middle Eastern Airline.

Additionally, Newrest in Cyprus managed major programme increases by Russian and Scandinavian airlines, and its tour operator Transaero continued to expand its market leadership from Russia by increasing its flight programme to both Larnaca and Paphos airports. A contract with Orenair was awarded and SAS beat expectations with a new, broader programme. Due to these factors, inflight sales in Newrest Cyprus increased by an impressive 30% in the year.

In the catering sector, projected development in hospitals did not materialise; an existing contract with an asylum was terminated in March due to the financial crisis and lack of government funds. However, Newrest Cyprus won a contract for the catering of a new detention centre located in Menoyia with a

70

▲ 27,1%

MANAGED TURNOVER INCRE ASE CYPRUS

▲ 17,6%

MANAGED TURNOVER INCRE ASE SWITZERL AND total population of 150 PAX, as of July 2013 (in collaboration with G4S). The target for next year is to explore further collaborations in the public administration sector.

The challenges facing Newrest Cyprus’ dedicated team, as the economic crisis grips the country, are to keep improving the new processes in place, to work closely with support services in Greece, and to continue giving excellent, punctual performance and provide high level customer satisfaction.

Switzerland Group catering in Switzerland in 2012/13 was consolidated thanks to the stabilisation of the teams and operating results that are encouraging in a highly competitive environment.

The move from the old to the new World Labour Organisation restaurant in April 2013 was important for the image and professional reputation of the company among clients in the B&I sector. Contracts signed in 2012 allowed for internal promotion among the Newrest Canonica teams.

The main goal of this action, in line with the Group’s promotional policy, was to create synergies between inflight catering and group catering.

All of the Newrest Canonica restaurants in Switzerland are certified "Fourchette Verte" - a label that promotes a balanced diet in a healthy environment. Turnover from the catering department increased thanks to the daily commitment and work of the teams and the renewed trust of clients illustrated by the contracts signed (EBACE, as well as the acquisition of new clients, such as the Canton of Geneva and the U.S. mission).

The inflight business saw the arrival of United Airlines with two daily flights (New York and Washington). In parallel, British Airways put an end to its "night-stop" further to the implementation of packaged meals from London for flights to and from Switzerland. The VIP flight market dropped significantly due to the departure of many airplanes based in Geneva to other airports. In terms of operations, the unit improved structurally with the addition of new storage capacity that can accommodate a 20% increase in the number of pallets.

‘‘

Turnover from the catering department increased thanks to the daily commitment and work of the teams (...).’’

71

NEWREST ACTIVITY REPORT 2012/13 - 4. OPERATING PERFORMANCE 2012/13

Croatia The 2012/13 financial year was exceptionally good for Newrest Croatia.

This was not only due to the company’s operational and financial performance and its ability to adapt to this year’s many challenges, but also to the readiness, hard work and dedication of its employees and managers.

28 5

CUSTOMERS

4

POINTS OF SALE

INFLIGHT

In 2012/13, the company showed improvement in all of its financial and operational indicators: net sales increased by 10% compared to 2011/12, whereas the retail sector achieved the most significant annual improvement of +21,8%. Food costs decreased by 2,7 points, labour costs by 2,6 points, and overhead by 1,1 points. As a result, EBIT improved by 44,6% over 2011/12.

CUSTOMERS

C ATERING

RE TAIL

From an operational point of view, the past year confirmed the Group’s expectations: retail and VIP inflight sectors became increasingly important at the Dubrovnik Airport; consequently so did the need for the Croatian company to expand its focus on these activities. Therefore, the kitchen staff was trained by their colleagues from the Nice branch, the VIP menu was updated, and, finally, the hot kitchen underwent a complete remodelling and was newly equipped. Also, the Group efforts to deliver products and services of the highest quality resulted in a 55% increase in VIP activity. Newrest Croatia expects the potential of this particular sector to grow exponentially in the coming years. Therefore its focus will be on further training of its employees and developing the VIP team.

By the end of 2012/13, the HACCP procedures had been successfully implemented: certification was issued by the local health authority in Dubrovnik.

6’950 ME ALS SERVED PER DAY

72

The month of July was significant for several reasons. Firstly, celebrations took place around Croatia related to its integration into the European Union. More importantly, Newrest Dubrovnik was awarded the golden “Zlatna Kuna” award for best company in the small companies’ category by the Chamber of Commerce of Dubrovnik-Neretva County.

▲ 15,2%

▲ 9,9%

MANAGED TURNOVER INCRE ASE AUSTRIA

MANAGED TURNOVER INCRE ASE CROATIA

‘‘

Newrest Wagons-Lits Austria provides high quality service and real operational synergies: a complete activity including logistics, cleaning, catering and other railway activities.’’

Austria The 2012/13 year was positive for Austria, with the night trains clearly identified as an important element of its economic success.

The on-board service concept brought by Newrest Wagons-Lits to Austria provides high quality service and real operational synergies: a complete activity including logistics, cleaning, catering and other railway activities.

In 2013, the Austrian branch successfully extended its ISO certifications: ISO 9000 (Quality) and ISO 14000 (Environment). With so many positive elements regarding its service, Newrest’s Austrian branch - which has already responded to ÖBB’s call for tender for a contract extension in March 2014 - is confident in the future of its activities in the next fiscal year.

Following the opening of a new route in December 2012 by the ÖBB linking Vienna and Milan, passenger traffic increased by 51%. This success is obvious in the Austrian branch’s turnover: over the last two years, the on-board sales per passenger revenue have doubled (+29% in 2013 alone), and the number of traveller complaints dropped by half (-50%, -25% in 2013 alone). The success of Austrian night trains also results from the qualitative policy at Newrest Wagons-Lits Austria for their products. The branch brought in snacks, fresh products, a new coffee system, etc., all the while keeping costs under control.

The HR department in Austria had to handle the delicate subject of reducing man hours implemented in the railway sector (reduction to 38,5 hours per week). The solution was creative and original: Newrest Wagons-Lits negotiated for a sixth paid vacation week, which highly motivated the teams and allowed us to gain better control over labour costs.

73

152’000

8,2%

ME ALS SERVED PER DAY

% GROUP’S MANAGED TURNOVER

175

NEWREST ACTIVITY REPORT 2012/13 - 4. OPERATING PERFORMANCE 2012/13

CUSTOMERS

88,9 M€

MANAGED TURNOVER 2012/13

Turnover distribution in North Africa (Total managed turnover 2012/13 North Africa)

18,9%

INFLIGHT

11,2% 64,6%

74

CATERING

5,3%

RETAIL

REMOTE SITE

North Africa Division

The North African Zone has had a transitional 2012/13 year. This is particularly due to its challenges in 3 zones and General Management changes in Morocco, Tunisia and Algeria.

T

operational and commercial performance meant that final results nearly matched the objectives set by the Group. This was possible thanks to the outstanding performance of the airport retail business, which has been continuously progressing for the past two years.

The Moroccan projects - mostly revolving around the ATASA acquisition - will therefore allow Newrest to diversify its activities, particularly with the new 2014 airline catering activities in Morocco.

Algeria, the zone’s underachiever, has had a bad year as a result of changes in its General Management and support departments. The airport retail business in Algiers has not had the expected results.

The remote sites located in Hassi Messouad, once again, did not develop as initially anticipated. Today, thanks to its new management that complies with the Group standards, Algeria must imperatively renew its retail business with the Algiers airport, develop its catering business around Algiers and double its activities in remote sites in the South of the country.

he zone has increased its turnover by 10% over last year and therefore exceeded its budget by 1,1%. In terms of earnings, the zone held short of its budgeted targets principally due to Algeria’s poor performance.

Tunisia has continued its development (+10% compared to last year) despite the current complex political environment. North Africa’s airline activities are strong contributors much like catering and remote sites, which are still booming sectors. Retail business sales remain steady (year-to-year) yet underperformed Mauritania was off to a bad start after losing its largest when compared to budget (-7%). In terms of results, although Tunicontract (-30% in turnover), yet compensated for this lost sia did not achieve its budget in the year, it has still improved its revenue with an end-of-year positive result; suggesting performance since last year. In Tunisia, we will focus on stabilizing further development to the Group’s 2014 activities. airline activities (very much linked to Tunisair), boosting productivity in catering and remote sites, as well increasing retail business sales Morocco has also had a successful year, hence meewith the help of international brands from franchises (similar to ting budget objectives, and this despite shortcocontracts started in Morocco but eventually transferred to Algeria). mings of €3 M in turnover in the year. This is primarily linked to the delayed opening of significant Reaching the 2014 Newrest budget objectives for the North African zone catering sites such as ONOUSC and OCP in will also depend on the country’s political stability. More generally, the Laayoune. Operationally-speaking, the first quarZone has committed to a 10% growth for 2014, which corresponds to our ter was a struggle; leading to much lower results 3-year plan (2012-2015). This will be undertaken while aiming at continuous than expected. From January, improvements in increase in productivity and consequently, earnings.

75

â–˛ 8,7%

Algeria

MANAGED TURNOVER INCRE ASE ALGERIA

NEWREST ACTIVITY REPORT 2012/13 - 4. OPERATING PERFORMANCE 2012/13

2012/13 was a transition year for Algeria owing to its new managerial team set up in July 2013.

Jean Boher is now acting as Assistant Managing Director and Alexandre Sabbane, our Retail Operations Director. Their objective is to renew airport retail contracts beyond 2014, develop catering activity and strengthen Joint Venture with Red Med for remote site management.

RE TAIL

8

POINTS OF SALE

5

SITES OF OPERATION REMOTE SITE

5’200 ME ALS SERVED PER DAY

Remote site activities have however suffered a major setback following the attacks in the Amenas region (BP company in January 2013). After this unfortunate event, the BP group stopped all of its operations in Algeria, including the BPXA operation, which was managed by Newrest.

550 EMPLOYEES

76

Catering and retail business sales have dropped by 7% during the 2012/13 fiscal year. This was due to non-replaced expired catering contracts. As for the retail business in the Houari Boumediene airport, sales have recorded a 12% increase essentially resulting from increased air traffic in Algiers but also by our revamped product offering and high-quality services.

Finally, a certification process for Houari Boumediene airport has been started and should be completed before the end of 2014.

Despite this, we are happy to confirm the Joint Venture agreement with the opening of a new remote site in Adrar and operations in In Salah for the Sonatrach and Total consortium. A new operation in the Adrar region is also in the pipeline for the Touatgaz consortium (Sonatrach - GDF Suez). These examples of promising outlook for 2014 are a happy note to our activities.

Mauritania ▼ 16,6%

Newrest Mauritania essentially revolves around remote site activity and 3 main operation sites: Berge Helene (FPSO), the Newrest Guest House and Meet & Greet service.

Turnover of these activities has shown good results for the 2012/13 fiscal year with increases from +12% (Newrest Guest House) to a +57% take off (Meet & Greet service) compared to last year. As for Berge Helene, we are proud to call it a success with strong turnover growth in 2012/13.

Next to these encouraging results, Newrest Mauritania unfortunately lost the MCM Mine and Bumi Mine contract.

MANAGED TURNOVER DECRE ASE MAURITANIA

9 CUSTOMERS

Out of all the commercial and operational events, which occurred in 2012/2013, we can highlight the human resource sharing for Sphere Xstrata’s. The Group has also provided services to Tullow Oil (recreational centre with game room and pool, snack and meal for crew relief waiting for their evening flight), to Baker (permanent rental of nine rooms with meals on site and at VIP meals) and to François Marine & Offshore (Supply and technical assistance).

Regarding Human Resources, the Warehouse Manager and the Procurement Managing Director have been replaced.

This change in Warehouse management has brought improvement on certain points such as hygienic conditions, cleanliness of storage areas and communication with clients, suppliers and the CB. It also optimized results and decreased delays in reporting information to headquarters. The Group’s procedures are being respected, and finally, legal and fiscal monitoring is now ensured.

‘‘

As for Berge Helene, we are proud to call it a success with strong turnover growth in 2012/13.’’

77

Morocco

NEWREST ACTIVITY REPORT 2012/13 - 4. OPERATING PERFORMANCE 2012/13

Thanks to solid commercial and operational performance, 2012/13 has been success.

