Sofiprotéol,

a sustainable
commitment

INVEST _ add value _ feed _

ANNUAL REPORT 2012

 profile
Created in 1983 at the initiative of different
actors in the farming industry, Sofiprotéol is
the financial and industrial arm of the French
vegetable oils and proteins sector.

Sofiprotéol is active in agribusiness in the context

of its two Divisions, the Oilseeds Division which
focuses on the exploitation of oilseeds, and the
Animal Products Division covering animal nutrition
and the processing of animal products. The Group
is thus present in the agrifood, animal nutrition,
and the renewable energies and chemistry
industries.

Sofiprotéol also acts as a Development Bank

through its financial activities. It provides support
for enterprises in the sector and more generally
throughout the French farming industry, through
loans and equity stakes.

Sofiprotéol’s strategy is based on its organisation

into industrial sectors, the creation of
employment in different territories, constant
efforts to achieve innovation and a sustainable
commitment to the environment. Its mission is
to create sustainable value in the oilseeds and
proteins sector by contributing to better food for
humans and preservation of the planet.

INVEST _ add value _ feed _

 Sofiprotéol,
a sustainable commitment
Sofiprotéol is active throughout the oilseeds and proteins sector. Its industrial
activities, grouped within the Oilseeds Division, range from the crushing of rapeseed
and sunflower grain to the production of edible oils, biodiesel and oil and fat processing.
In the Animal Products Division, activities range from the production of oilseed meal
for animal feed to the processing of animal products. Furthermore, through its financial
activities as a Development Bank, Sofiprotéol also intervenes upstream of the oilseeds
and proteins sector in seed production, biotechnologies and grain collection, etc.

Sofiprotéol is present from upstream

to downstream of the oilseeds
and proteins sector Plant health
and genetics

Processing
Oilseed meal Livestock of animal
farmers products

Animal
nutrition
Biotechnologies Collection
Seeds Agricultural of oilseed Crushing-
Plant health products producers and protein grains refining
Other inputs and
services Edible
oils

Renewable
Oil energies

The different sectors of Sofiprotéol’s activities:

Green
chemistry
Animal Products Division

Oilseeds Division

Development Bank
Table of contents

Editorial 4
Presentation of Sofiprotéol and review of 2012 6
Presentation of Sofiprotéol 8
Review of 2012 10
CAP 2018 12
Organisation chart 14
Sofiprotéol in figures 15
The Executive Committee and Board 16
Financial activities as a Development Bank 18
Agribusiness activities
> Oilseeds Division 22
A busy but difficult year in 2012 23
Saipol 24
Lesieur 26
Lesieur Cristal 28
Diester Industrie and Diester Industrie International 30
Oleon and Novance 32
> Animal Products Division 34
Excellent results thanks to commercial dynamism and good management 35

Sustainable development 40
Innovations 42
Human Resources 44
Communication 46
Financial results 48
The oilseed market and agricultural production in the sector 52
 EDITORIAL

We must pursue the development of our sector

and assume our commitments to society

2012 confirmed the strength of the economic

model adopted by Sofiprotéol, the company
that represents the French oilseeds and
proteins sector, through its dual activities as a
Development Bank and an agri-industrial group.
Passing the symbolic threshold of 8000
employees – 5589 of them in France – testified
to the Group’s essential role in the promotion of
traceable foods, the structuring of agricultural
sectors and the economic development of
different territories.

Nevertheless, Sofiprotéol was put to the test

by an unfavourable economic environment.
The Group suffered from high global raw
material prices, increased competition from
Asia and the weakness of European growth
which tended to lower prices. In this context,
© Philippe Montigny/Prolea

it generated a net income that was markedly

lower, at €28 million, and earnings (EBITDA)
of €245 million (down 2%), but a 12% rise in
turnover to €7.3 billion.

All Group industrial activities were profitable

Xavier Beulin,
Chairman of Sofiprotéol Chief Executive Officer of Sofiprotéol
although the results were variable, particularly
in the Oilseeds Division, where subsidiaries
processing rapeseed and sunflower – Saipol
and Lesieur – performed very well, but Diester
Industrie (which produces biodiesel) and
Oleon and Novance, specialised in oil and fat
Jean-Philippe Puig, processing, faced competition from imported
palm oil-based products from Asia. In the
Animal Products Division, all Glon Sanders
subsidiaries achieved highly satisfactory
results thanks to their commercial dynamism.

But this difficult environment did not dissuade

Sofiprotéol from pursuing its development.
Thus the Development Bank devoted €75
million to new investments; by the end of
2012, it was providing support for a total of
140 French companies via loans and minority
stakes, and funding a variety of projects

6 SOFIPROTéOL

“ The Group is celebrating
its 30 th anniversary with
an ambitious strategic plan
targeting growth. In addition, Sofiprotéol
completed several acquisitions which
strengthened its two industrial divisions:
the purchases of four sites belonging to the
Doux Group, Dielna (animal nutrition), Soleou
(speciality edible oils) and above all Lesieur
Cristal, the market leader in Morocco for edible
oils.
The strengthening of Sofiprotéol’s position in
Morocco well illustrated the strategy of the
Group, insofar as it aims to support its activities
in France through development elsewhere,
particularly around the Mediterranean basin.
A third of Group income is now generated
outside France although it remains the pivotal
country, insofar as Sofiprotéol achieves 79%
of its turnover and makes 79% of its industrial
investments in France. Thus in 2012, the
Group spent €92 million on its sites in this
country.
Investment, innovation, internationalisation.....
at a time when the Group is celebrating its
30th anniversary, it is reaffirming its strategic
choices within the context of the CAP 2018
plan, whose implementation is being initiated
in 2013. This plan, developed with the
support of our shareholders, and notably the
producers of oilseeds and proteins, illustrates
the originality of the Sofiprotéol model, which
is to develop the oilseeds and proteins sector
while fully assuming its economic, social and
environmental commitments.
annual report 2012
Philippe Tillous-Borde,
a strategist at the service of Sofiprotéol
On 24 April 2012, Philippe Tillous-Borde gave way
as CEO of Sofiprotéol to Jean-Philippe Puig. Prepared
” over a long period and managed with care, this
management change was nevertheless an important
event because Philippe Tillous-Borde’s personality
had marked the history of Sofiprotéol, its employees
and its colleagues in the oilseeds and proteins sec-
tor. Chief Executive Officer since the financial esta-
blishment was set up in 1983, he participated in, and
often drove, all the major strategic choices that have
since marked the Group.
Alongside Jean-Claude Sabin, Chairman from 1983
to 2000, he thus contributed to the development
of biodiesel as early as the 1990s, underpinning
the growth of the French oilseed sector. The acqui-
sitions of Lesieur in 2003, Glon-Sanders in 2007
and Oleon in 2009 bear witness to his capacity for
foresightedness. He thus understood at a very early
stage, with the purchase of Glon Sanders, that there
was much to be gained from closer links between
the plant and animal sectors. He was also convinced
that the Group needed to become more internatio-
nal, and oversaw its expansion into Eastern Europe
through the purchase of Expur in Romania in 2010,
and into the Mediterranean basin through the
controlling stake taken in Lesieur Cristal in February
2012.
He led these different projects with energy, good
humour and strategic qualities acknowledged by all.
On behalf of all the shareholders in Sofiprotéol, and
all its employees, I would like to thank him for what
he achieved. Philippe Tillous-Borde has agreed to
remain with us as an adviser.
Xavier Beulin
Chairman of Sofiprotéol
7
Sofiprotéol
Presentation of Sofiprotéol

A financial and industrial

group at the service of different
agricultural sectors
Over its thirty years of existence, Sofiprotéol has recorded strong growth in its dual
activities as an actor in the agrifood industry and as a Development Bank. It has
managed to create sustainable value in the oilseeds and proteins sector, at the service
of both oilseed and protein producers and livestock farmers. 2012 confirmed the
solidity of this unique corporate model with strong roots in the farming world.

Sofiprotéol, which celebrates its thirtieth anniversary in 2013,

has displayed strong growth which allowed it to multiply its

8 372
turnover and staff by a factor of ten over the past decade,
in the reputedly difficult areas of agribusiness and the food
industry. By the end of 2012, the Group thus counted 8372
employees and achieved a turnover worth €7.3 billion. The
The number of Sofiprotéol employees in 2012, success of this project owes much to the originality of the
enterprise, created initially within the agricultural sector of
5589 of them in France.
oilseeds (rapeseed, sunflower, soybean) and protein crops
(pea, field bean, lupin).

7.3 billion
An company with strong roots in the farming community

€ The Group was set up in 1983 as a result of deliberate efforts

Turnover achieved by Sofiprotéol’s industrial
subsidiaries in 2012, including €4 billion in human
foods and animal nutrition.
by professional organisations in the oilseeds and proteins sec-
tor. The FOP (French Federation of Oilseed and Protein Crop
Producers), ONIDOL (French Interprofessional Organisation
for Oilseeds and Oil Fruits) and UNIP (French Interprofessional
Union for Protein-rich Plants) were involved from the start and
have remained shareholders (see opposite). From its creation,
they entrusted Sofiprotéol with a particular mission: to deve-
lop outlets for the crops produced in their sector, based on an
original governance model and a development strategy driven
by sustainable economic, environmental and societal goals.

Sofiprotéol met the demands of its shareholders by deve-

loping activities in two areas: financial and agribusiness. In its
financial activities as a Development Bank, the Group invests
via loans and stakes in companies within the sector and more
generally throughout the French agri-food industry, accor-
ding to both financial and non-financial criteria. By the end of
2012, it was thus a partner in 140 French companies.

10 SOFIPROTéOL
 Sofiprotéol, AN UNIQUE MODEL
1 mission
To create sustainable value in the oilseeds and proteins sectors,
thus contributing to better food for humans and preservation of the planet

2 ACTIVITIES
AGRIBUSINESS ACTIVITIES FINANCIAL ACTIVITIES
DEVELOPMENT BANK

ANIMAL
PRODUCTS OILSEEDS 140 COMPANIES
DIVISION DIVISION supported,
4163 employees 4103 employees employing
60,000 people

ORIGINAL GOVERNANCE Breakdown of the capital of Sofiprotéol

THAT ALLOWS THE REINVESTMENT OF ALL PROFITS (as at 31.12.2012)

Sofiprotéol draws strength from a stable shareholder base with strong Other professional
roots in the farming world. Professional and inter-professional bodies organisations
in the sector 6.8 %
FOP 1
in the oilseeds and proteins sector are the principal shareholders. The
Crédit Agricole 15.1 %
FOP represents farmers who produce oilseeds (rapeseed, sunflower, SA 13.2 %
soybean) and protein crops (pea, field bean, lupin). ONIDOL is the French Onidol 2
Interprofessional Organisation for Oilseeds and Oil Fruits, while UNIP is 11.2 %
Natixis
the French Interprofessional Union for Protein-rich Plants. These latter 9.8 %

two organisations cover all activities in the sector: breeders, farmers, grain Unip 3
Unigrains
11.2 %
elevator operators and industry. Alongside these sectoral shareholders 5.2 %

are other partners – notably of a financial type – which work closely with
FIDOP 4 27.5 % 
the farming industry. The shareholder base and legal organisation of
Sofiprotéol require appropriate governance. Its Board elects the Chairman
of the company and appoints its Chief Executive Officer, who assures overall 1. F
 rench Federation of Oilseed and Protein Producers
2. F
 rench Interprofessional Organisation for Oilseeds and
operational management with the support of the Executive Committee Oil Fruits
3. F
 rench Interprofessional Union for Protein-rich Plants
(see page 16). The decisions implemented by Sofiprotéol in its role as 4. Development Fund for the Oilseeds and Proteins Sector
(Inter-Branch Union of UNIP and ONIDOL).
fund manager for the sector target the general interests of its different
actors. Any profits from its activities are always reinvested in the funds
and in the companies owned by these funds. This governance model allows
Sofiprotéol to attain its economic goals for development of the sector while
at the same time assuming its societal responsibilities.

annual report 2012 11

Review of 2012

Sofiprotéol’s industrial activities in France

Rapeseed Grain elevator

and sunflower grain
operators
Oilseed
producers

Oilseed
Crushing meal
and refining Animal nutrition
and health
Oils

Transformation
Edible oils, sauces des productions
and condiments Trans- animales
esterification
Biodiesel
Oil chemistry

Pork Poultry Processed Eggs

Ester products
Oil and fat processing,
hydrolysis and
transformation
Refining Diester Glycérine Refined Oil and fat
and packaging Fatty acids glycerine specialities

Oils, sauces
mayonnaises, etc.
Diester in all
diesel engines Paints, cosmetics,
food products, etc.

In its agribusiness activities, Sofiprotéol controls subsidiaries precepts of sustainable development. This industrial sector is a
which process agricultural raw materials into products for food or prolongation of the agricultural sector – made up of seed breeders,
industrial uses. In 2012, these subsidiaries achieved an aggregate farmers and grain elevator operators – where Sofiprotéol inter-
turnover worth €7.3 billion. venes as a Development Bank.

