Avril Activity Report 2015

ACTIVITY
REPORT
2015
New
ambitions
to build
the future

AVRIL — RAPPORT ANNUEL 2015
2
CONTENTS
2
A Group structured along
sectoral lines
4
Portrait of the Avril Group
6
Joint interview with Xavier Beulin
and Jean-Philippe Puig
8
Corporate governance
12
Financial performance
13
Key figures
14
2015 at a glance
1 23ACTIVITIES
58
Financial information
INTRODUCTION STRATEGY
18
Avril’s challenges
for tomorrow’s world
20
A new strategic ambition
22
A customer-focused Group
that is strong and competitive
in its markets
24
A resolutely international group
based on the conquest
of new markets
26
Innovation to drive the creation
of sustainable value
28
People to serve the ambitions
of Avril 2020
32
Sofiprotéol,
finance and development company
36
Oilseeds Processing
40
Oils & Condiments
44
Oleochemicals
46
Animal Nutrition
49
Biosecurity &
Nutritional Specialties
52
Animal Processing
56
Avril Development
“Rapeseed fields in the Brocéliande forest”,
Nicolas Brugvin (Copeol), 2015 photo competition.

PROFIL
11Creating sustainable value
in the oils and proteins sectors,
thus contributing to better food
for humans and preservation
of the planet.
OUR
MISSION

AVRIL — ACTIVITY REPORT 2015
2
A Group structured
along sectoral lines,
from grain to finished
products
Seeds, plant health products,
biotechnology; other inputs
and services
Proteochem®
100,000
agricultural producers
Collection of oilseed
and protein grains
Crushing
Proteins
Oils

PROFIL
3
Involvement of Avril
(industrial and/or finance activities)
Involvement of Sofiprotéol,
Animal nutrition,
Biosecurity
Eggs, pork
Genetics and Animal
health, other inputs
and services
Livestock farmers
Milk, meat
Poultry
Renewable
energies
Renewable
chemistry
Food

Avril, the industrial
and financial actor
of the oils and proteins
sectors
Avril is leader in:
• the crushing of oilseed grain in France,
and one of the leaders in Europe,
• the production of table oils in France,
Morocco and Romania,
• the production of biodiesel from oilseeds in Europe,
• animal nutrition in France,
• the egg market in France,
• oleochemistry in Europe,
• vegetable glycerine production in the world.
Set up in 1983 at the initiative of French farmers to offer
sustainable markets for the oils and proteins sectors,
Avril is present in areas as diverse as human foods, animal nutrition,
and renewable energies and chemicals.
4
€ 6.1 bn
turnover
7,200employees
21countries

Strong territorial roots in France
15 sites in oilseed sectors
44 sites in animal sectors
REUNION ISLAND
Industrial sites Commercial offices
Global breakdown of employees in 2015
One third of turnover achieved internationally in 2015
64%
14%
7%
6% 6%3%
France Morocco Romania
Belgium Europe Other
5
PORTRAIT OF THE AVRIL GROUP

6
2015 WAS THE YEAR OF AVRIL’S LAUNCH.
WHAT IS YOUR ASSESSMENT,
A YEAR LATER?
Xavier Beulin: I have been surprised
by the speed at which we adopted our
new name. We felt that people within
the Group had a desire for change,
and were looking for a common iden-
tity. As for the Group’s governance and
management, we found our feet very
rapidly. The external personalities who
joined the Board have offered comple-
mentary views that have been unbiased
and of high quality, notably regarding
our new strategic plan, Avril 2020.
Jean-Philippe Puig: Our partners in
agriculture were closely involved in the
discussions, offering excellent advice
and contributing valuable points to our
long-term strategy. It was necessary
to decide together on our core skills
and principal orientations. This plan
was remarkably well received by our
partner farmers and constitutes a truly
joint project. It is a major change for
Avril and a new challenge: to operate in
a more collegial manner.
WHAT WERE THE PRINCIPAL FEATURES
OF THIS YEAR?
X. B.: First of all, an unprecedented
economic context: the price collapses
that affected petroleum and agricul-
tural raw materials, and a crisis in the
livestock industry which proved to be
a major structural issue for France,
which suffered from a lack of compet-
itiveness with its European neighbors.
J.-P. P.: I would add the pressure we
Pursuing investments
to better prepare
the future
2015 was the year when Avril was born and
constructed. Despite a particularly difficult context,
the Group resisted well and determined its new
strategic ambitions. A shared perspective
from Xavier Beulin, Chairman of Avril Gestion
and Jean-Philippe Puig, CEO of Avril.
Xavier Beulin