113

C ATERING

RE TAIL

122 CUSTOMERS

2’650 EMPLOYEES

78

CUSTOMERS

9

POINTS OF SALE

6

SITES OF OPERATION

REMOTE SITE

Once again, competition has been fierce, resulting in Newrest Morocco losing 3 important contracts in the year. These Public-sector contracts (OCP headquarters, FES UHC and IRFC) accounted for almost 6% of last year’s turnover. We also lost two of our most important catering clients (YAZAKI and AWSM) who represented 3% of our 2012/13 turnover. Fortunately in January 2013, Newrest Morocco was able to offset these losses and finish the fiscal year with a considerable turnover increase (+1% compared to 2011/2012).

Starting a contract with ONUSC (Moroccan public university) and signing 14 new catering restaurants in 2012/13, were the main reasons for this financial recovery. Amongst others, key clients are ONDA, SAMIR, OCP in Laayoune, SEWS, RMA, NCESNT, MATIS and RFM. Our Moroccan teams were also able to provide services to numerous summer camps with the support of all the subsidiary’s clients. Newrest Morocco, who has served more than 1,3 million meals during these school holidays, continues to specialize and establish their expertise in this field.

Airport retail business has increased its turnover by 12,9%. Thanks to a tremendous effort around product quality, secure flows, training and staff motivation, turnover has increased significantly, way above the 6% rise in air traffic recorded at Moroccan airports. Retail business activities have significantly contributed to Newrest Morocco’s earnings even though motorway activities have not yet shown full growth potential.

▲ 0,6%

MANAGED TURNOVER INCRE ASE MOROCCO

99’000 ME ALS SERVED PER DAY

‘‘ The year 2013 has also been productive on the training front for Newrest Morocco teams.

Thanks to past and present training programs over 1’200 persons have benefited from 30’000 hours of training on food safety, hygiene and service quality. An e-learning program has been set up enhance staff access. An ISO certification project, started in 2013 for the medical, educational and corporate sectors, should be completed around May 2014.

Newrest Morocco, who has served more than 1,3 million meals during these school holidays, continues to specialize and establish their expertise in this field.’’

For the 2012/13 fiscal year, Newrest Morocco has had a change in General Management with Bruno Heriche’s transfer to Saudi Arabia and respective arrivals of Olivier Suarez as Managing Director and Marc Giraud as Assistant Managing Director in charge of Operations.

The list of challenges for 2013/14 is long! Our objective is to outperform DH 500 000 million in catering turnover and launch our airline activities to become leader in the Moroccan catering market.

79

▲ 3,8%

Tunisia

MANAGED TURNOVER INCRE ASE TUNISIA

NEWREST ACTIVITY REPORT 2012/13 - 4. OPERATING PERFORMANCE 2012/13

The 2012/13 fiscal year has seen a recovery year for air transport; benefiting airline catering and retail business.

16 CUSTOMERS 15 CUSTOMERS 9 SITES OF OPERATION 5 POINTS OF SALE INFLIGHT

C ATERING

2’550 EMPLOYEES

RE TAIL

REMOTE SITE

52’000 ME ALS SERVED PER DAY

Tourism, which represents 7% of the GDP and 20% of contributions in foreign currency, has increased by 2,3% in profits but is still experiencing a 10% deficit versus 2010.

The quickly rising inflation and tensions around Dinar exchange rates have generated commercial tensions and unprecedented price wars. Social tension was eased before the summer but caused numerous strikes in all sectors. Increasing political disputes should lead to a new coalition. For Newrest, airline catering has experienced a renewal of activity totalling 5 million TND but gross earnings are still negative because of new social conditions from 2011/12 negotiations.

The airport retail activity has been restructured around the Monastir airport, which experienced a drop in traffic with the Enfidha inauguration. However, operations saw a 15% pick-up during the summer. Programs related to events and product promotion have intensified to compensate for the tax hike, in particular the +70% add-on for alcohol.

Catering has strengthened its position despite the noteworthy closure of ENI sites in July; another symbol of economic tensions linked to the country’s social and political climate. The contracts for Lycée Pierre Mendes France and Total stations have been successfully renewed. Newrest in Tunia provides upmarket catering services, asserting their image as a professional partner.

The year’s activity will therefore be subject to the country’s political, economic and social contingencies.

As for management, Noomen Trigui was appointed Tunis Unit Director and Fedra Ben Youssef, Production Unit Director.

80

81

20’000 3,1%

ME ALS SERVED PER DAY

% GROUP’S MANAGED TURNOVER

29

NEWREST ACTIVITY REPORT 2012/13 - 4. OPERATING PERFORMANCE 2012/13

SITES OF OPER ATION

32,8 M€

MANAGED TURNOVER 2012/13

Turnover distribution in Central & Western Africa (Total managed turnover 2012/13 Western Africa)

20,4% 76,1%

82

REMOTE SITE

INFLIGHT

3,5%

RETAIL

Central & Western Africa Division

Cameroon also did well, and, thanks to the actions led by the teams in place, this country was profitable for the first time this year. The future is bright for the subsidiary, and it can now turn to prospecting new clients.

Congo continues to progress and has launched new sites with Caroil, which is also supported by Gabon. ENI activities are also continuing.

Significant growth was achieved in the West Africa Zone this year, with countries that took off or managed to reach a financial balance.

Turnover increased by 80% over the fiscal year, and the average rate of profitability for the zone, which had just balanced out last year, totalled almost 10% of gross operating results.

G

In Niger, Newrest still works for the Areva group and its subsidiaries, and is supporting the expansion of the Imouraren mine, the largest uranium mine in Africa. The challenging environment in no way prevented us from succeeding in our operations.

In Senegal, we continue to provide services for Senegal Airlines and the Newrest Senegal subsidiary provides quality buy-on-board service to the company.

Finally, in Conakry, Guinea, the catering unit is fully operational. CGA Newrest is currently working for Air France and Brussels Airlines, which constantly seek high quality, despite a very complicated geopolitical environment.

rowth in Gabon was the highest in the zone, and its number of sites rose from 5 to 13 at the end of the The presence of the Newrest Group’s subsidiaries in these counyear. This led to an increase in the tries has increased, which has allowed the company to look country’s management teams and allowed for towards the future with more serenity and augurs well for promithe launch of a restructuring of Newrest sing commercial prospects. While maintaining the same level of Gabon’s central base in Port-Gentil. Also note quality for its existing clients, the goal for next year is to continue to the kick-off of the retail business at the Libregrow in this zone by signing new contracts in existing countries, but ville airport - a first for the Group in Subalso expanding to new countries and engaging in new activities. In this Saharan Africa. regard, Liberia is currently mobilising.

83

▲ 91,7%

Gabon 11

NEWREST ACTIVITY REPORT 2012/13 - 4. OPERATING PERFORMANCE 2012/13

2

SITES OF OPERATION

Over the past year, Newrest Gabon was recognised for its remote site business by the oil companies present in Port-Gentil: many new contracts were signed and others were renewed.

POINTS OF SALE

Of particular note is Shell, with an 80 POB site - the launch of operations is scheduled for the end of 2013 - renewals of contracts with Total, and the onshore Sinopec camp.

Having worked hard for its excellent reputation, the company is now being invited to participate in most invitations to tender.

RE TAIL

Thanks to a 10-year contract with Libreville’s airport, the airport retail business is now one of the services Newrest provides in Gabon, and which may be extended over the Libreville zone.

REMOTE SITE

3’900 ME ALS SERVED PER DAY

95 EMPLOYEES

84

MANAGED TURNOVER INCRE ASE GABON

Newrest Gabon enlarged its offices to facilitate communication between employees.

These offices, located in a commercial zone, provide it with new visibility. The company has also increased its employee base with the arrival of a new human resource manager. The company can now rely on a brand new operations department, divided into offshore and onshore.

Newrest Gabon has a bright future ahead of it, in particular thanks to the future increase of deep-water offshore sites for oil drilling.

Congo-Brazzaville

▲ 221,5%

MANAGED TURNOVER INCRE ASE CONGO

Having opened in Congo-Brazzaville in May 2012 in the framework of a contract with the Italian mining giant ENI, Newrest Congo’s development continued to move forward: it signed a contract with the French Caroil Congo company in January 2013.

This contract for 90 POB onshore, 110 km from Pointe Noire in the middle of the bush, adds to the company’s early successes. Newrest Congo also expanded its offshore business by entering into a contract with SFG. With these 3 contracts, the Group has proven its multiple talents, since it adapts its cuisine to suit the national tastes of its clients: Italian dishes (ENI), French (Caroil), American (SFG) and, of course, Congolese.

With close to 110 employees, Newrest provides the Congo with more than 1’200 meals every day. Its turnover has increased constantly since the subsidiary was inaugurated. Its 2012/13 financial results are satisfactory, the focus having turned to controlling purchases and cost management.

Thanks to the highly motivated teams on site and recognised quality service, Newrest Congo is confidant in the future and its development. New oil and mining projects are in the pipeline for 2014, and the Group’s teams are mobilised and will actively participate in kicking off these projects to ensure the launch dynamics continue.

‘‘

With these 3 contracts, the Group has proven its multiple talents, since it adapts its cuisine to suit the national tastes of its clients (...).’’

85

Guinea-Conakry

NEWREST ACTIVITY REPORT 2012/13 - 4. OPERATING PERFORMANCE 2012/13

CGA Newrest in Conakry has been providing inflight catering services since July 2012. After a successful launch with Brussels Airlines, CGA Newrest signed a contract with Air France, which took effect in December 2012.

55 EMPLOYEES

2 CUSTOMERS

700 ME ALS SERVED PER DAY

There are 6 regular flights per week - 3 operated by Brussels Airlines and 3 by Air France.

The number should increase to 4 with the next itinerary to be released in the spring of 2014.

An Emirates visit and audit took place in August 2013 with a view to the airline starting flights to Conakry at the end of the year. CGA Newrest also provides on-demand VIP services and deliveries of meals to sites, as was the case over 3 months on the occasion of the construction of the five-star Palm Camayenne hotel (75 meals per day).

Within the human resources office, Kaba Nia replaced Fofana Karamö as Financial Manager.

Full HACCP training was provided in the unit in June 2013 and a hygiene representative was appointed. Awareness training on safety for ground crews was also provided in January with a view to ISO 9001 certification in 2014.

The unstable political environment having had a major negative impact on the mining market in Guinea, CGA Newrest is waiting for the country’s economic recovery to move into this sector. This recovery is expected by 2015.

▲ 1’281,7% MANAGED TURNOVER INCRE ASE GUINE A

86

▼ 4,6%

Senegal

MANAGED TURNOVER DECRE ASE SENEGAL

Newrest Senegal launched its business in September 2011 with on-board duty-free sales for its only client, Senegal Airlines, on 2 to 3 flights per day.

Newrest Senegal’s business and turnover remain unstable, however, due to recurring aircraft breakdowns.

To boost turnover in upcoming months, the Group is rewarding and promoting its best sales representatives once per quarter by incentivising them with perfumes, cosmetics, and other gifts. We have also implemented a system where when a product is no longer in the catalogue, sales are organised for personnel. Newrest Senegal negotiated the use of Central Africa’s Franc with Senegal Airlines’ financial managers. This will be implemented for onboard sales in the near future.

Senegal Airlines has announced that it wants to open two other flight itineraries next year. This is uncertain, but would have a positive impact on the turnover of the Senegalese business. In addition to inflight, and to extend its range of services, Newrest Senegal is also considering a positioning within the new airport under construction, the inauguration of which is scheduled for 2015. The goals would be retail management: bars, restaurants and a dutyfree shop.

21 FLIGHTS PER WEEK

87

Cameroon

NEWREST ACTIVITY REPORT 2012/13 - 4. OPERATING PERFORMANCE 2012/13

Launched in March 2012, Newrest Cameroon is responsible for the management of remote sites for Perenco Cameroon and Perenco Rio del Rey. Over the past year, turnover in this entity increased by more than 30%.

This rise is in part due to the increase in the number of meals served on the two offshore sites as well as 2 new contracts. In the framework of their drilling business, Soletanche Bachy and Africa Onshore Drilling have asked Newrest to manage their remote sites.

To secure supplies, Newrest Cameroon has started to import foodstuffs, in particular savoury and sweet items, and frozen products (meat, fish, fruit and vegetables). Ensuring the sustainability of these imports is a key lever in securing procurement and logistics.

3’400 ME ALS SERVED PER DAY

Newrest Cameroon favours the hiring of nationals. The share of Cameroonian employees exceeds 91%. The Group has established a training plan to support the development of its teams on site. Newest Cameroon guarantees regular, continuous remuneration by paying employees on a monthly basis. All employees have opened a bank account in the bank of their choice, and their social contributions are paid every month. In order to improve their social condition, medical visits to an accredited occupational physician are paid, and supplementary insurance has been implemented.