Sectoral strategy Foods for humans and preservation of the planet

Sofiprotéol is distinctive for its original industrial sectoral strategy
designed to maximise value throughout the chain. Each subsidiary
is active in a specific area: the crushing of oilseed grain and the refi-
ning of oils for Saipol; edible oils and sauces for Lesieur, Expur and
Lesieur Cristal; the production of biodiesel for Diester Industrie and
Diester Industrie International; renewable chemistry for Oleon and
Novance. These activities are grouped within the Oilseeds Division,
which is owned by the Soprol holding company. The Animal
Products Division, owned by the Sofial holding company, focuses
on animal nutrition and health, as well as the production of pork,
poultry, eggs and processed food products.
This sectoral industrial organisation means that Sofiprotéol’s subsi-
diaries can supply each other. Saipol supplies oil to Lesieur, Diester
Industrie, Oleon and Novance, as well as oilseed meal to Sanders.
Diester Industrie provides Oleon and Novance with its glycerine
supplies. Sanders supplies animal feed to livestock farmers whose
products are then transformed by other subsidiaries in the Animal
Products Division. The different by-products – oilseed meal, gly-
cerine, sunflower hulls – are exploited optimally according to the
The outlets for all Sofiprotéol’s industrial activities are human
foods and animal nutrition, renewable energies and chemistry.
They contribute to feeding humans and preserving the planet.
Sofiprotéol’s Development Bank also supports numerous projects
linked to environmental protection, notably in renewable chemistry
and energies.
A contrasted year in 2012, marked by difficulties
in the biodiesel sector
Sofiprotéol pursued its development in 2012 in all its areas of
activity. The Development Bank was very busy and doubled
the value of its commitments – paying out €75 million – which
notably enabled its participation in the purchase of minority
stakes in Glon Sanders. The industrial divisions made several
acquisitions: Soleou, a specialist in locally-produced edible oils,
Dielna, which produces liquid feeds for livestock, and the takeo-
ver of four sites belonging to the Doux group. But 2012 was
above all marked by the takeover of Lesieur Cristal, the leader in
the Moroccan market for edible oils. Following the acquisition of

12 SOFIPROTéOL
Oleon in 2009 and Expur in 2010, this operation has given the An acceleration in international
Group a new international dimension: a third of all its employees development
now work outside France where nearly a third of the EBITDA is
Countries with sites in 2012*
now achieved, particularly in Europe, the Mediterranean basin
and the Black Sea region.
europe
This internationalisation strategy has allowed the Group to
cope with a moribund economic context, still marked by high
agricultural raw material prices, problems passing these on to
end products and increased competition from palm oil-based
products.
In this context, the turnover achieved by Sofiprotéol’s indus-
trial activities rose by 12% to €7.3 billion, thanks notably to the
acquisition of Lesieur Cristal and to high raw material prices.
However, earnings fell by 2% to €245 million, €172 million of
which was achieved by the Oilseeds Division and €73 million by
the Animal Products Division. These satisfactory results reflec-
ted contrasting situations.
In the Oilseeds Division, Saipol – the subsidiary specialised in
grain crushing – improved its margins, even though its volumes
suffered from a lack of grain. Lesieur benefited from the suc-
cess of its products made in France, in a mature edible oils
market little suited to passing on higher raw material prices to
consumers. Lesieur Cristal’s contribution to these results was in
line with expectations, while Expur achieved a good year with a
marked rise in its production volumes, even though its earnings
fell slightly. Outside Europe
On the other hand, Diester Industrie in biodiesel and, to a lesser
extent, Oleon and Novance in oil and fat processing, suffered
badly from the competitive environment. Although global
volumes in biodiesel remained steady thanks to the upturn in
French production, turnover was hit by unfair competition from
imports of palm oil and soybean-based esters from Indonesia
and Argentina. In 2012, biodiesel accounted for only 8% of ear-
nings, while it still contributed more than a quarter to the global
EBITDA in 2011.
On its side, the Animal Products Division generated excellent
results, thanks to positive contributions from all its subsidiaries.
Sanders, Sogeval and the processed products branch all had a Sofiprotéol accelerated its development outside France in 2012
very good year. Improvements to earnings in this Division also by taking control of the Moroccan leader in edible oils, Lesieur
owed much to the resistance of the pork branch, and above all Cristal. In 2012, international activities accounted for 21% of
to the recovery of the egg branch, following a difficult year in
turnover and 31% of Sofiprotéol’s EBITDA, mainly thanks to the
2011. As for profits in the poultry branch, they were hampered
Oilseeds Division. 2783 people now work for Sofiprotéol outside
by the losses inherent in the sites taken over from the Doux
group, which required considerable investment to enable their France. Without doubt, Europe and the Mediterranean basin
upgrading. With the aim of reinforcing their roots in territories remain the preferred regions for this expansion. West Africa
through competitive activities, both of Sofiprotéol’s industrial constitutes a new and promising region for edible oils. In Asia,
divisions pursued their investments in infrastructure during the Group has a strong industrial presence in Malaysia, but only
2012, devoting €117 million to these efforts, including €92 mil-
in oil and fat processing, an ultimate global activity. In the USA,
lion in France.
Sofiprotéol is present via Sogeval, the subsidiary specialised in
Finally, for all Sofiprotéol’s teams, 2012 was marked by deve-
lopment of a strategic plan called CAP 2018 (see page 12), animal health. While France remains the centre of gravity for the
implementation of which started during the first trimester of Group, new growth is being contributed through its international
2013. This aims to better respond to the expectations of both development.
shareholders and customers, to increase the Group’s financial  
capacities and ultimately to drive the pursuit of development in * Countries where Sofiprotéol employees work in companies under full or
the oils and proteins sector. joint control.

annual report 2012 13

CAP 2018
CAP 2018
A five-year strategic plan
2012 was marked by major efforts on the development of
Group strategy. Under the impetus of the Chairman, CEO and
members of the Comex, and working in collaboration with
its shareholders – notably the FOP – Sofiprotéol developed
its foresight capacities at a five-year horizon, leading to the
compilation of a strategic plan called CAP 2018 which was
presented to its employees and the press in January 2013.
This debate was necessary because the Group and its environ-
ment have changed considerably within a few years. Sofiprotéol
has recorded major growth during the past decade that has
transformed both its portfolio of activities and its financial pro-
file, marked by a rise in turnover, an increase in its debt burden
(linked notably to the increase in raw material prices) and a
deterioration in the profitability of committed capital.
The environment of the Group has also seen major evolutions.
The past ten years have been notable for the rise in agricultu-
ral raw material prices, accompanied by a considerable increase
in their volatility. Emergence of the palm oil sector has gene-
rated Asian giants endowed with considerable financial power.
Finally, the European context has also changed, with a wea-
kening of support for biofuels which has penalised Sofiprotéol
in its position as the leading European producer of biodiesel.
In this new context, it was necessary for the Group to reflect
on its strategy for the future. The analysis carried out in
A word from…  THE STRATEGIC DIAGNOSIS:
Jean-Philippe Puig, CEO
“This plan was drawn up in close collaboration with
our shareholders, and notably farmers represented
by the FOP. Different teams at Sofiprotéol devoted
considerable energies to its compilation, which enabled a
federation of efforts at the service of a common ambition. Launched as
soon as I became CEO, it has helped to clarify the strategic areas targeted
by the Group and to provide both employees and our customers with the
visibility they require.”
14
preparation for the plan consisted in evaluating each acti-
vity in terms of two essential criteria: its contribution to the
development of the vegetable oils and proteins sector, and its
usefulness from the standpoint of social responsibility. For
example, the criterion concerning development of the sector
took account of the tonnage of French oilseed grain processed,
the growth of rapeseed and sunflower sectors outside France,
and traceability. The social responsibility criterion testified
to the crucial role of sustainable development in Sofiprotéol’s
strategy; the CAP 2018 plan thus took account of the “feeding
capacity” of each activity, its CO2 balance, innovation and
development in emerging countries.
Development of the sector and sustainability
Each Group activity was attributed different economic perfor-
mance targets at a five-year horizon, depending on its contri-
bution to these development and social responsibility criteria.
The principal originality of this strategic approach was thus to
determine the financial criteria after an analysis based on both
development of the sector and sustainability.
CAP 2018 made it possible to identify the potential of the
Group and define five strategic themes. Of these, a reaffirma-
tion of the sectoral strategy characteristic of Sofiprotéol will
result in reinforcing the coherence of its different activities.
STRONG POTENTIAL
> A portfolio of coherent activities
> Successful diversifications
> Strong positions in mature markets
> Earnings affected by those of biodiesel
> Potential for gains in efficiency
> Potential for synergies between different
activities
> Strong potential in our speciality areas.
SOFIPROTéOL
Reinforcement of our leadership in France focuses in par-
ticular on mature markets – such as edible oils – where the
Group benefits from a strong competitive position and unique
know-how. CAP 2018 is also designed to improve operational
excellence in all areas; through the synergies thus achieved
this will enable savings of some €100 million between now
and 2018. This plan should also allow us to accelerate our
internationalisation which offers opportunities for growth
and diversification in new oilseed markets outside France.
Finally, CAP 2018 places great emphasis on innovation which
will enhance our competitiveness, meet the demands of our
customers and prepare growth for future years.

Thanks to implementation of this strategic plan, Sofiprotéol

hopes to increase its turnover by 30% between now and 2018,
while raising profits to more than €400 million through balanced
contributions from all branches in the Group (see below). On its
side, the Development Bank is planning to invest €200 million
over the next five years. CAP 2018 will thus allow Sofiprotéol
to pursue its growth and continue to assume its mission, which
is to develop the oilseeds and proteins sectors.
Implementation of this plan started during the first quarter
of 2013, with notably the reorganisation of Diester Industrie
International, the purchase of some of Cargill’s assets in
Romania and the acquisition by Sogeval of Alstoe in the UK.

THE STRATEGIC PLAN: ESTIMATED BREAKDOWN OF EBITDA BY ACTIVITY IN 2017

FIVE PRINCIPAL THEMES
Processing of animal
1. Deploy our strategy in all areas of activity products 12%
Crushing, refining,
2. Reinforce our leadership in France neutralisation 25%
Animal health and
3. Mobilise all our teams to focus on operational excellence nutritional products 9%

4. Innovate in order to pursue our development

5. Accelerate internationalisation.
Animal nutrition 8% 400 M€

Edible oils and

Oil and fat
convenience goods
processing 16%
22%

Biodiesel 8%

annual report 2012 15

 Sofiprotéol
Organisation chart*
of industrial activities
*simplified version showing industrial subsidiaries
with a majority shareholding as at 31 December 2012

100 %
18.75 %
FSI

Sofial SoPROL 5.03 %

IDIA
10 % Animal Products 90 % 68.18 % Oilseeds
IDIA
Division HUILERIES Division
8.04 % Invivo
DU BERRY
Soufflet
100 % AXEREAL

95 % SOLEOU

100 % 80 %

GLON
5 % 100 %
management SANDERS CASTEL
HOLDING Oleosud
GROUP NOVANCE
SAIPOL 20 %

66.66 % 100 % OLEON

Institutional
100 % 41 % investors

public
99.9 % 100 % 22 %
DIESTER Fidicoop
37 % INDUSTRIE Finégoce
Saipol
Lesieur 33.34 %
expur MEDITERRANNéE

Romania 60 %
Cristal
Tunisia
DIESTER
100 % 39.5 % INDUSTRIE
BUNGE
YK Hamila
42.7 % Holding INTERNATIONAL 40 %
Families
40 % 17.8 %
Lesieur
30 % Générale
oleosen Condimentaire Cristal Tunisia
30 %

NUTRITION PRODUCTION OF OILS OILS AND SAUCES RENEWABLE RENEWABLE

PARTNERS
AND ANIMAL SECTORS AND OILSEED MEAL FOR HUMAN FOODS ENERGIES CHEMISTRY

INVEST _ add value _ feed _

16 SOFIPROTéOL
 Sofiprotéol in figures
The Group in 2012
> Aggregate net income by Sofiprotéol*: Evolution of Sofiprotéol’s employee numbers
€28 million and turnover** (in billions of Euros)
> Turnover of industrial subsidiaries: 9 9000

€7.3 billion 8 8000

7.3
> Earnings (EBITDA) of industrial subsidiaries: 7 6.5 7000

€245 million 6 6000

5.6
5 5000
> Personnel: 4 4000
8372 employees as at 31 December 2012 3 3000

2 2000
*Turnover reflects all industrial activities by the Group. Accounts are drawn
1 1000
up based on Sofiprotéol’s percentage holding in 100%-owned funds.
0 0
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Oilseeds Division Animal Products Division

BREAKDOWN OF EBITDA BY ACTIVITY (as at 31/12/2012) Employees in the Sofiprotéol Group
**Turnover of industrial subsidiaries, less sales within the Group.
11%
4% 26% n Crushing, refining
n Edible oils and convenience goods
13%
n Biodiesel AGRIBUSINESS ACTIVITIES
n Oil and fat processing
€245 million
n Animal nutrition
(Oilseeds Division and Animal Products Division)
n Animal health and nutritional
24% products
14%
8%
n Processing of animal products TURNOVER IN 2012 (in Euros)

Aggregate turnover of Sofiprotéol’s

€7.3 billion
industrial subsidiaries 1
FINANCIAL ACTIVITIES Oilseeds Division
(DEVELOPMENT BANK)
Turnover of Saipol 2 €2.7 billion
Turnover of Lesieur 3 €732 million
BREAKDOWN OF FEDOP COMMITMENTS Turnover of Lesieur Cristal €370 million
BY AREA OF ACTIVITY (as at 31/12/2012)
Turnover of Diester Industrie
€2.7 billion
and Diester Industrie International
Processing of oilseed Animal nutrition
and protein grain and products 36% Turnover of Oleon and Novance €619 million
28% Animal Products Division
Turnover of Glon Sanders €1.8 billion

Grain elevator Renewable energies 1% 1. Aggregate turnover: the sum of turnover by subsidiaries less sales within the Group.
operators (cooperatives 2. Including Expur
and traders) 17% Investment funds 7% 3. Including GECO
Seeds and
biotechnologies 11%
INDUSTRIAL PRODUCTION 2012 (in millions of tonnes)

BREAKDOWN OF FEDOP COMMITMENTS > Grain crushing 1 4.2

BY TYPE (as at 31/12/2012) > Packaged oil 
(millions of litres) 574
Current accounts 17%
> Edible oils in bulk
(millions of litres) 391

Loans 12% Stakes 69% > Biodiesel 2.3

> Renewable chemistry 0.5

Bonds 2%
> Animal nutrition 3.3

1. Not including specialised crushing

annual report 2012 17

 The Executive Committee (Comex) (left to right): Philippe Lamblin, Eric Philippe, Gabriel Krapf,
Aymeric Mongeaud, Michel Boucly, Jean-Philippe Puig, Yves Delaine and Stéphane Yrles (secretary).

