Newrest Activity Report 2013/14

Activity Report 2013/14

Activity Report 2013/14

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 2014 revenues under management of almost 1,386.6 Billion Euros and more than 28,000 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.

Activity Report 2013/14

1 Introduction 04

Group presentation P.06

Newrest is...

08

2

Group activities P.24

Inflight 26

History 10

Rail

30

Group structure

12

Remote Site

34

Global network

14

Catering 38

Key figures

16

Retail 42

Values 18 Shareholder structure 19 Executive Board

20

Organization chart 22

3

Operating performance P.46

Key events

48

Europe Division

50

4

Group commitments P.96

Quality, Health, Safety and Environement 98

North Africa Division 62

Newrest’s Involvement In Local Communities 100

Central & Western Africa Division 68

Our SocioEconomic Actions 102

Southern Africa Division 76

Our Employees: Our Greatest Strength 105

America Division 82 Middle-East & Asia Division

The Environment 108 90

Nutrition 111 Corruption 114

Introduction 902.9 M€ Consolidated sales 201 3 /14

1,386.6 M€ Sales under management 201 3 /14

↑ 33.4%

Consolidated operating prof it 201 3 /14

2013/2014 was a record year for Newrest Group and a year of dimensional change. Consolidated global sales grew an astounding 36%, driven in large part by the gain of a major high-speed rail catering contract in Europe, but also due to substantial developments in our emerging markets. The group also performed well in its key quality, productivity, environmental and sustainability metrics.

Despite anemic macroeconomic growth in the European environment, our Division Europe performed exceptionally well in 2013/2014. Solid operating performances from Spain, Greece & Cyprus, and Austria boosted the overall performance of the division. The 3 Africa divisions made significant gains during the year having increased sales by 11% and almost doubling operating profits. The separation of the division into three manageable geographical units has brought dividends, with clearer, focused development paths and impressive improvements in operational execution. Key highlights of the three areas were the performances of Madagascar, Angola, Algeria and Zambia.

The Middle East & Asia division had a mixed year. An impressive performance in Oman produced a record year in sales and operating profits, while our operations in Qatar, Kuwait and Dubai were in the nascent,

4

Introduction

development stages. In the Kingdom of Saudi Arabia our company was able to produce a record performance in sales and profits, as well as delivering strong growth in catering, remote site, retail and lounge sectors. In our unique Asia operation, the Newrest SOS Philippines, we had a disappointing year due to the delay of a number of major oil & gas and infrastructure projects in the country due to global uncertainty in the oil and mineral markets. Finally the Americas Division unfortunately did not reach its targets during the year, despite improved performances from Peru, Polynesia and Canada. This division is a key focus for our coming year.

In our last annual report we launched our 3-year strategic plan based on the six key themes of people, productivity, quality, innovation, global coverage & diversity, and financial discipline. While there still remains a long road to realize our objectives, we are pleased to advise that we have already achieved almost 90% of our turnover & profitability objectives at the end of year 1 of our plan. As a result, we have already decided to upgrade our targets and objectives for the coming 3-years and have set robust goals to achieve over the period; we delivered on our primary commitments but we know we can do better.

We have exciting new projects in the pipeline. New catering units are being constructed in Toronto, Santiago, Brussels, and Accra, while unit upgrades have been executed in South Africa, Zambia, and Casablanca. We currently have projects underway in Colombia, Panama and Cyprus, amongst many others. We are developing solutions in the rail business for Morocco and Saudi Arabia. Countless developing nations are investing massively in infrastructure such as power plants, electricity, oil and gas, and rail & airport development. We are uniquely positioned to take advantage of these trends as the only multi-sector catering & support services company able to provide solutions for this wide range of development needs in diverse international areas. We are preparing large scale solution options for major airlines in Europe looking to simplify and concentrate their supply chain. And finally we are gearing up for further consolidation in the airline catering industry, where we see inevitable changes in the coming years as airlines divest from their catering operations and concentrate on their core business.

We are focusing our capabilities and skills on what matters most to our customers and stakeholders. Growth, innovation and operational excellence always begins with great people. We recognize that our company culture is an essential element of our continued success and we seek to continue to develop caring, engaged, high-performance staff. We therefore have continued to expand our management stock ownership program each year and often seek

solutions in our countries to incentivize management and staff on the results of our operations. We shall review structure where necessary in order to bring faster, clearer decision making closer to the front; this has proved valuable in Africa and we are reviewing our structures elsewhere to encourage the passion, inspiration and the drive for success we are looking for from entrepreneurial managers.

We are simplifying everything we do, focusing on quality, efficiency, speed and execution. We have reviewed all our joint ventures internationally to ascertain where the partners create value for each other, and in the contrary have taken the position to acquire 100% of companies where we believe our interests are best served alone.

In administration, less is more. We operate through fewer layers and less complexity with clear, robust operating guidelines and company policy throughout our operations, in order to improve clarity, execution and accountability. We have instituted a key program to lower our costs by aggregating our volumes, simplifying, and yet executing on a divisional and/or local basis. By improving adherence to standards and standardization, we are able to lower wastage, increase dependability and quality and eventually even upgrade traceability and safety standards, while nevertheless lowering our costs. Our ISO certification program, started last year, is having a significant impact, and is well on its way to completion.

As a global services industry that manufactures and provides services in many rapidly evolving markets, we also have an important social responsibility to the communities and countries that we work in. We must work even harder to assure rigorous environmental, ethical, and moral standards, particularly when working in developing areas where our impact can be essential to the local environment.

We wish to thank our customers for their loyalty and confidence, our staff for their dedication, hard work and motivation, and our stakeholders for their trust and cooperation.

Olivier Sadran

Jonathan Stent-Torriani

5

01

Group presentation

Newrest is...

5

AC TIVIT Y SEC TORS

↗ ↗ ↗ ↗ ↗

Inf light Rail Remote Site Catering Retail

1,000,000 Meals ser ved per day

8

↗ Ne w r e s t i s . . .

28,000

01

Group presentation

Employees across the world

902.9 M€ Consolidated sales 201 3 /14

1,386.6 M€ Sales under management 201 3 /14

49 COUNTRIES

9

2001 ↗ Merger of Catair with Eurest Inf light (Compass inf light catering division)

History

10

2005 ↗ Founding of New rest

1996

2006

↗ Founding of Catair

by Olivier Sadran

↗ Opening of the inf light catering unit at Paris Charles de Gaulle

↗ Joint Venture with SOS in the Philippines and Red Med in Algeria ↗ IPO Saudia Airlines Catering

↗ Joint Venture with Saudia Catering in Saudi Arabia & Wacasco in Oman ↗ Acquisition of LSG Sk y Chefs in Spain

2014

01

↗ Acquisition of Atasa in Morocco ↗ Acquisition of 100% of F irst Catering in Ghana , Zambia and RSA

Group presentation

2008

↗ Hi s t or y

2012

2013 2010

↗ Joint Venture dnata New rest in South Af rica ↗ Joint Venture New rest Gulf in Qatar, Kuwait , Bahrain and UE A ↗ Award of SNCF t rain cont rac t in France

↗ Acquisition of the Wagons-L its company (Rail) & Airshop (Inf light)

11

Group structure Inflight

Turnover by business (Managed - excluding Saudia Catering)

22.9% rail

T URNOV ER *

20.3% remote site

385.0 M€ COUN T RIES

30

10.2% catering 5.6% retail

ACTIVITIES 41.0% inflight

Operating profit by business (Managed - excluding Saudia Catering)

26.8% rail

12

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

11.9% remote site

SUBSIDARIES

12.7% retail

↗ Newrest Inflight ↗ Airshop Solutions ↗ Airshop

8.4% catering

40.2% inflight

↗ ↗ ↗ ↗ ↗ ↗

↗ Gr o up s t r u c t ur e

01

Rail T URNOV ER *

T URNOV ER *

COUN T RIES

COUN T RIES

214.9 M€ 190.4 M€

4

Catering T URNOV ER *

Retail T URNOV ER *

95.6 M€

52.8 M€

COUN T RIES

COUN T RIES

21

19

12

ACTIVITIES

ACTIVITIES

ACTIVITIES

ACTIVITIES

↗ ↗ ↗ ↗

↗ Camp construction & management ↗ Hotel services ↗ Catering ↗ Leisure ↗ Facility management

Catering in:

↗ Bars ↗ Restaurants ↗ Shops in airports & on motorways

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

SUBSIDARY SUBSIDARY

↗ Newrest Remote site

↗ ↗ ↗ ↗ ↗

Companies Administration Education Health system Facility management

Group presentation

Remote Site

SUBSIDARY ↗ Newrest Retail

SUBSIDARY ↗ Newrest Catering

↗ Newrest Wagons-Lits

*Managed excluding Saudia Catering 13

Global network • • • • • • • •

Boliv i a

Bra zil C anada

Chile

French Poly nesi a Mexico Panama

Per u

A MER IC A

Turnover by division (Managed) 35.4% MIDDLE-EAST & ASIA

8.4% AMERICA 7.2% NORTH AFRICA 4.9% SOUTHERN AFRICA 2.8% CENTRAL /

WESTERN AFRICA

41.3% EUROPE

In f l i g h t

14

Re m o t e sit e

C at e r ing

Re t a i l

Rail

49

Aust r i a Belgium C roat i a

C y pr us

France

French West Indies Greece

The Ne ther lands Por t ugal

Reunion Island

Spain

Sw it zer land

United K ingdom

↗ G lob a l n e t w or k

• • • • • • • • • • • • •

C OUN T R IES Ac ross the wor ld

01

• • • • • •

Group presentation

EUROP E Bahrain K uwait new Oman

Qat ar Saudi Arabi a

United Arab Emirates new

MIDDL E -E A S T A SI A

• Philippines

A F R IC A NOR T H AF RIC A • • • • • •

Alger i a

Eg y pt L ibya Maur it ani a Morocco

Tunisi a

CEN T R AL & WES T ERN AF RIC A • • • • • • • • •

C ameroon Congo -Bra z zav ille Gabon

Ghana Guinea- Conak r y L iber i a Niger Niger i a Senegal

SOU T HERN AF RIC A • • • • • •

Angola

Madagasc ar

Mozambique new South Af r ic a Uganda

Zambi a

15

200 M€

0 M€

16

2007

2008

2009

75%

2010

400 M€

2011

2012

2013

61 2 MUS $

Consolidated turnover Managed turnover (including Saudia Catering)

902.9 M€

1,085 M€

987.3 M€

893.9 M€

1,386.6 M€

1,200 M€

2014

Airlines Catering Other activities

600 M€ 69%

2013

31%

662.0 M€

595.1 M€

569.5 M€

716.0 M€

1,000 M€

54 2 MUS $

69%

2012

31%

69%

2011

4 46 MUS $

2010

383 MUS $

72%

638.6 M€

800 M€

31%

28%

2009 432.1 M€

2008

31 3 MUS $

25%

384.6 M€

400 M€ 618.2 M€

600 M€

284 MUS $

307.1 M€

282.1 M€

261 M€

241.5 M€

372.6 M€

2007

77%

2006

2 7 2 MUS $

2005

80%

2 36 MUS $

0 M€ 196 M€

200 M€

84%

Key figures Group’s turnover evolution

1,400 M€

2014

Saudia Catering’s turnover evolution

(Not consolidated, minority shareholding under Newrest management)

Group’s turnover evolution by division (Managed turnover between 2012/13 and 2013/14)

Europe

North Africa

2014: 572.6 M€ 2013: 372.3 M€

2014: 99.5 M€ 2013: 88.9 M€

↑ 11.9%

↗ K e y f i g ur e s

↑ 53.8%

Middle-East & Asia

01

↑ 11.0%

Group presentation

2014: 491.8 M€ 2013: 443.2 M€

Southern Africa

↑ 25.2% America

Central & Western Africa

2014: 116.1 M€ 2013: 93.6 M€

2014: 38.6 M€ 2013: 32.8 M€

↑ 24.0%

2014: 68.0 M€ 2013: 54.3 M€

↑ 17.7%

Turnover distribution by countries (examples)

MOROCCO 55.8 M€

5.6%

Inflight Catering Remote Site Retail Rail

32 M€

3.4% TUNISIA

SPAIN 116.9 M€

12.5%

PERU 39.3 M€

4.2%

4.0%

37.3 M€

GREECE

35.1%

FRANCE 329.7 M€

(% of Group’s total managed turnover 2013/14 - excluding Saudia Catering )

17

Values Quality 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.

Long term vision

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.

18

↗ Va l u e s ↗ Sh ar eh ol d e r s t r u c t ur e

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.

01

9.9%

Group presentation

Financial investors

5.5%

90.1%

Management

Naxicap Partners

2.9%

Ardian (ex. AXA PE)

1.5%

BNP Paribas Dvlp

19

Executive board Olivier Sadran

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.

Board members

Emmanuelle Boccardo Puig

Olivier Mauricette

Jean-Paul Llanusa

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.

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.

Vice President France

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.

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.

20

Vice President America Division

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 Accra, Ghana.

↗ E xe c ut i v e b oar d

To u lo u s e , F R A NCE

01

Jonathan Stent-Torriani 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.

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.

Pascal Regimbaud

Matthieu Jeandel

Pierre Brugère

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.

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.

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 Toulouse, France.

Vice President Remote Site

Vice President Finance Service

Vice President Sales & Marketing

Fabien Revol

Olivier Suarez

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 Qatar and COO Middle-East (excluding Saudi Arabia).

He is based in Doha, Qatar.

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.

COO Middle-East Division

Group presentation

Chief Executive Officer

COO North Africa Division

21

Organization chart NORTH AFRICA

EUROPE Emmanuelle Boccardo Puig

Vice President

S

EUROPE DIVISION

Olivier Mauricette Vice President

E. Brissy Inflight F. Carpentier Rail C. Chaplain Airshop

I

O

N

FRANCE

S

FRANCE

Bernard Martinez J. van de Port Amsterdam F. Thevenon Brussels BENELUX Frédéric Gatteau Louis Shenouda Duty Free

I

Thomas Ginouves

V I

Pierre Magnard AUSTRIA

Jean-Charles Bouquet

D

REUNION ISLAND

COO

NORTH AFRICA DIVISION

SPAIN FRENCH WEST INDIES

Olivier Suarez

Manuella Kapagiannidi

CENTRAL & WESTERN AFRICA Nicolas Pauly CENTRAL & WESTERN AFRICA DIVISION

Jean Boher

Louis Malikité

ALGERIA

CAMEROON

Olivier Suarez

Thomas Neveu

MOROCCO

CONGO-BRAZZAVILLE

Marouane Khatib

Philippe Sabatie

MAURITANIA

GABON

Alain Masson Yusuf Ghrib Inflight N. Letellier Catering J. F. Bescos Retail

Nicolas Pauly GHANA Sébastien Joly

TUNISIA

GUINEA

GREECE & CYPRUS

Michal Debreceni

Carlos Antunes

CROATIA

PORTUGAL

Tim Jay

Philippe Tétu

UK

SWITZERLAND

COO

Jean-Luc Sadran LIBERIA Djibril Seck

Arezki Amir

SENEGAL

NIGER Richard Akerele NIGERIA

REMOTE SITES

FINANCES

Pierre Brugère Vice President

Pascal Regimbaud Vice President

Matthieu Jeandel Vice President

SALES & MARKETING Inflight, Rail & Retail

SALES & MARKETING

FINANCES & ADMINISTRATION

Remote Sites

M

A

T

R

I

X

SALES & MARKETING

Erik Weinmann

Francis Uthurrisq

Jean Timbart

Commercial Director Inflight Europe, Africa,

Commercial Director Inflight

Business Development in Africa

Middle-East & Asia

Jean-Michel Fort Group's executive chef

22

America

Thomas Liarte Consolidation

A. Cellier-Courtil Treasurer

Jonathan Stent-Torriani

Co-CEO

Henri Fiszer Monika Trawinska

General Secretary

Guillaume Jarlan

Human Resources

SOUTHERN AFRICA Olivier Laurac

COO

SOUTHERN AFRICA DIVISION

Patrick Timbart

Benoît Vignon

AMERICA

Partner Counsel to the CEOs

Internal Audit

Jean-Paul Llanusa Vice President

Fabien Revol

AMERICA & POLYNESIA DIVISION

MIDDLE-EAST DIVISION

COO

Gerhard Marschitz CEO Saudia Catering

Yvon Martinez

Aurélie Gueguen

SOUTH AFRICA

BOLIVIA

OMAN

Marc Starké

Frédéric Hillion

Fabien Revol

ANGOLA

CANADA

QATAR

Pierre Martens

Jean-Paul Llanusa

Louis-Paul Heussaff

MADAGASCAR

CHILE

PHILIPPINES

TBA

Felicia Gaspar

MOZAMBIQUE

MEXICO

Zied Manoubi

Olivier Billerey

UGANDA

PERU

Alexandre Lelièvre

Arnaud Pradel

ZAMBIA

POLYNESIA

CONSTRUCTION

01

MIDDLE-EAST & ASIA

Olivier Laurac

QHSE

↗ Organization chart

Co-CEO

COMMUNICATION

Group presentation

Olivier Sadran

Wajdy Alghabban Inflight Bruno Hériché Retail SAUDI ARABIA

IT SERVICES

Teresa Espada Director

Emmanuel Bonnin Project manager

Dominique Pilatte Director

Jean-Louis Joulié Director

QHSE

CONSTRUCTION

COMMUNICATION & NEW MEDIAS

IT SERVICES

23

Group activities

Newrest is today a global leader in multi-sector 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.

02

Inflight 385.0 M€

Managed tur nover 2013/14 excl. SACC

↗ Newrest inflight offers services to 228 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

26

617 Cont rac ts

430,000 Meals per day

↗ In f l i g h t

Newrest Inflight network

02

Inflight meals served by division

Turnover by activity

71.0% EUROPE

78.0% Inflight Catering

(Served inflight meals - excluding Saudia Catering)

Group activities

↗ Newrest inflight’s international network counts 68 production units and 23 logistic centres in 30 countries all around the world, mainly in Europe and Africa

(Total 2013/14 inflight turnover - excluding Saudia Catering)

9.1% NORTH AFRICA 10.0% Duty-Free & BOB 9.1% SOUTHERN AFRICA 8.3% AMERICA 2.5% CENTRAL &

WESTERN AFRICA

6.0% VIP Catering 5.0% Airport Lounges 1.0% Integrated

Management

27

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.

↗ Newrest inflight caters every day 1,550 flights, delivering about 430,000 meals

91

P roduc tion units & Logistic cent res

↗ Inflight Catering 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.

28

↗ Airport lounges ↗ In f l i g h t

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

02

↗ Integrated management services

Group activities

↗ Newrest inflight manages 21 airport lounges in 8 different countries

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.

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.