The successful outcome of its operations, the expertise and experience acquired, as well as development potential, in particular in the mining sector, are clear signs of Newrest’s bright future in Cameroon.

88

▲ 18,8%

▲ 130,8%

MANAGED TURNOVER INCRE ASE NIGER

MANAGED TURNOVER INCRE ASE CAMEROON

250 EMPLOYEES

‘‘ Niger

The share of Cameroonian employees exceeds 91%. The Group has established a training plan to support the development of its teams on site.’’

The 2012/13 year saw the consolidation of Newrest’s activities in Niger. In a particularly difficult environment in terms of safety, the teams provided their services professionally and without interruption to the Areva group, the subsidiary’s main client.

Based on professional training actions and a strong commitment, services continued to be provided on a stable basis to Cominak and Somaïr. The development of the Imouraren mine moved forward and the volume of business generated by this mine also increased. The supply chain is now fully up to speed and Newrest is in a position to also work for other subcontractors of Areva’s subsidiaries in Niger.

Niger’s subsidiary currently employs 370 individuals, 95% of whom are directly or indirectly Niger nationals. A programme has been implemented to help the Group’s service providers comply with Niger’s legislation in terms of labour law, social security, etc. This programme will continue next year.

89

Ghana

NEWREST ACTIVITY REPORT 2012/13 - 4. OPERATING PERFORMANCE 2012/13

The inflight market dwindled sharply this year with Brussels Airlines, United Airlines and Virgin Atlantic Airlines winding up their operations into Ghana.

Coupled with the above, Newrest Ghana also lost Delta Airlines and KLM to our competitor, reducing our customers to eight. Inflight meals produced totalled 3’680 per day including hot and cold breakfasts, snacks, lunches and dinners.

The remote site market grew significantly in revenue this year due to the winning of the Goldfields Tarkwa Contract as well as SMTC. The total turnover per annum grew by 27%.

7’100 ME ALS SERVED PER DAY

530 EMPLOYEES

In 2012/13, Newrest Ghana partnered with Magenta Global as the F&B Sponsor for the West and Central Africa Mining Summit. The event was very successful and our services very well appreciated by all participants. The same year, the office and logistics base in Takoradi was commissioned as a handling base to serve all the remote sites both onshv ore and offshore.

Concerning quality and hygiene actions, the Group had a successful ISO 22000:2005 surveillance audit and retained our licence. These ISO 22000:2005 standards have been adopted and implemented in all remote site operations.

Newrest Ghana is also working toward achieving an integrated Quality Management System for all remote sites. Finally, Winflight and Unirest systems have been installed respectively for inflight and remote operations.

The management structure also evolved this year: Helder Rodrigues Ponte was transferred from Portugal to join the Ghana team as

90

▼ 16,6%

MANAGED TURNOVER DECRE ASE GHANA

General Manager for inflight in March 2013; Debbie De Freitas was transferred from South Africa to join the Ghana team as the Finance and Administrative Manager in March 2013; Raymond Tcheuma was promoted from Operations Manager to General Manager for remote sites; Maud Lindsay-Gamrat was promoted from General Manager to Country Manager responsible for both inflight and remote site activities; and Krishna Moorthy, Operations Director, was transferred to Zambia in August 2013.

Liberia

NE W

In line with its expansion strategy, Newrest has decided to start operating in Monrovia, where the airline activity is expanding with the current development of Liberia.

A brand new inflight kitchen is under construction on the airport premises with an estimated opening during the first quarter of 2014.

Inflight catering operations have however already started late October 2013 with the launch of a belly - galley swap service for British Airways’ flights out of Monrovia.

From 2014 onwards, Newrest Liberia will lead the Newrest Group to extend its Western African network which presently already includes Guinea and Ghana.

‘‘

A brand new inflight kitchen is under construction on the airport premises with an estimated opening during the first quarter of 2014.’’

91

28’000 ME ALS SERVED PER DAY

5,0%

68

% GROUP’S MANAGED TURNOVER

NEWREST ACTIVITY REPORT 2012/13 - 4. OPERATING PERFORMANCE 2012/13

CUSTOMERS

54,3 M€

MANAGED TURNOVER 2012/13

Turnover distribution in Southern Africa (Total managed turnover 2012/13 Southern Africa)

24,7% 13,2% 61,5%

92

REMOTE SITE

INFLIGHT CATERING

0,6%

RETAIL

Southern Africa Division

This was a difficult year for the Southern Africa Division.

A major $100 million dollar mining contract was awarded in Madagascar, as well as the Goldfields project in Ghana.

In parallel, the creation of the Entebbe airport unit was entirely completed under Newrest’s management and will open in December 2012.

A

fter its first 3 years, our entity operating in Angola has been completely restructured, and the Angola Tower catering contract is now underway (800 people served every day).

For its part, Zambia launched a non-inflight business to replace the Ecole Française Champollion. In 2013, a merger in South Africa gave birth to the new Dnata Newrest company. Finally, on 3 September 2013, Newrest Mozambique was launched.

As the market in South Africa has a history of price dumping in Johannesburg and Cape Town, this market saw a major erosion of its earnings, leading Newrest’s management to partner with Wings Inflight Services in order to create the new Dnata Newrest company. Since its management was renewed in the 2012/13 fiscal year, this new company has finally reached the balance required to re-launch its business for the 2014 budget.

Ghana also suffered a decrease in its sales in excess of 20% further to the arrival of an aggressive rival. Fortunately, Ghana continued to position itself in the remote site segment and signed a major mining contract with Goldfields for 4’000 people.

Newrest Zambia was completely reorganised with the arrival of a new Country Manager, a new Financial Manager and the reduction by half of its expatriates.

The ageing inflight catering unit improved slowly and will continue its renovation efforts in 2014 in order to offer airlines services that meet the highest hygiene standards possible.

Madagascar was awarded the Ambatovy mining contract. Every day, 4’500 people benefit from Newrest’s catering, cleaning and maintenance, laundry and event services. The result of an invitation to tender with heavy competition, initial results were below average. Further to a strict action plan, local teams established the financial plan to achieve a balance by the end of the financial year - good budgetary and quality results for 2014 are expected.

Finally, Angola experienced a difficult year in terms of its operations. Fortunately, Newrest Angola’s management grew Our branch in Uganda, Newrest UIS, completed the with the arrival of a qualified team joining the QHSE departconstruction of the most attractive inflight catering unit ment, as well as onshore and offshore supervisors. During the in all of Sub-Saharan Africa, representing a total investsame period, Newrest Angola was awarded the key Luanda Torre ment of USD 4,2 million. Thanks to a stronger team Total Angola contract for a catering flagship in Angola. Finally, within the unit, management of the food costs were Newrest Angola Offshore is continuing to grow and signed a new improved, allowing us to improve the country’s gross contract with Bourbon. It now offers services to the Bourbon operating results. In November 2012, Newest UIS Ungundja. Many action plans have been launched to maintain the extended its range of services to include the Caroil quality offered in prior years and improve the countries’ drilling company on Total’s block. In June, the profitability.

Entebbe unit opened a new service via the Qatari airline company, with direct daily flights to As of 2013, all the countries in the Southern Africa Zone will extend the Doha. initial scope of their operations and will offer more favourable prospects in all of Newrest’s business sectors.

93

South Africa

NEWREST ACTIVITY REPORT 2012/13 - 4. OPERATING PERFORMANCE 2012/13

22

CUSTOMERS

Furthermore, a few process changes started to have a positive impact on results.

Newrest First Catering finally entered into a merger with another inflight services company in both stations in Johannesburg as well as Cape Town, Wings Inflight. On 15 March 2013, an agreement was signed giving birth to a new company called Dnata Newrest.

INFLIGHT

Newrest First Catering moved into the new facility of the former Wings premises in Johannesburg and Cape Town in March 2013.

Nevertheless major refurbishment took place and allowed Dnata Newrest to propose 3 perfectly separated production flows for halal, non-halal and kosher processes. The 6 million Rand investment which was completed in July has already enabled us to respond promptly to individual client needs with choices ranging from fresh and authentic world class cuisine to innovatively developed, sourced and packaged fresh, frozen or local products, competitively delivered by state-of-the-art provisioning and logistics services - all tailored to the specific requirements and needs at a competitive cost. The investment has also afforded us the opportunity to have clear HACCP flows and also resume the ISO 9001:2008 certification process.

470 EMPLOYEES

94

The 2012/13 budget year was difficult for Newrest in South Africa. It began with a management change and the arrival in October 2012 of Olivier Laurac as Country Manager and Southern Africa Area Manager, and the promotion of Debbie de Freitas to Finance Manager.

At the same time, and in order to strengthen the management team, Thomas Matthey joined Dnata Newrest in June 2013 in the position of General Manager for South Africa. Dnata Newrest was also compelled to rationalize its workforce, however more than 350 staffs remain with the company. Finally, Debbie de Freitas was transferred to Ghana as Finance Manager in order to reinforce Ghana’s management team.

▲ 40,7%

MANAGED TURNOVER INCRE ASE SOUTH AFRICA

Dnata Newrest is now catering for 22 companies, including Qatar Airways, Etihad Airways, Emirates, British Airways, Thai, Singapore Airline, British Airways, Mango and many others in the same category. Around 10’000 meals per day are served in total to passengers. The newly formed company is still pursuing its strong action plan to financially recover and become the first profitable South African inflight caterer.

Mozambique

‘‘

The 6 million Rand investment which was completed in July has already enabled us to respond promptly to individual client needs with choices (...).’’

NE W

As part of its development in Southern Africa, Newrest launched its business in Mozambique. Mozambique is becoming an increasingly strategic area in the region.

With major discoveries of gas reserves, oil exploration and many coal mines already in operation, the economy of this country shows high potential. Mozambique’s GDP has increased by over 7% every year for the past 10 years.

Newrest Mozambique should allow the Newrest Group to progress in non-household catering sectors by consolidating its presence in Southern Africa. Newrest is already present in Angola, Zambia, Uganda, Madagascar and South Africa.

Newrest is already preparing for a number of infrastructure and inflight projects wherein its multidisciplinary expertise will no doubt be considered a major asset.

‘‘

Mozambique’s GDP has increased by over 7% every year for the past 10 years.’’

95

▲ 21,2%

NEWREST ACTIVITY REPORT 2012/13 - 4. OPERATING PERFORMANCE 2012/13

Uganda

2

MANAGED TURNOVER INCRE ASE UGANDA

Newrest UIS in Uganda launched a new state-of-the-art kitchen covering 2’300 m2 on December 2012, after 12 months of construction. The transfer to the new facility was successfully completed and a new production process was introduced, as well as the Winflight operations software.

CUSTOMERS

12

CUSTOMERS

1

SITE OF OPERATION

1

POINT OF SALE

INFLIGHT

C ATERING

3’100 ME ALS SERVED PER DAY

195

RE TAIL

Uganda’s new unit was officially inaugurated by both President Musevini (President of Uganda) and Mrs Aline Kuster-Menager (French Ambassador) in the presence of our partner, Mr William Byaruhanga, in May 2013.

The Group also participated to the first UMEC (Uganda, Mining & Energy Oil & Gas Conference and Exhibition) 2013, in Kampala in May to promote our remote services for the Oil & Gas market, which is experiencing significant growth in Uganda. A remote operation has been launched for a drilling camp near Lake Albert in November 2012 under a 6-month contract.

REMOTE SITE

For the inflight and remote activities, Newrest UIS recruited new staff for production, operations and remote site supervision. An assessment of the staff was conducted in order to promote employee potential and provide them with the proper training to match the new job descriptions for the new facility.

EMPLOYEES All the HACCP procedures were implemented in the new facility, including audits and the selection of suppliers.

Besides compliance with HACCP standards, the Group was also granted the halal certification requested by potential clients in the Middle East. In terms of the culinary aspect, Newrest UIS was awarded several "expert missions" to introduce new recipes and train kitchen staff on cuisine and baking/pastry-making. Newrest UIS generally focused on staff training, the structuring of its activities and promoting its company.

96

▲ 930,2%

Madagascar

By securing the management of the Ambatovy consortium’s remote sites in November 2012, Newrest Madagascar considerably strengthened its position as a major player on the island.