18 SOFIPROTéOL
THE COMEX
a true decision-making structure
Jean-Philippe Puig, Sofiprotéol’s Chief Executive Officer, is supported by
its Executive Committee (Comex), which is a true decision-making structure
with six members. The Board chaired
by Xavier Beulin
The Comex comprises the three Deputy Chief Executive Officers (DCEO):
Michel Boucly, DCEO responsible for Sustainable Commitment, Innovation
and Strategy, Yves Delaine, DCEO responsible for the Oilseeds Division, The Board of Sofiprotéol is chaired by
and Eric Philippe, DCEO responsible for the Animal Products Division. Xavier Beulin. As well as Jean-Philippe Puig,
Sofiprotéol’s CEO (who is not a Director),
Since 1st May 2012, the other Comex members have been: Gabriel Krapf, there are ten Directors: Coop de France, repre-
Director of Development and Industrial Performance, covering the areas of
sented by Christian Pées*; Crédit Agricole S.A.,
operational excellence, continuous improvement, investment, the environ-
represented by Jean-Jacques Ricoleau; the
ment and quality assurance; Philippe Lamblin, Director of Human Resources
(also responsible for Health and Safety), and Aymeric Mongeaud, Director Fédération du Négoce Agricole, represented
of Administrative and Financial Affairs, to whom is attached the Information by Gildas Mournas; the FOP, represented by
Systems Division. Gérard Tubéry; the GTOM, represented by
Philippe Tillous-Borde; Natixis, represented by
Stéphane Yrles, who was appointed Director of Public Affairs and
Gwenola Deguerre; the ONIDOL, represented by
Institutional Relations in 2012, also acts as secretary to the Comex and
Jacques Siret; the SNIA, represented by Caroline
Board.
Huttepain-Peltier; Unigrains, represented
The Comex meets once a week. by Philippe Pinta, and UNIP, represented by
Antoine Henrion.
Once a quarter, the Comex is widened to include central support functions: The Board also has four non-voting members:
Communication Division (Florence Doat-Matrot), Sustainable Development
Jean-Claude Sabin; Coop de France Nutrition
Division (Kristell Guizouarn), Information Systems Division (Xavier
Animale, represented by Jean-Luc Cade; the
Durieux), Innovation Division (Jean-François Rous) and Legal Affairs and
Insurance Division (Thierry de Reals). FNAMS, represented by Anne Gayraud, and UFS,
represented by Roger Catala.

* with effect from 31.01.2013

annual report 2012 19

20 SOFIPROTéOL
 Financial activities
Development Bank

Sustainable commitments
at the service of the entire sector
Sofiprotéol acts as a Development Bank at the service
of the oilseeds and proteins sector and related segments.
It intervenes via investment funds (FEDOP, FASO, FEDIL)
by means of equity stakes, medium and long-term loans,
bonds or subsidies. In 2012, the Development Bank was
involved in 140 companies employing 60,000 people.

2012 was a very active year for Sofiprotéol’s Development Bank. It

made new commitments worth €75 million, in the form of loans or
equity stakes, versus €36 million in 2011. This rise could mainly be
explained by the amount set aside to purchase minority stakes in
Glon Sanders. The Bank intervened by providing medium to long-
term funding for the development of different enterprises in the
sector: seed production, green biotechnologies and agricultural sup-
plies, infrastructures for grain elevator operators, the processing of
oilseed and protein crops, animal nutrition and renewable energies.

Sofiprotéol thus supports the principal French breeders in order to

improve the selection of species such as rapeseed, sunflower and
pea. This intervention has been rendered necessary by the strategic
development challenges of the new varieties that will guarantee the
competitiveness of our species. Sofiprotéol also provides support
for companies involved in plant protection. In this context, in 2012
it took a stake in the De Sangosse Group, alongside Unigrains and
some regional investors. As a manufacturer and supplier of innova-
tive solutions for crop protection and nutrition, De Sangosse is an
important player in the global agricultural supplies market. It manu-

annual report 2012 21

Financial activities Development Bank

This financial support is conditional upon the value of the pro-

75 million
jects concerned to the oilseeds and proteins sector as a whole,
and on criteria concerning storage volumes, improvements to
€ grain quality and the optimisation of logistics or energy use.

The value of new commitments by the Development Bank
in 2012 (not including the FEDIL)
factures products designed to improve yields, while at the
same time subscribing to the Ecophyto 2018 plan to reduce
pesticide use, and to the “Progress Initiative” implemented by
the oilseeds sector.
Supporting the development of grain elevator
operators
In a context where the agricultural raw materials market
remains highly volatile, grain elevator operators, cooperatives
and traders are increasingly adapting and professionali-
sing their services, and sometimes grouping their efforts to
increase their creditworthiness. Sofiprotéol’s investments
have contributed to modernising their storage facilities and to
completing projects aimed at external growth.
Thus Sofiprotéol invested €4 million in the cooperative group
Advitam (based in northern France) in support of its growth
strategy. In addition, Sofiprotéol pursued its loan interven-
tions in favour of grain elevator operators through the Silo
plan, designed to improve storage conditions for grain and
optimise their logistical management. Five million tonnes of
additional storage capacity needs to be created between now
and 2017.
Support for livestock farmers
In 2012, livestock farmers and the agrifood industry found it
difficult to pass on the rise in raw material prices – and hence
those of feed for their animals – to consumers. In this difficult
context, Sofiprotéol provided assistance to the animal produc-
tion sector through different support and guarantee funds,
thus reinforcing the already strong partnership between the
plant and animal sectors.
Thus Sofiprotéol participated alongside other agencies in loan
deposit and guarantee arrangements to allow pig breeders to
pay for the work required to ensure the compliance of their
livestock housing with European standards by 1st January 2013.
But above all, Sofiprotéol was particularly active in the field
of animal nutrition. It thus participated in the purchase of
Dielna, a specialist in liquid feeds, by becoming a sharehol-
der alongside Glon, Agrial and Cap Seine. The Group has thus
contributed to ensuring a long-term future for a successful
company whose products notably utilise glycerine, a by-pro-
duct of Diester.
Investing in biogas production
Development of a French biogas sector, which exploits organic
waste to produce energy and fertilisers, offers actors in the sector
– and notably livestock farmers – prospects for gains in their com-
petitiveness and improvements to their environmental balances.
In 2012, Sofiprotéol thus supported the development of Fertigaz,
which operates two biogas plants in France.

Improving the competitiveness

of dairy enterprises
The FEDIL (Inter-branch Development Fund for Dairy Enterprises), which
is managed by Sofiprotéol, takes minority, medium-term stakes to favour
the development and competitiveness of enterprises in the dairy industry.
It contributes to strengthening their financial structure in a context of
marked volatility affecting the volumes produced, and the market prices
of inputs and finished products. Thus, in 2012, the FEDIL provided funds
to the cooperative group Eurial: present in eleven French départements,
it collects a billion litres of milk from four cooperatives and operates some
ten industrial sites based within its collection areas. Alongside other
funding agencies, Sofiprotéol subscribed to an issue of convertible bonds
worth €8.5 million, to shore up Eurial’s equity and provide foundations for
its development projects.

22 SOFIPROTéOL
Sofiprotéol also provides support for biogas projects that will
generate more than 500 kW of energy and are being led by one
or more actors in the sector.

Under a sectoral approach, Group production units will be able

to supply biogas plants with waste or by-products that are
appropriate for energy generation. Furthermore, the Group
aims to back those in the farming industry who are trying to
develop the use of digestates as an organic soil improver.
Finally, Sofiprotéol is also involved in this sector via the Agro
Invest fund, which pursued its investments in 2012, notably
in pet foods.

New commitments as early as 2013

In 2013, the Development Bank will be implementing the CAP
2018 strategic plan with two principal objectives: to invest FASO: A FUND TO SUPPORT INNOVATION
€200 million over five years through new commitments, and
to set up a venture capital fund. This plan thus reaffirms the THROUGHOUT THE SECTOR
crucial role of the Development Bank within the sector.

Managed by Sofiprotéol on behalf of the inter-professional

BREAKDOWN OF FEDOP COMMITMENTS
organisations UNIP and ONIDOL, the FASO (Strategic
BY AREA OF ACTIVITY (as at 31/12/2012)
Action Fund for Oilseed and Protein crops) provides funds
for research projects of interest to the entire sector. This
Processing of oilseed Animal nutrition
and protein grain and products 36% service to the community results in programmes such as
28%
Peamust, focused on the development of pea varieties to
stabilise their yields and grain quality. This mission also
Grain elevator Renewable energies 1% involves FASO in the Support Fund for Oilseed Research,
operators (cooperatives
Investment funds 7%
and traders) 17% which concerns itself with research projects involving
Seeds and
biotechnologies 11% breeding companies and public research agencies, as well as
its support for P.I.V.E.R.T.

WITH POLLEN, DEVELOPING A HIGH ERUCIC DATASHEET

ACID RAPESEED SECTOR
Sofiprotéol also supports Pollen, the leading European producer > Status: financial institution
of high erucic acid rapeseed (HEAR). In 2012, the Group thus >A
 ctivity: management of funds focused on
became a shareholder alongside its founding cooperatives,
our sector (FEDOP, FASO, FEDIL) and other
Cap Seine, Sévépi and Interface Céréales, in order to support
investment companies
the transformation of this cooperative union into a company.
>T
 ype of investments: majority and minority stakes,
As a producer of high erucic acid rapeseed for the synthetic
medium and long-term loans, bonds.
chemistry and renewable lubricants markets, Pollen operates
a two-way contractual system: upstream with farmers and
downstream with the European oil and fat processing industry.
Pollen is thus contributing to ensuring a long-term future for
the sector and the valorisation of plant products.

annual report 2012 23

24 SOFIPROTéOL
 Agribusiness activities
Oilseeds Division

A busy but difficult year in 2012

The Oilseeds Division, which groups Soprol and its subsidiaries, grew in
size in 2012 with the integration of Lesieur Cristal. The stake taken
in the Moroccan leader in edible oils confirmed the ambitions of the
Oilseeds Division outside France, particularly since the year was also
marked by investments in oil and fat processing in Malaysia.

As for turnover, the results remained contrasted for the Oilseeds

Division, which saw a marked drop in its profits (EBITDA). Saipol impro-
ved its margins, even though its volumes were affected by a lack of
grain. Lesieur benefited from the success of its products made in France.
Lesieur Cristal made a positive contribution to earnings, as anticipated.
On the other hand, Oleon, Novance and particularly Diester Industrie
in biodiesel, suffered markedly from increased competition from palm
oil-based products. The drop in biodiesel profits was one of the main
features of the year.

Nevertheless, the Oilseeds Division pursued its industrial investments,

devoting €80 million to these activities, and notably the grain hulling
plant and biomass boiler in Bassens (Gironde). 2012 was also marked
by preparation of the CAP 2018 strategic plan, whose implementation
in early 2013 resulted in adjustments to the scope of the activities of
Diester Industrie International in Europe and the purchase, in Romania,
of assets from Cargill, notably the Untdelemn de la Bunica and Olpo oil
brands.

annual report 2012 25

Agribusiness activities Oilseeds Division
Saipol
An improvement in margins
but smaller volumes than anticipated
The subsidiary specialised in grain crushing had a good year thanks to the relatively high price
of oil, and particularly of oilseed meal. Saipol was able to improve its crushing margins and increase
its earnings by comparison with 2011.
2012 was marked by the higher prices and a greater rarity
of rapeseed and sunflower grain. Apart from the rapeseed
harvest in Western Europe – which was better than expected
– oilseed harvests were globally poor in Europe and the Black
Sea basin. Despite sustained demand for oil from biodiesel
manufacturers, the global volume of grain processed by Saipol
was lower than forecast, as the lack of raw materials forced
plants to prolong their shut-downs for maintenance.
High prices
Grain remained expensive, at the level it had reached at the
start of 2012. But oil prices were also high, which gene-
rally ensured that crushing margins remained satisfactory.
Furthermore, Saipol was able to benefit from the high price
of rapeseed meal, which increased in line with that of soy-
bean meal. In the context of the crisis affecting dairy farms,
and animal feeds in general, the price factor nevertheless
26
contributed to lowering consumption in France. However, the
volumes of meal exported by Saipol increased, particularly to
Israel, Turkey and the UK.
Rise in production by Expur
Thanks to its dynamic supply and sales policies, Expur, the
Saipol subsidiary based in Romania, was able to operate at
full capacity, which had been increased in 2011. Thus des-
pite a reduction in local rapeseed and sunflower harvests and
the extreme climatic conditions experienced in early 2012,
production levels reached 333,000 tonnes of grain crushed,
93,000 tonnes of biodiesel, 55 million litres of packaged oil
and 149,000 tonnes of oilseed meal, almost all of which was
exported. Overall, Expur achieved good results, leading to a
rise in turnover to €222 million, although this was lower than
the record attained in 2011.
Saipol: a few figures
> Number 1 in France for processing
>A
 ctivities: crushing of rapeseed and sunflower;
production of refined and semi-refined (neutral) oils;
production of oilseed meal.
> Turnover*: €2.7 billion (+15% over 2011)
>G
 rains crushed: 4.2 million tonnes*
>B
 ulk edible oils sold: 278 million litres**
>7
 industrial sites in France and 1 in Romania
* not including specialised crushing but including Expur
** including Expur and Hoso
SOFIPROTéOL
2013 will probably be notable for a difficult end to the 2012- High Pro meal, an advantage
2013 season for oilseeds in France. Furthermore, the yields
for the poultry industry
of the 2013 harvest may suffer from the drought experienced
in September 2012, at the time of sowing. The prospects are
better in Central Europe, so it will probably be necessary to
have recourse to imports. High Pro meal results from the crushing of hulled
In Romania, Expur started the year by purchasing two edible sunflower, using a process which improves its nutritional
oil brands from Cargill: Untdelemn de la Bunica and Olpo. In
France, 2013 will see completion of the construction of Saipol’s value and protein content. The Saipol hulling plant being
biomass boiler and hulling plant in Bassens. built in Bassens has indeed adopted this process. This new
facility will enable the production of traceable High Pro
Reinforcement of operational excellence in 2013
2013 will also be marked by implementation of the CAP 2018 sunflower meal, which is of considerable value to livestock
strategic plan, which will notably involve enhancements to farmers in south-western France, as it can be used instead
operational excellence in Group production units, a reduction of imported soybean meal.
in working capital requirements and improvements to logistics
and purchasing.