7
JOINT INTERVIEW WITH XAVIER BEULIN AND JEAN-PHILIPPE PUIG
felt from major retailers on prices. We
are living in a paradox: it is difficult to
combine production that meets high
standards in terms of quality and trace-
ability with systematic alignment to the
lowest bidder. The combination of all
these factors affected several of our
activities. But despite this particularly
unfavorable context, there were some
reasons for satisfaction: our perfor-
mance was less good than in 2014, but
thanks to all our efforts over recent
years to reduce costs and integrate our
activities, we were able to withstand the
shock. We have rarely invested so much:
in our industrial facilities, in our sectors
and via Sofiprotéol. We are preparing for
the future.
HOW HAS AVRIL RESPONDED TO THE
CRISIS IN FRENCH FARMING?
J.-P. P.: A few examples: in the egg
branch, we are rebuilding the sector by
finding new markets. For the first time,
we exported 60 million eggs to the US
and Mexico. Thanks to the partnership
we have just signed with the German
firm Tönnies, we are developing 100%
French pork products for supermarkets
which previously only sold imported
meat, and we are creating jobs in this
area. A third example is the creation with
Fleury Michon of a sector of excellence
in pork, where our partner has under-
taken to ensure equitable remuneration
throughout the chain, which will have
positive effects on livestock farmers. In
this way, we are managing to create real
value within our sectors, in line with our
stated mission.
It is because we have
a strong and profitable
model that we can develop
internationally.
We need to find new
markets outside France.
2015 ALSO SAW THE BIRTH OF YOUR NEW
STRATEGIC PLAN. WHAT DO YOU HOPE IT
WILL ACHIEVE?
X. B.: This is the first time that we have
stated in a strategic plan that our focus
is on international growth, other than by
opportunity. In the longer term, we are
also aiming to find a balance between
the exploitation of vegetable oils and
proteins, which means that we shall
have to adopt new orientations. The
planet’s deficit in vegetable proteins,
which will occur within the next fif-
teen years, is an issue that has not been
wholly grasped. Protein will become a
crucial topic, and it is central to the Avril
2020 plan.
J.-P. P.: The guidelines are simple. First
of all, we must strengthen relations with
our customers in all areas, so as to bet-
ter exploit the advantages of our sec-
toral organization and our know-how,
and take better account of their needs.
In the commodities markets, our prices
must be the best. We need to continue
developing our specialties thanks to
innovation, with particular focus on
proteins. Finally, we must accelerate
our international efforts, and our pri-
ority target is clearly Africa. Indeed, we
have a duty to develop our model there,
because we feel that it would help the
continent’s population, which will reach
around 1.2 billion within the next twenty
years. We need to find the resources to
achieve all this.
Jean-Philippe Puig
THE FOURTH STRATEGIC AREA OF AVRIL
2020 FOCUSES ON PEOPLE…
X. B.: The human dimension of our pro-
ject is fundamental. I am aware of the
efforts we are demanding and proud of
the mobilization of our teams. Many ini-
tiatives have been taken to cultivate the
Group dimension acquired with Avril,
and this is strengthening in line with our
international growth. We need to give a
sense to our work, explain our strategy
and sustain a spirit of conquest, particu-
larly during difficult times.

8
Original governance
for a unique model
Original governance
When it was created in early 2015,
Avril took on a new governance
structure and the status of a limited
partnership with share capital (Société
en Commandite par Actions, SCA).
This structure can separate the power
of shareholders (limited partners
[associés commanditaires], that include
the FIDOP 1
and FOP 2
as well as the
Fondation Avril, recognized as a public
utility), from that of the manager
7 BUSINESS LINES
ANIMAL
NUTRITION
BIOSECURITY
& NUTRITIONAL
SPECIALTIES
ANIMAL
PROCESSING
OLEOCHEMICALS
AVRIL
DEVELOPMENT
TERRES UNIVIA FIDOP FOP
The Avril group’s governance corresponds to its ambitions
while perpetuating one of its founding principles: the systematic
reinvestment of its profits to the benefits of its sectors.
—
JEAN-PHILIPPE PUIG
CEO of Avril
OILSEEDS
PROCESSING
OILS &
CONDIMENTS

9
GOVERNANCE
The Board
Xavier BEULIN
Chairman
Bernard DE VERNEUIL
Member of the Board and Administrator of the FOP
Pierre PRINGUET
Vice-Chairman of the Board, Pernod Ricard
Arnaud ROUSSEAU
Vice-Chairman of the FOP
Jean-Pierre DENIS
Chairman of Crédit Mutuel Arkéa
and Crédit Mutuel de Bretagne
Sylvie RUCAR
Consultant
Gérard TUBÉRY
Chairman of the FOP
Anne LAUVERGEON
CEO of Alp Services and Chair of SIGFOX
Alain MIROT
Previously Manager of SIA 4
(Avril Gestion, the general partner
[associé commandité]). This helps to
ensure that the founder shareholders
in the Group remain central to its
growth strategy. The partners work
through a Supervisory Board with
eight members who include two staff
representatives from the Avril Group,
elected by their peers. The Supervisory
Board is chaired by Jacques Siret,
who is also Chairman of Terres Univia 3
.
The general partner, Avril Gestion,
appoints the manager of the SCA
and decides upon the major strategic
and financial orientations of the
Avril Group. Its Board comprises nine
members: four from the FOP, three
qualified personalities and two previous
CEOs or corporate officers of the Group.
A more flexible organization
In 2015, discussion groups looked
at how to adapt the managerial
organization to the new challenges
faced by the Group. Avril now has
a more agile, resilient and efficient
organization, structured around
Sofiprotéol, its finance and
development company, and seven
business lines (see diagram opposite).
1
FIDOP: Interprofessional Development
Fund for the Oilseeds and Proteins Sector
2
FOP: French Federation of Oilseed and Protein
Crop Producers
3
Terres Univia: Interprofessional organization
for oilseeds and protein crops.
4
SIA: Support and Development Compagny
for the Oilseed Sector

10
Deputy CEO, in charge
of Sofiprotéol minority
stakeholdings, Sustainability,
Innovation, M&A, and the Strategy
Deputy CEO, oversees the Oilseeds
Processing, Oils & Condiments
and Oleochemicals Business Lines
Deputy CEO, oversees the Animal
Nutrition, Biosecurity & Nutritional
Specialties, Animal Processing and
Avril Development Business Lines
An extended
Executive Committee
In order to optimize the scope of its new strategic plan
Avril 2020 and to support changes to the Group’s
managerial organization, the Executive Committee
has been extended to include the principal activities
of the Group and the Innovation Division.
Michel BOUCLY
Jean-Philippe PUIG
Yves DELAINE Éric PHILIPPE
CEO of Avril

11
Industrial and International
Development Vice-President
(VPID), in charge of Operational
excellence, Safety, Quality,
Environment and Supply chain
General Manager of the Animal
Nutrition Business Line
Human Resources Vice-President
(VPHR), in charge of Health,
Security and Well-being at work,
oversees Communications
General Manager of
the Oleochemicals Business Line
Chief financial officer (CFO),
oversees Legal affairs
and Information systems
General Manager of the Animal
Processing Business Line
GOVERNANCE
Innovation Vice-President (VPI)
Jean-François ROUS
Gabriel KRAPF Philippe LAMBLIN Aymeric MONGEAUD
Bernard MAHÉ Moussa NACIRI Yann RENOUVEL
General Secretary in charge
of public and institutional affairs
Stéphane YRLÈS
General Manager of the Oilseeds
Processing Business Line
Jean-Baptiste BACHELERIE