21

Air por t Lounges

10,850 Flights delivered per week

29

Rail 214.9 M€ Managed tur nover 201 3 /14

↗ Newrest Wagons-Lits applies its know-how on board of more than 4,800 trains per week ↗ Newrest Wagons-Lits serves over 17,600,000 meals a year at bar, restaurant and at-seat-catering-service

30

250,000 Trains per year

3,600 Employees

↗ Rail

Newrest Wagons-Lits network

02

Rail turnover by country

Activity distribution

90.6% FRANCE

84.4% Bar ser vice

(Total 2013/14 rail turnover)

Group activities

↗ Newrest Wagons-Lits’ 3,600 employees offer services to 6 railway companies in 4 different countries

(Total number of served customers in 2013/14)

10.0% Restaurant 8.4% AUSTRIA

4.6% At-seat-ser vice

0.8% PORTUGAL

0.9% Hotel ser vices

0.2% CANADA

0.1% Logistic activities

31

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.

↗ Newrest Wagons-Lits accompanies more than 8,700 voyagers at night trains daily

↗ 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

17.6 M Meals per year

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.

↗ Services for passengers The full range of services offered by Newrest Wagons-Lits 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.

32

↗ Logistics activities & complementary services

02

↗ 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.

Group activities

↗ Newrest Wagons-Lits helps its clients with logistic activities on 250,000 trains a year

↗ Rail

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.

8,700 Voyagers at night t rains daily

35

Logistic centers

33

Remote Site 190.4 M€

Managed tur nover 2013/14 excl. SACC

↗ Newrest Remote Site counts on the expertise of its 7,600 specialised employees, which are specially trained to operate in extreme environments

7,600 Employees

56,000 POB per day

34

↗ Re m o t e S it e

Newrest Remote Site network

02

Turnover by division

(Total 2013/14 remote site turnover - excluding Saudia Catering)

28.9%

MIDDLE-EAST & ASIA

Group activities

↗ Newrest Remote Site operates on 290 sites, primarily in challenging and isolated work environments: offshore platforms, camps in the desert, jungle operations, high altitude mining sites...

Typology of clients

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

59.3% Oil & gas companies

26.0% AMERICA

25.8% SOUTHERN

30.7% Mining companies

AFRICA

10.0% Other clients

6.3% NORTH

13.0% CENTRAL AFRICA

AFRICA

35

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 in challenging and isolated work environments. ↗ Newrest Remote Site serves 56,000 POB every day on 290 operations

88 Clients

36

↗ Remote Site construction 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.

↗ Re m o t e S it e

↗ 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.

02

Group activities

↗ 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.

21 Count ries

290

Operation sites

37

Catering 95.6 M€

Managed tur nover 2013/14 excl. SACC

↗ Newrest Catering is the reference of industrial catering in North Africa: more than a half of total served meals are produced in the North Africa division

429

Clients & Institutions

214,000 Meals per day

38

↗ C at e r ing

Newrest Catering network

02

Meals served by division

Typology of clients

51.4% NORTH AFRICA

50.2% Companies

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

Group activities

↗ Newrest Catering offers its know-how in 19 countries all around the world

(Total number of catering clients - excluding Saudia Catering)

26.9% AMERICA 30.2% Schools & universities

17.3% EUROPE 12.6% Hospitals & clinics 3.1% M IDDLE-EAST & ASIA 1.3% SOUTH AFRICA

7.0% Administrations

39

Every day around the world, our clients benefit from Newrest Catering’s expertise and trust them to manage their restaurants or canteens. ↗ Newrest Catering’s 6,100 employees, specially dedicated to industrial catering, elaborate and serve more than 214,000 meals every day

↗ Companies & 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 conditionedby the quality of the meal break.

↗ Health

110,000 Meals ser ved in Nor th Af rica

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.

↗ Education 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.

40

↗ Facility Management ↗ C at e r ing

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

02

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.

Group activities

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.

6,100 Employees

19 Count ries

41

Retail 52.8 M€

Managed tur nover 2013/14 excl. SACC

↗ Newrest Retail has 19 own-brands for retail restaurants, bars and shops; these are specially developed for the different needs of our clients

Points of sale

17,000 Clients per day

the

↗ Almost ¾ of retail clients are served in the North Africa division

102

42

↗ Re t a i l

Newrest Retail network

02

Served clients by division

Typology of locations

73.0% NORTH AFRICA

90.0% Airports

(Total number of served clients - excluding Saudia Catering)

Group activities

↗ Newrest Retail serves 12,000 coffees daily to voyagers in 12 countries all around the globe

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

12.2% EUROPE

8.9% AMERICA

10.0% Motor ways

3.7% CENTRAL AFRICA 1.4% SOUTH AFRICA

0.8% MIDDLE-EAST & ASIA

43

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.

↗ Newrest Retail counts 102 points of sale: 92 points of sale are located in airports and 10 along motorways

↗ 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

19

ow n-brands

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.

44

↗ Bars ↗ Re t a i l

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.

02

↗ Shops ↗ Creative expertise

Group activities

↗ Newrest Retail 1,600 employees serve more than 17,000 clients every day

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.

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.

12 Count ries

12,000 Cof fees ser ved per day

45

03

Operating performance 2013/14

Key events 2013/14 Inf light

Re m o t e s i t e

C at e r ing

Re t a i l

Rail

MOROC C O / Ne w res t Rahal Maroc ac qu ired 100% of ATAS A – JA N. 201 4

PERU – 1 2 C ON T R AC T S SIGNED ON 2013/ 14

↗ Peru has signed more contracts than any other country in 2013/14: 12 contracts signed in 12 months for 12 new clients, in 12 different sectors ↗ Some recent contracts: NOV. 2013: Enersur (Electric power generation) DEC. 2013: Air Europa MAR. 2014: Prodac (Steel processing) SEPT. 2014: Universidad Científica del Sur

PA PEE T E (F R ENCH P OLY NESI A – PP T )

↗ Opening of a ne w re t a il c onc e p t : T he AT R IUM by Ne w res t – OC T. 201 4

S A N TA CRUZ (BOL I V I A – V V I) Ne w In f ligh t Unit – SEP T. 201 4 MINER A S A N CR IS T OB A L (BOL I V I A) C ont rac t ex t e nsion – JULY 201 4

S A N T I AGO (CHIL E – SCL) Ne w In f ligh t Unit – DEC . 201 4

48

F R A NCE L aunching of on - board C at e r ing f or SNCF – NOV. 201 3

↗ Since November 2013 Newrest provides all on board services to any TGV (high-speed train) circulating in the French territory ↗ Every day, 1,500 individuals ensure the bar service aboard 550 trains and provide catering services on 77 of them ↗ The Group offers its catering services for ALLEO (SNCF & DB) in 12 different trains, all with daily routes on the Paris-Stuttgart-Munich corridor

CH A R L EROI (BEL GIUM – CR L) Ne w In f ligh t Unit – SEP T. 201 4

L E BOURGE T (F R A NCE – L BG) Ne w In f ligh t Unit – A PR . 201 4

↗ K e y e v e n t s 2 01 3 /1 4

↗ 2,000 m² VIP kitchen ↗ Production of ready-made meals for TGV and business aviation of Roissy and Le Bourget airports

S AUDI A R A BI A / 5- year re ne wal of S audi A ir lines c ont rac t – F EB. 201 4

03

Operating performance

GH A N A / Z A MBI A

↗ Newrest acquired 100% of Newrest First Catering – OCT. 2014

JOH A NNESBURG (SOU T H A F R IC A) Ne w c at e r ing Unit – OC T. 201 3

L IBER I A / GUINE A- C ON A K R Y Te mporar y su s pe nsion of ac t iv it y due t o Ebol a e pide mic in L ibe r i a

49

In f l igh t

Re mot e sit e

C at e r ing

• • • • • • • • • • • • •

Re t a i l

Aust r i a Belgium C roat i a

C y pr us France

French West Indies Greece The Ne ther lands Por t ugal Reunion Island Spain Sw it zer land United K ingdom

Rail

Turnover distribution (Total managed turnover 2013/14)

357,000

54.0% inflight

Meals ser ved per day

38.2% rail

7.1% retail 0.7% catering

50

89

P roduc tion units & logistic cent res

Europe DIVISION 2014 has been a transitional year for Newrest’s Europe Division: one of the high points was winning the SNCF contract involving the large-perimeter TGV network in France. The large-scale operations of this contract began in November 2013.

France is ranked at the top of the Group in terms of turnover, which more than doubled in comparison to last year. This includes not only rail and inflight catering activities, but also Duty Free, logistics and integration of services where major contracts were awarded.

572.6 M€ Managed turnover 2013/14

41.3%

of Group’s managed turnover

↗ E ur o p e d i v i si on

Spain had a stellar year, improving its profits by more than 22% compared to the previous year. This solid performance was essentially based on a sharp rise in business with airline companies, especially Air Europa and our South American companies, as well as the work accomplished in terms of cost management and reduction within a particularly delicate economical environment.

Despite strong pressure on prices and a local inflight market in full transition, Greece successfully maintained a strong level of profitability, albeit slightly lagging behind last year’s figures.

Where Cyprus is concerned, results are exceptional, with a 14.8% rise in profits, despite a country experiencing serious financial difficulty in 2014.

03

Operating performance

Faced with a highly competitive market and client companies in the process of rethinking their inflight service, the Netherlands and England have successfully maintained their profitability level, despite a noticeable drop in turnover.

The year 2014 was a rather difficult one for Portugal, after losing the TDJ Alfa Pendular rail contract and renewing the low-profit Intercités contract, which does not absorb overhead costs.

Switzerland’s expected results fell short of budget objectives, due to a change in client portfolio, combined with a rise in overall costs. A new organization implemented during the summer, along with an optimized procurement policy and stronger synergy between both activities (inflight and group catering) should help boost profitability for 2015.

In spite of a decrease in passengers, Austria’s rail activity profited from temporary activity that allowed for improved profitability by over 10% compared to the previous year.

For Belgium, 2014 was a good year, bringing in new clients and opening new inflight catering units in Brussels and Charleroi.

51

↑ 50.1%

↑ 121.1% Managed turnover increase in France

Managed turnover increase in Reunion Island

France

13

Production units

The year 2014 proved to be a very successful one for France in terms of new launches.

In particular, the subsidiary initiated services for Newrest Wagon-Lits and, since November 2013, has supplied “boco” (“in-a-jar”) concept meals created by the Ferniot brothers.

In the inflight sector, new launches included Qatar Airways at the Paris Charles de Gaulle (CDG) airport, with three tri-class flights per day as of June 1, 2014, as well as the Emirates Lounge activity in the CDG airport further to a successful invitation to tender, as of June 12, 2014. The third company to sign with Newrest this year was Hainan Airlines. This activity started on September 4, 2014, also at the CDG airport.

With regard to the French subsidiary's rail activity, the Newrest-Elior joint venture won the invitation to tender the SNCF had launched for rail catering, including the on board product and service offer for TGV and Intercity trains and the Alléo product offer (SNCF and DB joint venture) for TGV trains between France and Germany.

In light of the complexity and challenges inherent in this contract that the Group faces, Newrest has created a dedicated Project Team (HR, IS and Purchasing). The launch of these activities (November 3, 2013 for TGV trains and July 1, 2014 for Intercity Trains) went smoothly.

Newrest decided to include brand products on board, so passengers can now find brand concepts such as “monop’daily” and “illy” at the TGV Bars, the “boco” concept (recipes by Michelin-starred chefs and renowned pastry chefs) and the famous “Paul” products in the Pro Première section. Finally, the Intercity trains offer culinary creations “signed” by the artisan baker Gontron Cherrier and the “fresh and homemade” concept products by the “eatme” brand.

The Airshop subsidiary's contract with Corsair Duty Free was renewed for three and a half years starting at the end of 2014.

Similarly, Duty Free and Buy on Board for Aigle Azur will continue 52

29

Customers

6

Points of sale

20

Logistic centers

for two additional years as of 2015. Finally, a strategic partnership with Inflight Sales Group (HK) was signed in June 2014. At the Paris Charles de Gaulle airport, the base of operations was fully opened in May 2014 to improve the service offering targeting airlines.

This was a difficult year for Airshop: its turnover fell over the summer of 2014 (-20% in total for July and August). This phenomenon was for the most part related to the Ramadan period (for North African destinations) and an overall drop in the number of passengers, causing a decrease in the average ticket price, as well as by the loss of the Europe Airpost contract in late 2013.

↗

Newrest launched its activity at its Bourget unit in April 2014. This unit is dedicated to Bourget airport's private aviation and also banks on the production of the Ferniot brothers' “boco” (“in-a-jar”) meals, reserved, for their part, for the SNCF business.

At Newrest Canonica's unit in Nice, the impact of the seasonal nature of the catering activity increased. A rise in demand was even noted, despite a season that is now shorter.

Turnover distribution

(Regarding total consolidated turnover 2013/14 France)

France

58.2% rail 31% inflight

7% retail 3.8% catering

120,000

Reunion Island

Reunion Island

23

Flights per week

The same applies to the Seashop subsidiary, which, for its part, continues to honor its partnership with Corsica Ferries and increased its turnover by 3.77% in the 2013/14 fiscal year.

Thanks to the expertise acquired over the past three years, ILC's integrated services contracts have been renewed. Our two clients, Corsair International and Aigle Azur, signed new contracts, valid until 2017, which illustrates their trust in our company.

The upcoming year therefore looks promising: more staff and the installation of management software specific to our trade, a move forward towards our goal to integrate new prospects and new challenges. Thanks to its professionalism, ILC's team has improved its performance, allowing the company to post positive results in September 2014.

Customers

1

Point of sale

Despite a difficult economic climate, all of the financial and operational indicators improved: a 50% rise in net turnover over the previous year (+170% for catering and +12% for retail, provided by Caffé Lindo).

03

In order to promote its new offer in collaboration with Corsair, its client, the subsidiary in Reunion invited sales representatives from the company, travel agencies and tour operators on Reunion Island to taste the menu dishes at its production site during the second half of 2014.

Amy Soule joined Newrest Reunion Island this year as the new Food Manager.

Operating performance

The termination of services for SAS and Air Algérie (back catering) was offset by the arrival of Air Canada rouge during the summer season. The joint venture also signed new inflight catering contracts with MEA and Netjets. The development of this inflight catering activity is a very important objective with regard to Emirates and Delta and their invitations to tender for the summer of 2015. The VIP activity (40% of the business) increased by 7% compared to the same season last year. Newrest Canonica hopes to do even better thanks to its commercial activities conducted in partnership with Newrest's other VIP units intended to offer clients a true VIP catering network in Europe.

2

↗ E ur o p e d i v i si on > F r an c e / Re un i on Isl an d

Meals ser ved per day in France

A certification process will start in 2015 in collaboration with the Newrest Group.

In December 2013, the LH2-DOM institute started a “mystery customer” survey during the high season at Caffé Lindo, validated by the QSE of SA Reunion Roland Garros airport. The concession achieved the brilliant score of 10/10 for its commercial aspect and 9.3 for the technical aspect.

In parallel, Airshop Reunion diversified its activities by entering the CCAS (community social action center) market: a commercial partnership with the municipality of Sainte-Marie has been in effect since July 2014.

53

↑ 4.9%

United Kingdom

Managed turnover increase in Spain

Spain

Portugal

stations, Madrid (MAD) and Barcelona (BCN), to the existing ones: Alicante (ALC), Malaga (AGP), Gran Canaria (LPA) and Tenerife (TFS).

The Spanish subsidiary also signed a contract with Asiana Airlines and Air Astana in Barcelona for summer season flights and it developed its activity on VIP flights across the entire Spanish network, all-year long.

Spain

In contrast, Korean Air contract has been lost in Madrid on October 2013 and, for the Canary Islands, Condor (Thomas Cook Group) switched to a Buy-On-Board concept in June 2014 and stopped all services in June 2014, implying a severe drop in catering services provided by Newrest.

16

P roduction units

13 3

Customers

Finally, during 2013/14 fiscal year a new Spanish inflight unit started its operations: Seville unit is operational since October 2013, providing Buy-on-Board services for two Ryanair flights a day.

2013/14 has been a year of consolidation for Newrest Spain in comparison to the previous exercise, mostly through an internal reorganization and important contract renewals.

The subsidiary has also successfully responded to exciting new challenges such as the first A-380 aircraft served in Spain for Emirates in Barcelona.

The Commercial Department has been re-aligned to develop Inflight business and more importantly to strengthen client support, always aiming at a tailor-made and timely response to all their requirements. In terms of sales, strong growth in Scandinavian Airlines have boosted Newrest Spain, compensating for drops in the Russian and Egyptian markets. In addition new clients from Eastern Europe were added, including Ikar (Pegas Group), Metrojet (Kogalymavia) and VIM Airlines.

Newrest Spain’s long-term biggest client, Air Europa, renewed its contract for 5-years, including all services currently provided in all Spanish stations. Moreover, several other clients also renewed their contracts in the year, such as Qatar Airways, Emirates, US Airways, United Airlines, Lufthansa, Aeromexico, Air China, Transaero, Turkish Airlines, Thomas Cook Scandinavia and Vueling.

Norwegian Airlines extended its contract and added two new 54

147,000

Meals ser ved per day in Spain

↓ 4.4%

↓ 29.6%

Managed turnover decrease in United Kingdom

Managed turnover decrease in Portugal

Customers

1

Customer

2013/14 was a year marked by reductions from a number of customers in Faro (TUIfly GmbH, Berlin FAO / PMI, Ryanair) however this was partially offset by gains in Transaero, increased passengers in the Faro Lounge, special flights and the 2014 Mercedes Benz event.

Overall contracts have been renewed, including the restaurant for airport employees in Faro and the Lounge. Operational ratios have significantly improved like the cost and management of raw materials.

Some internal promotions have been proposed in order to enhance and encourage the growth and employee engagement regarding the Newrest's DNA. In terms of QHSE, continuous training and monitoring actions were a success leading to 0 LTI accidents during this year. In terms of Client audits, all the sites of Newrest have been audited regularly with an excellent grade, following the group strategy of deploying strict QHSE standards. In the rail activity the contract of Alfa Pendulares was unfortunately not renewed, significantly impacting turnover, however, a new contract has been added with Intercidades trains.

2

P roduction units

Newrest in the United Kingdom has continued to deliver a sustainable and stable operation to their customers throughout year 2013/14.

↗ E ur o p e d i v i si on > S p a in / P or t u g a l / U n it e d K ing dom

120

Challenges through the changing demands of its clients have been delivered through its close communication links with its customers.

Nevertheless, staff have embraced the changes, which had to be made in order for the operation to continue to thrive.

British Airways City Flyer, which had granted a 3 years contract extension last year, has grown yet further increasing their aircraft by one. Furthermore, Glasgow and Edinburgh operations have serviced a number of ad-hoc charter flights expanding its knowledge and place in this market.