Newrest Madagascar serves 7’600 meals per day on average, and has 850 employees. In parallel, in April, the Group started to manage the Colas site canteen in Ibity, with 3’000 meals served per month.

Further to this change, and to satisfy this new client and maintain the level of quality service provided to existing clients, Newrest Madagascar underwent a thorough restructuring as another modus operandi is now required.

New departments were therefore created, such as Maintenance. Management skills were also reinforced in other strategic departments, such as the purchasing, quality, occupational safety and environmental departments. In terms of human resources, Luc Gerardin joined Newrest Madagascar in March 2013 to replace Shashank Kumar.

MANAGED TURNOVER INCRE ASE MADAGASCAR

When the Ambatovy contract became effective, headquarters deployed all the resources required to fulfil this contract, as well as teams from France and Morocco a few months later to consolidate operations.

The implementation of the Unirest software is in underway.

This tool not only allows the Group to control its stocks and food costs, but also to schedule menus, in particular with dietary monitoring.

Newrest Madagascar was approved by REHIS (Royal Environmental Health Institute of Scotland) in April for training on hygiene and HACCP. A bacteriological analysis programme has also been set up in collaboration with Antananarivo’s Institut Pasteur. We have started to implement the ISO 9001:2008 system - our objective is to be certified in July 2014.

‘‘

Uganda’s new unit was officially inaugurated by both President Musevini (President of Uganda) and Mrs Aline Kuster-Menager (French Ambassador) (...) in May.’’

97

▲ 23,6%

Angola

MANAGED TURNOVER INCRE ASE ANGOL A

NEWREST ACTIVITY REPORT 2012/13 - 4. OPERATING PERFORMANCE 2012/13

The year 2012/13 has been very active for Newrest Angola with the consolidation of our position in the remote site and catering sector.

8

SITES OF OPERATION

3

CUSTOMERS

C ATERING

6’300 ME ALS SERVED PER DAY

REMOTE SITE

890 EMPLOYEES

The consolidation of our position in Block 17 with the start of the contract with Intership for the management of the barge Lancelot as well as the opening of a second Bourbon ship gives us a competitive edge and critical mass. More than 35 containers are now dedicated to offshore logistics. The finalisation of the deployment on the Sonils base gives Newrest the logistical means to support future development. The retail activity faced major growth with the opening of Total’s TTA2 site. More than 550 meals are served every day in a state-of-the-art facility.

In support of this significant growth, the Group has provided Newrest Angola with important resources for the operation with the recruitment of an offshore and an onshore supervisor. The QHSE department has been reinforced with the arrival of a new QHSE manager as well as an additional QHSE supervisor. At the same time, the QHSE team hired and trained national QHSE staff deployed on all onshore sites as well as on major offshore sites like the Lancelot. The HSE team has been working hard for months to implement HACCP practices on all sites.

The Unirest project was implemented in in August and is now implemented in TTA2 and will be implemented on all sites by the end of December 2014.

The management structure has changed with the arrival of Marc Starke as Country Manager to replace Yvon Martinez.

Sountou Bousso took over the role of Operations Manager.

After four years of experience in Angola, Management has accelerated the “angolanisation” of the teams: the head chef position, HSE staff and supervisors are now nationals.

Newrest Angola intends to constructively move forward with the nationalisation of its team.

98

▲ 84,2%

Zambia

MANAGED TURNOVER INCRE ASE Z AMBIA

Between February and May 2012, Emirates, South African Airways and KLM became customers of Newrest First Catering in Zambia.

To accommodate these new customers, a refurbishment program was initiated to extend the airport unit’s capacity and the number of employees had to be increased from 25 to 145. Over these four months, production jumped from 100 to 1’700 meals per day.

During the ensuing 12 months, the main challenge facing management was to upgrade the standards of the inflight operations in terms of production consistency, food safety standards and streamlining procurement. During these challenging times, a new Quality Manager was hired to monitor the expectations of our customers in this area, and a new Finance Manager and General Manager were appointed to bring their fresh perspective to the administration and operational management of the country.

In June 2013, the Group started developing its network of contacts in the mining industry by attending the main mining fair in Zambia, which took place in Lusaka. Following this event, Zambia’s Group had the opportunity to introduce our range of services to various mining

2’750 ME ALS SERVED PER DAY

140 EMPLOYEES

companies. In the meantime, it also approached several schools to present Newrest’s know-how in terms of school catering. In September 2013, the Group started supplying meals to the students of Lusaka’s French School, the École Française Champollion.

99

95’000

8,6%

ME ALS SERVED PER DAY

% GROUP’S MANAGED TURNOVER

96

NEWREST ACTIVITY REPORT 2012/13 - 4. OPERATING PERFORMANCE 2012/13

CUSTOMERS

93,6 M€

MANAGED TURNOVER 2012/13

Turnover distribution in America (Total managed turnover 2012/13 America)

100

39,3%

CATERING

39,9%

REMOTE SITE

17,5%

INFLIGHT

2,9%

RETAIL

0,4%

RAIL

America Division

Additionally, the major delay in building the inflight catering unit prevented us from launching inflight activity during the fiscal year. The first meal tray left our Lima unit on 1 November 2013. Despite our hopes, Brazil did not manage to take off – its results remained almost identical to last year’s. The partnership with EBX, which faced major difficulties for a number of months, did not produce expected results, and we finally decided to discontinue the partnership in September 2013.

In a very positive economic environment, the America Division experienced strong growth with an increase of more than 16% in turnover and PBIT rising from -4,4% to over 2%. However, behind this growth lies unequal performance in the zone’s different countries.

Although not originally scheduled, the launch of business in Panama further to the signing of a catering contract for a copper mine was successful, with some challenges at the end of the fiscal year.

The capability of Newrest’s teams in Panama to mobilise, despite the short time-frame allowed by the client for a remote area (more than two hours away from the closest city), was a major source of satisfaction. The project was launched in record time, with the support of the Group’s central departments.

M

For its part, Polynesia, which was in line with its budget and had even improved significantly over the prior year in the exico remained stable with solid first half, unfortunately had to manage a widespread labour profitability. Bolivia, despite an conflict in the second half of the year. Due to this event, increase in turnover, was not able results were disappointing. Finally, results are positive in to increase its margins. Chile’s Canada, where our past investments have proven to be wise. business volume fell by half while maintaining its cost structure, leading to significantly depressed In this zone where growth (excluding Polynesia) will remain strong results. Peru saw real success in terms of in the upcoming fiscal year, Newrest’s America Division intends to growth, with turnover rising by 53%, however, orient its efforts towards cost reduction as efforts are considered its financial performance was unable to reach the targeted level in a very competitive to have been insufficient this year, while taking advantage of these environment. countries’ growth.

101

NEWREST ACTIVITY REPORT 2012/13 - 4. OPERATING PERFORMANCE 2012/13

French Polynesia

MANAGED TURNOVER DECRE ASE POLYNESIA

Despite being 18’000 km away from the French capital, Newrest Group has been very active in this region for a number of years: inflight, group catering for schools and hospitals, retail concessions in airport zones, foodstuff import trade and industrial cleaning.

With more than 435 employees, Newrest in French Polynesia achieved a turnover of €33 million in 2012/13 within two industrial production centres and at many catering points essentially based in Tahiti.

The global crisis, and local and state political changes have had a major impact on the economy of the archipelagos. Geographic distance is also a factor in the delayed recovery of the local economy.

General social unrest at the end of the year was extremely harsh and had particularly disastrous effects on the country’s financial results.

12’800

The teams are continuing their vital efforts to improve the country’s quality of products, services, and internal and external communication in Newrest Group’s business areas.

In terms of human resources, in the very early part of the upcoming fiscal year, the country will benefit from the arrival of Gérard Capelle, the future Assistant Director General, who will support local teams in two core businesses: inflight and group catering.

ME ALS SERVED PER DAY

33 CUSTOMERS

102

▼ 6,1%

▼ 55,1%

Chile

MANAGED TURNOVER DECRE ASE CHILE

The early part of 2012/13 was marked by a restructuring of the management team in Newrest Chile, and the appointment of a Commercial Manager and Purchasing Manager.

Thanks to these additions, a contract for the Alma observatory in the Atacama Desert was signed. Since the end of December 2012, Newrest Chile has provided scientists from around the world with all its catering and hotel services - at a height of 2’800 meters. In the framework of extending its range of services, the Chilean subsidiary now provides cleaning services under the Guacolda contract, for which catering services have already been provided for a number of years.

The implementation of planning tools for production and cost control has allowed the Group to return to an acceptable margin level on the projects it manages, and the implementation of financial tools allows for a better assessment of the company’s performance. Work on 2 money-losing operations ceased, however, as all efforts to make these services profitable were unsuccessful.

In terms of quality, the company can be proud of its "zero accident" year thanks to the enormous work by the HSE team, with regard to both procedural compliance and personnel awareness.

Prospects for 2013/14 are more encouraging than last year’s, and Newrest Chile is now invited to bid on all major invitations to tender. The Group will rapidly provide support to fill the vacant positions of the two senior managers who left the company towards the latter part of the year.

270 EMPLOYEES

‘‘

3’600 ME ALS SERVED PER DAY

Since the end of December 2012, Newrest Chile has provided scientists from around the world with all its catering and hotel services - at a height of 2’800 meters.’’

103

Bolivia Newrest Bolivia’s performance in 2012/13 was satisfactory. The signing of 2 major contracts allowed the subsidiary to increase its turnover by 20.6% while maintaining its net profit margin.

NEWREST ACTIVITY REPORT 2012/13 - 4. OPERATING PERFORMANCE 2012/13

Bolivia’s remote site business represents 63% of the local market share. The Group will soon reinforce its position as a leader in this sector thanks to a new major project. Having won the Samsung contract, Newrest Bolivia’s sales will increase over 2013/14, with the teams in place serving more than 3’000 people. This contract is a commercial success for both the Bolivian and French teams. Indeed, thanks to synergies between the Groups, the clients’ needs were identified and a reasonable offer, innovative and reflective of Newrest’s quality, was therefore presented.

Thanks to the continued ISO 9001, ISO 140001 and OSHA 18001 certifications, as well as the new ISO 22000 certification, Matthieu Andrieux, Country Manager, and Paul Schvartz, Operations Manager, can oversee the daily development of the company according to the sector’s best practices, and also maintain the recognition and loyalty of their clients. It is worth noting that Newrest Bolivia is the first and only food sector company to be certified ISO 22000 in Bolivia.

10’300

The Newrest Bolivia foundation also experienced growth thanks to the development of its activities in the Andes’ Antiplano. Local purchases as well as the hotel and catering training provided by the foundation allow Newrest to recruit its personnel in Bolivia from the San Cristobal region. This means that more than 98% of on-site labour is hired locally.

ME ALS SERVED PER DAY

660 EMPLOYEES

104

Newrest Bolivia intends to turn the "2012/13 page". In 2013/14, the subsidiary plans on confirming and consolidating its skills and thereby entrenching its leadership position and favouring internal growth while complying with the quality commitment it has already applied on its sites.

▲ 0,4%

▲ 20,6%

MANAGED TURNOVER INCRE ASE ME XICO

MANAGED TURNOVER INCRE ASE BOLIVIA

15 SITES OF OPER ATION

‘‘ Mexico

Bolivia’s remote site business represents 63% of the local market share.

Having won the Samsung contract, Newrest Bolivia’s sales will increase over 2013/14, with the teams in place serving more than 3’000 people.’’

Newrest Mexico had a challenging year in 2012/13 due to difficulties encontered by its key client Orbest.

It must be noted that Newrest Mexico’s business is limited to inflight catering (services provided to European airlines from the Cancun base).

Meanwhile Orbest, forced to cancel its flights to Cancun, was replaced by Air Europa in February 2013, thereby allowing the Group to reach and even expected its turnover.

The flexibility, stability and low turnover rate of personnel allowed Newrest Mexico to focus on a common goal: compliance with its budget undertakings. This required an improvement in the cost of raw materials, and the application of quality standards, as well as greater compliance with procedures and processes. Furthermore, Newrest stands out as it complies with the quality requirements of the Secretariat of State for Tourism: the H criterion (food-related hygiene) and the M criterion (customer satisfaction, profitability, process improvement, HR development, etc.).

105

▲ 3,5%

Canada

MANAGED TURNOVER INCRE ASE CANADA

NEWREST ACTIVITY REPORT 2012/13 - 4. OPERATING PERFORMANCE 2012/13

Newrest Canada continues its upward climb. This year, it posted operating profits pre-intragroup transactions and highly improved financial results.

