annual report 2014-2015 serhs eng

informe anual - annual report

2014 | 2015

www.serhs.com

Institutional area

- LetterfromtheChairman.............................................................................................. 6

- SERHS,theleadingtouristgroupinCatalonia..........................................8

> Qualitystampsbydivisions................................................................................. 11

> Brandsbydivisions.....................................................................................................12

- Ontheinside............................................................................................................................ 14

- CorporateSocialResponsibility............................................................................ 16

- Policyofconciliationbetweenworkingandfamilylife.......... 16

- Familiesprogramme..................................................................................................17

- DocumentaryManagementPlan................................................................. 18

- EqualityplansandSocialArea....................................................................... 19

- SERHSleadsthroughtalent............................................................................ 19

- HumanResources................................................................................................................20

- StaffAdministration................................................................................................20

- SafetyandHygiene:losses.................................................................................21

- Training.................................................................................................................................22

- TalentProject................................................................................................................ 23

- SERHSRealEstate..............................................................................................................25

- SERHSEquityandPortfolio......................................................................................25

- Relatedcompanies.............................................................................................................25

- Associatedcompanies....................................................................................................25

Business activities

- LetterfromtheCEO..........................................................................................................26

SERHS Divisions

- SERHSDistribution............................................................................................................30

- SERHSTourism......................................................................................................................34

- SERHSHotels...........................................................................................................................38

- SERHSFood...............................................................................................................................42

- SERHSProjects......................................................................................................................46

- SERHSServices.................................................................................................................... 50

Economic and Financial Information

- Presentation..............................................................................................................................55

- Consolidatedannualaccounts................................................................................56

- Auditors’report.....................................................................................................................57

- Balancesheet.........................................................................................................................59

- Profitandlossaccount.................................................................................................. 60

- Investmentactivity.............................................................................................................. 61

- Operatingincome................................................................................................................62

- Consolidatedinformation............................................................................................63

SummarY

tHiS Year We HaVe StarteD to CeleBrate our 40tH anni-

VerSarY andalthough40yearsaresaidveryquickly,whenyouwant

torememberandgoovereverythingthathashappenedinthistime,you

getcaughtupandfinditverydifficulttobelievethenumberofthingsthat

havehappenedandtheenormousandgrowthwehaveenjoyedasagroup.

Whenwestartedin1975,therewerenoteven20ofusbetweenpartners

andworkersandourinitialcapitalwassomewhatlessthan5,000euros.

Today,betweenpartnersandworkerswenowamounttomorethan4,000,

andtheinitialcapitalof5,000euroshasbecomeanentirelyoutlaidshare

capitalofmorethan100million.

Itistruethat40yearshavepassed,butitmustalsoberemembered

thatwehavehadgoodandpeacefulyears,butwehavealsobeenthrough

crises,someofwhichhavebeenveryhardsuchasthatfrom2008to2015,

whichhasmademanycompaniesofthetouristworldgobankrupt.Not

onlyhavewewithstoodthiscrisis,butwehavealwaysclosedtheyears

Dear shareholders,

SERHSannualreport2014-20156

Ramon Bagó AgullóSERHS Chairman

fourty years with devoted and enthusiastic people have enabled the success of this great adventure that we so excitedly started in 1975.

www.serhs.com

withprofitsandhaveneverstoppedsharingoutdividends

andreleasedsharesamongstourpartners.

Allofthisfillsuswithsatisfaction,andespeciallymyself,

asIhavehadthefortunetobeabletolivethroughthese40

yearswithresponsibilityalongwithcommittedandenthu-

siasticpeoplewhohaveenabledthesuccessof thisgreat

adventurethatwesoexcitedlystartedin1975.

The beginnings of the company were difficult, as we

werestartingoutonanewproject.Suggestingpurchasing

togetherharmedmanyinterestsoftheheadsofbudgeting

inestablishments,whichinfluencedthedecisionoftheper-

sonresponsibleforthebusiness.Inanycase,aswemana-

gedtoconvincetheeasiest,wewerefortunatethatothers

alsoclimbedonboard,considerablyincreasingthenumber

ofpartners.

Oneimportantmomentwaswhen,withaviewtotaking

advantageofthegroup’ssuccess,weturnedtheCo-operati-

veintoaJoinedStockCompanyinordertobeabletogrow

andleavenobodyontheway,forinSERHSwehavealways

consideredpeoplebeforemoney.

Fromhere,companieswerecreatedovertheyears,ot-

hers were brought in and the business divisions we know

todayweregraduallybuilt:SERHSDistribution,SERHSTou-

rism & Hotels, SERHS Food and the corporate support of

SERHSServiceswithHumanResources,Administrationand

Finance,NewTechnologies,SERHSProjectsandInsurance.

WithoutceasingtobeacompanywithaclearCatalancha-

racter,readytoworkeffectivelyandefficiently,todayweare

nowentirelyconsolidated.Wehavenearly1,500partners,

2,500workersandpowerfuldirectorsstronglycommitted

tothegrowthobjectives. Toallof thesefactors,wehave

toaddourdeterminedwager(nowformanyyears)onnew

technologies,whichleavesusattheforefrontofthemost

developedcompaniesonthemarket.

Itisforallofthisthatwearehighlyoptimisticaboutour

futureperspectives.Ifwenowlookbackandaresurprised

atwhatwehavedoneinfourdecades,wewillalsobesurpri-

sedhowfarwecandevelopinthecomingfiveyears.

Thankyou

Ramon Bagó Agulló

SERHSChairman

SERHSannualreport2014-2015 7

Today,betweenpartnersandworkerswenowamounttomorethan4,000,andtheinitialcapitalof5,000euroshasbecomeacompletelyoutlaidsharecapitalofmorethan100million.

Ifwenowlookbackandaresurprisedatwhatwehavedoneinfourdecades,wewillalsobesurprisedhowfarwecandevelopinthecomingfiveyears.

Notonlyhavewewithstoodthiscrisis,butwehavealwaysclosedtheyearswithprofitsandhaveneverstoppedsharingoutdividendsandreleasedsharesamongstourpartners.

www.serhs.com

SerHStHe leaDinG touriSt Group of Catalonia

ThehistoryofSERHSstarted40yearsago,whenagroupofindustrialistsledbyRamonBagó,JosepJanerandCristóbalVillegajoinedforcestoformapurchaseco-operativeandtherebytofaceatimeofcrisisinthetouristbusiness.Fromthismoment,thesuccessofthebusinessformulaallowedthe growth and diversification of the entity’s operations,focusedaboveallonhostelry,restaurantsandgroups.

Fromthentotoday,SERHShasbecometheleadingtouristgroup in Catalonia and has been positioned amongst theleaders in the Spanish state. Structured into different

business divisions (Distribution, Tourism & Hotels, Food,Projects&EquipmentandServices)SerhsisfirmlypresentaroundCataloniaandaroundthewholeofthepeninsularMediterranean Arc, Spain and Brazil. With a total of 51activecompanies,thegroupemploysanaverageof2,500people.

Withmorethan1,400shareholders(40%ofwhomarealsoworkers)andasharecapitalof 102millioneuros,SERHS’consolidated sales amounted to 472 million euros in thelastyear,2014/2015.

8

SERHSconsolidatedsalesreached472

millioneurosin2014/2015.

SiGnifiCant fiGureS

9www.serhs.com

102MEUROSIN

SHARECAPITAL

40,000CUSTOMERS

37DELEGATIONS

OFTHECORPORATION

2,500AVERAGEWORKERS

ONTHEPAYROLL

2,83MMILLIONEUROSIN

DIVIDENDSHARE-OUTIN2015

1,400SHAREHOLDERS

472MILLIONEUROS

INCONSOLIDATEDSALES

from Catalonia to tHe WorlD

www.serhs.com10

Ripoll

Port del Comte

Blanes

Fornells de la Selva

Malgrat de MarSanta Susanna

Pineda de MarCalella

Vilassar de MarBarcelona

Salou

Arnes

Benicarló

Madrid

Torremolinos

Tenerife

Palma de Mallorca

València

Benidorm

CartagenaLorca

TorderaPalafolls

VicSant Hilari Sacalm

Cardona

Arenys de MuntRipollet

Reus

Tarragona

from Catalonia to tHe WorlD

11www.serhs.com

SerHS, SYnonYm of QualitY

ISO 9000:2008 QUALITY MANAGEMENT SYSTEMS

ISO 22000:2005 FOOD SAFETY MANAGEMENT

ISO 14001:2004 ENVIRONMENTAL MANAGEMENT

São Paulo (Brazil)

Pipa (Brazil)

Natal (Brazil)

Canary Islands

CataloniaSpain

BranDS BY DiViSionS SERHSannualreport2014-201512

SerHS - otHer BranDS, proJeCtS, initiatiVeS anD proDuCtS

BranDS BY DiViSionSSERHSannualreport2014-2015 13

on tHe inSiDe SERHSannualreport2014-201514

tHe SHareHolDerS approVe tHe neW StrateGiC plan 2015-2018

SerHS SHareS out DiViDenDS for €2.83 million

tHe Group StartS tHe CeleBrationS of itS 40tH anniVerSarY

AttheGeneralShareholders’Meeting

ofJune,JordiBagó,thegroup’sCEO,

presentedtheStrategicPlanforthe

threeyearperiodfrom2015to2018to

theshareholders.

