PSB : Business Report 2014

BUSINESS

REPORT

2014

EDITORIAL

Olivier SaLa Un

Pr esiden t & CEO of PSB INDUSTRIES

SUCCESS BEYOND NUMBERS

Annual report time is an opportunity not only to look back but also to look forward and see how the past year achievements will prepare us to reach our future goals.
Naturally, the first thing we look at is the numbers.

Figures for 2014, the first year of our Ambition 2020 strategic plan, are particularly promising for PSB INDUSTRIES. With revenues of €262 million and high operational profitability (EBIT of €22.7 million), we can confirm our solid cash flow and are improving our ROCE. Also noteworthy were the record number of new products introduced for major customers and the sharp decline in lost time accidents.
Beyond the numbers, our focus is first and foremost on our people.
It's about the women and men behind concrete efforts in the areas of innovation, marketing, safety, procurement and industrial excellence programs, the real keys to profitable growth.

It's about the women and men who have joined us or sought training to develop cross-company programs that leverage our synergies and capitalize on the strengths and values of our Group.

It's about the people on the Board of Directors and Executive Committee who chart the course of our Group through strong governance.
To all of them, I express my gratitude and renewed full trust.
I would also like to thank all our customers and the partners who support us in our day-to-day operations.

Together in 2015, we will build on our progress and write the next chapters of our story as we roll

out the Ambition 2020 strategic plan.

As we declared when we unveiled our new visual identity -industrial imagination- at the
anniversary celebration of our business units and PSB INDUSTRIES as a whole last October, the

story has just begun…

2 3

5 STRATEgIC AREAS:

2014, THE YEAR OF

IMPLEMENTATION

It is by focusing even more on customer satisfaction in

France and abroad that we are building the future of PSB

innOVaTiOn

FinanCiaL manaGemenT

INDUSTRIES Group together:

The Ambition 2020 strategic plan that was launched in

2013 is taking shape as we make significant progress toward our 5 strategic objectives.

Making our customers happy is our highest priority as we continue to pursue profitable growth.

indUSTRiaL eXCeLLenCe

Increase in the number of innovation projects:
> Materials:
Overmolding of fabric on Surlyn®
> Decoration
>Anti-counterfeiting via surface nanostructuring
> 3D digital printing
TEXEN
> Acquisition of C+N Packaging: Consolidated industrial presence in the beauty market in the U.S. and Poland

> Reinforcement of commercial & marketing team with four new hires

> Recapture of the German market:
exclusive sales representative
CGL Pack
> Market-based restructuring to better serve Food, Non-food, Health, and Industrial customers
> Withdrawal from certain non-key markets
> Creation of innovative, eco-design marketing concepts
> Attendance at tradeshows in Asia (benchmark of creative ideas in development of packaging solutions)
BAIKOWSKI
> Creation of a Marketing Department with two newly hired market managers
> Creation of a logistics platform in Shanghai through subcontracting arrangement with a Chinese partner
> Strengthening of Finance team
> Implementation of a 100 million syndicated loan to finance acquisitions and WCR.
> Deployment of WCR project
> Purchases: Elaboration of a Group strategy
- Skills development (training)

- Establishment of family lead buyers/

project buyers for each business unit
- Recruitment of purchasing manager at Baikowski and development of structuring plan

To secure productivity gains in purchasing, we

identified purchase savings of over 3%. This gain came primarily from raw

TEXEN
Investments in a number of the
Group's plants:
> CCM: Investments (>600,000) in the plant, including a new decorating process (interior lacquer) for Dior

> ROSE: Hot stamping and investments in a screen printing machine for Clarins care products

> MAYET: Technical innovations to create the Dior Fluid Stick (injection and overmolding of a metal ring)
> CEICA: Investment in a 30 bar compressor for PET blow molding purchase of fast prototyping software for LVMH and Bacardi
CGL Pack
Investments and developments at the Annecy plant (1 million):
> Transformation of a cleanroom into an ISO 7 cleanroom
> Specific lines for automation and automatic discharge of cartons

CGL Pack Lorient: implementation of the HACCP approach and BRC/ Iop standard (underway)