Security risk levels are a high priority for the United Kingdom team and significant enhancements have been made to ensure a safe service to its clients. On the other hand, implementation of recycling and environmental savings has begun to deliver towards the joint goals of Newrest and its major customers. Indeed the subsidiary has a 5* Local Authority Hygiene certificate and is 100% compliant with United Kingdom Civil Aviation Authority Security Regulation.

03

This year Newrest Servair in the United Kingdom has also enhanced its reputation as an innovation at the London City Airport, due to the installation of vehicle tracking and airside movement technology linked directly to its customers and ground handlers.

Operating performance

Portugal

United Kingdom

In terms of Human Resources, Frank Martinez moved to Toronto and was replaced by Tim Jay as Unit Manager in London City Airport.

6,500

Meals ser ved per day in Por tugal

6,700

Meals ser ved per day in United K ingdom

55

↑ 6.8%

Managed turnover increase in Belgium

The Netherlands Belgium

The Netherlands

Switzerland

This year Newrest Netherlands has been celebrating its 10 th year of operations. Since the start-up of Newrest Inflight Netherlands, in 2004, the subsidiary has achieved impressive growth. The keys to this success are our strong customer and results-orientation, as well as our group management philosophy.

Belgium

2

P roduction units

The year 2014 was very positive for Airshop Belgium: its contracts with Luxair, Thomas Cook and the seasonal contracts with Turkish airlines remain in effect. Also, the teams successfully launched the Buy on Board service for Thomas Cook in April 2014.

2013/14 was again full of unforeseen developments in the inflight catering industry in the Netherlands and the economy at large.

Moreover, this year was the focus on internal growth; investment has been done in capex as well as in development of people.

This has resulted in a more mature and stronger position of Newrest within the Dutch market. Now it is starting to reap the rewards of enhancing the knowledge and skills of its employees to a higher level.

In light of this promising market, the group decided to invest, in partnership with Servair and under the Newrest Servair Belgium entity, in the creation of a production unit in Brussels (located in Machelen), which will open its doors on December 1, 2014, as well as in a logistics unit for low cost flights at Charleroi, which launched operations in September 2014. Our first client on these two sites is Ryanair, with four airplanes based at Brussels airport (BRU) and 12 at Charleroi airport (CRL).

To ensure the success of this project, Bernard Martinez, the former Manager of the unit in Nice, was appointed Director General of the Benelux zone, which covers our activities in Belgium and the Netherlands.

8,600

Meals ser ved per day in Swit zerland

200

Flights per week in Belgium

56

220

Employees in Netherlands

20 Customers

Several examples show clients’ trust on Newrest Netherlands: on March 2014 Air Astana has renewed its contract. Iran Air extended its contract with us, and LAN Cargo has become a new customer on June 2014. Finally, Newrest Netherlands not only serves Ryanair in Amsterdam, but also in Eindhoven Airport.

Since January 2014, Newrest Netherlands has incorporated a fully dedicated Halal kitchen into its unit at Schiphol Amsterdam Airport. And, at the end of November 2014, it hopes to finalize its certification process of ISO 9001 and ISO 22001.

Looking at 2014/2015, Newrest Netherlands will face new sets of challenges and will strengthen its focus on innovation while maintaining its commitment to continuous improvement in its day-to-day activities.

↑ 13.9%

Managed turnover increase in Switzerland

Switzerland

8 Customers

5

Customers

This year Newrest Canonica in Switzerland has seen the signature of a significant inflight contract with Etihad Airways, which operates one daily A330 triple class flight to Abu Dhabi from Geneva. In the meantime, it ceased the Air France provisioning due to back catering policy from Paris.

↗ E ur o p e d i v i si on > B el g i um / T h e Ne t h e r l an d s / S w it z e r l an d

Managed turnover decrease in Netherlands

Newrest Canonica Catering has reinforced its market position with the VIP market with sales increases of +13.9% versus last year with new carriers like Nomad Aviation, DC Aviation, Royal Jet, Air Hamburg and new handlers like Jet Aviation or Ruag Aviation.

Some investments have been realized to extend the storage capacities, to segregate the production areas more efficiently and to reinforce the halal prescriptions. Geneva Unit has purchased two brand new refrigerated trucks to continue to improve its handling fleet and, in October 2013, this unit has been awarded with a Halal Certificate by The Islamic Foundation (Grand Mosque).

Newrest Canonica in Switzerland has also been strongly involved by the implementation of Winflight and the development of Unirest.

In September 2014, Newrest Canonica has renewed its ISO 9001 and ISO 22000 certifications and has been awarded with the ISO 14001 certification regarding environmental management.

03

Moreover, a local and dedicated website has been created in order to reinforce Newrest Canonica image in Switzerland for both VIP inflight market and contract catering business (www.newrest-canonica.eu/en) and an online boutique has been setup for meals deliveries and banqueting market.

Operating performance

↓ 14.2%

In matter of catering, Newrest Canonica in Switzerland has consolidated its activities and has developed its banqueting activity despite high competition. At the end of the year, a significant contract has been signed at the occasion of the 60th birthday of the CERN. The satisfaction surveys regularly performed in each of its restaurants have seen an overall satisfaction from its guests and demonstrated that the enhancements provided in matter of freshness and quality of its products and the hospitality of its customers were essential to strengthen its image.

57

Austria

Croatia

↑ 8.7% Managed turnover increase in Austria

Austria Croatia

3

Logistic centres

2013/14 has been a very good year for Newrest Wagons-Lits Austria, with the winning of the tender “night train catering” for ÖBB in early January.

This is recognition of the work done by the Austrian branch in the last years, a confirmation of the competitiveness of Newrest in Rail Business and a show of confidence for the years to come. ÖBB is willing to develop the night train business, is considering to invest in new train materials, and have indicated they wish to have a partnership with a solid actor for the development of its business. The new contract brings a higher quality on board of Austrian night train, with more snacks, a wider breakfast, an upgrade of the give-away (especially slippers that become a very positive feedback.) New uniforms were implemented for the on board staff, developed especially for the Austrian Railways, with a positive impact. Furthermore, the rental contract of sleeping-cars was prolonged and the Austrian branch also obtained the activity of train–service, train-security and train-catering for different charter and tourist day trains.

160

Trains per day in Aust ria

58

In 2013/14 Newrest Wagons-Lits Austria successfully got the re-certification for ISO 9001 and ISO 14001. By the end of 2014, Newrest Wagons-Lits Austria is preparing to transfer its business unit and all the logistics from Vienna Westbahnhof to Vienna main operations station, Matzleindorferplatz, as all night train leave from this station from the 14th December 2014.

It coincides with the opening of the ÖBB project “Vienna Central train station”, a huge architectural, but also commercial and technical, project. This is an exciting and interesting challenge for the next months to come.

↑ 1.6%

Managed turnover increase in Croatia

Croatia Croatia

12 Customers

The total revenues have increased by 1.6%, and the sales of Retail activity grew by 8% whereas the Inflight activity maintained at the level of the previous year. Considering the reduction of in-flight meals and a rather cold and rainy summer, which had adverse effect on VIP/Private jets operations, this is a positive result.

In the past year, Newrest Croatia succeeded to extend its contract with the Croatia airlines for trolley arming services as well as to sign two more contracts with VIP/Executive jets agents. Three members of our kitchen team visited Newrest’ s Nice unit in March, where they attended a 2 weeks of VIP meal preparation training.

Also in March, our fleet of vehicles has been rejuvenated with a half-cabin high loader that has replaced an outgoing truck.

7,400

4 Points of sale

This year was important also in terms of preparing the catering unit for the ISO certification that will take place in November 2014.

Revision of procedures, implementation of new ones, training of the personnel and necessary investments were done not only in order to comply with the ISO requirements but with the Newrest’s global strategy in the field of QHSE and already had visible impact on the QHSE standards in in the unit as such.

Needless to say the changes to be absorbed by the staff is usually the hardest part of implementation of such processes but thanks to dedication of its supervisors and good communication with employees, the novelties have been accepted and implemented smoothly. Further, Dubrovnik unit and its equipment have been certified for complying with Work & Health safety regulations and procedures by an authorized body.

↗

↗ E ur o p e d i v i si on > A u s t r i a / C r oat i a

As a result, the half-year closing was more than 8% behind the previous year's sales. Nevertheless, the local team took the advantage of a strong summer season to recuperate from the quiet winter and we have experienced yet another record year with record sales and PBIT in the year.

Customers

Last but not least, in June 2014, under the auspices of the Government, in the presence of Croatian Finance Minister and many invited guests from the business world, Croatian Financial Agency (FINA) awarded the “Golden Balance” award to Newrest Dubrovnik as the most successful Croatian company in the category of “companies providing accommodation and catering services”.

03

Operating performance

The beginning of the fiscal year 2014 was adversely affected by the unexpected cancellation of all international flights of the Croatian national carrier, the Croatia Airlines.

8

This award is given FINA to the most successful entrepreneurs in an industry (11 industries) under par total obtained based on the ranking of 11 financial indicators in five categories – ranking the indicators of profitability, liquidity, leverage, activity and effectiveness. This undoubtedly is a proof of remarkable success of Newrest’s corporate culture and DNA as well as dedication and effort of its employees.

Meals ser ved per day in Swit zerland

59

↑ 19.9% Managed turnover increase in Greece

Greece Cyprus

French West Indies

Greece

7

P roduction units

2013/14 saw a slight improvement in the general economic situation from Greece after 5 years of recession and serious economic crisis.

Newrest Athens unit witnessed a good year in terms of revenue versus last year’s results assisting Newrest Greece Inflight to achieve a 24% gain in turnover compared to 2013 due to several key factors: the European Union finally approving the Aegean Airlines purchase of Olympic Air and growth in the overall passenger traffic out of Athens, and A3 has implemented frequency increases for summer seasonal medium and long-haul flights.

Newrest Athens welcomed highly esteemed customers: British Airways, Air China, Singapore Airlines, Olympic Airways and was part of the successful start-up of Ryanair which has announced expansion plans for Athens moving forward.

Lastly, Newrest Athens began to make a strong presence in the General Aviation, VIP market.

Newrest Greece successfully expanded its customer base in Thessaloniki as it welcomed Ryanair and Astra Airlines to its doors.

Not everything was positive for Newrest Greece as island units began to feel the negative effects from the closure of many Russian Tour Operators this summer as well as lower passenger figures from several traditional Scandinavian clients.

Key challenges for 2014/2015 are efficiency and productivity gains out of Athens, the potential negative effects of the continuing Middle East Crisis, the fate of the Russian Rouble and how Russian Tour Operators and Airlines reorganize, the continuing trend of return catering and BOB from airlines based in regional European countries and other crisis affected regions.

In 2013/14 revenue for the catering activity increased by 1.7%.

The target to retain client portfolio in staff meals and healthcare 60

20

Customers

sector was achieved and the dedicated catering team, driven by new organization, efficiently managed to optimize operational and financial results. In term of development, collaboration with Alpha Bank was extended to additional new units and a new contract gained for the provision of daily events to OTE Academy, who manages training programs all year around for OTE. For next year, catering activity is expected to benefit from the overall slight improvement of market situation and the reduced food VAT. Target is to maintain and enhance current customer basis through active marketing and networking and to consolidate the cooperation with Alpha Bank.

Newrest Greece has been obtained or renewed several certifications in 2013/14 (ISO 22000, ISO 9001, ISO 14001, Halal certification) and, regarding Human Resources, new positions have been created in Athens unit, such as Duty Manager and Production Supervisor or VIP flight coordinator.

Due to hard work from a close and dedicated team Newrest Greece was able to make 2013/14 another strong year. Continuing these values is the key to ultimately reaching our goals for 2014/2015.

Cyprus

37

Customers

1

Customer

2013/14 saw no improvement in the general economic situation in Cyprus after the banking fallout of 2013. Cypriot consumer disposable income continues to be negative and foreign and domestic investment remains very low.

Newrest Cyprus started the year strong as a number of airlines augmented their programs in October of 2013 as the weather was very good and passengers continued to purchase packages.

In 2014, we were honoured to win and welcome Qatar Airways to the Larnaca Unit. This important customer is the second Middle Eastern Airline gained in Cyprus over the last 2 years. Egyptair, became our third Middle Eastern client as we began adhoc services in the summer of 2014.

Newrest Cyprus successfully consolidated procurement with Newrest Greece adding more flexibility and giving clients a wider spectrum of product than the past. Newrest Cyprus was able to exceed objectives and increase its turnover 3.5% over prior year. Nevertheless, due to the country crisis and large exposure to Russian Tourism and the ever weakening Rouble, Newrest Cyprus witnessed serious decreases in schedules and a slowing of revenue in the last months.

Newrest Cyprus will be in the middle of many challenges moving forward in 2014/2015 such as the potential sale of Cyprus Airways and its catering arm, Cyprus Airways Catering and its impact on our business. Additionally, the Russian Rouble and the reorganization of Russian Tour Operators and Airlines are likely to affect the summer business for 2015.

The subsidiary has been renewed several certifications in 2013/14 (ISO 22000, ISO 9001, Halal certification). With a dedicated staff in tuned with strong operations and processes in place, Newrest Cyprus was able to increase productivity, and this momentum will allow us to face challenges in 2014/2015.

↑ 43.7%

Managed turnover increase in French West Indies

French West Indies

2

Production units

↗ E ur o p e d i v i si on > Gr e e c e / C y p r u s / F r e n ch We s t In d i e s

Managed turnover increase in Cyprus

All of the Caribbean subsidiary's contracts focus on the aviation sector. The 2013/14 fiscal year saw a consolidation of its contracts and customer satisfaction after the 2012/13 fiscal year during which we opened a new unit at the Fort-de-France (FDF) airport and welcomed Corsair, the most recent long-haul airline to date.

Newrest Antilles has been responsible for the Corsair Grand Large lounge (1st class) in the departure area at Fort-de-France (FDF) and Pointe-à-Pitre (PTP) since April 2014, and, since July 2014, the Madras Air Caraïbes lounge in the departure area of FDF. Turnover for the Caribbean subsidiary increased significantly: +43% for the year.

03

Still with a view to vitalizing its offer and consolidating relations with its clients, promotional activities were undertaken with Air Caraïbes based on the theme of the 2014 FIFA World Cup. The growth in the subsidiary's activity has allowed for a better structuring of its teams and processes, and it now offers employees significant internal promotion opportunities.

Operating performance

↑ 3.5%

Sylvain Guillaume joined the Newrest Antilles team in Fort-de-France in November 2013, where he holds the position of Unit Manager, while Laurent Bel has been assigned to support Jean-Louis Patrice at the PTP stopover. For over a year now, Elvina René has been Hygiene & Quality Manager for Newrest Antilles and works directly with Newrest France's Hygiene & Quality Department. Her actions allow for improved appropriation of food safety procedures by the teams, as well as the provision of the training necessary directly in the field. Also, in the near future, the ISO certification process for the two units present in the Caribbean zone will be launched.

61

In f l igh t

Re mot e sit e

C at e r ing

Re t a i l

Rail

99.5 M€ • • • • • •

Alger i a Eg y pt L ibya Maur it ani a Morocco Tunisi a

Managed turnover 2013/14

7.2%

of Group’s managed turnover

Turnover distribution (Total managed turnover 2013/14)

160,000

56.1% catering

Meals ser ved per day

26.5% inflight 10.8% retail 6.6% remote site

62

208 Customers

In fiscal year 2013/14, the North Africa Division saw its turnover grow by 8.2% and its financial profit by 32%.

Algeria has successfully entered the Corporate Catering sector, having signed contracts with prestigious companies such as GSK, Technip and Renault in Oran.

The planned termination of the Lead contract in Arzew affected growth in turnover for this sector, but 2015 looks promising and the Group’s strategy is to consolidate and grow this business on the Algerian market to become its leader, as is the case in Morocco and Tunisia.

This growth is for the most part attributable to the fine performance of the Corporate Catering subsidiaries, the acquisition of Atasa in Morocco and to Newrest Morocco’s Retail development.

The Group also renewed its partnership with the International Houari Boumediène airport in Algiers. This renewal confirms the positive dynamics of the offers and services launched in mid-2013 with the arrival of Alexandre Sebbane as Director of Newrest Algeria’s Retail subsidiary.

All of the points of sale have been renovated and Newrest’s image throughout the airport’s terminals is modern, dynamic and professional.

Finally, the development of the Remote business continues, with growth for 2013/14 reaching 60% in this sector, and new contracts with clients such as Tecnicas Reunidas, BMS and TouatGaz.

In Morocco, the acquisition of Atasa was finalized at the end of December 2013, allowing the Group to consolidate its partnership with the ONDA in terms of Airport Catering and to continue with its historical Inflight Catering services at the Casablanca, Rabat and Tangiers airports.

In Casablanca, a new Inflight unit will be inaugurated in the spring of 2015, with site work to start at the end of the last quarter of 2014.

Newrest Morocco recorded a customer loyalty and retention rate of close to 97% and signed many new contracts, thereby confirming the solid health of the Corporate Catering subsidiary. With turnover for Retail rising by 10% and new contracts with international franchises such as Paul, Espressamente illy and Burger King (the launches of which are planned for late 2014 and early 2015) the Group is bringing new impetus to its Retail business with a single goal in mind: to increase customer satisfaction.

In a difficult environment, Mauritania successfully restructured: Marouane Khatib, the former Financial Director, was appointed Deputy Country Managing Director; Gilles Picoreau left to take on other projects within the Group.

Many clients have moved out of Mauritania, and our Guest House in Nouakchott closed. To offset this loss of business, our teams signed a contract for the management of a Guest House and camp for our client, Sphere, in Zouerat.

The teams are preparing their marketing and operations plans for future oil and mining projects in Mauritania, expected to start up again within 12 to 24 months.

In Tunisia, business was down by close to 15% in the Inflight subsidiary, in particular due to the cancellation of services

by Emirates and Qatar, seeking to protect their customers from the country’s geopolitical disruptions which led to widespread strikes in the service sector during the year, including those of our Tunisie Catering subsidiary.

Events in Libya and the cancellation of routes between Tunisia and Libya also contributed to this decline and generated a loss in revenue for the Inflight subsidiary, as well as its Retail Airport business, which, despite turnover being down 12%, achieved its financial objectives thanks in particular to the improved management of its costs of materials.

The challenges facing Retail in Tunisia for upcoming years are the renewal of concessions with the OACA and the inauguration of franchise points of sale with international brands, similar to our current activities in Morocco.

The Corporate Catering and Remote Site branch saw a drop in its business volume over 2012/13 of 25%, due for a large part to the closing of the business of one of its clients, HP, who we hope will be up and running again in the spring of 2015, as well as the closing of the Ekon site.

Contracts with clients such as Petro Saudi, Rowane and GSP somewhat compensated for this drop, as did the signature of the NLS contract for catering.

03

Operating performance

Algeria, although far from having reached its budget goals, posted a sharp increase in its turnover and financial income as compared to the prior year.