ThePlan,conceivedtofacethenew

challengesofthefuture,expectsto

increasesalesby20%.

Withacapitalincreaseapprovedbythe

MeetingofShareholdersinOctober

2015,the4,500euroswithwhichSERHS

wasincorporatedin1975havenow

reachedtoday’s102,367,351.20euros

TheBoardofAdministrationofthe

SERHSGroupagreedtoshareout

dividendsandsharesforavalueof

2,834,317.59euros

Forthesixthconsecutiveyear,itwas

chosentoapplythe“dividendchoice”

programme.

- 64.33%oftheshareholderscame

downontheoptionofpurchasing

shares

- theremaining35.67%choseto

receivetheamountofthedividendin

cash.

Thestartinggunwasfiredontheevents

ofthe40yearsofthecorporationwith

the39thSERHSEvening.

Asasymbolicaction,duringthe

39thSERHSEvening(July2015)a

commemorativelithographymadeby

theartistJosepNieblawasunveiled.

Tocelebratetheevent,thegrouphas

planneddifferentactionswhichwill

continueuntilJuly2016.

Oneofthebiggestandmostwidely

attendedeventsofthecelebrationwere

theconcertsputonattheCastellJalpí

inArenysdeMunt.Thecourtyardof

armsfilledonbothdayswithastrongly

familyandtotallycommittedaudience.

ThecourtyardofarmsoftheCastell

Jalpí(ArenysdeMunt)filledover

twodayswithastronglyfamilyand

totallycommittedaudience.

on tHe inSiDe SERHSannualreport2014-2015 15

tHe “SerHS CluB” iS ConSoliDateD aS a platform of DiSCountS anD BenefitS

SerHS innoVation 2015 aWarDS

ThisexclusiveClubforworkersand

shareholdersofthegrouphasnow

reached1,500users.

Withaneverstrongerwagerononline

operations,300discountscanbefound

onthemainbrandsofthemarket.

TheSERHSClubisoneofthecontents

offeredbythe“SERHSApp”whichwas

startedupinDecember2014andis

aimedatworkersandshareholdersof

thecorporationandincludesthemost

interestingcontentoftheSERHSPortal.

Sincetheprojectwasstartedin2013,a

totalof18ideasproposedbytheworkers

ofthegrouphavebeenimplemented.

Forthethirdconsecutiveyear,the

“SERHSInnovationPrizes”weregivento

themostparticipativeworkersandthose

withthebestideasoftheyear.

Thewinnerofthe“SERHS2015League

ofideas”wasXavierGómez(SERHS

Distribution),aftergiving5ideas,6

commentsandreceiving30votes.

Thewinnerofthe“SERHS2015Best

Idea”wasAlexLópez(SERHSServices)

withtheidea“BlaBlaCarSERHS”.The

finalistswereMartaCarrasco(SERHS

Food)withtheidea“Bestchild/monitor

relationshipinschooldininghalls”and

RafaMena(SERHSServices)withthe

idea“SupplyinguserswiththeON/OFF

oftheservers”.

In2016,differentworkstationswillbeset

uptodevelopandstudythefeasibilityof

implementingthesethreeproposals.

Sincethestartofthe“Path

ofIdeas”programme(SERHS

Innovation)in2013,10%of

theproposalsmadebythe

workersoftheGrouphavebeen

implemented.

Corporate SoCial reSponSiBilitY SERHSannualreport2014-201516

poliCY of reConCilinG WorKinG anD familY life

TheSERHSConciliationPlanoffers

workersanextrapackofhours

equivalentto5workingdays.

Withregardtomaternity/paternityleave,

SERHSworkerswhoaremothersand

fathersreceiveoneweekmorethan

whatisstipulatedbylaw.

Untilthechildis12monthsold,

SERHSallowstheworkertoreduce

theirworkingdaybyonehourwhile

maintainingtheirpay.

The1,029applicationsreceived

amountedtoatotalof3,453hours

conceded.

Doctor:40%

Schoolmeeting:7%

PublicAdministrationprocess:5%

Examination:0%

Others:2%

Child’sbirthday:4%

Extendingmaternity/paternityleave:14%

Compactingandreducingtheworkingweekby1hour:19%

Leavetocareforrelatives:6%

Fourweeksbeforethebirth,working75%:3%

TYPEOFREQUEST

Doctor

Schoolmeeting

PublicAdm.process

Examination

Others

Child’sbirthday

Extendingmaternity/paternityleave

Compactingandreducingtheworking

weekby1hourLeavetocarefor

relatives

Fourweeksbeforethebirth,working75%

238

1.368,5

0

480

108

672

90

130

203,5

HORESCONCEDIDES

163

Corporate SoCial reSponSiBilitYSERHSannualreport2014-2015 17

familieS proGramme

SERHSeachyeargivesout50,000

eurosamongstfamilieswithchildren

atschoolage.

The2015programmereceiveda

totalof422applications,64%of

whichwereawarded.

Welcome Baby:Awelcomegifttoallnewborns.

37received–

37awarded

Nurseries:Asubsidyforworkerswithchildrenunder3intheirchargeandenrolledinnurseries.

€12.250€350/help

55received–

35awarded

TOTAL422received–271awarded

School material:Helpwithschoolmaterialforworkerswithchildrenfrom3to17yearsofageatschool.

€21.800€100/help

329received–

218awarded

Higher Education:Grantingofscholarshipstoworkers’childrenstudyingauniversitydegreeorhighervocationaltrainingcycle.

€16.000€500 o 100/help

38received–

18awarded

The“FamilyParty”istheevent

withwhichmostvisibilityis

giventothe‘FamilyProgramme’.

Thisedition,(the11th)was

attendedbyaroundfivehundred

peoplewhowereabletoenjoya

dayintheparkfullofsurprises,

withamagician’sshowincluded.

Corporate SoCial reSponSiBilitY SERHSannualreport2014-201518

DoCumentarY manaGement plan

Inordertoachievea“Paper-free

Office”,SERHSwagersonDocumentary

Management.

Therearecurrentlythreeprojectsup

andrunningtoeliminatepaperfromour

processes.

1. INVOICE DIGITISATION

76%ofthebillsreceivednowcomeinbyelectronicmeans.

Weworkwithseveralplatformstohelpoursupplierstointegratewithoursystems.

EverythingthatSERHSreceivesonpaperismadedigital.Asingledigitalfileaccessibletoallusersreplacesthephysicalpaperfile.

MorethanhalfofthebillsissuedbySERHScompaniesarenowdoneinelectronicformat.

2. DIGITAL WORK FILE

Since2014,workhasbeendonetodigitaliseallpayrollfiles.Since2015,allnewentriesnowhavetheDigitalWorkFilefromthetimetheycomein.

Therearenow5482filesinthisformat.

SERHSDISTRIBUCIÓ 1.100

SERHSTOURISM 641

SERHSHOTELS 933

SERHSFOOD 2.678

SERHSSERVEISCENTRALS 130

TOTAL 5.482

3. ELECTRONIC SIGNATURE and BIOMETRIC SIGNATURE

BothcomplementtheDocumentaryManagementandsubstantiallyhelptomoreeffectivelyimplementtheDocumentaryManagementPlan.Thedocumentsarealreadyondigitalsupportfromorigin

PAPER

E-BILL

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

SERHS DISTRIBUCIÓ

SERHS TOURISM

SERHS HOTELS

SERHS FOOD

SERHS PROJECTS

SERHS SERVEIS

TOTAL SERHS

33% 19% 67% 48% 91% 72% 24%

67% 81% 33% 52% 9% 28% 76%

Documentissue

Viewingontablet

Theworkersignsbiometricallyon

thetablet

Themanagersigns

electronically

Directaccesstothedocument

fromtheworker’sportal

Corporate SoCial reSponSiBilitYSERHSannualreport2014-2015 19

eQualitY planS

SerHS leaDS tHrouGH talent

SoCial area

SERHShas5EqualityPlanspublishedin

theRegisterofTheQualityPlansofthe

GovernmentofCataloniainthefollowing

companies:

-SERHSFoodÀreaSL

-EuropeadeCuinatsSL

-SacalmserSL

-ServeisEducatiusiSocialsdelMaresme

-MediterraneumXXSL.

In2015,the7thand8theditionsofthe

“SERHSleadsthroughtalent”project

werecompleted.Inthese8editions(5

years)atotalof55managershavebeen

trained.The9thcallhasalreadystarted

andwillfinishduring2016.

FOOD BANK

EveryyearSERHSincreasesits

donationsofproducttotheFoodBank.

In2015,thefigureamountedtoalmost

30,000eurosofproduct,amountingto

anincreaseof49.36%and183.70%over

2014and2013.

VICENTE FERRER FOUNDATION

Continuingwiththelineofcollaboration

formorethanthelastdecade,SERHS

continueswiththeagreementwiththe

VicenteFerrerFoundation.

Theagreementisshowninthefieldwith

thebuildingofreservoirsforcollecting

rainwater.