A word from.... 
Pierre Chervier, coordinator
of the hulling and biomass
project in Bassens
“The boiler will burn the sunflower hulls
generated by the hulling plant. These hulls
20,000
The tonnage of sunflower grain, guaranteed to
have the same calorific value as wood. The use of be of French origin, which is now being crushed in
Bassens for Lesieur.
hulls on the Bassens site will thus prevent the emission
of 41,000 tonnes of CO2 each year.”

annual report 2012 27

Agribusiness activities Oilseeds Division
lesieur
A good year thanks to products
of French origin
The French leader in edible oils achieved excellent sales figures thanks to gains in market share.
Lesieur’s sales volumes rose by 3% for oils and 11% for sauces and condiments, with particular value
being placed on traceable products and innovations.
In a little favourable environment, Lesieur achieved a good
year and increased its market share. Indeed, more than ever,
the French are now seeing meal preparation as an opportu-
nity for creativity and a reason for pride. This trend benefited
Lesieur branded products (rather than distributor brands) and
notably those originating from France, which met with consi-
derable approval from consumers.
Meeting the demands of consumers
Thus Fleur de Colza (rapeseed oil) increased its sales by 1.6%,
and Lesieur Tournesol (sunflower oil) of French origin by 15%
(sources: Nielsen Panels, 2012). Isio 4 saw a slight increase
in a weak market: its claim relative to vitamin D was acknow-
ledged in June 2011, at a time when Europe was restricting
the list of acceptable food claims. As for Puget olive oils, they
saw excellent growth, benefiting notably from sales by hard
discount stores. Finally, in the frying oils market, Frial without
palm oil saw marked growth in its sales. Overall, Lesieur confir-
med its place as number one for edible oils in France, with a
34.6% market share in volume terms for its branded products.
28
In the dynamic condiments market, the Group achieved 19%
growth in mayonnaise, two-phase vinaigrettes and different
sauces.
Growth of other distribution circuits
In the out-of-home dining network, Lesieur gained several
major new customers such as Pataterie, Servair and Sogeres.
A communication campaign was launched in the professio-
nal press. Distributor brands saw gains in both their export
markets and France, notably with Auchan for sauces and
condiments. The Group managed to sustain problematic mar-
ket positions in Belgium and the Netherlands, where contracts
do not exceed six months. Finally, since mid-2012, added-
value oils for the agrifood industry have been wholly marketed
by Lesieur Solutions Industrie to customers such as Nestlé,
Lactalis, McCain or Jacquet.
Lesieur’s international development
Development in other countries was achieved via exports or
through a local presence. At export, Lesieur is now present
Lesieur: a few figures
>N
 o. 1 in France for edible oils
>N
 o. 3 for sauces and condiments
>E
 arnings in 2012: €732 million
(-3% compared with 2011)
>P
 ackaged oils: 298 million litres
>O
 ils sold in bulk: 45 million litres
>S
 auces and condiments: 40,000 tonnes
>4
 industrial sites in France
SOFIPROTéOL
in 60 countries. Sales volumes saw two-digit growth for both
oils and sauces and condiments. The most notable rises for
the brand occurred in Europe, the Near East and Middle East.
Under distributor brands, it should also be noted that impor-
tant contracts were won in Israel, the UK and Germany. In the
sauce sector, Algeria is a promising market, as is sub-Saharan
Africa, and notably Senegal. Benefiting from the strong gour-
met image of French cuisine, Lesieur’s sauces and condiments
are now penetrating new markets such as China.

In practice, a local presence enables improvements to pro-

duct design and brand development. The volumes achieved
by Cristal Tunisia, a subsidiary of Lesieur Cristal and Lesieur,
increased in a difficult competitive context. In Senegal,
Oleosen (in which Lesieur and Saipol each have a 30% share)
started the marketing of Lesieur-branded oils and condiments OILS OF FRENCH ORIGIN: A CLOSE
from 1st January 2013. Finally, in Morocco, Lesieur has deve- PARTNERSHIP WITH FARMERS
loped close collaborations with Lesieur Cristal in the area of
innovation. In all three countries, Lesieur is contributing to the
development or reconstitution of agricultural sectors: olives in The “Fleur de Colza” (rapeseed oil) sector has been
Morocco, and rapeseed and sunflower in Tunisia and Morocco.
welcomed by both farmers and consumers. In 2012, 800
Operational efficiency farmers (versus 500 in 2010) adhered to its demanding
The CAP 2018 strategic plan aims to pursue international specifications: a choice of varieties containing high levels
development and reinforce market leadership in France,
of oil and omega-3, total traceability from seeds to the silo,
thanks to innovations in oils and sauces. Improvements to
the industrial facilities are also central to the strategic plan, and restrictions on moisture levels at harvest. Mr. André
through greater coherence between the different activities of sows some fifty hectares to rapeseed in the Eure-et-Loir
the Oilseeds Division. Thus, in France, the Bacalan packaging
region, and has had a contract for his entire harvest with
plant will be moved to the Bassens site and benefit from consi-
derable industrial investment. Combination on the same site Lesieur since Fleur de Colza was first created as a brand:
of Diester Industrie, Saipol and Lesieur activities will further “For me it is not a bonus payment for tonnage that is
improve overall efficiency and generate savings in energy.
important – although that should not be ignored. What
is important is that Fleur de Colza proves that farmers
can work with the French food industry to produce high-
quality rapeseed that goes directly to feed their fellow
Training in nutrition
citizens”. The label “Guaranteed to be of French origin” that
and valorising cuisine
characterises Fleur de Colza and Coeur de Tournesol oils,
Lesieur has continued to train healthcare professionals in nutrition:
was extended in September 2012 to cover grapeseed oil.
postgraduate courses led by two expert physicians, each involving
more than 200 general practitioners, were organised in five French
towns. In addition, the Rencontres de la Forme (fitness events)
contributed to promoting physical exercise as a determinant factor in

60
health. As a major actor in everyday cooking, Lesieur also supports
the Observatoire des Cuisines Populaires (observatory on home
cooking) which studies and tries to explain changes in family cooking
practices. Finally, its training partnership with the National Association The number of countries where Lesieur
of Solidarity Food Markets (ANDES), which groups 250 structures for has a commercial presence.
social reintegration, is testament to its commitment to society.

annual report 2012 29

Agribusiness activities Oilseeds Division

Lesieur Cristal

Commercial dynamism
in a stabilised environment
Despite a difficult context marked by the considerable volatility of, and pressures on,
raw material prices, the Moroccan subsidiary Lesieur Cristal maintained its leading position
in the national market thanks to its portfolio of brands and a sales-force covering more
than 90% of sales outlets throughout the country.

Lesieur Cristal is now a fully-fledged member of the Sofiprotéol
Group, the latter having become its industrial operator and
reference shareholder in 2012, since when the company has
continued to be quoted on the Casablanca Stock Exchange.
Thanks to the efforts of its 1163 employees, this transition was
achieved smoothly, and in December 2012 Lesieur Cristal was
able to host the integration seminar for Sofiprotéol managers.
New products
Although the edible oils market was disturbed in 2011, a
return to stability was seen in 2012. The Group also proved
its commercial dynamism in oils and soap. In order to obtain
a ranking in the olive oil market that is more compatible with
its reputation in edible oils, Lesieur Cristal has reinforced its
efforts in this area. Number two in the olive oil market with
Mabrouka, it launched a new brand in 2012, given the name
Al Horra. In addition, to increase its involvement in olive
growing, it obtained a long-term lease on 1200 hectares of
olive groves in the context of the Green Morocco plan, where
it will be developing new cultivation techniques. After an
initial harvest of 160 tonnes of oil in 2012, full production
should be achieved during the next two years, when these
groves will feed a new processing unit that is currently being
built in El Kelaâ des Sraghna.
In the soap market, Lesieur Cristal has invested in a strong
growth segment by launching three liquid products – lemon,
sweet almond and antibacterial – of its lead brand Taous,
which holds a 74% share in the toilet soap market.
Sofiprotéol, via Lesieur, provided support for these develop-
ments by contributing technical assistance to the creation of

30 SOFIPROTéOL
an oil selection laboratory and reinforcing commercial syner-
gies on both sides of the Mediterranean.
An actor in the agricultural development of Morocco
Lesieur Cristal has long been focused on sustainable agri-
cultural development. Proof of its societal commitment, the
company was certified as an “aggregator” in 2011, in the
context of the Green Morocco plan. This status means it can
support farmers in order to introduce good farming practices,
improve profitability and crop quality and facilitate access to
water and subsidies. In addition, in 2013, Lesieur Cristal will
be involved in developing sunflower and rapeseed crops in
partnership with the French oilseed sector and the Moroccan
Ministry of Agriculture.
At a social level, Lesieur Cristal is acknowledged for its equal
opportunities and salaries policies for men and women.
Lesieur Cristal : a few figures
> No.  1 in Morocco for edible oils
> No. 1 in Morocco for soap
> Turnover in 2012: €370 million
(4.1 billion Moroccan Dirhams) (+6% over 2011)
> Grain oils packaged: 198 million litres
> Grain oils sold in bulk: 52 million litres
> Olive oil: 6 million litres
> Soap: 31,000 tonnes
> 2 industrial sites in Morocco: Roches Noires
(crushing and head office) and Ain Harrouda
(refining, saponification, packaging, storage).
annual
annual report
Rapportreport 2012
2012
d’activité 2011
35% of its managers are women, and a woman also sits on
its Executive Committee. Excellium, its training institute,
ensures improvements to technical and managerial skills, and
in 2012 some staff were able to receive up to seven days of
training. Safety was a major concern in 2012, with the launch
of an action programme along the lines of the Dupont de
Nemours model, which is the international reference in this
field. Finally, membership of the Sofiprotéol Group facilitates
mobility to France and further enhances the attractiveness of
Lesieur Cristal.
At an environmental level, Lesieur Cristal obtained its ISO 14
001 certification in 2011. In 2012, a second olive pomace
boiler was programmed, modelled on that already in service in
Ain Harrouda, which supplies energy and steam to the indus-
trial site.
A word from....
Nezha Hafid Azhari,
Deputy Director for Quality,
Safety and the Environment
“In terms of our health and safety policies,
our strength is the involvement of everyone,
from the Executive Committee to each employee,
via the Safety Correspondents and their teams. In May 2012,
Executive Committee members signed up to the Safety policy,
and since then each meeting has started with an update on this
subject. In 2012, the number of accidents causing an absence
from work fell by 20%, which is a very encouraging start.”
31
Agribusiness activities Oilseeds Division
DIESTER INDUSTRIE AND DIESTER INDUSTRIE INTERNATIONAL
Margins affected
by competition from exports
In 2012, Diester Industrie benefited from an upturn in its sales volumes in France. But margins were
severely affected by competition from imports of soybean and palm oil-based esters from Argentina
and Indonesia.
For Diester Industrie (DI), 2012 was marked by a sharp upturn
in its production volumes in France. The ceiling incorporation
rate of waste oil methyl esters (WOME) and animal fat methyl
esters (AFME) was indeed fixed at 0.35%. In 2011, due to the
so-called double accounting system, these esters had deve-
loped at the expense of vegetable oil methyl esters (VOME),
thus reducing their production volumes accordingly. Thanks
to restrictions on WOME and AFME in 2012, the French pro-
duction of VOME was able to rise again to 2.2 million tonnes,
including 1.65 million tonnes for Diester Industrie.
A marked downturn in turnover
On the other hand, Sofiprotéol’s turnover from biodiesel saw a
sharp drop: it suffered from lower sales prices due to imports
of subsidised biodiesel from Argentina and Indonesia. These
imports were the subject of claim for unfair competition to the
European Commission.
Furthermore, palm oil-based esters benefited from a particu-
larly marked advantage over rapeseed-based esters. Indeed,
oilseed prices rose, influenced by the volatility of soybean
32
prices during the first semester. At the same time, the over-
production of palm oil in Malaysia and Indonesia drove down
the prices palm oil and palm oil-based esters.
A difficult context in Europe
In Europe, Diester Industrie International (DII), a subsidiary of
DI, encountered problems specific to each country. In Germany,
the introduction of double accounting with no fixed ceiling
caused a shrinkage of locally-produced volumes in 2012. This
regulation remains in place for 2013. The German market
also remained more open to imports. The highly concentra-
ted Austrian market proved to be highly competitive. In
Italy, competition with imports from outside Europe became
even stronger, but regulations more favourable to the use of
European raw materials were introduced during the last quar-
ter. The situation in this market led to temporary closure of the
esterification plant in Livorno for most of the year. In Belgium,
activities were pursued under favourable market conditions.
The situation concerning European biodiesel production led to a
reduction in the supplies of crude glycerine and higher prices for
DI and DII: a few figures
> No. 1 in France and Europe for biodiesel
> Activities: production and sale of biodiesel
> Turnover of DI and DII in 2012: €2.7 billion*
(down 0.7% over 2011)
> Production volumes of DI and DII:
2.2 million tonnes
> 7 industrial sites in France and 6 in Europe.
* less sales within the Group
SOFIPROTéOL
this by-product of Diester, whose contribution to margins impro-
ved throughout the year. The strategy concerning downstream
integration in glycerine refining was thus fully justified, and was
confirmed in practical terms in 2012 by the opening of a new
unit in Porto Corsini, in Italy.