12
Deciphering
the year
As the first year of operation of the Avril Group,
2015 was a year for construction and investment in
the modernization of our tools and processes. 2016 will be
the year when our transformation will accelerate,
around the orientations of the Avril 2020 strategic plan.
AYMERIC MONGEAUD,
Chief Financial Officer of the Avril Group
Deputy CEO of Sofiprotéol
products. Crushing margins also shrank
under the effect of smaller rapeseed
and sunflower harvests in 2015 and a
competitive environment exacerbated
by abundant soybean supplies. Despite
these adverse conditions, the Group held
its own and achieved an EBITDA that
reached €206 million.
The finance company achieved excel-
lent performances in its two areas of
investment and financial management
in an uncertain market environment, by
driving a dynamic of rotating its portfo-
lio while reinforcing its commitments
throughout the sector.
HOW DO YOU EXPLAIN THESE RESULTS?
They are linked to the significant efforts
and gains in productivity achieved in
the context of the Group’s operational
excellence program, initiated in 2013.
They also confirm the pertinence of
our strategic choices, based on a busi-
ness model that has gradually evolved
towards more specialties as a catalyst
for innovation and value creation. This
reorientation was reflected in three
areas: the increasing importance of spe-
cialty products with global markets in the
fields of oleochemicals, biosecurity and
animal nutritional specialties; the consol-
idation and refocusing of our positions,
with the sale of high-risk activities where
we are not involved in the sector (such as
biodiesel in Italy), and the conclusion of
strategic alliances to conquer or recon-
quer market shares in environments that
are experiencing difficulties, such as the
partnership signed with LDC in animal
nutrition.
WHAT ARE YOU EXPECTING IN 2016?
Our debt level has remained low when
compared with the size of the Group.
This financial solidity will allow us to
maintain an ambitious level of invest-
ment, which is essential if we are to con-
solidate our sectoral model and ensure
the competitiveness of our industrial
assets. In this respect, 2015 saw the
launch of a major project to modernize
our infrastructures, processes and infor-
mation systems, designed to underpin
the construction of the Avril Group initi-
ated in 2014. In 2016, we shall be accel-
erating our transformation while holding
the same course. We shall be pursuing
our efforts to achieve operational excel-
lence and implement the orientations of
our strategic plan, Avril 2020, based on
the development of new markets for our
sectors and the conquest of new geo-
graphical regions. The current context
requires caution, but more than ever we
are confident in the future.
WHAT IS YOUR ANALYSIS OF THE AVRIL’S
OVERALL PERFORMANCE?
The Group had to deal with a combina-
tion of factors that affected almost all its
areas of activity. The weakness of raw
material prices, compounded by marked
volatility, squeezed its margins and
penalized biodiesel in particular. Nego-
tiations with major retailers in a context
of increasingly concentrated purchasing
units meant it was not possible to pass
on any price rises. Livestock sectors
experienced a very difficult situation that
combined an unprecedented crisis with
an unfavorable global geopolitical con-
text, which resulted in a marked reduc-
tion in the competitiveness of French

Key
figures
13
€13.5 m
Group net consolidated
pro forma income
€1,826m
equity
€6.1 bn
turnover
€206m
EBITDA
€186 m
invested in 2015,
including:
€50 m
of industrial investments
in animal sectors
€37 m
of investments by Sofiprotéol, the finance
and development company
€22 m
of investments devoted
to the Group’s information systems
€77 m
of industrial investments
in oilseeds sectors
7,200employees
21countries
82industrial sites throughout
the world, of which:
29 in oilseeds sectors
53 in animal sectors

14
Avril and LDC finalize
their planned alliance
2015 was the year of implementation
of an alliance signed in the autumn
of 2014, designed to foster the
development of an efficient French
poultry sector with international
ambitions. This took practical form
in February 2015 with the sale to LDC
of Avril’s poultry slaughtering
and processed products activities.
Illustrating the active role played
by Avril in consolidating sectors
at the service of the French Farm,
this alliance should also strengthen
Sanders’ position as the leader in
animal nutrition in France, and that
of LDC as a major actor in
the European poultry sector.
Sofiprotéol supports
Terrena in its takeover
of Doux
The cooperative group Terrena,
supported by Sofiprotéol as a minority
shareholder, entered exclusive
negotiations with a view to purchasing
the Doux Group, the third largest
company in the French poultry sector
(with brands such as Père Dodu and
Doux). This acquisition, finalized
in March 2016, will result in one
of the five largest poultry companies
in Europe. Through this commitment,
Sofiprotéol has confirmed its growing
involvement in structuring different
agricultural sectors.
FEBRUARY
MAY
2015
at a glance
This selection of highlights illustrates the permanent
foundations of Avril’s model: to build strong alliances
to consolidate French sectors, search for new markets,
focus on quality to differentiate products and create value
and jobs throughout the value chain.
Denis LAMBERT, Chairman of Groupe LDC,
and Jean-Philippe PUIG, CEO of Avril

