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The long-term growth capital expert in agrifood and agroindustry

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The long-term growth capital expert in agrifood and agroindustry Powered By Docstoc
					The long-term growth capital expert
           in agrifood and agroindustry
                                     2009 AnnuAl RepoRt
                                                  e18           m
                                                  of capital gains
                                                      in 2008


20        private
 equity experts



                      e 50
                      of divestments
                                    m
                          in 2008


                                                  e 59
                                                  of divestments
                                                                m


                        1.2
                                                      in 2009


e   81      m
invested in 2009
                      e
                        assets under
                                    bn

                        management



                                                        Targeting

                      No. 1                           investments
                                                       of between
                       for development
                      capital in France
                    (Magazine des Affaires
                                              5 50
                                              e        &e            m
                            2009)



e100            m

                          26
invested in 2008

                      e             m
                      of capital gains
                          in 2009




    103               No. 2
                    for development capital
      stakes            (Capital Finance
                             2009)
59 million
customers
worldwide




70 countries

                    Crédit Agricole
€ 68.8   billion
shareholders’
                    Group, a leader
equity
(Group share)       in Europe
                     Retail bank leader in France(1) and in Europe(2), Crédit Agricole
                     is a first-class partner for the economies in which it operates.


9.7%                 The strength of its retail banks including 11,500 branches
                     worldwide and the expertise of its specialised subsidiaries
Tier 1 ratio         give Crédit Agricole an effective presence in all areas of banking
                     and finance. More than 160,000 employees work to satisfy the
                     banking requirements of 59 million customers in 70 countries.

                     Crédit Agricole intends to fulfil its role as a leading european
                     player with global scale, while complying with the commitments
                     that stem from its mutualist background. Its development is

28%                  focused on servicing the real economy and it is commited to
                     the principle of responsible growth. It is well positioned in
                     three major sustainable development indices(3).
of the household
market
in France




€ 2.7   billion
net income
(Group share)




                   (1) by customer bank deposits, source: Banque de France.
                   (2) by retail banking revenues and the number of branches, source: company data.
                   (3) ASPI Eurozone since 2004; FTSE4Good since 2005; DJSI since 2008.
Crédit Agricole
Group


                                                              Crédit Agric
                                                         39                ole
                                                               ry stock        R
                                                            asu %
                                                         tre 4.8
                                                                                  *    eg
                                                                                   %




                                                           4
                                                                                        ion
                                                                                 .2
                                          ublic luding




                                                                               55


                                                                                         al B




                                                            CRÉDIT
                                               inc




                                                                                              anks




                                                                                  25%
                                                           AGRICOLE
                                                             S.A.
                                         P




                                                                                                      *via SAS Rue La Boétie


                                                           3 BUSINESS LINES:

RETAIL BANKING                                      SPECIALISED BUSINESS                        CORPORATE AND INVESTMENT
                                                    LINES                                       BANKING
In France
- 25% of the Regional Banks                         Specialised financial services              - Coverage and Investment Banking
  (excl. the Regional Bank of Corsica)              - Consumer finance                          - equity Brokerage and Derivatives
- lCl                                               - leasing                                   - Fixed Income Markets
                                                    - Factoring                                 - Structured Finance
International retail banking
- Cariparma FriulAdria                              Savings management
- emporiki                                          - Asset management
- Crédit du Maroc                                   - Insurance
- Crédit Agricole egypt                             - private banking
- lukas Bank

SPECIALISED SUBSIDIARIES: Crédit Agricole Immobilier, Crédit Agricole private equity,                            , uni-editions.
         IDIA forges
      longstanding
       partnerships
with entrepreneurs
    to finance their
development plans
                                                 1