Poorer visibility in 2013 and beyond

In 2013, visibility in this market will remain limited because of CONTRACTUALISATION:
the many uncertainties that notably concern the ceiling on the
RESPONDING BETTER
double accounting of AFME and WOME, and lower tax rebates on
biofuels after 2013. To this should be added questions on the TO THE DEMANDS OF FARMERS
results of the anti-dumping claim and above all the outcome of
discussions at a European level on 1st generation biofuels.
Debate in the European Parliament focused mainly on the incor- In 2012, Diester Industrie drew up a new agreement
poration rate for 1st generation biofuels, which the Commission
covering a three-year period which was designed to
proposes restricting to 5%, and on the impact of the Indirect
Land Use Change (ILUC) which may compromise the future of strengthen the sector at a time when the regulatory
the European biodiesel sector. environment for biodiesel production is subject to profound
In this environment, the CAP 2018 strategic plan aims to improve
uncertainties. The new contractual arrangements thus
industrial efficiency and optimise the coherence of esterifica-
tion and grain crushing sites. Thus in early 2013, DII sold to the introduced give particular importance to the Progress
Bunge Group (which held a 40% stake) its units at the sites in Initiative: indeed, they include a bonus of €4 per tonne of
Bruck an der Leitha (Austria) and Mannheim (Germany). As for
rapeseed committed to Diester, in order to support the
the Belgian subsidiary Oleon Biodiesel, this will now be owned
exclusively by Diester Industrie, which will enable optimised development of cultivation practices which cause fewer
operation of this unit, based on Sofiprotéol’s Belgian industrial greenhouse gas emissions while preserving the agronomic
site in Ertvelde.
performance of rapeseed crops. The tonnages have been
fixed for the three seasons concerned by this agreement:
2013, 2014 and 2015. Another novelty: half of the
tonnages thus committed are remunerated at a mean price,
A word from....
while the other half are subject to mutually agreed prices.
Antoine Morin, Manager
These arrangements meet demands for payment methods
of Contractualisation
which comply better with the commercial practices adopted
with Grain Elevator Operators
by farmers.
“Diester is the leading outlet for rapeseed produced
in France, and thus has a major effect on the oilseed

80
market. The future of this sector will require the commitment of
producers and collectors to rapeseed tonnages dedicated to Diester,
and remunerated under the same conditions as grain for food purposes.
It will also necessitate their involvement in the Progress Initiative, the The percentage rapeseed oil content used in
aim being to reduce greenhouse gas emissions during the cultivation of Diester in France in 2012.
rapeseed. This environmental criterion is essential, particularly if we are
to comply with European requirements.”

annual report 2012 33

Agribusiness activities Oilseeds Division
OLEON AND NOVANCE
Still at the cutting edge of speciality oil
and fat processing
The European leaders in oil and fat processing, Oleon and Novance, produce and market basic and
speciality products using vegetable oils and animal fats. The efforts made in terms of innovation
and investment, and strong customer relationships, meant that they were able to resist strong
global competition during 2012.
Oleon and Novance experienced mixed results in 2012, in an
environment marked by a deceleration in global growth com-
pared to 2011. Overall margins in the industry were under
pressure as oleochemical production capacities continued to
increase worldwide, and palm oil prices remained low due to
increases in the areas devoted to this crop and its high yields.
Oleon and Novance nevertheless succeeded in achieving
satisfactory earnings thanks to their industrial investments,
commercial efforts and innovation policies.
Strong competition in fatty acids
Competition was particularly intense in the fatty acids market
because of the major increases in Asian production capacities
made by manufacturers benefiting from favourable costs and
export subsidies. On top of that, European producers were
facing high prices for tallow, a raw material that competes
with palm oil. Oleon and Novance reacted to these challenges
by providing the highest quality products as well as a reliable
and flexible supply chain for their customers, while optimising
the cost structure of their industrial assets.
34
Production of biobased monopropylene glycol
Glycerine prices increased by around 10% over the year, which
was less than expected given the numerous new and interes-
ting applications developed for this product.
Europe’s leading supplier of glycerine, Oleon, also develops
new applications aimed to bring further value to this product.
In 2012, the company launched its biobased monopropylene
glycol unit which uses glycerine as a raw material and is used
to make products as varied as epoxy resins or de-icing agents.
Located on the Ertvelde site, this new unit with a 20,000
tonne capacity is the first of its type in Europe. This biobased
monopropylene glycol reduces greenhouse gas emissions by
70% compared to the fossil-based product, whilst achieving
the highest standards of quality.
Esters: new targeted capacities
As a growing market in emerging countries, speciality esters
can be used for a variety of purposes in foods (as moistening
agents, emulsifiers, preservatives or texture agents), cosme-
tics (as emollients or emulsifiers) or in oilfield applications.
Oleon and Novance: a few figures
> No. 1 in the world for glycerine
> No. 1 in Europe for oil and fat processing
> Turnover in 2012: €619 million
(+10% versus 2011)
> Production of basic and speciality chemical
products: 0.5 million tonnes
> 6 industrial sites in France and other countries
> 10 commercial subsidiaries
throughout the world.
SOFIPROTéOL
SOFIPROTéOL
To support this growth, the Group opened an office in Shanghai
in January 2012. In addition, it doubled the production capacity
of its plant in Port Klang, Malaysia, to nearly 40,000 tonnes, and
launched the construction of a new unit. The combined capaci- ESTERS: INVESTMENT BY OLEON
ties of its six plants, in Belgium, France, Malaysia, Germany and IN MALAYSIA
Norway, now place Oleon and Novance amongst the leaders in
this sector.
In July 2012, Oleon and United Plantations set up a joint,
New products: reconciling performance
equally-owned company called UniOleon Sdn. Bhd, which will
and renewable chemistry
Oleon and Novance have considerably increased their efforts be building a production unit for food emulsifiers in Pulau
in terms of innovation, having more than doubled the number Indah, in Malaysia. Adjacent to the Oleon plant, it will serve
of their employees and their R&D resources within three years,
the market for food additives of vegetable origin and will be
the objective being to bring innovative products to the market
in order to respond to unmet customer needs. equipped with a dedicated applications laboratory. United
Plantations has been a pioneer in developing the sustainable
The examples are numerous, such as a new polyglycerol polyri-
production of palm oil that complies with RSPO (Roundtable
cinoleate food emulsifier of vegetable origin which was put on
the market early in the year, or a 100% natural emollient ester for Sustainable Palm Oil) criteria. Oleon is thus enhancing its
for cosmetic applications, launched as an alternative to a group ability to respond to increasing demands from its customers
of silicones that are under threat of being banned. Other 100%
for certified products. This decision forms part of the
biosourced emollients and monopropylene glycol-based esters
are also under development. development strategy for Asia, which led to the opening of a
commercial office in Shanghai in January 2012.

A word from....
Sandrine Lacourt, R&D
Cosmetics Manager, Novance

70
“Working within a team of some fifty
researchers, I participate in the development
of innovative compounds that will meet the
The percentage greenhouse gas saving by Oleon
demands of our customers and the sensory
during the production of monopropylene glycol from
specifications for their cosmetic products. Based in Venette
vegetable glycerine, compared to its fossil equivalent.
near Compiègne in France, I work in a network with other Oleon
and Novance laboratories in Belgium (Antwerp and Ghent) and
Malaysia (Kuala Lumpur).”

annual report 2012

annual report 2012 35
36 SOFIPROTéOL
 Agribusiness activities
Glon Sanders
Animal Products Division

Excellent results thanks to commercial

dynamism and good management

Glon Sanders groups the activities of the Animal Products

Division. It increased its earnings in 2012 thanks to
contributions from all its subsidiaries which pursued their
industrial investments, mainly in France, while continuing
their international deployment.

In 2012, the principal activities of the Animal Products Division suffe-

red from the high cost of agricultural raw materials. It was generally
difficult to pass on this rise – even in part – to end customers.
Intermediate links in the chain – livestock farming and processing –
were also affected by this situation.

Animal nutrition: high-quality management

Sanders coped well with managing volatile prices of its raw mate-
rials. Its mastery of hedging instruments allowed it to smooth price
variations and attenuate rises in the prices of its animal nutrition
products, to the benefit of livestock farmers. It also pursued its poli-
cies on investment and improvements to its industrial assets, with
opening of the plant in Landrecies, in northern France, which replaces
the old unit in Arras.

The development of Sanders focused on the search for partnerships:

thus in 2012, agreements were signed in south-western France with
Euralis, in Brittany with Etablissements Michel, and in the Rhône
Valley with Ucab. In terms of innovation, efforts by the Division on
rational medicalisation allowed it to achieve a 20% reduction in the
medication content of its animal nutrition products.

annual report 2012 37

Agribusiness activities Animal Products Division
Animal nutrition also saw considerable international develop-
ment: the construction of a new plant, which will ultimately
have a 200,000 tonne capacity, was started in Algeria in
September 2012. In parallel, a production site where work had
started two years ago, was inaugurated in Tunisia. Created
in May 2012, Sanders Serbia, located north of Belgrade, now
operates a manufacturing plant for animal feed which is
sold either directly to livestock farmers or via a network of
distributors or dairy firms. Sanders offers its customers its
know-how with respect to diet and the management of their
livestock farms.
The processing of animal products: a profitable
activity
The processing of animal products – slaughter, processing,
development – faced problems in terms of passing the rise
in raw material prices on to end customers. Major retailers,
canteens and company restaurants were reluctant to accept
any price rises, which affected Glon’s margins. Nevertheless,
all subsidiaries made a profit in 2012, thanks to the sectoral
strategy, dynamic commercial policies and modern facilities.
Thus the pig branch improved its sales figures thanks to a tar-
geted commercial strategy and major investments. In 2012,
the Abéra pig abattoir in Saint-Brice-en-Coglès (Ille-et-Vilaine)
initiated operation of a new deep-freezing unit with a capacity
of 80 tonnes of pork per day, and opened a 2000 m² storage
unit that can contain 4200 tonnes of butchered meat.
On its side, the poultry branch confirmed its solidity, thanks to
the quality of its facilities: €95 million had been invested over
ten years to modernise and automate the Boscher Volailles
38
and Volailles de Keranna abattoirs. However, profits in this
branch were affected by the purchase of several Doux sites;
indeed, in September 2012, the Group acquired two abattoirs
(one for chickens, the other for turkeys), a feed unit and a
hatchery that had belonged to Doux Frais, in central France.
Following this purchase, it was found that these sites were
suffering from a lack of investment and their goodwill had
deteriorated.
Processed products experienced a successful and profitable
year. Finally, in 2012, the packaging and processing of eggs
returned to a level of earnings close to that seen in previous
years, after atypical results in 2011 affected by the work
necessary to ensure the compliance of different installations.
The modernisation of facilities is ongoing, and investments
were made in an egg products factory in Plaintel (Brittany) to
replace the two factories that were closed, one in Guingamp
and the other near Paris.
Nutritional specialities and animal health:
sustained growth
The nutritional specialities sector contains a series of products
adapted to different species: pigs, ruminants and poultry. Its
market partially overlaps that of animal health, which offers
medicinal, hygiene and comfort products for livestock and
pets. These two sectors, which are seeing annual growth of
between 5% and 7% at a global level, were affected in France
by the problems experienced by livestock farmers. Companies
in the Animal Products Division – Sogeval, Nutrilia and BNA –
thus deployed major commercial efforts in other countries,
and notably the Maghreb, Middle East, South-East Asia and
South America.
Glon Sanders: a few figures
> No. 1 in France for animal nutrition
> Turnover in 2012:
€1.8 billion (+7.6% over 2011)
> Production volume in animal nutrition:
3.3 million tonnes*
> 65 production sites** in France
* all products under the Sanders brand name
** controlled by the Animal Products Division
SOFIPROTéOL
This international development gave rise to the construction
of new industrial facilities. Near Laval, the Louverné 3 site
(Mayenne) will start producing powdered feed for livestock
in 2013, alongside a unit producing tablets for dogs and cats
which has also been built on this site. Industrial assets were
also reinforced in 2012 by a powdered and liquid nutritional
supplements plant in Turkey, and an entity specialised in
premixes, additives and mineral supplements in Poland, near
Gdansk.

CAP 2018, particular focus

on international development
For the Animal Products Division, the CAP 2018 strategic
plan will result in increased support for innovations in ani-
mal health, specialities and additives for animal nutrition,
and egg products. The Division will also pursue its industrial
investments, spending €38 million. It will thus be investing in
the abattoirs for chickens in Boynes (Loiret) and for turkeys
in Blancafort (Cher), which previously belonged to the Doux
Group.
The purchase of Doux: ensuring
a long-term future for the poultry
sector in central France
In September 2012, the Animal Products Division took
over two abattoirs (one for chickens, the other for
turkeys), a feed production plant and a hatchery in

The pursuit of operational excellence will also result in central France that had previously belonged to the Doux
stronger ties between subsidiaries working in nutritional spe- Group. This purchase was designed to ensure outlets
cialities and animal health. for breeders in the region and structuring of the French

Finally, CAP 2018 will focus on the pursuit of internationa-
lisation, as illustrated in February 2013 by the purchase
by Sogeval of the UK group Alstoe. As the owner of rights
to compounds of interest to pig breeders, Alstoe will also
improve access to the UK pet market, which is the largest in
Europe for dogs and cats.
poultry industry, both downstream and upstream, so as
to improve France’s position in a poultry market that is
highly vulnerable to imports. This operation provided
Sofiprotéol’s Animal Products Division with a new
geographical position, enabling better coverage of the
country, while at the same time developing its presence
among major retailers. In 2013, the Division will be making
the investments necessary to renovate the industrial
facilities and reconstruct goodwill, with the support of
other poultry sites within the Group.