2012/13 turnover shows a rise of 4,8% despite the termination of collaboration with American Airlines in early August 2013.

Our Montreal unit is also improving in terms of hygiene and quality, with a rating of close to 100% in the most recent Medina audit.

Newrest’s motto in Canada is to provide its clients with guaranteed best-in-the-market quality. The next step therefore consists of achieving ISO 9001 certification, which is planned for early 2014.

14’400 ME ALS SERVED PER DAY

160 EMPLOYEES

The Calgary business unit’s turnover rose by 9,4% in 2011/12. This rise is for the most part due to the increase in the group catering business with our client, Starbucks. Calgary’s operating results pre-intragroup transactions and financial results improved by 4% points year by year. Like the Montreal unit, an ISO 9001 certification process is being implemented in Calgary.

With regard to human resources, 2012/13 started off with Frédéric Hillion’s appointment as Country Director. As 2012/13 finished on an encouraging note for Newrest Canada, we believe that major development opportunities remain available in this country for our Group.

106

▲ 56,8%

Peru

MANAGED TURNOVER INCRE ASE PERU

Newrest Peru underwent an extensive structural and operational change in 2012/13. In terms of operations, this was an exceptional year for the Group.

development project in the country. Its production targets transported catering activities and the inflight sector. All of the employees are proud to be part of one of the most exceptional inflight catering units in Peru.

The Peruvian subsidiary posted turnover of over €20 million for the period - an increase of 60% over the prior year.

Newrest Peru signed 3 major remote site contracts: the Constancia (Ausenco-Hudbay) project launched in early May 2013, the Miski Mayo (Vale Group) camp, which started in September, for catering and maintenance services, and, finally, the Minsur contract. The positive performance and stability in group catering for companies and retail concessions allowed for the year to end with positive operating results.

In terms of human resources, a new team has been dispatched to the country to reorganise the entire structure.

Olivier Liem has been appointed Country Manager, and Franck Durroux, Administrative and Financial Manager.

The year also saw the end of work on the inflight catering unit in Callao, for the launch of this activity in November 2013 for Air Europa. This central kitchen, which covers approximately 3’000 m2, is part of an extensive

22 CUSTOMERS 7 SITES OF OPERATION 1 POINT OF SALE

27’200

41

ME ALS SERVED PER DAY

CONTR ACTS

‘‘ C ATERING

RE TAIL

In Peru the positive performance and stability in group catering for companies and retail concessions allowed for the year to end with positive operating results.’’

REMOTE SITE

107

▲ 11,2%

Brazil

MANAGED TURNOVER INCRE ASE BR A ZIL

NEWREST ACTIVITY REPORT 2012/13 - 4. OPERATING PERFORMANCE 2012/13

In Brazil, 2012/13 was dedicated to kicking off the joint venture with the EBX partner, which is for the most part involved in the remote site sector.

900 ME ALS SERVED PER DAY

‘‘

In December 2012, Newrest Inalsa signed a contract with our client Minera Panama SA to provide hospitality services for up to 5000 persons a day over the next 3 years.’’

108

This included the launch of the MMX Corumba operation in September 2012 in Mato Grosso, MPX Parnaiba in January 2013 in Maranhao, and also the MMX Serra Azul operation, with the construction of a mine in the Minas Gerais state. Unfortunately, this project was aborted at the end of May 2013. The Vale Alimentation (700 POB) contract ended due to profitability issues, but the cleaning contract in Corumba, Mato Grosso was renewed. Negotiations are also in progress with other EBX entities for the OSX and LLX Açu, MMX Minas Gerais, MMX Super Port Sudeste, MPX Itaqui and OSX Offshore projects. The retail concession contract with EBX in Rio de Janeiro was also terminated due to profitability issues. Finally, the joint venture with EBX came to an end in September/October 2013.

Daily surveys were conducted to consolidate the quality of services within Newrest Brazil subsidiary, in particular based on electrical sign measurements that allowed it to analyse the satisfaction of the personnel served throughout the sites, with 99% of this personnel indicating they were very satisfied.

The subsidiary installed two software packages to optimise its organization. The Unirest system was implemented to allow for the centralised management of monthly menu cycles. Finally, the Teknisa accounting/tax system was also put in place.

Newrest Brazil’s team was completely restructured at the end of the joint venture in August 2013, dropping from 10 to 5 central office employees. Also of note is the arrival of François Tack as Administrative and Financial Manager in May 2013.

Panama

▲ 100,0%

MANAGED TURNOVER INCRE ASE PANAMA

For Newrest Inalsa, the launch of the remote site and hotel activities at the Coclesito copper mines was the highlight of 2012/13.

This is a major project that can be compared to the widening of the canal.

This contract at term provides hospitality up to 5’000 persons on site, allowing Newrest to sustainably establish its presence on the Central American market.

In December 2012, Newrest Inalsa signed a contract with our client Minera Panama SA. One month later, an entire mobilisation process was triggered to offer remote site, hotel and catering services to site personnel. Today, the mining sites are composed of two distinct zones: the mine, with six camps, and the port, with just one camp.

Newrest Group’s internal quality control and hygiene process has already been implemented and the ISO 9000 certification process is in progress. Furthermore, over the short term, the goal of the joint venture is to achieve HACCP and ISO 22000 certifications.

The Group’s HR policy targets the identification of new talent among local employees to join our subsidiary as a first step, and then the Group as a second, in order to incarnate Newrest’s values.

109

300’000

40,8 %

ME ALS SERVED PER DAY

% GROUP’S MANAGED TURNOVER

250

NEWREST ACTIVITY REPORT 2012/13 - 4. OPERATING PERFORMANCE 2012/13

CUSTOMERS

443,1 M€

MANAGED TURNOVER 2012/13

Turnover distribution in Middle-East & Asia (Total managed turnover 2012/13 Middle-East & Asia)

15,3% 15,0% 62,4%

110

INFLIGHT

CATERING

REMOTE SITE

7,3%

RETAIL

Middle-East & Asia Division

The Middle-East & Asia Division had an exciting year overall.

M

ajor progress was made in Saudi Arabia, with solid growth rates in our airline business and significant improvements and growth in our other catering sectors. Exciting opportunities are presenting themselves in the kingdom for catering, remote site, and camps as well as the pilgrimage business and we therefore remain optimistic for the future of this company.

In Oman an exceptional performance by the management team in the year was topped off with the acquisition of an important contract with the Ministry of Defence, catering for up to 5’000 students per day in the military technology college.

The Philippines had a challenging year with postponements or site stoppages from a number of important clients. The year finished on a positive note with the acquisition of an important contract with Shell for transport at year-end which will certainly boost our performance in 2014.

Finally, we founded Newrest Gulf with our exceptional partner OQSI, with a goal to developing our services in Qatar, Bahrain and the UAE.

111

Saudi Arabia

▲ 12,6%

MANAGED TURNOVER INCRE ASE SAUDI AR ABIA

NEWREST ACTIVITY REPORT 2012/13 - 4. OPERATING PERFORMANCE 2012/13

2013 was a key year for Saudia Catering. In its first full financial year post-IPO results were extremely encouraging. Turnover increased 11% over 2012 and net profits increased by almost 17%.

A number of quality awards were received including the IATA/Medina Gold award for Dammam. In terms of the kingdom’s national Saudization program, the company achieved Platinum status, the highest level possible.

Our new industrial laundry facility in Riyadh successfully opened on time and is operating according to plan. Our lease extension issues with the airport in Medina have been solved and we have a long term lease for the future. We have extended our contracts with Lufthansa, BA and Korean Airlines in in-flight, and have a acquired a number of new customers such as Philippine Airlines, Jet Airways, ALC Aviation, Nexus Flight Operations and Aviation Knights. We successfully opened 2 state of the art first and business class lounges at Riyadh airport.

And finally in B&I and contract catering we have acquired a number of contract extensions such as Maaden Gold and Maaden Phosphate as well as new customers such as Southern province cement co., ZP Arabia, Al Cement Al Jouf, Al Safwah cement, and Maaden Gold Aluminium.

195’000 ME ALS SERVED PER DAY

112

With these major developments the organisation was also further strengthened with the addition of Tarek Tharwat in internal audit, and Saleh Seferji as head of Human Resources. Newrest additionally extended its management contract with Saudia Catering for a further 3-years. The coming year will be key in the development of Saudia Catering with significant growth expected from the fleet of Saudia Airlines as well as major opportunities for growth in the B&I, remote site and pilgrimage businesses in the kingdom.

▲ 15,0%

Oman

MANAGED TURNOVER INCRE ASE OMAN

The 2012/13 year was once again excellent for Newrest Wacasco in Oman, in particular with an increase of close to 30% in its net earnings.

Many new contracts in the Oil & Gas sector with existing clients (Midwesco - Crosco, Abraj Oil Services, Schlumberger) and the arrival of new operators on the local market (BaoMar, Al Shawamikh, Al Baraka, Fahud Oil Services) boosted an increase in turnover of over 10%. This growth was also supported by the acquisition of new site contracts, such as the new contract with the Egyptian company Petrojet (800 PAX), two camps with more than 1’000 POB (cumulative) with Arabian Industries, and an additional seismic crew with CGG. The development of an integrated catering solution for Schlumberger in Nizwa supported this client in its restructuring throughout the Sultanate of Oman. The management of catering and related services entrusted to Newrest Wacasco for additional fracking sites for the same client once again demonstrates the solidity of the partnership between Schlumberger and Newrest in Oman.

Newrest’s dynamic in Oman is even greater now that a new organisation of human resources is in place, with the support of Iqbal Al Balushi and the expertise of Dominadore Escobido, as well as the arrival of Ragin Rajan (QHSE Manager), further to the promotion of Chrison Sebastian to the Newrest headquarters teams in Toulouse.

Finally, the sales offer established by Hani Chanouha, Sales Manager, has led to the signing of a mayor 3-year contract with the Ministry of Defence for catering and hotel services for the new military technological college campus, with 5’000 students expected over the long term.

117

105’000

SITES OF OPER ATION

ME ALS SERVED PER DAY

‘‘

Finally, the sales offer (...) has led to the signing of a mayor 3-year contract with the Ministry of Defence for catering and hotel services for the new military technological college campus, with 5’000 students expected over the long term.’’

113

Philippines The company in the Philippines was originally founded in March 1979 and joined Newrest Group in February 2012.

NEWREST ACTIVITY REPORT 2012/13 - 4. OPERATING PERFORMANCE 2012/13

With its 230 employees, Newrest SOS’ main activities are remote sites, support services and manpower; catering is currently under development.

The remote site business in the Philippines signed one contract for the Ocean Patriot Rig with Diamond Drilling.

The average POB amounts to 80 and 40’000 meals were served during this year. All HSE incidents affecting catering activities on board were recorded by the client. The client celebrated 300 days without an LTI, 150 of which whilst Newrest SOS was doing the catering on board.

Newrest SOS provided quite a number of support services: shipping and aircraft agency service, documentation and licenses, logistics and supply base management, procurement and purchasing, travel and immigration, transport service, customs brokerage, environmental management and consultancy, sales and agency representation. As the services provided depend on the geopolitical decisions of the Philippine government and the resulting activities in the gas and oil industry, the year 2013 improved slightly compared to 2012. The outlook for 2014 is more optimistic.

The year 2013 was a momentous year for the Overseas Employment Group (OEG) as both SOMPS’ and SOS’ overseas manpower business turned around, as compared to 2012, based on an increase in crew deployments on board various offshore rigs. This steady growth was achieved despite volatility in the overseas manpower business at the start of the year where labour supply and local content restrictions from some host countries are becoming major constraints.

From a sluggish headcount of 807 at the start of the year, deployment rose by 19% at the end of the second quarter and increased to 987 by September, buoyed by steady

114

▲ 52,4%

MANAGED TURNOVER INCRE ASE PHILIPPINES

demand for our manpower services. New clients like Diamond Offshore (Ocean Patriot), Kossco (Pacific Drilling) and Daiichi (Geothermal Project) contributed to business picking up in the second half of the year.

For the rest of the year, projects in the pipeline are expected to be the main driver of revenues as the group anticipates the mobilisation of Atwood Advantage in November and other manpower catering service projects for Sodexo in the Netherlands and Korea, and Newrest in Mozambique and Oman.