                                                                                                                    2




                                                            +
                                                            +

                                                                                                        3




   EDITORIAL




   IDIA, leading player
   in development capital
   in France in 2009
   Both IDIA’s long-term growth capital business and its         making it more resilient to a difficult economic climate.
   expertise in agrifood and agroindustry helped it to further
   establish its foothold in the market in 2009, reaching        IDIA has also continued to pursue its strategy of
   the number 1 position amongst development capital             developing wine industry assets via CA Grands Crus, the
   players*.                                                     Crédit Agricole Group’s main investment capital vehicle
                                                                 dedicated to the winemaking sector. the €75 million
   our deal flow increased from 50% to 60% in 2009,              increase in capital occurring mid-2009, co-underwritten
   testifying to our sustained activities, with 14 investments   by traditional shareholders pReDICA and Crédit Agricole
   totalling €81 million.                                        d'Aquitaine's Regional Bank, has enabled CA GRAnDS
                                                                 CRuS to operate in a minority position in high-quality
   the fact is that shareholders in agrifood companies           vineyards of international renown alongside family
   – often family businesses – tend to have major ongoing        shareholders.
   issues with equity capital, issues that were felt most
   acutely in 2009. Furthermore, the long-term growth            Internationally speaking, 2009 was a year of structuring
   capital business is designed for companies pursuing           for the team at IDIA Italia S.r.l., which assists IDIA in the
   development projects, and who are in search of equity         management of CA Agro-Alimentare S.p.A., the sector
   capital. the leverage is based on the project itself,         fund for minority investments created in conjunction with



   * Source: le Magazine des Affaires.




2 IDIA 2009 Annual Report
                                          +
                                            +



                                 4



                                                                   7
+
+
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                 5
                                                                  +
                                                                  +

                                                                                                                 1




                                     6




                                                         4
                                                                                                     2




                                                                                                                                 3




    Cariparma, FriulAdria and the Cariparma Foundation.
    A number of investment opportunities are now under
    study and are expected to materialise in 2010.

    In addition, IDIA continues to manage the Crédit Agricole
                                                                  Management Committee:                  1   nicolas lambert
    Group’s land and forestry groups.                                                                        Director
                                                                  1    Jean-Jacques Ricoleau
                                                                       Chairman                          2   paul Charrin
    I am reasonably optimistic for this new year, which           2    nicolas Rambaud                       Director
    should be an auspicious one for long-term growth                   Corporate Secretary               3   Henri Corbel
    investments in the agrifood sector, particularly in view of   3    olivier de pelet                      Director
                                                                       Partner
    the beginnings of a reconciliation between buyers and                                                4   Jean-François Raimond
                                                                  4    Arnaud pradier
    sellers as concerns valuations.                                    Partner
                                                                                                             Human Resources Manager

                                                                  5    Sophie Dano
                                      Jean-Jacques Ricoleau            Director of Development
                                                                       and Communications
                                                  Chairman
                                                                  6    Karine Gras
                                                                       Chief Financial Officer
                                                                  7    eric le Cann
                                                                       Legal Director
                                                                  8    nicolò Francesco Rienzi
                                                                       Managing Director
                                                                       of IDIA Italia S.r.l.




                                                                                                         2009 Annual Report IDIA       3
                                                                                                                        Investment Managers,
                                                                                                                        from left to right:
                                                                                                                        Fabrice lemarchand,
                                                                                                                        Manuel leal,
                                                                                                                        Catherine Bouchard,
                                                                                                                        philippe Cristao pedro,
                                                                                                                        Jacques Simon.




                               Associates, from left to right:
                               Adrien Sirera, olivier Frayssinier, paul lambert,
                               Matthieu Adoir, Cédric Fontaine.




                                                                                       +

   IDIA’s                                                                              LONGSTANDING PARTNERSHIPS
                                                                                   +

                                                       +                           IDIA invests Crédit Agricole Group’s equity, which makes
                                                         +                         it flexible and free from time constraints in managing its
                                                                                   stakes. Well aware that companies’ growth strategies

   advantages                                                                      unfold over the long term, IDIA adjusts the term of its
                                                                                   investments to fit the development plan drawn up with
                                                                                   the entrepreneur. And it provides assistance at every
                                                                                   stage of the company’s life. IDIA thus builds a privileged
                                                                                   and lasting relationship based on mutual trust.

                                                                                   +
                                                                                      ALIGNING INTERESTS
                                                                                       +
   +
    + SECTOR EXPERTISE                                                             IDIA shares the same goals of creating value as the
    IDIA’s unique expertise in agrifood and agroindustry,                          company’s management and favours a long-term
    confirmed by its affiliation with the Crédit Agricole                          industrial vision.
    Group, gives it an up-to-the-minute information on the
    sector. IDIA’s engineering and financial experts know
    better than anyone how to listen to and understand the                         +
                                                                                   + ACTIVE INVOLVEMENT
    strategies of the entrepreneurs with whom they partner
                                                                                   IDIA works with the head of the company as a partner
    and to whom they contribute financing expertise.
                                                                                   and shareholder, but is not involved in operational
                                                                                   management. IDIA offers to help define and implement
                                                                                   company strategy.




