2013 First Half Results31st July 201331 July 2013

Table of Contents

1. Introduction p.3

2. Transport Business p. 6p p

3. Logistics Business p. 14

4. Freight forwarding Business p. 24g g

5. Group Financials p. 31

6. Outlook p. 44

7. Appendices p. 50

DisclaimerDisclaimerThis document was prepared by Norbert Dentressangle for the sole purpose of presenting its 2013 first halfresults on the 31st July 2013. This document may not be reproduced or distributed, in whole or in part,without the prior agreement of the Company. Norbert Dentressangle may not be held liable due to the useof this document by any person not belonging to the Company. This document does not contain anyquantified forecast of results. The Company makes no commitment or guarantee that it will meet its

2

quantified forecast of results. The Company makes no commitment or guarantee that it will meet itsobjectives or any goal that it may state in its business plans. While the Company believes that its objectivesare reasonable, readers are reminded that said targets are subject to risks and uncertainties, notably asdescribed in the "Risk factors" section of the annual "Document de Référence" registration document.

1. Introduction1. Introduction

2013 Fi h lf N b D l2013 First-half : Norbert Dentressangle remains on track

• In a sluggish economic climate, particularly in France, Norbert Dentressangle posted a robust performance

– €1,932m in revenue2 9% EBITA margin– 2.9% EBITA margin

• Norbert Dentressangle is well placed for international development and improving future performancedevelopment and improving future performance

– Measures put in place to address tough market conditions in Transport will result in H2 benefits

– Solid growth in revenue and profitability in Logistics will continue in H2

– Strong strategic transforming development initiatives for a more international profile

– Acquisition of the Fiege’s logistics activities in Italy, Spain and Portugalq g g y p g– Launching JV for chilled logistics with Danone in Russia– Signing of the acquisition of Daher’s Freight forwarding business– Dual listing on Nyse Euronext London

4

• Strict financial controls – With significant debt reduction – And improved financial ratios

St blStable revenues, EBITA affected by one-off costs

In €m30/06/13

30/06/12Restated

with IAS 19

Overall %

change

30/06/12reported

Organic growthIn €m with IAS 19R

change p

Revenue 1,932 1,934 -0.1% 1,934 -0.5%

Underlying operating profit 59.6 62.9 -5.3% 62.9

As % of turnover 3 1% 3 3%As % of turnover 3.1% 3.3%

Operating profit before goodwill (EBITA)

55.1 64.0 -14% 64.3

EBITA Margin 2.9% 3.3% 3.3%

Net income 24.5 27.4 -10% 29.9

5

2. Transport Business2. Transport Business

T t B i M k tTransport Business - Market Conditions

• A highly fragmented market

• Important room for growth in Europe

• Network scale is key for sales development and competitiveness

E pectations fo eco f iendl t anspo t sol tions• Expectations for eco-friendly transport solutions

Our responseOur response

• Develop value-added transport service offerings

• Grow in Europe• Grow in Europe

• Expand network to remain competitive

• Commit to reducing carbon footprint and road accidents through

7

continuous improvement and innovation

Transport Business: a resilient andTransport Business: a resilient and profitable profile over the past 15 years

L d i i (EBITA)

1 744 1 636

1 966 2 038

200

250

2 000

2 500

EBITAIn €M

TurnoverIn €M

Long term revenues and operating income (EBITA)

485 544 590 693 705 745 807 898 1 008 1 109

1 4861 636

100

150

1 000

1 500

28 20 26 37 31 33 3926

50 4330 28

44 4760

0

50

0

500

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Turnover Transport EBITA Transport

5,9%4 5%

5,3%4 4% 4 4% 4,9% 5,0%6,0%

8,0%

% of turnover

3,8%4,5% 4,4% 4,4% 4,9%

2,9%

,3,9%

1,7% 1,9%2,7% 2,4% 3,0%

0,0%

2,0%

4,0%

,

8

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

EBITA %age Transport

2013 H1 change in revenue

Diesel / Fuel effect

-0.9%

Forexeffect-0.7%

Calendareffect-1.4%

Volume and price

effect-0.3%

Consolidation effect

+0.3%1.4%

€1,010m €1,041m

-3.0%

€1,010m (1)

