Eng Company Cremonini 16-05-2014

COMPANY PROFILE | 2013

Cremonini S.p.A. - Via Modena, 53 - 41014 Castelvetro di Modena (MO) - Tel. +39 059 754611 - Fax +39 059 754699www.cremonini.com / e-mail: [email protected]


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INDEX

LETTER FROM THE CHAIRMAN

FINANCIAL RESULTS

LETTER FROM THE CHIEFEXECUTIVE OFFICER

PRODUCTION

DISTRIBUTION

CATERING

COMPANY STRUCTURE

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COMPANY PROFILE | 2014LETTER FROM THE CHAIRMAN | 2013

LUIGICREMONINI

Chairman

3

The year 2013 was marked by the celebration of the 50th anniversary of the founding of Inalca, the first stone on which we have built all the history of the Group. The occasion served to take a systematic look at our past, but above all to think about the future that awaits us, and how best to continue to develop our business, relying on the solid foundations laid down till now.

I would firstly like to point out that even in 2013 the Group has continued to grow, confirming a trend that has continued by now over many years: it is a steady growth, solid and organic, demonstrating that the strategic choices made over time have been proved right.

Beginning with the choice of diversification, which in the late 70s saw the Group engaged not only in the production of meat, but also in two other businesses: foodservice distribution and catering.

Not to mention the constant investment policy that has fuelled, and will ever more continue to fuel, the growth of all three businesses: significant resources destined each year to innovation, to the facilities, training, logistics, new factories and distribution platforms in the Italian and international markets.

It is in Russia and Africa that our group, starting from the production sector, has focused its development for over twenty five years. The first step was to export our own meat production, and then build local food distribution platforms, with attached refrigeration systems. In these years, we are engaged in the last link of what can be considered a reverse supply chain, i.e. the production of meat through the construction of new processing lines of hamburgers and the construction of slaughterhouses.

This business model, which is consolidating important results, can be easily replicated in many other countries. And it is for this reason that our future will be even more oriented to seeking new alliances with local partners, who can assist us with direct investments and specific know-how on targeted markets, as have shown the recent agreements for the development of Inalca in Eurasia and in the UAE.

On the foodservice distribution front, MARR has a still important growth forecast in the domestic market, continuing in both organic growth and the acquisition policy, as carried out in recent years.

The catering sector, the youngest of the group, has always been very dynamic in terms of acquisitions, mergers and incorporations, activities that have enabled the company to grow steadily and gain leadership positions in the "catering on the move".We expect, however, that the development of the catering sector will increasingly be driven by the growth of our steakhouse chain brand Roadhouse Grill, which, with the opening of the 50th restaurant in Italy, continues to be a great success with the public and the market.

I conclude by reminding that the best strategies without a team of competent, united and motivated people, fully dedicated to the job, are in vain. In this fiftieth anniversary of the foundation I feel it is my duty to give a special vote of thanks to all our 9,000 employees and collaborators, who have shared our goals and our values: without them it would not have been possible to achieve these results, and it is together with them that we continue to build our future.

“IN 2013 WE CELEBRATED THE 50TH

ANNIVERSARY OF THE FOUNDING OF INALCA: A GLANCE AT THE PAST

TO BUILD THE FUTURE”.

2013

4 5

LETTER FROM THE CHIEF EXECUTIVE OFFICER | 2013

In 2013, the growth trend of now more than ten years of the Group was confirmed, with a turnover that has reached almost 3.5 billion Euro. The gross operating margin (EBITDA) stood at 258.0 million Euro (+7.0%) and operating profit (EBIT) reached 166.8 million Euro, up 12.2% compared to the previous year.

The production sector of the Group, through its subsidiary Inalca, in 2013 consolidated total revenues of 1,558.8 million Euro. Profitability is on the increase with EBITDA reaching 124.9 million Euro (+8.0%) and EBIT rising to 77.0 million Euro (+14.7%).

The contribution of Inalca’s foreign activities is a driving force, which together with exports accounted for over 50% of the turnover of the whole sector.

In this regard it should be emphasised that the company operates in Russia and Africa with two distinct businesses: the distribution of food products to the foodservice and beef production.