BAIKOWSKI
> 18% reduction in major industrial consumables through process optimization and purchase structuring
CGL Pack
> Creation of the multi-competencies
«Innov'Pack» team
> Nomination of the Clipseal® concept for the Innovation Awards at the CFIA tradeshow (dedicated to the food suppliers)
> Innovation Award at the Paris Packaging Tradeshow for two innovative material concepts (Clearseal® and Expanseal®)
> Winner of the 2014 Bref Rhône-Alpes Award for its environmental approach using the 3x3® eco-balance tool
BAIKOWSKI
Market diversification through two innovative industrial processes:
> Sapphire market: New process for synthesizing ceramic disks
> Miniaturization of electronic systems:

Our ViSiOn

To be the preferred industrial partner in the following markets:

• Food

• Lighting & High-tech

Industries

• Luxury & Beauty

• Healthcare & Hygiene

>Through responsibility, passion, and innovation to promote progress and well-being

Our VaLUeS

Our miSSiOn

To anticipate and satisfy

the needs of our customers

>Through our teams' efficiency and unique know-how

Our POSiTiOninG

PSB INDUSTRIES

conceives, develops,

materials and production consumables.

Wilfrid Grossoeuvre / Purchasing, BAIKOWSKI

HUman C aPiTaL

> Creation of a Group Human

Resources position
> Deployment of the Ambition 2020 strategic plan (video, internal booklet for employees)
> Integration of international teams
> kAM (key Account Manager) training to strengthen the skills of our sales teams

Training helps us hone our skills and rethink our work methods. This KAM training covered the

«Major Accounts»

approach. It stressed

synthesis of micron-sized alumina
balls as heat dissipation additives
(resins, adhesives, etc.)

Assuming our corporate responsibility, leveraging the human and environ- mental dimensions

>Respect

>Ethics

>Team spirit

Focusing on innovation and know-how as

long-term factors of success

>Performance

>Excellence

>Creativity

Exceeding customers'

expectations as we co-create value

>Commitment

>Professionalism

>Continuous improvement

and produces innovative, tailor-made high-end solutions

>To optimize the performance of our industrial partners, who are leaders in their markets

how important it is to really know both our

customers and ourselves to become even more effective.

Yannick Ledorguet / Sales, CGL Pack

4 5

R émi Weidenmann /

Rémi W eidenmann, CFO , PSB INDUSTRIES

KEY

FIgURES

A SOLID FINANCIAL STRUCTURE

PSB INDUSTRIES achieved sustained growth in 2014, with revenues of

REVENUES

257,0M€262,0M

NET INCOME IN €MILLION

13,9 M€

EBITDA* AND EBIT IN €MILLION

M€

38,0

€262 million (€257.5 million at constant exchange rates and perimeter). Despite the complex economic climate in our four main markets, dynamic marketing efforts allowed the group to maintain stable operations.

In 2014, PSB INDUSTRIES rolled out numerous initiatives to bolster

12,6M€

M€

EBITDA

21,0M€

EBITDA

22,7M€

IMPROVED OPERATIONAL

operational profitability, both in terms of commercial policy and cost management. The operating margin (EBIT) for 2014 was 8.7% (or €22.7
million), up 8.1% over 2013.
With a strong EBITDA* level of €40 million (up €2 million over 2013), the group demonstrated its capacity to generate a significant level of operating

2013 2014

€

2013 2014

,60€

EBIT EBIT

RESULTS

cash flow, posting €31.8 million in 2014.
PSB INDUSTRIES' already solid financial structure was further bolstered in
2014 by a net debt of €69 million, including debt associated with the acquisition of the C+N group, and €109 million in shareholder equity. By boosting operational profitability and using strict debt management, PSB
perimeter).
Given these positive results, the Group proposed that the annual general meeting authorize a dividend of €1.60/share, an 18% increase over 2013.