4 IDIA 2009 Annual Report
                                                                                 Communications Department, from left to right:
                                                                                 Sophie Dano, Alessia Amighetti, pascale Crab.




          Assistants, from left to right:
          laurence le Gall, Fatiha Michelard, Joëlle Scardina, evelyne Kosuth.




+
  FINANCIAL RESOURCES
+

With more than e1.2 billion under management, IDIA
can invest e1 million to e100 million per transaction. It
                                                                                 Middle office, from left to right:
coordinates with the Crédit Agricole Group’s networks                            pedro Moreno, Catherine péjac, Anthony piveron.
and external funds for deals on a national or international
scale, where the Group’s presence is a formidable asset.
As a result, IDIA works to create French market leaders
with international reach.
Regardless of the size of the deal, IDIA can contribute
bespoke financial solutions incorporating equity as well
as mezzanine and senior debt.

+
+
   NETWORK
As part of one of europe’s leading banking groups, IDIA
has an exceptional network of contacts and a unique
level of access to high-quality business flows. It is
therefore in a prime position to facilitate the growth and
international expansion of the companies it invests in.




                                                                                                               2009 Annual Report IDIA   5
   The long-term
   growth capital
   expert in agrifood
   and agroindustry
   As part of Crédit Agricole              IDIA operates in development
   Group’s Private Equity                  capital abroad:
   & Finance Division, IDIA has
   partnerships with companies                        with French
                                            partnering
   at every stage of the agrifood            companies abroad;
   process:
                                            CA  Agro-Alimentare S.p.A.,
    agrifood   companies;                   a fund managed with
                                             the support of IDIA Italia S.r.l.
    agroindustries;


    sectors related to food industries.


                                                                LONG-TERM GROWTH CAPITAL IN AGRIFOOD
   IDIA also invests in the wine
   industry and agriculture:                                           Agrifood companies      Agroindustries
                                                                                               and related sectors
    vineyards;


    agricultural   production.                                 LONG-TERM GROWTH CAPITAL IN THE WINE INDUSTRY

                                                                                    prestigious vineyards


                                                                LONG-TERM GROWTH CAPITAL IN AGRICULTURE

                                                                       Farms                   Forestry, farming
                                                                                               and vineyard groups


                                                                LONG-TERM GROWTH CAPITAL ABROAD

                                                                       French companies        Italian companies
                                                                       abroad




6 IDIA 2009 Annual Report
                                                                                                                   Long-term growth capital

                                                                                                                                              in agrifood
IDIA, the agrifood
and agroindustry partner

IDIA works alongside entrepreneurs:

 providing development capital to help           enabling  a manager/shareholder to lock
  finance large-scale development projects;        in a portion of his stake through an OBO
                                                   (Owner Buy Out) while still benefiting from
 arranging transfers such as LBOs and LBIs        the company’s future development;
  with an expert in the sector;
                                                  within   the framework of a spin-off;

                                                  studying  a share reclassification as part
                                                   of a capital reorganisation.




Its involvement takes the form of minority
stakes in equity (or a majority holding,
alongside other partners) or, alternatively,
financial instruments that can offer
access to equity.

    investments typically amount to between
 Its
  e1 million and e100 million.
                                                                             Investment strategy
 Depending    on the invested company’s                                     To become an active, long-term partner
  location and profile, IDIA invests alongside                               for agrifood and agroindustry companies:
  regional private equity companies and works
  closely with Crédit Agricole Regional Banks                                 by  strengthening its presence among
  and the LCL network.                                                         core target firms worth between e15
                                                                               million and e300 million with a specific
                                                                               market position and prospects for
                                                                               growth;
                                                                              by participating in the sector’s major
                                                                               deals in cooperation with other financial
                                                                               partners;
                                                                              with the backing of Crédit Agricole’s
                                                                               network, which has a high profile in
                                                                               agrifood finance, with 40% market
                                                                               share.




                                                                                                  2009 Annual Report IDIA 7
Long-term growth capital
                           in the wine industry
                                                                               IDIA,
                                                                               the winemaker’s partner
                                                                               IDIA manages a fund that invests in majority and minority stakes
                                                                               in prestigious vineyards.

