Annual Report SERHS 2013-2014

SERHS2013 | 2014

annual report

Registered address:Castell Jalpí, s/n - 08358 Arenys de Munt (Barcelona)

Tax and administrative address:Carrer Garbí, 88-90 - 08397 Pineda de Mar (Barcelona) - Tel. 902 010 405 - (+34) 93 767 03 78 - Fax (+34) 93 767 05 40 - [email protected]

SERHS2013 | 2014

annual report

Institutional area

- Letter from the President .................................. 4

- On the inside .......................................................... 8

Business activities

- Letter from the CEO ............................................10

SerHS Divisions

- SERHS Distribution .................................................. 14

- SERHS Tourism .........................................................20

- SERHS Hotels .............................................................26

- SERHS Food ................................................................32

- SERHS Projects ..........................................................38

- SERHS Services ........................................................42

Human resources ......................................................... 42

- Staff administration ...........................................44

- Training ...................................................................45

- Visibility ..................................................................46

- Occupational Risk Prevention ........................46

- Accidents ................................................................47

- SERHS New Technologies .....................................50

- SERHS Real Estate ....................................................51

- SERHS Equity and Portfolio ..................................51

- Related Companies ...................................................51

summary

SERHS annual report 2013-20144

Corporate Social responsibility ............................ 52

- Policy of conciliation of working and family life .............................................................. 53

- Families program ......................................................54

- Serhs manages through talent ............................ 55

- Documentary management plan ......................... 55

- environment ............................................................. 57

- Social area ................................................................. 59

- Supportive agreements .....................................59

- Emblematic events .............................................60

economic-Financial Information ............................ 61

Presentation .........................................................62

Consolidated Annual Accounts ......................63

Auditors’ report ....................................................64

Balance Sheet .......................................................65

ProfitandLossaccount ....................................66

Investment activity ...........................................67

Income from operation .....................................68

Consolidated information ...............................69

SERHS annual report 2013-2014 5

Going through the last events of our group, we must start by remembering that in the past September we shared out the dividend, as every year with the partners, for €2,775,500 between cash and shares in the group. At the Gene-ral Assembly we also agreed to share out, as every year, one released share per 60 under ownership, in other words 714,834 shares which have now left our group with 43,604,886 shares. This meansthatforthefirsttimeoursharecapital has exceeded 100 million euros (more than 16,600 million of the old pe-setas). It is true that almost 40 years have gone by, but I think that not even the most optimistic could have thought thatonedaywewouldreachthisfigu-re. We must remember that we started with an initial capital of 750,000 pese-tas and that in no year have we stopped handingout profits, not even in theselast so complicated years. Therefore Ibelieve thatwecanbesatisfiedwithwhat we have done. This year we will not be increasing the capital as such but, as every year, we will put group shares on sale becau-se we are very interested in reducing our treasury, although if we have a sur-plus treasury, current laws do not allow us to buy shares. Our intention is to continue to buy shares in a controlled

manner, as we have done with all part-ners needing to sell. At the last General Assembly of Shareholders, also with a view to reducing our treasury, we made a proposal to sell shares, which ended on 31 August with a very satisfactory result, selling nearly half a million sha-res for a total of €1,725,000. I want to thank the partners for the confidence and support they have gi-ven us in these recent years of gene-ral difficulty. I want to stress that inthe last election dividend operation, 993 partners (67% of all), chose shares against cash and at the present time this is comforting and encouraging because it shows how the partners feel identifiedwiththegroup. Talkingaboutthislastyearnow,firstof all I would like to highlight the sha-rp fall in Russian tourism last summer and the negative effect of the very bad weather, which seriously affected the months of July and August, which are very important for our income state-ment.Furthermore,itisalsodifficulttocompare the tax year of 8 months (1.01 - 31.08.2013) with the last 12-month year (1.09.2013 - 31.08.2014). This year an operation result of €13.2 million was achieved, 57% up on the €8.4 million last year. Sales amoun-ted to €473,304,000, 37.07% up on last

Dear shareholders, ladies and gentlemen,


year.Thesefiguresarebenefitedbytheextraordinary result of €5 million pro-duced by the sale of our warehouse in Brazil, but harmed by the fact of com-paring an eight-month financial yearin 2013 (January-August) with last year which was 12 months (September 2013 to August 2014) as it must be remem-bered that these 12 months include Oc-tober, November and December, which are difficult months for our business.Our results were also affected by the financialexpenditurewhichincreasedby €3,500,000 this year. In this chapter, I must stress that it is not that we do not have more credit, the fact is that it is a financialyearwiththreemonthsmorethan the previous one, and that the cre-dit constituted in Brazil must take into account the current interest rate in that country, which is considerably higher than those to which we are accusto-med here. When taking out the credit in Brazil, we were already aware of this, but in order to avoid currency exchan-ge risks, we chose to do it. The different cost of interest will in the long-term be compensated by the exchange risk of the real, which is a very volatile curren-cy. In any case, without this increases in thefinancialexpenditurewewouldhave more than double the result of last year, and it is for this reason that our

main concern is to reduce this section of interest, for which we are in contact with financial entities both in Catalo-nia and Brazil. There is no need to say that 2014 was a difficult yearwhich forced us to re-duce our margins. The competition is more and more aggressive and a large part of it uses procedures which are not very orthodox in commercial relations and our group acts in strict accordan-ce with the legal rules in all areas of business. The fact that this is causing us a lot of harm. Despite everything, I believe that we have managed to over-come the difficulties that have facedthis and close a reasonably good year given the economic circumstances of the country. Our businesses in Anda-lusia increased considerably; the good season of our hotel in Brazil, which with the World Cup achieved very im-portant record turnovers, and; the good operation of the SERHS Rivoli Rambla in Barcelona has helped us. By the way, the SERHS Natal Grand Hotel received the United States football team and the American ambassador in Brazil send us a letter of congratulations, which has increased our prestige in Brazil. With regard to the division of Tou-rism, this continues to watch the situa-tion in Russia with concern, which at

Ramon Bagó i AgullóChairman of the Board of Administration of SERHS

Almost 40 years have passed, but I think that not even the most optimistic could have thought that one day we would reach a share capital of €100 million.


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the present time does not seem to be improving and makes us believe that 2015 might be very complicated. Despi-te everything in the past year we have already seen growth in other markets, to the extent that if we compare the 12-month sales of one year with ano-ther, we will see that we have been ca-pable of swallowing the fall in Russian tourism with tourists from other coun-tries, and still increase the division’s sales by more than €5 million. We be-lieve we will continue to grow thanks to our penetration in European markets and especially the proximity markets of Portugal and France, taking advan-tage of the good offer we have not only in Catalonia but along the whole of the Spanish coastline and especially in An-dalusia. This year we have taken over the company Hotel Juice, which is en-gaged in a digital marketing for direct sales through hotel websites, which gives us an extra competitive edge to strengthen consumer awareness and to better cover their needs. Along with another tour operator, we have started the Catalonia Senior programme for +55s tourism. The Distribution division was the first large distributor of the Horecachannel in Catalonia to achieve ISO 9001:2008 certification. We also fini-

shed a study in order to improve the efficiencyoftheorganisationandhavestarted up a new policy of action more focused on support, service and help to our customers. Having performed the pertinent pilot tests, work is already under way to start up in all areas of the division’s action and it will undoubted-ly be a very important step in sales. We have taken part in tenders for groups andwehavealsobeenthefirstonlinesales channel. We will continue impro-ving our web services where this year we reached a turnover of €30 million. The FOOD division continues to in-crease its portfolio of customers in the Educa sector (with public and private schools) and in the healthcare sector. We must also stress the name chan-ge of the system previously known as Eudec, which is now called the Securi-ty, Innovation & Nutrition for Catering system and aims to strengthen the magnitude of safety, innovation and nutrition in group restoration. In the immediate future work will begin on developing the College sector, which, along with the Clinical sector already introduced in some management cen-tres, will be amongst those of greatest magnitude in the division. EUDEC as a product will continue to scale with online sales through the website eu-


decfood.com, which presents a cata-logue of more than 400 recipes for the healthcare, educational, restaurant and hotel areas (the latter highlighting the new Room Service product). Online sales are still the principal objective of the SERHS Projects division through the serhsequipments.com website. Ma-kingabalanceofthefirstyearandloo-kingatthesignificantfigures,wehavereached 8,400 articles, 200 daily visits, more than 550 registered subscribers, 300 customers and nearly 50 suppliers/collaborators. As for the hotel division, the recent incorporation of the two urban hotel establishments SERHS Del Port and SERHS Carlit in our portfolio streng-thens our presence in the city of Barce-lona. I would like to highlight the good opinions and online reputation of our hotels, and particularly the Vilar Rural de Sant Hilari, which this year received the certificate of excellence from Tri-padvisor 2014 in recognition of its ex-cellence as a rural hotel establishment according to the opinions of users on this travel website, considered the lar-gest in the world. The Villages cons-tantly invest in improving the quality of the service and in the needs we de-tect amongst our customers, as is the case of the incorporation of the Baby

Friendy stamp in our premises, with utensils, menus, activities and insta-llations adapted to people with babies, and our adhesion to the Bikefriendly stamp in order to receive and treat cy-cle tourists in a special way in accor-dance with their needs. It is for all of this that we believe that next year’s perspectives will be good. Every day we have a more agile and efficientorganisationpreparedtosuc-cessfullyfaceuptodifficultsituationsand now we have a very well-prepared and enthusiastic management struc-ture and a technological development among the most advanced in the coun-try. It is also important to highlight the technological improvements we incor-porate in our divisions each year. This year in the tourism division, our boo-king centre answered 20 million daily requests, and the distribution division deliverers already have tablets to ma-nage all incidents as they occur and to correct the bill. We are more and more proud of being a distributor which has sold on the Internet for the last three years. Finally, with respect to our inter-nal organisation, I would highlight the Documentary Digitisation Plan, throu-gh which we are gradually eliminating paperfromourofficestoturntheminto

paperlessofficesinthenottoodistantfuture. We begin 2015 thinking of the cele-bration of our 40 years, which we will conclude with the summer dinner in 2016.Iwouldnotliketofinishwithoutrecognising the important work of our staff, and the continuous confidenceour partners have shown us and I as-sureyouthatwewillcontinuetofighttoproducework,well-beingandbenefitin order to continue to be the 1st Tourist Group in Catalonia.

Thank you.

Ramon Bagó i AgullóChairman of the Board of Administration of

SERHS

Every day our organisation is more agile, efficient and prepared for us to face difficult situations with success.


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On the inside


SerHS achieves a share capital of more than €100 million

The Extraordinary General Assembly held on the past 7 October 2014 under the chair of Mr. Ramon Bagó i Agulló at the Castell Jalpí in Arenys de Munt, the headquarters of the corporation, agreed to share out released shares. The shareholders representing 64.7% of the share capital approved the sha-re-out of one share per 60 under owner-ship, producing 714,834 shares, which brings the total number of shares of the Group 243,604,886. With this increase, a share capital is achieved of 100 million, €291,237.80. It is now 40 years since SERHS started up its activity with a share capital of 750,000 pesetas, the equivalent today of €4507.59.

SerHS shares out dividends for a value of €2.77 million

On the past 15 September, the Board of Administration of the SERHS Group agreed to share out dividends and sha-res for a value of €2,775,499.85. For the fifth consecutive year, it was agreedto apply the dividend program on the election of the 1,475 partners. As for the share-out of dividends, most of the shareholders, specifically 994 (67.39%)came down on the option of acquiring shares, and purchased 190,052 shares for a value of €788,715.80, with a va-lue of 4.15 euros each. The remaining 481 partners (32.61%) chose to receive €1,986,784.05 in cash, or in other words €0.065 per share.

ramon Bagó, Chairman of SerHS, receives the title of Citizen of natal

The Chairman of SERHS, Ramon Bagó, in the past July received the title of ci-tizen of Natal in the plenary meeting of the Municipal Chamber of Natal (Brazil), from the congressioner Julio Protasio. In 2003, the Catalan business-man chose Natal to invest in the buil-ding of the SERHS Natal Grand Hotel. This is the third time Bagó has received an award from Brazil, as in 2007 he was made citizen of the state of Rio Grande do Norte (RN) and in 2010, the Munici-pal Chamber of Parnamirim awarded him the honorary title of Parnamirine-nian Citizen. The chairman of SERHS said “I am grateful for this emotional and inestimable title of citizen of Natal, here on the centenary of the Municipal Chamber of Natal, because 15 years ago, whenIcamehereforthefirsttime,Ial-ready began to fall in love with this city and I feel a child of these loved lands of Natal”. The Congressioner Julio Protá-sio, who was responsible for providing the event, stressed Mr Bagó’s example as a great business person and recalled the importance of the group in the city as a source of jobs and income for the community, as well as bringing in tou-rists from different cities of Brazil and from abroad and so contributing to tou-rism, the principal factor of the state economy.