In Mauritania, the Newrest teams successfully implemented the Group’s strategy, which consists in maintaining its presence in the country by consolidating its current business while waiting for the return of mining and oil projects to the country. Despite a decline in turnover of approximately 6%, the country’s profitability remained stable compared to the prior year.

For its part, Tunisia experienced great difficulty during this budgetary year. Its business volume dropped by 16% compared to last year, causing a significant decline in its financial results.

Business must recover, in particular in the Inflight and Remote Site divisions.

↗ Nor t h A f r i c a d i v i si on

North Africa DIVISION

In terms of QHSE, the zone continues to apply the Group’s strategy: ISO certifications were renewed in Tunisia in 2014, and its key activities in Morocco and Algeria will be certified by the end of 2014 or early 2015.

The zone must consolidate its position in all sectors in 2015 and continue to grow, with a development goal of 12% for its turnover and an improvement in its financial results of more than 30%.

63

Tunisia

↑ 32.8%

Algeria

Managed turnover increase in Algeria

Algeria Croatia

4

Sites of operation

3

Customers

This year, Newrest Algeria posted positive results with, primarily, the five-year renewal of the major concession contract that covers seven points of sale at the international airport of Algiers and became effective on July 1, 2014.

In fiscal 2013/14, turnover for Newrest Algeria's retail activity increased by 30%. This rise is due to increased air traffic, but mostly to the change in the product offering and the personnel's training on sales techniques and the quality of customer service.

This variance is also attributable to a decrease in the activity's operating costs. These points of sale will be fully renovated in 2015 to make them even more attractive.

In the catering sector, the level of activity remains similar to that of 2013. The year was marked by the end of the LEAD project and the signing of contracts with GlaxoSmithKline and Renault AlgĂŠrie Production. Since the month of August 2014, Olivier Tertrais has taken over as Director of Operations.

The year 2015 will be determining and should confirm the growth of this activity.

Finally, the remote site sector illustrates Algeria's success, with an increase of 66% in turnover this year thanks to new contracts with Touatgaz, Tecnicas Reunidas and BMS. Other projects are currently under negotiation, which allows us to be optimistic as to the further development of this activity in Algeria.

5,600

Meals ser ved per day in Algeria

64

8

Points of sale

↓ 15.8% Managed turnover decrease in Tunisia

17

Customers

7

Sites of operation

18

Customers

27

Points of sale

Since 1999, the date it first opened in Tunisia, Newrest Tunisia has continued its activities in the Group's four business sectors: Inflight, Catering, Remote Sites and Retail.

Helmerich & Payne, major invitations to tender that have been postponed indefinitely, and the almost complete halt to drilling campaigns. Nevertheless, Newrest signed contracts with Petro Saoudi for its drillships campaign, as well as a contract with the US company Rowan.

Inflight, which was the first activity deployed in the country, is currently experiencing contraction due to the endemic difficulties in the aviation and tourism sectors in the country. The contract with Air France was renewed for this fiscal year, but repeated tension in the sector prevented the continuation of business with Emirates and Qatar. Global activity is down by 2.1%. The CPU, which produces up to 14,000 dishes per day, is preparing for the second renewal of its ISO 22000 certification.

↗

The Remote Site sector faced great difficulties with the temporary suspension of the activity conducted over 11 months for our client

Finally, the Retail activity grew significantly this year, up 22% for highway service stations and up 1.4% for airports. The major drop in activity at the international airport of Monastric caused the closure of two points of sale, however. Major additions were made to the QHSE teams and team training intensified.

03 Alain Masson was appointed Country Manager on October 1, 2013 for Newrest in Tunisia. Souheil Zgaia is now responsible for Tunisie Catering's unit in Tunis, and Abdelwaheb Mabrouk is responsible for the unit in Monastir. For his part, Zied El Ouer has taken over responsibilities for the new central Management Control Department for all of Newrest's Tunisian subsidiaries.

Operating performance

Catering also had a difficult year on a market that is not mature.

The following contracts were renewed: Sanofi, Groupe des écoles Pierre Mendès-France and Groupe des écoles de La Marsa.

A new contract was signed with NLS, the company that operates the cement plant in Djebel Oust, and a contract to deliver meals to the French School of Sousse is in progress. The establishments are now 70% equipped. The British Gas and Pierre Mendès-France sites' ISO 22000 certifications were renewed in April and June 2014. Newrest Catering once again provided its services for the July 14th Garden Party at the French Embassy, which hosted 3,500 guests.

↗ Nor t h A f r i c a d i v i si on > A l g e r i a / Tun i si a

Tunisia Croatia

2,400

Employees in Tunisia

65

Morocco

Mauritania

↓ 5.5%

Managed turnover decrease in Mauritania

Mauritania Croatia

2

Sites of operation

Newrest Mauritania's activity in 2013/14 was affected by the end of oil operations in Mauritania and the departure of oil companies and their subcontractors (FMS, ER, BAKER, SCHLUMBERGER and TULLOW).

Turnover fell by 5.5%, which led to a structural review of costs in order to improve the performance of the management of the subsidiary.

66

The subsidiary's response to these events was to implement a certain number of strategic action plans: operating and financial plans, a restructuring plan for human resources, and a commercial plan. TOTAL and ESSAR contacted the company. A commercial offer has been presented and is currently awaiting a positive response.

Today, Newrest Mauritania's client portfolio is composed of three main contracts: BWO, Pacific and Sphere. Newrest Mauritania recently relocated closer to the port to the SCHENKER base and has switched logistics provider, having signed with SEPCO.

↑ 32.1% Managed turnover increase in Morocco

3

Production units

In 2013/14, Morocco experienced significant growth in turnover and operating results.

The largest portion of this growth is due to the acquisition of ATASA, which allowed the company to increase its turnover by 32%.

Morocco's financial performance was optimized thanks to the sharing of back offices and procurement by the two companies, ATASA and NEWREST MAROC SERVICES. The acquisition of ATASA has allowed the country to consolidate its Retail activity in all Moroccan airports and to launch its Inflight Catering activity at the airports in Casablanca, Rabat and Tangiers.

Thanks to internal promotions, 123 company employees took on greater responsibilities. An “incubator” of 12 young graduates was created so as to train tomorrow's managers on catering techniques. An innovative training program on hygiene and HACCP using iPads and 3D Avatar was deployed on the sites. This training, managed by Newrest Morocco's internal quality department, targets all employees and intends to allow each team member to improve his or her skills and be mentored in his or her position

by Newrest's quality specialists. Also, the ISO 22000 certification process is in progress and should end in 2015.

1

Site of operation

150

Customers

52

Points of sale

to tender in 2013/14) and the signing of new contracts worth more than 20 million MAD in ITY, Newrest Morocco's catering activity is in very good health. The subsidiary now has the following new clients: the Ministries of the Habous and Foreign Affairs, Lear in Tangiers, Zine Céréales, BCP Club, Centre Noor, University Hospital of Oujda, Sews Kenitra, RMA Watanya, Delphi Kenitra and the development of Al Akhawayn.

Unfortunately, the delay affecting the inauguration of the University of Agadir and volumes that are below forecast for the Remote Site activities in Laayoune had a negative impact on efforts made elsewhere.

↗ Nor t h A f r i c a d i v i si on > Ma ur it an i a / Mor o c c o

Morocco Croatia

The airport concessions activity posted growth in turnover of close to 136%, mainly attributable to the acquisition of Atasa. The past year was marked by the implementation of synergies between Atasa's and Newrest Morocco's teams, as well as the endeavor to bring in international brands to replace a portion of the current airport offer. The stores should open at the beginning of the upcoming fiscal year. The Inflight activity had a very good season in 2014, with significant business from regular airlines and a strong increase in private flights. The work to prepare for the renovation of the inflight units was conducted over the fiscal year to allow for a launch of the work sites in the winter season when there is less activity.

03

Operating performance

With a customer loyalty rate in excess of 97% for its invitation to tender contracts (100 million dirham in turnover from invitations

98,000

Meals ser ved per day in Morocco

67

In f l igh t

Re mot e sit e

• • • • • • • • •

C at e r ing

Re t a i l

C ameroon Congo -Bra z zav ille Gabon Ghana Guinea- Conak r y L iber i a Niger Niger i a Senegal

Rail

Turnover distribution (Total managed turnover 2013/14)

24,600

80.3% remote site

Meals ser ved per day

18.1% inflight 1.6% retail

22

Sites of operation

68

Central & Western Africa DIVISION

Activity in Gabon remains stable, with positive feedback from clients. This allowed Newrest to restructure and reorganize its teams and logistics center, in preparation for future growth. Léon Mba international airport concessions in Libreville are also experiencing enormous success with clients.

38.6 M€

Managed turnover 2013/14

2.8%

of Group’s managed turnover ↗ C e n t r a l & We s t e r n A f r i c a d i v i si on

The Western African division continued to grow this year, increasing its mature markets and opening an activity in a new country (brand new inflight catering unit opened in Liberia). This enabled turnover to jump almost 50% in the year, with profitability in line with Group objectives.

In Niger, service continued for AREVA employees on three Cominak, Somaîr and Imouraren sites. Despite the safety and logistical challenges brought about by the isolated nature of operations, success was achieved. At the end of the year we began demobilizing the AREVA site, after a slowdown in business from this client.

Activity in Ghana was significantly restructured this year (end of services for our mining and oil executive clients, reorganization of management and investments), resulting in a satisfactory profitability level for the country, with no compromise in quality of service, all within a very unfavorable local economical context (high inflation and significant monetary devaluation). We are currently in the process of constructing a state-of-the-art airline catering facility on the airport property which shall revolutionize our catering and logistics services in Ghana.

03

Operating performance

Operations remain stable in Cameroon, with slight growth and increased recognition of Newrest’s high-quality service with major clients. The growth outlook is quite promising.

Newrest Congo has affirmed its presence with Caroil, Halliburton and SFG. This will help compensate for the loss of the ENI contract in years to come and guarantee longevity for Newrest’s activity in Congo.

In Guinea-Conakry, CGA Newrest is currently working for Air France and Brussels Airlines, continuously striving for high quality, despite a complicated environment.

The recent Ebola crisis affected operations, but Newrest continues to accompany its clients by guaranteeing high-quality service and while supporting humanitarian efforts.

In Liberia, however, the Ebola crisis brought client activity to a grinding halt, and the Group has opted to put the new unit on standby until clients are operational again. We are hopeful that the current standstill will be overcome in the coming months and that our operations will restart in the new year. And in Senegal, our top-quality Buy-on-Board services continue for Senegal Airlines.

The Newrest Group has therefore continued its development and is expanding its presence in Central and Western Africa.

69

Senegal

Cameroon

Congo-Brazzaville

↑ 4.4%

Managed turnover increase in Cameroon

Cameroon

4,850 5

Meals ser ved per day in Cameroon

Sites of operation

In Cameroon, Newrest has just prolonged the Remote Site management contract for the Offshore Perenco sites for one year. It is also continuing to provide shipchandler (supplier in the maritime sector) services for Almatug, in particular.

The year 2014 saw the consolidation of Newrest's positioning in Cameroon, with a 4% increase in turnover, additions to the logistics facilities and, notably, the purchase of four 10-foot offshore containers (dry and refrigerated).

Throughout the year, key positions were filled by recruiting camp bosses, chefs and bakers. Thanks to these hires, the percentage of employees recruited directly by Newrest rose to 24%. Since April 2014, the training plan has been boosted by the hiring of a chef trainer, a real plus, who will train all of the teams directly in their work environment. After an evaluation/audit, a training schedule specific to each site was implemented, allowing for 10 hours of training per employee. Employees were front and center when the company participated for the first time in the traditional May 1st parade to celebrate International Workers' Day.

70

With a view to upcoming certification and to ensure our quality and food safety procedures are in order, the QHSE (Quality, Hygiene, Safety & Environment) Department hired an assistant to support the department's manager.

Newrest Catering & Support SA now has the structure to consolidate its positioning on the market in Cameroon in upcoming fiscal years.

↑ 22.5%

↓ 44.6%

CongoBrazzaville

3

Managed turnover decrease in Senegal

Senegal

Sites of operation

↗ C e n t r a l & We s t e r n A f r i c a d i v i si on > C am e r oon / C ong o - B r a z z av i l le / S e n eg a l

Managed turnover increase in Congo-Brazzaville

7

Flights per week

Newrest Congo was off to a good start in early 2013/14, with the continuation of its existing contracts in Onshore and Offshore. The high level of customer satisfaction on the sites provides the subsidiary with a solid base, and the future looks promising.

Newrest Senegal has been managing Buy on Board sales for Senegal Airlines since September 2011.

The favoring of local human resources (“local content”) in the company's development has been satisfactory from every perspective: significant progress in the work conducted by employees has been observed, leading to promotions and new permanent contracts, thereby contributing considerably to the Congolese teams' feeling of worth and motivation.

Senegal's subsidiary is currently waiting for an answer to an invitation to tender issued by Senegal Airlines for the renewal of the contract, the most recent one having come to its term on September 1, 2014.

However, its activities were affected by the airline's recurring aircraft breakdowns, which led to a drop in the subsidiary's turnover as compared to the budget forecasts it had announced.

In March, Newrest Congo launched its operations on a new Onshore site for Halliburton. The signing of this contract was a real source of satisfaction for the subsidiary, as competition is fierce in this kind of invitation to tender. Our technical and commercial file was considered one of the most complete. In the summer, Newrest Congo's contract with the Italian oil giant was not renewed despite the high level of satisfaction of the employees on site with our services. However, the entire team is back to work on its restructuring and its continued efforts to improve services.

Operating performance

03

Finally, in an environment focused on social responsibility, Newrest Congo increased the number of social actions it is involved in in the Pointe-Noire region in order to position itself as a corporate player respectful of the environment in which it operates.

All of the Congolese teams will start 2015 with a strong intent to face all the challenges the new year will bring.

1,400

Meals ser ved per day in Congo-Bra zzaville

71

Guinea-Conakry Liberia

Gabon

↑ 47.5% Managed turnover increase in Gabon

Gabon

11

Sites of operation

3

435

Employees in Gabon

Points of sale

Fiscal 2013/14 was a transitional year for Newrest Gabon. Due to major changes in its management team, a complete restructuring should be finalized by the end of 2014.

From an operational standpoint, three major contracts came to term: AFC for Total, To indépendance and Ensign for Shell.

This caused a significant drop in the subsidiary's turnover in April.

However, thanks to sales efforts and excellent relations with its partners, two new contracts were signed: T48 with Chain Resources (125 POB) and Sewop Bellator with Total (75 POB), which offset the loss.

With regard to Newrest Gabon's unit in Port-Gentil, a comprehensive restructuring was launched. Stocks were reorganized using modular storage systems installed in our warehouse, and a basic stock of frozen products was put in place so we can now establish a regular rate of imports. The Unirest management software is currently being installed. The “Stock, Cessions IN & Out” component has already been in operation since September 2014.

The key component, which relates to the management of menu plans and fact sheets, for its part, should be installed by the end of 2014.

Newrest Gabon's Concession activity at the Libreville airport increased significantly as well with the opening of the “Le Calao” restaurant in January 2014. This restaurant serves 550 customers

72

on average per day. Its service is very attentive and sought after by airport executives.

The airport's main bar was converted to a “Caffé Lindo” and should be inaugurated before the end of October after a few months of work. In addition to traditional bar service, sandwiches and pastries are on sale throughout the day.

The outlet in the international boarding area will also be renovated by the end of the year and redecorated in the “Take Eat Easy” brand's colors. Its business hours will be extended up until the departure time for the RAM flight in the middle of the night.

The new Manager of this activity started on August 1 and is now working on prospecting for new contracts in Libreville.

↑ 4.2%

GuineaConakry

3

Customers

CGA Newrest signed a new contract with ASKY for the delivery of breakfasts and snacks (sandwiches) on board their flights for the sub-region of West Africa (five per week to Lomé and Abidjan), which took effect on July 1, 2014.

The subsidiary also participated in the King of Morocco's visit to Guinea in March 2014. Inflight catering was undertaken with a view to providing optimal service to the Moroccan fleet and the King's private airplane. Afterward, CGA Newrest's teams were able to help the King's kitchen teams with the royal banquet held in Conakry.

Mariama Diallo was promoted Hygiene Manager and Correspondent, responsible for ensuring traceability and HACCP monitoring of the Guinean unit, based on training provided

by Emmanuelle Boussières, QHSE Manager at Newrest Group International, on her trips to Guinea.

Liberia

↗ C e n t r a l & We s t e r n A f r i c a d i v i si on > G a b on / G u in e a - C ona k r y / L i b e r i a

Managed turnover increase in Guinea-Conakry

1

Production unit

Newrest Group has been present in Liberia since 2008 and has worked in particular with Arcelor Mittal in Buchanan.

More recently, a brand new production unit covering 1,300 m2 was built on a dedicated 4,000 m2 field within the Roberts Field International Airport, with private, direct access to the runways.

This unit meets the most recent international standards applicable to the trade and is ready for operations.

Unfortunately, with the Ebola epidemic having spread to the country, airlines decided one after the other to stop service to this destination. Nevertheless, we were able to work with British Airways from November 2013 until their final flight in August 2014.

Since that time, the catering unit has been on standby pending the return of our clients.

03

Operating performance

Unfortunately, due to the Ebola crisis in West Africa, ASKY and other airlines such as Air Ivoire and Emirates, canceled their stopovers in Conakry. Brussels Airlines reduced its flights from three to two per week and canceled all catering activities in Guinea as a preventive measure in mid-August 2014. Transfers are now provided through the hold only. The impact on the mining market was also considerable, and this sector has still not recovered and remains at a two-year low. A victim of this difficult environment, we only serve three flights per week for Air France.

1,100

Meals ser ved per day in Guinea-Conakr y

73

Niger

Ghana

↑ 8.2% Managed turnover increase in Ghana

Ghana

8 Customers

This year saw the successful restructuring of Newrest Ghana.

First, further to a government decree on “local content�, the subsidiary stopped its activities for oil and mining clients.

Under duress and in record time, Newrest Ghana managed to partially transfer this activity to a local partner with no interruption in service, protecting the interests of its clients, employees and the company.

Second, the purchase of 50% of the stake held by First Catering took effect at the end of the year. Newrest Group now owns 100% of its subsidiary in Ghana, allowing its clients to benefit from all of the Group's processes and greater responsiveness.

By refocusing on its core business and implementing the Group's procedures, Newrest Ghana's teams were able to restore the company's profitable financial performance while maintaining its relations with its clients and social partners in a very complex local economic environment (high inflation and steep devaluation of the Ghanian cedi).

The contracts with Emirates, South African and Kenya Airways, which were coming to term during this fiscal year, were renewed.

Finally, the construction of our new unit located much closer to the airport than the former premises is currently being finalized.

It should open in early 2015.