2013

RETURN ON CAPITAL EMPLOYED (ROCE)

8,5%

2013

2013

OPERATING FREE CASH FLOW(1)*

AND INVESTMENTS(2)

44,1M€(1)

31,8M€(1)

2013 2014

NET DEBTS (IN €MILLION) AND NET DEBT-

TO-EQUITY RATIO

65,7M€

This distribution level allows the Group to consolidate shareholder equity in support of its future growth.
PSB INDUSTRIES' efforts over the course of 2014 to align its financing structure with the Ambition 2020 plan culminated in February 2015 with the signature of a €100 million syndicated loan (with a minimum maturity

2013 2014

11,1M€(2)

2013 2014

11,5M€(2)

67%

2013 2014

63%

of 5 years) to round out existing medium-term financing.
Priorities for 2015 will be the integration of the C+N Group, proceeding with the 2020 Ambition plan and structuring PSB INDUSTRIES.

60

65%

REVENUES BY BUSINESS

*excluding investments

36%

REVENUES BY LOCATION

28%

AMERICAS

Beauty

Packaging

55

19%Custom Packaging

FRANCE

PSB INDUSTRIES SHARE PRICE

FOR THE YEAR 2014

6

50

45

40

35

30

January 2014 December 2014

16%Specialty Chemicals

* EBITDA: Operating income +/- variations in depreciation and non-operating provisions

30%

EUROPE

%

ASIA

7

BAIKOwSKI

d enis deR UeLLeS /Pr esident ofB aiK O WSKi

>A YEAR BEYOND OUR EXPECTATIONS

COnSOLidaTed ReSULTS

innOVaTiOn dRiVinG deVeLOPmenT

REMARKABLE gROwTH IN THE YAg FIELD FOR LED LIgHTS

The year 2014 ended with revenues slightly up and consolidated income markedly improved over 2013, thanks in particular to actions taken to re- duce fixed and variable costs.
In terms of business activity, we gained significant ground with the sapphire market for smartphones, offsetting the lackluster growth in our historic markets of fluorescent lighting and watches.

Our other historic markets (HID lamps, CMP semiconductors, tech- nical ceramics, and polishing) are holding steady or experiencing slight growth, buoyed by the confidence of customers such as Air Products, Osram, Ceramtec , and others.

In new markets, we are seeing notable growth in the YAG field for high-power LEDs, whereas thelithium battery market, which is stable in terms of volume, is suffering from price erosion accentuated by the weak Japanese yen. Transparent ceramics are still garnering intensive interest, which Baikowski intends to leverage in the coming years through industrial and business applications.
In these challenging times - marked by sapphire's «industrial adventure» in smartphones, the downturn in historic markets, and sluggish new market development - we have stayed the course in terms of industrial rationaliza- tion (methods, purchasing, process optimization) and continued our R&Defforts (co-development with customers, process consolidation, new pro- duct studies).

We completed the first phase of our efforts to strengthen our R&D and marketing resources by recruiting two market managers whose primary mission will be to advise us on our short-, medium-, and long-term strategic

choices (segmentation, market understanding, investments). 1

2015-2016

Our main challenge for the next two years will be the launch of the four high-priority projects set out in our 2020 ambition plan (Sap- phire, Batteries, Thermal Additives, and Transparent Ceramics). The goal of these projects is to offset declining markets (e.g., conventional lighting) in the medium term, while fostering recurring development in our niche mar- kets (CMP, polishes, ceramics, and composites).

2

We WiLL LeVeRaGe OUR THRee maJOR COmPeTiTiVe adVanTaGeS

> The diversity of our market portfolio
> Our mastery of processes, on several continents
> Unique products dedicated to each customer application

3

Sapphire

for telephones and screens

1- Transparent ceramics

2- Thermal additives

3- LED

8 9

CgL Pack

S ylv ain Ra UX /PRESIDENT OFCGL P ac k

>ENHANCED PROFITABILITY FOR REwARDINg gROwTH

CGL Pack operations confirmed its recovery in 2014. Our strategic plan, coupled with the specific actions targeting our product mix,

maJOR adVanCeS FOR PROFiTaBLe GROWTH:

Customer: Bigard

Red rPET steak tray

yielded very encouraging results.