,(1)

30/06/12 30/06/1330/06/12 30/06/13

9(1) Before elimination of "inter-division" revenue

T F i h iTransport: Facing a tough economic market

• Contrasting performance between the different transport activities:• Contrasting performance between the different transport activities:– Strong growth in pallet distribution activities– Full load transport, especially in France, has to cope with the down-

trading of industrial sector customers

• Down-trading by major industrial sector customers– Red Inside and Transport Organisation offers are well placed and gain

market sharemarket share

• Robust sales pipeline

10

Transport Operating Income

Transport at 30/06/13

Transport at 30/06/12

Overall % change

In €m

g

Revenue * 1,010 1,041 -3%

Underlying Operating profit 25.2 29.3 -14%

As % of turnover 2.5% 2.8%

Operating Profit before goodwill (EBITA) 23.8 31.7 -25%

As % of Revenue 2.4% 3.0%

11* Before elimination of “inter-division” revenue

Prompt measures to adapt the businessFirst positive effects expected by H2

• Operating profitability– Resilience in underlying operating margin: 2.5% as 2013 H1 vs 2.8% as 2012

H1– Drop in EBITA margin mainly due to non recurrring costs

• Pallet network maintains a good level of performanceg p– France is the benchmark– Business is resilient in Spain and has integrated the activities from Fiege and

TilarR b t i t i th UK t b k– Robust improvement in the UK at break-even

• Adaptation of the full truck load businessDecrease in operating profit due to lower revenue lower operations efficiency – Decrease in operating profit due to lower revenue, lower operations efficiency and adjustment costs

– Action plans quickly introduced to cope with the sluggish market conditions and improve flexibility and competitiveness

12

– 18% decrease of the long haulage own fleet on H1

• First positive effects on profitability expected by H2

Transport at a glance at 30/06/2013

A major European player with robust and mature operations in France, United Kingdom and Spain, and with an improved network coverage and increased presence in Central and Eastern Europe

• €1,010m revenue

• €23.8m EBITA

• 13,600 employees

• 171 sites in 13 countries171 sites in 13 countries

• #1 vehicle fleet in Europe with 7,000 tractor units

E ' l t hi l fl t• Europe's cleanest vehicle fleet• 95% EURO IV & V. 95% Euro IV & V

• Each driver runs an average 620,000

13

kms without causing accidents

3. Logistics Business3. Logistics Business

Logistics Business - Market Conditions

• Few European players

• Business is 100% contracted

• Retail and FMCG sectors are key commercial targets

P ofitabilit and inte national e pansion make the diffe ence• Profitability and international expansion make the difference

Our responseOur response

• Export logistics expertise beyond Europe

• Raise international profileRaise international profile

• Accompany blue-chip customers in their global development

• Strengthen expertise in Retail and FMCG sectors

15

• Ensure efficiency of the operations

A consistently growing business with aA consistently growing business with a major positive scale effects since 2008

L d i i (EBITA)

1 3641 233 1 239

1 5891 783

150

175

200

1 500

1 750

2 000

EBITAIn €M

TurnoverIn €M

Long term revenues and operating income (EBITA)

279 348477 497 502

600 648

1 233 1 239

81 78 50

75

100

125

150

500

750

1 000

1 250

1 500

162 199 249 279 348

6 8 11 14 18 18 25 25 33 3749 52

6378

0

25

50

0

250

500

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Turnover Logistics EBITA Logistics

3,9% 4,0% 4,5%5,1% 5,1%

3,8%5,1% 5,0% 5,5% 5,7%

3,6%4,2%

5,1% 5,1%4,4%

4 0%

6,0%

8,0%% of turnover

0,0%

2,0%

4,0%

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

EBITA %age Logistics

16

Change in revenue

Volume and price effect

+2.5%Consolidation effect Forex effect

+3.0% -1.5%

€897m( )(1)

+4.0%

€862m(1)(1)

30/06/12 30/06/1330/06/12 30/06/13

17(1) Before elimination of “inter-division” revenue

Solid Growth in Logistics

• Ability to roll out logistics offer to a diversified base of high profilemarket leading clients