This year we have signed important strategic partnership agreements in two major areas: Eurasia and the Middle East. In particular, we have formed a new company, Inalca Eurasia Holding, with the entry

of a major financial/industrial partner, the Knightsbridge Group, which invested 60 million Euro acquiring 40% of all our activities in Russia. The agreement, on an exclusive basis, is aimed at accelerating the activities of food distribution and meat production in the territories of the Russian Federation and in 11 other Eurasian countries: Armenia, Azerbaijan, Belarus, Georgia, Ukraine, Kazakhstan, Kyrgyzstan, Moldova, Tajikistan, Turkmenistan and Uzbekistan.

Another impetus to the international agreement will be signed with Emirates Advanced Investment Group in Abu Dhabi, for the construction of a logistics-distribution platform for food, intended to serve the rich markets of the UAE and the Middle East.

In distribution the growth trend of the group MARR continues, which in 2013 achieved total revenues of 1,364.7 million Euro, an increase of 8.3%. EBITDA and EBIT amounted respectively to 94.9 million Euro and 80.4 million Euro, up by 5.3 % and 4.4%. Thanks to the acquisition of SCAPA, the second largest operator in the Italian market, MARR has further consolidated its leadership in Italy. These results have also been recognised by the stock market, which has seen the company's stock appreciate by over 65% in one year.

The catering sector, with Cremonini’s exit from onboard train activities in Spain and partially in France, marked in 2013 a return to profitability and a strong recovery in margins. Revenues from Chef Express totalled 642.8 million Euro, with EBITDA reaching 40.9 million Euro (+7.9%) and the EBIT 15.4 million Euro (+42.9%). Also of note is the considerable expansion of the Roadhouse Grill chain which has reached 50 restaurants at the end of the year, with a turnover of 65 million Euro, an increase of over 25% compared to 2012.

Continuing with the investment policy implemented over the years to finance the development of its activities in Italy and abroad, Cremonini in 2013 invested about 56 million Euro, including 27 million Euro in the manufacturing sector, 21 million Euro in the field of catering and 8 million Euro in the distribution sector.

“ANOTHER YEAR OF GROWTHTHANKS TO THE INTERNATIONAL EXPANSION

OF INALCA IN PRODUCTION,THE STRENGTHENING OF MARR

IN THE DISTRIBUTIONAND THE RETURN

TO PROFIT IN CATERING”

THE GROUP'S CONSOLIDATED RESULTS

LUIGI CREMONINI

PAOLO SCIUMÈ

VINCENZO CREMONINI

VALENTINO FABBIANGIORGIO PEDRAZZIPAOLO BONIILLIAS ARATRI

Chairman

Vice-Chairman

Chief Executive Officer

Directors

THE BOARD OF DIRECTORS OF CREMONINI S.p.A.

TOTAL REVENUES

EBITDA

EBIT

NET PROFIT

SHAREHOLDERS’ EQUITY

NET DEBT

CAPITAL EXPENDITURES

ECONOMIC - FINANCIAL FIGURES (MLN/€)2011* 2012 2013

*Pro forma figures with 100% consolidation of the production sector.

VINCENZO CREMONINIChief Executive Officer

3,298.3232.1148.0

51.7324.3907.2

59.7

3,425.1241.1148.633.5

360.3913.6

63.1

3,496.7258.0166.832.7

433.7849.7

55.8

2007 2008* 2009* 2010* 2011* 2012

2007

CAGR 2007-2013: +6%

TOTAL REVENUES (MLN/€)

2,482.4 2,676.6 2,792.53,039.3

3,298.3 3,425.1 3,496.7

+2.1%

+7.0%

+12.2%

EBITDA margin EBITDA (MLN/€)

2008* 2009* 2010* 2011* 2012 2013

7.4%

258.0241.1

7.0% 7.0%

232.1

6.8%

206.2

5.8%

162.1

5.9%

157.4

6.0%

148.8

EBIT (MLN/€) EBIT margin

2007 2008* 2009* 2010* 2011* 2012 2013

96.8

3.6%

93.0

3.3%

122.2

4.0%

148.0

4.5%

148.6

4.3%

166.8

4.8%

93.8

3.8%

cured meats & snacks

100%

GR

UP

PO

MA

RR

6 7


3 AREAS OF ACTIVITYAND THE STRENGTH OF A GREAT GROUP.CREMONINI: AN ITALIAN STORY,AN INTERNATIONAL LEADERSHIP.

The Group, with its headquarters in Castelvetro di Modena, has approximately9,000 employees worldwide and operates in three business areas: production,distribution to the foodservice sector and catering.