Revenues stabilized at around €48.5 million, gaining back over €2 million, much of it in the Food industry, our main market. Notable in 2014 was the strong growth with historic customers like Mix'Buffet and Bigard, and the rise of new key accounts, such as Groupe Agrial. However, the Healthcare market, where CGL Pack has built extensive expertise in recent years, remained ratherquiet compared to 2013. This was mainly due to the impact of our customer Becton Dickinson's sales, which were down markedly in the second half of 2014. Nonetheless, all of the contracts binding us to these key accounts were renewed without hesitation. As for our activities in the Non-food Distribution market, we saw a fairly significant drop over 2013. A few major customers in this market experienced flagging sales due to the dismal DIY and Non-food Distribution markets.
Our profitability improved notably and is firmly in line with objectives, thanks to a number of factors:
> Discontinuation of products with no added value
> New business
> Partially favorable material prices
> Structural and operating costs control
> Industrial productivity increase

> Higher prices for several products

2014 was also a year of business development. Thanks to the hard work of our teams, we established a new record for potential business opportuni- ties-some of which have already yielded results.
We qualified our Annecy facility with an ISO 7-certified cleanroom and automa- ted line outputs. We also resumed upgrading work at our Lorient facility toserve our Food Industry customers even better. Innovation continues to drive us, and in 2014, we created «Innov'Pack», a multi-competence team tasked with analyzing the challenges our customers face and implementing packaging solu- tions and concepts such as Clipseal®.

Clipseal®

Patented system

None of this would be possible without the commitment of our workforce, who we provide with regular training (we trained and certified thermoforming setters through a Professional Qualification Certificate [PQC] program in 2014). We also stepped up our on-site oc- cupational health and safety efforts, considerably reducing the number of lost time accidents in 2014.

Customer: Bonduelle

Complete meal kit: Thermoformed rPET

tray inserted in a carton

Customer: FeRRinG

For 2015, we anticipate a return to growth, particularly in the Food and He markets. Developments from the previous year will contribute to profitable throughout 2015. Next year's challenges center on our strategic objectives:

Diversify our technology offerings (injection, printing, etc.)
Develop specific products for the food professions and food industry customers

Boost our Healthcare market positioning by acquiring new customers

Customer: Sanofi

PET multi-pack: 25 veterinary vaccine vials

Thermoformed PET cushioning for treatment kit

10 11

INNOVATION AND INTERNATIONAL DEVELOPMENT

TEXEN

F abr ice B aRaVa GLiO /Pr esident ofTeXen

Rimmel Solo Wonderful mascara® (COTY)

Cap and tube created by blow molding with metallization and hot stamping

For 2014, Texen's revenues were stable after a record year in 2013.

GROWTH and innOVaTiOn, a WinninG COmBinaTiOn

Production facility: MAYET

Opium Black perfume

(YVeS SainT LaURenT)

Cap injected and assembled with an insert to keep it on the perfume bottle. Hot-stamped decoration.

Production facility: CMSI

This situation masks some major contrasts:

On the one hand, the Luxury market grew strongly, posting a 10% increase.

On the other hand, the «masstige» market was down 7%, in Mexico and the United States in particular. This decline has been offset by major new develop- ments, such as Dior's rechargeable serum, Hermès's perfume cap, the RobertoCavalli bottle cap, Coty's Rimmel mascara, and many other prestigious launches.

neW SKiLL, STROnGeR TeamS

2014 saw the acquisition of C+N Packaging (€20 million in revenues - 250 employees - 2 sites in the U.S. and 1 in Poland), a group specialized in injection molding and surface treatments (high-end varnishing, lacquering, and metalliza- tion). This acquisition will allow Texen to strengthen its customer portfolio, par- ticularly in the Beauty & Perfume markets (Avon, Elizabeth Arden, Estée Lauder,and Shiseido) and acquire several positions on the Spirits market. This «human- scale» acquisition is in line with our Group's values and, given C+N Packaging's technological and geographic position, is a perfect fit. The acquisition will open up new opportunities for us in the U.S. and Eastern European markets.
Faced with these changes, Texen's teams have grown, particularly with the arrival

in 2014 of a new HRD, as well as a new Financial Director and a Technical

Since its founding in 2013, Texen Lab has sparked the curiosity of current and prospective customers with deve- lopments like the overmolding of fa- bric on Surlyn®, decoration (diffractive effect) and anti-counterfeiting using surface nanostructuring, 3D digital printing, and other ideas. After the many lab visits organized in recentmonths, Texen Lab activities are picking up pace. To better assist its customers, the lab has partnered with Materiautech® (Allizé Plasturgie), which works to promote the plastics industry and innovative businesses.