15
A sector of excellence
for French porks
Set up jointly by Avril (Abera and
Sanders) upstream and Fleury Michon
with respect to processing and
marketing, this new sector proposes
a range of charcuterie products made
from pigs receiving non-GMO feeds
and no antibiotics*. At its launch,
21 of Sanders’ partner livestock farmers
were involved in the operation.
They have to comply with a very
detailed specification, defined in the
context of Sanders’ “Committed
to livestock” sectors of excellence.
These requirements concern
the environment, animal welfare and
the nutritional quality of products.
*Pigs fed with non-GMO French cereals that receive
no antibiotics after 42 days of age.
Two acquisitions
to accelerate international
development
Lesieur became majority
shareholder in SPHB, the leader
in the Reunion Island table oils
market and a major player in the
sauces, condiments and ketchup
markets. This operation will allow
Avril’s subsidiary to develop the
presence of its products in East
African and Indian Ocean markets.
In addition, the Group announced
its acquisition of the British firm
The Kerfoot Group, specialized
in the packaging and distribution
of oils for the food and cosmetics
industries, as well as in out-of-home
dining. This takeover opens new
markets for the vegetable oils
produced by Saipol.
JULY - AUGUST
New Lesieur plant
in Bassens
On 15 January 2016, Avril opened
in the presence of the French
Prime Minister Manuel Valls a new
Lesieur plant for the bottling
and packaging of vegetable oils
in Bassens, near Bordeaux,
thus marking the birth of the
largest subsidiary site in the
Group. This event provided an
opportunity for Avril to declare
its commitment to French
government policies on access to
employment in agri-food sectors.
JANUARY 2016
Avril associates with
Tönnies to create a 100%
French pork sector
Two major actors in the European
pig sector, the Avril Group and
the German firm Tönnies initiated
exclusive negotiations to create
a company to manufacture
products made using 100%
French pork, to be sold as fresh
foods by supermarkets. Called
“l’Alliance des Viandes de France”
(AVF), this joint enterprise, which
has been operational since April
2016, is based in Vire (Calvados,
Normandy) and should enable
the creation of 60 jobs.
SEPTEMBER
OCTOBER
2015 AT A GLANCE

16
S T R
A TON THE WAY
TO AVRIL 2020

PROFIL
17
R
T
4 Strategic Areas:
AREA #1
A customer-focused Group that is strong
and competitive in its markets
AREA #2
A resolutely international group based
on the conquest of new markets
AREA #3
Innovation to drive the creation
of sustainable value
AREA #4
People to serve
the ambitions of Avril 2020
Avril 2020 is the new strategic plan developed in 2015 by all entities
in the Group with the active participation of farmers from the FOP.
It can be broken down into 4 areas.

18
Avril’s challenges
for tomorrow’s world
To contribute to better foods for humans
and preservation of the planet. Avril’s vision
of the future is contained in its mission statement.
The Group has identified three key challenges
for the future to which it will provide solutions
through its original sectoral model.
Between now and 2030*, the
supply of vegetable oils will
exceed demand and thus satisfy
the world’s needs with respect to
food and renewable energies and
chemicals. On the other hand,
under the combined effects of
global demographic growth and
increasing demand for products
of animal origin, meeting needs
in terms of vegetable proteins
will be more difficult. One of
Avril’s principal challenges is
to respond to this situation.
Working to exploit protein from
oilseed grain and continuing
to invest in ensuring the
efficiency and productivity
of our sectors are two of the
Group’s levers for action.
MEETING THE NEED
FOR VEGETABLE
PROTEINS
Food production and transport
are important sources of
greenhouse gas emissions.
Through its close involvement in
agriculture, and as a pioneer
in biofuels, Avril aims to play
a leading role in solving the
food-climate equation and
favoring energy transition.
Under its sectoral model, these
two challenges are closely
intertwined: oil surpluses* can
contribute to the development
of renewable energies and
chemicals, while at the same time
responding through their
by-products to the key challenge
of vegetable proteins in the foods
of tomorrow. Avril works
in synergy with all its partners
in these sectors in order to
improve cultivation, livestock
management and industrial
practices, and thus assure
a long-term role for a virtuous
model that will continue to
provide solutions for the future.
ACTING FOR
THE CLIMATE AND
ENVIRONMENT Offering access to good quality
foods for the greatest number
is a fundamental challenge for
agriculture. Consumers are
increasingly attentive to the
traceability of products, their
origins and the conditions under
which livestock were reared.
Based on the principle that
to provide a good diet for humans
it is necessary to feed animals
properly and take care of their
health, Avril draws strength from
its know-how in different livestock
sectors to respond to these
concerns. This is the focus of the
Group’s efforts to structure French
sectors of excellence that will offer
consumers guarantees with
respect to the quality and origin
of products.
SERVING
CONSUMER
EXPECTATIONS
* BIPE-Avril foresight study 2014

ON THE WAY TO AVRIL 2020
Demand and supply of vegetable oils
and oilseed meals
Vegetable oils
(millions of tonnes)
300
250
200
150
100
50
2000 2010 2030
-1 Mt
-1%
+3 Mt
+2%
+8 Mt
+3%
500
400
300
200
100
2000 2010 2030
-5 Mt
-3%
+6 Mt
+2%
-58 Mt
-15%
Oilseed meals
(millions of tonnes)
Feeding 8.4 billion
people in 2030
2030
43% increase in global demand
for vegetable proteins between
now and 2030, driven
by Sub-Saharan Africa and India
+43%
2010
Source : BIPE, based on FAO data Source : BIPE, based on FAO data
Demand Supply
2010
2030
Africa: +54% population growth
between now and 2030, to reach
23% of the world’s population
19