The Group's historyThe Group, founded by the entrepreneurial initiative of Luigi Cremonini, has in 50 years become distinguished nationally and internationally as a point of reference in the food world, not only in the historical beef sector, but also in the distribution and catering sectors.In 1963, Cremonini started business in the beef sector with the foundation of Inalca, creating the modern meat industry. At the end of the 1970s the company embarked on a diversification policy, initially expanding in the contiguous sector of cured meats and subsequently in two complementary markets: with the acquisition of MARR S.p.A. in 1979, the company entered into the sector of distribution of food products to the foodservice sector and in 1981 made its debut in the catering sector.The current Group's structure was thus formed: production, distribution and catering, which still represent the company’s 3 main pillars today.

The Parent Company Cremonini S.p.A.The Cremonini Group today constitutes a Holding company called Cremonini S.p.A. that controls the three operating sub-holdings: Inalca S.p.A. 100%, Chef Express S.p.A. 100%, MARR S.p.A. 50.4%, which autonomously manage their business by operating directly or through subsidiary companies in their respective target markets, as leader or in any case in important positions.

The Holding company Cremonini S.p.A., in addition to controlling the three operating sub-holdings, defines the strategies for the acquisition and sale of equity investments, capital expenditure in the various sectors and provides support in the areas of finance, information systems, legal and tax matters, human resources and public relations.

450in Africa

650in Russia

1,750in Europe

of whom

REVENUESFOR BUSINESS AREA

44%

38%

18%

1,365mln/euro

643mln/euro

1,559mln/euro

beef on board foodservice

INALCA S.p.A. CHEF EXPRESS S.p.A. MARR S.p.A.

Public shares(Milan Stock

Exchange-Starsegment)

MAIN SUBSIDIARES MAIN SUBSIDIARES MAIN SUBSIDIARES

MAIN SUBSIDIARES

Inalca Angola L.t.d.a.

Inalca Mozambico L.t.d.

Dispal - Costa d’Avorio S.a.r.l.

Marr Russia L.l.c.

Inalca Algerie S.a.r.l.

Inalca Kinshasa S.p.r.l.

Inalca Brazzaville S.a.r.l.

(100%)

(100%)

(100%)

(75%)

(70%)

(55%)

(55%)

Italia Alimentari S.p.A. (100%)

Momentum Service L.t.d.

Chef Express UK L.t.d.

Cremonini Rail Iberica S.a.

Cremonini Restauration S.a.s.

Railrest S.a.

Avirail Italia S.r.l.

(100%)

(100%)

(100%)

(86%)

(51%)

(51%)

As.Ca. S.p.A.

Baldini Adriatica Pesca S.r.l.

Emigel S.r.l.

New Catering S.r.l

Sfera S.p.A.

(100%)

(100%)

(100%)

(100%)

(100%)

steakhouse

Roadhouse Grill Italia S.r.l. (100%)

Roadhouse Grill Roma S.r.l. (55%)

vending machines

Time Vending S.r.l. (50%)

railways stations, airports & motorways

PRODUCTION CATERING

CREMONINI FAMILY

DISTRIBUTION

100% 50.4%100%

49.6%

COMPANYSTRUCTURE

CATERING

DISTRIBUTION

PRO

DU

CTI

ON

9,000

EMPLOYEES

REVENUES

3,496.7mln/euro

REDUCING CO2EMISSIONS

GREEN ENERGY:EFFICIENCY ANDRENEWABLE ENERGY

WATER REUSE

WASTE Inalca self-produces 70%of its energy needs throughcogeneration and the useof renewable sources suchas biomass deriving fromproduction process waste(Biogas).

70%of energy self-produced.

The current industrial structureof Inalca allows a savingsof 18% per year of TOE(tonnes of oil equivalent),corresponding to a reductionin CO2 emissionsof 6,000 tons per year.