Current business forecasts are positive for 2015, with a mix of organic and external growth, particularly in Asia. Much of the year will be dedicated to in-depth structural work to help inte- grate the teams that recently joined us and to fulfill our customers' needs in new geographic areas.

dior Serum

Dior's first rechargeable care line:

- Screen printing and hot stamping decoration

- Varnishing and lacquering inside the bottle

Production facilities: CCM Surface treatment CMSI Injection

Director. From a sales and development perspective, we doubled the number of
employees of these teams in one year in order to respond to new customer developments.

in 2014 TeXen'S eXPeRTiSe and ReLiaBiLiTY eaRned US TWO

aWaRdS FROm maJOR CUSTOmeRS:

Jeu d'Amour perfume (KENZO)

A superb injected cap in Surlyn® (ionomer resin)

Production facility:

CMSI

Estée Lauder recognized our industrial excellence

'2014 Supplier Excellence Award for

Operating Performance'

Yves Rocher presented Texen with the '2014 Supplier

Trophy, Quality Category'

1- Anne-Louise Rossand, Sales Representative, Texen

2- Serge Darsat, Sales Director, Texen

3- Olivier Djezvedjian, Purchasing & Quality Director, Yves Rocher

Or Rouge line

YVeS SainT LaURenT

Texen produced the injected black cap that is assembled with a metal top engraved with YSL.

Production facility:

CMSI

12 13

PSB INDUSTRIES Board of Directors

GOVERNANCE

gOVERNANCE TOwARDS THE FUTURE

CORPORATE SOCIAL

RESPONSIBILITY

(CSR)

RESPONSIBLE DEVELOPMENT RESPECTINg THE ENVIRONMENT

COmmiTed FamiLY

and indUSTRiaL SHaReHOLdeRS

%: shares held

33,8%

ivate

10,5%

Provendis

%

0,5%Treasury Shares

PSB INDUSTRIES continued to enhance its governance in 2014 by drawing on the corporate governance code for listed companies (AFEP- MEDEF). The company partially renewed its Board of Directors at the May 27, 2014 General Assembly by appointing four independent direc- tors, with respect to the principle of diversity in governance. The Board of Directors can now access new competencies to round out those of the representatives of historic family shareholders, who remain very involved and continue to provide strong support to the company.
In 2014, the Board of Directors conducted a comparative study on go- vernance practices, assessed its ability to meet shareholders' expecta- tions, and adopted internal regulations setting out operating rules and procedures for itself and for its specialized committees:
- Strategic Committee,
- Audit Committee

CGL Pack

At CGL Pack, CSR is a daily concern that takes all stakeholders into account. The company's responsible actions are summed up every year in a booklet that presents projects rolled out in accordance with the three pillars of sustainabledevelopment. For the environment, CGL Pack continues working toward carbon- free growth, reducing its footprint by 12% since 2009.

CARBON INDICATOR

Kg of CO² emitted/Kg of packages sold

base 100 = 2009

As part of its environmental performance, the Group deploys human and material resources, including an HSE manager (Health, Safety, Environment) at each PSB INDUSTRIES business unit as well as health and safety agents at each facility.

TEXEN

- Plants equipped with skimming/settling tank: separation of hydrocarbons to avoid discharge into storm water

- Recycling of up to 40% of sprues

16

Wirth

Family

18%Cachat Family

21,2%Entremont Family

- Compensation Committee
These committees complement the cross-company working groups within the organization by facilitating and enhancing the Board of Directors' work and decisions, enabling us to envision the future of the Group with serenity.