GRUP SERHS

AGREED TO

SHARE OUT DIVIDENDS

ON SHARES FOR

A VALUE OF

€2,775,499

SERHS annual report 2013-2014 SERHS annual report 2013-2014 11

2nd eDItIon oF tHe InnoVatIon prIZeS 2014

As part of the Meeting of Directors 2014, on the past 16 December the an-nual awards for innovation were given. Raimon Bagó, the SERHS CEO, played the role of master of ceremonies as the leader of the project and showed how this second edition of the “Part of Ideas” had been since its creation and summed up the second call, highligh-ting its large participation. This was followed by the handing out of the di-fferent recognitions of the “League of Ideas”, in which the most participative users are rewarded.

In this case, in first place was Ja-vier Luna Pacheco (SERHS Food) with 1,392 points; in second place Rafa Mena (SERHS Services) with 1,059 punts; and in third place Miriam Rincón (SERHS Services) with 540 punts. The award was then given for the “Best SERHS Idea 2014”. The winner of the initiative was Marc Serra (SERHS Services) with the idea of “The customer of the day”. The finalistswereJoanDaumal(SERHSSer-vices) with the idea of “Mobile Timing App” and Ignacio del Prado (SERHS Tou-rism) with the idea of “brand expansion”.

As in the past year, the Innovation Committee will develop the finalistideas with the creation of workgroups from amongst the creators in order to exploit their true possibilities.

SerHS app

Asaresultoftheideasarisinginthefirstedition of SERHS Innovation in 2013, and in order to implement the largest possible number of business ideas brin-ging value through improvement, a new mobile application was started up, the SERHS APP. This application is already available both on Google Play (Android) and in the App Store (Iphone), exclusi-vely for workers and/or shareholders. With a single click, you have fast and simple access to the SERHS Internet portal. This responsive website has the best content of the portal: discounts in the SERHS Club; access to the section of SERHS Innovation ideas; travel, flightsand hotels through SERHS Travel Ser-vice; presence management of Tempo SERHS; group news and a direct access to the portal itself for other services.

The winners of the 2014 Prizes for Innovation Marc Serra, Joan Daumal and Ignacio de Prado, accompanied by the Managing Director Mr. Raimon Bagó and the Chairman Mr Ramon Bagó.

SERHS INNOVATION

STARTED UP

ONE OF IDEAS AWARDED

AT THE FIRST EDITION:

THE SERHS APP


This year we have closed a good year, everything shows ever more solid in-dicators of market recovery and there-fore consumption will also begin to re-cover. This allows us to see things with more optimism. If to this situation we add the number of future projects we have started up in our business divi-sions, everything makes us think that in the coming years will be years of growth and improved profitability forour business. As I say, all of the divisions are im-mersed in very interesting future pro-jects and I would therefore like to take advantage of our annual report to ex-plain them. In Serhs Distribution we have star-ted a restructuring project that con-sists of merging all of the present com-panies into a single one. The aim of this mergeristoseekgreaterefficiencyandabove all to have a much more scalable management model that can be mirro-red in other areas in which we are not working today. We are convinced that this new organisation will give an im-portant drive to the division and allow us to work on business opportunities as yet beyond our reach. We have been working with Co-ca-Cola for years to increase the num-ber of boxes we distribute. Taking ad-vantage of the strategic change that they decided some time ago with res-pect to outsourcing their distribution,

we hope to achieve growth of almost one million more boxes distributed. Two years ago the cold project was started under the umbrella of Serhs Distribution, and consisted of sending this range of products to all of our dis-tributors and to do so under a single model based on the same commercial, logistic and purchasing strategies as all other products. After two years, we can now say that the model is working at full output, and that we are achieving two-digit growth in all of our distribu-tors, which allows us to improve our margin and above all to compensate the falls in some much more mature families suffering much more on the market. With Serhs Distribution we have been pioneers in online sales in the Horeca sector which has allowed us to learn each day how to improve this channel, and above all to learn how we can turn it into an element of added value for our customers to help us in our future growth. After more than two years, we are now prepared to take the lead and to start to extend this web as a lever of opportunities that we must be capable of taking. It is for this reason that we are working on a new platform that will have more options for our cus-tomers, which can be summed up in the possibility of managing the whole of our commercial and administrative relationship online and that we might

Dear Shareholders,


be able to do so from any device: PC, mobile or tablet. In the Tourism division, despite our so large exposure in the Russian market, we have managed to make a great ef-fort and compensate its fall with signi-ficantincreasesintheBritish,Spanishand Scandinavian markets above all. We are concerned about what might happen this year, as we believe the si-tuation has not changed and that we will therefore have to continue to work on alternative markets to compensate another large fall in the Russian. Therefore, although we are aware of the great difficulty of opening upthe markets such as the Chinese, it does not seem much more complica-ted than what we did in the Russian market some time ago. Market globali-sation shows us that today the Chinese market is surely much closer than the Russian was in 1996, when Serhs lan-ded there for the first time. We havetherefore started our prospecting in China and all of the countries around it. Our wager on China is in the medium and long-term with a different kind of model, as the sun and beach product is not sufficiently attractive for them.Starting with circuits in Europe and Cities, we have started to grow and are detecting the opportunities that this market offers us. For many years we have explained our great wager on technology. Today

our online sales account of 80% of the total so we have seen this wager as a winning option. This year we are going to take an important step in this di-rection by changing the availability engine (MAD), an engine on which we have been working for two years and which will be a “Formula 1” with respect to the one we have today. The goals of the new engine are basically more sta-bility, more scalability and better pro-duct management. One of the pending questions we have historically had in the Tourism division is the low productivity of our proximity markets. These are very ma-ture and complicated markets but ones which we have to approach and with which we must therefore be capable of working. Along this line, we have star-ted an expansion project with the Rho-dasol model in Portugal, and in France we have reached an agreement with a French tour operator, presenting our-selves with the name of Iberovacances. Last year we completed the takeover of Hotel Juice, an online sales company which helped hotels in their direct sa-les over the Internet. We are aware of the growth of this channel, which is why it was very important for us to get in to see it andfindnewopportu-nities. After months of experience, we have now made another leap by reac-hing an agreement with Paraty, a larger company than Hotel Juice and with

Jordi Bagó i MonsVice president and CEO of SERHS

If to the present situation we add the number of future projects we have started, the coming years will be years of growth and improved profitability in our businesses.

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more-developed technology. Our aim is to accompany the hotels in their direct sales, by offering them a technology and a management methodology in this channel which they alone would havegreatdifficultyinachieving. In our Hotels division, Brazil has clo-sed a great year, although the growth perspectives we are finding in themarket towards our other products are the most interesting thing of all. The Brazilian market is in a very advanta-geous situation for us, as there is clear stagnation in the offer, hotels are not being built and especially hotels ac-cording to our standards. We are now experiencing very interesting levels of occupation and have closed the year at almost 70%. In recent years, the Village product has suffered from the crisis in the na-tional market, which is largely the only market they have. Customer satisfacti-on levels remain very high, which indi-cates that the product is still working and going down well. Despite this, we are aware that we have to reinvent them and we have therefore started a thematic line to make them much more attractive. In this sense, we have started programs such as Bikefrien-dy in Arnes, programs for the elderly in Sant Hilari, mediaeval weekends in Cardona and weekends of Science or ‘Calçotades’ in all of the Villages. In re-cent months we have seen an upturn

in the demand for the product, which leads us to believe that we will soon have the Villages back in their pre-cri-sis position. The good experience of the Hotel Serhs Rivoli Rambla means that we will constantly try to bring in new hotels in Barcelona. Fortunately, in recent mont-hs we have integrated the Hotel Serhs Del Port and the Hotel Serhs Carlit. This year, the improvement work in the Hotel Oasis and the Sorra Dau-rada will allow us to approach the di-rect customer. The aim is to separate a number of higher category rooms to bring in customers willing to pay a litt-le more. Although this has always been so in the Villages, the growth we have ex-perienced in recent years in direct sa-les throughout all of our hotels is very large, both in beach premises and in the city. We are therefore working to create a direct sales department for all of the hotels with very powerful tech-nologies, technicians specialised in di-rect sale management, social networks and with customer support to pin down the sale. Our aim in the coming years is to achieve 30% direct sales on ave-rage in all of our hotels, which would mean an increase of more than 25% in the average price of the establishment. A large part of this increase would go to profits,astheprocessingcostwouldbethe same.


All of the present and future projects would be unimaginable without the commitment and dedication of all the professionals and shareholders of our corporation.

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With the Serhs Food and Equipment division, following the goal of seeking new business models, almost 2 years ago we launched the SERHS Equip-ment website in order to offer the hos-telry market a new way to buy auxiliary equipment and complementary mate-rial. Today the website is now consoli-dated and despite its slow growth, we are increasing in sales and customers every month by offering an alternative to many customers who greatly appre-ciate purchasing from an online chan-nel. Our food management system is now reaching maturity and we therefo-rehavesufficientexperiencetobeableto start to close the model. Therefore, along with a specialised consultan-cy we made a study of how we had to work on the model. The result was the need to give it a new definition, andthe one that seemed most suitable was the Security, Innovation & Nutrition for Catering system. We believe that this work has been useful to help us give theprojectadefinitivedrivetoplaceitonthemarket.Thisproductdefinitionwork has given us a much clearer idea of what customers are looking for, what distinctive values the kitchen mana-gement model brings in and above all what perception customers have of these added values, which allows us to focus our efforts on bringing in new centres to deal with the Security, Inno-

vation & Nutrition for Catering system. Inthedivisionwehavebuiltaspecificteam to achieve the number of cen-tres we have set as a target, initially workingveryspecificallywiththefoodsector but without ignoring all of the ot-her sectors in which we operate. Growth in Schools has been very important in recent years. However, although each year we bring in a lar-ge number of centres, the challenge is now to do so through the Security, Innovation & Nutrition for Catering system, which gives us a very large distinctive factor with respect to the traditional management model. We are studyingtheschoolprofilethatbestfitsthe model and in the coming school years we will set out to try to bring in the largest possible number of centres. On the one hand we are convinced that our model is unique and the most com-petitive, and on the other we believe that the evolution of salary costs and regulations in kitchens will make the traditional model no longer sustaina-ble in most schools centres today, and thatmuchmore flexible and efficientmodels like ours will be imposed. The clear wager of the SERHS Food divisionforthefifthrangeproductandthe Security, Innovation & Nutrition for Catering system means that our manu-facturing plant in Vilassar has become small and obsolete, so we are working to make a new plant to replace the pre-

sent one; a plant with much more capa-city, much more efficient and muchbetter adapted to current regulations. This will also help us to double produc-tion with lower costs per kilo produced and much more capacity for product rotation. This is an essential project to be able to achieve the growth rates we aimforbothinfifthrangeofproductsand in introducing the Security, Inno-vation & Nutrition for Catering system, as well allowing us to have facilities for possible system delocations in other parts of the state or even for a future international expansion. Finally, I would just like to stress that all of these present and future products I have just mentioned would be unima-ginable without the commitment and dedication of all of the professionals of our corporation. Only they, along with allothershareholdersandtheirconfi-dence, make it possible for us to achie-ve all of the goals we have set.

Thank you very much for yourconfidence.

Jordi Bagó i MonsVice president and CEO of SERHS

>

>

The www.serhsdistribucio.com website has more than 3,500 registered customers who this year 2014 made purchases for close to €30 million

SERHS Fruits has promoted its presence in Barcelona from Mercabarna, by serving customers in the area of restaurants


SerHS DIStrIButIon, SolutIonS For tHe HoreCa BuSIneSS.

It is considered one of the leading pla-tforms in integral product service with more than 35 years’ experience that es-tablishes the division as one of the ben-chmarks in the sector. A pioneer in on-line sales (www.serhsdistribucio.com) in the HORECA channel. The 30,000 customers it serves are the centre of its action, to whom it offers a wide range of products, more than 6,000 articles from market-leading brands at three temperatures: drinks, food, cold (poul-try, meat, delicatessen, dairy products, fish,fifthrange),coffee,cleaningsolu-tions, fruit and vegetables. The division has established strategic alliances with leading brands such as Damm, Coca Cola, Gallina Blanca, Vichy, Schweppes, Granini, Nestlé, Cafento, Espadafor, Sa-lica, Millàs, Vileda, Cacaolat, Letona, Eurofrits, Codorniu, and others, thus creating a guarantee of the quality of the distributed products.

CertIFIeD QualItY: ISo 9001:2008 StanDarD.