-18%TOE/year

82,000 mcof reclaimed water eachyear by Inalca.

99%99% of Inalca waste is sentfor recycling.

98

PRODUCTION | 2013

The Cremonini Group, through its subsidiary Inalca, operates in two business areas:beef, cured meats & snacks and abroad in the distribution of food products.

* Consolidated figures referring to 100% of the production business.

Inalca is the absolute leader in Italy in the beef sector and one of the major European players, and is amongst the leading Italian operators in cured meats & snacks. Furthermore, the company operates in a position of leadership in the activities of distribution of food products to the foodservice with its own logistic platforms in various emerging countries.

The entire production sector can count on 10 factories in Italy, on 20 distribution platforms and

REVENUESOF OVER 1.5 BILLION EURO

AND AN INCREASINGLYINTERNATIONAL PRESENCE

SUSTAINABILITY

5 production plants distributed between Russia and Africa. Inalca, with 3,000 employees, in 2013 recorded consolidated total revenues of 1,558.8 million Euro (+0.8%). The gross operating margin (EBITDA) reached 124.9 million Euro (+8.0%), while the operating result (EBIT) was 77.0 million Euro (+14.7%).

PRODUCTION

2007 2008* 2009* 2010* 2011* 2012

+8.0%

+14.7%

+0.8%

CAGR 2007-2013: +7%


1,041.21,156.7 1,154.1 1,228.9

1,413.61,546.8 1,558.8


124.9115.6

7.6% 7.5%

8.0%

107.1

8.3%

101.6

5.1%

59.1

5.2%

59.6

4.9%

51.0

4.6% 4.3%4.9%4.7%

2.0%2.2%1.9%77.0

67.164.458.3

23.425.019.4


2007 2008* 2009* 2010* 2011* 2012 2013 2007 2008* 2009* 2010* 2011* 2012 2013

*

Inalca Algeri(Algeria)

Inalca Orano(Algeria)

Inalca EspanaBarcelona (Spain)

Montana AlimentariMunich (Germany)Inalca Warsaw

(Poland)Inalca Saint Petersbourg(Russia) Inalca Rostov

(Russia)

Inalca Moscow(Russia)

InalcaNovosibirsk(Russia)

InalcaAnnaba

(Algeria)

InalcaAbidjan

(Ivory Coast)

OrenbeefOrenburg(Russia)

Inalca Point-Noire(Congo)

Inalca Brazzaville(Congo)

Inalca Maputo(Mozambico)

Inalca Kinshasa(Dem. Rep. Congo)

Inalca Luanda(Angola)

Inalca Lobito(Angola)

Inalca Viano(Angola)

InalcaArgentina(Argentina)

InalcaCubaLa Havana

FrimoMontecarlo

(Monaco)

20Distribution platformsin Russia and Africaand 5 production plants

6Salesoffices

10Factories in Italyfor beef and curedmeat production

6 4BeefFactoriesInalca

Cured meats & snacksFactoriesItalia Alimentari

for beemeat p

f and curedroduction

nd Africauction plants

in Russia anand 5 prod

offices

Inalc(Pola

nacks ontana Alimentariunich (Germany)

Inalca Saint Petersbourg

MoMuca Warsaw

and)Ina

Moscow)

g

Inalca M(Russia)66 4Beef

FactoriesInalca

4 Cured meats & sFactoriesItalia Alimentari

PRODUCTION | 2013

10 11

BEEFInalca is a company of recognised excellence at world level. It supervises the entire beef production chain, from rearing to finished product, and successfully operates in international markets that have led the company’s development in recent years.

Inalca produces and markets a complete assortment of beef: fresh and deep-frozen, vacuum-packed and in a protected atmosphere, ready-to-eat products, canned meats (Montana) and meat extracts. Over 500,000 tonnes of meat are transformed and marketed by the company every year, 100,000 tonnes of which are hamburgers and 200 million cans of meat.

The company’s Italian industrial structure consists of 6 factories, specialised by processing typology: Castelvetro di Modena (MO), Ospedaletto Lodigiano (LO) and the equity investment in a company in Flumeri (AV), where the slaughtering, de-boning, meat transformation and packaging phases are carried out; Rieti, Guardamiglio (PC) and Capo d’ Orlando (ME), where transformation and packaging are carried out, including a logistics platform.