100

98,3 95,8

93,9 91,5 88,1

- Use of refrigerated units to heat shop
floors and offices
- Carbon balance carried out at four sites
- CEICA expansion consisting of a 5,500 m² wooden structure (safer and more environmentally friendly)
- Skylights installed to reduce number of

CEICA facility (wooden architecture )

G ene R a L a SS em BLY

1,73 4,2 6,1 8,5

11,9

lights needed

President and CEO

COMEx

The COMEx was strengthened in 2014 by the arrival of two new members: Sandra HONG, who's position as Director of Human Resources was createdat the beginning of the year, and Rémi WEIDENMANN as the new CFO.

2009 2010 2011 2012 2013 2014

CO2index % of savings

Annecy facility

- Savings of over 43% on gas

BAIKOWSKI

Top, left to right

>Sylvain RaUX

President of the Custom Packaging unit

(CGL Pack)

>Rémi Weidenmann

CFO, PSB INDUSTRIES

>Fabrice BaRaVaGLiO

President of the Beauty Packaging unit

(TExEN)

Bottom, left to right

>Sandra HOnG

Director of Human Resources,

PSB INDUSTRIES

>Olivier SaLaUn

President and CEO, PSB INDUSTRIES

>denis deRUeLLeS

President of the Specialty Chemicals

unit (BAIkOWSkI)

consumption from 2013 to 2014

- New LED lighting system in the finished

product warehouse

Lorient facility

- Heat recovery from compressors and refrigerated units to fuel heating system in shop floors and stores

- Dimmers installed on granulator lines to reduce energy consumption
- Gas consumption reduced by 10% at the Annecy facility through optimization of several industrial procedures

- Carbon balance carried out on Alun

GAS CONSUMPTION

CeRTiFiCaTiOnS

All facilities are ISO9001-certified (quality standard). PSB INDUSTRIES intends to extend OHSaS 18001 (occupational health and safety standard) and iSO14001 (environmental standard) certification to all of its facilities in the coming years.

2 certifying bodies (LRQA and AFAQ)

14 15

S andr a HOnG

H uman R esour ces Dir ector , PSB INDUSTRIES

CORPORATE SOCIAL

RESPONSIBILITY

(CSR)

The women and men at PSB IN- DUSTRIES are the hear t and soul of the Group and our big- gest asset, whic h is why we are committed to developing our human capital and suppor ting our managers.

The Human Resources Policy, based on the Group values, aims to guarantee a safe and healthy

HUMAN CAPITAL:

OUR BIggEST ASSET

In 2014, we recruited 174 new people. We also encourage internal mobility to foster the sharing of

IN 2014 THE

PSB INDUSTRIES GROUP HAD

>3 BUSINESS UNITS

>17 PRODUCTION FACILITIES*

>1,578 EMPLOYEES

*Including a joint venture in Japan

EMPLOYEES BY GENDER*

2013

2014

environment for all.
The HR Department was structu- red in 2014 with the creation of an HR Director position as well as an HR Steering Committee made up of representatives from each business unit who meet on a monthly basis. The committee's mission is to establish priority actions, discuss best practices, and lead cross-company projects.
knowledge and culture. Appren-
ticeship, a real opportunity for young people to gain real on-the- job experience, continue to grow and must be expanded further.
Continuous improvement hinges on our performance both as indivi- duals and a group. In annual re- views with their supervisors, all employees must get feedback on the quality of their work and how they can progress.

On-site breakfasts

In addition to conventional communication platforms (newsletters, communication from managers, etc.), discussion breakfasts were held with PSB Management in 2014 and will continue in

2015. C+N employees, who recently joined the Beauty Packaging business unit, appreciated this open and direct type of communication with their

«new family».

Safety, an imperative for all

EMPLOYEES

BY BUSINESS UNIT

*Not including group subsidiaries in the U.S., where collecting this information is not permitted by law.

Répartition de l'effectif par région

EMPLOYEES BY REGION

(Excluding equity affiliates, particularly in Asia)

gUARANTEEINg A SAFE AND HEALTHY

Fostering skill development also allows us to anticipate the future.