SERHSDistributionwas thefirst largedistributor of the HORECA in Catalonia to achieve ISO 9001:2008 certification.The standard was met in July 2014 for the 10 companies attached to the di-vision and devoted to marketing and distributing products at three tempera-tures: fresh food, frozen, drinks, hygie-ne, coffee, fruit and vegetables. Bureau-Veritas certified SERHS Distribution’smanagement system on the basis of this widely recognised international quality standard. The certification co-vered the marketing and distribution of products and services in the HORECA channel (hotels, restaurants, bars and cafeterias).

SERHS DISTRIBUTION

WAS THE FIRST LARGE

DISTRIBUTOR OF THE HORECA

CHANNEL IN CATALONIA

TO ACHIEVE ISO 9001:2008

CERTIFICATION.

17SERHS annual report 2013-2014

SERHS DistributionAt your service | Distribution of products at three temperatures sold online and offline

Distribution of drinks | food | cleaning products | fresh and frozen | coffeeFruit and vegetables for hotels, restaurants and groups

www.serhsdistribucio.com


It has a portfolio of 30,000 customers.

It has an average team of 800 people a year.

16 distribution platforms with an overall surface area of 160,000m2.

A vehicle fleet in excess of 775 vehicles.



StrateGIC aGreeMentS

PROJECT DELIVERY. SERHS Distribu-tion has started an important project of technological improvement applied to the management of distributors at the point of sale. This new application is linked to the same system formed by the Optimiza platform and which also works with the pre-sale app and the web site itself, amongst other applica-tions. The project has been implemen-ted throughout all of the companies of the division. The distributors have been equipped with portable terminals and printers which include an easy-to-use app for making charges, registering in-cidents and managing loads, amongst other functions. The use of these ter-minals eliminates notes written in pen andmakes direct rectifications in thesystem, leaving, for example, an adhe-sive sticker on the bill. It allows work to be done only with one copy of the remi-ttance, instead of three. The customers can give their conformity by signing on the touch screen and it is also possible to know the state of an order delivery on-time, the services pending and the location of the distributors.

DRIVE TO LARGE ACCOUNTS. The Ca-talan Youth Agency has awarded the SerhsFoodArea Distribution temporary joint-venture the contract to supply food, cleaning and hygiene products to the 20 hostels of the XANASCAT, located around Catalonia and with a capacity for up to 3,000 people. The adjudication of large batches of pro-duct families for different penitentiary centres in Catalonia or hospital cen-tres has also increased significantly.Furthermore, in 2014 new actions were carried out to market the industrial hygiene, dry food and frozen food pro-ducts with hotel chains in Andalusia and Andorra to extend the area served by the division.

AGREEMENT WITH SALICA. An ex-perienced manufacturer in preserves and frozen products since 1990, when Campos and Astorquiza merged. Spe-cialised in high-quality products and especially tuna, it offers a wide range of formats conceived for the HORECA channel. It has plants in Biscay, Corun-na and Ecuador. The strategic agree-ment being carried out has been exten-ded to 31 May 2019.

NEW DELIVERY PROJECT,

AN IMPORTANT INITIATIVE

OF TECHNOLOGICAL

IMPROVEMENT APPLIED

TO THE MANAGEMENT

OF DISTRIBUTORS AT

THE POINT OF SALE.


neW CuStoMer-orIenteD orGanISatIon

Following the fundamental axes of the Strategic Plan of the SerhsDistribution division, which are growth, efficiencyand the development of people, in Sep-tember 2014 a change was promoted in the organisational model to bring the strategy ever more into line with the operations. Three new Operations Manage-ments were created: Northern, Central and South-East Catalonia, to be res-ponsible for the operations of the dis-tributors under their management and thus to focus on greater proximity to the market reality and the needs of the customers, to be able to offer the best solution for their business at all times. These three Operations Managements are now complemented by the existing in Fruit and Vegetables.

SerHSDIStrIBuCIo.CoM

SERHS Distribution was a pioneer in turning to the online sales channel. Serhsdistribucio.com has, since its origin now four years ago, become a new online sales channel with a tur-nover of nearly €30 million in food, drinks, and cold and frozen products, amongst others. In order to continue promoting this new sales channel with the particular features, promotional ac-tionsandspecifictoolsitneeds,anewweb address has been made. The aim is to offer customers the possibility of an alternative to traditional shopping which, along with other advantages, allows them to enjoy a distinct promo-tional policy, to maintain a log of their consumptions, to place orders at any time of day/week, etc. all without lo-sing sight of the traditional salesman.

THE ONLINE SALES

CHANNEL PRODUCED A

TURNOVER OF NEARLY

€30 MILLION IN FOOD,

DRINKS, COLD AND FROZEN

PRODUCTS.



SerHS FruItS, MuCH More tHan FruIt anD VeGetaBleS

A specialised company offering a comprehensive view of the world of fruit and vegetable distribution, and attached to the SERHS Distribution division. It has an extensive career be-hind it of nearly 40 years and is placed amongst the leaders of the sector. It is largely introduced in three strategic points of Catalonia: Ripoll, Blanes and Reus. With a team of more than 60 peo-ple between the different work centres, ithasafleetof40vehiclesandareasof more than 7,000 square metres of facilities with a large capacity for refri-geration. SERHS Fruits has increased its com-mercial action in Barcelona. It has strengthened its presence in Merca-barna to improve service to customers especially in the area of restaurants and hotels. In June 2014, an informa-tive website was created (www.serhs-fruits.com) as a first step to reportingits business activity on the net. This school year, 2013-2014, fruit was also distributed to the schools of Catalo-nia in a European Union initiative that

started in the 2009/2010 school year and which is made effective by a coor-dinated action from the Departments of Agriculture, Stockbreeding, Fishe-ries, Food and Natural Environment, Health and Education.

SERHS FRUITS HAS

INCREASED ITS

COMMERCIAL ACTION IN

BARCELONA. ITS PRESENCE

IN MERCABARNA HAS

BEEN STRENGTHENED

TO IMPROVE CUSTOMER

SERVICE ESPECIALLY IN THE

AREA OF RESTAURANTS

AND HOTELS.

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2013 - 2014 supposes consolidation of presence in international markets such as the English, the Eastern and Nordic, with higher than market growth. Domestic consumption is also recovering strongly and Rhodasol has taken a position of leadership in holiday Spain.

Stable results and of continuous growth despite the geopolitical crisis in one of the principal markets, the Russian, reflecting a consolidated diversification thanks to a solid and expanding distribution structure.


SERHS Tourism is a receptive travel agency and B2B provider of services for international travel agencies and tour operators. It also has a wholesale agen-cy which offers its product to the retail agencies in Spain and Portugal throu-gh the Rhodasol brand. SERHS Travel Service is the issuing travel agency which offers its services to workers, shareholders and companies related to the Group. Since 2014 it has had a new business line, Hotel Juice, dedicated to direct online sales through the web sites of the hotel establishments them-selves. It offers a wide range of recepti-ve services on the main coastlines and cities of Spain, and also accommoda-tion throughout Europe and around the Mediterranean arc.

outStanDInG proDuCtS anD SerVICeS

The SERHS Tourism area strengthens its orientation towards the world su-rrounding the hotel while remaining faithful to the group’s founding spirit and with a clear view of giving value to its suppliers, who are considered key allies in producing wealth in Ca-talonia and the tourist destinations which SERHS Tourism offers the mar-ket. In this sense, the takeover of the company Hotel Juice, engaged in digi-tal marketing for direct sales through the hotel websites, brings a new com-petitive edge which will strengthen awareness of the consumer and their needs. Along this line, the joint work with other divisions can also be hi-ghlighted, and especially with distri-bution to give services jointly aimed at satisfying a large spectrum of present hotelier needs.

SINCE 2014 IT HAS HAD

A NEW BUSINESS LINE,

HOTEL JUICE, DEDICATED

TO DIRECT ONLINE SALES

THROUGH THE WEBSITES

OF THE HOTEL

ESTABLISHMENTS.


SERHS TourismReceptive agency and wholesale online and offline supplier

www.serhstourism.com

Portfolio of 34,000 hotels in 45 countries

More than 8,000 points of sale in 32 countries

Average payroll of 234 people

3,000 million online requests

500,000 bookings confirmed online


neW StrateGIC plan

This year, SERHS Tourism closes its growthplanofthelastfiveyearsandapproves the new three-year strategic plan which will guide the division to 2017. This sets its sights on strengthe-ning the leadership position in Spani-sh holidaymaking while developing the internationalisation of the offer to become a regional player in the Euro Mediterranean area. The commer-cial synergies in the present custo-mer portfolio favour an expansion of the hotel product based on a policy of alliances which is singular on the market.

The model is supported by clear-ly reinforcing the three fundamen-talaxesof thestructure: theefficientorganisation of operations based on a regionalised structure and central services; technology as a competitive edge, and; the proposed hybrid distri-bution which includes the online and traditional channels and is a differen-tial trait of the division’s value propo-sal.

www.serhstourism.comwww.rhodasol.es i www.rhodasol.pt | www.hoteljuice.com | www.serhstravelservice.com


RECEIVER

AND B2B SUPPLIER

OF TOURIST SERVICES FOR

AGENCIES AND

TOUR OPERATORS FOR

THE MAIN ISSUING

MARKETS IN

THE WORLD.


The wager on efficiency and constant improvement of the

processes is strengthened through a new organisational direction

and the opening of a department of analysis dedicated to business

intelligence through data exploitation.

>


neW InVeStMentS anD aGreeMentS

The investment initiatives have focu-sed on technological modernisation, which in the past year became a true point for concentrating both human efforts with a new technical manage-ment, and innovation efforts thanks to the important computer development of a new availability engine. This lar-ge development will provide totally modernised and pioneering computer mechanisms to absorb large volumes ofonlinerequestsefficiently,fastandeffectively by turning the digital stra-tegy towards a reduction of the cost of transactions with total scalability.

With respect to the agreements, one outstanding point is the welcome re-ceived by new and existing customers who actively supported the process of expanding the wholesale commercial line. In this case, the launch of Rhoda-sol in Portugal, a clear issuing market for the south of Spain, and its forth-coming entry in France, have shown large support as well as the extension of the domestic agreement to interna-tional issuers.

Additionally, we must stress the constant search for opportunities ma-terialising in new agreements with establishments principally in the sou-th of Spain. Similarly, initiatives are started to deseasonalise sales through new market segments. This is the case of projects aimed at the +55 group, in Catalonia through the CATSENIOR and in the case of international markets thanks to the approval of the Segittur EuropeSeniorcertificate (Turespaña),which certifies Serhs Tourism as theonly multimarket and multi destina-tion operator in the Spanish state.

INITIATIVES ARE STARTED

TO DESEASONALISE SALES

THROUGH NEW MARKET

SEGMENTS. THIS IS THE

CASE OF THE PROJECTS

AIMED AT THE +55 GROUP

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SERHS brings in the second and third urban hotel in Barcelona, the Hotel SERHS del Port and the Hotel SERHS Carlit, thus strengthening its presence in the city

The SERHS Natal Grand Hotel exceeds R$50 million in sales, an excellent year in the Brazilian establishment thanks too to the World Cup 2014


SERHS Hotels provides its customers with a varied offer of holiday enjoy-ment and for business customers, the chance to choose from a wide range of 14 hotel establishments of diffe-rent types and locations. The aim is to continue working to increase the pro-duct portfolio with hotels with their own stamp, like the Vilars Rurals, to strengthen their presence with urban hotels without forgetting internatio-nalisation and the search for hotels abroad and along the Mediterranean coastline.

StrateGIC aGreeMent

With respect to the SERHS Natal Grand Hotel resort, which the corpo-ration has had in Brazil since 2005, it was honoured to receive four of the teams competing in the Arena das Dunas Stadium during the Brazilian World Cup 2014, Cameroon, United States, Greece and Uruguay, and many other public figures and journalists.The United States Embassy gave its personal thanks for the attendance given during the team’s stay in the hotel establishment during the World Cup to the vice president of the United States of America, Joseph R. Biden Jr. Thanks to this great world event, the hotel reached an agreement with the company OAS, the administrator of

the new “Arena das Dunas” Stadium in Natal to house the workers involved in building the stadium. The agreement as theOfficialHotelof theArenadasDunas Stadium in

Natal has allowed it to accommoda-te some of the most important teams in Brazil when they play in Natal: Pal-meiras, Cruzeiro, Atletico Paranaense and Flamengo. In the line of agree-ments, the DESIGUAL brand opened a shop in the hall of the SERHS Natal Grand Hotel taking advantage of the characteristics of the hotel and the type of customer staying there, both very close to its target.