• Favourable position and outlook in main markets– France, the UK, the Netherlands and Italy– New business won will ensure solid growth in H2 2013 and into 2014

UK b i ill b fit f th t d i i t– UK business will benefit from the expected economic improvement

• Significant contribution expected from the acquisition of Fiege’slogistics activities in Italy and Iberia

– Doubling size of Italian operations: Norbert Dentressangle 4th largest logistics player in Italy

– Strengthening Iberian Peninsula positions

• Expansion outside Europe– Setting up a 50/50 JV with Danone in Russia for chilled logistics and

transport (in addition to the one now operating in KSA)

18

Logistics Operating Income

Logistics at 30/06/13

Logistics at 30/06/12

Overall % Change

In €m

Revenue* 897 862 +4.0%

Underlying Operating profit 34.7 32.0 +8.4%

As % of turnover 3 9% 3 7%As % of turnover 3.9% 3.7%

Operating Profit before goodwill (EBITA) 31.8 30.8 +3.5%

As % of revenue 3.6% 3.6%

* Before elimination of “inter-division” revenue 19

P fi bili i i d hi h l lProfitability maintained at high levelStrong platform for global development

• All the main logistics markets are delivering– France, the UK, the Netherlands and Italy

S ti th hi h t ti l d l t t id E• Supporting the new, high-potential developments outside Europe– Saudi Arabia– Russia

Brazil (JV with Gafor company)– Brazil (JV with Gafor company)

• Activities acquired from Nova Natie in Antwerp still under going turnaround

– Main costs incurred from the temporary under-occupation of the Antwerp warehouses

– Turnaround should be effective next year

20

Acquisition of Fiege’s logisticsAcquisition of Fiege’s logistics operations in Italy, Spain & Portugal

• Expansion of Norbert Dentressangle global logistics network in line with its development strategy

• Further strengthening the market leading positions in South Europe key area for • Further strengthening the market leading positions in South Europe, key area for Norbert Dentressangle

• Significantly increasing the size of its logistics business with profitable and strong operations, broadened skills, expertise and customer portfolio, and strong synergies p p p g y gwith its transport pallet network in Spain

• size and scale to gain access to larger business opportunities

• Acquisition scope 510 people €95m turnover in 2012 11 sites11 sites 264,000 m² warehousing area

• New Italian operations profile €220m annual turnover 1 200 people

21

1,200 people 35 sites 630,000 m² warehousing area

A key partnership with Danone in Russia

The partners

• Danone, global leader in dairy products

The partnership structure

• Joint Ventureg y p• Norbert Dentressangle, key player in

temperature-controlled logistics and transport

• Annual turnover of €60m• 300 employees initially

The Joint-Venture

ibl f h di ib i f ’ d i d• responsible for the distribution of Danone’s dairy productswithin Russia

• aims to improve productivity and service levels• offers full range of logistics services to manufacturers and

distributors right across Russiadistributors right across Russia• allows Norbert Dentressangle to extend its temperature-

controlled logistics activities into a new growth market• solid foundation for the future development of Norbert

Dentressangle’s Russian logistics and transport activities

22

Dentressangle s Russian logistics and transport activities

Logistics at a glance at 30/06/2013

One of the few European players with an increasing international profile (the UK represents 42% of the total sales of logistics business)

• €897m revenue

• €31.8m EBITA

19 000 l• 19,000 employees

• 256 sites in 16 countries

• Total warehouse surface area of 6.2m m²

• Temperature Controlled volume of 3.9m m3

23

4. Freight forwarding Business4. Freight forwarding Business

Freight forwarding Business -Market Conditions

• Few large players and many small onesFew large players and many small ones

• Integrated global network / niche players

Our response

• Expand international integrated freight forwarding network

• Gain critical mass on key trade lanes

• A proven strategy

• Scalable business

• Break even position

25

• Break-even position

Freight forwarding: revenues and operating income (EBITA)