                                                                                IDIA   manages majority interests          IDIA  also has minority stakes
                                                                                   in estates in the Bordeaux,                in prestigious vineyards, alongside
                                                                                   Burgundy and Madiran regions,              the family shareholders.
                                                                                   including:                                 The target properties are valued
                                                                                                                              at €50-150 million, and the average
                                                                                   q Château Grand-Puy Ducasse
                                                                                                                              investment target is €5-15 million
                                                                                     Grand Cru Classé Pauillac;
                                                                                                                              over a 7 to 10 year period.
                                                                                   q Château de Rayne Vigneau
                                                                                     1st Grand Cru Classé Sauternes;
                                                                                   q Château Meyney
                                                                                     Saint-Estèphe;
                                                                                   q Château La Tour de Mons
                                                                                     Cru Bourgeois Supérieur,
                                                                                     Margaux;
                                                                                   q Château Philippe-le-Hardi
                                                                                     Aloxe-Corton, Santenay,
                                                                                     Beaune, Mercurey and more.




 the CA Grands Crus team, from left to right:
 paul Charrin, Alain Crohem, Alessia Amighetti, thierry Budin.




                                   Investment strategy
                                   To help promote the development of
                                   prestigious vineyards and increase
                                   their worth over time:
                                    improving      the reputation and
                                        quality of vineyards and estates;
                                    forming    lasting partnerships
                                        with winemaking families;
                                    participating     as a minority shareholder
                                        in properties producing or with
                                        the ability to produce wines
                                        of international renown.
                                                                                                                 thierry Budin, Managing Director,
                                                                                                                 and Anne le naour, technical Director.




       8 IDIA 2009 Annual Report
                                                                                                               Long-term growth capital

                                                                                                                                          in agriculture
IDIA, the partner
for farm managers
IDIA offers development capital and buyout solutions for efficient farming
businesses with high potential.

 IDIA puts together structured financing        acquires minority stakes worth
                                               It
  combining equity, convertible bonds           between e600,000 and e2 million.
  and long-term subordinated debt.




    Investment strategy
    To become an equity partner
    in farming businesses, in collaboration
    with Regional Banks, for a period
    of six to seven years.



                                                                                             From left to right:
                                                                                             nadine Goulu, Catherine Bouchard,
                                                                                             paul lambert, Henri Corbel,
                                                                                             Sylvia Rouilly.




Forestry, farming
and vineyard groups
IDIA manages 217 land groups (including 31 vineyards) representing
13,100 hectares, and four forestry groups representing 5,200 hectares,
i.e. a total of 18,300 hectares.

 Shares in the forestry groups are            The  vineyard groups are almost
  subscribed by the Crédit Agricole             all owned by individual clients,
  Group and institutional investors.            most of whom are customers
                                                of the Regional Banks.
 The Crédit Agricole Group has a
  majority stake in farming groups.


                                                      Investment strategy
                                                      • Meet the needs of Regional Banks’
                                                        individual clients by creating one
                                                        or two vineyard groups a year.
                                                      • Develop and consolidate forestry
                                                        assets as part of a sustainable
                                                        development policy.




                                                                                             2009 Annual Report IDIA 9
Long-term growth capital

                           abroad
                                             IDIA, the partner
                                             abroad
                                             IDIA assists French companies in agrifood and agroindustry
                                             with their international development plans, helping them carry out
                                             equity transactions:

                                              to   finance an acquisition abroad;    to  strengthen their stakes in existing
                                                                                         subsidiaries.




                                             Investment strategy
                                             To assist French senior managers
                                             with their international plans by playing
                                             a role in organic growth
                                             and acquisitions.




                                             IDIA in Italy:
                                             CA Agro-Alimentare S.p.A.
                                             With the creation of CA Agro-Alimentare S.p.A., IDIA now provides direct
                                             support for Italian companies, working in partnership with the Cariparma
                                             Foundation and the networks of Crédit Agricole’s Italian subsidiaries
                                             Cariparma and FriulAdria:

                                                          executing specific equity                  helping  Italian companies finance
                                                           transactions dedicated to                   their international expansion plans.
                                                           companies in the sector;

                                                          responding  when a company
                                                           seeks new investors to finance a
                                                           development project, as part of a
                                                           share transfer or reclassification;

                                                         The target companies are valued at between e10 million and e150 million
                                                         and the average investment is between e5 million and e15 million over a period
                                                         of 7-10 years.


 the IDIA Italia S.r.l. team,
 from left to right: Stefano Masini,
 Francesco orazi, Alfredo Cicognani,
                                       Investment strategy
 nicolò Francesco Rienzi,              To develop partnerships with companies
 Cinzia Colombo.
                                       in Italy, by drawing on the Cariparma
                                       and FriulAdria networks, which have
                                       a strong presence among Italian companies
                                       in the sector.