20142013

€10.473,08

€19.893,02

€29.712,44

2015

DONATIONS TO THE FOOD BANK

0

4

8

12

16

20

2011 2012 2013 2014 2015

7

5

6 5

6 6

6 6

8

Human reSourCeS SERHSannualreport2014-201520

Staff aDminiStration

Specialisedinadviceanddealingwithoccupationalprocesses,serviceisgiventoall

SERHScompanies,butalsotoexternalcustomers.

Alloftheinformationischannelledthroughthe“SERHSServicePortal”,andonline,

personalised,interactive,confidential,securetoolavailable24/7.

FLEXIBLE COMPENSATION PLAN

ThepurposeoftheFlexibleCompensationPlanliesinthefactthatallSERHSworkers

canchoosehowtheywanttoreceivetheirgrossannualpay(withalimitof30%of

thetotal).

Eachworkercandesignthecompositionoftheirpaypackageanddevotepartofthe

salarytocontractingcertainproductswithsignificanttaxandeconomicbenefits,and

soincreasetheirnetavailability.

InvestmentinFlexibleCompensationPlanProducts= €369.382,57

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

SHARES

11%

75%

1% 3%9%

HEALTH INSURANCE

TRAINING RESTAURANTCARD

NURSERY

Human reSourCeSSERHSannualreport2014-2015 21

HealtH anD SafetY

ACCIDENTS

AllaccidentsoccurringinSERHScompaniesin2015werelight.

29.01%oftheselightaccidentsoccurredoutsidetheworkers’workplace.

Ofallofthelightaccidents,13.74%occurredonroute.

ABANTESER ASSOCIATED PREVENTION SERVICE OF THE HOSTELRY SECTOR

TheAbanteserAssociatedPreventionServicespecialisedforthehostelrysector

wascreatedin2013with4participatingcompanies.Itnowhasatotalof25adhered

companiesandanannualaverageof630workers.

RETURN OF SERHS 2015 LOW ACCIDENT BONUS

In2015,fifteenSERHScompanieswererewardedfortheirgoodmanagementin

healthandsafety.

LOCATION OF THE ACCIDENTS

ACCIDENT EN ROUTE

ACCIDENTS IN THE WORK CENTRE

ACCIDENT OUTSIDE THE WORKPLACE

€17.775,7

€2.927,7

€9.386,6

€30.716,7

€626,6

35.000€

30.000€

25.000€

20.000€

15.000€

10.000€

5.000€

0€

SERHS DISTRIBUCIÓ

SERHS SERVEIS

SERHS TOURISM

SERHS HOTELS

TOTAL SERHS

30%

0%

10%

20%

40%

50%

60%

70%

80%

90%

100%

29,01%

57,25%

13,74%

0%SERIOUSACCIDENTS

100%LIGHTACCIDENTS

Human reSourCeS SERHSannualreport2014-201522

traininG SERHSmakesafirmwagerontheskillsofitsemployees.Investmentintrainingis

keyfortheworkerstobepreparedinachangingmarketwithfarmorecompetition

asaresultofgrowinglevelsofglobalisation,technologicaldevelopmentsand

commercialfreedom.

GROUP COMPANIES:

INVESTMENTINTRAINING2015:€282,000

TotalhoursoftrainingdonebySERHSworkers:35,220 hours

Numberoftraininggroups:369 courses

Numberoftrainingparticipants:3960 pupils

%successfulcompletionoftraining:85%

Averageyearlyhoursoftrainingperpupil:13.41 hours

%pupilstrainedbymeansofoure-learningplatform:58%

Pupilstrainedbysubject:

Asspecialistsinserviceforthehostelryandrestaurantsector,theSERHSHuman

Resourcedepartmentcollaboratedingivingandmanagingthetrainingofseveralof

itscustomers:

Totalhoursoftrainingmanaged:2575 hours

Numberoftraininggroups:28 courses

Numberoftrainingparticipants:183 pupils

€100.000

€80.000

€60.000

€40.000

€20.000

€0

SERHS DISTRIBUCIÓ

SERHS TOURISM

SERHS HOTELS

SERHS FOOD

SERHS SERVEIS

€92.690

€29.336

1%

1%

€61.948

€83.808

€14.959

ADMINISTRATIONANDFINANCE

COMMERCIALANDMARKETING

SPECIFICDIVISIONTRAINING

SKILLSANDHUMANRESOURCES

WELCOMEMANUAL

OFFICETECHNOLOGYANDNEWTECHNOLOGIES

TRAININGINATTENDANCE

HEALTHANDSAFETY,QUALITY,ENVIRONMENTANDCORPORATESOCIAL

RESPONSIBILITY

TALENTPROJECT

4%

7%

8%

6%

29%

34%

9%

Human reSourCeSSERHSannualreport2014-2015 23

talent proJeCt SERHShasstartedthefirstphaseoftheHumanResourceStrategicProjectforthe

transformationofthecultureoftheorganisation,whichconsisted:

Ontheonehand,ofimplementingHumanResourceManagementProcesses,

withevencriteriaforthewholeofthecompanywithoutforgettingtheparticular

featuresofeachofthebusinesses,whichassuretheskillsthatSERHSrequires.

Someofthegoalsareachievedare:

Assessmentofmorethan240workposts.

Identificationandanalysisofthetransversalmapsofknowledgeandbusinessin

SERHS,whichwererespectivelyatotalof124transversaland868business.

Analysisanddefinitionofacatalogueof20coreskillsandatotalof85

identifiablebehaviours.

Assessmentofknowledgeandskillsrequiredfortheworkpostofmorethan450

SERHSprofessionals.

Ontheother,thisprojectalsoconsistedofcommunicatingandtrainingmanagers

andBusinessDirectorssothatitmightbethattheywholeadthistransformation

processbyimplementingtheKeyProcessesinHumanResources.

*For2016,itisplannedtostarttheDevelopmentManagementProgrammeforthewholeofthisgroup.

SerHS real eState

This area seeks maximum yield on the assets held bySERHS.Itsactionsfocusonrentingoutfacilities,purcha-se and sale or promoting certain actions on urban andindustrialland.

SerHS eQuitY anD portfolio

GrupSERHS,S.A.istheholderofalargeportfolioofsecu-ritiesandalsotheownerofaseriesofbuildings.Throughitssecurityportfolioithasadominantdirectorindirectparticipationinallofthecompaniesofthegroup.

aSSoCiateD CompanieS: SerHS S / Coop. C. ltDa.

Itsinitialdriveandcooperativeandassociativewillattheserviceofpeoplehaveallowedittocarryoutanintensesocialactivity.Sincethecompanystartednow40yearsago,itsfeelingofbelonging,ofmutualconfidenceanden-deavourhaveledtothedeploymentofmanyinitiativesinthe surroundings of the company, which have achievedwhattodayisknownasSERHS.

relateD CompanieS:

University School of Hostelry and Tourism of Sant Pol de MarThis hotel school founded in 1966 and attached to theUniversityofGeronahasalongtraditionintourist,hotelandgastronomictrainingandmaintainsacloseandreci-procalinstitutionallinkwithSERHS.Thecentre,whichisincluded in the exclusive “Hotel Schools of Distinction”network, isapioneer in itsareaandallows intenseandfruitfulexchangewiththeSERHSgroupofcompanies.

Publintur SAA company engaged in image and communication andgraphicanddigitalproduction,PUBLINTURmaintainsacloseandintenserelationshipandbondwithSERHS.Thisyear,PUBLINTURhasseenhowtheproposedcreationofthe“MuseumofTourism”,auniqueprojectintheworld,hasbecomereality.Italsooffers itscustomersactionsinthefieldofonlinemarketing,withstrategiesthatcanimproveitspresenceontheInternet,sothatthismightbecomeaprofitablere-source.Onethingthatmustbehighlightedisthestartofanewdigitalprintingstationandanelectronicsignservi-ce.Alloftheseareactivitieswhichhaveproducedstrongbusinesssynergiesanddrivenqualityrelationships.