86

1433

4

150

200

EBITAIn €M

TurnoverIn €M

12

86

01

‐1

0

1

2

0

50

100

‐1

‐3

‐2

‐100

‐50

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

0,3% 0,7%0%

4%

Turnover Overseas EBITA Overseas% of turnover

‐6,7%‐8%

‐4%

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

26

EBITA %age Overseas

Freight forwarding at a glanceFreight forwarding at a glance at 30/06/2013

• Launched from scratch in 2010

• €64m revenue

• €-0.6m EBITA€ 0.6m EBITA

• 480 employees

• 54 offices in 14 countries

• 22,000 airfreight volumes in tons and 60,000 sea-freight volumes in TEUs in 2012

,• More than 90,000 files

27

F i h F di R dFreight Forwarding Revenue and Operating Income

Freight Freight Overall %

In €m

gForwarding at 30/06/13

gForwarding at 30/06/12

Overall % change

Revenue* 63.7 67.9 -6.2%

Operating Profit before goodwill (EBITA) (0.6) (0.1) NSbefore goodwill (EBITA) ( ) ( )

28* Before elimination of “inter-division” revenue

St t i i iti f D h ’ F i htStrategic acquisition of Daher’s Freight forwarding in France and Russia

Acquisition scope : 887 employees and 11 agencies ( 8 agencies in France q p p y g ( gand 3 in Russia)

This strategic acquisition will:g q

• expand Norbert Dentressangle global Freight forwarding network in line with itsdevelopment strategy

• enable the French operations at the heart of the Group network to reach criticalenable the French operations, at the heart of the Group network, to reach criticalmass in the market

• acquire a profitable business and recognized expertise of an international team inthe following sectors: chemicals, aviation, automotive and luxury goodsf th t th N b t D t l i R i d f ilit t• further strengthen Norbert Dentressangle presence in Russia, and facilitateaccess to Central and Eastern European markets

Acquisition still subject to the formal agreement from the French competition authorities

29

q j g pClosing expected in Q3 2013

A fi f lid i f hA first stage of consolidation for the freight forwarding business

• Expected annual combined turnover of nearly €220m

• Priorities – Processes improvement (IT)

Network strengthening– Network strengthening– Organic growth (local & global)– Operational profitability– WCR managementWCR management

30

5. Group Financials5. Group Financials

Consolidated income statementConsolidated income statement and contribution by division

C

-0.1%

In €mTransport Logistics Freight

FwdingConso

30/06/13

Conso30/06/12

IAS 19R

Conso30/06/12

Total revenueConsolidated revenue *

1,010976

897893

6462 1 932 1 934 1 934 0.1%Consolidated revenue * 976 893 62 1,932 1,934 1,934

EBITDA 112.1 118.1 118.1

Operating profit before 23.8 31.8 (0.6) 55.1 64.0 64.3-14%

Operating profit before goodwill (EBITA)**

23.82.4%

31.83.6%

(0.6)-0.9%

55.12.9%

64.03.3%

64.33.3%

EBIT51.9

2.7%60.8

3.1%61.1

3.2%

Net financial expensesCorporate income taxCVAEAssociatesMinority interests

(12.3)(8.2)(6.6)

0.0(0 3)

(15.3)(10.5)

(7.2)0.0

(0 5)

(12.3)(11.3)

(7.2)0.0

(0 5)

-10%

Minority interests (0.3) (0.5) (0.5)

Net income24.5

1.3%27.4

1.4%29.9

1.5%

32

* Breakdown by Division is net of intercompany revenueRevenue in 2012 includes €5m generated at the Dagenham site disposed of in October 2012 (€1.9m at direct operating margin level)**: Of which €5.6m CICE in H1 2013

B kd f i i dBreakdown of non-recurring income and expenses

In €m

Conso30/06/13

Conso30/06/12

IAS19R

Underlying Operating profit 59.6 62.9

Restructuring costs (7.7) (3.0)Restructuring costs ( ) ( )

Other operational income / expenses and provisions (0.1) +4.0

Non-operating capital gain (losses) on disposals 3.4

Operating profit before goodwill (EBITA) 55.1 64.0

33

Net financial expense

Conso30/06/13

Conso30/06/12IAS 19R

Conso30/06/12

In €mIAS 19R

Total financial expense (12.3) (15.3) (12.3)