‘‘ Qatar

The remote site business in the Philippines signed one contract for the Ocean Patriot Rig with Diamond Drilling. The average POB amounts to 80 and 33’120 meals were served during this year.’’

NE W

In the framework of development in the Middle East, in September 2013, Newrest signed a joint venture agreement with a local partner in Qatar: OQSI. The joint venture, called Newrest Gulf, should allow the Newrest Group to deploy all its non-household catering services by reinforcing its presence in the Arabian Peninsula.

Newrest, already present in Saudi Arabia and Oman, aims to offer services to Bahrain, the United Arab Emirates and Kuwait.

Newrest Gulf has already replied to tenders for a certain number of infrastructure projects wherein its multi-trade expertise will no doubt be considered a major asset. The Group has ambitious aims in Qatar and these other countries in the coming years.

115

5

Our

commitments Newrest Group makes a commitment to its clients, employees, collaborators, and the environment on a number of key points: ensuring the quality and hygiene of our products and services, respecting human rights and the working conditions of our employees and collaborators, respecting the environment, and fighting against corruption. To this end, Newrest strictly adheres to international hygiene standards. In order to highlight our active commitment, we also comply with the UN Global Compact.

This compact includes 10 key principles derived from: The Universal Declaration of Human Rights, the International Labour Organization’s Declaration, the Rio Declaration on Environment and Development, and the United Nations Convention Against Corruption.

Hygiene & Quality

NEWREST ACTIVITY REPORT 2012/13 - 5. OUR COMMITMENTS

Newrest has made food safety and quality a key priority in order to preserve the health of our consumers by guaranteeing healthy food products. This active effort is based on the international HACCP method from the Codex Alimentarius and on the ‘‘Hygiene Package’’, European legislation regarding food hygiene: (EC) Regulation No. 178/2002 and (EC) Regulation No. 852/2004.

A

well-established quality management system is run by teams of hygiene experts on each site. These teams, trained year-round, ensure a faithful respect of regulatory requirements and define measures to be implemented to ensure food safety. They provide practical and technical monitoring of traceability, prevent and control sanitation risks, and manage crises. In the field, quality managers work closely with kitchen staff in order to permanently maintain their level of conformity to health standards.

Most production units are ISO 9001 or ISO 22000 certified. Newrest uses its expertise to apply this certification to all units. A food safety guide, specially developed by Newrest and meeting regulatory requirements, contains all work instructions, procedures, and records carried out during the entire production process. It includes control measures for managing biological, physical and chemical hazards commonly found in catering.

• Traceability The application of strict traceability regulations allows us to follow each food product incorporated in our recipes along the entire production chain: from the supplier to the consumer, from forklift to fork. It begins with quality management teams selecting and referencing the best suppliers. Added to this is a systematic and rigorous control of raw material reception. In order to maintain high standards, the supplier follow-up includes annual visits to their establishments and regular microbiological analyses of the raw materials delivered to each of our sites.

118

‘‘

Hygiene and quality are everyone’s business. Staff assigned to these tasks must prove their thoroughness and organizational skills as well as their teaching skills and decisiveness.’’

• Non-Conformity Management

• Monitoring Self-checks are implemented at every stage of production to ensure that all employees respect control and monitoring measures. Conducting audits and microbiological analyses allows us to check the level of control that our process has achieved, in order to preserve the consumer’s health. Additionally, regular external audits are conducted. Thus, our manufacturing process is evaluated by external organizations to guarantee objectiveness and transparency with regard to production and quality management.

Any non-conformity detected during self-checks are investigated systematically. Measures are taken based on the results of investigations: they include processing the non conforming product, which may include disposal, as well as implementing corrective actions to avoid a recurring problem. Detailed crisis management procedures are laid out by Newrest and perfected by our teams. They are activated in the event of a food alert and guarantee a rapid response to protect our consumers.

• Service Quality This is defined by our ability to respect the client’s specifications, communicate the potential substitutions, anticipate difficulties, and provide effective solutions to respond to exceptional situations. In a very competitive market, the quality of service plays a major role in customer loyalty.

• The Forward low Principle

• Human Resources

Newrest establishments were designed to rigorously respect the forward flow principle: no ingredient used in a recipe can move backwards in the production process, from merchandise delivery to customer consumption.

This hygiene rule is essential for avoiding crosscontamination.

Hygiene and quality are everyone’s business. Staff assigned to these tasks must prove their thoroughness and organizational skills as well as their teaching skills and decisiveness. They must have unfailing integrity and objectivity as they are often confronted with situations where client and supplier interests clash.

119

Newrest’s involvement in

local communities

America Division • Focus on local employment

100 98

Percentage of nationals

The Group strongly favours the hiring of local populations in the countries in which we operate. We recruit our personnel from communities close to our operations, in particular at the mines we manage in South and Central America.

99 % 98 %

Mexico Panama

Bolivia

Brazil

98 %

96 94

93 %

92 90

Brazil Personnel hired from communities close to our operations

NEWREST ACTIVITY REPORT 2012/13 - 5. OUR COMMITMENTS

1. Local Employment

Mexico Bolivia Panama

85

83 %

80 75 70 65

65 %

60

Bolivia

Panama

Europe Division The 112 employees who report to headquarters - both on-site employees and expatriates - represent 12 nationalities. The average age is 39, and 20,5% of our employees are women. Most expatriates are men.

120

‘‘ 2. Local Procurement Newrest Group favours menus that promote seasonal products in order to reduce the use of imported products.

Similarly, local suppliers are preferred if the traceability and quality of their products comply with the criteria the Group has defined. This limits our environmental impact by reducing the transportation and pollution they create, while boosting the local economy. We prohibit the use of endangered species by our nutritionists, chefs and other catering managers.

Newrest favours menus that promote seasonal products in order to reduce the use of imported products. Similarly, local suppliers are preferred (...).’’

• Local procurement and Fondation Newrest In Bolivia, close to 193 tonnes of products totalling 137’700 were purchased from producers located close to the San Cristobal mine.

Weight

Amount

(in tonnes)

(€)

Quinoa

4,8

22’000

Potatoes

140

56’000

Onions

45

56’000

Llama meat

1,2

2’500

• Family farm project in Brazil

Lettuce and herbs

1,7

1’200

In the Corumbá region, Newrest Brazil has set up a project to develop family-based farming, which we presented to our clients in May 2013. A partnership was entered into with the Federal University of Mato Grosso for the development of lettuce and vegetable production for our operations in the region. On Mr Adilson’s family farm, processes related to logistics, food safety and management were put in place (such as the implementation of formal invoicing, without which we would not have been able to work with the farm).

Total

192,7 t

137’700 €

America Division

Product

• Use of local products in menus in French Polynesia Newrest Polynesia signed a partnership agreement with the Ministries of Health, Agriculture and Sports, as well as secondary schools, agricultural federations and the Goût and Terroir association regarding the membership of Faa’a’s and Papara’s central kitchens in the pilot institution programme.

This programme targets an increase in the quantity and variety of agricultural products produced locally in the preparation of meals for schools. Farmers undertake to adopt the sustainable use of fertilizers and pesticides, and to analyse their production regularly in order to ensure that local products are healthy.

In the framework of training for kitchen chefs in the pilot institutions, our teams contribute to creating recipes that use locally-produced ingredients such as taro, yams and bananas to promote the development of local agriculture.

121

NE WRE S T’S IN VOLV EMENT IN LO C A L COMMUNITIE S

Europe Division • Global approach in Amsterdam

NEWREST ACTIVITY REPORT 2012/13 - 5. OUR COMMITMENTS

In the Netherlands, Newrest takes its responsibilities seriously and produces meals as sustainably as possible.

With this in mind, the products purchased are local, seasonal and, if possible, organic. Packaging has less impact on the environment.

Along the same lines, for each litre of water sold by Newrest, five cents are donated to EARTH Concept, which finances various water-related projects. For the period running between October 2012 and September 2013, 84’000 litres of water were sold and €4’228 were donated to EARTH Concept.

Southern Africa Division • Integrated procurement in South Africa At dnata Newrest, the SASSI (Southern African Sustainable Seafood Initiative) guide is used as a reference and only fish on the green list is used. This initiative was created by the WWF’s Green Trust to preserve the oceans’ ecosystems.

Other initiatives have also been implemented:

→ The fruit juices purchased are exclusively local, ideally from local farmers. → Cans, glass, paper and cooking oil are recycled.

→ An essential aspect of our production

policy is compliance with local, national and international regulations on waste management, water conservation, and air, land and noise pollution.

122

Furthermore, local employees are systematically involved in our approach to ensure that raised awareness on the need to protect this environment reaps benefits over the long term.

• Mostly local purchases in Uganda Newrest UIS has committed to purchasing local raw materials to the greatest extent possible. Today, they represent 70% of purchases. Additionally, studies on agricultural production in the Lake Albert region have allowed us to include true local content in invitations to tender in which we have participated.

Central & Western Africa Division • Restructuring in Gabon Our purchasing and logistics department was restructured, and the yard re-planned to facilitate recent imports of products. At the same time, we are extending our local procurement policy in order to diversify our suppliers, while contributing our expertise on the quality and management of products.

The next pages describe initiatives in Congo and Niger on local procurement.

123

NE WRE S T’S IN VOLV EMENT IN LO C A L COMMUNITIE S

NEWREST CONGO & the poultry cooperative "Agro-contact" NEWREST ACTIVITY REPORT 2012/13 - 5. OUR COMMITMENTS

Constantly seeking to satisfy its clients to the greatest extent possible, Newrest Congo has been working for a number of months on a poultry project headed by Wilfried Koutiki (or simply "Willy"), a rural development engineer who studied at the University of Brazzaville and manages the Tchibamba Agro-Contact cooperative.

A young subsidiary that opened in mid-2012, Newrest Congo immediately sought out local resources and undertook to purchase Willy’s production and encourage commercial relations. With this in mind, we pay for our purchases in a shorter period than we do with our other suppliers, and we have an amicable arrangement in terms of pricing.

‘‘ 360

EGGS PER DAY

124

I’ve been working with Newrest since early 2013 and am happy about our collaboration: I have a trustworthy partner that is involved and has helped me develop my project, and our commercial relationship is exemplary.

My agreement with Newrest Congo has allowed me to increase my business by adding 800 chicks to my brood last October. I will be able to increase my production to three boxes per day.’’

Today, the flock is composed of 435 hens that lay approximately 360 eggs per day, all of which are purchased by Newrest, for a monthly total of 1.1 million FCFA (€1’600). Having completed poultry studies, Willy raises chicks from a very early age and personally monitors their health to prevent illnesses and other epidemics. The outcome of this project is very positive. This association is highly motivating for Newrest’s teams, as Venance Mampouya, Purchasing Manager, explained: "I’m happy to be working with Wilfried, because I can offer our clients fresh quality eggs. Our clients’ satisfaction is very important in our work."

NEWREST NIGER Areva & "The Sahelian Tropical Gardens" in Arlit As part of its Nigerien operations on the sites of its client, Areva, Newrest Niger continued its sustainable development projects this year. Areva and Newrest, in partnership with the Urban Community of Arlit, signed a memorandum of understanding with "Jardins Tropicaux Sahéliens"* for the financing of a pilot vegetable production project.

This project is based on the implementation of innovative vegetable-growing techniques called Jardin Tropical Amélioré ("JTA") at the "women’s site", which covers a surface of one hectare. It follows from an initial experiment conducted by Areva last year. A Nigerien agronomist supervised activities, which, in eight months, validated these techniques with a view to developing them on a broader scale on other Arlit and Imouraren sites.

Although traditional vegetable-growing techniques do not allow for production during the hot weather season (March to July), JTA allowed some 40 women in the Group to cultivate vegetables throughout the year (cabbages, carrots, lettuces, zucchinis, etc.), with low water consumption. Newrest purchases 90% of production for a total amount of €80K, the rest being sold on the market or consumed directly by the families.

This joint Areva/Newrest financing in a total amount of 60’000 illustrates Newrest’s commitment to continue to involve neighbouring populations in its projects, while adopting a global development structure with its clients and with local authorities.

Phase 3 of the project - deployment on a broader scale on the Arlit and Imouraren sites - is currently being studied.

* Sahelian Tropical Gardens

125

Respect for

our employees 1. Training

Training is often conducted internally, but Newrest Group also regularly enters into partnerships with training institutions or hotel schools to ensure the training provided perfectly matches our needs and is performed by professionals in our business sectors.