20
A new strategic
ambition
In 2015, changes to Avril’s vision of the future
resulted in an adaptation of its strategic plan.
Called “Avril 2020”, the new plan focuses on two
important challenges to be met so that the Group
can better prepare and gear up for the future
of the sector: proteins and Africa.
MAJOR ADVANCES SINCE 2013
The new strategic plan is the result of
forecasts at a 5-year horizon made by all
the Group’s areas of activity and by
Sofiprotéol, its finance and development
company. Representatives from the
farming world participated actively in
compiling this plan, thus reaffirming the
crucial role of producers in the sector,
whose initiative created the Group in
1983. While forming part of a long term
vision of the challenges faced by our
planet, Avril 2020 is also in continuity of
the previous plan, CAP 2018, which has
enabled major advances since its launch
in 2013: improved operational efficiency,
illustrated by progress in safety at work
(the accident rate has fallen by 57% in
three years) and productivity; a success-
ful shift toward specialty products
targeting global markets in both Oleo-
chemicals and animal sectors, with the
birth of the Biosecurity & Nutritional
Specialties business line; and finally the
consolidation of French livestock sectors
where Avril, through its subsidiary
Sofiprotéol, has played a structural role
through its strategic alliances.
GEARING UP THROUGH PROTEINS
AND GROWTH IN AFRICA
Avril 2020 forms part of a prospective
dynamic that should enable the Group
to conquer new markets at a global scale.
The Group aims to play a leading role in
meeting the planet’s needs for protein
by exploiting the protein fraction of
grains, as it has already done in the field
of vegetable oils. Its second challenge is
geographical: to respond to major
growth in food demand from Africa by
accelerating its development through
the structuring of efficient and sustain-
able sectors, focused on local food
production.
REAFFIRMING THE AVRIL MODEL
This new plan also takes account of the
increasingly volatile markets where Avril
operates and the competitiveness chal-
lenges faced by French sectors, notably
concerning livestock. It is therefore nec-
essary to accelerate what has already
been initiated, by increasing efforts
towards productivity, seeking interna-
tional growth, and continuing to develop
activities and products with a high added
value that are driven by innovation.
Avril is a Group like no other. During this
period of challenges and change, its
unique model equips it with major
strengths. Its commitment to sustaina-
bility is central to its mission and the
reinvestment of all its profits in the devel-
opment of different sectors is a
powerful distinguishing feature of its
work. The Group’s governance offers it
the ability to drive a long-term strategy
built on prospective analysis. And finally,
its organization allows it to play a deter-
minant role in the structuring of sectors,
both upstream and downstream, to boost
their activities and promote agriculture
that can respond to both markets and
consumer expectations.
In a highly adverse
environment, we have been
able to project our plans
at a 5-year horizon, in order
to serve our mission. We are
confident and determined.
We know the areas that need
to be addressed if we are
to succeed.
MICHEL BOUCLY
Deputy CEO, in charge of Sofiprotéol minority
stakeholdings, Sustainability, Innovation,
M&A, and Strategy

The view from
upstream agriculture
Through a dedicated focus group, our
producers were closely involved in the
debate on Avril 2020. Our discussions
concerned both strategic orientations and
defining financial objectives for each area.
One particular concern was to find a
constant balance between the need for
profit and the proximity between different
activities and farmers. We also participated
in choosing Sofiprotéol’s investment
priorities so as to ensure that the
challenges of agricultural competitiveness
will be taken into account. I can indeed say
that this strategic plan is full of views
and ideas from the farming world; this
includes its international dimension that
will reinforce the Group’s future and allow
it to pursue its investment policies.
Avril has a role as a structuring actor
and a creator of competitiveness for
agriculture in France and elsewhere.
It is one of the solutions to the crisis we
are currently experiencing. By showing
that our products contribute to meeting
global challenges, Avril gives a sense
of purpose and pride to farmers.
Sustainable development is one of the
pillars of Avril. It is central to its mission,
which is reflected by the Group’s unfailing
commitment to supporting actors at all
levels in the agriculture and agri-food
industries. Avril has proved its ability
to form close links with these actors –
agricultural producers, livestock breeders,
research scientists and investors.
With them, it contributes actively to
the implementation of progress initiatives
to create value and offer practical
responses to the societal, economic
and environmental challenges related
to developing these sectors in different
regions. Through Avril 2020, the Group
seeks to reaffirm and broaden the scope
of its commitments.
GÉRARD TUBÉRY
Chairman of the FOP
Sustainabledevelopment,
aleverforAvril’slong-termfuture
KRISTELL GUIZOUARN
Director of Sustainable
Development
21

22
STRATEGIC AREA #1
A NECESSARY REDUCTION IN COSTS
The challenges of competitiveness are
central to the strategy of Avril, whose
mission is to create value in its different
sectors. In a difficult economic environ-
ment, where falling oil prices have had
a major impact on biodiesel, one of the
principal activities of the Group, and the
French livestock industry is experienc-
ing unprecedented distress. Avril is
pursuing its efforts to contain its costs.
The aim is to preserve the profitability
and future of its activities, notably in
commodities markets. In 2015, the
operational and strategic excellence
approach (EOS), which had already
achieved savings of nearly €50 million
since it was introduced in 2013, entered
a new phase (see opposite).
CONTINUING TO INVEST IN ORDER TO GAIN
IN PERFORMANCE
Between 2013 and 2015, Avril achieved
record investments of €550 million,
three-quarters of which were used to
develop its industrial assets. On its side,
Sofiprotéol invested €124 million over
the three years in providing long-term
support for the consolidation of compa-
nies in French agricultural and agrifood
sectors. Despite the difficult environ-
ment, the pursuit of investment is the
watchword throughout the Group. In
2015, nearly €140 million were once
again committed, and major projects
reached their conclusion, such as the
biomass boiler to support the new ester-
ification unit in Sète (Hérault), the Sim
Sanders cattle feed plant in Algeria, the
most recent industrial facilities for
Lesieur Cristal in Morocco for its Taous
soap brand, and the new Lesieur facility
in Bassens near Bordeaux, which has
been wholly operational since July 2015.
INTEGRATING THE CUSTOMER DIMENSION
AT ALL STAGES IN THE VALUE CHAIN
Gaining in-depth knowledge of cus-
tomers in each area and consolidating
this at Group level is a priority for Avril,
with a dual objective: to draw optimum
benefits from its sectoral organization
and to transmit customer expecta-
tions upstream, so that the Group can
produce better and in a more targeted
manner.
Avril’s ambition is also to enrich its port-
folio of industrial customers and make
this an opportunity for growth. With the
purchase of the British Kerfoot Group,
Avril has created a new market for the
sale of refined oils in the cosmetics and
food sectors, in synergy with Lesieur
Solutions Industries.
Finally, value creation also requires a
perceptible differentiation by consum-
ers. That is the mission of the French
sectors of excellence set up by Avril
with partners such as Fleury Michon or
McDonald’s.
Reinforcing a customer
culture, developing
commercial networks,
increasing the competitiveness
of industrial facilities by
capitalizing on the Group’s
know-how in terms of
operational excellence,
and working to develop
sectors thanks to investments
by Sofiprotéol, the Group’s
finance and development
arm, are all levers that should
permit Avril to confirm
its leadership in France
and provide foundations
for its conquest of
international markets.
A customer-focused
Group that is strong
and competitive
in its markets