Net financial charges as % of revenue -0.6% -0.7%

Including :

Forex gain (losses) (0.3)

Actuarial (losses) and income (IDR and pensions) (3.0)( ) ( p )

Others (0.4)

Net financial charges (8.6)

34

Corporate income taxes

In €m

Conso30/06/13

Conso30/06/12IAS 19R

Income tax (*) (8.2) (10.5)

Other corporate taxes (including French CVAE) (6.6) (7.2)

Corporate income taxes (14.8) (17.7)

Effective income tax rate 24.8% 27.3%

In €m

(*) Including permanent differences:Tax on dividends (0.2)Tax on dividendsNon recognised deficits in Belgium, Luxemburg, Spain and UkrainiaUse of deficit in France following restructurationsCICE creditTax rate differencesMiscellaneous

( )(2.5)

2.31.12.90 2

35

Miscellaneous 0.2

Cash-flow Statement

In €m

Conso 30/06/13

Conso 30/06/12IAS 19R

Conso31/12/12reported

C h fl 92 99 217Cash flowChange in operating WCRUK pension fund financing

92(77)

(5)

99(67)(10)

21742

(11)

Net cash flow from operations 10 22 247

CAPEX (net of disposals)Sales of warehouses and sitesAcquisition of securities less acquired cash

(39)-

(31)

(65)-

(1)

(93)23

(3)

Net cash flow from investment activities (70) (66) (73)( ) ( ) ( )

DividendsRemaining amount of financing operationsAcquisition of own shares

(15)29

(12)(13)

(12)(70)

(3)

Net cash from financing transactions 17 (25) (85)Net cash from financing transactions 17 (25) (85)

Forex impact (1) - 1

Change in cash (44) (69) 90

36

Cash available at period end 203 89 247

36

Change in Working Capital Requirement

In €m 30/06/13 Cash flow for the period

Forex and other non- 31/12/12the period cash flows

WCR 44 74 6 (37)

Of which:

- Operating WCR 244 62 5 177Operating WCR 244 62 5 177

- Non-operating WCR (188) 15 2 (205)

- Fixed asset WCR (12) (3) - (9)

DSO (number of days-FIFO) 50.0 days 47.2 daysFIFO) 50.0 days 47.2 days

37

Consolidated balance sheet

In €m

Conso 30/06/13

Conso 30/12/12IAS 19R

Conso31/12/12reported

Goodwill 558 549 549Goodwill 558 549 549Intangible fixed assets (incl. customerrelationship management) 111 111 111Tangible fixed assets 566 584 584Other fixed and non current assets 82 81 86Other fixed and non-current assets 82 81 86Total non-current and financial assets 1,317 1,325 1,330

WCR 44 (37) (37)

TOTAL ASSETS (NET) 1 360 1 288 1 293TOTAL ASSETS (NET) 1,360 1,288 1,293

Equity 543 521 575Provisions and deferred tax liabilities 223 241 192

Other financial liabilities * 30 37 37Net debt 565 489 489

TOTAL LIABILITIES (NET) 1,360 1,288 1,293

38* Including fair market value of hedging instruments

Breakdown of tangible fixed assets

En M€

Land and buildings

Transport vehicles

Material and equipment Other & IT TOTAL

31/12/2011 150 379 74 42 644/ / 50 3 9 6

30/06/2012 148 372 73 47 640

31/12/2012 127 348 64 44 584

30/06/2013 122 334 61 49 566

39

Consolidated net financial debt

Group Group

In €m

Group30-June-

13

Group31-dec-12

Group30-June-

12

Acquisition debt 23095

24295

3780Revolving facility (€55m available)

Asset financingEuro Private Placement

95367

75

95398

-

0408

-

GROSS FINANCIAL DEBT 767 735 786

CASH & CASH EQUIVALENTS 201 247 89

NET FINANCIAL DEBT 566 489 698

40

Projected amortisation of the consolidated net financial debt

7671 000

244 217 190335 311

226134

767695

559

218135

400

600

800

81 66 51 0 0

190

0 0134

5632 27 18 10 475 75 75 75 75

135

0

200

31/12/2012 31/03/2013 31/12/2013 31/12/2014 31/12/201531/12/2013 31/12/201631/12/201531/12/2014