This year a commercial agreement was reached with the French agency PARTANCE, specialised in the MICE market, in order to market our esta-blishments with company meeting rooms, as is the case of the Vilar Rural de Sant Hilari, the SERHS El Montanyà, SERHS Rivoli Rambla and SERHS Natal Grand Hotel, in the French-speaking markets (France, Belgium, Switzerland and Luxembourg.) Furthermore, the division continues to work to bring in and reach agreements with internatio-nal customers of the business market for Vilars Rurals, SERHS El Montanyà, SERHS Rivoli Rambla and SERHS Na-tal Grand Hotel, with the support of the Catalonia Convention Bureau and Ca-talan Tourist Agency.

THE VILAR RURAL

DE SANT HILARI ACHIEVES

THE TRIPADVISOR

CERTIFICATE OF

EXCELLENCE 2014 IN

RECOGNITION OF ITS

EXCELLENCE AS A RURAL

HOTEL ESTABLISHMENT.


SERHS Hotelswww.serhshotels.com

Moments full of life

Vilars Rurals | Holiday Hotels | Snow and Mountain Resorts |Urban Hotels | Brazil Beach Resorts

14 hotel establishments between ownership and management

Adventure park in the trees

Average team of 600 people a year

2004 national and international rooms

53 meeting rooms, two convention centres and 49 swimming pools


SERHS Hotels has signed an agree-ment with TripAdvisor®, the largest travel website in the world, where tra-vellers can plan and book their perfect trip thanks to the opinions of other travellers, so that the establishments of the hotel chain appear as preferen-tialhotelsintheirPLUSprofile,exceptfor the beach hotels.

Taking advantage of the synergies between group divisions, an agree-ment has been reached with the company Hotel Juice, attached to the SERHS Tourism division, to outsource the online commercial and marketing department. With a team of 8 people they will give support to take the Ho-liday Commercial sales part of the on-line channels and websites of SERHS Hotels. The Corporate Commercial department is not included in this agreement and will continue to work separately but in parallel to it.

Finally, with respect to the offlinecommercial part, a commercialisa-tion and distribution agreement has been reached with Kiddys Box, boxes of experiences to give families with children, with activities specially de-signed for them with a large dose of fun and education, just the same com-ponents that characterise the Vilars Rurals.

neW InCorporatIonS or InVeStMentS

TheservicesofthenewofficesoftheSERHS Natal Grand Hotel have been started up in Sao Paulo, in order to en-hance the image of the resort in the main Brazilian city. And specificallyinthefive-starresort,andconsideringthe ever-growing number of families staying at the hotel with children, a new children’s park has been built and the Kids Club refurbished.

In the last year, the strong wager on consolidation and growth must be stressed in the segment of urban ho-tels with their own brand in the city of Barcelona, and as a result we must especially stress, on the one hand, the incorporation on 1 December 2014 of the second of the corporation’s urban hotels in Barcelona with a long-term management contract, the Hotel SER-HS Del Port***, at Avinguda del Pa-ral·lel nº40 de Barcelona. This is an establishment with 48 rooms in a very central place in the city and an impor-tant point for cruise travellers as it is very close to the port. It is a peaceful and functional kind of hotel. And on 12 January 2015, the incorporation star-ted of the third urban hotel in Barce-lona, with a contract that combines an

www.serhshotels.com


OUTSTANDING WAGER

ON CONSOLIDATION AND

GROWTH IN THE URBAN

HOTELS SEGMENT WITH ITS

OWN BRAND IN THE CITY

OF BARCELONA:

THE SERHS DEL PORT AND

THE SERHS CARLIT.

initial period of management plus the possibility of up to 20 years of rental, the Hotel SERHS Carlit, on the Eixam-ple Dret of the city at Carrer Diputació, 383 in Barcelona. Located near the Sagrada Família, this establishment has 38 rooms redesigned in 2013 in the purest modernist style, a style also applied to the common areas. The style is modern, urban and distincti-ve as it is an 18th-century modernist building and has always been a hotel in Barcelona.

SERHS Hotels now owns or mana-ges 14 hotels and meets one of its ba-sic objectives which is to enhance the management of urban hotels in Bar-celona in privileged locations, and ho-tels with a good level of comfort. The emblematic Hotel Serhs Rivoli Rambla 4*, recently refurbished to improve customer satisfaction and located on the Rambla of the city, was the meta-phorical cornerstone, and the recent incorporation of the Hotel SERHS Del Port 3* on Avinguda del Paral·lel beca-me the second stone.

As for the team, SERHS Hotels brou-ght Mr. Jose Antonio Martínez into the division as Manager for Rural and Mountain Operation. His responsibi-

lities include the management and operation of the assigned hotels (Vi-lars Rurals and Port del Comte), their income statement, their teams, opera-tions, organisation, activities, events and F&B.

neW proDuCtS anD SerVICeS

The Vilar Rural de Sant Hilari has achieved the Tripadvisor certificateof excellence 2014 in recognition for its excellence as a rural hotel establi-shment according to the opinions the users write on the largest travel web-site in the world. The customers of the Vilar Rural de Sant Hilari highlight and appreciate different questions such as the hotel service, the cleaning and the comfort of the rooms and facilities; the restaurant buffet cuisine and the variety and quantity; the peacefulness of the surroundings and pleasantness of the staff. They give the highest sco-res to the number and variety of fun and educational activities for the chil-dren and families.

SERHS Natal Grand Hotel, 6th best hotel for families in South America. The corporation’s five-star hotel inBrazil has reached 6th place in the

category of the best hotels for trave-lling in family in South America, given each year by Tripadvisor as part of the Travellers’ Choice Awards 2014.

Vilars Rurals has brought the Baby Friendy stamp into its establi-shments. Travelling with children means planning everything that we have to take so that the child does not lack in anything, but without the need to load up with extra utensils. Therefo-re, and in order to make this job easier for parents, the Villages provide cus-tomers with a series of elements, ad-vantages and activities for the young, babies (0 to 2). There are rooms pre-pared with a bath, cots with animal mobiles, bottle and pot heaters, soc-ket protectors, welcome basket with a bib, plastic spoon; the dining-room offers two varieties of daily pap on the menu, dishes and utensils for babies, high chairs and boosters, microwave ovens; the children’s park has a swing for babies, a special area for them and programs different special activities for babies and infants. The shop also offers packs with amenities. The Vi-lar Rural de Sant Hilari has also set up a Baby Room, a room decorated for children and with special furniture for


them: changer, cot, cupboards concei-ved for the youngest with all possible commodities to make them feel at home.

The Vilar Rural d’Arnes adheres to the Bikefriendly stamp, which aims to receive and give special treatment to cycle tourists and to attend their par-ticular needs. The surroundings of the Village offer a wide range of possibi-lities for cycle tourists and lovers of MTB , with routes around the Ports de Beseit, considered some of the most important in Catalonia, as well as the Green Path route. The achievement of this certification allows advice toreceive cyclists with services adap-ted to their requirements. In the case of the Vilar Rural d’Arnes, the esta-blishment has been included in the ‘Experience’ category. An area of the establishment has been adapted as a bicyclerepairshopsothat,afterfini-shing their routes, the cycle tourists can make all necessary repairs or check their bikes. There is also a bicy-cle locker with independent locks, a bicycle washing area and an informa-tion point on specific cycling routesaround the Village.

Under the Vilars Rurals brand, in early 2013 SERHS Hotels brought in a new innovative program of activities, the Weekends of Science, with an edu-cational content backed by the UPC, intended to give scientific knowled-ge starting with the youngest and to becomeaScientificTourismDestina-tion. In 2014 thematic weekends conti-nued to be put on, covering areas such as meteorology, astronomy, geology, physics, chemistry and sustainability, engineering, energy and nature, and many others. Figures from the world of the weather and science, coordi-nated by the physician Jordi Mazón, have come as the spokespeople of this initiative: Francesc Mauri, TV3 wea-thermanandDaniJiménez,scientificinformer of Dinamiks on TV3.

www.serhshotels.com


THE VILAR RURAL

D’ARNES ADHERES TO THE

BIKEFRIENDLY STAMP. ITS

AIM IS TO RECEIVE AND

GIVE SPECIAL TREATMENT

TO CYCLE TOURISTS,

ATTENDING THE NEEDS OF

THIS GROUP.

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Eudec, an innovative and effective proposal offering technology, efficiency and quality in different areas of group restoration

The new Security, Innovation & Nutrition for Catering system gives a clear improvement in the diet and culinary quality, safety and hygiene, and becomes a leader in technology, innovation and service



EudecFood played a very active part on the stand at Alimentària 2014, the International Food and Drink exhibi-tion. It took the chance to announce not only on the most recent culinary preparations, but also to present the perfect solution for health and edu-cational restaurant areas, adapting to the needs of each of its customers through its advanced preparation pro-cess. All of the products shown at the Alimentària fair can be bought easily and comfortably 24 hours a day at the online store www.eudecfood.com. The attendees were able to see product demonstrations carried out by specia-lists and appreciate the fast and sim-ple preparation process required by the brand’s prepared food range, and totrythemtofindthebestsolutionforeach business. Continuing with attendance at fairs, from 20 to 23 October 2014 EudecFood took a further step in innovation and presented its latest development: so-lutions for Room Service in the hospi-tality sector, the ideal product for four andfive-starhotels. Those attending were able to see the facilities and quality of the servi-ce. The Gastronomic Forum was an unbeatable framework for presenting

the wide variety of high range dishes easy to prepare and serve available in single doses, with long expiry dates and being able to be offered 24 hours a day without any need for a kitchen. In order to show the importance of the preparation of the EudecFood 5th range product, and to give personal advice on the scope of the more than 400 dishes that can be made with this product, focusing on the best options for each kind of establishment and customer, EudecFood in 2014 gave three workshops, two at the Take Eat Easy (World Trade Center in Barcelo-na) and another at the Hotel Gran Sol in Sant Pol de Mar. In the last year, SERHS Food has also developed a new line of allergen-free cooked products. The aim is to cover as many allergens as possible today, 14 declared allergies. 20 references are offered from different food families. EUDECFood has for more than 20 years been engaged in preparing and developingfifthrangeofproducts forgroup restaurant centres. With a phi-losophy of offering the sector what it needs, last year it launched the eudec-food.com website, which allows cus-tomers to buy the products virtually and to receive them in their kitchen

LAUNCH OF A NEW LINE

FOR ROOM SERVICE FOR

FOUR AND FIVE-STAR

HOTELS. DEVELOPMENT OF

THE NEW LINE OF

ALLERGEN-FREE

PRODUCTS FOR

RESTAURANTS.


SERHS Food

www.serhsfoodservice.com

Integral restoration

Integral restaurant services for hotels and groups (Hotels, Hospitals, Homes,Social Healthcare Centres, Restaurants, Bars and Cafeterias, Schools, Universities, Penitentiary Centres, Companies, Football Stadiums) I Leisure activities I Catering for Events I Macroevents

Eudec system: own production of more than 400 references.

Own centres and more than 250 centres managed (hospitality and groups)

1st company to achieve a patent in group restoration

The team is formed by an average of 825 people a year, 1,600 at peak times


at no extra cost. The site also gives a customised advisory service to help its customers to get the best out of their restaurant service. It presents a catalogue of more than 400 recipes allowing the healthcare, educational, restaurant and hotel areas to serve traditional home made cooking, wi-thout investing many resources and at a competitive price. Along this line, as leaders in the preparation of food andfifthrangebases,EudecFoodhaswanted to be positioned as a blogger, creating a trend and new lines of food communication. Without going any further than the mere positioning of their online store at the top of all the search engines, EudecFood started up its new blog. On this website, content can be found on feeding in the sectors of education, hospitality, restaurants and health, culinary recipes, advice on diet and food properties, and much more. http://blog.eudecfood.com/


A special reference to the agreement with the new pasta and pizza restau-rant chain Giuliani’s, of the Comdifilgroup (specialised in fashion, with stores like the Shana chain). This group is diversifying towards hospita-lity and this year has created a proto-type Italian fast food restaurant to set up in different shopping centres of the Iberian Peninsula, following the same parameters as Shana and aimed at a similarcustomerprofile.SERHSFoodand Projects made the project of ma-chinery, advice and supply of the gas-tronomic part from the first openingin the Barnasud shopping Centre in Gavà and up to a total of 6 establish-ment (Barcelona, Madrid, Castellón, Alicante, Murcia). As for restaurant services in sports stadiums and according to the con-tract signed with FCBarcelona almost 7 seasons ago, SERHS Food started this year with the Camp Nou Loun-ge.From28Mayto9August,thefirsttribune stands of the stadium beca-me the Camp Nou Lounge, a place allowing a quality gastronomic offer to be enjoyed as never before: with a privileged panoramic view of the sta-dium. SERHS Food was responsible for

www.serhsfoodservice.comwww.eudecfood.com | www.serhsfoodeduca.com

www.takeeateasyserhs.com | www.castell-jalpi.com | www.arcscatering.com


ADAPTING TO THE NEEDS

OF THE PRINCIPAL

SECTORS: HEALTH,

EDUCATION AND BUSINESS.