SerHS

This year we are celebrating our 40th anniversary and find ourselvesat a very exciting time of our history, at a time of great changes inorganisation and business models; changes we face with security andbeingveryawareofourhistory,ofourvaluesandofthegreatconfidencethatourshareholderseachdayplaceinallofus.Wealsodosowithgreatresponsibility for our workers, who we thank once more for their dailyefforttobringthisgreatcompanyonwards. Together,withthiseffort,inourhistorywehaveovercomeverylargechangesinthemarket.Wehaverecentlydonesoinastronglychangingenvironment due mainly to the great growth of new technologies, towhichwehavealwaysbeenveryattentive,showingourgreatcapacitytotransforminordertoadapttothem. Thishasall ledustonewwaysofmanagingourbusinesses,andwehavedonesoconsistently,firmly,withgreatvigourandaclearhorizon,whichistobringvaluetothecompany,togivecomforttoourworkersandprofitstoourpartners. Our sights, however, must also be focused on our growth andsustainability.Itisforthisreasonthatwebelieveitisimportanttostartupastrategicplanwhichdefinesthemaster linestobefollowed inthecomingyearsandwhich,atthesametime,guaranteesourfuturegrowth.

faCinG tHe CHallenGeS of tHe future

26

Jordi Bagó Mons SERHSCEO

today one year after the start of the Strategic plan, we can say that we have developed the whole of the organisational part.


www.serhs.com

Today,oneyearafterthestartofthisplan,wecansaythatwehavealreadydevelopedthewholeoftheorganisationalpart where, for months, the new Board of AdministrationandMonitoringCommissionhavebeenworking.Theformerwithamuchmoreexecutivefocus,withalloftheexecutivepositions covered and completely integrated in the newexecutiveorganisationoftheGrupSERHS.WithrespecttotheBusinessDivisions,wehavecarriedout a great transformation in all of them. This year, thechallenge we have set ourselves is to consolidate all ofthesechanges.AlsoinlinewiththenewStrategicPlan,wehavemergedthe Tourism and Hotels divisions to allow us to share theknow-how of the wholesale commercialisation with thesalesmanagementandrevenuemanagementofthehotels. In the Tourism division, both the tourist productdistributionmodelandthebehaviourofthecustomerhavechanged radically,which is something that is jeopardisingthe intermediation role we had always had as SERHSTourism.OurprojectinSERHSTourismthereforepassesthroughthetransformationofamodelofpureintermediationintoamodelwhichgivesvaluetothehotelsandtoourcustomers.Thiswillgiveusaverysignificantcompetitiveedgeinthecomingyearsandwillallowustocoveramarketnichewhichtodayisstillpending. We are clearly setting the target of becoming thecommercial arm of many holiday hotels: 1) thanks to ourcapillarity to reach the international markets, 2) to ourknowledgeoftheproduct,and3)abovealltoourpowerfultechnological platform, which covers needs that manyhotelsareunabletoachieveindividually.Thisisaprojectthatwewillimplementthroughoutthecountryandwhichwillgiveusmuchsenseinthemarketoftouristdistribution,amarketwhich,aseveryoneknows,hassufferedgreatchangeinrecentyears. In theHotelsDivision,ourstrongwageronBarcelona

hasturnedouttobeentirelytherightdecision.Todaywehavethreehotelsandwearelookingfornewopportunitieswhich,thoughnoteasytofind,wearesurewewillachievethroughourprestige.Thisyearwearealreadybeginningtoseeimprovementsin theCatalanmarketandweare thereforesure that thegrowthwehaveseeninthelastyearintheRuralVillageswillbeconsolidatedandgrowagainincomingyears. Our hotel in Brazil will enjoy another record year inemployment, turnover and profitability. The weakness ofthe currency has helped to increase the interior terroristmovement.This,associatedwiththedifficultyofcreatinganewhotelofferinthecountry,meansthattherevaluationandgrowthofourhotelbusinessareguaranteed. In theDistributiondivision, it isobviousthatthefoodanddrinksdistributionmarketintheHorecachannelisalsoaffectedbygreatchanges.Foryearsthegradualdestructionofrestaurantpointshascontinuedalongsidethegrowthoforganisedrestaurant.Thesituationprovidesuswithgreatopportunitiesforgrowth,as inSERHSDistributionwearepartnersofthebestmanufacturersoffood,drinks,cleaningand coffee products for the Horeca channel. With ourcapacitytoreachthecustomerandourextensiveproductportfolio,wearethereforeinthebestpositions. For this reason, and following the recent marketmovements, we have also seen the chance to merger allof our distributors into a single company. Efficiencies,scalability and our market positioning distinguish usstronglyfromtherestofourcompetitors. Now, not only do we have a more suitable companyformat, but we also have all of our organisational,operational and commercial structures totally in line andwiththemostadvancedmanagementandsalestechnologyon the market. Taking advantage of this merger, we arechangingthecomputerplatformtoallowusamuchmoreefficientandmuchmoreprecisemanagementinthesale.Today,SERHSDistributionisthelargestdrinksandfood

27

Thisyearwearecelebratingour40thanniversaryandfindourselvesataveryexcitingtimeofourhistory,atatimeofgreatchangesinorganisationandbusinessmodels.

OurprojectinSERHSTourismthereforepassesthroughthetransformationofamodelofpureintermediationintoamodelwhichgivesvaluetothehotelsandtoourcustomers.

OurhotelinBrazilwillenjoyanotherrecordyearinemployment,turnoverandprofitability.


distributorontheSpanishmarketfortheHorecachannel,whichiswhywearesurewewillenjoygreatgrowthinthecomingyears.InSERHSFoodwemadeadeterminedwagermanyyearsago.Atthattime,thewagerwasmadeinordertoseekafactortodistinguishusfromthegreatplayersofthesectorandwhichhasturnedouttobethemostinnovativesystemin group restaurant services at this time in Spain, thankstowhichwe focusonadifferent, innovativemanagementmodelandonewithagreatviewofthefuture.ThiswagertodayisthesystemknownasSINC(SafetyInnovationandNutritionforCollectives),apatentedsystemwe have already implemented in hospitals, schools andhotels, and which is likely to enjoy exponential growth inthe coming years. Today what we foresaw many yearsago isnowconfirmed,which isthatthe5thrangecuisinewouldenduptakingoverasanalternativeinmanymeals,notonlyincollectivesurroundings,butalsointhedomesticenvironment.Butinordertobeabletoseethroughthisproject,whichisnowareality,weneededanewproductionplant,astheonewehavehaduptonowhadbecomesmallandobsolete.We are therefore in the process of building a new foodproduction plant which we expect to open in the comingmonths. This new plant of more than 3,000 square metres ofmorethanfacilitieswillhaveaproductioncapacityofmorethan2,500,000kgayear,fivetimesmorethanthatwhichwehavetoday.

Theplant,whichismuchmoreefficientinallrespects,willallowustocoverthedemandsofourgrowthinthecomingyears.Analysingthebehaviourofthefinancialyear2014/2015,I thinkthatwecanbemoderatelysatisfiedwithwhathashappened and very excited at what is on the way. Ourorganisation has managed to perfectly read all of thevicissitudesthatwehavefoundonthewayandtoanswerthem to the extent of being able to produce a broadlypositive result; and we have done so bearing in mind thedifferentfactsthathavegoneagainstusinthisyear.Thisyearwehavenothadanyextraordinaryimpactsuchasthesaleof thewarehouse inNatal theyearbefore. WehavewithstoodtheseverefallintheRussianmarket,whichhascaused a large loss of turnover for us due to our greatexposure to thismarket. What’smore, theexchangerateof the real with the euro has suffered the devaluation ofaround 40%, which logically harmed our consolidatedaccountswithregardtothedividendsfromBrazil.AsIhavealreadysaidbefore,thebudgetfor2015/2016isnotoneofgreatgrowth.ItisabudgetofconsolidationandstrengthinthebusinessesoftheGrupSERHSinorderto guarantee strong growth after 2016/2017, as we haveprovidedforinourthree-yearstrategicplan.Itisforthisreason,asIsaidatthebeginning,thatwearenowataveryexcitingtime.Wefacegreatopportunitieswhich we are sure to be able to take advantage of, tocontinuetomakethisgreatgroupgrow,bypavingthewayforittocontinueonitslongstringofsuccesses.

SERHSFoodwagersontheSINCsystem,apatentedsystemwehavealreadyimplementedinhospitals,schoolsandhotels,andwhichislikelytoenjoyexponentialgrowthinthecomingyears.

Themergerofallofourdistributorsopensupgreatopportunitiesforus.

TodaywehavethreehotelsinBarcelonaandarelookingfornewopportunities.

www.serhs.com28 SERHSannualreport2014-2015

Ourorganisationhasmanagedtoperfectlyreadallofthevicissitudesthatwehavefoundonthewayandanswerthem.

Wefacegreatopportunitieswhichwearesuretobeabletotakeadvantageof,tocontinuetomakethisgreatgroupgrow.

www.serhs.com 29SERHSannualreport2014-2015

SERHS Distribution is the division ofSERHS which specialises in the com-prehensivedistributionofproductsforthehostelry,restaurantsandgroupsec-tor.Thedivisionisstructuredinaccor-dancewiththeproductsitdistributes,ranging from drinks, coffee, dispens-ing,dryfoodandcleaningproductstofruit, vegetables, 4th range and per-ishable frozen and/or fresh products.

The whole of the activity of SERHSDistributionisaimedatimprovingthemanagement of our customers’ busi-nessbyofferingthemacustomisedtovalue proposal depending on wheth-ertheyareabar,restaurant,hotelorsocial restaurant service. By apply-ingthenewtechnologies,wemanageto be able to offer these proposalsand our customers are able to placetheir orders through our online shop

www.serhsdistribucio.comadaptedtoanykindofmobiledevice.

There is also SERHS Fruits, the com-panyofthedivisionwhichspecialisesindistributingfruitandvegetablesfor

thehostelryandfoodsectors.

SerHS DiStriBution

at Your SerViCe

Distributionofdrinks|food|cleaningproducts|freshandfrozen|coffee|fruitandvegetablesforhostelry,restaurantsandgroups

www.serhsdistribucio.com

5,000PRODUCTREFERENCES

7MBOXESOFPRODUCT

30%OFTHEPURCHASESINSERHSDISTRIBUCION.COMAREALREADYMADEBYMOBILEDEVICE

32MTURNOVERTHROUGHTHEONLINECHANNEL

12MKGOFFRUITANDVEGETABLESDISTRIBUTED

www.serhsdistribucio.com

SERHSDistribution

proposesanewplatform

forinteractionwith

customers.Theonline

shopisconstantly

evolvingaccordingtothe

technologicalandoperative

improvementsappearingat

alltimes.