Inalca is present abroad with 20 logistics and distribution platforms, 5 of which are in Russia and 15 in Africa distributed in six countries: Angola, Algeria, Congo, Democratic Congo Republic, Mozambique and the Ivory Coast.Furthermore, Inalca has plants for the processing and transformation of meat-based products in Luanda, Kinshasa and Algeria, while in Odintsovo,

on the outskirts of Moscow, it vaunts an avant-garde factory for hamburger production. Finally, in the first semester of 2014, the company’s first slaughtering plant will be inaugurated at Orenburg, on the border with Kazakhstan, completing the production chain and valuing the local beef patrimony.

CURED MEATS & SNACKSInalca, through its subsidiary Italia Alimentari S.p.A., is amongst the leading operators in the Italian cured meats market.

The company’s industrial structure consists of 4 factories specialised by product type and located in the areas of valorisation of the typical products with D.O.P. and I.G.P. certifications: Gazoldo degli Ippoliti (MN), where pre-sliced meats, sandwiches and snacks are produced; Paliano (FR), where cooked and roast hams are produced; Busseto (PR), the base for production of culatello, salami and mortadella, and Postalesio (SO), dedicated to bresaola production.

The company specialises in the preparation of pre-sliced products, marketed both with its own brands (IBIS and CorteBuona) and the brands of the major distribution chains. The company uses a structure composed of 18 processing halls, the so-called “white rooms”, where about 100,000,000 trays of pre-sliced products and 12,000,000 snacks and sandwiches are packed per annum.

10 FACTORIES IN ITALY FOR BEEF AND CURED MEATPRODUCTION, 20 DISTRIBUTION PLATFORMS

AND 5 PRODUCTION PLANTS IN RUSSIA AND AFRICA.

Innovation, technology, food safety and company social responsibility, are the cardinal points of Inalca’s business.

SALESBY PRODUCT TYPE

CURED MEATS& SNACKS

1.558,8mln/euro

BRANDS

BEEF

UCT TYPE

CURED& S

EEF

REVENUES

1,558.8mln/euro

91%

9%

90%The packaging used by MARRin its own businessis made up at 90%of recycled material.

REDUCING CO2EMISSIONS

GREEN PRODUCTS RECYCLEDPACKAGING

MARR increased the numberof eco-friendly productswhich meet the environmentalcriteria of reference, with theaim of implementing a policyof purchasing "Green" productsby its customers.

MARR, thanks to an exclusivesoftware order management,optimises logistics processesrelated to the deliveryof products to its customers,ensuring through a full loada reduction in mileageand travel times.

XX13XX12

DISTRIBUTION | 2013

MARR, with over 1,000 employees, is a company in continuous growth, present throughout Italy with a wide range of products with various conservation typologies (frozen, fresh and at ambient temperatures).The distribution sector’s revenues were 1,364.7

N.B. It is specified that figures may differ from those shown in the consolidated financial statements of MARR at 31 December 2013, due to the effect of some consolidation adjustments within the Group’s consolidated financial statements.

million Euro in 2013 (+8.3%); the gross operating margin (EBITDA) was 94.9 million Euro and the operating profit (EBIT) 80.4 million Euro, a growth of 5.3% and 4.4% respectively.

MORE THAN 10,000PRODUCTS EVERY DAYAT THE SERVICE OF THECATERING SECTOR

The Cremonini Group operates through MARR in the distribution sector.MARR is the leader in Italy in the distribution of food productsto operators in eating-out catering.