WE ENHANCE INNOVATION

AND TECHNOLOGY TO

OFFER CUSTOMISED

ATTENTION AND ADVICE.

managing this space through the ove-rall agreement already in place, for the management of the stadium’s restau-rant points. In the same stadium, and in the line of improving the quality of the service, SERHS Food, with SERHS Projects, opened new bars in the Camp Nou Stadium. The refurbishment of the 60 points around the whole of the tribune and the side of the stadium followed the line of the points alre-ady opened last year around the north goal. The main developments resulted in a better image of the points, better quality of the product and service, offering a new gastronomic offer and betterefficiencyintheservice.Atthesame time, the new implemented te-chnology resulted in the elimination of smoke from the point of sale.

neW InCorporatIonS anDInVeStMentS

As for the new incorporation of cen-tres under management, the Escola Pia Nostra Senyora in Barcelona, and the Montesori School in Girona star-ted the school year 2014-2015 with the management of the dining room ser-vice led by SERHS Food Educa. This is a secondary school and the agreement reached with the school includes the performance of the service following the Security, Innovation & Nutrition for Catering system. In the same area of schools, public tenders were also won for the dining room service of the Escola Pla in Girona. The dining room service will be given both in the kitchen and in the monitoring, with a volume of more than 300 daily menus between children and teachers. This now means that there are more than 30 schools managed by Serhs Food Educa in the province of Girona.

Furthermore, contracts have been renewed in the schools of the Regio-nal Councils of the Alt Empordà and the Alt Penedès regions as well as Cer-danyola Town Hall with which SER-HS Food Educa has worked in recent years. Nursery schools in Sabadell like Can Llonch, Creu Alta, Joaquim Blu-me, Joan Montlló and Calvet Estrella, have also chosen SERHS Food Educa in renewing the dining room service by public tender. Restaurant services in the busi-ness/corporate sector have also gai-ned weight, and the Blood and Tissue Bank, a company with which the di-vision was already working, has not only renewed the contract for the di-ning room, cafeteria and expender machines of its building in Barcelona, but has also given the service for su-pplying beverages to blood donors, a service given by Fleca Serhs.


Finally, in reference to the Justice res-taurant sector, SERHS Food, by public tender, renewed the contract for the Can Brians I restaurant service for a further 4 years.. In this report we must stress the name change of the system known as the Eudec System up to now. As part of the process of innovation of collective restaurant concepts, SERHS Food has taken a step forward and started the name change of the system known up to now as EUDEC, which from now on will be called the Security, Innovation & Nutrition for Catering system. The SINC system, accompanied by the claim of Security, Innovation & Nutri-tion for Catering, with its new image/logo aims to strengthen the magnitu-de of security, innovation and nutri-tion in the group restaurant sector. SERHS Food promotes its two busi-ness lines separately. On the one hand, EUDEC as a product and on the other, the Security, Innovation & Nutrition

for Catering system. In the immediate future work will begin on developing the College sector, which along with the Clinical (already implemented in some management centres such as the Maresme Healthcare Corporation and La Selva as well as Vic hospital consortium), will be the largest of the division, leaving the Corporate for a later phase.


SERHS FOOD ENHANCES

THESE TWO BUSINESS

LINES SEPARATELY: EUDEC

AS A PRODUCT AND THE

SECURITY, INNOVATION

AND NUTRITION FOR

CATERING SYSTEM.

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SERHS Projects was adjudicated the public tender for contracting the supply of trolleys for the reconstitution of food for patients’ meals in the Corporació Sanitaria del Parc Taulí in Sabadell

Serhsequipments.com makes a balance of the first year and achieves the stamp for online confidence


Serhs Projects & Equipment, with more than 25 years experience in projects for hospitality and restaurants, has focused its business strategy in recent years on restaurant projects (basica-lly kitchens, buffets and bars) and the sale of equipment and machinery for hospitality, restaurants and groups.

Similarly, in order to achieve con-solidation, the division continues to strengthen the online sales channel (www.serhsequipments.com) where equipment, complements, lighting, furniture of the best brands on the market can be purchased at very com-petitive prices and the customer can make their online purchases comfor-tably, fast and simply.

neW aDJuDICatIonS anD reStoratIon WorKS

In the area of health, SERHS Pro-jects has been adjudicated the public tender for contracting the supply of trolleys for reconstituting food for pa-tient meals at the Corporació Sanitària delParcTaulíinSabadell,specificallyat Sabadell Hospital and the Albada Home. The delivery and installation of the trolleys was performed in June 2014 and a total of 35 units were insta-lled in theofficesofeachfloor in thebuilding.

The option chosen in a long selec-tionprocess amongst themainfirmsin the sector of such apparatuses, was Eletrocalorique,afirmwithwhomSer-hs Projects has worked for years and whichisanofficialdistributorfortheSpanish state. The supply of recons-tituting trolleys to the Parc Taulí cul-minates a large refurbishment of the kitchen installations to adapt them to cold line production. Similarly, the Parc Taulí adjudicated to SERHS Pro-jects the tender for miscellaneous hospitality material such as lighting.

SERHS Projects has worked inten-sely with the country of the Pyrenees, Andorra, and has consolidated its presence with the confidence of animportant brand such as Grandvalira, where important projects stand out

SERHS PROJECTS

CONSOLIDATES ITS

PRESENT IN ANDORRA

WITH THE CONFIDENCE

OF GRANDVALIRA.


SERHS Projectswww.serhsprojects.com

www.serhsequipments.com

Innovative solutions

specialists in Food & Beverage areas

Innovate Food & Beverage solutions

www.serhsequipments.com online sale of machinery for hospitality and restaurants

Equipment for hospitality, restaurants and groups

Dedicated to the sectors of hospitality, restaurants, education and health.


such as the thematic Pasta Box res-taurant (Grandvalira–Andorra), whe-re an overall refurbishment has been made of the interior decoration and dining room, kitchen machinery and bar. Without moving from Andorra, a refurbishment was made of the inte-rior decoration and machinery and equipment of the Fun Food Ribaes-corxada, a fast food restaurant and cafeteria in the Tarter area, for Grand-valira Ensisa. And in the area of Grau Roig, the Tres Estanys and Pulka fast food restaurants include the new Me-rrychef oven technology for the sand-wich fast food service. The technology of these ovens allows a hot sandwich to be prepared in 15 seconds. The de-sign and equipment of the new Fun Food restaurant of the Llac de Pes-sons mountain hut in the Grau Roig area has also been put out to SERHS Projects.

In the Maresme region and in the line of hospitality, and specifically atthe Hotel Alhambra in Santa Susanna, an innovative chamber refrigeration system has been installed. The refur-bishment of the whole of the kitchen at the Fundación Rais in Madrid was also entrusted to SERHS Projects, as well as the refurbishment of the kit-chen of the staff dining room in the

company Lainco, S.A. Finally, the kit-chen of the Home in Sant Hipòlit de Voltregà was fully equipped, where SERHS Food also deals with the res-taurant service.


Online sales continue to be the main objective of the SERHS Projects divi-sion through the web www.serhsequi-pments.com. Making a balance of the first year and dealing with themainfigures, the corporation has reached8,400 articles, 200 daily visits, more than 550 registered subscribers, 300 customers and nearly 50 suppliers/collaborators. Furthermore, this web-site stresses that it has achieved the stamp for online confidence. Thisstamp recognises the transparency and credibility of all websites that have it, certifying their ethical and so-cial commitment to users.

In 2014 the online sale of machi-nery and furniture for hospitality was consolidated through this channel with important strategic agreements for commercialisation and distribu-tion with different manufacturers.

www.serhsequipments.comwww.serhsprojects.com


ONLINE SALES ARE STILL

THE MAIN OBJECTIVE OF THE

SERHS PROJECTS DIVISION

THROUGH THE WEBSITE WWW.

SERHSEQUIPMENTS.COM


MeDIterraneuM XX, S.l.

The added value of this company is the use of new technologies and the most modern communication sys-tems, which has supposed an outs-tanding step forward in all activities carried out and which allows users to directlyandefficientlymanagea lar-ge number of computer applications online which are made available to them. Similarly it offers internal and external customers a quality tool with high-level professional specialists.

HuMan reSourCeS

The SERHS Human Resources Cor-porate Management, in its search for innovation and continuous improve-ment, since 2012 has acted under the name of “Human SERHS Consulting” through which, with a different iden-tity, it offers its service portfolio: sa-lary management, legal-occupational advice, associated occupational risk prevention service, selection, training and consultancy in human resources for companies outside the group. Fo-cused principally on the sector of tou-rism, hospitality and restaurants, it is positioned on the market as the com-pany specialised in Integral Human Resource Service in all of its variants. For further information, you can visit www.humanserhs.cat This SERHS Corporate Management covers all of the necessary specialities to give a complete human resource management service in all of it spe-cialities:• Staffadministration• Selection,trainingand development in human resources• Labourrelations• Preventionofoccupationalrisks

“HUMAN SERHS

CONSULTING” OFFERS

ITS SERVICE PORTFOLIO:

SALARY MANAGEMENT,

LEGAL-OCCUPATIONAL

ADVICE, ASSOCIATED

SERVICE OF PREVENTION

OF OCCUPATIONAL RISKS,

SELECTION, TRAINING

AND CONSULTANCY IN

HUMAN RESOURCES FOR

COMPANIES OUTSIDE

THE GROUP.

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The Department of Staff Administration in 2014 processed a total of 64,427 salaries.

SERHS has its own LMS e-learning platform, a catalogue with more than 500 courses in different areas: sales skills, finance, office Informatics, Internet and basic tools, languages, management skills, quality, prevention of occupational risks, courses of university certification and “social games”.

SerHS SerVICeS


SERHS Serviceswww.serhs.com

Within your reach

Insurance | Administration and FinanceNew Technologies I Computer Applications

Staff administration

This department specialises in advising and dealing with processes in the work area through a team of professio-nals specialised in the subject. This is department wa-gersfirmlyon Internetportalswhileapplyingcontinuousimprovement of its services, in order to offer both SERHS companies and external customers an ever more effective service. The SERHS Services portal (https://portal.serhs.com/rrhh) is used as a means of communication between the company and its work adviser. This is a personalised and interactive tool which supposes great savings in time and costs, avoids travel or telephone calls and is opera-tive 365/24. It can be used from any connection point in the world, guaranteeing the required confidentiality andmaximum security. 2014 was also the year in which this tool was reconceived to become more agile, intuitive and with new services it did not have before. Examples of this improvement have been direct online chat with the adviser for more personalised and virtually instant dealing. Assignificantdata,theStaffAdministrationdepartmentin 2014 dealt with a total of 64,427 salaries. We must re-member that this department started and implemented a key project in all companies of the Group in 2010, the Flexible Pay Plan. The idea of this plan was that all wor-kers might be able to choose how they want to receive their gross annual pay (with a limit of 30% of the total) in order toadaptittotheirpersonalandfamilyneeds.Theflexible

Pay Plan gives the option of designing the salary package in a completely voluntary way, to devote part of the salary to contracting certain products with significant tax andeconomicbenefitsinordertoincreasenetavailability.Theproducts offered this year were: SERHS Group shares, Heal-th insurance, Restaurant card, Nursery School and Trai-ning. The project was very well received by the staff, which wasoncemorereflectedintheresultsof2014,withatotalof 781 applications to buy products. The star products once more were the SERHS Group sha-res and the health insurance. Secondly came the training, nursery schools and restaurant cheques.


Shares : 4%

Restaurant Card : 1%

Health Insurance : 92%

Nursery School : 3%

www.serhs.comwww.humanserhs.com | www.asseguris.com | www.migjornser.com


training

The work of the training department starts by analysing the training needs and aspects for improvement that com-panies seek in order to guide them to a solution that has a direct impact on results. Along with the company, a series of aspects/skills are chosen on which work will be done du-ring the year through training, in order to line up the basic skills/competencies of the staff with SERHS’s present and future strategic goals. In 2014, throughout the companies of the corporation morethan€260,000wasinvestedintraining.Specifically,atotal of 496 training groups were made with a total of more than 3,200 participants and 34,700 hours of training, with a successful outcome of more than 85% and an average of 14.7 hours training per year for each student. One year more, SERHS favours “blended” training, which is training consisting of attended sessions combined with tablets of e-learning. The wager on this form of training (at-tendance + e-learning) means that the student becomes an active subject in their own training and is able to establi-shtheirownlearningratewithmaximumflexibilitywhendoing the course (day/time and place) and also receives personalised monitoring from their tutor (either online or in attendance) where they can consult doubts and consoli-date their learnings. Since 2010, SERHS has had its own LMS e-learning plat-form with a catalogue of more than 500 courses in different areas:salesskills,finance,officeinformatics,Internetandbasic tools, languages, management skills, quality, preven-tionofoccupationalrisks,universitycertificationcoursesand “social games”. In 2014, this platform brought in more than 50% of our workers.