74

6,850

Meals ser ved per day in Ghana

↑ 10.4% Managed turnover increase in Niger

Niger

3

Sites of operation

Nevertheless, due to the economic conjuncture, Imouraren Imsa and the Nigerian government has taken a decision to delay Imouraren mining project until 2017, which has impacted Newrest Niger activities, resulting in a reduction of the People On Board number.

During this 2013/14 year a contract has been signed with Total for the management of two cafeterias in Niamey, starting on November 2014. Newrest Niger also signed a contract with Geodis on 1st November 2013, but it has been stopped on end of June 2014 due to the contract termination between Imouraren and Geodis.

During this fiscal year the subsidiary has developed Unirest software, which is operational since March 2014. Moreover, it has obtained the agreement from the Ministry of Transport for inflight catering and it has signed a partnership with LANSPEX (National Public Health Laboratory and expertise) to perform different analyses required in its operations, such as food sample analyses or water analyses.

↗ C e n t r a l & We s t e r n A f r i c a d i v i si on > Gh ana / Ni g e r

Launched in 2011, Newrest Niger continues to provide their services to the Areva Group, the subsidiary’s main client, on Cominak and Somaïr mines.

In terms of Human Resources, Arezki Amir has been transferred from Oman and has been promoted as Niger Country Manager.

Otherwise, Julien Bony left his position as Camp Boss in Niger and was transferred to Qatar. Chief cook Marcel Younes was transferred to Oman and Racha Zouaoui is currently Deputy QHSE Manager in Angola.

Operating performance

03

320

Employees in Niger 75

In f l igh t

Re mot e sit e

C at e r ing

Re t a i l

Rail

68.0 M€ Managed turnover 2013/14

• • • • • •

Angola Madagasc ar Mozambique South Af r ic a Uganda Zambi a

4.9%

new

of Group’s managed turnover

Turnover distribution (Total managed turnover 2013/14)

39,700

59,2% remote site

Meals ser ved per day

31,6% inflight 8,9% catering 0,3% retail

76

63 Customers

Southern Africa DIVISION

Zambia continued seek to turn around its negative result and achieve a break even, with success after a drastic plan of action. In November 2013 Tanzania obtained its inflight license, with the concession in sight for 2015. Meanwhile Mozambique continued its implantation progress by responding to several calls for bids.

Madagascar was awarded the Ambatovy mining contract in 2013, and to date, 6,000 meals have been served. The client is enormously satisfied. Ever mindful of keeping promises made to clients, Newrest Madagascar successfully obtained ISO 9001-2008 certification and also created the ESPER association to support the French group “Entendre le Monde”. This will provide assistance for hearingimpaired children in Tamatave as early as the first quarter of 2015.

Finances are stable, and work scope revisions took place to help our client after a drop in ore prices. The Trimeta contract began in February and Colas decided to restructure, shutting down our canteen operation, among other things. Chief Financial Officer Luc Gérardin left for Gabon at the end of the year as secretary general, whilst Juan Sabater, Angolan head accountant, joined Pierre Martens’ team as Financial Director.

Newrest’s branch in Uganda had an excellent year in 2014, with precise cost-cutting management for productivity while continuously striving to improve quality through training, supported by exchanges between various country managers and the arrival of chief executive Gerard Jalibat. Whilst Caroil was ending

After its merger in March 2013, South Africa still experienced difficulty with the loss of major clients – such as Singapore Airlines and Qatar airways – high inflation and significant changes to the quality team to cater to clients’ increasingly strict requirements. However, at end-budget 2014, Winflight was finally completely installed, and with the arrival of a new sales director, the future certainly looks bright budget-wise. dnata Newrest nonetheless managed to renew its contract with the Emirates Lounge, and started operations aboard a British Airways A380 in February 2014. The new inflight menu was entirely created

by Newrest teams and is worthy of the highest accolades. There is still much to be done however, and sharp commercial strategy is required to hoist this country out of a financially tricky situation.

↗ S o ut h e r n A f r i c a d i v i si on

This was a tough year for business, with few major contracts awarded, but key contracts were renewed in various countries, for example, EK lounge in South Africa, Intership Lancelot in Angola and Lounges in Zambia. Various countries finally installed Unirest or Winflight production tools for integral use with the 2015 budget.

Whilst the other countries were properly staffed, South Africa continued the restructuring process that began the previous year after its merger with dnata.

its drilling campaign during early budget period in 2014, and Air Uganda was being grounded, we were successful in bids for the Rwandair and Fly Dubai contracts. The Newrest UIS team is also finalizing its quality system, boosted by ISO 22000-2005 certification, and is the only country in the division to achieve this. Winflight was installed for inflight management.

Zied was named Assistant Director and Francis Uthurrisq was promoted to Inflight Commercial Director for South America and will be based in Toulouse.

Zambia continued with major restructuring: Eric Poteau retired after several years of dedicated service at Newrest; Alexandre Lelievre was promoted to General Manager, and Krishna Moorthy joined the team as the new Unit Director. Thanks to a precise plan of action, this country has managed to break even. The unit has seen several improvements allowing Andela, the quality manager, to improve audit scores significantly. In terms of business, the Zambian team won lounge contracts for First National Bank and Kenya Airways and renewed its contract with Emirates while competing with the Harare station in Zimbabwe. The 2015 budget is off to a good start and should therefore allow teams to focus on service quality and permanent improvement for the unit.

03

Operating performance

The Southern Africa division has improved on last year’s performance, despite a difficult economic situation for certain countries. Turnover increased by +13%, while operating profit more than doubled in comparison to prior year.

Lastly, Angola experienced another difficult year for operations, after a series of significant logistical problems related to the Sonils site. Thankfully the new management at Newrest Angola was able to rise to the challenge and focus on basic principles such as productivity. Unirest was installed, new processes were implemented and local sales were given priority over exports.

Newrest Angola renewed its contract with the second largest hotel barge in the world, the Intership Lancelot. During the same period, Newrest Angola was rewarded for its efforts in health and safety and improved its QHSE scores with Total.

77

↑ 14.0% Managed turnover increase in Angola Uganda

Uganda

Angola

13

Customers

12

Sites of operation

4

Customers

In 2013/14, Newrest Angola has focused in the consolidation of its structure, systems and team to sustain its growth.

The major source of growth has been the development of its ship supply activity. It has been followed by the doubling of its yard size in Sonils to welcome an increasing number of clinet owned containers. In fact, Newrest Angola has now the largest yard storage footprint on Sonils base.

The implementation of systems in everything they do has benefited departments such as Human Resources, Finance and Supply chain, Unirest being the solution for the operation. In support of the ISO 9001 certification, the HSE team has continued to grow. It is now 12 team members that compose the team with a majority of nationals, and major improvements have been seen by clients.

Also in terms of Human Resources, several other changes have taken place: Andre Gomes was nominated as General Secretary of the board of Newrest Angola, François Tack was transferred from Brazil to join the Angola team as Finance Manager, Krishnen Venkatachellum was recruited as Supply Chain manager and Emanuel de Freitas was promoted as Supply Chain Assistant Manager. In fact, the reshuffling of the management team initiated in 2013 is now closed with the implementation of the adequate continuity plan in HSE and Finance. The next step will be the recruitment of a dedicated sales force in support of Newrest ambition in the country.

78

Customers

1

Point of sale

During this year, Newrest UIS in Uganda has consolidated its Inflight Operations, with renewal of existing contracts with KLM, Brussels Airlines, Ethiopian Airlines and South African Airways, and with the implementation of Winflight production module.

South Africa

Angola

2

It also went through the certification ISO 22000:2005 that it achieved successfully in July 2014. That certification is the assurance of its food safety system being reliable and that is a real competitive advantage for existing and future customers.

That certification will also help it to consolidate its presence and know-how for the coming remote business opportunities in Oil & Gas Industry.

Newrest UIS in Uganda faced some challenges with Air Uganda operations suspended mid-June 2014 for an undefined period.

However, that business was partially absorbed by other airlines, which opened new routes, such as Rwandair and Ethiopian Airlines.

New Airlines like Flydubai started operating to Kigali and Bujumbara through Entebbe.

Newrest UIS has also bid on a number of Business & Industry and Remote Site tenders; however, the general trend on business opportunities was not at the level expected due to the Oil production start-up postponed due to the infrastructure not being ready. Finally, the renovation project of the Airport Restaurant, initially planned for 2014/2015, has been completed, and now Newrest UIS in Uganda has the goal to turn it into the best staff feeding location at the Airport.

190

Employees in Uganda

↑ 3.1%

Managed turnover increase in Uganda

South CroatiaAfrica

↑ 64.1%

Managed turnover increase in South Africa

22

dnata Newrest RSA had a difficult year overall with poor financial and operating results during the period. Integration transition took longer, and was more complicated than was expected and implementation of our systems did not go according to plan in phase one. With the loss of Rwandair and Qatar Airways, DNRSA reviewed the head count in each department and restructured overheads accordingly.

↗ S o ut h e r n A f r i c a d i v i si on > A ng ol a / Ug an d a / S o ut h A f r i c a

Customers

achievement for the team and they are continuously learning to adapt to the changes on Hazard analysis and critical control points (HACCP). The outlook in RSA is improving with current tenders of Cathay Pacific and a number of other carriers.

Despite teething problems, dnata Newrest in South Africa is now confident since the implementation of Winflight fully from procurement, commercial, production and operations and is able to operate according to correct group systems. Highlights include February, when the unit welcomed British Airways A380 into Johannesburg with the maiden flight on the 13th February 2014.

This was a great launch success for dnata Newrest team in Johannesburg. The menus for the A380 were designed and workshopped by Jean-Michel Fort with the support from the local team. In terms of commercial success DNRSA also welcomed additional Edelweiss flights in Cape Town and managed to renew the EK Lounge contract for 3 years.

03

Operating performance

dnata Newrest in South Africa has improved drastically in all areas of quality, dependability and traceability during the year, where all the staff has been trained on food safety awareness, allergen awareness and Aviation security awareness. This has been a great

15,000

Meals ser ved per day in South Af rica

79

Zambia Mozambique

Madagascar

↓ 0.3%

Managed turnover decrease in Madagascar

Madagascar

3

Sites of operation

Newrest Madagascar started the year with a new contract for the management of the staff cafeteria for Trimeta in Antanarivo. The contract with Holcim was also renewed for one year.

For its part, the partnership with Colas came to an end in January, as they chose to internalize this activity in light of a drop in business and to reclassify some of their employees.

Luc GĂŠrardin left Madagascar to join Newrest Gabon and has been replaced by Juan Sabater. The training plan for local staff, which was implemented last year, continues, in particular in relation to culinary skills, languages and communication.

With a view to continuously improving the services offered to clients, Newrest Madagascar is pursuing the development of its IT tools with, first, the Unirest management software developed by the Group and, second, the installation of computer hardware management software and maintenance management software.

80

Customers

missions in early 2015, with the deployment of human resources (surgeons, doctors and nurses) and equipment.

In compliance with the strategy decided by the Group's management, Newrest Madagascar achieved ISO 9001:2008 certification in July 2014. Thanks to this certification, procedures were reinforced, and the frequency of audits and the KPIs increased.

The partnership program with the Pasteur Institute for bacteriological analyses is also continuing. Ninety-nine percent of the test results are compliant.

The subsidiary also managed to finalize actions focused on sustainable development in collaboration with fruit and vegetable cooperatives. Newrest Madagascar now provides support so they can forecast production and improve their procedures and overall operations. Major social actions will be launched with the creation of the Esper Madagascar association, which has been registered with the country's authorities.

The subsidiary therefore plans on launching operational medical

2

7,600

Meals ser ved per day in Madagascar

↑ 14.4% Managed turnover increase in Zambia

Mozambique

new

Zambia

5

Newrest Mozambique had a year of construction as we officially entered this country, rich with opportunities for the future.

We have established a permanent office in Maputo in November and are currently working on multiple project offers including major sites in the north of the country for clients such as Anadarko.

There also exists interesting potential in the in-flight market which we are currently evaluating. With resources on the ground and multiple remote site and catering opportunities and our other sectors with a number of our global clients, we believe there is important growth potential in Mozambique in 2015

↗ S o ut h e r n A f r i c a d i v i si on > Ma d a g a s c ar / Moz ambi q u e / Z ambi a

Customers

In 2013/14, the main challenge of the management was to improve the standards of the inflight operations in term of production consistency, food safety standards, as well as procurement streamline.

The new Quality Manager Andela Kangwa, Unit Manager Krishna Moorthy, and General Manager Alexandre Lelievre focused on delivering the quality expectations of the Newrest customers in Zambia.

The main clients of Newrest in Zambia, Emirates and South African Airways, noticed a major improvement in the quality of the services provided. That progress was realised thanks to the efforts of all the employees, while a significant focus was put on the training of the Zambian management team. In the meantime, the new management implemented new processes in the unit to reduce the expenses and lead the company towards a sustainable financial position.

03

Operating performance

Newrest has been managing the South African Airways lounge of Lusaka since 2012. In 2013/14, Newrest started the catering of 2 other lounges at the Lusaka International Airport: the First National Bank lounge on 1 December 2013, and the Kenya Airways lounge on 1 October 2014. On 1st October 2013, KLM modified his route plan and terminated the catering contract with Newrest Zambia. Finally, in 2014, Newrest attended the Mining Copperbelt Trade Expo and visited some Copperbelt mines to present the camp management and catering services.

130

Employees in Zambia 81

In f l igh t

Re mot e sit e

C at e r ing

Re t a i l

Rail

116.1 M€ • • • • • • • •

Boliv i a Bra zil C anada Chile French Poly nesi a Mexico Panama Per u

Managed turnover 2013/14

8.4%

of Group’s managed turnover

107,000

Turnover distribution (Total managed turnover 2013/14)

Meals ser ved per day

53.9% remote site 30.7% catering

12.9% inflight 2.3% retail 0.2% rail

82

95 Customers

America DIVISION

Bolivia maintained stability but was not able to compensate state increases in labor costs, despite productivity efforts.

At the very end of the financial year, our production unit at Santa Cruz de la Sierra served its first inflight meal platter departing from the Viru Viru airport.

Our subsidiary in Chile remains in a difficult situation. Operating costs have not been sufficiently improved due to a delay in implementation of our production planning tools, overhead expenses remain excessive, and the country’s economic results are disappointing. Nonetheless, given the potential involved in Chile, the Group has decided to install an Inflight production unit at the Santiago airport that will be operational before the end of 2014.

For the last two years Brazil has been one of our biggest hopes for growth in the division, with the solid drive of our partner EBX. Unfortunately the bankruptcy of the Elke Batista group forced us to shut down operations in this country. We will revisit this sector in 2015.

In Panama, we were unable to increase the number of clients in the remote site sector and therefore turnover and profit objectives were not achieved.

Nonetheless, thanks to rational management, we were able to maintain our margin level. This important Central American country has proven to be incredibly dynamic and we have therefore decided to launch inflight catering activity there.

↗ A m e r i c a d i v i si on

In Mexico, our Cancun unit was affected by the decline in European tourists; their turnover dropped, but profitability was maintained nevertheless.

slightly. Our production unit in Lima opened in November 2013 with our client Air Europa. The unit also cooks for our GBV and B&I operations, giving us a definite competitive advantage. This year, our efforts will focus on increasing the number of clients for our inflight services and stabilizing our remote site operations.

A significant and long labor strike in our three Polynesian subsidiaries provided major challenges during the last financial year. This year was free of social conflict, and we were able to improve our results albeit without attaining the level desired.

We are now working towards complete overhaul of our production methods, to increase quality and profitability. Moreover, several investments have been made, particularly in completely renovating our point of sale at the Faa'a airport. The opening was held in October 2014.

03

Operating performance

The economic environment is still favorable, but experiencing a slowdown, and the Americas division has achieved 15% growth in turnover. However, the PBIT percentage is not increasing within the same proportions, and the overall economic result for the Division was disappointing.

Nonetheless, performances vary depending on country.

In Canada, despite a difficult year for Calgary, we were able to preserve our level of activity by considerably improving our productivity and in Montreal we have achieved significant increases in turnover and profitability. The upcoming financial year should see our activity really take off in this country with the opening of our unit in Toronto.

In Peru, despite growth of over 80% in turnover thanks to remote site contracts signed at the end of the last financial year, the PBIT value was not increased. Local cost of raw materials, taking logistical complexity into account, increased by 2 percentage points. Difficult living conditions on sites situated at over 4,000 m in altitude have caused an increased rotation in staff, also resulting in additional costs, whilst our corporate expenses improved only

83

↑ 14.6% Managed turnover increase in Chile Peru

to its staff, representing almost one week of work for each employee. This training raised their awareness on ISO standards and integrated quality management, as well as food risk prevention.

Chile

Chile Croatia

3

Sites of operation

5

Customers

The Chilean subsidiary achieved a number of commercial successes in fiscal year 2013/14, such as with EDF Suez' ECl subsidiary in Antofagasta and KOMATSU in Mejillones.

The Catholic University of the North, for whom the subsidiary provides catering services for students in La Serena, confirmed its confidence in Newrest Chile's service by signing a contract for its site in Antofagasta for the next three years. The subsidiary’s expertise in services for the Education sector was recognized by the Autonomous University of Chile, which has entrusted Newrest with catering services for its new premises as of December 2014.

Guacolda, for which Newrest Chile has managed food services over the past four years, decided to renew its contract for three additional years, adding Facilities Management.

The management structure was changed to adapt to the new geographic reality of operations. In June, the head office was transferred to a 2,500 m2 building in the Arturo Merino Benitez airport zone. On March 31, 2014, Alejandro Garcia, a former member of the executive committee that supervises purchases and operations, left the subsidiary. For her part, Deborah Ramirez was promoted to Manager of the Alma site and is responsible for the supervision of operations (excluding Inflight) as of June 2014. Finally, José Luis Zunzunegui joined the Inflight sector as the Unit Manager for Santiago (José Luis was transferred and formerly held the position of Account Manager for Newrest in Spain).

Finally, and in conclusion, it should be noted that despite all of the difficulties Chile faced, the Group's intent to remain present over time and pursue growth within the country has not changed.

Despite all of these successes, the subsidiary was disappointed with the loss of El Indio in the fourth region due to a major competitor winning an invitation to tender with its very aggressive submission.

At the end of December 2014, an ultra-modern production unit will open its doors to launch the Inflight activity. Production may obviously also benefit B&I or Remote Site operations.

Among the areas of notable progress for this fiscal year, the strong decline in the number of occupational accidents should be noted, bringing the accident rate down below the required minimum, a condition precedent for invitations to tender in the oil and mining sectors. Newrest Chile provided more than 10,000 hours of training 84

360

Employees in Chile

↑ 82.2% Managed turnover increase in Peru

2

Customers

Fiscal 2013/14 for Newrest in Peru was marked by the inauguration of the Inflight unit in November and by a notable increase in activity resulting from the Remote Site contracts signed during the prior fiscal year, as well as by the rapid development of the Catering segment during the second part of the fiscal year.