DISTRIBUTION

SUSTAINABILITY

1,000Over 1,000 Green Productsat the service of catering.

for enviroment

2007 2008* 2009* 2010* 2011* 2012


2007 2008 2009 2010 2011 2012 20132007

CAGR 2007-2013: +4%


1,064.7 1,109.3 1,138.4 1,193.0 1,249.2 1,260.01,364.7


2008 2009 2010 2011 2012 2013

5.5% 5.6% 6.0% 6.3%6.1% 5.9%5.6%

61.0 63.3 71.179.3 77.0 80.4

59.7

7.0%7.3% 7.2%7.0%

6.5%6.4%6.5%

94.990.291.883.0

73.871.169.5

+5.3%+4.4%

+8.3%

5Cash & Carry

33Branches

2Processing plants

4Agentswith warehouses

Branches Cash & CarryC ntswarehouses

Agenwith

ocessing plantsPro

XX XX

DISTRIBUTION | 2013

14 15

THE COMPANY MARR provides its customers with a personalised consultancy service, assisting them in the planning of their purchases from a broad range of products, which includes around 10,000 food articles (meat, fish, various foodstuffs and fruit and vegetables), in addition to 8,000 non-food articles (kitchen equipment, utensils, table furnishings). MARR’s sales mix is constituted by 43.6% of various foodstuffs, 33.3% fish, 19.7% meats, 3.0% fruit and vegetables and the remaining 0.4% by kitchen equipment.MARR ensures a timely service to over 38,000 customers, served every year throughout the country, with a network consisting of 33 distribution centres, 5 Cash & Carry, 4 agents with warehouses, 750 dedicated vehicles, a marketing structure with over 700 sales agents and more than 1,000 direct employees.

In 2013 the business of Scapa Italia S.p.A. was acquired by MARR, as well as two modern branches in Marzano (Pavia) and Pomezia (Rome). MARR has concentrated in these two new structures the logistics and distribution activities of its “National Account” clients, rationalising the activities dedicated to the “Street market” segment effected by its other distribution centres.

THE MARKETThe Foodservice sector (food consumed out of home) in Italy is worth about 65 billion Euro, while supplies to the Foodservice sector are worth about 16 billion Euro, a segment of which MARR is leader with over 1.3 billion

Euro in total revenues. The business is mainly directed at the commercial catering segment (restaurants, hotels, fast-food outlets, tourist villages, etc.), and collective catering (corporate canteens), an interesting segment for its characteristics of lower seasonal adjustment.Specifically, 61.3% of revenues derive from “Street Market” customers (non-structured commercial catering: restaurants and hotels not belonging to groups or chains), 22.5% from “National Account” customers (structured and commercial catering) and 16.2% from “Wholesale” (food wholesalers).

THE DEVELOPMENTMARR’s internal growth policy is directed at continuing the progressive reinforcement of its leadership, specifically by increasing the number of products sold to its customers, above all through the offer of products with a high service content (e.g. portioned or ready to cook) marketed with its own or exclusive brands.

Furthermore, in the perspective of consolidating its target market, the development of external lines could be directed at acquiring local operators to:- increase the product specialisation and the segment of clientele, with particular attention to the development of distribution to bars and fast food catering, a market segment in continuous expansion;- optimise the logistical coverage for customers.

33 DISTRIBUTION CENTRES, 5 CASH & CARRY,750 VEHICLES, MORE THAN 700 SALES AGENTS,

10,000 FOOD PRODUCTS AND OVER 38,000 CUSTOMERS.

MARR, with a 40-year history, represents a reference point for cateringoperators, proposing itself as the sole national supplier for their purchases.

REVENUES BY CUSTOMERTYPOLOGY

COLLECTIVE& STRUCTURED

CATERING

COMMERCIALCATERING

16.2% 22.5%

61.3%

WHOLESALERS

BRANDS

REVENUES

1,364.7mln/euro MARR on the

stock-exchange

(March 2013 - March 2014)

+65%

XX

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XX

XXXX

XX

XX

XX

XX

XXXX

XX XX

XX

XX

XX

XXXX

XXXX XX XX

XX XX

XX

XX

XX

XX

XX

XX

XX

XX

XX

XX

XX XX

XX

XX

-12.0%in 3 years 100%

Chef Express in the last threeyears has achieved energysavings of 12%, thanksto an incentive employeepolicy aimed at reducingenergy consumption,as well as aligning the rulesfor the proper managementand conservation of energyin each single point of sale.

ENERGYSAVING

SUSTAINABILITY

Chef Express, withinits onboard train catering,has started the project"green train" that providesfor the inclusion in its menuof local products, organicand eco-friendly, the choiceof "Green" suppliersand the recyclingof materials used onboard.