Syndicated loan (€) Syndicated loan (£) Asset financing (€)Asset financing (£) Private placement € Gross Financial Debt

41

Key Financial Ratios

Bank covenants 30/06/13 30/06/12 30/06/11 covenants ratios at

30/06/13

Gearing 104% 130% 145% < 200%(Net Debt/Equity)

0 % 30% 5% 00%

Leverage(Net Debt/ EBITDA)

2.4 x 2.8 x 2.9 x < 3.5 x

Interest cover (EBITA / Net Interest Expense) 6.1 x 5.5 x 5.5 x > 3.0 x

ROCE(EBITDA/Average capital employed)

11.5% 11% 12%(EBITDA/Average capital employed)

42

Norbert Dentressangle’s tradingNorbert Dentressangle’s trading on NYSE Euronext London

Norbert Dentressangle in the NYSE Euronext: • Listed on the Paris Stock Exchange since

1994

Norbert Dentressangle in the UK• 30% of Norbert Dentressangle’s Group turnover

12 800 employees 1994• 5000 shares exchanged on average per day

Norbert Dentressangle Market cap (as of 7 july 2013) : €713 52m

• 12,800 employees

Turnover in 2012 in the UK : €1,596m

This new listing will enable the group to

(as of 7 july 2013) : €713,52m

• Diversify our shareholder base• Access NYSE Euronext’s deep pool of London-based

Institutional investorsR i it fil ith thi i t t f i t• Raise its profile with this important group of investors.

• Position itself as a leading international transport, Logisticsand freight forwarding company

• Reflect the strong contribution of its UK based businesses tothe Group’s growth story as the group plans the next phase

43

the Group s growth story, as the group plans the next phaseof its European and international expansion

6. Outlook6. Outlook

44

A strong and diversified customer base

RetailHousehold

Textile2% Paper

2%

High Tech2%

Luxury1%

• Very well balanced client portfolio

• #1 customer< 4% of turnoverRetail18%

Other7%

Metal3%

3%• Top 10 < 30% of turnover

• Very low exposure to specific customer / sector / end-market risks

Food14%

Special t il

Construct.5%

• Key customers are both leading and innovative players in their own markets

Industry11%

FMCG7%

retail7%

Top 10

Chemical10%

Auto8%

7%

45

A rigorous cost structure

90%100%

T t t t t

Strict cost controls% of turnover

27% 26% 26% 25% 26% 24% 21% 24% 22% 22%

25% 26% 28% 32% 32% 32% 34% 37% 40% 41%

40%50%60%70%80%90%

Other (overheads, etc.)

Subcontracting & disbursements

Transport cost structure 2003-2012

35% 34% 34% 33% 31% 32% 33% 31% 29% 29%

24% 21% 24% 22% 22%

0%10%20%30%40% Vehicle costs, including fuel

Personnel expenses

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

16% 18% 17% 16% 15% 18% 16% 16% 17% 18%80%90%

100%

Logistics cost structure 2003-2012

% of turnover

29% 28% 28% 29% 30% 21% 23% 24% 22% 22%

30%40%50%60%70%

Other (overheads, etc.)

Subcontracting & transport

Rental costs

l

46

45% 44% 45% 45% 46% 50% 51% 52% 50% 52%

0%10%20%30%

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Personnel expenses

A robust governance

• The benefits from a family owned company and a managerial organisation

• A supervisory board:DISTRIBUTION OF CAPITAL

A supervisory board:

• 10 Directors of which 6 are independent Directors

A di i

• 30% PUBLIC

• An audit committee

• A European Executive Board

EXECUTIVE BOARD

From left to right:

M l l WilMalcolm WilsonLogistics Division MD

Hervé MontjotinCEO

Patrick BataillardCFO

• 68% DENTRESSANGLE INITIATIVES + FAMILY

47

CFO

Luis Angel GomezTransport Division MD

INITIATIVES + FAMILY

People engagement: developing the Norbert Dentressangle way

• A decentralised and flat organisation to keep g pour entrepreneurial spirit and business agility