       10 IDIA 2009 Annual Report
                             Main commitments



France Frais                           Grimaud                             Valade                                  elitech
Business: fresh food distribution      Business: poultry farming           Business: jams and stewed fruits        Business: in vitro diagnostics
Entry dates: 2010 & 2009               Entry dates: 2010, 2008 & 1996      Entry dates: 2009 & 2007                Entry dates: 2009 & 2007
Operation: development capital         Operation: development capital      Operation: development capital          Operation: development capital




Les Maîtres Laitiers du Cotentin       Grimaud La Corbière is the world    Founded over 100 years ago,             Elitech specialises in the produc-
is an agrifood group made up           No. 3 in the genetic selection of   Valade is France’s leading              tion and distribution of reagents
of dairy production units and          poultry. The company has built up   producer of processed fruits            and medical testing equipment
distribution companies that sell       three complementary businesses      for the catering industry and is        for microbiology, biochemistry
to catering firms. The group owns      over the past 35 years:             an industry standard in private         and molecular biology, which it
three milk processing plants in        • genetic selection of quality      labels. The company has a plant         sells to medical testing labora-
Normandy: Sottevast, Valognes            poultry;                          in Lubersac, Corrèze, and as at         tories. The leading independent
and Tribehou (50).                     • duck breeding and incubation;     31 August 2009 had sales of             French player in the medical
                                         and                               approximately €58 million.              biology market, Elitech offers
France Frais, a wholly-owned           • biotechnologies for human and                                             a wide range of products, with
subsidiary of Les Maîtres Laitiers       animal health.                    k The company’s potential for           over 3,000 items used for in vitro
du Cotentin, was founded in the                                              development, the experience           diagnostics.
1990s. It comprises more than          The group has plants in the           of its management team
50 wholesale food companies            United States, Europe and Asia,       and the possibilities for             As at 31 March 2010, Elitech’s
that supply a range of products to     and posted sales of €154 million      external growth were the              total sales reached €80 million.
municipalities, catering firms and     in 2009.                              key factors contributing to           To further its international deve-
the traditional sector (restaurants,                                         IDIA’s investment decision.           lopment, on two occasions in
small shops, etc.), across the         k A shareholder since 1996,           IDIA has held a 35% share             2007 Elitech sought backing
whole of France. These products          IDIA now owns 11%                   in Financière Lubersac since          from investors, including IDIA, to
include dairy produce, fresh foods       of Grimaud. In 2008 and             2009, after having taken              finance the acquisition of US
(e.g. meat, deli products and            2010, it took part in the           a stake into the company              company Wescor and Dutch
salads), frozen foods and dried          two-phase acquisition of            in 2007.                              company Vital Scientific, both of
goods such as flour, chocolate,          Newsham Choice Genetics,                                                  which are specialised in manu-
sauces and canned goods. As              the US No. 2. in swine            .                                       facturing biomedical equipment.
at 31 March 2009, France Frais           genetics, thus allowing the
had generated annual sales worth         Grimaud Group to take the                                                 k IDIA once again assisted
€690 million.                            No. 2 position worldwide                                                    the group in 2009 in its
                                         in terms of multi-species                                                   acquisition of Nanogen’s
k In 2009 and 2010, IDIA                 genetic selection.                                                          Italian subsidiary, which
  supported France Frais in                                                                                          specialises in molecular
  development capital deals                                                                                          biology kits, and of the
  that have made the company                                                                                         company Serfib. IDIA now
  a leader in the wholesale                                                From left to right: olivier de pelet,
                                                                                                                            holds 11% of the capital
  fresh food market in France.                                             Janick Belin (Chairman of Valade),                   in Financière
                                                                           and philippe Cristao pedro                               Elitech.
                                                                           at the lubersac plant.