Our companies choose e-learning because it supposes a guarantee of quality, a reduction of expenses (administra-tive and travel) and also standardises the training content the workers will receive (everyone receives the same trai-ning whatever their geographic location). Furthermore, as added value, the workers trained in this form acquire grea-ter agility with ICT tools, something essential today for any job.

*Subjects in which the SERHS group staff trained in 2014.

As for the external customers, the Training department processed more than 35 training groups in which 210 stu-dents took part with a total of 6500 training hours.

Administration and Finance. 1%

Specific Division. 8%

Sales and Marketing. 2%

ORP Training. 34%

Skills and Human Resources. 24%

Office Informatics & New Technologies. 24%

Quality, Environment and CSR. 8%

presence

2014 saw the culmination of a strategic project for the Hu-man Resource Development Department: the implementa-tion of a new Presence Management System in the almost all SERHS centres in Catalonia. The Corporate Management has established a transversal policy throughout the whole corporation in this area. The aim is to have new measures tocontrolefficiency,productivityandworkloadaswellasflexibility for theworkers tobeable tomanagetheirownpresence and/or absence.

The present system includes hardware (biometric ter-minal) to receive the worker’s fingerprints, and softwarethrough which each worker is able to consult and manage their own time and to ask for leave and holidays.

With the Softmachine partner, our supplier par exce-llence of innovative time management and access control products, this system was implemented in almost all of the Catalan centres of the group in 2014.

prevention of occupational risks

In 2014 the Associated Prevention Service in collaboration with the work centres, implemented online control of all compulsory documentation throughout the SERHS work centres with respect to coordinating business activities through the e-coordina application.

The work centres asked for the documentation to coor-dinate business activities, in other words from the subcon-tracted companies performing maintenance work. With respect to this, there was a compliance of between 60 and 70%. The aim for 2015 is to achieve 80% compliance with the requests sent.

Furthermore, through a commercial agreement with the company Einber Sistemas de Gestión S.L. in 2014 an inte-gral occupational risk prevention software was developed which will bring in the business activity coordination ma-nagement module. The implementation of this new tool will start in 2015.

The effectiveness and efficiency of continuous riskprevention work in the companies of the corporation has allowed 10 of these companies to receive an incentive for good occupational risk prevention management, known as “BONUS FOR LOW LOSSES”, for a total value of €16,200. This went to the companies Costabonaser, Allelac, Montgriser, Montsenyser, Canigoser, Vivahotel, Serhs Tourism, Viajes Lider Canarias, Mediterraneum XX and Migjornser. In re-cognition of the achievement of this incentive, SERHS was awarded an accrediting diploma for each of the companies.


www.serhs.comwww.humanserhs.com | www.asseguris.com | www.migjornser.com


losses

The overall loss index of the SERHS companies fell by 0.35 points in comparison with 2013 (see Fig. 1). It must be stres-sed that all of the accidents were minor.

Amongst the work accidents we could distinguish be-tween the work accidents in the workplaces themselves and/or on mission, the so called “on route” accidents, refe-rring to those accidents workers suffer on their way to or from work (art. 115.2d LGSS). With respect to the “on route” accidents, it is very difficult for companies to prevent oract against them as the accident has nothing to do with the company activity.

The loss rate of accidents without including the “on rou-te” accidents fell by 0.64 points in comparison with 2013 (see Fig. 2)

total loss % of SerHS, comparison 2013 vs 2014(total number of accidents with worker average annual leave)*100

total loss % without on route accidents of SerHS, comparison 2013 vs 2014(total number of accidents with worker average annual leave)*100

One of SERHS’s objectives has been and will be to make all efforts to improve the loss rate with a view to conti-nuous improvement and zero accidents, always watching and monitoring one of our principles in the safety and health of our workers.

evolution of accident rate index SerHS 2009 -2014

In the course of the last 5 years, since 2009, we have achievedasignificantdropinthisindex,whichinthelastfour years has remained on an average of 5.7%.ACCIDENTS WITH SICK LEAVE 2013

ACCIDENTS WITH SICK LEAVE WITHOUT ON ROUTE ACCIDENTS 2013

ACCIDENTS WITH SICK LEAVE 2014

ACCIDENTS WITH SICK LEAVE WITHOUT ON ROUTE ACCIDENTS 2014

5,92%

5,24%

-0,35

-0,64

5,57%

4,60%

5,92%

5,57%

7,35%

4,95%

6,50%

5,72%

2013

2014

2012

2010

2009

2011

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Cloud Computing, following the defined corporate strategy, works on the creation of a hybrid Cloud to give the group’s infrastructure more security, scalability and cost optimisation.

BI/Big Data redesigns the whole of the BI Corporate strategy by using “Leaner” tools to allow short projects to be made and which give benefits more rapidly.

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“

aDMInIStratIon anD FInanCe

An area attached to SERHS financialcorporate management which is for-med by different specialised sections such as the calculation centre, tax ad-visory service, auditing, treasury and aggregation and financial consolida-tion. Its fields of action are the com-panies of the corporation and it also receives collaboration from different external advisers.

aSSeGurIS MeDIterraneuM XX, CorreDurIa D’aSSeGuranCeS, S.l.

SERHS’s insurance brokers, Asseguris, engaged in advising on distributing all kinds of insurance products, deals with the leading companies on the market such as MAPFRE, AXA, DKV, ALLIANZ, ACE, ZURICH, VITALICIO, ARAG, FIATC, EUROPEA DE SEGUROS, MARKEL, AGRUPACIÓ MÚTUA, LIBERTY, NATIO-NAL SUISSE, REALE and CASER. This year it signed an agreement with ano-ther leading insurance company on the market, HISCOX (specialists in Profes-sional Civil Liability), in order to increa-se the scope of its offer. Secondly, this year it has reached an agreement with the Association of Holiday Camps and Hostels of Catalonia (ACCAC) to offer a specific product for this group withspecial covers for their sector of acti-vity. This association has already been working with SERHS Distribution for a couple of years.

Asseguris has adopted the goal of advi-sing and tailoring a product adapted to business needs to offer the best option for each of the more than 90 holiday camps that the ACCAC has around Ca-talonia. The agreement was reached on the past 3 December 2014 as part of an event with all of the partners of the as-sociation at the El Xaloc holiday camp in Calders. Asseguris maintains its wager on investing in training in order to profes-sionalize the staff especially in online areas and new technologies to adapt to the new demands of modern consu-mers.

SERHS New Technologies


MIGJornSer, Sl

This provides the technological infras-tructure for the whole of the corporation and manages the corporate technology platform and all applications derived from it. It works on the systems, the hardware and software. It carries out technological projects such as insta-llations, telecommunications, softwa-re implementations, IT consultancies, preparation of web sites, management of e-mails and hosting, amongst other things. Lastly but very importantly is the service it offers all the group com-panies, which we call Service Desk (te-chnical attention to users) and the Data Center service (CPD).


In the last year, a framework agree-ment was carried out as technology partners with Telefònica, which in-cludes landline telephony, the data network and Internet. With respect to mobile telephony, our trust remains with Vodafone, and we have renewed a collaboration agreement which has already lasted 15 years. The agreement was also renewed with Google to con-tinue using the collaboration suite and the electronic mail (Google Apps) for which we were the pioneering insta-llation in the Spanish state now more than seven years ago. Equally, Ricoh is also still entrusted with the manage-ment of the whole line of printers and the Documentary Management project, as in the last six years. Last but not least, the agreement on the unlimited use of licences with Oracle has been extended until 2016.


In a continuous improvement of pro-cesses and staff, a new profile hasbeen brought in, that of Solutions Ar-chitect, which is intended to help to give uniformity to all of the solutions implemented from the technological viewpoint. An Oracle Data Base Admi-nistrator has also been brought in to administer all of the databases more directly. As for the commercial part, in addition to consolidating the products already being commercialised, we have focused on the ICT Consultancy/Assessment service. By way of a reminder, the principal services already commercialised and which can be found on the www.mig-jornser.com web site are: • GoogleApps • Mobiletelephony • Wi-FiHotelspack

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Manages more than 2,000 mobile telephone lines and more than 1,000 land lines.

Monitors more than 60 presence points in Spain and Brazil

The CPD houses more than 350 servers of different technologies

Gives support to more than 1,500 external and internal users

SERHS


This business division deals with see-king the best deals for the assets that SERHS holds. Structured within the company Kimburu, S.L., its actions are focused on the rental of facilities and bargain and sale or promotion of cer-tain actions both on urban and indus-trial lands.

Equity and PortfolioAs a business corporation, Grup SERHS S.A. holds a large portfolio of securities and, at the same time, is the owner of a series of buildings. Through its por-tfolio, it plays a dominant role either directly or indirectly in all of the group companies.

Related CompaniesSerHS S/Coop. C. ltda.Its initial drive and will to cooperate and associate at the service of people have enabled it to develop an intense social activity. Ever since it started now 40 years ago, its sense of belonging, of mutualconfidenceanditswilltoimpro-ve the deployment of many initiatives around the company have facilitated what is known today as SERHS.

eSCola unIVerSItÀrIa D’HotelerIa I turISMe De Sant pol De Mar

This centre, attached to the University of Girona and founded in 1966, enjoys a long tradition in tourist, hotel and gas-tronomic training and has a close and reciprocal bond with SERHS. But the most important thing about this ho-tel-school, which was a pioneer in Euro-pe inofferinguniversityqualifications,is the exchange established between the centre and our group of companies, producing intense and fruitful feed-back. The EUHT de Sant Pol de Mar is and becomes a receiver of the group’s busi-ness baggage. Furthermore, the group benefits from the support, knowledgeand technical experience that can only be given by a certified university cen-tre which is a benchmark in the State and enjoys international prestige. The school has been institution recogni-sed on both the level of the state and the autonomic region, as well as in the sector. It belongs to the exclusive “Hotel Schools of Distinction” network and is the only member of this prestigious as-sociation of hotel schools in the south of Europe.

puBlIntur, S.a.

Dedicated to image and communica-tion, graphic and digital production, Publintur maintains a close and inten-se relationship and bond with SERHS. This year it has extended its action in thefieldofonlinemarketinginordertooffer and help to implement strategies with its customers to help to improve their presence on the Internet, so that it might become a profitable resourcefor the company. Altogether, activities that have produced strong business sy-nergies and have promoted quality re-lationships.

Throughout 2014, PUBLINTUR saw how the proposal to create the “Tourism Museum”, a unique project in the world and also promoted by Calella Town Hall (Barcelona), has received a new drive.

We must also highlight the start-up of a new digital printing station and an electronic sign service, which includes the design and preparation of informa-tive and promotional pills accompanied by a platform of management and mo-nitoring, which turn the screens of the establishments into windows of com-munication.

Related companiesReal estate

Corporate Social Responsibility


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polICY oF ConCIlIatIon oF WorKInG anD FaMIlY lIFe

In 2014 a total of 1,143 applications were received, 44% more than in 2013, and more than 30% of the total have asked for some measure of conciliation throughout the year, which is also an increase over last year.

percentage of payroll asking for some measure of concilia-tion, comparison 2013-2014

As for the type, most applications were for available hours. This year, a total of 3,893.5 hours were asked for. The SERHS Conciliation Plan allows a pack of extra hours to be offered to workers, equivalent to 5 working days. This is available for all needs in addition to the hours of their professional covenant, or if their covenant should not include certain leave.

43,5

6%

26,4

1%

19,8

4%

25,2

7% 31,0

4%

2014

17,7

3%

42,8

6%

72,7

3%

48,0

8%

39,7

7%

60,4

2%

64,8

9%

SERH

S DI

STRI

BUTI

ON

SERH

S TO

URIS

M

SERH

S HO

TELS

SERH

S FO

OD

SERH

S SE

RVIC

ES

TOTA

L SE

RHS

GROU

P

2013

Hours available. 80%

Leave. 4%

Child birthday. 4%

Change of working day. 12%



FaMIlIeS proGraM

SERHS each year starts at the program of Family Aid, which includes subsidies for workers with children at school age. This year the SERHS Group gave out €50,000 to more than 200 families who received one of the 4 kinds of aid included in the program:

Welcome Baby: SERHS welcomes newborn babies with a gift especially indicated to celebrate this happy event.nurseries: This is a subsidy for workers who have children under 3 in their charge who are enrolled in nurseries.School material: Aid for school material for workers with children from 3 to 17 years of age at school.university/higher grade training cycle grants:This proposal aims at giving grants to workers’ children who are studying a university degree or doing a higher gra-de training cycle.