Turnover rose by 82.2% for the fiscal year. Four of the Group's five business lines now have operations in Peru. It should be noted that, as part of its development, the subsidiary entered the education sector when it signed its first contract with a university (Universidad CientĂ­fica del Sur), which should lead to more contracts in this area. Newrest Peru signed numerous contracts (with Prodac, Repsol, Banbif, Banco Financiero and the Ministry of Culture, for example), strengthening its presence on the Catering market and reinforcing its leadership position in this segment in Peru.

The subsidiary consolidated its multi-service expertise by signing a contract with Enersur (EDG-GDF Group), renewing and extending its contract with Celepas (for a hydroelectric plant), and through improved control of its existing Remote Site contracts.

7

Sites of operation

25

Customers

1

Point of sale

The organizations changed fundamentally with the arrival of a new Country Manager in January and changes at the head of operations, the commercial department and the purchasing/logistics department to acquire greater skills, manage growth and prepare for the future.

The Inflight unit and central offices launched the ISO 9001 certification process, which should end in the first few months of the upcoming fiscal year. Forecasts for growth in Peru are positive, as the economic environment is favorable, and also because Newrest Peru has reached a critical size and is now considered a key player on the market.

↗ A m e r i c a d i v i si on > Ch i le / P e r u

Peru

03

Operating performance

In order to manage this remarkable growth, efforts were made on reworking management fundamentals. The implementation of tools and processes, along with the restructuring of the organization, were at the heart of management's endeavors to support and ensure the sustainability of the growth achieved.

51,000

Meals ser ved per day in Peru

85

↓ 64.7% Canada

Managed turnover decrease in Brazil

Mexico

Canada

Brazil

13

Customers

Brazil

3

Sites of operation

Newrest Brazil, which dates back to 2010, should have experienced solid growth thanks to the joint venture with our partner, EBX. EBX faced serious difficulties and the partnership had to be terminated.

Without its activities with the EBX Group's former subsidiaries (MMX and MBX), Newrest Brazil, despite a level of service that is more than satisfactory and recognized as such, could not continue with just the Vale contract for Corumba.

Although the subsidiary had successfully implemented all of the Group's management tools and quality procedures, the decision was made to place the company in dormancy. Despite what can be considered a failure, Newrest is looking for and ready for new opportunities.

1

Customer

1

Customer

Newrest Canada has experienced strong growth in 2014 both in terms of turnover and in terms of operational results. Revenue rose 2.6% while for the first time since founding, Newrest Canada posted positive operating profit results.

The addition of four new clients (Delta Airlines, Copa Airlines, Turkish Airlines and Syphax) mainly explains the increase in revenues.

The team was able to optimize the existing operating structure with strict internal control procedures and the implementation of effective management tools. Newrest Canada will now expand its business with the creation of a new unit located in Toronto and an investment in excess of 7 million Canadian dollars.

Newrest Canada also won the tender to deliver catering services to Jazz Company at the airports of Montreal, Calgary and Toronto.

This activity will gradually begin in December in Montreal and Calgary and in January in Toronto.

With both catering services delivered to Jazz and the new unit located in Toronto, Newrest Canada will increase its staff by around 100% in fiscal year 2015. Newrest group aims to spot talent and promote them within its organization. In 2014 several persons have received internal promotion especially for management jobs with responsibility.

In the year, Newrest Canada also worked on improving its procedures on hygiene, quality and security within its units in order to offer to its salaries a safe working area and avoid any accident. The quality of catering services Newrest results in strict compliance with hygiene procedures established in its units. Newrest Canada has prepared the ISO 9001 certification, which is expected in October 2014.

86

↑ 2.6%

↓ 10.3%

Managed turnover increase in Canada

Managed turnover decrease in Mexico

Mexico

6

Customers

With the Jetairfly account gone, sales were expected to fall below estimations, and therefore it was quite a challenge to meet the budget and even exceed the PBIT (profit before interest and taxes). In fact it should be highlighted that the drop in sales was not an indication of less purchasing power, but that this new scenario required a different strategy to be implemented with the main suppliers, and revised conditions (no rise in prices, increase in days for payment, product unification). The objective is not to affect, or even improve, its purchasing ratio.

analysis. It also resulted in 80% implementation of the Winflight software and helped improve service quality, client satisfaction and compliance with quality and food safety indicators on an average of 94.20%.

↗ A m e r i c a d i v i si on > B r a z i l / C ana d a / Mex i c o

2013/14 was a challenging year for Newrest Mexico, with the loss of its client Jetairfly in December 2013. A new contract with Novair was a welcome compensation, but services will be provided during winter only.

The subsidiary aims to be a socially responsible company, and is keeping track of its waste production by means of a waste management plan. As a result, both the quantity of waste and the amount of expenses have been reduced.

03

19,000

Meals ser ved per day in Canada

Operating performance

In January 2014, Newrest Mexico renewed the “Distintivo Moderniza” certification awarded by the local Tourism Secretariat to companies with high international quality standards. Moreover, in May of the same year, the subsidiary achieved its main objective: ISO 9001:2008 certification. These two programs helped the company to improve its procedures and processes, encouraged teamwork among staff and helped improve productivity and cost

4,500

Meals ser ved per day in Mexico

87

↑ 9.4%

Panama

Managed turnover increase in Bolivia

French Polynesia

Bolivia

French Polynesia Bolivia

1

Production units

20

Sites of operation

The performance of Newrest Bolivia in fiscal 2013/14 was satisfactory, in particular thanks to a 9.4% increase in turnover.

The most notable event in this fiscal year in terms of management was the renewal of the contract for the San Cristobal mine with its client Sumitomo - a major contract for Newrest in Bolivia.

Two other significant events took place during this fiscal year: the signing of the Spiecapag contract (a long-term Group client) that covers two years and involves the construction of a 100 km pipeline, as well as the renewal of the ISO 9001 and 14001, OHSAS 18000 and ISO 22000 certifications. It is worth noting that Newrest is the only company to have this food safety certification in the Catering sector in Bolivia.

Finally, during this fiscal year, Newrest Bolivia launched the operations of a brand new production unit focused on Inflight Catering to meet the demand of a market in exponential growth in the country. Newrest Group's synergies allowed for the construction of this 1,500 m2 next-generation production unit in record time. Air Europa, the subsidiary's first client, operates three flights per week today between Santa Cruz and Madrid.

An additional flight is planned for the end of December 2014.

The current capacity of this production unit is 5,000 meals per day.

Still in terms of equipment, two special trucks (refrigerated with an isotherm body) were specially designed and manufactured in Bolivia.

Newrest Bolivia's teams, led by Matthieu Andrieux (Director General) and Paul Schvartz (Operations Manager) met the strategic objectives, thereby stabilizing activities and ensuring the subsidiary's longevity.

After fiscal year 2013, which saw widespread social disruption, Polynesia is recovering and maintaining the volume of business in school and hospital catering, concessions, wholesale distribution and industrial cleaning.

Turnover from the inflight activity has increased significantly thanks to the improved level of service and optimal aircraft seat-occupancy rate. Finally, Polynesia has improved its Food Cost and Labor Cost ratios considerably thanks to its successive action plans.

The group's strategic objectives and the President's roadmap for Polynesia underpinned the work of the Polynesian management based on a succession of four “100 Day Action Plans”. The teams were restructured and the management team, in particular, fully played its strategic and operational role. Top and middle management teams grew with the arrival of new employees.

With regard to quality, Polynesia consolidated its quality structure and involved all of its employees in the ISO 22000 certification process in March 2015. It continued its communication actions on health in school environments and corporate catering,

490

Employees in French Poly nesia

88

↑ 3.8%

↓ 4.9%

Managed turnover decrease in Panama

Customers

18

Customers

3

Points of sale

in particular through its balanced diet program led by the subsidiary's dieticians. Polynesia designed and implemented a productivity improvement program that is ambitious, based on a few principal orientations: the development of outsourcing, renegotiation or termination of onerous contracts, a move to cold transportation for its school, health, Business & Industry activities, and the transfer of activities from sites that are overloaded.

Newrest Polynesia is building its commercial development capacity for Retail with two major projects: the renovation of its bars and restaurants in Tahiti airport to cover more than 700 m2, with a more modern atmosphere and rapid, quality service, and the strategic finalization of a “Paul” franchise in downtown Tahiti and at the airport.

Finally, in Polynesia, Newrest is improving its Cash Collection procedures and, specifically in the financial area, the level and nature of receivables, with one objective in mind: Zero Overdue. The teams were also successful in their fight against fraud, as they dismantled networks and formalized written control procedures. All of the actions conducted align Polynesia with its long-term objective of equaling the Newrest Group's performance.

1

Production unit

7

Sites of operation

2013/14 was a difficult year for Newrest Panama.

Our principal client, Minera Panama, decided to insource their contract, and then, facing major financial and social pressures, actually closed the work site during the year.

Despite excellent work on the part of our team in mobilisation and execution of our work scope, with the loss of this significant client our team has had to start again from scratch. New projects are underway, including potential inflight and remote site contracts and we are hopeful that Panama will once again rise to be a significant part of the Americas division. In human resources, Joseph Pandales was transferred to Bolivia along with Victoria Gomez, and Nelson Diaz has been moved to Peru while most of the expatriate management infrastructure has been re-assigned with various Newrest countries.

03

Operating performance

8

Panama

↗ A m e r i c a d i v i si on > B ol i v i a / F r e n ch P ol y n e si a / P anama

Managed turnover increase in French Polynesia

9

Customers in Bolivia

89

In f l igh t

Re mot e sit e

C at e r ing

Re t a i l

Rail

• • • • • • •

Bahrain new K uwait Oman

Qat ar Saudi Arabi a

new United Arab Emirates Philippines

Turnover distribution (Total managed turnover 2013/14)

312,000

68.1% inflight

Meals ser ved per day

14.3% remote site 12.4% catering

5.2% retail

90

296 Customers

Middle-East & Asia DIVISION

This was excellent compensation for the loss of a bid for hospital contracts managed by the local health ministry. The quality of services provided by Newrest teams was also rewarded with a contract for all Halliburton operations in Oman, covering catering, housekeeping and laundry services, as well as the renewal of a partnership with BP for management of their camp. A production-driven training team was put in place, led by Patrick Gadea, and Olivier Ricardo took over the reins in the supply chain department under the authority of Aurelie Gueguen (DGM), who has managed innovative projects (implementation of Unirest, review of bid processes, set up of Grab’n Go and Trolley services, etc.). These all contributed to an excellent financial performance, which was also acknowledged through the loyalty of our clients in the Sultanate.

491.8 M€ Managed turnover 2013/14

35.4%

of Group’s managed turnover ↗ Mi d d le - E a s t & A si a d i v i si on

For Newrest teams in Oman, the year 2013/14 was one of exceptional overall performance with increased competitiveness for raw materials and the development of new contracts with strategic partners such as Schlumberger and Abraj Energy Services.

The pertinent regional commercial strategy employed by Newrest teams and synergies in Oil & Gas segments and “industrial catering” was solidified with a contract obtained with Nabors for a rig in Bahrain, the biggest in the region. Newrest Gulf also won a major contract for managing catering, housekeeping and laundry services for the new Qatari Diar – Vinci camp (QDC) in Al Khor (Qatar), with a capacity of 6,000 people. Newrest’s innovative approach as well as compliance with stringent QHSE international standards is exactly the kind of quality service preferred by major Qatari market players, and this collaboration foretells solid growth in the months to come.

Operating performance

03

91

Saudi Arabia

Philippines

↓ 5.7%

Managed turnover decrease in Philippines

Philippines Croatia 2014 has proved to be a difficult year for Newrest SOS, with the Philippines’ offshore oil and gas sector remaining quiet, and the on shore mining sector failing to see the start-up of long awaited major projects.

Site Management department has had a disappointing year since the completion of the “Ocean Patriot” contract late in 2013.

The Facilities Management contract for Shell at the Keppel fabrication plant in Subic Bay has continued throughout 2014, and will now extend into early 2015.

Nevertheless, the Support Services team enjoyed some notable successes. Winning the transport contract of Shell Philippines Exploration BV was a great success, followed by the ship agency business of Prosafe “Astoria”, an accommodation and service rig which is supporting the development works on the Malampaya gas field, and will continue to do so right through until late 2015.

PROSAFE’s Safe Astoria offers accommodation for 349 persons including facilities for recreation, catering, offices and plant areas.

Early in 2014, Support Services secured a contract, through which Newrest SOS provided a comprehensive range of services to Nido Petroleum and its contractor, Malaysia’s UMW Offshore Drilling Sdn Bhd, during the four month drilling activity of the Naga-5 rig in Philippines’ Service Contract area 63. The Overseas Employment Group has had another robust year. A number of significant new contracts were secured, amongst them Kossco Oil & Gas, Korea (marine and drilling crew), drilling personnel for Atwood Oceanic’s new ultra-deep water drillship “Achiever” and another new contract for the deployment of drilling crew to Japanese Drilling Company.

In addition, a new contract has been completed with Rutledge, Singapore for the supply of H2S engineers. The Catering & Remote

92

240

Employees in Philippines

↑ 13.2%

Managed turnover increase in Saudi Arabia

Saudi Arabia Croatia

The development of retail has seen the launch of Skysalesonline. com and further outlets such as the new opening in Riyadh KKIA T3 as well as existing La Boutique outlets now coming under SACC management strengthen our position in duty free retail.

New lounges are opening in Dammam domestic and international terminals offering world class facilities to Saudia loyal and high value passengers.

195,000

Support Services has seen strong growth with annual turnover increasing by 59.7% with 1,250 employees serving 20,000 guests daily across a range of corporations, government offices, institutions and education. Client retention stood at 100% for the year with further improvements in sector performance to working capital and client cash collection. New contracts acquisitions include Carrefour, Maaden HQ, Prince Sultan Academy, GACA HQ, Nabors, Mars Arabia, Al Jouf Cement, Dalma Energy, CITC, Hail Cement Co, Jeddah Knowledge School.

03

The entry into the Rail sector has been a significant achievement for the team to provide both on board and station catering services with future growth and investment in KSA rail infrastructure we are well placed to develop this sector through Saudi Railway Organisation. In a first for the Kingdom we will offer passengers the opportunity to experience Starbucks Coffee before and during their journey. 2014 will see the launch of the Newrest Saudia brand to accelerate the development of our support services offer and identity in the Kingdom, the leveraging of Newrest brands such as Daily Break will deliver proven propositions to new and existing clients.

Operating performance

The 5 year extension with Saudia Airlines in Feb 2014 has provided SACC the opportunity of further growth through leveraging the Saudia fleet expansion as well as additional services demonstrating our capability in continuous improvement to quality and innovation to our core client. Further clients such as Air Algerie, Afriqiyah Airlines, Flynas, Jet Airways, Lufthansa and Air France have provided contract extensions, new routes and expansions for in-flight.

↗ Mi d d le - E a s t & A si a d i v i si on > P h i l ip p in e s / S a u d i A r a bi a

Continued growth to the top and bottom line through both organic and diversified revenues saw an increase of 13.2% turnover in 2013/14.

The focus on quality, innovation and service has delivered strong organic growth to core in-flight business with new sectors emerging in support services underpinning the SACC diversification strategy. With Damman unit retaining the quality award through IATA/Medina Gold for the 5th successive year, consistency of delivery has been maintained and further endorsed.

The team has this year added support to Marketing in the appointment of Justin Phillips as Chief Marketing & Communications and welcomes Matti Kivekas as its new CFO.

Meals ser ved per day in Saudi Arabia 93

Bahrain Qatar

Oman Oman

Newrest Wacasco had an excellent year once again. Fourteen new contracts have been awarded to the company, compensating a few construction related projects that were ending and the loss of the Ministry of Health contract.

Bahrain

2

Sites of operation

Operations in Bahrain began in May 2014 with Nabors Drilling International on a rig located at 50 km from Manama.

Newrest Gulf serves 110 guests daily on 2 locations with 4 meals a day and ensures camp management. Development focus will be given to Oil&Gas business, Hospitals and Army global contracts.

440

Meals ser ved per day in Bahrain

94

Among the new contracts, Newrest Wacasco was particularly proud to secure the provision of catering, housekeeping, laundry and camp management for all Halliburton's premises in the Sultanate. This is a great demonstration of the service excellence on a large scale (5 units presently) and within a very demanding Oil & Gas environment. In addition to Halliburton, the cooperation with major clients such as Schlumberger, Abraj Drilling Services and Shaleem Petroleum, has been extended with further units.

Oman team has also provided kitchen design services and full EPC for Bauer's new facilities within PDO (Petroleum Development Oman) concession in Nimer. This long term contract provides a great opportunity for Newrest to show case the full spectrum of its know-how in terms of food offer.

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Cont rac ts in Oman

↓ 7.1%

Managed turnover decrease in Oman

4

Customers

1

Point of sale

The reinforcement of its Oil&Gas positions has been supported by a new logistic set up allowing NW to bring innovative QHSE procedures. The arrivals of Aurelie Gueguen as Deputy General Manager and Olivier Ricard as Supply Chain Manager, have contributed to the proper execution of these new process as well as the implementation of Newrest IT nutritional & menu planning tool, Unirest, which is now in place within 10 of sites. This was completed by the setting up of attractive food offers such as Traditional Omani Kawa & the Grab'n Go; Projects on which Muneeb Khan (Consumer Visibility Development Manager) vision and consumer centric approach added a retail touch.

The training department has also seen support with the arrival of Chefs Patrick Gadea, Kanayan and Hassan, whose contribution on the improvement of the cooking methods were very warmly appreciated by clients and guests. The focus on QHSE remained strong, with the successfully passed PDO (Shell) Sub-Contractor Mentor Scheme Audit (SCAM) and the implementation of its new incentive employee scheme, QHSE Awards.

2

Sites of operation

Newrest Gulf has been created in Doha, Qatar in July 2013 in a Joint Venture between Newrest Group International and Oryx Qatar Sport Investment to operate in Qatar, Kuwait, Bahrain and UAE.

↗ Mi d d le - E a s t & A si a d i v i si on > B ah r a in / O man / Qat ar

Sites of operation

First contract has been signed and shall open in November 2014.

Client is QDVC (Joint Venture with Qatari Diar and Vinci Group), for 6,000 man-days in a new Labor Camp located in Al Khor (40 km from Doha). Newrest Gulf designed kitchen and laundry, implementing new international standards that can serve for similar operation in Qatar. The camp will last for more than 10 years.

Newrest Gulf will operate full camp services with 241 staff at peak and implement ISO 22000 and 9001 in 2015. Mobilization team is leaded by Mr. Juan Pita arriving from Newrest Panama. QDVC operation will be fully operated with Unirest System: Providers, Products, Menus, recipes, Purchase orders, Store requisition and stocks will be managed on its system; the setting is supported by its Head Quarter team and Oman experts.