• A specific commitment towards people: “you p p p ygrow, we grow”– Priority to internal promotion: 60% of managers are

promoted internally

• Expertise in integrating businesses and staff– Local HR expertise– Accumulated experience through acquisitions

48

Outlook

• Focus on rigorous management and reactivity in a sluggish and uncertain economic climate

– Keep profitability level comparable to last few years

• Better outlook for H2– Slight improvement in the Group’s key activity indicators in Q2– First results of the adaptation measures taken in H1– Favourable seasonal nature of the results

• Keep on developing in Europe and beyond– Sound financial situation at the end of H1 which will continue to

improve during H2

49

7. Appendices7. Appendices

50

Norbert Dentressangle a major supply chainNorbert Dentressangle, a major supply-chainmanagement player in 2012…

NL3,5%

* including2% outside

Europe

Others * 10,5%

€ 3.9 billionturnover

3 continentsUK

32%

Spain10%

Italy4%

p

France 41%

32 500

26 countries

32%

32,500employees

500 sites7,400vehicles

6,200,000 m2warehousing FREIGHT

FORWARDING

TRANSPORT

LOGISTICS

• €1,783m revenue (46%)

• €143m revenue (3%)

• €2,038m revenue (51%)

34 years of geographic and34 years of geographic and business transformation

Turnover breakdown by expertiseTRANSPORT LOGISTICS FREIGHT FORWARDING

2012 turnover breakdown

FREIGHT FORWARDING

Turnover breakdown by geographic areaFRANCEOUTSIDE FRANCE

France41%

S i

Italy4%

NL3,5%

Others *10,5%

UK

Spain10%

UK32%

19982010Launch of a third area of

2012Revenue: €3.9 billionOperations in 26 countries

2007Norbert Dentressangle doubles in size with

* including 2% outside Europe

998Integration of a second area of expertise: Logistics

third area of expertise: Freight Forwarding

32,500 employees worldwide doubles in size with the acquisition of British company Christian Salvesen

52

34 years of growthTDG (UK)

Christian SalvesenSchneider Log. (USA)

Turnover :$30m

Turnover : £700mTransport, Logistics &

Freight Fwding

Turnover

3 5763 880

16%

18%

20%

3 500

4 000

Christian Salvesen(UK)

Turnover : €1.3bnTransport & Logistics

Turnover :$30mFreight Fwding28 acquisitions

Transport & LogisticsMainly in France

TurnoverIn €M Organic growth

3 107

2 719 2 839

3 576

10%

12%

14%

16%

2 000

2 500

3 000

APC (China)Turnover : €50mF i ht F di

9 0% 8 6% 10 4% 7 0% 4 8% 5 7% 5 8% 5 3% 5 5% 8 1% 4 3% 3 4% 5 6% 0 0%647 744 838 972 1 0531 222 1 303 1 399

1 6081 804

2%

4%

6%

8%

500

1 000

1 500Freight Fwding

9,0% 8,6% 10,4% 7,0% 4,8% 5,7% 5,8% 5,3% 5,5% 8,1% 4,3% 3,4% 5,6% 0,0%6470%0

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Organic growth Turnover

53

1979: Opening of the first company to support international Transport between Europe and the UK

1994: A family group listed on the Paris stock exchange

A ibl d l

34 years of profitability

A responsible and long term vision of our

developmentEBITAIn €M % of turnover

83 80

98

80

106

130142

5%

6%

7%

8%

100

120

140

160

35 31 3351 49 51

6451

80 80

1%

2%

3%

4%

20

40

60

80

5,4% 4,1% 3,9% 5,2% 4,6% 4,1% 4,9% 3,7% 5,2% 4,4% 3,2% 3,0% 3,7% 3,6% 3,7%0%0

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

EBITA %age EBITA

Hi hl t i bl fit bilit ti• Highly sustainable profitability ratios

• EBITA %age comprised in a 3% to 5% range since 15 years

• EBITA %age maintained to 3% in 2009 despite the strong economic downturn

54

Consolidated balance sheet

55

P&L

56

Net profit

57

Cash flow statement

58

Thank you for your attention