32

online CHannel: SerHSDiStriBuCio.Com

Inthelastyear,nearly30million

euroswereinvoicedviathewebsite.

Responsiveadaptationconceivedto

improvetheuserexperiencefrom

mobiledevices.

Thelatestimprovementsareaimed

atenhancingtheexclusivebenefits

associatedwithonlineshopping,

promotionaldynamisationand

accelerationofthepurchasing

process.

operational improVementS anD neW purCHaSeS

aGreement to reDuCe Co2

RoutetoMarket.Aprojectwhosemainaimistooperationallyintegratethecommercialactivities.Theaimistodesignthesalesorganisationmoreefficientlyandeffectivelytocarryoutthecommercialstrategy.

Automationofthepurchasingandstockmanagementprocess.Thewholeofthesupplychainismanagedinamoreadvancedandcomprehensiveway.

IncorporationofAlfaDispensingtoincreasetherangeofproductsandservicesofthedivision.Withaportfolioof250customersin1,300dispensingmachines,itsimplementationinthehotelchainsaroundtheMediterraneanArcasfarasAndalusiaishighlighted.

ThecoldspaceisextendedinTarragona.Thespaceisdoubledto3,000cubicmetresthankstoanewfreezingchamberof1,500cubicmetres.TheaimistobeabletoservetheincreaseddemandfromcustomersoftheTerritorialBusinessUnitsoftheCentreandSouthofCatalonia.

TheGovernmentofCatalonia

awardstheCertificateofAdhesion

totheProgrammeofVoluntary

Agreementsforthereductionof

emissionsinSERHSDistribution

(platformsinBarcelonaand

Tarragona),whichwithdifferent

effectiveactionshavemanagedto

reducetheconsumptionofdiesel

andelectricity.


www.serhsdistribucio.com 33

SERHSDistributionmergers

the10companiesattached

totheDivisiontogainin

efficiencyandtocontinue

growing.

StrateGiC aGreementS

merGer of tHe CompanieS

Thedivisioncontinuestosign

allianceswiththebestpartnersto

continueofferingitscustomersthe

bestproductsandthegreatestvalue

formoney:

Malongo,CEL,J.GarcíaCarrión

andLactalisaresomeoutstanding

examples.

On1/12/2015,the10companiesoftheDivisionmergedintoasinglemercantilecompany,SERHSDistribucióiLogística,S.L.,creatingthecompanywiththelargestturnoveronthenationalHORECAsectormarket.

Thismergerallowssynergiestobegenerated,improvementsinefficiencyandworkingmethodsamongstthecentralsupport

departmentsandtheoperativeserviceplatformsclosetothecustomers.

Inordertogrowindifferentareasofimplementation,investmentwasmadethroughouttheyearinthesalesnetworkandtechnologicalsupportforsalesandservice,seekinglongertermloyaltywithourcustomers.

SerHS fruitS

SERHSFruitscollaborateinthe

campaigntopromotefruitin

schools,whichispromotedby

theDepartmentofAgriculture,

Livestock,Fisheries,Foodand

NaturalMediumoftheGovernment

ofCatalonia.

NewstorelocationinMercabarna.

Thisspace,inadditiontoimproving

thelogisticefficiencyoftheservice,

isintendedtogrowcommerciallyin

theMetropolitanArea.Itwillallow

coordinationbetweenthecentral

purchasingmanagementandthe

pickingtobedoneforpresent

customersinBarcelona.


SERHS Tourism is a leading agencyintheareaofreceivertourism,whichactsasaB2BdistributorandoffersitsservicestotheprincipalinternationaltouroperatorsinthelargestSpanishresorts.ItincludestheRhodasolandIberovacances wholesale agencies,whicharespecialisedinSpain,Portu-galandFrance. Overall itserves1.5million tourists a year thanks to itsportfolioofnearly35,500hotelsandanetworkof9officesonthecoasts,

islandsandincities.

Weare leaders inmarketingholidayhotelsandhaveprojectsconsolidat-ed in urban hotels. Power distribu-tiontechnologyalsoallowsustogivean outstanding service to the morethan 200 portals connected to our

availabilitysystems.

SerHS touriSm

Onlineandofflinereceiveragencyandwholesaleprovider

www.serhstourism.com

3,400MONLINEREQUESTSMANAGED

35,500HOTELSMARKETED

1.5MPASSENGERSAYEARHAVERECEIVEDOURSERVICE

26ISSUINGMARKETS

11,500NATIONALANDINTERNATIONALCUSTOMERSINPORTFOLIO

www.serhstourism.com

WithIberovacancesandRhodasol

Portugal,theaimistostrengthen

SERH’spresenceontheproximity

markets,andespeciallythroughthe

retailchannel.

36

CHannelS anD marKetS

LaunchofIberovacances,thenew

wholesalebrandfortheFrench

marketasapeninsularholiday

specialist.Ithasafullnative

salesteamandanewwebsitewith

integratedB2Bbooking.

Theonlinevideomarketing

campaignwiththesportsperson

FabienPelou(Rugby)achievesa

greatimpactontheFrenchsocial

networks.

LaunchofthenewRhodasol

Portugalwholesalerinorderto

strengthenthesalesnetwork.Itis

presentedontheretailmarketwith

aspecificproductselection,anew

website(www.rhodasol.pt)anda

Portuguesespeakingcallcentrewith

alongtimetable.

Newcommercialagreementswith

operatorsoverEurope(Germany,

Scandinavia,France,Poland,Czech

RepublicandRomania)andAsiatic

operatorswithXMLconnection.

teCHnoloGY Newhotelavailabilitymotor

enablingascalablecostmodel,reply

toanimprovement,fewerincidents,

greateragilityandlargercalculation

capacityforthemostcomplex

operations,amongstotherthings.

NewintegratedChannelManager

(Hotetec).Thisisaplatformwidely

implementedinSpainwhichallows

theavailabilityandpricestobe

receivedinreal-timeandmakesthe

productmanagementsimplerand

moreefficient.

NewGetawaysdevelopment(Hotel

+Activity).Onlinesalesonbooking

platformwithcapacitytotransmitto

customersonline(XML).


www.serhstourism.com 37

Preparationofthe2ndstudyof

KeyMarkets:“Travelhabitsand

perceptionsofFrenchtourismin

Catalonia”,wheretheFrenchissuer

isanalysedthroughtheopinionon

thesocialnetworksandthrough

surveys.

proDuCtS anD marKetinG

NewSERHSTourismwebsite.

Renovationofthedivisionsat

websitewherethenewdesignofthe

pageisaccompaniedbyafasterand

easieraccessfromwhichtomanage

bookings.

Co-marketingagreementwiththe

PatronatodeTurismodeAlmuñecar

–LaHerradurainordertoincrease

thedomesticmarketinthearea.

Collaborationwiththeprincipaltour

operatorsoftheSpanishmarketin

ordertopromotethedestination.

RhodasolCatalogues2015:50,000

copiesofthe“MyHotels”catalogue

reaching2,300Spanishtravel

agencies.Furthermore,1,570

agenciesreceive35,000copiesof

the“Circuits”catalogue.

SERHSTourismispresentinthe

mainsectorfairswithitsown

stand(Fitur2015,BITMilan2015,

BTLLisbon2015,DitexAvignon,

ScandinavianTravelMeet,etc).Also

presentatevents,conventions,

roadshowsandfamtripswith

customersandsuppliers.


SE

RH

SN

atal

Gra

nd

Ho

tel*

****

(B

rasi

l)

Thisdivisionprovidescustomerswith

a varied holiday leisure offer and

alsoapproachesbusinesscustomers,

who can choose from a wide range

of 14Hotelestablishmentsofdiffer-

ent types and locations. The aim is

to continue to work to increase the

productportfoliowithhotelswiththe

companystampsuchastheRuralVil-

lagesandtostrengthenitspresence

withurbanhotels,withoutforgetting

internationalisation with the search

abroadandalongtheMediterranean

coastline.

SerHS HotelS

momentS full of life

RuralVillages|HolidayHotels|SnowandMountainResorts|UrbanHotels|BeachResortsinBrazil

www.serhshotels.com

290,000ROOMNIGHTSIN2015

656,000STAYSIN2015

1,782INTERNATIONALANDNATIONALROOMS

590PEOPLEINTHEAVERAGETEAM

62MEETINGROOMS

www.serhshotels.com

Astrategicagreementisreached

withanimportantsupplierofhotel

softwareinordertoimplement

integralhotelmanagementsoftware

andChannelManager.

40

CitY HotelS

TheHotelSERHSDelPort(3*)and

theHotelSERHSCarlit(3*)inBarce-

lonaarebroughtinontheAvenida

Paral.lelandCalleDiputació(nearthe

SagradaFamilia)respectivelyasthe

secondandthirdestablishmentsof

thedivisioninthecity.

Withthe48roomsoftheHotelDel

Portand838oftheSERHSCarlit,

SERHSHotelsnowmanages212

roomsinthecityofBarcelona.