AID CONCEDED

2009

281

253

288 295 289

2010 2011 2012 2013

60 51 4450

61

164 178 179160

153

1317

17

54

22

15

17

Welcome Baby School Material Grants Nurseries

4949

49

With regard to the volume of hours, in 2014 3,893.5 hours were conceded, 45% more than in the previous year.

DOCTOR

PUBLIC ADMINISTRATION PROCESSES

CHILDREN’S MEETING

EXAMINATION

OTHERS

CHILD’S BIRTHDAY

1 WEEK FOR MATERNITY/PATERNITY

CONTRACTING AND REDUCING THE WORKING DAY

LEAVE FOR FAMILY CARE

409

256

105

247

371

38

1.509

175

782

SerHS ManaGeS tHrouGH talent

In the last quarter of 2014 the 9th edition of the Management Deve-lopmentPlanwasstarted.Whenthiseditionfinishes,57managerswill have gone through the plan.At the present time, 38 works have been presented, 90% of which consisted of developing leadership strategies and putting them into practice in order to achieve better of activity from their work teams.

DoCuMentarY ManaGeMent plan

electronic billing78% of the billing received by the SERHS group from suppliers is electronic, and the rest is digitalised in order to eliminate the use of paper. The fact of having a bill in electronic or digital format has enabled the approval process to be automated meaning that certain bills are automatically approved without any manual action and otherscanbeconfirmedfromanyplaceandatanytime.


PAPER E-BILL

COMPANY VALUES FINANCE FOR NON FINANCIERS

SKILLS DEVELOPMENT FOR TEAM

MANAGEMENT

PROCESS IMPROVEMENT COACHING FINAL WORK

EDITION 1

EDITION 2

EDITION 3

EDITION 4

EDITION 5

EDITION 6

EDITION 7

EDITION 8

EDITION 9

COMPLETED

COMPLETED

COMPLETED

COMPLETED

COMPLETED

COMPLETED

COMPLETION NOVEMBER 2015

0%10%

20%30%40%

50%60%70%

80%

90%100%

SERH

S DI

STRI

BUTI

ON

SERH

S TO

URIS

M

SERH

S HO

TELS

SERH

S FO

OD

SERH

S SE

RVIC

ES

TOTA

L SE

RHS

GROU

P

COMPLETION SEPTEMBER 2015

COMPLETION MAY 2015



Work file in digital format:

In2014allof theworkfilesof theSERHSpayrollwereputinto digital format and the PortalSerhs was created, an ac-cess for every worker to download their documentation at any time. In SERHS hard copies are no longer given, but the documentation is made available to the worker so that it can be downloaded by the users themselves from any place oratanytime.Atthepresenttime,nearly4,500workfileshave been digitalised.

Electronic signature has been brought into this project. All working documentation signed by the management team is now in this format, and also all internal documen-tation that requires signing. The aim is to extend the proce-dure to third parties too and to include the biometric signa-ture as a means to eliminate the production of paper and to achievethegoalofpaper-freeoffices.

Mercantile documentation:

This year, internal documentation started to be produced in electronic format, and in the coming year the aim is to ex-tend this to other kinds of documents.


Environmental aspects

SerHS DIStrIButIon

SERHS Distribution adheres to the Program of Voluntary Agreements for the reduction of greenhouse gas emis-sions. The companies Facilcar, Port Pa-rés and soon Serhs Fruits have adhered to this project from the Government of Catalonia. The Voluntary Agreement is a commitment that any organisation, company, entity or group can volun-tarily assume in order to contribute to reducing greenhouse effect gas emis-sions beyond what the regulations require. In the agreement, the organi-sation agrees to draw up an inventory of its emissions, to consider and im-plement measures to reduce them and to make an annual follow-up to assess the results of its voluntary effort. The immediatebenefitsobtainedarethere-duction of the energy bill, the reduction of dependence on fossil fuels and the vulnerability associated with potential price increases, the advanced strategic positioning in terms of environment and climate change. On the one side this brings added value to the services, products or projects of the organisation and, on the other, to the organisation’s

relationship with its members or wor-kers, and the improvement of envi-ronmental management thanks to the involvement of the organisation’s su-ppliers and customers.

On the level of waste management, all companies in the division manage the waste produced through authori-sed waste managers (principally plas-tic, cardboard and organic products). All of the companies of SERHS Distri-bution have a vehicle maintenance program of their own and also subcon-tracted. SERHS Distribution has a team of people responsible for Quality and Environment that leads and definesthe processes related to reducing the environmental impact of waste produ-ced by the distribution activity.

The distributors have a Code of Good Environmental Practice made up of a series of actions in order to improve the company’s environmental beha-viour. These are simple measures who-se application does not require great technological changes, but are rather basically aimed at organisational fac-tors of the company. It also has colla-boration alliances in order to promote these good environmental practices.

SerHS tourISM

As part of the project of documentary digitisationandmanagementefficien-cy, SERHS Tourism achieves more than 90% paper-free billing by doing the process directly online, in accordance with the established aim of completely eliminating bills on paper. SerHS HotelS

The group’s hotel division has speci-fically brought theHotel SERHSSorraDaurada into an automatic energy con-sumption control system installed by the company Denergy. With the aim of improving the quality reputation of the services and installations of our hotels, in 2014, the SERHS Rivoli Rambla re-furbished its rooms and furniture and installed lights with LED technology toensuremoreefficientconsumption.The establishment is in the heart of Barcelona and is a hotel of high occu-pation and customer rotation throu-ghout all of the months of the year. Sin-ce the spring, the SERHS El Montanyà has been using the biomass boiler with great economic savings and also in ter-

In recent years, SERHS has brought criteria of environmental protection into the general management of its business in a general policy of corporate social responsibility, and assuming its part of responsibility in preserving and improving the environment. In this sense, the corporation is moving forward slowly but surely along the path to environmental excellence.

Environmental aspects


ms of CO2 emissions.As for the Vilars Rurals, in which

one of the fundamental pillars is care for the environment, an agreement has been reached with the Soler Group which will perform as an Energy Ser-vice Company and deal with the pur-chases and consumptions of energy. In addition to preparing and updating the installations to make them more efficient,workisinprocesstoinstallabiomass boiler in each of the Villages as well as frequency variators, motors and other economising technologies.

SerHS FooD

The Security, Innovation & Nutrition for Catering system brings a conside-rable improvement in the food safety, hygiene, diet control and environment. The handling processes of the Securi-ty, Innovation & Nutrition for Catering system are developed in such a way that they impose strict and measured control over the procedures taking pla-ce in the establishments, guaranteeing the harmlessness and salubriousness of the food at all times. The system provides the implementation of ISO 22000:2005certificatesonFoodSafetyManagement in facilities that apply it; asaresult,thiscertificationwasgran-ted to Vic University Hospital in 2014 and was maintained in the central kit-chen in Vilassar de Mar.

Concerning the environment, the design of an installation of the Securi-ty, Innovation & Nutrition for Catering system is a different way to work on restoration. Energy consumptions and those of cleaning products fall consi-derably and also reduce the waste they produce. And more importantly still, they contribute to practically elimi-nating food waste, which is one of the company’s main concerns at the pre-sent time. ISO 14001:2004 environmental certi-ficationshowsthattheSecurity, Inno-vation & Nutrition for Catering system is an environmentally correct system implemented, for example, in the Sant Jaume Regional Hospital of Calella, where each year waste minimisation goals are achieved.

SerHS proJeCtS

With the collaboration of SERHS Pro-jects in designing facilities where the Security, Innovation & Nutrition for Catering system is implemented, large environmental savings are achieved on the level of energy consumption, cleaning product consumption, waste production, etc. It also contributes to the environ-ment with the search for suppliers of low energy consumption machinery and new technologies as the main goals of their ISO 9001:2008 certifiedquality management system.

SerHS SerVICeS anD neW teCHnoloGIeS

This division promotes the recycling of printer paper, cartridges and toners (the recycling being included in the agreement with Ricoh). Centralised re-cycling is performed on any electronic equipment in all of the SERHS compa-nies either in collaboration with NGOs or by taking the material directly to approved deposits. Both the offices ofMigjornser and the CPD have rooms equipped with air-conditioning and heating which are programmed to gua-rantee the right temperature but also to ensure energy savings whenever pos-sible. Energy consumption is therefore optimised as far as possible. The fact of intervening in automation/domes-tic control projects means that it helps the rest of the companies of the group toimprovetheirenergyefficiency,andtherefore to optimise their energy con-sumption. The technology was imple-mented to help to meet the “Paper-free Offices”goalwithmultifunctionaldevi-ces, online collaboration tools (Google Apps), electronic billing, documentary management, electronic signature and the digitisation of work and business files.


Social Area

VICente Ferrer FounDatIon

Once more this year, the corporation renewed the agreements started more than 10 years ago with the VFF in In-dia. This year, the collaboration will be aimed at the building of water struc-tures for the collection of rainwater, this time with a reservoir. Construc-tion will begin in the month of Sep-tember 2014 once the necessary addi-tionalfinancinghasbeen found foraproject of such a size. Up to now, the collaboration had mainly addressed thefinancingofdevelopmentprojectsin the sector of the disabled, with the construction of schools, study centres and other buildings in the region of Anantapur (India) to guarantee that disabled children could have access to quality education.

oMnIuM Cultural

SERHS has renewed its collaboration agreement with Òmnium Cultural in order to support our language and the Catalan culture.

CarItaS ItraInInG anD WorK FounDatIon

For the sixth consecutive year and continuing with its volunteering, SERHS has started up the “Give food, school material or toys and feed desi-re” campaign. One year more, the aim was to voluntarily collaborate in the donation of all of these elements to share with the most disfavoured groups by actively participating in fe-eding, mainly with Cáritas, and less in the area of toys with the TRAINING AND WORK Foundation.

Apart from this sporadic campaign, the SERHS Distribution division perio-dically worked with the Food Bank. In 2014, products were contributed to a value of €20,000.

Supportive agreements

SerHS nIGHt 2014

This is an emblematic celebration that has been held since SERHS’sfirstyearofexistencearoundagaladinnerwithshareholders,collaboratorsandfiguresfromtheeconomic,institutional and social world.

On the past 3 July, the 38th SERHS NIGHT was held at the Castell Jalpí. For the second consecutive year, the Mi-nister for Enterprise and Occupation of the Government of Catalonia, the Rt. Hon. Mr. Felip Puig presided the event which gathered more than 300 guests between sharehol-ders,collaborators,figuresand friendsof thecorporation.This exciting event included the SERHS Prize-giving and the company Gallina Blanca Star was distinguished with the special prize for its “Trajectory and Commitment to SERHS”, a prize that was collected by Mr. Ignasi Ricou, CEO of Gallina Blanca Star, accompanied by Mr. Joan Cornude-lla, CEO of Agrolimen. The SERHS Awards were also given for the “Manager of the year”, which this year went to two managers of Serhs; on the one hand to Mr. Lluis Pérez, sa-les manager of the SERHS Distribution coffee department, and on the other to Mr. Ernest Guitart, operations manager of SERHS Hotels in Brazil and director of the SERHS Na-tal Grand Hotel. The award to the “Distinguished worker” this time went to Mrs. Núria Rueda, head of the Andalusian officeof SERHSTourism.Theywere all thanked for theirwork and their contribution with their effort and exam-pletomaintainingandsignificantlydrivingtheactivityofSERHS.

FaMIlY FeStIVal 2014

Barcelona Zoo was once more the stage for the party most long-awaited by the workers of the corporation. This time, coinciding with the 10th edition, there was a record atten-dance with 500 people between the workers and their fa-milies as part of the celebration of Family Day. First thing was the awarding of the aid forming part of the “Families Program 2014”, for SERHS workers, accompanied by a gift for the children. A draw was held during the event for 3 an-nual tickets to the Zoo for 3 families, and it was also accom-panied by a photography competition in which the 3 most beastly, original and amusing photographs were rewarded. By participating through the Twitter and Facebook social networks, the contestants will be rewarded with annual fa-mily tickets to the Zoo and tickets to the Tibidabo funfair. The families were then able to enjoy a day with their family in the zoo with activities for the youngest and tours around different routes of the park, including a dolphin show. It must be remembered that SERHS Food has managed the restaurant points in the Zoo since November 2012.