A word from....
Stéphane Dahirel, Chairman
of the Associative Grouping

95 million Euros
of Poultry Breeders
“Eighteen years ago, we started our group
in Gaevol with the aim of organising the
the sum invested during the past ten years
poultry sector so that it could respond to the needs of
to enable Boscher Volailles and Volailles de
industrial customers such as McDonald’s, Fleury Michon or Nestlé.
Keranna to become the most modern and
At that time we were about a hundred breeders in Gaevol. Today, highly-automated abattoirs in Europe.
we are 400. We produce “heavy” chickens weighing 1.8 to 3.3 kg,
which are much appreciated by industry. With Glon Sanders, we
now have a loyal and constantly growing portfolio of customers,
and have thus assured the future for our activities.”

annual report 2012

annual report 2012 39
Sustainable Development
Innovations
Human Resources
Communication
 SUSTAINABLE DEVELOPMENT
Creating sustainable value
in the oils and proteins sector
The efforts made by Sofiprotéol with respect to sustainable development concern both
the nature of its activities and its deliberate policies targeting their conduct, linked to the
objectives of the CAP 2018 strategic plan.
Sustainable development lies at the heart of Sofiprotéol’s
strategy, and was thus crucial to compilation in 2012 of the
strategic plan CAP 2018. It is indeed the Group’s mission to
develop and assure the future of the oils and proteins sector.
But it is also to promote sustainable development in terms
of its economic, environmental and societal goals, such as
the “feeding capacity” of the sector, its CO2 balance, inno-
vation and development of the farming industry in emerging
countries.
Therefore, at a very early stage, the Group adopted its Progress
Initiative, which supports virtuous changes to agricultural prac-
tices upstream and industry downstream. It was in the context
of this approach that in January 2012 the Twenty Gram Club
(Club des Vingt Grammes) was launched, a reference to the
42
goal of reducing CO2 emissions by agriculture to 20 grams per
megajoule of biodiesel (see box).
The development of agriculture in southern countries
Sofiprotéol’s commitment to sustainable agriculture can also
be seen through its international activities, and notably in
southern countries. When Lesieur Cristal was purchased in
2012, Sofiprotéol committed itself to developing the oilseed
and olive oil sectors in Morocco. Lesieur Cristal has thus been
recognised as an ‘aggregator” for olive oil in the context of the
Green Morocco plan, which aims to develop and structure this
sector. The Group is thus fully accomplishing its support mis-
sion in this respect.
Protecting the environment
Clearly, Sofiprotéol’s commitment to sustainable development
takes the form of environmental undertakings in its different
industrial activities. As the leading European producer of bio-
diesel and a major actor in plant chemistry, Sofiprotéol has
developed industrial skills which participate in controlling
greenhouse gas emissions and replacing fossil energies. It also
65
The percentage reduction in greenhouse gas
emissions achieved by the Animal Products Division
by participating in the creation of a regular rail link
between Rennes and Mâcon, which notably supplies the
Rhône Valley with pork from Brittany.
SOFIPROTéOL

implements an industrial strategy which contributes to pro-
tecting the environment through the systematic utilisation of
by-products.
As well as exploiting the by-products of biofuels – high-pro-
tein oilseed meal – for animal nutrition, there are many other
examples of this policy. Thus Terrial, a Glon Sanders subsi-
diary, uses organic waste from poultry farms as a fertiliser for
arable crops. In Lezoux, ash from the biomass boiler in the
Saipol facility is also used as a fertiliser. And in Bassens, Saipol
has started construction of a boiler that will be fuelled by the
sunflower hulls produced on site by the hulling plant.
The certification of sustainable approaches
This focus on sustainable development is formalised by cer-
tification. The Oilseeds Division pursued implementation of
the Env’ol programme, its ISO 14001 certifiable environmen-
tal management system. By the end of 2012, Env’ol had
completed audits of the head offices of industrial sites and
subsidiaries in the Oilseeds Division, in France. In addition, cer-
tification of the sustainability criteria for biodiesel according
to the voluntary 2BSvs scheme continued: a calculation instru-
ment for greenhouse gas emissions was developed to quantify
performance in the sector. Finally, a study on extending the
2BSvs approach to by-products and other sectors was initiated.
Working together to fight food poverty
Sofiprotéol is also enhancing its undertakings to society. In
February 2012, the Executive Committee thus decided to
introduce a partnership strategy for the Group focused on
food, the fight against global warming and protection of the
environment. The first action in this context was the signa-
ture in June 2012 of a three-year agreement with the Food
Banks: this led to 226 volunteers being mobilised on 23 and
24 November 2012 at eleven sites, involving Saipol, Novance,
Glon Sanders and the head office in Paris. These volunteers
contributed to collecting 36.5 tonnes of food products.
annual report 2012
A word from...
Antoine Lenepveu, Sustainable
Development Correspondent
for Glon Sanders
“In its recent history, our industry was
forced to face, and then take up, the
challenges of feeding the population and then
addressing quality and safety issues. During the past fifteen
years, the Animal Products Division has also been focusing
on a third challenge: that of responsible production which
respects the environment and has local roots that preserve
jobs. Since 2007, under the Planet Economy label, this
approach has been coordinated by a specific division. It has
now been adopted by all entities in the Animal Products
Division, and is a daily concern for all teams.”
Twenty Grams
for Sustainable
Development 20 g eq. CO2/MJ
Launched in January 2012, the
Twenty Gram Club is now a
reference regarding the goal
of reducing CO2 emissions by
upstream agriculture to 20 grams per megajoule of biodiesel
produced by Sofiprotéol. Under the Progress Initiative, the
mission of this Club is to demonstrate that this goal can be
attained without reducing yields. The Twenty Gram Club
involves nine cooperatives and is managed by the CETIOM,
the technical centre for the profession, and the InViva union,
whose role is to identify cultivation practices that can attain
this 20 gram goal. Twenty-seven levers for improvement
have been identified; they notably include the optimisation
of nitrate fertilisation, tillage, the management of flora and
diseases, etc. Within the Twenty Gram Club, farmer groups will
also be launched in 2013 in order to disseminate these good
practices in the field.
43
 Innovation
Innovating from upstream agriculture
to downstream industry
Sofiprotéol’s innovation strategy has been developed to respond to the needs of different Group activities:
the first-stage processing of biomass, human foods and animal nutrition, plant chemistry and biomass-based
renewable energies. Efforts are focusing notably on transversal themes such as industrial biotechnologies and
optimising energy use on farms.
Better food, the improved valorisation of agricultural products
and better protection for health: these goals lie at the heart of
Sofiprotéol’s innovation strategy.
Exploiting the virtues of oils
In the oils and sauces sector, 2012 was marked by studies
on micronutrients in oils and their role in preventing cogni-
tive disorders and cell degeneration. In addition, Sofiprotéol
and Fermentalg set up a joint company – Prolealg – to ensure
industrial development of the production of DHA-rich oils from
microalgae. This omega-3 oil contributes notably to slowing
the course of degenerative diseases.
44
Finally, teams in the Animal Products Division working on egg
products were particularly active, with numerous projects in
their development pipeline.
Improving oilseed meal for animal nutrition
Innovations affecting foods necessarily involve improvements
to animal nutrition. Research by Sanders with the agrifood
group Soufflet has improved the digestibility of rapeseed meal,
so that it can better compete with soybean.
Optimisation of energy use,
an essential area for improvement
Sofiprotéol’s innovation teams are working on optimising the
energy output of biomass for both Group industrial plants and
on farms. Three options are being explored: combustion, roas-
ting and pyrolysis.
The combustion of biomass in a boiler is an option that has
already been exploited in plants belonging to Sofiprotéol’s
Oilseeds Division, notably in Lezoux and Grand-Couronne, and
soon in Bassens. Roasting, which optimises the calorific value
and agronomic valorisation of biomass, is another possibility,
which is notably being studied in the context of the BioTfuel
100
The number of researchers working on exploiting French
oilseed crops in the context of the 21 projects launched
by P.IV.E.R.T.
SOFIPROTéOL

project. Finally, the Group is also conducting research on pyro-
lysis which can obtain biochar, an inert material whose use
as a fertiliser may improve the carbon balance of farms. In
addition, Sofiprotéol is studying the fractionation of rapeseed
straw using physical and chemical techniques.
Production of biosourced polymers
In order to diversity the outlets available to farmers, the Group
is working on developing cutting-edge technologies in the
production of synthetic intermediaries for the polymer market.
Some of these technologies, such as the oxidative cleavage
of double bonds, reached the industrial pilot stage in 2012.
Research programmes at the laboratory stage were initiated
on biopolymers for packaging and new polyols, platform mole-
cules that can be used to produce polyurethanes for use in
electrical equipment and vehicles.
Industrial biotechnologies
Initiated four years ago, research focused first of all on the
bioconversion of rapeseed and sunflower oils into molecules
of interest with a high added value, notably in the field of bio-
sourced additives. Biotechnology research has also concerned
the production of oils from micro-organisms such as microalgae.
Innovation at the heart of CAP 2018
In 2013, innovation will continue to lie at the heart of Group
strategy through implementation of the CAP 2018 plan which
specifies our priorities. In the context of this plan, innova-
tion will help to increase our competitiveness, respond to the
demands of our customers and prepare for future growth. This
will notably involve the launch of new products by Lesieur or
by the egg branch, new ester derivatives in oil and fat pro-
cessing or new specialities for animal nutrition and animal
hygiene and health. In the same context, innovation will also
aim to achieve breakthroughs, notably in biofuels and oil and
fat processing.
annual report 2012
A word from...
France Thevenieau,
Biotechnology Projects
Manager, Sofiprotéol
“I manage biotechnology research
programmes for Sofiprotéol. At a horizon of
five or ten years, biotechnologies provide a strategic
opportunity to exploit our agricultural crops, notably of
rapeseed and sunflower. We are exploring applications in
animal nutrition, human foods and oil and fat processing,
working in collaboration with public laboratories and biotech
platforms. We have a pipeline which, in the medium term,
should allow us to target applications as varied as food
supplements, cosmetics or industrial uses.”
An update on P.I.V.E.R.T.
The P.I.V.E.R.T. programme
is progressing, its aim being
to create the first European
centre for research, innovation,
experimentation and training in plant chemistry based on
oilseed biomass. The SAS P.I.V.E.R.T., in which Sofiprotéol is one
of the lead shareholders, was set up in April 2012. It launched
a pre-competitive research programme in collaboration with
some thirty laboratories and technical centres, experimentation
and demonstration centres. Twenty-one projects were
selected during 2012. As for demonstrations of applicability,
they will be carried out in a new technology platform, for which
planning permission was submitted at the end of 2012.
These facilities will thus provide concrete proof to industry of
the results achieved by French public research in the field of
biorefining using oilseed biomass. Supported initially by the
French government in the context of its Investments for the
Future programme (PIA), the ultimate aim is that P.I.V.E.R.T.
should become self-sustaining in the longer term.
45
 HUMAN RESOURCES
The Group has harmonised its Human
Resources management by reinforcing
the homogeneity of practices
The Sofiprotéol Group grew in 2012, and counted 8372 employees by the end of the year. A greater
harmonisation of human resource management practices is supporting this growth, even though many
of the Group’s activities tend to be based on a diversity of talents.
2012 was marked by a change to the size of the Sofiprotéol
Group, and particularly its Oilseeds Division following inte-
gration of the Moroccan company Lesieur Cristal. The Animal
Products Division also evolved through the purchase of several
small companies and particularly the integration in September
of several Doux Frais sites, which contributed to saving nume-
rous jobs.
Towards a single reference system for skills
More than ever, this change to Sofiprotéol’s size requires a glo-
bal vision of human resources. Thus the Group is now committed
to a process of homogenising its job definitions. The methodo-
logy applied aims to render jobs of the same type comparable
A word from …
Pascal Cousin, Technical Manager,
Ruminants, Sanders Ouest
“Our customers – livestock farmers – are true
entrepreneurs who are highly trained in their fields.
Simultaneously managers, operatives and producers of
plants and animals, they need our expertise in order to maximise
the performance of their animals, ensure the longevity of their
herds, improve the profitability of their farms and implement their
projects. Depending on their individual needs, we may visit their
farms once a quarter or even once a month.”
46
in different companies. This method, already implemented in
Morocco and Belgium, has enabled the definition and evaluation
of more than 130 posts or jobs since September 2012. This
reference system constitutes a management tool which will
enable career development and mobility.
Greater involvement of staff
The single reference system for job descriptions which is cur-
rently being finalised forms part of a global approach to ensure
a greater involvement of staff through the valorisation of their
skills. Thus, in the Oilseeds Division, the relaunch of work
experience contracts – rising from seven in 2011 to 37 in 2012
– enables a better valorisation of skills and of tutor operatives.
A word from …
Seguer Djeffal, Production
Foreman, Saipol Grand-
Couronne
“I act as a tutor in the context of
an apprenticeship contract to prepare
trainees for qualifications as operatives in refining
and petrochemicals. I enjoy being able to transmit
the knowledge that I have acquired in this field and
to play an active role in training for a qualification
that is recognised as a level IV diploma, or in other
words at the same level as the baccalauréat.”
SOFIPROTéOL
Key figures
> 8 372 employees at the end of 2012

> 1882 new employees in 2012

> Present in 22 countries and on 4 continents

> 5589 employees in France.