GREEN TRAINPROJECT

100% of the points of saleprovide for the collectionof waste in accordancewith the indicationsof the local municipality.

WASTECOLLECTION

CATERING | 2013

XX16 17

Chef Express S.p.A., with 5,000 employees, is the leader in Italy in railway station catering, one of the principal European operators in onboard train catering, and amongst the principal Italian operators in motorway catering.

The revenues of the catering division in 2013 stood at 642.8 million Euro, a slight decrease with respect to 2012 due to the effects of the

reduction of onboard train catering activities in Spain and France. Instead the margins of the sector are in counter trend: the gross operating margin (EBITDA) reached 40.9 million Euro (+7.9%) and the operating result (EBIT) registe-red an increase of 42.9%, equal to 15.4 million Euro.

OVER 60 MILLIONCUSTOMERS EVERY YEAR, WITHALL THE TASTE AND PLEASUREOF A GREAT WELCOME

The Group operates in the catering sector through its subsidiary Chef Expressin three business areas: onboard train catering, railway station, motorwayand airport catering and in commercial catering with the Roadhouse GrillSteakhouse chain.

CATERING

2007 2008* 2009* 2010* 2011* 2012

-5.1%

+7.9%

+42.9%

2007

CAGR 2007-2013: +6%


441.1 474.7558.1

675.8 690.9 677.4 642.8


2008 2009 2010 2011 2012 2013 2007 2008 2009 2010 2011 2012 2013


40.937.935.2

24.5

32.429.831.4

15.410.8

9.813.5

0.7

17.220.6 1.4% 1.6%

2.4%

0.1%

2.4%

3.6%

4.6%

6.4%

5.1%5.6%

3.6%

5.8%6.3%

7.1%

50Steakhouses

300Trains

59Railwaystationsof which 13in Europe

9Airports

41Motorwayareas

18 19

CATERING | 2013

ONBOARD TRAIN CATERINGCremonini has operated in this segment with the Chef Express brand for over 20 years, with a daily presence on more than 300 trains in 6 European countries and is now one of the leading operators in this sector in Europe. The Group is present on the English Eurostar trains connecting London, Paris and Brussels through the Eurotunnel, on the Belgian Thalys trains on the Brussels, Paris, Cologne, Dusseldorf and Amsterdam routes, on the French high-speed train network IDTGV, and on the Italian high-speed trains ITALO, where all the catering logistics are implemented. As well as its onboard train catering services, Cremonini manages the VIP Lounges of the principal European stations of Paris, Brussels and London. Cremonini has, in a joint venture with Geodis Logistics, set up AVIRAIL, a French company operating in catering logistics in railway stations.

CONCESSION CATERINGCremonini operates in this segment with both its own brands, such as Chef Express, Mokà, Mr. Panino, Gourmé, Gusto Ristorante and Bagel Factory, and with catering chain licensed brands, such as McDonald’s and RossoSapore.

• RAILWAY STATIONSChef Express is the Italian leader in railway station catering: it provides services in bars, cafeterias,

restaurants, self service and fast food outlets, pizza parlours and kiosks. The Group has 137 points of sale, distributed in 46 railway stations in Italy, 10 of which are large stations. Furthermore Chef Express UK manages the Bagel Factory chain with 13 points of sale in England and over 43 premises in franchising distributed in Ireland and Great Britain.

• MOTORWAYSChef Express has also consolidated its presence in the motorway catering sector and now is one of the major Italian operators. There are 110 points of sale, distributed in 41 service areas on the principal Italian motorway arteries.

• AIRPORTSChef Express has also accelerated development in airport areas in the last two years.It now has over 62 points of sale in 9 airports (Rome Fiumicino, Rome Ciampino, Milan Malpensa, Milan Linate, Pisa, Cagliari, Parma, Bergamo Orio al Serio and Genoa).

ROADHOUSE GRILLThe Group, which established in 2001 the first steakhouse chain in Italy, today has 50 Roadhouse Grill branded premises. Unique in its genre and original in the formula of catering, the Roadhouse Grill chain is characterised by the offer of a broad menu based on grilled meat with table service.