≈1800 INDIVIDUALS TR AINED

↓

NEWREST ACTIVITY REPORT 2012/13 - 5. OUR COMMITMENTS

Our employees are trained in catering and hotel services.

As human resources are our greatest asset, it is fundamental for everyone to benefit from appropriate, continuous training so they can perform their tasks as efficiently and safely as possible.

ALL AROUND THE WORLD

The first of Newrest’s five strategic principles for future years is...

Men and women at the heart of our future:

→ Effective recruitment → Control over our values and training → Internal promotions as a priority → Skill retention → Proven, balanced skills in our countries → Development of the entrepreneurial spirit Therefore men and women are at the heart of the Group’s concerns. They are the very essence of Newrest’s DNA.

126

* Employment Forum Days

1.1 PARTNERSHIP WITH SCHOOLS America Division • "Journées Forum de l’Emploi"* in French Polynesia Newrest Polynesia is actively involved in the "Journées Forum de l’Emploi" (employment forum days) organized every year at the University of French Polynesia or the hotel school by interviewing students and participating in conferences (presentation of Newrest Group).

The first event mainly allows students to meet the major companies in French Polynesia and find internships, as well as to discover the interview process.

‘‘

As human resources are our greatest asset, it is fundamental for everyone to benefit from appropriate, continuous training so they can perform their tasks as efficiently and safely as possible.’’

Central & Western Africa Division • Niger The second event, which takes place within the same hotel school, is more targeted and is only intended for future "Bac Pro" and "BTS" graduates in hotel services programmes. This is also a tool to help students gain experience with job interviews.

These two events are first and foremost a useful communication tool for the Group in Polynesia, allowing us to present our company, and the catering and inflight services business. These events draw the media more and more. Students - future job-seekers and corporate managers - follow and anticipate these events. We very rapidly meet up with these students again in the private and public sectors - in other words, in the local economic community.

These events do not directly target recruitment, as Newrest’s opportunities in terms of hiring in the country are rather limited. But they are a true tool to allow young graduates from higher education to prepare for their future jobs and career.

Thanks to our partnership with the Hôtel Ecole Avenida in Lomé, Togo, trainers attended our operation sites at Arlit and Imouraren to provide training on hotel services, catering and table service.

→ Two training sessions took place: Restaurant Service Training at Arlit

Hotel Cleaning & Hygiene Training

Period

5 weeks

5 weeks

Attendees

40

60

Between October and December 2013, 2 waiters took restaurant supervisor training (restaurant, bar and banquet service) over a three-month period in Lomé.

Few companies in this region contribute so actively, with the exception of major luxury hotel groups present in Polynesia.

Southern Africa Division • Partnership with the Jinja Hotel school in Uganda Newrest UIS has entered into a partnership with the Hotel and Tourism Training Institute of Jinja: 6 students are interns in the company for three months every summer.

They are trained in catering and can therefore aspire to a job in the local hotel industry at the end of their internship.

127

RE SPEC T FOR OUR EMPLOY EE S

1.2 EMPLOYEE TRAINING

Headquarters

Below are a few examples of the training employees in Newrest’s subsidiaries throughout the world have received.

This year...

33

INDIVIDUAL S

Group

↓

Took

All the managers who work in the Group’s subsidiaries are trained specifically for their position for a week in Toulouse upon arriving in the Group: NEWREST ACTIVITY REPORT 2012/13 - 5. OUR COMMITMENTS

For the 2013-14 fiscal year, a training plan will be finalized and the training objective for personnel is 35%.

407 h

OF TR AINING ON DIFFERENT TOPIC S

→ Graphics charter and communication for everyone

Number of training hours

Number of individuals trained

→ Reporting processes and financial standards for financial staff

Topic

→ Invitations to tender and Group standards

Languages

215

10

Finance

127

14

7

1

50

7

8

1

for sales staff

→ Quality manual and standards for HSE staff, etc.

IT Human Resources Catering

America Division • Panama All employees receive training related to occupational health and safety at the time of induction.

In October 2013, 314 training toolboxes were handed out on the mining site we operate, which equals more than 10 training sessions of approximately five minutes per day offered to all employees on site, i.e. a total of approximately 50 training hours.

Again in October, 343 individuals (there are 322 employees on site) took 1’060 hours of training on topics as diverse as personal hygiene, fire prevention, work station risks, safety notices for cleaning products, and burns.

407

Total The percentage of employees trained over the past four years has increased from 5% in 2010 to 32% in 2013 our objective was initially 25%.

33

↑ 32% OF EMPLOYEES TR AINED IN 2013

↑ 32 %

↑ 35 %

30 19 %

20 10

25 %

15 %

5 %

0

2010 128

2011

2012

2013

2014

• Mexico The training plan is prepared every year based on the requirements of operations and the lack of personnel in some positions. This year, 150 hours of training were provided and all employees took 10 hours of risk prevention training.

150 h OF TR AINING

Europe Division • Croatia In the spring of 2013, 2 Newrest Dubrovnik chefs took training from VIP chefs at Private Catering, a subsidiary of the Newrest Group, in Nice, France. The experience gained over these 120 hours of training (covering two weeks) was then shared with the teams in Croatia: 56% of additional revenue were observed on VIP flights out of Dubrovnik.

Similarly, the entire team at the Dubrovnik unit took training on HACCP, health and safety, and all the Group’s HSE quality rules and procedures were put in place.

• Austria

→ The chart below sets out the training provided to our employees in the past fiscal year:

(the Italian and German classes are part of the programme to support integration launched this year for the cleaning personnel on trains)

Topic

Position

General training

Train chefs

15’000

30

Italian classes

Cleaning personnel

2’200

65

German classes

Cleaning personnel

2’200

10

Number of training hours

Number of individuals trained

• Reunion Island Throughout the year, training on hygiene, quality and safety is provided to our various employees.

Number of training hours

Topic

Position

Hygiene & quality

All personnel

98

14

Civil aviation department

All personnel

56

14

Ground handling/driving

Ground crew

9

3

163

31

Total

Number of individuals trained

129

RE SPEC T FOR OUR EMPLOY EE S

North Africa Division • Mauritania Continuous training of employees has been implemented. Between October 2012 and September 2013, 2’424 hours of training were provided.

NEWREST ACTIVITY REPORT 2012/13 - 5. OUR COMMITMENTS

Topic

Position

Number of training hours

Number of individuals trained

→ Inventory management → Menu management → Personnel management → HSE

Camp Boss

720

2

→ Accounting → Secretarial services → Cash management

Accounting Assistant

320

1

→ Inventory management → Logistics → Order management

Inventory Assistant

620

2

→ Hygiene → Safety

All personnel

744

42

2’424

47

Total

2’424 h OF TR AINING IN MAURITANIA

Central & Western Africa • Gabon In 2013

300 NEW GABONESE EMPLOYEES...

130

↓

We recruited a trainer to provide catering training on site. The objective is for this trainer to share his knowledge and experience with the 300 new Gabonese employees we hired in 2013 further to the increase in our business activity.

...WERE TR AINED FOR C ATERING

Southern Africa • South Africa

• Ghana

As the catering sector is a specialized catering division, we train all of our personnel on HACCP methods. They also receive ground training before starting to work at dnata Newrest.

All employees are trained, and this is key to helping us achieve the objectives defined in terms of occupational safety and the quality delivered to our clients.

• Madagascar English classes were provided to our personnel thanks to the presence of a teacher in our teams. Since the launch of the Ambatovy contract in December 2012, a training plan for our personnel has been implemented, targeting skill development and also to identify existing skill sets for the future of our company. Training on Asian cuisine, and administrative and management training have already been provided. A professional butcher was also hired for a two-month period to provide internal training to our employees, and also to train our local suppliers on good food hygiene and safety practices.

All new employees are trained for an average period of five hours.

All employees took training on food hygiene and safety consisting of approximately eight hours.

During fiscal 2012/13, 229 employees were trained. This allowed for 38 employees to access supervisor positions and one was promoted to manager in our company.

291

TRAINED IN MADAGASCAR

→ Below is the list of training provided between December 2012 and October 2013: Topic

Number of training hours provided

Number of individuals trained

Number of hours of training per person

English classes

840

237

120

French classes

20

6

20

Malagasy classes

12

2

12

Japanese cuisine

12

3

12

Thai/Filipino cuisine

12

5

12

Cleaning service

12

14

12

Laundry service

12

8

12

Butchery

120

12

10

Anti-corruption training

4

4

2

Total

1’044

291

212

131

RE SPEC T FOR OUR EMPLOY EE S

NEWREST ACTIVITY REPORT 2012/13 - 5. OUR COMMITMENTS

3. Examples of Initiatives: Employee of the Month The "employee of the month" initiative has been put in place on many production sites. Below is an example from Canada, where Newrest has two inflight catering production units.

2. Disabled Workers Europe Division • AMgroup In the Netherlands, Newrest works with AMgroup, which offers work to the disabled. Every day, two individuals who report to AMgroup clean the offices, and the daily production of dry product inventory is managed by four individuals on the Hoofdorp site.

North Africa Division • Partnership with the Sidi Thabet farm In Tunisia, Newrest sponsors this farm, specialized in the insertion of the disabled. It offers work mainly to disabled individuals from needy families who live close to the farm.

In order to grow this activity beyond this partnership, Newrest is studying the potential integration of a young intern into one of our operations in Tunisia.

132

America Division • Canada The objective of this initiative is to reward the commitment and personal investment of employees. It has existed in Canada since 1 January 2013.

The employee of the month is selected based on employee commitment. It rewards an employee who stands out through behaviour, work, commitment, DNA, etc. The decision is made at a monthly Executive Committee meeting at which time department heads discuss their employees. After round-table discussions, a collective decision is made by way of voting.

The centre's director then meets with the employee to tell him or her about the award and hand over a small diploma.

A copy of this diploma is displayed on-site for one month.

4. Employees’ welfare

↓

America

Canada

Panama

Starting in January 2014 and further to a collective agreement being signed in May 2013, all employees will enjoy the benefit of meals at their work location.

The personnel working at the mine benefits from accommodation and meals, as well as transportation from Penonomé to the site of operations.

Central & Western Africa

Southern Africa

Guinea

Niger

↓

A

s Newrest Group's core business is catering, most employees are provided with their meals during their working time. Similarly, when they work on remote sites, accommodation is arranged on site under the same conditions as those who live there.

↓

CGA Newrest provides breakfast and lunch for its employees.

Europe ↓ West Indies We allow our employees to enjoy meals that are prepared specifically for them on site.

All employees working on the sites are entitled to their meals.

South Africa dnata Newrest promotes the well-being of its employees within the company and provides meals at no cost to employees working at the different production sites.

Zambia The 100 employees who work at the Lusaka unit are provided with meals at their work location and, further to negotiations, the cleaning subcontractor also provides meals for its employees on our production site.

Ghana All of Newrest's employees in Ghana are served a meal per day and a snack during their break.

133

RE SPEC T FOR OUR EMPLOY EE S

5. Collective Bargaining

America Division • Canada

Panama

↓

NEWREST ACTIVITY REPORT 2012/13 - 5. OUR COMMITMENTS

Newrest Group guarantees respect for everyone's dignity and privacy, as well as the freedom of association. In many countries, annual collective bargaining allows employees to accede to better working conditions. A few examples of these negotiations are set out below.

NEW COLLECTIVE AGREEMENT

Europe Division • Austria

A collective agreement was drafted with the workers' unions.

An agreement between management and the unions includes a sixth week of paid leave.

North Africa Division

The main advances are as follows:

• Guinea

→ Creation of a daily indemnity for maternity

A health insurance agreement has been entered into directly with a polyclinic and pharmacy for employees and their families. CGA Newrest's contribution totals 80%.

leave or the death of a family member

→ Implementation of a seniority bonus → Education bursaries → Gift distribution at Christmas These benefits are true advances for employees, and few companies in Panama offer similar conditions to their employees.

134

A collective agreement was signed on 1 May 2013, which provides for the creation of a number of committees such as the working conditions committees and the arbitration committee.

Southern Africa Division • Ghana Relations between employees, their unions and management are very good. The collective agreement has been negotiated and is in effect for two years.

• Uganda Newrest's employees in Uganda benefit from a cooperative system. The company withholds a percentage of the salaries of employees who want to join the system. The amount to be deducted is notified by the cooperative's executive board. The company pays this amount every month into the account of the employees' cooperative.