                                                                                                                   2009 Annual Report IDIA 11
                           Main commitments
                                                                                                                             RESTAURATEURS A PARIS




Malteurop                            pellenc                                        Socopa Viandes                       norac
Business: malting                    Business: agricultural equipment               Business: beef and pork products     Business: snack foods
Entry date: 2009                     Entry date: 2009                               Entry date: 2009                     Entry dates: 2009 & 2005
Operation: development capital       Operation: share reclassification              Operation: development capital       Operation: development capital




Founded in 1984, the Malteurop       Pellenc SA is the leader on two                The business of Socopa Viandes       The Norac Group operates in
Group is the global leader in the    markets: agricultural equipment                is the slaughtering and carving      five areas: sandwiches (Daunat),
malt industry. It belongs to a       (for vineyards, olives and orchards)           of beef and pork. The company        pastries (La Boulangère), indus-
group of cooperatives, including     and handheld power tools for pro-              was created by the Socopa            trial baking, prepared foods,
Champagne Céréales. Backed           fessionals from parks departments              Group’s acquisition of these         and pastry products (Goûters
by its annual production capacity    and local government.                          business activities in 2009 from     Magiques).
of 2.3 million tonnes of malt, it                                                   the French leader in the meat
operates 23 malting plants and       Based in Pertuis in Southeast                  supply chain, the Bigard Group.      Created over 20 years ago,
employs a total staff of 900.        France, Pellenc SA also has an                 Its industrial sites now provide     the company is a leader in its
Following its 2008 acquisition of    international presence via its                 thorough coverage of the whole       markets and continues to enjoy
ADM Malting, a subsidiary of US      distribution subsidiaries in the               of France. It posted sales of €1.4   steady growth.
group Archer Daniels Midland         United States, Chile, Australia,               billion in 2009.                     It is mainly present in Western and
specialised in processing barley     Morocco and Turkey, and its                                                         Northern France and in Burgundy.
into malt, and of a Russian malt     production subsidiaries in Spain,              k In 2009, IDIA supported            In 2009, Norac’s consolidated
factory belonging to Ochakovo,       Italy, Slovenia and China. In 2009,              Socopa Viandes in a                sales reached €469 million.
Malteurop became the leader          it generated consolidated sales                  development capital
on the top three beer markets        totalling €101.7 million, over 50%               project. IDIA owns 3%              k IDIA supported the Norac
in the world (Europe, Asia and       of which from outside France.                    of the company’s capital             Group in another development
North America), with an industrial                                                    today.                               capital operation in 2009.
presence on four continents          k In 2009, IDIA supported
(Europe, North America, Oceania        the company in its share
and Asia) and privileged access        reclassification operation.
to all barley cultivation zones.       IDIA now holds 14% of the
As at 20 June 2009, the group          capital in Pellenc SA.
had generated €743 million in
consolidated sales.

k In 2009, IDIA supported
  Malteurop in a worldwide deal
  worth €55 million, aiming
  to refinance the group’s
  international acquisitions.




                                     From left to right: Roger pellenc (Ceo), olivier de pelet
                                     and Jean-pierre petavino (executive Vice-president)
                                     at the pellenc site in pertuis.




12 IDIA 2009 Annual Report
tereos participations                Val nantais                           Ariane / Axéréal                       eurial
Business: sugar                      Business: ready-to-eat salads         Business: milling and malting          Business: dairy products
Entry date: 2009                     Entry date: 2009                      Entry dates: 2008 & 2004               Entry date: 2008
Operation: development capital       Operation: development capital        Operation: development capital         Operation: development capital