MORE THAN 300 TRAINS SERVED IN 6 EUROPEAN COUNTRIES,59 RAILWAY STATIONS, 41 MOTORWAY CATERING AREAS,

9 AIRPORTS, 50 STEAKHOUSES.

Cremonini is synonymous with quality in the catering sector, where it has been able to offer a combination of the pleasure of good food with efficient and rapid service required in “travelling” scenarios, such as trains, stations, airports and motorways.

CATERING REVENUESBY TYPOLOGY

STEAKHOUSES

STATIONSAIRPORTS

MOTORWAYS

ONBOARD TRAINCATERING

10.3% 36.2%

53.5%

BRANDS

REVENUES

642.8mln/euro

PRODUCTION

CREMONINI S.P.A.GROUP HEAD OFFICEVia Modena, 5341014 Castelvetro di Modena (MO)email: [email protected]. +39 059 754611Fax +39 059 754699

INALCA S.P.A.HEADQUARTERS AND FACTORYVia Spilamberto, 30/c41014 Castelvetro di Modena (MO)Tel. +39 059 755111 - Fax +39 059 755517-9

RIETI FACTORYViale delle Scienze, 102100 RietiTel. +39 0746 2271 - Fax +39 0746 227211/12

OSPEDALETTO LODIGIANO FACTORYViale Europa, 1026864 Ospedaletto Lodigiano (LO)Tel. +39 0377 9791 - Fax +39 0377 979471

CAPO D’ORLANDO FACTORY Contrada Muscale98071 Capo d’Orlando (ME)Tel. +39 0941 901286 - Fax +39 0941 913283 (comm.)Fax +39 0941 914867 (amm.)

REALBEEF S.R.L.Località Tierzi - zona Asi83040 Flumeri (AV)Tel. +39 0825 474301 - Fax +39 0825 474302

FIORANI & C. S.P.A.Via Coppalati, 5229122 Guardamiglio (PC)Tel. +39 0523 596111 - Fax +39 0523 596136

DISTRIBUTION

MARR S.P.A.Via Spagna, 2047921 Rimini (RN)Tel. +39 0541 746111 - Fax +39 0541 742422

ITALIA ALIMENTARI S.P.A. HEADQUARTERS AND FACTORYViale Europa, 1443011 Busseto (PR)Tel. +39 0524 930311 - Fax +39 0524 930022

GAZOLDO DEGLI IPPOLITI FACTORYVia Marconi, 346040 Gazoldo degli Ippoliti (MN)Tel. +39 0376 6801 - Fax +39 0376 657651/853

PALIANO FACTORYContrada Cervinara03018 Paliano (FR)Tel. +39 0775 532811 - Fax +39 0775 533097

POSTALESIO FACTORYVia Crocetta, 223010 Postalesio (SO)Tel. +39 0342 493850 - Fax +39 0342 493849

CATERING

CHEF EXPRESS S.P.A.Via Modena, 5341014 Castelvetro di Modena (MO)Tel. +39 059 754811 - Fax +39 059 754700

CHEF EXPRESS UK90A Tooley StreetLondon SE1 2TH - UKTel. +44 2 074077616 - Fax +44 2 074077617

ROADHOUSE GRILL S.R.L.Via Modena, 5341014 Castelvetro di Modena (MO)Tel. +39 059 754411 - Fax +39 059 754491

CREMONINI RESTAURATION SAS22, Rue Saint Augustine - 75002 Paris, FranceTel. +33 1 42797776 - Fax +33 1 42797690

RAILREST S.A.Rue de France, 95 - 1070, Bruxelles, BelgioTel. +32 2 5580100 - Fax +32 2 5580109

MOMENTUM SERVICES LTDTimes House 5, Bravington Walk, Block BRegent Quarter. KING’S CROSSLondon N19AW - UKTel. +44 2 078435519 - Fax +44 2 078435620

SERVICES

TECNO-STAR DUE S.R.L.via Modena , 5341014 Castelvetro di Modena (MO)Tel. +39 059 754901 - Fax +39 059 754900

GLOBAL SERVICE S.R.L.Via Modena, 5341014 Castelvetro di Modena (MO)Tel. +39 059 754211 - Fax +39 059 754299

Documents

Eng Company Cremonini 16-05-2014