The employees elect an executive board that manages the association's account either through loans to the cooperative's members, or land or other investments, and revenue is distributed annually.

135

RE SPEC T FOR OUR EMPLOY EE S

6. Occupational Safety

NEWREST ACTIVITY REPORT 2012/13 - 5. OUR COMMITMENTS

6.1 IN OUR BUSINESS UNITS Group

136

Whether through training or workplace organization, Newrest is committed to ensuring that its employees work under the best conditions possible.

Along the same lines, ISO, HACCP or OHSAS certification of our operations guarantees quality and risk-free services for our clients. All of our personnel obviously receive personal protective equipment specific to their work station.

They are trained on the use of this equipment and potential risks if they fail to wear the PPE.

Newrest Group's statistics show that, since 2004, the date safety statistics were launched, only one accident occurred (in 2010).

Signage has been deployed on all operation sites and translated into nine languages to date. Bilingual versions also exist. This signage, thanks to a character, is a reminder of the various hygiene and safety points to be complied with to ensure production is safe.

America Division • Mexico No accident or incident this year as a result of the work performed, whether in terms of continuous improvement of the facilities or the risk prevention training provided per work station to each employee.

Europe Division • Reunion Island In 2013, we received health accreditation with the implementation and application of HACCP rules in the catering unit and retail business.

Southern Africa • South Africa The best way for dnata Newrest to avoid accidents is to put very strict policies in place drawn from our inflight catering experience, and to focus on training for those who do not comply with health and safety rules.

22000:2005 certification of our Minera San Cristobal operations. On the basis of this training, the suppliers can in turn seek certification under Bolivian sanitary standards, such as SENASAG, which relates to organoleptic quality, production capacity, production hygiene standards and the calibration of products, for example.

This involves the following suppliers:

→ Agroinsa San Augustin → Fundacion San Cristobal → Aprakuk → Desarrollo acuático criadero de truchas Manquiri

→ Procabol

6.2 AT OUR SUPPLIERS &

SUBCONTRACTORS

The rules we impose on ourselves in terms of quality also apply to our suppliers, as the quality of the end product and the perception of our clients are in play.

America Division • Bolivia Training was provided to create a culture of continuous improvement among local suppliers in order to raise their standard of quality and certification to a satisfactory level for their products. The goal is for Newrest Bolivia to purchase a portion of their production while complying with standards that correspond to the ISO 9001:2008 and ISO

137

Respect for

the Environment

NEWREST ACTIVITY REPORT 2012/13 - 5. OUR COMMITMENTS

Today more than ever, protecting the environment is an essential concern shared by all Newrest Group employees.

This concern is present from the time our projects are put in place and continues throughout the entire operating process.

1. Reduction of our impact on the environment 1.1 A FEW INITIATIVES

AMONG MANY

396

kg

OF CO 2 SAVED WITH THE ANNUAL REPORT 2011/12

Paris

=

Tehran

CO 2

≈

5.000 km

BY C AR

• Reduction of printing and its impact at the Group's headquarters Since the Group’s earliest days, we have been committed to a paper reduction policy. When paper copies cannot be avoided, we promote digital communication while using eco-friendly materials: since July 2012, any printing at headquarters uses 70% recycled /100% recyclable paper.

The ink used in non-toxic and 100% degradable.

The use of this paper to print the 2011/12 annual report allow for savings of 396 kg of CO2, which is the equivalent of 4’952 km of vehicle consumption.

For next year, our forecasts are even more encouraging: we plan on reducing the quantity of printed copies by 15% through the installation of screens and awareness-raising sessions with our employees and partners.

In parallel, all communication materials for our clients

138

‘‘

Since the Group’s earliest days, we have been committed to a paper reduction policy. When paper copies cannot be avoided, we promote digital communication while using eco-friendly materials (...)’’

Headquarters' Efforts Since 2011

+ EMPLOYEES use PAPER

2014 targets LESS

PRINTING

INK

C

M

Y

MORE

→

SCREENS

K

→ Non-toxic ink → 100% Degradable

101t

PAPER

↓

−15%

SAVE

CO2

= 225t = x3

→ 70% Rec ycled → 100% Rec yclable

Europe Division • Green electricity in Spain The electricity purchased at the Malaga production unit is supplied by a provider that offers electricity from a 100% renewable source.

North Africa Division will be systematically printed on recycled paper. We are looking at savings of approximately 101 tonnes of CO2, which is equivalent to 225 tonnes of wood and three trips around the world by car.

• Example of plastic bags in Mauritania At the offshore units we operate, biodegradable garbage bags have been introduced. On land sites, plastic bags have been banned and replaced by paper bags.

139

RE SPEC T FOR THE EN V IRONMENT

1.2 RECYCLING & REUSE Limiting the product of waste is not enough. We need to think about how this waste can be recycled and/or reused. On remote sites, organic waste that can be composted is buried and is then used as fertilizer for plants and garden areas.In all the countries in which we operate, we ensure that our waste is sorted and processed through a re-treatment chain. This limits the environmental impact of our operations.

NEWREST ACTIVITY REPORT 2012/13 - 5. OUR COMMITMENTS

America Division • Waste management plan in Mexico As a service provider at Cancun airport, Newrest is required by the airport authorities to implement a waste recycling programme, as this authority audits our facilities on a regular basis. To achieve this goal, we train our personnel on waste management, which is set out in detail in a plan that includes the various ways we can reduce our waste. We thereby participate in protecting the environment in which we work.

Europe Divison • Cardboard recycling in Martinique and Guadeloupe In Pointe-à-Pitre and Fort-de-France, Newrest has started to sort its waste and promote the eco-friendly cardboard recycling sector. Thanks to this sorting, close to 20 tonnes of cardboard are recycled per year further to a partnership with a local company.

•"Eco-reflex" in Réunion The protection of the environment is a daily concern in this subsidiary, and the entire team at the Saint-Denis airport has adopted quality and ethical values. This requires training and helping our employees adopt an "eco-reflex".

It also requires raising our clients' awareness, for example by providing selective sorting containers on our Caffé Lindo site or low-energy consumption equipment with lights that are mainly LED.

140

North Africa Division • Recycling of used oil in Tunisia Used oil is systematically collected and reprocessed by a local organization. This year, 15’000 litres were transformed into bio-fuel.

Southern Africa Division • Selective sorting at the Ambatovy site Newrest Madagascar has implemented waste management procedures and therefore sorts cardboard, food waste, used oil and plastic.

1.3 EXAMPLE OF THE SWISS APPROACH Environmental protection & nutrition Waste is sorted in all of our restaurants as follows: → dump truck collection services, with onboard weighing, for waste that can be incinerated and paperboard. This waste management method provides greater traceability of the waste and allows for invoicing by tonne and not by container, → shared collection, for waste such as washings, glass, vegetable oil, Nespresso capsules, tinplate, porcelain, aluminium cans, PET and wooden pallets. In this framework, the different types of waste collected are grouped together (less trips = less fuel) in a crane truck and taken to an accredited outlet.

On its operation sties, Newrest Canonica is committed to the environment: → With our client's agreement, we apply a different price for hot drinks based on whether the cup is disposable or in china, so as to minimize the use of disposable cups. → The coffee grounds from the coffee machines are recovered to make compost. → Recyclable paper is used for printing. → We guarantee that 80% of our suppliers are local so as to limit the transportation of merchandise. → According to our clients' different specifications, we use fair trade, "Région Terre Avenir" or organic products, which we indicate on our menus for our users. → We offer our clients an opportunity to procure → → Nordic Swan and Fleur Européenne-type eco-label detergents, → → Organic and/or fair trade coffee, and Rainforest Alliance tea. → All of the listed suppliers must comply with specifications that cover eco-labelled products and ISO-type certification.

→ Subject to our clients' acceptance, we eliminate aluminium cans from our sites and replace them with PET packaging. → We favour a reduction in disposable cups through the implementation of a mug policy. → Disposable items supplied are all low in CO2 emissions or 100% recyclable.

"Fourchette Verte" label In concrete terms, the Fourchette Verte label is an action seeking to promote good health by: → Encouraging the population to adopt a healthy diet → Proposing a balanced diet, which is consumed in a healthy (100% smoke-free spaces) and pleasant (hygienic, waste-sorting) environment → Allowing the consumption of non-alcohol beverages at a preferential price → Raising awareness in terms of diet and health both for the population (more specifically those who eat outside of their homes) and catering professionals → Contributing to the reduction in the occurrence of risk factors for chronic diseases that are influenced by dietary habits For this reason: → The sites are certified Fourchette Verte within the three months that follow their inauguration. → In partnership with the label, we organize events in our restaurants to raise our clients' awareness on these issues (quizzes, prizes, etc.).

141

RE SPEC T FOR THE EN V IRONMENT

2. Environmental Training America Division NEWREST ACTIVITY REPORT 2012/13 - 5. OUR COMMITMENTS

• Panama Due to the geographic location of the mine in the heart of the Panamanian virgin forest, all employees are trained on recycling and endangered species located in the zone of operations.

3. Certifications The outcome of this entire policy focused on environmental protection is ISO 14001:2004 certification, which rewards good environmental practices: waste reduction, recycling, environmental impact, reduction of water and electricity consumption, travel management, etc.

A major certification campaign for Newrest’s operations throughout the world was launched with the creation of a HSE Quality unit at headquarters.

→ A summary table of upcoming certifications is set out below:

142

Certification

Number of countries certified

Number of countries to be certified in 2014

TOTAL

ISO 9001:2008

9

16

25

ISO 22000:2005

6

10

16

ISO 14001:2004

4

2

6

HACCP

3

3

6

OHSAS 18001

3

1

4

143

Fighting

Corruption 1. Corruption NEWREST ACTIVITY REPORT 2012/13 - 5. OUR COMMITMENTS

Group Regardless of which country is involved, Newrest Group employees must ensure commercial relations are based on transparency and honesty. This requirement also applies to our suppliers and clients; unfair competition is not acceptable.

Newrest Group employees are formally prohibited from giving gifts or money to clients or officials in order to win contracts. Additionally, Newrest personnel refuse any gift offered by suppliers that are accredited or in the accreditation process in order to obtain a contact or lower prices.

All forms of pressure or bribery towards sanitation inspection personnel in order to have them ignore certain failures to meet hygiene standards is unacceptable.

All these rules apply regardless of the country, whether the corruption is common or not.

The Newrest Group has implemented strict procedures to identify at-risk persons (purchasing managers, sales managers). Employees are monitored by country managers, zone managers, and internal auditors, who control the figures for each country every month and verify procedures during their regular visits to the different countries.

A global anti-corruption policy was drafted and translated into the three main working languages.

144

‘‘

Newrest Group employees are formally prohibited from giving gifts or money to clients or officials in order to win contracts.’’

America Division • Mexico Despite the high level of corruption in the country, Newrest's operations in Cancun are transparent: no member of our personnel has accepted bribes from suppliers or public authorities.

Europe Division • The Netherlands We believe in this adage: "You reap what you sow". This is a key element in our corporate policies whether regarding management or production. Transparency and honesty are key tools to achieve this goal.

• Switzerland No new year's gift is accepted from any supplier and their invitations to any type of event are politely declined.

Southern Africa Division • South Africa Internally, a transparency and anti-favouritism policy has been put in place. dnata Newrest maintains this transparency thanks to an "open door" policy that allows everyone to share their fears or provide information on practices that do not comply with the anti-corruption policy.

• Madagascar Four individuals have been trained to become internal trainers on anti-corruption rules and procedures.

• Ghana A Zero Tolerance policy has been implemented related to corruption and applies to all parties involved.

145

VISIT OUR WEBSITE! For more information, please visit our website www.newrest.eu

Audited financial statements are provided separately to this activity report

EXECUTIVE MANAGEMENT OFFICE NEWREST 61 boulevard Carnot • 31000 Toulouse – France Phone: +33 5 62 89 39 88 / Fax: +34 5 62 89 39 70 COMMUNICATION NEWREST Dominique Pilatte – Communication Director 61 boulevard Carnot • 31000 Toulouse – France Phone: +33 5 62 89 39 79 / Fax: +34 5 62 89 39 70 INVESTORS RELATIONS NEWREST Matthieu Jeandel – Vice President Finance Service 61 boulevard Carnot • 31000 Toulouse – France Phone: +33 5 62 89 39 87 / Fax: +34 5 62 89 39 70

www.newrest.eu