03

QHSE and international Standards are the focal point of its positioning compared to others competitors in the country.

In all proposals, the objective is to improve processes, facilities and global quality in order to share the Qatari government vision.

Its Development focus is on Labor Camps, Schools, Government institutions, Oil & Gas and Corporate. Development is leaded

by Mr. Samy Decour who has joined the company in September 2013. Management is led by the Area Manager Mr. Fabien Revol who is based since September 2014 in Doha coming from Oman and Mr. Sébastien Gervais, Newrest Gulf General Manager, who arrived from Newrest Brazil in November 2013.

Operating performance

83

Qatar

95

Group 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 initiative 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.

04

Quality, Health, Safety & ENVIRONMENT

Management indicators for continuous improvement Our clients and consumers trust us to provide catering services in line with two expectations: tasty products and safe products.

Quality management aims to fulfill these expectations, and as such, Newrest has developed its Quality Management System, which includes all the processes used, from menu creation and menu planning to product delivery for cafeterias, canteens and remote catering or transport companies (airlines, rail, etc.). It involves all our human resources, from top management to new employees, including chefs, nutritionists, organizers, supervisors, etc.

We chose to have the quality management system certified by an internationally recognized agent (Bureau Veritas) so that implementation would be consistent in all our operations.

We have used the ISO 9001 standard as a model, and certification of our operations will be based on their consolidation.

Our quality management system acts as an integrated management system, making it easier to obtain other certifications if required by our clients or the markets in which we operate.

In particular, we have certified our food safety management process with ISO standard 22000 in markets where required by food safety standards.

Even though our activity has no significant environmental impact, our choice to manage resources as efficiently as possible has led us to develop methods and actions that allow us to accomplish our objectives. Wherever required in collaboration with our clients, we’ve made our commitment clear through ISO 14001 certification.

98

Quality, implementation of the Quality Management System

↗ Internal audits implementation of Newrest’s Quality Management system 77% of subsidiaries audited

Quality, client satisfaction

↗ QMS: 100% of inflight catering business in the system ↗ Consumer satisfaction surveys in 50% of cafeterias

Quality, food safety

↗ Microbiological analysis in 88% of our subsidiaries ↗ HACCP system internal audits 100% of centers audited

↗ Incidence & Gravity index Occupational health and safety 100% of our subsidiaries ↗ Internal audit 77% of our subsidiaries Environment

↗ Internal audit 77% of our subsidiaries

Our objective is to guarantee the safety of our employees and those within the environment of our activities, as well as environmental safety. We seek to achieve this by developing and implementing stringent health and safety procedures. Consistent implementation and compliance with the OSHAS 18001 management model has allowed us to obtain certification for operations faced with specific market requirements.

↗ Objectives for continuous improvement None of our commitments can materialize without measurement and improvement tools. We have put indicators and targets in place for each of our objectives.

During this exercise, we initiated a regular communication project with the Board with respect to quality indicators: client satisfaction

Our quality management approach seeks to establish close ties with our clients based on mutual trust and on their satisfaction with our services and products.

Quality management involves a combination of systematic, inter-related activities, concerning all levels of the company, with the aim of delivering products and services best suited to our clients’ needs.

Given the complexity of our service environment, we sometimes fall short of 100% compliance. Thorough analysis of all deviations and incidents detected along the chain allows us to identify areas for improvement and further our “continuous improvement” approach.

Newrest has created a global “QMS” database, including incidents detected during service to clients in the inflight catering sector.

This database alerts all management levels, from service supervisors to top management, of the quality of service delivered to our clients.

By contrast, in instances where there is direct contact with the consumer, such as school and company cafeterias or remote sites, we rely upon consumer satisfaction surveys to detect areas for improvement.

↗ Quality and food safety management It is already quite clear that food safety management must be carried out using a systematic method of identification, localization, evaluation and inspection for possible risks related to the health standards of the products in the food chain. This is the focus of the HACCP system implemented in all our centers.

This financial year included evaluating the efficiency of the HACCP system implemented in all the centers where we prepare and serve meals, using two verification tools: internal audits and microbiological analysis of the meals prepared.

Internal follow-up audits of the HACCP system have been carried out by local QHSE experts in 100% of cafeterias, canteens and remote catering in which we operate.

↗ Occupational health and safety In addition to the health and safety policy determined by the Group’s presidents, Newrest has defined rules to ensure that basic health and safety management methods are put in place for employees.

Partial deviations detected during internal audits are considered to be major non-conformances.

The objective of the policy and the safety management system is to gradually reduce the number of accidents. The Newrest Board thus closely monitors KPIs for its establishments. These are the Incidence Index, which indicates the number of accidents causing lost working days per one thousand employees, and the Gravity Index, which assesses the number of lost working days due to accidents in relation to the total number of hours worked.

Incidence index evolution (accidents/average staff*1’000)

2005/06

↗ Q u a l it y, He a lt h , S af e t y an d En v ir on e m e n t

↗ Quality management and client satisfaction

Corporate QHSE management has completed internal audits of quality and food safety management in 77% of Newrest’s subsidiaries.

2013/14

↗ Environmental commitments At Newrest, we have developed several active management initiatives for our businesses with environmental impact. These initiatives range from systematic management in compliance with organic production certification or ISO standard 14001, for which some of our operations are certified, to alternative energy or recycling initiatives.

04

Starting this financial year, environmental management is one of our global objectives, made evident through the obligation to reduce energy consumption by 5%, water consumption by 5% and paper consumption by 5% at all our headquarters. These objectives will be reported to the Board for all of our organizations.

Group commitments

indicators, quality management indicators, food safety management indicators for the products we serve, and health and safety management indicators for employees’ occupational safety and health.

Newrest’s commitment to transparent practices and continuous improvement has led us to define indicators for all our quality management system objectives, and the next financial year will also include environmental management indicators.

99

Newrest's Involvement IN LOCAL COMMUNITIES

1. Local employment ↗ 93.3% of our employees are hired locally ↗ 99% of employees in 50% of our countries are hired locally ↗ 80% of our countries have hired more than 95% of their employees from the local population

100

2. Local procurement

↗ 87% of global Group purchases are made locally ↗ More than 50% of purchases are made locally in 90% of our countries ↗ 100% of purchases are made locally in 45% of our countries (Panama, Peru, Congo, Zambia and Uganda, for example) ↗ Ne w r e s t ’s In v ol v e m e n t In L o c a l C om m un it i e s

↗ Up to 12% of local purchases are bought from cooperatives

↗ Cooperatives

Products purchased from cooperatives are for the most part fresh products:

↗ fruit and vegetables in Guinea, Niger, Madagascar, Bolivia and French Polynesia, ↗ lama meat in Bolivia, ↗ dairy products in Morocco, ↗ eggs in the Congo and Niger.

These partnerships with cooperatives allow us to work together on the following:

↗ Newrest commits to certain volumes, thereby ensuring the sustainability of small farms.

↗ Payment terms are shorter in certain cases, such as in the Congo.

↗ It goes without saying that purchases from cooperatives must not jeopardize product quality, so quality control monitoring and procedures are implemented at the cooperatives, which is also the case for all our local suppliers. ↗ Substantial work is carried out to improve production conditions, as it is the case in Bolivia, for example, where Newrest Bolivia supports the cooperatives' farmers with their applications for certification to the Bolivian health authorities.

04

Group commitments

Newrest enters into partnerships with agricultural cooperatives almost everywhere in the world. These purchases may represent up to 12% of the amount of local purchases, as is the case in Morocco, for example.

101

Our Socio-Economic AC TIONS

Our compliance with the principles of The Universal Declaration of Human Rights has led many Newrest subsidiaries either to support NGO activities in countries where we have operations or to launch their own actions.

1. Key figures

The goal of this foundation is to allow children of all ages to develop their personality and creativity through music and theater.

↗ Panama ↗ 5,500 individuals have benefited from Newrest's support in the form of direct actions or donations ↗ More than 350 employees were actively involved ↗ Actions in place in 75% of Newrest’s countries

2. Social actions ↗ Bolivia In Bolivia, Newrest trained 45 unemployed women six hours per week for five months on the following: food hygiene, stock management, creation of restaurant menus, cleaning, laundry services, reception, customer service.

The objective of this training is to prepare the communities for the Paris-Dakar race stopover.

This year, once again, Newrest Bolivia provided breakfasts to primary schools and kindergardens in the town of San Cristobal beside the mine we manage. One thousand children were the focus of a communication campaign on “good health and a healthy diet” provided by our specialist in childhood nutrition.

↗ The Netherlands In The Netherlands, Newrest distributed meals and drinks to food banks and small toys to the Peter Pan Foundation.

102

Newrest Inalsa presented a donation in kind to a home that cares for children placed there by order of a court. Household linen and cleaning products were distributed.

↗ Gabon During the year, Newrest Gabon donated food products on a number of occasions to the Port-Gentil Parish, which manages an orphanage with close to 30 children.

↗ Morocco Newrest Morocco funds schools in the working-class areas of Casablanca via the Al Jisr association and through its membership in the Initiative association. Throughout the year, close to 30 employees helped 350 children benefit from Newrest's assistance.

↗ South Africa Newrest dnata supports Oliver's House, an orphanage in Johannesburg, by donating food products. This home welcomes children with AIDS who are either orphans or have been abandoned.

↗ Croatia Newrest Dubrovnik helped the communities in the town of Cilipi, close to the airport where Newrest operates:

↗ Donation of a laptop for a neighborhood center that the townspeople completely renovated. This center has a room where weddings, birthdays and other municipal events take place on a regular basis. ↗ Donation of school materials to an underprivileged family in Cilipi that has a disabled daughter.

↗ Chile

↗ Oman

In December 2013, Newrest Chile's team at work on the site where Alma, a gigantic telescope, is located, in the north of Chile, organized a Christmas party in the small village of Camar, 70 km from the operation site. Twenty-three children between the ages of one and ten who live in this village of 60 inhabitants, 3,000 meters above sea level, were able to enjoy a Christmas pageant prepared by our employees.

In order to improve the health of the residents and citizens of the Sultanate of Oman, Newrest Wacasco once again renewed its support this year for the Oman Cancer Association via Dar Al Hanan, which provides free accommodation, food services, psychological support and administrative assistance to young patients and their families.

The employees, in coordination with the village teacher, handed out gifts and clothing, and two volunteered to dress up as Santa Claus and his elf. Thanks to the generosity of Newrest teams, every child received two gifts and a bag of candy, and spent an hour with Santa Claus and one of his elves.

3. Health and humanitarian actions

↗ French Polynesia

The goals of the Oman Cancer Association are:

In French Polynesia, Newrest participated in the “good health and balanced diet” days organized by the social security fund. Eight Newrest employees took turns over two days promoting a balanced diet, aimed at fighting obesity and diabetes.

↗ to promote screening in remote regions of the Sultanate of Oman ↗ to support the families of patients during their cancer treatment

↗ Austria

↗ to assist patients and their families with administrative

(Austrian Cancer Research).

↗ Madagascar In 2013, Newrest created the ESPER Madagascar association.

In partnership with the French “Entendre le Monde” association, Newrest Madagascar will provide support for the detection and management of deafness in the region of Toamasina.

One of the French association's missions is planned for early 2015, in parallel to the deployment of doctors, nurses and medical equipment, and focuses on training and ensuring the sustainability of the association's actions on site.

↗ O ur S o c i o - Ec on om i c A c t i ons

↗ an association that helps children suffering from AIDS (HIV Kids), ↗ an Austrian association involved in the fight against cancer

their chemotherapy treatment properly and regularly, procedures related to or resulting from their illness.

↗ Philippines Typhoon Haiyan, which struck the Philippines in November 2013, caused major damage to 41 provinces. The Newrest Group donated €15,000 to its subsidiary in the Philippines to allow the employees working on sites abroad to shorten their stay away from the country and return to look for their dear ones from whom they had no news.

04

For its part, Newrest SOS collected donations in the Philippines from its employees and clients in the amount of € 22,000, which was donated to the Red Cross in the form of clothing, canned goods, blankets, bottled water and footwear. The year-end party was canceled and the budget allocated was also used for this purpose. International NGOs focused on the Tacloban and Leyte provinces, so Newrest SOS decided to help families in Culion, Coron and Busuanga.

Group commitments

Newrest Wagons-Lits Austria made a number of donations to local associations in the field of health:

(transportation, accommodation and meals),

↗ to follow up on patients and ensure they follow

103

4. Actions focused on disabilities ↗ Croatia Newrest Dubrovnik financed the purchase of a seat to facilitate the transportation by car of paraplegic children for an association that works with highly disabled children.

↗ Tunisia

↗ Congo In partnership with Total E&P Congo and Allianz, Newrest Congo participated in the organization of an event in aid of an orphanage in the city of Pointe-Noire. Close to 40 orphans were invited to take part in an afternoon dedicated to the introduction of rugby at the rugby school’s training session.

The children, although very shy at first, were very enthusiastic to meet and talk with the players, educators and monitors, and rapidly threw themselves into the game. The entire event was organized to ensure it would be warm and friendly, thanks to the partners (Total E&P Congo, Allianz Congo, Minoterie Minoco) and all the volunteers who attended. Newrest Congo then served a hearty snack that all of the event's participants richly deserved.

In Tunisia, Newrest sponsors a farm focused on the insertion of the disabled. For the most part, it welcomes disabled individuals from needy families who live close to the farm.

↗ France In France, Airshop (inflight sales) subcontracts to an association that employs disabled workers, the ANRH ESAT Corbeil BAPC, in Corbeil Essonnes. The products, packaging, labels and use-before dates are provided to the center, along with a demonstration kit. Then all of the components are assembled and Airshop recovers the products packaged in boxes.

5. Sports-related actions ↗ Austria Newrest Wagons-Lits Austria supported Special Olympics which, through its actions and based on its values, contribute to giving true meaning to these activities, and highlight and promote essential values: promotion of the individual, the meaning of honest effort, team spirit, respecting the adversary, loyalty, the will to win, the joy of winning and the acceptance of defeat.

Newrest Wagons-Lits Austria also financially supported an association, which, in collaboration with the national police's sports department, helps adolescents in difficulty through sports activities.

6. Miscellaneous actions ↗ Angola Since 2012, Newrest Angola has worked in partnership with the Dom Bosco association. In 2013, a hotel school was inaugurated: a new step forward in this collaboration.

Newrest Angola can now hire professionals who have been perfectly trained on our multiple trades for offshore and onshore projects. Newrest Angola's goal is to go even further in its partnership with Dom Bosco by working with our clients to promote the development of internships.

↗ Croatia Newrest Dubrovnik financed the castration of six dogs in a kennel for dogs that roam the city of Dubrovnik. This kennel is home to close to 400 dogs.

104

Our Employees:

OUR GRE ATEST STRENGTH

1. Employee training 1.1 Key figures ↗ 85% of employees trained ↗ O ur S o c i o - Ec on om i c A c t i ons ↗ O ur Em plo y e e s : O ur Gr e at e s t S t r e ng t h

↗ 170,000 training hours ↗ 23,800 employees trained ↗ More than 6,000 toolbox training sessions for more than 5,000 employees ↗ Employees trained regardless of their position in the company

General

↗ Personal hygiene ↗ Languages ↗ Waste management

Kitchen/cooking

↗ Food safety ↗ HACCP ↗ Kitchen production ↗ Unidirectional flow principle ↗ Pastries and baked goods ↗ Restaurant management ↗ Culinary training ↗ Food allergens ↗ Halal food ↗ Traceability ↗ Stock management and FIFO ↗ Use of chemical products

Service

↗ Customer service

Inflight

↗ Aviation safety ↗ Procedures on safety measures at aircraft doors↗ Aircraft approaches and the inflight handling activity ↗ Ramp safety for the handling activity ↗ VIP cuisine

Remote sites

↗ HUET and BOSIET for offshore oil sites ↗ Survival at sea

Occupational health and safety

↗ Occupational health and safety ↗ First aid ↗ Ebola: symptoms and the fight against the disease ↗ Risk prevention ↗ Fire safety

IT

↗ Computer training on internal software (Unirest, Winflight) and external software (Sage)

Management

↗ Conflict management ↗ Financial management and reporting

1.3 Trainers Training is provided... ...either by outside providers, in particular for training on: ↗ occupational health and safety, ↗ the use of chemical products, ↗ aviation and airport safety. ...or internally, when the training is provided by: ↗ our HSE managers, ↗ our site managers, ↗ our training managers, who visit the different operation sites.

With regard to external training, Newrest decided to enter into a partnership with REHIS, the Royal Environmental Health Institute of Scotland. This Scottish training institute provides member companies with training materials. Our trainers are accredited and administer exams to our employees. These exams are then sent to REHIS, which corrects them, then sends us the results.

In Madagascar and Oman, 330 individuals were trained on HACCP and food hygiene (first and second levels).

04

Group commitments

1.2 Training topics

105

2. Employee motivation

↗ Initiative in Austria

↗ Newrest Gabon celebrates May 1st

Newrest Wagons-Lits launched an internal contest over the year for its employees on board trains: the 25 employees who achieve the highest number of sales on board trains receive prizes.

In the early part of the year, a large sign was displayed, listing the 25 prizes to be awarded at the end of the year. These prizes include trips to Italy and a flat-screen television.

Newrest Gabon organized a company meal to celebrate May 1st.

Close to 80 of the subsidiary's employees met during the afternoon on a sports field close to the Newrest Gabon premises.

↗ Employee of the year in Mauritania Newrest Mauritania organized an incentive event for its employees: the election of the best employee of the year. The election is not based solely on the quality of the work accomplished and commitment to the company but also on the individual's personal values.

Toure N Diabou was the proud winner in 2013. BWO, local and head office representatives came especially to attend the event.

↗ Multiple initiatives in Oman In addition to the employee of the month initiative, Newrest Wacasco launched the Employee of the Year and Driver of the Month contests; the latter emphasizes the zero-accident policy and compliance with the highway code rules.

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One of the chefs was responsible for preparing a festive meal, with the help of prep cooks. Employees enjoyed a friendly atmosphere and a buffet with salads, braised chicken, roast mutton, braised pork chops, jumbo shrimp kebabs, whole braised fish, rice, couscous, manioc and various sauces on the side.

In addition, musicians played well into the evening.

↗ Newrest Cameroon celebrates May 1st All of Newrest's employees in Cameroon attended its first Labor Day parade. Contract employee representatives also participated in the parade that celebrates workers. Afterward, a meal was shared on the company's premises and gifts were handed out.

↗ Newrest Antilles participates in the “Relais Inter-Entreprise” relay competition

In May 2014, 35 Newrest Peru employees ran in the 10 km and 21 km races at the Lima marathon, a perfect occasion for a time of shared enjoyment and team building. Everyone gave their very best and made it to the finish line.