Tereos is an international agro-     Val Nantais is the leading market     Axéréal was formed when two            Eurial Poitouraine collects, treats
industrial group that processes      gardening cooperative in France.      cooperatives, Epis-Centre and          and processes milk from three
beets, sugar cane and cereals        Its membership counts some            Agralys, merged in 2008 to create      cooperatives: Colarena Presqu’île,
into sugar, alcohol and starch.      one hundred market gardeners          one of the leading European            Poitouraine and Ucal. The milk is
                                     producing 30,000 tonnes of            cereal producers, with sales of        processed into several families of
A leading sugar manufacturer in      vegetables each year on more          €2.8 billion in 2009. Primary          products, including dairy produce
France and the Czech Republic,       than 1,300 hectares of land. Val      processing is handled by Ariane,       (cow and goat cheese, butter,
Tereos also ranks third in Brazil    Nantais generated consolidated        a subsidiary specialised in malt,      cream, and organic products),
through its subsidiary Guarani       sales of €51 million in 2009,         flour and animal feed.                 pre-sliced frozen cheese ingre-
and is No. 3 in Europe for starch.   50% of which from salads,                                                    dients, and milk ingredients
Tereos had sales of more than        especially watercress.                In 2004, Ariane boosted its malt       (casein, powders and mixes).
€3.3 billion in 2009.                                                      production business significantly
                                     In view of the increasing number      with the acquisition of Belgian        The products are sold to large-
k In 2009, IDIA took part            of meals being eaten away from        malt producer Boortmalt, thereby       scale retailers, caterers and the
  in a capital increase              home and the ongoing changes          achieving critical mass on the         agrifood industry. Eurial has
  by Tereos Participations,          in dietary patterns, Val Nantais      market and gaining access to the       11 industrial plants in France
  which handles the                  hopes to further develop its ready-   port facilities of Antwerp.            and employs a staff of 1,250.
  international and diversified      to-eat vegetable business.                                                   In 2009, it generated sales of
  businesses of the French                                                 In 2008, Ariane acquired the Celbert   €548 million, 20% of which in
  leader in sugar. This share        k In 2009, IDIA invested in Val       Group and thus became France’s         exports.
  issue allowed Tereos                 Nantais through a convertible       third-largest flour producer.
  Participations to increase           bond issue, the proceeds                                                   k In 2008, IDIA assisted
  the capital of its Brazilian         of which have been used             k IDIA organised equity                  Eurial with the creation
  subsidiary, Guarani, listed          to build a new 4,500 tonne            and quasi-equity financing             of its subsidiary HCI,
  on the São Paulo Stock               capacity packing plant for            rounds, including all of               which produces industrial
  Exchange. IDIA had                   ready-to-eat goods.                   Ariane’s financial partners,           mozzarella for the global
  previously assisted Tereos                                                 for these two major deals.             market.
  in 2002 with its acquisition
  of Beghin-Say.




                                                                                                                  2009 Annual Report IDIA 13
                             Main commitments



Sofial / Glon Group                  lesieur - Soprol                     Gad / Cecab                          Fruité entreprises
Business: animal nutrition           Business: edible oils                Business: pork products              Business: non-alcoholic beverages
Entry date: 2008                     Entry date: 2008                     Entry date: 2008                     Entry date: 2007
Operation: lBo                       Operation: development capital       Operation: lBo                       Operation: share reclassification

    RESTAURATEURS A PARIS




Glon is the French leader in         Specialising in oilseed processing   The Gad Group is a major player      Fruité Entreprises is specialised
animal nutrition, with eight inte-   and conversion, the Soprol Group     in the French pork market, with      in the production and sale of
grated businesses. Animal feed       is now the market leader in          some 2.7 million pigs slaughtered    fruit juices and syrups. It is the
accounts for 2/3 of total sales,     France, with 70% of the French       annually. IDIA had assisted          leading independent French
with the remainder divided           oilseed pressing market, 80%         with the 2001 merger between         producer of non-chilled fruit juices,
between poultry, eggs and pork.      of refining, a 60% market share      Gad and Prestor, a pig farmers’      and the leader in syrups, thanks in
                                     in edible oils with its Lesieur      organisation. This created a         particular to the Teisseire brand. In
With a workforce of 3,900            division, and 80% of biodiesel       group that spanned the entire        2009, Fruité Entreprises recorded
employees, the Glon Group’s          through Diester Industrie and its    pork production chain, from pig      €324 million in sales.
consolidated sales totalled more     subsidiaries. Soprol has 1,350       rearing by Prestor’s suppliers, to
than €1.4 billion in 2009.           employees and operates 15            slaughter and cutting, and finally   k IDIA acquired a stake
                                     industrial sites. In 2009, it made   curing of the finished products.       in Fruité Entreprises in 2007
k IDIA underwrote a reserved         sales worth approximately €3.9                                              during a reclassification
  capital increase in 2008           billion.                             k IDIA partnered with                  of a portion of the shares
  and now holds 10% of                                                      the group again in 2008              held by its founding
  the capital in Sofial,             k IDIA took part in Soprol’s           for the merger with Cecab’s          shareholder.
  the holding company                  2008 capital increase                pork business, which made
  that acquired the group.             and currently holds                  Gad the No. 3 in France on
                                       a 5% stake in the group.             the market, with total sales
                                                                            of some €650 million
                                                                            in 2009.