Emblematic events

Social Area



Economic-Financial Information31-08-2014


“

Presentation

Thiseconomicandfinancial informationcorrespondingtotheyear closing at 31 August 2014 that follows, has been prepared from the account registers of Grup SERHS, SA and its subsidia-ries in order to show the true and faithful image of the wealth, thefinancialsituationandtheresultsoftheConsolidatedGroup. Theseconsolidatedfiguresarebackedbytheauditingofthefirm Faura-Casas Auditors-Consultors and, as such, accordingto their opinion which we attach below, the annual accounts of the 2014 financial year express the true and faithful image oftheconsolidatedwealthandconsolidatedfinancialsituationofGrup SERHS and its subsidiaries, and the results of their opera-tions.

This dossier includes:

GROUP CONSOLIDATED ANNUAL ACCOUNTS

Financialstatements(BalanceSheetandProfitand Loss Account)

Auditors’ report

CONSOLIDATED INFORMATION

Different analyses of important aspects of the economic andfinancialsituation.

IMPORTANT NOTE: the General Assembly dated 7 October 2013 approved the close of the financial year at 31August, gi-ven the seasonal nature of our business. It is for this reason that in relation to thecomparisonof thefigures, those indica-tedas31/08/2014correspondtoafullfinancialyearstartingon1/09/2013 and ending on 31/08/2014, whereas those indicated as 31/08/2013 correspond to a period of eight months between 1/01/2013 and 31/08/2013.

SERHS consolidated annual accounts


For the effects of drawing up the Annual Accounts of the GRUP SERHS, SA and its subsidiaries (Consolidated Group), we must remember that the Group is formed by 58 active companies grouped by business operative divisions, with the following composition:

SERHS DISTRIBUTION 11 Companies SERHS TOURISM 2 Companies SERHS HOTELS 12 Companies SERHS FOOD & PROJECTS 11 Companies SERHS SERVICES & NEW TECHNOLOGIES 8 Companies SERHS REAL ESTATE 7 Companies SERHS EQUITY AND PORTFOLIO 7 Companies

In the year 2014, the Moroccan company International Ca-tering ZFT SARL left the Group consolidation perimeter (by the dissolution), leaving the number of companies at 58. Likewi-se, there were movements between the different divisions as a result of the process carried out to rationalise the number of companies belonging to each division and to increase the number of businesses in certain divisions. In application of current regulations, as a result of the di-fferent percentage participations of the companies forming the consolidation perimeter, this year different consolidation procedures were used, which are:

• GloBal InteGratIon Method (Companies with a participation of more than 50%). The consolidation method used in 2014 for all of the companies of the Group, mentioned above.• plaCeMent In eQuIValenCe Method (Companies with a participation of between 20%-50%) Companies consolidated by this method in 2014: “Viatges Sol i Esquí, SA” (travel agency), and “Baciverser, SL” (real estate company)

The functional currency of the Group is the euro. As a result of the Group internationalisation process in recent years, the Group has been joined by Brazilian and Moroccan companies in the consolidation perimeter and transactions have also in-creased with foreign customers and suppliers using curren-cies other than the euro. This means that our Group is current-ly working with four different currencies:

• Euros (EUR).- The principal working currency of our com-panies.

• Dollars (USD).- The currency in which certain operations are performed with countries outside the European Union.

• Brazilian Reals (BRL).- The principal working currency of our companies in Brazil.

• Dirhams (MAD).- The principal working currency of our companies in Morocco.

The fact of working in different currencies and with di-fferent accounting criteria makes the consolidation proce-duremore complicated as the financial statements have tobe transformed into a currency other than the functional cu-rrency of the Group, which is the euro, and which can produce conversion differences with repercussions on the equity and results of the year due to exchange rate differences in transac-tions. Since 2010, the SERHS Group has been taxed under the sys-tem of tax consolidation in which a total of 43 of the subsidies were included in 2014 for Corporate Tax, and 47 subsidiaries for VAT.


Consolidated Balance Sheet

ASSETS 31-08-2014 31-08-2013

A) NON-WORKING ASSETS 191.636.008,58 177.962.253,35 I. Intangible fixed assets 17.999.060,54 18.018.814,21 II. Tangible fixed assets 132.317.209,10 125.595.833,22 III. Real estate investments 6.476.609,26 5.075.280,85 IV. Long-term investment in group and associated companies 573.985,09 571.017,05 V. Long-term financial investments 14.205.621,89 7.563.046,16 VI. Assets for deferred tax 9.144.134,30 10.218.873,46 VII. Consolidation goodwill 10.919.388,40 10.919.388,40

B) WORKING ASSETS 139.895.051,08 160.700.301,01 I. Non-working assets held for sale 9.612.266,65 24.971.413,47 II. Stocks 18.156.673,49 20.485.763,06 III. Commercial debtors and other accounts receivable 85.471.346,74 84.862.223,13 IV. Short-term investments in group and associated companies 0,00 0,00 V. Short-term financial investments 3.174.667,37 6.791.074,16 VI. Short-term deferrals 2.005.007,30 1.961.156,45 VII. Cash and other equivalent liquid assets 21.475.089,53 21.628.670,74

TOTAL ASSETS (A+B) 331.531.059,66 338.662.554,36

LIABILITIES 31-08-2014 31-08-2013

A) A) NET EQUITY 86.547.956,89 83.978.273,85 A-1) Stockholders’ equity 87.570.766,88 86.444.167,70 A-2) Adjustments for changes in value -7.907.413,42 -9.430.069,24 A-3) Subsidies, donations and legacies received 0,00 0,00 A-4) Minority interests 6.884.603,43 6.964.175,39

B) NON-WORKING LIABILITIES 106.051.324,17 95.400.894,15 I. Long-term provisions 0,00 0,00 II. Long-term debts 105.455.903,70 94.687.051,31 III. Long-term debts with group and associated companies 0,00 0,00 IV. Liabilities due to deferred tax 595.420,47 713.842,84 V. Long-term deferrals 0,00 0,00

C) WORKING LIABILITIES 138.931.778,60 159.283.386,36 I. Liabilities related to non-working assets held for sale 0,00 0,00 II. Short-term provisions 0,00 0,00 III. Short-term debts 15.920.619,00 27.953.694,20 IV. Short-term debts with group and associated companies 0,00 0,00 V. Commercial creditors and other accounts payable 122.899.609,36 131.138.944,33 VI. Short-term deferrals 111.550,24 190.747,83 VII. Short-term debt of special characteristics 0,00 0,00

TOTAL NET EQUITY AND LIABILITIES (A+B+C) 331.531.059,66 338.662.554,36

Data expressed in euros.


Consolidated Profit and Loss Account

31-08-2014 31-08-2013

ON-GOING OPERATIONS

Operation income 473.304.261,11 345.307.226,52

a) Net turnover 449.883.370,10 331.533.434,36

a1) Sales 389.258.215,02 292.033.411,31

a2) Provision of services 60.625.155,08 39.500.023,05

b) Other income from operation 23.420.891,01 13.773.792,16

b1) Accessory income from operation 20.366.119,68 12.514.682,41

b2) Subsidies 0,00 0,00

b3) Work for own fixed assets 3.054.771,33 1.259.109,75

Procurement -338.682.530,61 -249.857.454,06

a) Goods consumption -338.092.381,88 -249.764.556,43

c) Work done by other companies -590.148,73 -92.897,63

Staff expenses -76.824.196,38 -50.743.961,34

a) Wages, salaries and similar -60.100.606,52 -39.726.121,62

b) Social charges -16.723.589,86 -11.017.839,72

Other operation expenditure -40.579.728,91 -29.170.751,66

a) Outsourced services -36.142.271,79 -25.539.120,21

b) Tax -3.912.447,44 -2.754.505,35

c) Losses, damage and change of provisions for commercial operations -522.839,85 -863.447,59

d) Other current management expenses -2.169,83 -13.678,51

Fixed assets repayment -12.039.328,71 -7.070.649,10

Provision surpluses 0,00 0,00

The deterioration and result by fixed asset sell-off 8.045.818,95 -49.916,86

RESULT OF OPERATION 13.224.295,45 8.414.493,50

Financial income 771.326,08 361.609,10

Financial expenditure -9.976.465,92 -4.422.822,63

FINANCIAL RESULT -9.205.139,84 -4.061.213,53

Participation in profits (losses) of companies placed in equivalence 0,00 0,00

PRE-TAX RESULT 4.019.155,61 4.353.279,97

Profit taxes -1.798.589,60 -1.352.665,76

YEAR RESULT FROM ON-GOING OPERATIONS 2.220.566,01 3.000.614,21

INTERRUPTED OPERATIONS 0,00 0,00

YEAR RESULT 2.220.566,01 3.000.614,21

Data expressed in euros.


Investment activity

The present circumstances of our surroundings makes us cautious in our investments without stopping to make in-vestments we consider essential for the future growth of our businesses. The volume of investments made by Grup SERHS in 2014 was of an overall amount of 6.4 million eu-ros, made mainly in recurrent investments (new technolo-gies, management applications for our businesses), vehicle fleetrenewal,computerequipment, improvementofhotelfacilities and warehouses, amongst others).

Our analysis of the investment activity for 2014 by a group operative divisions and its share-out breaks down as follows:

INVESTMENT 2014 BY DIVISIONS (thousand €)

SERHS DISTRIBUTION 1.272,00 SERHS TOURISM 1.102,00 SERHS HOTELS 1.182,00 SERHS FOOD & PROJECTS 2.635,00 SERHS SERVICES, REAL ESTATE AND PORTFOLIO 259,00

TOTAL 6.450,00

INVESTMENT 2014

19,72%

SERHS DISTRIBUTION SERHS TOURISM SERHS HOTELS SERHS FOOD & PROJECTS SERHS SERVICES, REAL ESTATE AND PORTFOLIO

18,33%

40,85%

4,02%

17,09%


Operation income

Thefigure forconsolidatedoperation incomefor theyearclosing at 31 August 2014 supposed an increase of 1.07% with respect to the same 12-month period (September 2012 - August 2013) of the previous year, which we believe to be satisfactory given the circumstances in which this year has been developed, due to the situation of crisis in which we are immersed.

There follows a breakdown of this turnover by the diffe-rent divisions of the Group:

Division 31/08/2014 31/08/2013

SERHS DISTRIBUTION 167.868 167.828 SERHS TOURISM 220.788 215.506 SERHS HOTELS 33.407 31.611 SERHS FOOD & PROJECTS 48.068 48.747 OTHERS (Services and Equity) 3.173 4.615

TOTAL 473.304 468.307

Data in thousands of euros.

There follows a presentation of the weight of each of the divisions in the overall consolidated income of the Group.

OPERATION INCOME BY DIVISIONS

46,65%

SERHS DISTRIBUTION SERHS TOURISM SERHS HOTELS SERHS FOOD & PROJECTS OTHERS (Services and Equity)

0,67%

10,16%

7,06 % 35,47%


We must insist once more on the importance of the team for Grup SERHS, for as a result of their active participation and daily work, we can continue improving our products and services and maintain our leadership position. Taking the twelve month period, the evolution in recent financial years has been:

PERIOD Average Payroll

2010 2.683

2011 2.570

2012 2.500

2013 2.524

2014 2.529

The contribution to the national income, understood as an indicator of prosperity not only of the people forming part of the Group but also of our country as a whole, has always been a priority point for the attention of the Group. Its evolution in recent financial years has been:

YEAR Million euros

2009 88,38

2010 88,90

2011 88,60

2012 82,96

2013 (January-August) 57,85

2014 84,76

The table that follows shows the evolution both of the Results and of the Cash Flow and EBITDA of the financial year 2014 with respect to the pre-vious year (taking a projection of twelve months to make them comparable, as the 2013 financial year was one of eight months)

Financial years 2014 2013

EBITDA 25.263 18.001

Extraordinary results 0 0

Ordinary gross result 25.263 18.001

Repayment -12.039 -10.108

Operation result 13.224 7.893

Financial -9.205 -7.002

Pre-tax profit 4.019 891

Repayments 12.039 10.108

Cash Flow 16.058 10.999

Data in thousands of euros.

Consolidated Information

Published by:Grup SERHS, S.A.

Design and production:Publintur, S.A.

Photos:Publintur photo archive, SERHS photo archive, Joan Ribot, Lluís Valcàrcel

February 2015

Edifici SERHSCarrer Garbí, 88-90 - 08397 Pineda de Mar (Barcelona)

Tel. 902 010 405 - (+34) 93 767 03 78 - Fax (+34) 93 767 05 [email protected]

www.serhs.com

Annual Report SERHS 2013-2014

Documents

Transcript of Annual Report SERHS 2013-2014