Another factor for involvement is the circulation of econo-

Safety at the heart of the CAP 2018
mic data that helps employees to understand the company’s
activities; this has been a subject of particular focus at Saipol. Strategic Plan
Finally, in Bacalan (Bordeaux), staff in the Lesieur packaging
In 2012, Sofiprotéol decided that health and safety at work would
facility were asked for their suggestions regarding the design
of their new premises in the industrial port zone near Bassens. be a major priority, and the leading dimension of its operational
excellence which lies at the heart of the CAP 2018 strategic
Training and information sharing:
plan. The Group set up a weekly monitoring instrument to serve
accelerants for personal contacts
The internal training institute for the Animal Products Division, a clearly defined ambition: to achieve a zero accident rate and
Atoo, has particular responsibility for the Glon Sanders sales improve well-being at work. As a first stage, the Executive
training school which offers some fifteen senior technicians an
Committee adopted a Safety Charter comprising ten undertakings,
opportunity to spend a degree year under a vocational training
scheme with the School of Agriculture in Angers. Every year, which was signed by all Group entities. For each, it fixed the
it organises a training forum, an event which attracted some goal of a consistent 20% reduction in the number of accidents,
one hundred staff members in March 2012. As Atoo has the
supported by the essential need for all 8372 employees to adopt
status of a charitable organisation, it can also serve Sofiprotéol
in other ways, such as designing a training course in local mana- exemplary behaviour in this respect. Improvements to each work
gement for the Oilseeds Division. And with effect from 2013, station and the organisation of regular safety visits will
Atoo will also be responsible for organising integration semi-
be important steps towards achieving this ambition. In the food
nars for managers joining the Sofiprotéol Group: during the past
three years, these events have enabled more than 250 mana- production sectors of Glon Sanders, each operative will thus
gers from the two Divisions to receive training together for a be seen every six months by a manager, in order to ensure
total of eight sessions. The most recent seminar was hosted in
that safe behaviour remains their prime concern. In addition,
2012 by the Lesieur Cristal offices in Casablanca.
Sofiprotéol has been chosen by AFNOR (the French
Mention should also be made of other federative events in Standardisation Institute) to be a pilot enterprise to reflect the
2012, such as the “Glon Sanders University” which involved
development of standards for health and safety at work, which
200 participants in June in Sables-d’Olonne, or the Oilseeds
Division meeting in November, in the presence of Xavier aims to integrate health as an important feature of management
Beulin, Chairman of the Group, when 250 managers from practices by taking account of the societal and social context.
all parts of the Division met to discuss the theme “Growing
together”.

annual report 2012 47

 communication

Strong communication
to reinforce Sofiprotéol’s reputation
and promote its image
In 2012, Sofiprotéol pursued its programme of communication actions, initiated according to the plans
defined in 2011. Implementation of this programme is designed to enhance the Group’s reputation,
favour the emergence of a global vision of the sector and respond to the debate provoked by Diester.
The organisation of professional events, press relations and digital communication will also foster
discussions on the challenges of a sustainable society.

Feeding the debate on Diester prize of the Performance Challenges (Défis de la Performance)
In June 2012, Sofiprotéol published the results of the fourth awards during the management meeting of the Glon Group.
French public opinion survey on the image on biofuels and
Diester, carried out by IFOP. Diester still benefits from a posi- Sofiprotéol as a coordinator of the poultry sector
tive image. 76% of the French confirmed their support for the The offer made by Sofiprotéol to take over the Doux group
production of biofuels, and 60% were convinced that French aroused considerable media interest: Sofiprotéol was seen
agriculture could respond to both the food and energy needs as the coordinator of actors in the sector, from upstream to
of the population. This support from the French people had downstream: from hatcheries and feed to slaughter, production,
even become stronger than that seen in the previous survey processed products and major exports, in the context of res-
in 2009, thus reassuring Sofiprotéol as to the rightness of its tructuring the French poultry sector. This offer contributed to
policies. promoting Sofiprotéol’s image, illustrating its desire to ensure a
strong sector in the face of international competition. The daily
Lorries displaying the colours press made much of the proposals put forward by Sofiprotéol,
of eggs and rapeseed... whose website saw a peak of hits during this period.
By committing itself to 30%
Diester, the 3 Vallées com- The Sofiprotéol website:
pany (the egg products a frequently consulted information tool
subsidiary of Ovoteam, Although summer is traditionally a quiet time of year, the Doux
part of the Animal Products takeover bid triggered an upturn in hits on the website, with
Division) affirmed the two peaks of more than 11,000 pages consulted during the
strong links which exist week when the first coordinated offer was made and when
between the animal and plant it was examined by the Commercial Court in Quimper. Over
sectors in an innovative man- the year, with 75,757 hits, the Sofiprotéol website saw a 39%
ner! Trailers in its fleet of ten increase over 2011, which resulted in the posting of 340,417
HGVs have now been decorated with pages, versus 268,118 in 2011.
eggs and rapeseed, transmitting the positive impact of biodie-
sel on the millions of kilometres travelled throughout France. Presence of the sector at the Salon d’Agriculture
To illustrate its farming roots, Sofiprotéol was represented at
This colourful initiative, supported by the association of the 2012 Salon d’Agriculture on two stands: the Prolea stand
Diester Partners, was welcomed and rewarded by the first highlighted the quality of oilseed and protein crops, their food

48 SOFIPROTéOL
 CAP 2018
The result of in-depth
discussions which involved
the whole Group and its
subsidiaries, this strategic plan was
the subject of a communication
campaign in early 2013 which On 20 June, Stéphane Le Foll, the French Minister for Agriculture and Food, and Deputy from the Sarthe
region, met with farmers, technicians and actors in development and research. He was accompanied by
targeted both employees and the Xavier Beulin, the Chairman of Sofiprotéol; Antoine Henrion, Chairman of UNIP; Jacques Siret, Chairman
of ONIDOL; Gérard Tubéry, Chairman of the FOP and Bernard de Verneuil, Chairman of the CETIOM.
press.

uses (particularly Fleur de Colza

rapeseed oil) and energy
potential, their essential A word from.... 
role in environmentally-
friendly agriculture and Arnaud Rousseau,
the knowledge of the Vice-Chairman of the FOP
farmers who initially
developed the oilseeds
and responsible for union
and proteins sector; and and field relations
the Diester stand, which
The mission and involvement of Arnaud
took as its theme “Did
Rousseau in the oilseeds and proteins sector contribute to
you know you have flowers
in your tank?”, a colourful and creating links between agriculture and industry. A real interface
informative display which helped between these two worlds, he participated during the year
visitors to understand the benefits of this renewable energy
in various events organised by the two Divisions in order to
obtained from French crops.
federate links in the chain from producers to finished products.
Sofiprotéol present via its subsidiaries at Oléopro 2012 These events provided an opportunity for dialogue between the
On 20 June 2012, some fifty partners and sixty exhibitors different actors, in order to facilitate the flow of information
participated in this technical event organised by the sector.
and thus better understand the specificity and strengths of
Sofiprotéol was represented in a common area by its different
Sofiprotéol.
subsidiaries: Diester Industrie, Lesieur, Saipol, Novance/Oleon
and Glon Sanders. Spread over a 30-hectare site in Sourches “My role is to explain to farmers that through Sofiprotéol,
(Sarthe), this event notably attracted delegations from Africa they, industry and consumers are all inter-connected. This is a
and Latin America. Its theme was innovation as a means of
specific to the strength of this sector, as testified by the regular
reconciling economic performance and food, environmental
presence of FOP directors on the Prolea stand at the Salon de
and energy challenges. Emphasis was also placed on the link
between animal and plant production, so as to better contribute l’Agriculture or Oléopro.”
to the self-sufficiency in protein sources of French livestock
farming.

annual report 2012 49

 €245
million
the EBITDA achieved
in 2012 by Sofiprotéol’s
industrial subsidiaries.

50
 FINANCIAL RESULTS

Significant profits despite

a slight decrease
In a difficult economic environment, Sofiprotéol and its subsidiaries achieved lower but still significant
profits. The aggregate net income of the Sofiprotéol Group thus reached €28 million in 2012, versus €34
million in 2011. The EBITDA of its industrial subsidiaries was €245 million, versus €249 million in 2011.

Sofiprotéol as a financial institution Change in aggregate net income (in millions of Euros)
In its capacity as a financial institution, Sofiprotéol draws
up its accounts according to the rules that apply to banking 40
activities. These rules allow the recording in its unconsoli- 35 34
dated accounts of its own account financial activities. These 30 28
accounts also include all the assets and liabilities of the dif- 25
ferent funds managed by Sofiprotéol. In its consolidated 20
accounts, these rules lead to the integration of all companies 15
controlled by the Group according to the equity method, and 10
not global integration as in industrial groups. 5
0
Thus the sales achieved by industrial subsidiaries, which 2011 2012
reached €7.3 billion in 2012, were not recorded in the
Group accounts. In order to better reflect the overall eco-
nomic activity of the Group, aggregate accounts are drawn A financial institution
up to reflect 100% of the interests generated by managed
Change in balance sheet assets (in millions of Euros)
funds. Although they adopt the same banking format as
1800 80
the unconsolidated and consolidated accounts, 1700the aggre-
gate accounts provide a measure of the true contribution of 1600 70
1500
Group industrial activities to both aggregate net income and 1400 60
1300
net worth. 1200 50
1100
1000 40
900
Statutory accounts 800
700 30
Sofiprotéol’s net income rose significantly over that of
600
2011, presenting a net profit of €5.2 million,500 taking total 20
400
300 risks and
equity (not including the fund for general banking
200 10
mutual guarantee funds) up to €68.9 million. 100 Indeed, the
0 0
financial institution was able to benefit from the upturn in 2006 2007 2008 2009 2010 2011 2012 2006 2
the markets and the accommodating policies adopted by
n Loans n Cash investments
the European Central Bank throughout the year. As at 31 n Shareholdings n Other
December 2012, the amount of unrealised capital gains had
thus also risen by €6.6 million, to reach €7.9 million. Change in total equity (in millions of Euros)
1800 80
1700 Aggregate accounts
70 68.9
1500 The Sofiprotéol1600
Group share of aggregate net income was 64.8
1400 on the results in 2011 by €6 million,
€27.8 million, down 60
1300
1200 earnings of the financial institution,
despite the excellent 50
1100
principally affected
1000by a reduction in those of the industrial 40
900
subsidiaries, which
800nevertheless remained significant. This
700 30
took aggregate total
600 equity at the end of 2012 to €1.07
500 20
billion. 400
300
200 10
100
0 0
2006 2007 2008 2009 2010 2011 2012 2006 2007 2008 2009 2010 2011 2012

annual report 2012 51

FINANCIAL RESULTS

Financial activities in the market A fall in turnover for industrial

A market rebound despite subsidiaries because of problems
a deteriorating global affecting biodiesel
economic context

> Management of investment fund liquidities
Fund management benefited from the depressed market
conditions which prevailed at the start of the year in terms
of both rates and credit spreads.
The turnover achieved by Sofiprotéol’s industrial subsidiaries
rose by 12% in 2012 to reach €7.3 billion, thanks in particular
to the acquisition of Lesieur Cristal and the rise in raw mate-
rial prices. The EBITDA reached €245 million, down 2% by
comparison with 2011.

A minimal proportion of cash was maintained and alloca-

tions were directed preferentially towards interest-bearing
instruments. Other investments also benefited from the
fall in rates, the clear upturn in the bond markets and the
marked rise in share values seen over the second half of
the year.
Thus, as a result of this prudent approach, a net income
of €5.6 million was achieved from all funds. Some of the
capital gains were retained, so that by 31 December 2012
the managed funds contained €7.5 million of unrealised
capital gains.
> Own account financial activities
The different subsidiaries making up the Oilseeds Division
achieved a global turnover (less sales within the Group) of
€5.5 billion, versus €4.8 billion the previous year. Despite the
integration over 11 months of Lesieur Cristal, the EBITDA of
the Oilseeds Division fell by 14% to €172 million, versus €200
million in 2011.
Saipol, the subsidiary specialised in grain crushing, increased
its sales by 15% thanks to the rise in raw material prices,
while at the same time improving its margins. Lesieur achie-
ved sales of €732 million, and was able to profit from the
success of its products of French origin, whose market share
progressed. The Moroccan subsidiary Lesieur Cristal, acquired

All strategies contributed in a very positive manner to gene-

rating a much higher global net income.

Equity was maintained on a stock market allocation despite

the economic slowdown. Interest-bearing instruments
showed significant profitability thanks to normalisation of
the credit markets.

Private bond arbitrage operations were also a source of EVOLUTION OF TURNOVER

very satisfactory profits. FOR SOFIPROTEOL*
(in billions of Euros)
Group cash balances were managed prudently and also
benefited from lower yields and tighter spreads on widely- 8
traded bonds. 7.3
7
6.5
6
The net income from market activities reached €12 million
5
and the unrealised capital gain rose to €8 million.
4

0
2011 2012

Oilseeds Division
Animal Products Division

* Turnover of industrial subsidiaries

(not including sales within the Group)

52 SOFIPROTéOL
 at the start of 2012, made a positive contribution to earnings
as anticipated, with sales worth €370 million. On the other
hand, Oleon and Novance, specialised in fat and oil processing,
and above all Diester Industrie in biodiesel, suffered conside-
rably because of increased competition from palm oil-based
products. Although global biodiesel production volumes were
sustained, thanks to an increase in volumes in France enabling
stable sales by DI and DII of €2.7 billion, turnover suffered due
to unfair competition from imports of palm oil and soybean
oil-based esters. In 2012, biodiesel only accounted for 8% of
Sofiprotéol’s earnings, while they had contributed more than
a quarter of the overall EBITDA in 2011. As for Oleon and
Novance, which were both able to preserve their margins in
speciality products, they suffered in the commodities market.
In this unfavourable context, the Oilseeds Division never-
theless pursued its industrial investments which were worth
€80 million in 2012, a level comparable to the previous year.
The different subsidiaries of Glon Sanders (which make up the
Animal Products Division) increased their overall turnover by
6% to €1.8 billion in 2012, versus €1.7 billion in 2011, with
high quality results thanks to positive contributions from all
subsidiaries. The EBITDA reached €73 million, versus €49 mil-
lion in 2011.
The improved profits seen in this Division were due particu-
larly to the contribution made by Sanders. Although the 8%
rise in Sanders’ turnover to €1.04 billion owed much to the
rise in raw material prices, this improvement also resulted
from its good management of this volatility. Sogeval, the ani-
mal health subsidiary, also increased its profits and achieved
a satisfactory year.
The positive results achieved by the Animal Products Division
could also be explained by the good performance of the pro-
cessed products and eggs branches. The packaging and pro-
cessing of eggs achieved a two-digit rise in turnover to nearly
€200 million, while the EBITDA was similar to previous years,
following an atypical year in 2011 because of the works requi-
red to ensure the compliance of facilities. The pork branch
also improved its results, thanks to a targeted commercial
strategy and major investments. As for the poultry branch,
it included the sites taken over from Doux in its results for
the fourth quarter, whose losses damaged the profit profile
of the branch.
In 2012, subsidiaries in the Animal Products Division maintai-
ned their level of industrial investment at €37 million, versus
€44 million the previous year.