Operational excellence
is a constant objective
23
For Avril, safety remains an absolute priority.
Between 2013 and 2015, the number of accidents fell by 57%.
This achievement was driven by a progress initiative called
EOS Safety, which targets zero accidents throughout
the Group’s activities. Three other EOS levers were operated
with success. While continuing to pool its purchasing
operations (savings of more than €20 million achieved
in 2015), Avril introduced a Supplier Relationship Management
(SRM) process to reinforce links with its strategic suppliers.
In terms of industrial performance, more than 200 projects
were launched and generated €8.5 million of added value.
These included the Eggxcellence program, which by improving
the egg packaging lines contributed a gain in productivity
of more than €1 million. Performance management methods
are now deployed in all factories, and a road-map allows
each unit to assess itself. Finally, with respect to energy
performance, 100% of the Group’s factories should obtain
ISO 50001 certification during 2016.
Our challenge is to consolidate our EOS programs,
through the integration in 2016 of logistics and quality,
so that the Group will comply with the best global standards.
—
GABRIEL KRAPF
Industrial and International Development Vice-President
Energy performance as an illustration of operational excellence.
Here, in Sète, sunflower hulls from the Bassens plant supply the energy necessary to operate the Saipol factory.

24
STRATEGIC AREA #2
A SECTORAL STRATEGY
FOR INTERNATIONALIZATION
With Avril 2020, the Group is laying the
foundations for a new dynamic of global
strength. Its ambition is to transpose
the sectoral model at an international
level, as is already the case in Romania
with Expur, and Morocco with Lesieur
Cristal. In the Moroccan market, Avril is
contributing to structuring the oilseed
sector through its commitment to the
Green Morocco plan, which reached its
maturity in 2015 with the production of
9,000 tonnes of olives (+50%) and
25,000 tonnes of sunflower (+80%).
Avril’s objective is to broaden the impact
of these efforts to Sub-Saharan Africa
(see opposite). In other Maghreb coun-
tries, consolidation is already under way.
In Algeria, Sim Sanders opened a new
cattle feed plant and the Group is plan-
ning the construction of a mayonnaise
factory with Lesieur. In Tunisia, the
Group – which already operates an oil
packaging plant – is aiming to grow
further upstream.
MORE MARKETS FOR PRODUCTS
AND SERVICES
Avril’s internationalization also means
advances in its know-how in specialty
areas. In symmetry with Oleochemicals,
which is developing products with high
added value, Avril is also exploiting its
expertise in livestock husbandry and
animal nutrition at an international level.
This is the vocation of the Biosecurity &
Nutritional Specialties business line,
which is accelerating its deployment
outside Europe through bases in Brazil,
Turkey and Vietnam, and alliances in
China, Senegal and Cameroon. Following
the same logic, Saipol has created a new
activity with The Kerfoot Group, relative
to vegetable oils for international indus-
trial customers (see p. 37). Already a
major exporter, Avril is also enhancing
the reputation of its finished products.
By taking over SPHB, leader in edible oils
in Reunion Island, Lesieur aims to develop
its presence in the East African and
Indian Ocean markets.
A NEW IMPETUS AND
APPROPRIATE ORGANIZATION
To accelerate its growth, Avril has
equipped itself with an organizational
structure adapted to its new geograph-
ical ambitions. Based on its French and
European roots, the aim is to develop
bases in three major regions: Africa,
North America and Asia. In each region,
Avril has a clear objective to conquer
new markets, a good example being a
North American market for olive oil from
its Moroccan olive groves.
Accelerating the Group’s
international development
is fundamental to finding
new opportunities for
growth. Avril aims to invest
in African oilseed sectors
as a response to the
explosion in local food
demand, and to develop
its skills in specialty products
with global markets
(Oleochemicals, Biosecurity
& Nutritional Specialties).
A resolutely
international group
based on the conquest
of new markets

The drive for Africa
25
The demographic explosion in Africa will generate considerable
demand for food. In 2020, Nigeria will be recording more births
than China. As its response, Avril is investing in Sub-Saharan
Africa in order to develop its food-related activities, as it has
already achieved successfully in Morocco with respect to olive
oil and sunflower, and is starting to do in Senegal in the peanut
sector, working with its professional partners. The aim is to give
new impetus to local oilseed sectors by providing farmers with
the technologies and good practices that will enable them to
increase their yields. After an initial exploratory phase in 2015,
2016 will be the year of strategic decisions: which geographies,
which products and with which partners. The Group estimates
that by 2020, Africa will account for around 30% of its global
workforce (10,000 people), as opposed to 15% at present.
External growth operations or alliances should allow it to
achieve this important step forward.
For Avril, Morocco constitutes a portal of entry to Sub-Saharan
Africa. The success of the project undertaken in partnership with
the Moroccan Kingdom to revive the cultivation of sunflower is a great
example of the relevance of the Avril model in the region. It increased
areas of land used for this crop and assured guaranteed prices
for producers. In the same logic, Avril is aiming to help revitalize
the oilseed sectors in Africa.
—
YVES DELAINE
Deputy CEO, in charge of the Oilseeds Processing,
Oils & Condiments and
Oleochemicals business lines
Through Lesieur Cristal, Avril is one of the first aggregators in the Moroccan olive sector.
Here, the El Kelaâ des Sraghna olive groves.