Inordertoincreaseoutputper

room,investmentsweremadein

theroomsandcommonareasof

theHotelSERHSRivoliRambla,the

HotelSERHSDelPortandtheHotel

SERHSCarlit.

The128RamblaRestaurantisthe

newgastronomicproposalofthe

HotelSERHSRivoliRamblainthe

heartofthecity.

HotelS in BraZil

BeaCH HotelS

TripAdvisorforthefifthconsecutive

yearawardstheSERHSNatal

GrandHotelwiththeCertificateof

Excellence.Withthisrecognition,

thehotelisincludedintheHallof

Fameoftheprestigiouswebsite.

TheHotelsignificantlyincreasesthe

%ofsalesviaitswebsite.

Refurbishmentandimprovements

aremadetoreceptions,common

areas,furnitureandmorethan40

roomsintheSERHSOasisParkand

SERHSSorraDaurada.

TheRuralVillages,SantHilari

Aventura,theHotelSERHSCarlit,

theHotelSERHSDelPortandthe

EachHotelsoftheDivisionhavenew

websites.Inadditiontothesenew

developments,SERHSHotelsadapts

allofitswebsitestotheresponsive

format,preparedformobiledevices.

HotelSERHSRivoliRambla****(Barcelona)


www.serhshotels.com 41

SERHSHotelsintegratesHOTELjuice

initsstructure,specialistsinthe

integralmanagementofdirect

sales(Web,TourOperatorsand

telephone).

VilarS ruralSrural VillaGeS

TheSpanishFederationofLarge

Families(FEFN)backstheRural

VillageswiththeStampofFamily

Tourismashebelievesthatthey

areconceivedespeciallyforfamily

leisureandrest.

TheRuralVillagesforfamilieswith

babieswiththeirnew“Babyfriendly”

stamp:withroomswiththemes,the

establishmentsandactivitiesare

adaptedtotheneedsandfacilities

offamilieswithbabies.

CollaborationagreementwithGrup

Solertooutsourcethemanagement

ofthemaintenanceoftheRural

Villagesandtoincorporatebiomass

plants.

Creationofthenewproductin

value:“Arnesadventureterritory”

(GreenWay,multiadventurepark,

canyoningandironway)atthe

ArnesRuralVillagetoenhance

sportstourism.

Newmanagementmodelforthe

SantHilariAventuraParkrunbythe

teamofSERHSHotels.

“RegalaVilars”:anewonlinestore

forfamilystaygifts.Thee-box

RegalaVilarsArtgiftvoucherstobe

exchangedforbookingsinanyofthe

threeRuralVillages:

http://regala.vilarsrurals.com.

VilarRurald’Arnes****(TerraAlta)


SERHS Food offers an integral ser-

viceintheareaoffoodbasedonthe

activity of production and sale of

different food products and bakery,

as well as the activity of managing

restaurants for third-party groups

and institutions as well as catering

servicesforeventsandmacroevents.

Thisoperativedivisionstandsoutfor

itshighqualitystandardsandforits

flexibilityandabilitytoinnovateboth

in the productive processes and its

management infrastructure and ca-

pacity.

Experts in integral restaurant ser-

vices:health,corporate,penitentiary

centres,schools,universities,hotels,

restaurants, sports centres, theme

parksandmore.

SerHS fooD

CompreHenSiVe reStauranteerinG

www.serhsfoodservice.com

23,000MEALSADAYFORGROUPS

500REFERENCESIN5THRANGEPRODUCTS

650,000KGOFPRODUCTIONAYEARINTHEPRODUCTIONPLANTINVILASSARDEMAR

116SCHOOLSMANAGEDBYSERHSFOODEDUCA


SERHSFoodhasenhanced

itstwobusinesslinesin5th

rangebyseparatingtheSINC

SystemfromtheEUDECFood

product.

44

SinC proDuCt

euDeC proDuCt

neW HeaDQuarterS of tHe Car (HiGH ou-tput CuiSine) anD tHe offiCeS of SerHS fooD

LaunchoftheSINCbrandwithanew

imageandwebsitetostrengthenthe

magnitudeofSafety,Innovationand

Nutritioningrouprestaurants.

ThewholeoftheSINCprojectis

beingdevelopedforoursectorsof

activity:education,health,other

groupsandcorporate.

EUDECProduct:firsteditionof

theEudec“Roadshow”.Campaign

ofvariousworkshopsthroughout

thestatewithdemonstrationsof

productandshowcooking,some

aimedattheelderly,residencesand

healthcare.

TheEudecFood.com

onlinestoreisconsolidatedasa

referencewebsiteofthesector.New

rangeoffrozenvegetablessuitable

forsectorssuchashealthcare,

hostelry,restaurantsandeducation.

LocatedinMataróandwitha

surfacearea4000squaremetres,

theplantwillachieve2,500,000kg

ofannualproductionasopposedto

thepresent650,000kg.

Theflexibleplantwillbeprepared

tomakebetween400and500

references,andadaptedforthe

manufactureofallkindsofallergens.

SerHS fooD eDuCa Launchofthemiddayspaceproject

which,apartfromhighlightingthe

nutritionalanddieteticvalues,

aimstostrengthenthepedagogical

valuesoftheschooldiningroom.

Newcommercialmaterial,depending

onthepartnerformonitoring,

atmosphereanddecorationofdining

rooms.“10causes”project,new

formofmenus,etc.


eVentS

CommerCial reStaurantS


TheCastellJalpíachievesthe

GoldenWeddingAwards,the“Top

5%”ofthelocationsinSpainmost

recommendedandbestappreciated

byweddingcouplesfortheirvalue

formoney,reply,professionalism

andflexibility.

WiththemanagementoftheVall

Parcsportscomplex,ourlineof

commercialrestaurantsfocuseson

growingwithleisurecentres.

ThemanagementofRCDE,FC

BarcelonaandBarcelonaZoo,

withwhichthecontracthasbeen

renewedforafurtheryear,come

intothisarea.

TheTakeEatEasy(WTC)continues

tostrengthenitsofferforbusiness

meetingsandevents.

45

SigningwiththeCatalanAgency

ofConsumptionofthePactfor

celiacpeople,forimproving

labelsonthefoodproductsfor

celiacs.

CHaritY aCtionS SERHSFoodcollaboratedselflessly

indifferentactspromotedbysome

ofitspartners:“Dreamnightat

theZoo”,“UnDiadeNarices”and

the“PutyourHatOn”campaign

oftheFANOCatBarcelonaZoo,or

the“OneDrop,TwoLives”project

(EscolaPiadeBarcelona),amongst

others.

SerHS BaKerY Inlinewiththeinnovationand

growthvaluesofthedivision,SERHS

Bakeryfacesanewstagewitha

renovatedoffer,workingtogivethe

marketanewpremiumrangeline.

Quality,capacitytopersonalise

products,craftknow-how,image,

originalityandinnovationwillbe

theprincipalalliesinachievingits

objectives.


Ho

telA

lham

bra

(S

anta

Su

san

na)

SERHSProjectsistheactivitydevotedtosolutionsandequipmentforhostel-ryandgroups.Itsspecialityiskitchenrestaurantprojects.Ithasdevelopedandcarriedoutfunctionaldesignsforprofessional kitchens and restaurantareasadaptedtocurrentregulationsandalsospecialisesindesigningbuf-fets, show cooking, self-service and

barsforallkindsofcustomers.

SERHS Projects wagers on onlinecommercialisationviathewebsite

www.serhsequipments.com,withoneofthelargestrangesofma-chineryforhostelryonthemarket.Inordertoachievealloftheequipmentforanycompanyof thehotel sector,a selection of kitchen menage itemscan also be found, as well as a wideofferoffurniture.Alloftheproductsareguaranteedbythemainmanufac-

turersofthesector.

SerHS proJeCtS

innoVatiVe SolutionS

Specialistsinfoodandbeverageareas

www.serhsequipments.comwww.serhsprojects.com

470PROJECTSPRESENTEDINTHELASTYEAR

1,000MACHINESSOLDEVERYYEAR

70SUPPLIERSOFTHEMARKET’SLEADINGBRANDS

8,800ARTICLESAVAILABLEONTHEWEBSITE

7,000MONTHLYVISITSONAVERAGEAND

1,000REGISTEREDUSERSONTHESERHSEQUIPAMENTSWEBSITE

www.serhsequipments.com - www.serhsprojects.com

Importantrestaurantchainsin

Spaincontinuetoprefertheknow-

howofSERHSProjectsfortheir

expansionprojectsandopeningof

newpremises.

48

online CHannel

reStaurant CHainS

anDorra

SERHSEquipmentsboastsanew

websitewithimprovementsboth

inthedesignandinthefunctional

aspect.Thenewwebsitealso

gainsinintuition,andtheelements

displayedareorganisedinamore

elegantandlessinvasiveway.

NewimageoftheSERHSProject

websiteinaccordancewiththestyle

ofSERHSEquipments,responsive,

simpleandmorevisual.

Giuliani’s,Italianfoodspecialists,

astheyalreadydidwiththeirfirst

establishments,onceagainhas

calledonSERHSProjectsforthe

installationofnewkitchens.