↗ Culinary Art in Morocco

↗ O ur Em plo y e e s : O ur Gr e at e s t S t r e ng t h

The distinctive feature of this race is that, at the start and at the end of the race, the teams are composed of women only. Every three kilometers, the baton is relayed, so a full team requires 24 people. Their goal for 2015: a team exclusively composed of Newrest Antilles employees.

↗ 35 Newrest Peru employees participated in the Lima marathon

Twelve Newrest chefs participated in the first culinary art training session, led by the famous Moroccan chef, Meryem Cherkaoui, on Wednesday, May 28, 2014. On the occasion of this innovative initiative based on the “gastronomic use of Mousseline-brand mashed potatoes” theme, original recipes, easy to reproduce for catering, were prepared throughout the day.

After Casablanca, this training will be provided in the region of Rabat. This initiative falls within the Newrest Group's Human Resource policy, which consistently targets a training dynamic that allows its employees to constantly improve.

04

Group commitments

On May 27, 2014, Newrest Antilles in Pointe-à-Pitre participated for the first time in the “Relais Inter-Entreprise 2014” sports event organized by an association that bears the same name, “Relais Inter-Entreprise”, which commemorates the abolition of slavery.

Close to 60 teams composed of companies, municipalities and associations attended. As planned, three employees from Newrest Antilles - Sabrina Lujien, Chef, Vans Chalat, Supervisor, and Mirtha Lujien, Temporary Chef, participated in the 61 km long inter-company race.

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The Environment 1. ISO 14001:2004 certifications The Newrest Group launched a widespread certification campaign for its units in 2014.

Today, five countries have been certified ISO 14001:2004: ↗ Austria ↗ Bolivia ↗ Greece ↗ Portugal ↗ Switzerland We manage multiple different activities in these countries, and the certification covers operations in the rail, remote site, inflight and catering sectors.

2. Recycling and waste reduction policy

↗ Croatia, Spain and Uganda Replacement of wood or cardboard crates by reusable, foldable plastic boxes, cleaned by the suppliers after each delivery.

↗ 90% reduction in the quantity of wood boxes and crates in Croatia

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2.1 Waste reduction ↗ Group

↗ In Uganda, the boxes and crates have all been replaced

At the Congo's initiative, an awareness-raising campaign on waste was launched on all catering and remote sites.

Newrest Cyprus has put compactors in place for cardboard, which is therefore recycled.

by plastic boxes

↗ Cyprus

These posters were then translated into five languages: French, English, Spanish, Portuguese and Madagascan.

↗ Angola

Similarly, the use of Winflight software for inflight catering and Unirest software for the remote sites and catering helps many countries produce the quantities actually required for site consumption. For example, Winflight allows for a real-time forecast of the number of meals to be produced, facilitating the optimal use of raw materials.

On Total's Girasol site, the client has achieved ISO 14001:2004 certification. Therefore, as a subcontractor, Newrest Angola has implemented a comprehensive series of measures to reduce the impact of its activities on the environment. The most significant measure was to replace the detergent used in the past with one that is more eco-friendly.

↗ French Polynesia Since 2011, Newrest has partnered with SEP – Fenua Ma (“Société Environnement Polynésien”), a semi-public company founded in 2007. It has three main goals:

A few recycling figures

Austria

↗ 98 tons of cardboard ↗ 57 tons of glass ↗ 127 tons of compost

Portugal

↗ 5 tons of paper ↗ 1.2 tons of glass ↗ 850 kg of plastic

↗ the study and implementation of household and industrial waste treatment operations for all of the archipelagos in French Polynesia, ↗ the protection and rehabilitation of former unauthorized or uncontrolled landfills, ↗ the protection of natural spaces.

For each kilo of recyclable waste thrown into recycling bins, the SEP pays one Polynesian franc to associations selected by the mayor of the operation's town and that focus as a priority on the town’s underprivileged children. Industry also participates in this operation and, thanks to its efforts in sorting and recycling waste, the SEP provides funds to large associations such as Village SOS in Papara and SAGA.

As a general rule, documents are printed in black and white and on both sides, which is the default setting on all computers.

Furthermore, electronic archives are given preference over paper archives. To this end, intranet platforms have been developed both at the Group level and in the different countries.

Finally, scrap paper is reused in printers for internal documents.

↗ Mexico

A few figures on savings achieved:

The tax on waste paid to the city of Cancun decreased by 60% thanks to the purchase of an organic waste disposer, which significantly reduces the weight of waste disposed of.

Austria ↘ -9.27 tons

2.2 Recycling and reusing Systematic recycling of the following items:

↗ Cardboard ↗ Glass ↗ Paper ↗ Cooking oil (into biofuel in Tunisia and dog food in Africa) Recycling of the following items, if treatment centers exist in the country:

↗ T h e En v ir on m e n t

Newrest received the “Tortue d’Or” award in the “corporate” category. Approximately 500 kg of cardboard and more than 300 kg of plastic waste are recycled every week. This prize rewards the Polynesian teams and their efforts to sort waste, which directly benefits the children in their town.

2.3 Reduction in the use of paper

Cyprus ↘ -1% Portugal ↘ -2 tons

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Congo ↘ -10% (reuse of scrap paper) Madagascar ↘ -32% Group commitments

Every year, Fenua Ma rewards its partners – all those who endeavor to ensure that waste is systematically and appropriately sorted.

On June 5, 2014, awards were handed out to the towns, companies, schools, island towns and hotels that have signed an agreement with Fenua Ma.

Mexico ↘ -3%

↗ Electronic devices ↗ Batteries ↗ Light bulbs ↗ Cleaning products ↗ Cans ↗ Plastic ↗ Wood crates ↗ Green waste as compost ↗ Toners 109

↗ Headquarters

↗ The Netherlands

By reducing the page number of the 2013/14 Activity Report and promoting its electronic diffusion, 23% of paper and ink have been saved, compared to last year.

During the extension work for the inflight catering unit, LED lighting was put in place virtually throughout the site.

The reduction in the consumption of electricity is not visible yet, but should be next year.

↗ Cyprus Elimination of desktop printers, centralization on one printer that uses less electricity and ink.

↗ France Eco-friendly printing of the 176,000 SNCF cards and 100,000 brochures for sales on board airplanes for the Airshop subsidiary.

Since the beginning of 2014, all of the inflight catering trucks now use AdBlue®: an aqueous solution composed of 32.5% urea and 67.5% deionized water. By using this solution, 85% of pollutants (nitrogen oxide) is transformed into water vapor and harmless nitrogen. The impact of the use of this product cannot be measured, however the quantity of CO2 produced has dropped significantly.

↗ Greece Each user has a code to print, and the number of documents printed is monitored every month.

↗ The Netherlands The Dutch Ecofont software was installed on every computer.

During printing, Ecofont punches holes in the typed letters, with no impact on legibility. Up to 50% of ink used can be saved.

2.4 Reduction in the consumption of energy

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Austria

↘ -1,400 kWh

↗ Congo

Cyprus

↘ -15% electricity ↘ -4% fuel oil

Logistics schedules have been revised to allow for the optimization of deliveries and therefore the reduction of CO2 emissions.

France

↘ -7% fuel oil

↗ This has led to a 10% drop in the consumption of fuel oil

Portugal

↘ -4,500 liters fuel oil

Reunion Island

↘ -52% fuel oil

Spain

↘ -6.5% electricity ↘ -2.8% fuel oil

Switzerland

↘ -1% electricity ↘ -0.1% fuel oil (new trucks purchased)

Tunisia

↘ -12% fuel oil

↗ Cameroon

Cameroon

↘ -10,000 liters fuel oil

Tracking of vehicle consumption was implemented in order to adjust the consumption of light and heavy vehicles.

Congo

↘ -15% electricity (energy-saving light bulbs) ↘ -10% fuel oil (new logistics)

Uganda

↘ -20% fuel oil

as compared to the prior year.

↗ French Polynesia In French Polynesia, the production of gas to produce hot water dropped by 100%: hot water is now produced solely from solar energy.

Every month, the logistics manager reports on monthly consumption to the director general, who then compares it to prior consumption to determine the refills for the following months.

1. Use of Unirest

2. Use of Winflight

Unirest software is used on many remote and catering sites, and has been used throughout the company since 2012.

Similarly, an internal software package was developed more than seven years ago for the inflight sector. It is currently used in 80% of the countries in which we have an inflight activity.

This tool is currently used in 50% of our countries that have a catering and/or remote site activity, and it should be deployed in 75% of these countries by next year.

This software allows for: ↗ the creation of menus for each airline, ↗ the creation of corresponding recipe sheets, ↗ the updating of requirements in accordance with the passenger load rate of flights, ↗ stock management, ↗ management of the cost of food products, ↗ the proposal of menus suited to everyone's dietary requirements (gluten-free, vegetarian, etc.).

04

Group commitments

It has the following features: ↗ creation of detailed menu plans based on the nutritional requirements of each client, ↗ creation of recipe sheets with details on the food products required, ↗ creation of menus based on the menu plans and recipe sheets, ↗ management of food product stocks and the cost of food products, and therefore the management of purchases based on upcoming menus, ↗ nutritional impact of each dish proposed.

↗ T h e En v ir on m e n t ↗ Nut r it i on

Nutrition

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4. Nutrition on our operation sites Regardless of the country and type of operation, Newrest designs healthy meal plans in partnership with its clients.

A healthy meal option (with no animal fat or red meat) is offered on most of the remote and catering sites.

Of course, the calorie content of dishes is displayed on the self-service line, allowing everyone to select a meal that best suits their nutritional needs.

Also, a nutritionist regularly visits certain sites, offering those who wish a personal program that includes sports activities and tips on a healthier lifestyle.

Furthermore, taste tests of all of the dishes offered are attended by clients in all business sectors. This allows for an evaluation of the organoleptic characteristics of our services. This committee includes representatives of our clients who can then provide us with their feedback - both positive and negative - on the food services proposed.

3. Marcel and Linda campaign Newrest designed posters on the importance of proper nutrition. These posters are now present in most of our catering and remote sites.

This concept was developed further to the success of Madeleine on the school catering sites.

Finally, day events dedicated to the prevention of diabetes, obesity and smoking are organized in almost every geographical areas. Similarly, for catering sites, “Taste Test Weeks” are held, in particular on school catering sites.

↗ Greece On catering sites, the side dish for the main meal may be replaced with a salad.

↗ The Netherlands In partnership with Arkefly, Newrest Netherlands created a healthier menu that includes fair trade products for the airline's crews.

↗ Switzerland Newrest Canonica received “Fourchette Verte” and “Région Terre d'Avenir” certification for its catering activity. The “Fourchette Verte” label is based on the following criteria:

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↗ encouraging the population to adopt healthy dietary habits, ↗ offering a balanced diet, consumed in a healthy (100%

↗ Oman

non-smoking spaces) and pleasant (hygiene, waste-sorting) environment, ↗ allowing for the consumption of alcohol-free beverages at a reasonable price, ↗ improving awareness on dietary habits and health among both the population (more specifically, individuals who eat outside of their homes) and food service professionals, ↗ contributing to a reduction in the incidence of risk factors for chronic diseases resulting from dietary habits.

On the Vale site in the Sultanate of Oman, a healthy meal option is proposed. It includes a sugar-free soda, products with low animal-derived fat and milk product content, as well as vegetables and grilled white meat.

In July 2014, Newrest Spain celebrated the Newrest Canarias' First Technical Days on Nutrition in Schools with the organization of exhibits, roundtables and working groups in which experts from Newrest and its clients were able to meet, train, collect information and hold discussions.

↗ Congo

All of the participants were highly motivated during these Days, which, with regard to processes related to the municipal sector, were prepared with Newrest Morocco's teams.

Contrary to local dietary habits, Newrest Congo stopped using products rooted in tradition but that are unhealthy in its cuisine, such as bouillon cubes.

↗ Tunisia

↗ Uganda Local recipes were adjusted to reduce the quantity of cooking oil.

Furthermore, the awareness of employees was raised on the importance of including fruit and vegetables in their diets, as well as of reducing their consumption of animal-derived proteins.

On November 14, 2013, World Diabetes Day, Newrest Catering in Tunisia organized a breakfast at the head office of Attijari Bank in Tunis. A healthy meal was served in the presence of our team of nutritionists in order to inform and educate the bank's employees on this subject. Awareness-raising flyers were also distributed to provide guests with information on diabetes and the various stages of this disease. ↗ Nut r it i on

Every day, Newrest Canonica offers a meal option that is prepared with organic products, and at least 30% of purchases are made in the cantons in which it has operations.

↗ Spain

↗ French Polynesia Since its creation, the Polynesian subsidiary has implemented numerous measures to improve its clients' well-being by providing healthy food, one of which was the implementation of an awareness-raising campaign on dietary balance.

04

Group commitments

In the company's cafeterias, a specialized dietician's assistant provides information to employees on the composition of a balanced meal when they choose their food. She also provides advice to consumers in accordance with the composition of their tray. Communication materials with information on food groups are distributed: each group has a color code that is also set out in front of each dish.

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Corruption 1. Corruption ↗ Group

Regardless of the country involved, Newrest Group employees must maintain commercial relations based on transparency and honesty. This requirement also applies to our suppliers and clients; underhanded competition is frowned upon.

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

Additionally, Newrest employees refuse any gift offered by suppliers that are certified or seeking certification in order to obtain a deal or lower prices.

↗ South Africa A transparency/non-favoritism policy has been implemented in the company. dnata Newrest maintains this transparency thanks to its open door policy, which allows everyone to express their fears or provide information on practices that do not comply with the anti-corruption policy.

↗ Madagascar Four individuals were trained so as to be able to provide internal training on anti-corruption rules and procedures.

↗ Ghana A zero-tolerance policy regarding corruption, applicable to all stakeholders, was implemented.

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

All rules apply regardless of the country, whether 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 audits, who control the figures for each country every month and verify procedures during their regular visits to different countries.

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

↗ Mexico Despite widespread corruption in the country, Newrest's operations in Cancun are transparent: no employee has given into unfair proposals from suppliers or public officials.

↗ The Netherlands We believe that, “You reap what you sow.” This is a key feature of the company’s management and production processes.

Transparency and honesty are essential tools to achieve this goal.

↗ Switzerland No year-end gift is accepted from any supplier and invitations to any event whatsoever from suppliers are politely declined.

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2. Fair competition Foul play is unacceptable in any invitation to tender that Newrest Group responds to.

Contracts can only be won during normal competition between various participants.

Social dumping or prices that do not conform to market regulations are practices that are not tolerated. Prices are studied independently. No agreements are made with the competition.

Offers proposed for all contracts are evaluated jointly by country, zone and sales managers in the activity corresponding to the invitation to tender. The process of answering and awarding contracts is also closely monitored by the matrix organization.

Supplier audit procedures and questionnaires have been established by Newrest and are used in all countries.

For any invitation to tender, each country must obtain a quote from at least three different suppliers. This process must be repeated once every year at a minimum for every family of products purchased. The price is not the only criterion taken into account in the selection - the quality of products also plays a role.

↗ Niger Our suppliers are selected solely on the basis of criteria related to the quality of products, their price, availability and responsiveness. Purchases must imperatively be approved by three distinct individuals: the country manager, the operations manager and the financial manager.

↗ Gabon The list of approved suppliers of local products was revised further to audits. In 2014, 15 local suppliers of products with whom Newrest Gabon had been working were removed from the list, and only four were retained.

Of course, a contract is drafted locally to ensure a legal tie binds Newrest entities to the suppliers.

↗ Angola

↗ Panama

In 2014, a new team took over the purchasing department.

Their first project was to implement a system to improve control over the purchasing process.

A detailed purchasing process has been implemented. Its goal is to ensure that the selection of a supplier matches the product price and quality criteria, thereby avoiding all forms of corruption in the selection process.

↗ Croatia

Suppliers are now called in and a questionnaire is filled in to better understand their capacity and reliability. During all negotiations on potential reductions, a number of executives are present.

Then all the information is included in the contract prepared by the legal department.

Newrest Dubrovnik selects its suppliers and builds client/supplier relations very carefully. The objective is not just the price and quality, but also the supplier's compliance with QHSE rules, its reputation and honesty. Despite various attempts by suppliers to bribe our team, it has been very loyal and has complied with the principles imposed, and all offers of this type have been refused and management informed immediately.

↗ French Polynesia

The purchasing process has been divided into three different phases, each one managed by a distinct individual, so that no one can interfere in the decisions of others. Different individuals manage the processes to select products, negotiate prices, place orders and receive products.

↗ Philippines

↗ Mauritania

↗ C or r up t i on

Suppliers are selected by external audit.

It is essential that suppliers respect certain rules in order to earn accreditation: product quality, stock management, freshness, transportation system and cold chain integrity. Selections are made based solely on these criteria.

All purchases are renewed via an invitation to tender every three months to ensure we procure products of the highest quality possible at the best price, and also to allow for fair competition between our suppliers and avoid bribes or any other form of corruption.

Anti-fraud procedures were implemented in the Faa'a production unit. These procedures, related to the processing of invoices, payments, purchases and logistics, are read and signed by all department heads and operators. Random controls take place to verify compliance with these procedures.

04

In September 2014, Newrest SOS participated in the Annual Integrity Summit, focused on corruption, as an innovative company.

The event was organized by the Business Center in Makati, and was attended by many public and private sector representatives, as well as youth.

Group commitments

3. Supplier selection

↗ South Africa

All new suppliers are approved by the Director General and Assistant Director General.

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VISIT OUR WEBSITE!

Our Newrest Activity Report 2013/14, including Group’s operating performance and commitments, is available on our website www.newrest.eu

Photo credits: Frédéric Maligne, Newrest Algeria, Newrest Angola, Newrest Bolivia, Newrest Cameroon, Newrest Canada, Alexandre Badot for Newrest Canonica, CGA Newrest, Newrest Chile, Newrest Congo, Newrest Cyprus, Newrest Dubrovnik, dnata Newrest, Newrest French Polynesia, Teikidev for Newrest Retail in French Polynesia, Newrest Gabon, Newrest Ghana, Newrest Greece, Newrest Gulf, Rija Randrianasolo for Newrest Madagascar, Newrest Mauritania, Newrest Mexico, Newrest Morocco, Newrest Netherlands, Newrest Niger, Newrest Peru, Newrest Portugal, Newrest Private, Newrest Reunion Island, Newrest Saudia Airlines Catering, Newrest SOS, Newrest Spain, Newrest Tunisia, Newrest UIS, Newrest Wacasco, Muneeb Khan for Newrest Wacasco, Newrest Wagons-Lits Austria, Studio Vezelay for Newrest Wagons-Lits France, Xanthe Cooke for Newrest Zambia, Getty Images®, Fotobank.com.

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.

EXECUTIVE MANAGEMENT OFFICE NEWREST 61 boulevard Carnot • 31000 Toulouse – France Phone: +33 5 62 89 39 88 | Fax: +33 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: +33 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: +33 5 62 89 39 70

www.newrest.eu