26
STRATEGIC AREA #3
A TURNING POINT FOR PROTEINS
2015 was the first year that produced
concrete results from Avril’s efforts in
the new area of proteins, with the devel-
opment of a series of technologies for
fractionation from grains and oilseed
meals. The aim is to produce concen-
trates (60% protein) and isolates (90%
protein) based on rapeseed and sun-
flower, and to develop specialty
products for different markets. The
concentrates have an optimum compo-
sition in amino acids, thus providing
solutions for animal nutrition. As a raw
material for aquaculture, they can also
replace soybean as a feed for young
animals. In human foods, the Avalon
program, a winner in the French World-
wide Innovation Challenge, aims to
propose isolates and derivatives for the
development of foods based on vege-
table proteins other than soybean. The
third application is Proteochem®
, a
promising area for Avril (see opposite).
INCREASED RID1
IN SPECIALTY SECTORS
Research is the backbone of develop-
ment in specialty areas such as
oleochemicals, where investments are
ongoing in industrial biotechnologies. In
Venette (Oise), the first products to
result from these processes are now
leaving the laboratories. In terms of
animal nutrition and improvements to
livestock practices, innovation will make
the difference on the international stage.
Research is central to the Biosecurity &
Nutritional Specialties business line, with
a team that should double in size
between now and 2020 and will be
focusing on highly ambitious and inno-
vative projects. Synergies are being
developed with plant chemistry to
develop biosecurity products and
micro-organisms for preventive use.
A RENEWED COMMITMENT
TO INNOVATION
To achieve scientific progress, Avril is
involved in breakthrough innovations
through its partner platforms. The
BioTfuel project aims to produce a new
generation of biofuels that use different
types of biomass. 2015 marked the start
of construction of two demonstrators
dedicated to the processing of biomass,
and these two pre-industrial units are
scheduled to start operations at the end
of 2016. The Energy Transition Institute
(Institut de la Transition Energétique,
ITE) P.I.V.E.R.T. 2
is pursuing its work to
build the biorefinery of the future,
through the initiation of several pilot
plants at the Biogis Center. In addition,
Sofiprotéol continues to provide active
support for research that will serve this
sector. The CapAgro Innovation venture
capital fund has already made eleven
important investments. And in early
2016, in the context of managing the
FASO 3
interprofessional fund, Sofipro-
téol signed an agreement with Dow
AgroSciences to develop protein-rich
rapeseed.
1
Research, Innovation, Development
2
Picardie Innovations Végétales, Enseignements et
Recherches Technologiques (Picardy Plant-based
Innovations, Teaching and Technological Research)
3
Strategic Oilseeds and Pulses Action Fund
Innovation is an essential
lever to develop new skills
and markets. Avril notably
aims to better exploit the
protein fraction of grains
and increase its market share
of specialty products with
a high added value.
The Group is also committed
to supporting research
by investing in upstream
agriculture through
Sofiprotéol.
Innovation to drive
the creation of
sustainable value
5principal RID 1
centers in France,
Morocco and Malaysia
15patents filed each year

Birth of a new area:
Proteochem®, protein chemistry
Avril’s RID efforts have evidenced the valuable qualities
of rapeseed proteins as additives in the resins used for
wood-based composite panels. To manufacture this additive,
the Group has set up a joint enterprise with the Israeli start-up
Biopolymer Technologies (BPT). This highly innovative additive
has several benefits for industrial customers in the sector:
they can use less resin to achieve equivalent performance,
replace current resins with those that are less toxic, and finally
optimize their spread, thus enabling a 20% gain in productivity.
Avril is also pursuing its research on the ligneous fraction
of oilseed meals in order to develop wood glues and material
strengtheners. Thanks to this new know-how, the Group will
soon be developing biosourced solutions for the timber
industry, a global niche market that can contribute
considerable added value.
2015 was a key year for proteins: we saw the concrete results
of our initial projects on the protein fraction of oilseed grains.
The new life given to oilseed meal opens the way towards
numerous applications.
—
JEAN-FRANÇOIS ROUS
Vice-President for Research Innovation
Research is the backbone for the development of specialty products.
Here, a colleague in the Oleon laboratory at Ertvelde, in Belgium.
27

28
AVRIL — RAPPORT ANNUEL 2015
STRATEGIC AREA #4
People to serve
the ambitions
of Avril 2020
THE DEFINITION OF
A MANAGERIAL IDENTITY
In response to the challenges of Group
change, the Human Resources Division
initiated an ambitious management
program called “Manager@Avril”. Its
ambition: to federate the 950 managers
in the Group – all ambassadors for the
success of Avril 2020 – around its values
and priorities. Seminars permitted
everyone to express their expectations
and needs, and to contribute to mode-
ling the missions and objectives specific
to Avril’s managers. Four central mis-
sions have structured this approach: to
improve health and safety at work,
develop a culture of excellence, mobilize
and drive the careers of colleagues and
encourage initiative and creativity. This
definition of managerial identity marks
the first milestone for the Avril Acad-
emy, a “university” that will gradually
encompass all existing training arrange-
ments, thus constituting an efficient
vector to disseminate the Group’s cul-
ture and skills.
DIALOGUE TO IMPROVE COLLECTIVE
DEVELOPMENT
Two major commitments were made at
Group level. They are contributing to
improving the cohesion and adhesion
of all to its strategy. As from 2016, two
staff representatives are now partici-
pating in the decisions made by the
Supervisory Board. The Group wanted
them to be elected by their peers, and
60% of Avril’s employees in France
participated in the vote. A European
Works Council has also been set up, and
comprises representatives from six
European countries as well as observers
from Morocco.
UNIFYING PROJECTS
Health and safety remain the central
priority. Through improvements to exist-
ing measures (safety visits, health and
safety in-house challenge) and the inte-
gration of safety goals in the missions of
managers, accident rates (TF2) have
continued to fall: a 57% reduction in three
years, in line with the objective of a 20%
reduction each year.
Another major project concerned the
mobility of talents, a major opportunity
to accelerate career paths. This pro-
gressed throughout the Group and this
year concerned several dozen employ-
ees. This dynamic also illustrated the
growing importance of the Avril careers
website 1
, which offered more than 500
jobs in 2015.
Efforts towards diversity were pursued.
In early 2016, during the opening cere-
mony for the Lesieur plant in Bassens,
Avril signed a partnership agreement
with the Government in the context of
the “Entreprises et Quartiers” Charter.
Between now and 2018, the Group is
committed to employing 400 young
people in alternating training (as opposed
to 153 in 2014) and at least 6% of disabled
people throughout all its sites, both in
France and other countries.
1
http://carrieres.groupeavril.com/en
Avril 2020 is a collective
project involving the 7,200
employees who work
alongside the Group’s
partners (agricultural
producers, livestock farmers,
research scientists and
investors) and contribute
to developing sectors
of excellence at the service
of the French Farm.
Pursuing the dynamic
initiated through
consolidation of the Group,
the Human Resources
Division strive to enhance
the commitment of all
employees to serving Avril’s
model and deploys original
and innovative projects
to drive major change.

