Full-year 2010 results

Meeting under the chairmanship of Francis Lemor on March 31, the Board of Directors approved the accounts for the year 2010.

The improvement in activity registered in the first half picked up steam during the second half of the year, in spite of the December snow spells which periodically disturbed the recovery of the transport network.
STEF-TFE’s turnover for the whole year increased by 3.7%, Transport and Logistics both improved their performance while the maritime division’s turnover remained flat. This performance is entirely due to internal growth.

The Group benefited during the year from structural adjustments made in 2009. It emerged from the economic downturn stronger, with a 7.2% increase in operating profit and a net income (Group share) up 6% on its 2007 record (44,4 M€).

Operational profit includes capital gains on real estate and benefits from the replacement of the Professional Tax by the CET. Operation profit was however penalised by exceptional charges, which include financing costs for a new ship and capital charges on intangible assets. Excluding exceptional charges, operating margin reached 76,4 M€ in 2010 (3.7% of turnover), versus  64.4 M€ in 2009 (3.2%).
Financial income went up by 2 M€ thanks to working capital optimization and lower interest rates.
Net income (Group share) registered a 20.1% increase to 47.2 M€, helped by the integration of a larger share of CMN La Meridionale’s capital since the end of 2009. STEF-TFE now holds a 98% interest in CMN, with the remaining 2% belonging to the employees’ shareholding structure.

The good performance registered in 2010 was accompanied by a sustained investment program in the maritime business and in the logistics network in France and Europe.

Outlook for 2011

Despite the uncertain economic environment at the beginning of the year, the Group believes it has good prospects for growth and room to invest to further its development.

Dividend

At the shareholders’ meeting scheduled for May 18, 2011, the Board of Directors will propose a 1.25 € dividend per share, up 18% on last year’s.