14 IDIA 2009 Annual Report
AtC                                  Goûters Magiques                            In Vivo nSA                           Agrial / Florette
Business: specialised press          Business: pastries and crêpes               Business: animal health & nutrition   Business: ready-to-eat salads
Entry dates: 2007 & 2005             Entry date: 2007                            Entry date: 2007                      Entry date: 2000
Operation: share reclassification    Operation: lBo                              Operation: lBo                        Operation: development capital




ATC is one of three specialised      Goûters Magiques, France’s No.              In Vivo NSA (formerly Evialis) is     France’s      third-largest      multi-
agricultural press groups, deve-     2 producer of pastry products               a French leader in animal feed.       speciality cooperative by reve-
loping its business of publishing,   (madeleines, pound cakes, fruit-            Organised in three divisions          nues, Agrial is present in
printing and distributing news-      cakes, crêpes, etc.), was created           – animal nutrition (complete          Normandy and Northern Brittany.
papers and journals, principally     by a merger of the Galápagos                feed), premix and specialities,       Its operations cover dairy, meat
in Eastern France.                   Group’s pastries branch (Gaillard)          and animal health – the company       and cider (for which it is the French
                                     with Norac Group subsidiaries               has subsidiaries in 17 countries.     leader), but most importantly,
With more than 15 years of           Le Ster and Whaou. Goûters                  In 2009, In Vivo NSA generated        fresh vegetables, a segment in
experience in the digital printing   Magiques generated sales of                 consolidated sales of more than       which it is the European leader
of a variety of media, ATC now       €96 million in 2009, in the cate-           €1.4 billion, approximately 40%       across the entire product range.
has five business divisions.         ring sector and in supermarkets             of which outside France. IDIA,        Consolidated sales for the coope-
                                     with its own Le Ster and Whaou              alongside the In Vivo Group           rative totalled €2.2 billion in 2009.
The company was created by           brands. The company is based                (Europe’s largest cooperative
François Grandidier, the current     in Locminé, Brittany, where it has          group and the French leader in        k To support the group’s
Chairman and CEO. To boost           two plants and employs a staff of           the premix market), participated      development, IDIA acquired
ATC’s external growth, in 2005       around 450.                                 in the acquisition of a majority      Agrial bonds as well as shares
François Grandidier asked IDIA                                                   stake in Evialis in 2007.             and convertible bonds in its
to take the place of an individual   k IDIA holds a 6.7% stake                                                         subsidiary, Florette.
shareholder and thus acquire a         in Goûters Magiques.                      k IDIA now owns 20%
30% interest in the company.                                                       of Financière Evialis,
                                                                                   the holding company
k At present, IDIA holds a                                                         created for the deal,
  40% stake in ATC’s capital,                                                      and thus helps
  following the purchase of                                                        to develop synergies
  shares from a departing                                                          between the two groups.
  shareholder. In 2009, ATC
  recorded e15 million
  in sales.




                                     From left to right: Bruno Caron (Chairman
                                     of norac), Christian tacquard (Chairman
                                     of Goûters Magiques) and olivier de pelet
                                     at the locminé plant.




                                                                                                                       2009 Annual Report IDIA 15
                       Main commitments


    In the agricultural sector
    PROGRAINES                              COULEURS D’AQUITAINE                       JARDIN DE RABELAIS
    Development capital investment in       Development capital investment             Development capital investment at
    late 2009 to assist a grower wishing    in April 2009 for the commercial           year end 2008 in support of one of the
    to develop a production/sales           restructuring of the Bergerac              market leaders in cherry tomatoes:
    business for edible seeds:              cooperative:                                Construction   of a new 30,000 m²
     Area of land planted in 2009:          Takeover of SOCAV (2008 sales:             greenhouse
      250 hectares                            €11.8 million)                            Expected  annual output
     Expected   final area: 750 hectares    Pooling of commercial equipment            of 3,000 tonnes
                                              and resources                             2009   sales: €8.3 million
                                             Expected   annual sales of 10 million
                                              bottles
                                             2009   sales: €17.8 million




    In the winemaking sector
                                             Château   Grand-Puy Ducasse (Pauillac)
                                             Château   Meyney (Saint-Estèphe)
                                             Château   de Rayne Vigneau (Sauternes)
                                             Château   La Tour de Mons (Margaux)
                                             Château   de Santenay (Bourgogne)
                                             Châteaux   Montus-Bouscassé (Madiran)




16 IDIA 2009 Annual Report
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