Skills planning initiatives and rela-

Our safety indicators improved in 2014, but there is always more to be done. That is why we're continuing our campaign

2013

2014

2013 2014

2013

2014

2013 2014

0%

2013

2014

2013

2014

ENVIRONMENT

The focus for 2014 was on profes- sional (key Account Management, Purchasing), language and manage- ment (employee development, proximity management) trainings.
The Group, with its workforce of roughly 1,600 people, is continuous-
ted tools, like those we have in place in the Specialty Chemicals business unit, need to be enhanced to align employee career paths with company needs and strategy.
The dialogue we have with our staff is a source of wealth and new ideas. This entrepreneurial spirit is part of the Group's DNA and we must pre-

and promoting safe behaviors by and for all.

Beauty

Packaging

Custom

Packaging

Specialty

Chemicals

NUMBER OF TRAININGHOURS

Société mère

France Rest of Europe Americas

LOST TIME ACCIDENTS

ly growing. We must develop and recruit new talents, both in France and internationally.
serve it while opening ourselves up to new environments around the world.

Corporate Games: A friendly competition and some great results

For the second year running, the Group took part in the Corporate Games multisport challenge in Annecy. Six medals were awarded to the Group's members at this fun event designed to boost the

all-important feeling of team spirit that brings us

all together!

1,8

2013

1,9

2014

In 2014, 5,133 training hours were dedicated to safety

(i.e., 26% of the total number of training hours).

*Training rate

(= training expenses/payroll)

1,1*

26,3**

2013

0,7*

20,9**

2014

* Severity rate: Number of days off work due to lost time accidents with sick leave per thousand hours worked

** Frequency rate: Number of lost time accidents with sick leave per million hours worked

16 17

PRESTIgIOUS INTERNATIONAL REFERENCES

BRANDS & CUSTOMERS

LUXURY &BeaUTY

FOOd

& diSTRiBUTiOn

HeaLTHC aRe

& HYGiene

LiGHTinG

& HiGH-TeCH indUSTRieS

AMWAY AVONBACARDI BOURJOIS CHANEL CLARINSCOTY

(Roberto Cavalli, Davidoff, Rimmel, Lancaster, Guess...)ESTEE LAUDER HERMES

INTERPARFUMS

(Jimmy Choo)

L'OREAL (Giorgio Armani,Helena Rubinstein, Lancôme,

L'Oréal Paris,

Yves Saint Laurent, Gemey Maybelline... )LVMH

(Dior, Guerlain,

Givenchy, kenzo, S+ , Benefit... )

VICTORIA SECRET YVES ROCHER

3M AGRIAL BLACK&DECKERBIGARD BONDUELLEDIM

EURIAL FLORETTE MARTINETMARVINPAC MIx'BUFFET ROUTIN

SB ALLIANCE

ATRIUM

BD PHARMACEUTICAL

BIOMERIEUx BOIRON KIMBERLEY-CLARK LILLY
NICE-PAk
PIERRE FABRE SANOFI

SMITHS MEDICAL

UCB
AIR PRODUCTS AUTOLIV BOSCHCERAMTEC

COMADUR GROUPE SWATCH DJEVA

ESSILOR FILMTRONICS GENERAL ELECTRIC ISOVER

kYOCERA
NGk OSRAM PHILIPSSONY VALEOWD-40

18 19

PSB INDUSTRIES

BP 22 / F-74001 Annecy Cedex
Tel. +33 4 50 09 00 02 / Fax +33 4 50 27 11 78 www.psbindus.com

TEXEN

ZI Le Pognat / BP 77 / F-01460 Brion
Tel. +33 4 74 76 71 60 / Fax +33 4 74 76 71 58 www.groupetexen.fr

CGL PACK

BP 9020 / F-74990 Annecy Cedex 9
Tel. +33 4 50 27 34 50 / Fax +33 4 50 27 34 47 www.cglpack.com

BAIKOWSKI

BP 501 / F-74339 La Balme de Sillingy Cedex Tel. +33 4 50 22 69 02 / Fax +33 4 50 22 28 92 www.baikowski.com

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