EVOLUTION OF EBITDA BREAKDOWN OF EBITDA BY ACTIVITY BREAKDOWN

(in millions of Euros) (in 2012) OF INDUSTRIAL INVESTMENTS
(in 2012)

300 11%
26%
249 4%
245
32% 21%

200 13%

68% 79%

100
14% 24%
Oilseeds Division France
8% Animal Products Division Other countries
0
2011 2012 €245 million
Oilseeds Division
Animal Products Division n Crushing, refining n Edible oils and convenience
n Biodiesel goods
n Animal nutrition n Fat and oil processing
n Processing of animal n Animal health
products and nutritional products

annual report 2012 53

54 SOFIPROTéOL
 The oilseed market
and agricultural
production in the sector

The oilseed market

The poor soybean harvest in Argentina in 2012 (40 million tonnes)
and fears during the summer regarding production in the USA trig-
gered market pressures that affected the prices of maize, wheat
and soybean, and hence all oilseed crops. Although soybean produc-
tion finally reached 82 million tonnes (versus the 70 million tonnes
expected), the drought in the USA – which mainly affected maize
– caused movements in all markets.

In EU-27 countries – the leading producers of rapeseed ahead of

Ukraine and Russia – the 2012 harvest was satisfactory: 19.5 million
tonnes versus 19 million in 2011. But prices remained high, close
to the historic peak of €500/tonne, despite a downturn at the end
of 2012. By the end of the year, a 7% increase in the land sown to
rapeseed for the 2013 harvest, and improvements in the prospects
for soybean in the USA, led to lower market prices.

annual report 2012 55

 The oilseed market and agricultural production in the sector

Soybean meal prices drove up those of rapeseed meal. This
situation should be resolved in 2013, with forecasts of record
soybean harvests in Argentina and Brazil. On the other hand,
the price of vegetable oil fell in 2012 because of the influx of
palm oil, 53 million tonnes of which were produced throughout
the world.
Intended principally for food uses, sunflower crops had a dis-
parate year. After an exceptional harvest in 2011, European
production fell in 2012. The very good harvests of October
2011 in Russia and Ukraine caused prices to fall during the
first half of 2012. But the weakness of the European harvest
in the second semester, and the fall in Ukrainian and Russian
yields, caused further tensions in the market, and the price of
sunflower oil returned to its peak level (up to €1043 per tonne
as a monthly average in August 2012), which was higher than
that of rapeseed oil.

550 1100

463 950

Huile en €/tm
A word from....  A word from....
375 Gérard Tubéry, 800 Sébastien Windsor,
a farmer in south- an oilseed producer and
western France and livestock farmer in Vieux-
288 Chairman of the FOP 650 Manoir (Seine-Maritime).
“French oilseed production resisted well in 2012, “Despite a very cold winter and very damp spring, our rapeseed
200 thanks to an increase in the land sown to rapeseed 500
crops surprised us in terms of their capacities for resistance
and despite the unpredictable climate experienced. and adaptation. High grain prices caused a rise in feed prices
déc. 2008 2009 2010 2011 2012 jan. 2013
With 7.2 million tonnes, French production for our livestock. As I am both an arable farmer and pig breeder,
represented more than a quarter of the European I benefit from synergies between my crops – rapeseed, field bean
Union harvest and thus confirmed its dynamism.” and wheat – and my livestock unit. But the problem of passing
on these prices to those of meat constitutes a threat
to the long-term future of livestock activities.”

RAPESEED OIL, GRAIN RAPESEED AND SUNFLOWER

AND MEAL PRICES OIL PRICES
(monthly averages 2010-2012 in Euros/tonne) (monthly averages 2010-2012 in Euros/tonne)

1200 1400

1000 Rapeseed oil

1150
800 Sunflower oil - FOB 6 du Nord

600 900
Rapeseed grain
Sunflower oil – FOB Dutch Mill
400
Rapeseed meal
650
200

0 400
2010 2011 2012 2013 2010 2011 2012 2013

56 SOFIPROTéOL
 € 508
The price of a tonne of rapeseed
(monthly average) in July 2012, the
peak of the year. A level comparable
to that seen in January 2011.

57
The oilseed market and agricultural production in the sector

Production by the sector

Oilseed production in France was stable when compared with 2011, at 7.2 million tonnes
grown on 2.3 million hectares. But levels fell in Europe as a whole. The yields of protein
crops rose from the very low levels seen in 2011, but production was down in France, as it
was throughout Europe.

Oilseeds: European production down 7%

Rapeseed: a slight rise in France, but a fall throughout Europe
Despite the frost damage seen in 2012, production in France grew slightly to 5428
million tonnes. Indeed, the area sown to this crop increased by 50,000 hectares
to 1603 million hectares, and the mean yield was relatively stable at nearly 34
q/ha. This situation was comparable to that seen throughout the European
Union because of the winter frosts in 2012, which caused a loss of area and
damaged yields.

Sunflower: a reduction in both areas and production

In France, the land sown to sunflower fell by 8% to 682,000
hectares. After a very good year in 2011, yields and total
production returned to more normal levels: 24.8 q/ha on average
for a production which reached 1691 million tonnes, or 10% down
from 2011. In the European Union, total area diminished slightly, and
production fell by 23% from the record level achieved in 2011.

As for soybean, the areas sown to this crop shrank further in France to 37,000 hectares
and production fell to 109,000 tonnes, versus 124,000 tonnes in 2011.

Land sown to oilseeds Oilseed production Yields*

(thousands of hectares) (thousands of tonnes) (q/ha)

2011 2012 2011 2012

France 2 339 2 322 7 358 7 228

Rapeseed 1 555 1 603 5 349 5 428 33.9 ▼

Sunflower 742 682 1 885 1 691 24.8 ▼

Soybean 42 37 124 109 29.5 n

Europe 11 384 10 703 29 030 26 947

Rapeseed 6 693 6 194 19 139 19 484 31.5 ▲

Sunflower 4 301 4 158 8 781 6 701 16.1 ▼

Soybean 390 351 1 110 762 21.7 ▼

* Yield in 2012 (q/ha) and difference versus 2011:

▲ Up ▼ Down n Identical

58 SOFIPROTéOL
 French share in 2012
of total EU-27 production

27% 39%

Oilseeds Protein crops

Protein crops: a fall in production and a loss of competitiveness

EIn France, yields returned to satisfactory levels for field bean (51.2 q/ha), but remained
average for pea (44.5 q/ha). Total production reached around 900,500 tonnes, including
589,000 tonnes of pea and 306,000 tonnes of field bean, in both cases about 10%
down from the levels in 2011.

By comparison with wheat on Euronext, the prices of protein crops to export

were driven up, with bonuses relative to wheat of €45 per tonne for yellow
pea and €100 per tonne for field bean. Because this rise was passed
on to prices in France, the lack of availability of both pea and field bean
mainly affected animal feeds, where protein grains lost some of their
competitiveness.

In Europe, areas fell by 20% and production by 15%. Only the yields of pea and field
bean remained average.

As from the 2012 harvest, EU protein crop payments were integrated within the Single
Payment Scheme (SPS). In France, national support worth €39 million was maintained
for protein crops. This budget was shared out between all land areas sown to these crops,
which resulted in a payment of €200 per hectare sown.

Land sown to protein crops Protein crop production Yields*

(thousands of hectares) (thousands of tonnes) (q/ha)

2011 2012 2011 2012

France 275.5 194.4 1 018.9 900.5

Pea 182.1 132.4 676 589 44.5 ▲

Field bean 90.2 59.7 336 306 51.2 ▲

Lupin 3.2 2.3 6.9 5.5 24 ▲

Europe 1 084 878 2 711 2 318

Pea 652 508 1 554 1 215 23.9 ▲

Field bean 371 312 1 081 1 032 33.1 ▲

Lupin 61 58 76 71 12.2 ▼

* Yield in 2012 (q/ha) and difference versus 2011:

▲ Up ▼ Down n Identical

annual report 2012 59

 SOFIPROTÉOL IMPORTANT EVENTS
SINCE ITS CREATION IN 2012

> Jean-Philippe Puig, Chief Executive

2011 Launch of an institutional communication campaign by Sofiprotéol. Officer of Sofiprotéol, appointed
Chairman of Sofial, with effect from 1st
DECEMBER January 2013. In this capacity, he also
December: purchase of Sopral by the Glon Sanders Group becomes Chairman of Glon-Sanders
2010 September: purchase of Expur in Romania Holding (GSH).
May: purchase of France Ponte by the Glon Sanders Group
> Sofiprotéol employees participate in
the two-day collection campaign by the
Acquisition of Oleon by Diester Industrie
NOVEMBER Food Banks, with which the Group has
developed a partnership.
2009 Purchase by Soprol of a 34.3% stake in Saipol,
> Sofiprotéol reacts vigorously to the
previously held by Bunge
European Commission’s plans to
OCTOBER restrict the the incorporation rate of 1st
generation biofuels to 5%.

Acquisition of Générale Condimentaire by Lesieur > Sofiprotéol takes a stake in Pollen,

Générale Condimentaire the leading European producer of high
2008 Groupe Crédit Agricole takes a stake in Sofial erucic acid rapeseed (HEAR) oil.
SEPTEMBER > On 10 September, Glon Sanders
Creation with the CNIEL of FEDIL, the dairy fund announces it is taking over four sites
from Doux Frais.

> The takeover bid for Doux, coordinated

by Sofiprotéol, is turned down on 1st
The Caisse des Dépôts and Crédit Agricole take stakes in Soprol AUGUST August by the Commercial Court in
Quimper.
2007 Sofial takes over the Glon-Sanders Group
> On 24 July, Sofiprotéol submits to the
Official Receiver for the Doux Group
Creation of Agro Invest
a new “coordinated” offer for the
takeover of its assets.
> On 5 July, Sofiprotéol submits to the
JULY
2005 Creation of Diester Industrie International (DII) Official Receiver for the Doux Group
a “coordinated” offer for the takeover
of its assets, involving several actors
in the sector: Glon Sanders, Duc, LDC,
Lesieur acquires the Puget brand Terrena , Tilly-Sabco and Triskalia.
2004 > The biomass-fuelled heat and power
A 97% rise in the capital value of Novance
plant constructed by Cofely Services
(a member of the GDF-SUEZ Group) for
the Saipol facility in Grand-Couronne is
2003 Saipol acquires a 100% holding in Lesieur JUNE inaugurated on 27 June.
> Stéphane Le Foll, French Minister for
Agriculture and Food, and Deputy for

1996 Creation of Novance

the Sarthe region, meets farmers at
Oléopro 2012 on 20 June.

> Sofiprotéol participates in the purchase

1992 Creation of Diester Industrie MAY of Dielna alongside Glon Sanders.

> On 24 April, the Sofiprotéol Board

1990 Creation of the Diester brand name
APRIL
appoints Jean-Philippe Puig as Chief
Executive Officer. Philippe Tillous-Borde
becomes adviser to the Chairman.

1984 Creation of the Soprol and Saipol holdings

> Sofiprotéol takes control of Lesieur
FEBRUARY Cristal, the leader in the edible oils
market in Morocco.
1983 Creation of Sofiprotéol
Sofiprotéol respects the UDA Charter
on responsible communication
Sofiprotéol adheres to the French Union of Advertisers’ Association (UDA) Charter on
responsible communication relative to internal and external corporate communication
activities.

To print this document, we have chosen to use recycled paper produced from FSC-certified
paper pulp (waste paper is sorted as a function of its certification).

Some information on FSC certification:

• Ecologically appropriate forest management implies that the exploitation of ligneous and
non-ligneous forest products respects biodiversity and the ecological balance.
• Socially beneficial forest management must allow local populations and society in general
to profit on a long-term basis from the economic consequences of the exploitation of forest
resources, and thus encourage a focus on maintaining forest resources while respecting
long-term management plans.
• Economically viable forest management implies that the management method used is
profitable for the operator but does not harm the integrity of forest resources, biodiversity
or local populations.

Frazier, which has printed this document, is certified Imprim’vert and complies with 14001
standards.
 Design-production: La maison d’été

Photo credits: Patrick Bodin – Guillaume  Chéron, AgroEvolution – Bruno

Clergue, Sofiprotéol – Emmanuel Derycke, Saipol, Grand-Couronne – Florent
Foursac, Atelier photo Vitré – Glon, service communication – Cedric Helsly,
Prolea – Horizons – Julien-René Jacques, Prolea – Fabien Kay, Prolea –
Sandrine Lacourt, Novance – Christophe Lepetit, Prolea – Lesieur Cristal
– Charles Mangin – Julien  Massonnat, Prolea – Philippe Montigny, Prolea –
Oleon – Olivier Placet, Prolea – Eric Reithler, Lesieur – France Thevenieau
– Francis Valter, Prolea – Olivier Varois, Afidol – Emeline Viénot.
Nicolas Gauthier, Saipol Sète, 1st prize in the Sofiprotéol Photo
Competition 2012; Jean-François Cleon, Saipol Grand-Couronne, 2nd
prize; Claude Guillesser, Rohan Viandes élaboration, 3rd prize ; Nicolas
Brugvin, Sofisud  ; Astrid de Maertelaere, Oleon  ; Yannick Thoraval,
Sanders ; Richard Vincent, Saipol Sète, other winners.
Sofiprotéol,
11, rue de Monceau
75378 Paris Cedex O8

Tél. + 33 (0)1 40 69 48 00
Fax + 33 (0)1 47 23 02 88

SA au capital de 6 731 200 euros

RCS Paris siren : 328 232 764
Code APE : 6492 Z

www.sofiproteol.com