Installationofseveralkitchens

byUDON,theJapanesefastfood

restaurantchain.

Supplyandinstallationofmachinery

andthepremisesoftheTex-Mex

TakeAwayinMadridandCatalonia.

Grandvalira:restaurantandinterior

designprojectoftheRibaescorxada

buildingintheareaofElTarter,

withthecreationofanewimage,

newinteriordistributionandanew

gastronomicoffer,dividingthespace

intotwoatmospheres:FunFoodand

CaféEspresso.

Installationofthekitchenequipment

andbarforthehigh-levelrestaurant

inPasdelaCasa.

AndorraFunFoodRibaescorxada


BarCelona CitY anD BarCelona-mareSme CoaSt

maDriD

www.serhsequipments.com - www.serhsprojects.com

NenJesúsJesuitschoolofSant

Gervasi(Barcelona):Worksinthe

kitchenandthediningroomself-

serviceforSERHSFoodEduca.950

boysandgirlsareservedeveryday.

HotelBrummel(Barcelona):

installationofthekitchen,theoffice

andthecafeteriainthisnewhotelin

arehabilitatedbuildingatthefootof

Montjuïc.

HotelRosselló(Barcelona):

installationofthenewkitchen,

buffetandbarofthishotelonthe

leftoftheEixample.

RosamarHoteles(LloretdeMar):

design,supplyandinstallationof

buffetsandshowcookingusing

materialsuchassilestone,white

formicaandflatglassscreens,giving

theprojectamoremodernand

innovativeair.

HotelAlhambra(SantaSusanna):

installationofthenewkitchen,

chambersandbar.A404square

metreindustrialkitchenproject

withaninnovativechambercooling

systemofferinggreatersafetyand

energyefficiency.

Installationofthecookerandarea

behindthecounterofthenew

premisesofthenewandinnovative

restaurantchainBocadillodeJamón

ychampán.

InstallationofthekitchenintheHotel

ApartosuitesJardinesdeSabatini,

andotherrestaurantestablishments

oftheSpanishcapital.

Installationofthecentralkitchen

andchambersoftheFundaciónRais,

aninitiativetogiveemploymentto

thehomeless,whichproduces1,000

mealsaday.

49

Renovationandupdating

oftheimageofthedivision’s

websites.HotelRosamarMarítim(LloretdeMar)


SERHS Services, backed by the man-agementoftheGrupSERHS,hassolidknowhowthatwepassontoallofourcustomerstoformacompleteproduct

dossier.

This division represents the corpo-rate managements of SERHS with atransversal jobtowardstherestofthe

group’sbusinessdivisions.

SERHS TIC (Migjorn): Newtechnologies,computerapplica-tionsandtelecommunicationssystems.

Human resources

Insurance

Administration and finance

Real estate services

SerHS SerViCeS

WitHin Your reaCH

Insurance|AdministrationandFinance|NewTechnologies|ComputerApplications

www.serhs.com

4,100UNITOFTECHNOLOGYMANAGED

66,000SALARIESCALCULATEDINONEYEAR

6,500ACTIVEINSURANCEPOLICIES

38,000HOURSOFTRAININGMANAGED

www.serhs.com

300serverslocatedin

4differentdatacentres

(betweenthecompany’s

ownCPDandthose

ofCloudComputing).

52

miGJornSer (SerHS tiC)

Migjornserhasbeen

registeredofficiallyonthe

NationalCommissionof

MarketsandCompetitionasa

telecommunicationsoperatortogive

Internetservices.

Documentarymanagement:

completionofthebiometric

signatureprojectinmobilityforjob

files.

Ournetworkincludes71nodes,

mostofwhichareduplicatedand/

ortriplicated:250unitsintotal

betweenrouters,switches,etc.

Managementof2,200electronic

mailaccountsand2,300mobile

telephonelines.

TheMigjornserteamof

professionalsmanages14,500

technologyincidentsandrequestsa

year.

Creationoftwonewunitsinthe

organisationtodealwiththe

challengesofthefuture:Unitof

Governance,SecurityandQuality

andUnitofTechnologicalR&D+i.


HumanSerHS ConSultinG

aSSeGuriS

www.serhs.com

Talentproject:SERHShasstarted

thefirstphaseofthestrategic

humanresourceprojectforthe

transformationoftheorganisational

culture.

The“Technicalandadministrative

managementofthecatering

services”ofSERHSFoodis

recertifiedinaccordancewith

therequirementsoftheOHSAS

18001:2007standard.

TheSERHSFoodcompanies

successfullypassthe2ndlegalaudit

withrespecttothefulfilmentof

standardsofhealthandsafety.

Assegurissignedanagreementwith

theACCAC(AssociationofHoliday

HousesandHostelsofCatalonia)to

offerspecialisedinsurancetomore

than100holidayhousesaround

Catalonia.

AgreementwithAON(market

leadingcompany)allowingAsseguris

tooffercustomersproductsand

unbeatableconditions.

Assegurishas19.2%ofintegral

customers(morethan4contracted

policies)asopposedtothemarket

averageof15%.

Thedensityofpoliciespercustomer

onthemarketstandsat1.5%

whereasthatofAssegurisis2.1%.

53

FifteenSERHScompanies

awardedforthegood

managementinhealth

andsafety.


preSentation

This economic and financial information corresponding to the yearclosingat31August2015whichweprovide inthefollowinghasbeenpreparedfromtheaccountregistersofGrupSERHS,S.A.and itssub-sidiariesinordertoshowthetrueandfaithfulimageoftheequity,the

financialsituationandtheresultsoftheConsolidatedGroup.

These consolidated figures are backed by the Faura-Casas Audi-tores-Consultoresfirmofauditorsand,ascanbeseenfromtheiropin-ionattachedbelow,theannualaccountsfortheyear2015expressthetrueandfaithfulimageoftheconsolidatedequityandtheconsolidatedfinancialsituationoftheGrupSERHSanditssubsidiaries,andtheresult

oftheiroperations.

Inthisdossieryoucanfind:

ANNUALACCOUNTSOFTHEGROUP

FinancialStatements(BalanceSheetandResultsAccount).

ReportfromtheAuditors

CONSOLIDATEDINFORMATION

Severalanalysesofimportantaspectsoftheeconomicandfinancial situation.

eConomiC anD finanCial information

55SERHSannualreport2014-2015

www.serhs.com56

SerHS annual aCCountS

FortheeffectsofpreparingtheAnnualAccountofGRUPSERHSS.A.anditssubsidiaries(ConsolidatedGroup),wemustrememberthatthegroupisformedby56activecompanieswhich,groupedintooperativebusinessdivi-sions,presentsthefollowingcomposition:

SERHSDISTRIBUTION 11Companies SERHSTOURISM 3Companies SERHSHOTELS 13Companies SERHSFOOD 9Companies SERHSSERVICESANDNEWTECHNOLOGIES 10Companies SERHSREALESTATE 7Companies SERHSEQUITYANDPORTFOLIO 3Companies

Intheyear2015,thethreeMoroccancompanieslefttheconsolidationpe-rimeterofthegroup(duetothesaleoftheparticipationistothirdparties),andanewcompanyIBEROVACANCES,S.L.(TravelAgency)wasbroughtin,leavingthenumberofcompaniesat56.Howeverthereweremovementsbetweenthedifferentdivisionscausedbytheprocessofrationalisingthenumberofcompaniesbelongingtoeachdivision,andanincreaseinthebusi-nessincertaindivisions.Inapplicationofcurrentregulationsasaresultofthedifferentpercentageparticipationsinthecompaniesformingpartoftheconsolidationperimeter,thisyeardifferentconsolidationprocedureswereused,whichare:

• GLOBAL INTEGRATION method (Companieswithaparticipationofover50%). Theconsolidationmethodusedin2015forallofthecompaniesforming

thegroup,mentionedabove.

• EQUIVALENCE method (Companieswithaparticipationofbetween20%and50%) Companiesconsolidatedbythismethodinthisyear2015were“Viatges

SoliEsquí,SA”(TravelAgency),and“Baciverser,SL”(RealEstateCompa-ny)

Thegroup’sfunctionalcurrencyistheeuro.Asaresultofthegroup’sinternationalisationprocessinrecentyears,Braziliancompanieshavebeenbroughtintotheconsolidationperimeterandthenumberoftransactionswithforeigncustomersandsuppliersusingcurrenciesotherthantheeurohaveincreased.Thismeansthatourgroupcurrentlyworkswiththreediffer-entkindsofcurrency:

• Euros (EUR).-Theprincipalworkingcurrencyofourcompanies.• Dollars (USD).-Thecurrencyinwhichsomeoperationsareperformed

withcountriesoutsidetheEU.• Brazilian Reales (BRL).-Theprincipalworkingcurrencyofourcompa-

niesinBrazil.

ThefactofworkingwithdifferentcurrenciesandusingdifferentaccountingcriteriamakestheprocedureofconsolationmorecomplexduetotheneedtotransformthefinancialstatementsincurrenciesotherthanthefunctionalcurrencyoftheGroup,whichistheeuro,andthiscanproduceconversiondifferenceswithrepercussionsontheequityandresultsoftheyearduetoexchangedifferencesinthetransactions.Since2010,GrupSERHShaspaidtaxunderthesystemofTaxConsolidation,bringingatotalof43subsidiariesintotheconsolidationperimeterinthisyear2015forCorporateTax,and47subsidiariesforVAT.


www.serhs.com 57SERHSannualreport2014-2015

www.serhs.com58 SERHSannualreport2014-2015

www.serhs.com 59

ConSoliDateD BalanCe SHeet

ASSETS 31-08-2015 31-08-2014

A) NON-WORKING ASSETS 181.200.206,06 191.636.008,58

I.Intangiblefixedassets 18.066.337,57 17.999.060,54

II.Tangiblefixedassets 125.886.299,68 132.317.209,10

III.Realestateinvestments 6.390.084,17 6.476.609,26

IV.Long-terminvestmentsingroupandassociatedcompanies 574.208,56 573.985,09

V.Long-termfinancialinvestments 8.914.396,96 14.205.621,89

VI.Assetsduetodeferredtax 10.449.490,72 9.144.134,30

VII.ConsolidationGoodwill 10.919.388,40 10.919.388,40

B) WORKING ASSETS 125.792.486,63 139.895.051,08

I.Non-workingassetsheldforsale 5.224.155,73 9.612.266,65

II.Stocks 18.810.862,26 18.156.673,49

III.Commercialdebtorsandotheraccountsreceivable 84.308.249,35 85.471.346,74

IV.Short-terminvestmentsingroupandassociatedcompanies 0,00 0,00

V.Short-termfinancialinvestments 6.809.498,47 3.174.667,37

VI.Short-termdeferrals 2.631.698,29 2.005.007,30

VII.Cashandotherliquidequivalents 8.008.022,53 21.475.089,53

TOTAL ASSETS (A + B) 306.992.692,69 331.531.059,66

LIABILITIES 31-08-2015 31-08-2014

A) NET EQUITY 72.302.289,49 86.547.956,89

A-1)Stockholders’equity 84.164.115,48 87.570.766,88

A-2)Adjustmentsduetochangesinvalue -18.949.364,25 -7.907.413,42

A-3)Subsidies,donationsandlegaciesreceived 0,00 0,00

A-4)Minorityinterests 7.087.538,26 6.884.603,43

B) NON-WORKING LIABILITIES 99.935.833,14 106.051.324,17

I.Long-termprovisions 0,00 0,00

II.Long-termdebts 99.340.412,67 105.455.903,70

III.Long-termdebtswithgroupandassociatedcompanies 0,00 0,00

IV.Liabilitiesduetodeferredtax 595.420,47 595.420,47

V.Long-termdeferrals 0,00 0,00

C. WORKING LIABILITIES 134.754.570,06 138.931.778,60

I.Liabilitiesrelatedtonon-workingassetsheldforsale 0,00 0,00

II.Short-termprovisions 0,00 0,00

III.Short-termdebts 16.452.508,98 15.920.619,00

IV.Short-termdebtswithgroupandassociatedcompanies 0,00 0,00

V.Commercialcreditorsandotheraccountspayable 118.217.877,34 122.899.609,36

VI.Short-termdeferrals 84.183,74 111.550,24

VII.Short-termdebtwithspecialcharacteristics 0,00 0,00

TOTAL NET EQUITY AND LIABILITIES (A + B + C) 306.992.692,69 331.531.059,66

Data expressed in euros.


www.serhs.com60

ConSoliDateD profit anD loSS aCCount

31-08-2015 31-08-2014

ON-GOING OPERATIONS

Operation revenue 471.840.053,88 473.304.261,11

a)Netturnover 452.434.028,99 449.883.370,10

a1)Sales 391.896.533,61 389.258.215,02

a2)Services 60.537.495,38 60.625.155,08

b)Otheroperationrevenue 19.406.024,89 23.420.891,01

b1)Accessoryoperationrevenue 17.781.243,78 20.366.119,68

b2)Subsidies 0,00 0,00

b3)Workonrealestate 1.624.781,11 3.054.771,33

Supplies -339.272.039,78 -338.682.530,61

a)Goodsconsumption -339.085.441,81 -338.092.381,88

b)Workdonebyothercompanies -158.910,95 -590.148,73

c)Damage -27.687,02 0,00

Staff expenses -76.485.973,05 -76.824.196,38

a)Wages,salariesandsimilar -59.840.221,64 -60.100.606,52

b)Socialcharges -16.645.751,41 -16.723.589,86

Other operation expenditure -39.623.906,55 -40.579.728,91

a)Externalservices -36.006.087,40 -36.142.271,79

b)Taxes -3.080.269,84 -3.912.447,44

c)Losses,damageandchangingprovisionsduetocommercialoperations -534.698,74 -522.839,85

d)Othercurrentmanagementexpenses -2.850,57 -2.169,83

Fixed asset amortisation -10.196.488,75 -12.039.328,71

Provision surpluses 0,00 0,00

Deterioration and result due to sell-off of fixed assets 3.277.595,79 8.045.818,95

OPERATION RESULT 9.539.241,54 13.224.295,45

Financial revenue 690.905,11 771.326,08

Financial expenditure -8.170.065,56 -9.976.465,92

FINANCIAL RESULT -7.479.160,45 -9.205.139,84

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

PRE-TAX RESULT 2.060.081,09 4.019.155,61

Profit tax 144.797,01 -1.798.589,60

RESULT OF THE YEAR FROM ON-GOING OPERATIONS 2.204.878,10 2.220.566,01

INTERRUPTED OPERATIONS 0,00 0,00

YEAR RESULT 2.204.878,10 2.220.566,01

Data expressed in euros.


www.serhs.com 61

inVeStment aCtiVitY

Thepresentcircumstancesofourenvironmentmakeuscautiouswhenun-dertakingnew investments,withoutgivingup those investmentswhichareconsidered essential for the future growth of our businesses. The volumeofinvestmentscarriedoutbyGrupSERHSinthefinancialyear2015wasanoverall6.5millioneuros,mainlyinrecurrentinvestments(newtechnologies,managementapplicationsinourbusinesses,therenewalofvehiclefleet,com-puterequipment,improvementofhotelfacilitiesandstores,andothers).

Analysingtheinvestmentactivityof2015byoperativedivisionsofthegroup,thisbreaksdownasfollows:

2015 INVESTMENT BY DIVISIONS (thousands €)

SERHSDISTRIBUTION 2.408,00

SERHSTOURISM 941,50

SERHSHOTELS 2.243,50

SERHSFOOD 775,00

SERHSSERVICES,REALESTATEANDPORTFOLIO 125,00

TOTAL 6.493,00

INVESTMENT 2015

37,09%

11,94%

1,93%

14,50%

34,55%


operation reVenue

www.serhs.com

Thefigureofconsolidatedoperationrevenuefortheyearclosedat31August2015supposedaminimalfallof0.31%withrespecttothepreviousyear,whichweconsidersatisfactorygiventhecircumstancesofthisyearcausedbythefallintheRussianmarket.Webreakdownthisrevenuefigurebythedifferentdivisionsofthegroup:

Division 31/08/2015 31/08/2014

SERHSDISTRIBUTION 177.687 167.868

SERHSTOURISM 209.212 220.788

SERHSHOTELS 33.388 33.407

SERHSFOOD 44.653 43.620

OTHERS(ServicesandEquity) 6.900 7.621

TOTAL 471.840 473.304 Datainthousandsofeuros.

Wenowpresenttheweightofeachofthedivisionsintheoverallconsolidatedrevenueofthegroup.

OPERATING REVENUE BY DIVISIONS

62

1,46%

9,46%

7,08 %

44,34%

37,66%


www.serhs.com 63

ItisnecessarytoinsistoncemoreontheimportanceofthestaffoftheGrupSERHs,forthankstotheiractiveparticipationanddailywork,weareabletocontinuetoimproveourproductsandservicesandtomaintainourpositionofleadership.Theevolutionofthestaffinrecentyears,takingthe12monthperiod,hasbeenasfollows:

PERIOD Average Payroll

2011 2.570

2012 2.500

2013 2.524

2014 2.529

2015 2.490

Thecontributiontothenational income,understoodasanindicatorofprosperitynotonlyofthepeopleformingpartofthegroup,butalsoofourcountryingeneral,hasalwaysbeenaprioritypointforattentioninthegroup.Itsevolutioninrecentyearshasbeenasfollows:

YEAR Million euros

2010 88,90

2011 88,60

2012 82,96

2013(January-August) 57,85

2014 84,76

2015 81,63

The following tableshows theevolutionbothof theResultsandof theCashflowandEBITDAoftheyear2015withrespecttothepreviousyear.

Years 2015 2014

EBITDA 20.234 25.263(*)

Extraordinaryresults -499 0

Ordinary gross result 19.735 25.263

Amortisation -10.196 -12.039

Operation result 9.539 13.224

Financial -7.479 -9.205

Pre-tax profit 2.060 4.019

Amortisations 10.196 12.039

Cash flow 12.256 16.058

Data in thousands of euros.

(*) Includesresultduetothesell-offofthewarehouseinBrazil(8.00millioneuros)

ConSoliDateD information


annual report 2014-2015 serhs eng

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