29
Meeting the
“Faces of Avril”
The Group’s identity is now asserting itself. The foundations
have been laid and the dynamic initiated. We are now accelerating
a convergence of practices and transversality at all levels, in order
to reinforce our collective commitment and make each person
an actor in the success of Avril 2020. HR managers are the drivers
for this change.
—
PHILIPPE LAMBLIN
Human Resources Vice-President (VPHR),
in charge of Health, Security and Well-being at work.
In 2015, a recruitment campaign was launched to illustrate
the new identity and broad diversity of the Avril Group.
The Human Resources Division asked 19 employees,
representative of different professions and functions within
the Group, to embody these new faces. They included Andrea,
an operative with Matines, Sofie, a laboratory technician
at Oleon, and Maxime, a technical sales representative
with Sanders. Video clips of their testimony can be accessed
via the Avril Group website (http://bit.ly/1LWQjxz).
This unifying project is an excellent reflection of the Group’s
vision: its employees are the foundations for its success.
An employee shareholder fund is planned to open in 2016.
Our colleagues, the foundations for Avril’s success
Here, Maxime, a technical sales manager in the ruminants sector with Sanders Ouest.

30
A C T
I V I
T IOVERVIEW
OF ACTIVITIES

PROFIL
31
T
I
I
Sofiprotéol,
01
Oilseeds Processing
02
Oils Condiments
03
Oleochemicals
04
Animal Nutrition
05
Biosecurity Nutritional Specialties
06
Animal Processing
07
Avril Development
Avril’s activities are organized around its two complementary
skills: investment and development with Sofiprotéol,
and industrial activities organized according to 7 business
lines. A simplified organization to gain in reactivity.

32
Sofiprotéol,
a winning model
for France’s farm
Sofiprotéol supports value creation to benefit French
farming and all its actors. In 2015, thanks to its new
organizational framework, it increased its investment
capacity and broadened the scope of its expertise,
in order to serve the development of agricultural
and agrifood sectors from upstream to downstream.
Loyal to its values
and original activities,
Sofiprotéol drives a unique
economic model based on
sustainable and responsible
investments that are in the
general interest. By creating
trustedpartnerrelationships,
we can create value that
will serve both our partners
and all sectors
of agriculture.
MICHEL BOUCLY
Deputy Manager
of Sofiprotéol
Working from strong
foundationsandwithitsown
dynamic, Sofiprotéol has
pursued its mission at the
service of French agriculture,
its ambition being to find
new markets for French
products, develop healthy
sectors and foster innovation.
The Avril 2020 strategic
plan will give new impetus
to our commitments, the first
step being taken in the area
of ingredients.
CLAIRE MAINGON
Director of Investment,
Deputy Director of Commitments

33
AN AMPLIFIED DYNAMIC
For the past 30 years, Sofiprotéol, as a
finance and development company, has
been providing support for companies
in the agricultural and agrifood sectors
by taking minority shareholdings and
offering loans. The aim is to support
their growth for the long term and
ensure a future for these French sec-
tors. This mission in the general interest
was reaffirmed in 2015 by Avril’s new
governance structure: the activity was
given a new organizational framework
and more resources, its capital base
rising to €330 million. This new config-
uration offers Sofiprotéol a wider
margin of maneuver and greater visibil-
ity in the markets, thus reinforcing its
position as a driver of development in
French sectors, alongside its interpro-
fessional partners.
A GROWING ROLE
IN THE CONSOLIDATION
OF FRENCH SECTORS
In line with its forecasts, Sofiprotéol
invested €36 million in 2015. Reconcil-
ing its long-term vision with the creation
of value, the company focused its sup-
port on agricultural and agrifood
sectors, which are central to its business
model. Thus in line with rapeseed and
sunflower activities, it drove the revival
of a sustainable and competitive French,
non-GMO soybean sector. Seed pro-
ducers, grain elevator operators and
industrial firms thus combined forces
around a collective approach to guar-
antee long-term markets for farmers
and enable the funding of industrial
facilities where more than 120,000
tonnes of soybean should be processed
between now and the end of 2016.
Sofiprotéol also pursued its alliance
strategy in favor of consolidating French
livestock sectors (see inserts pp. 34-35):
by supporting the takeover of the poul-
try firm Doux by Terrena, and by
developing new synergies with Hendrix
Genetics, leader in multi-species live-
stock breeding, in line with the
promising work on the turkey initiated
with Sanders, MiXscience and Ceva
Animal Health, specialist in avian vac-
cines.
Also closely involved in efforts relative to
innovation, Sofiprotéol supported a range
of RD projects, working with the FASO1
.
In 2015, a third of the funds held by the
FASO were thus devoted to upstream
agriculture, and particularly seed research,
allowing the implementation of highly
innovative studies such as the genotyping
of sunflower, a “world first” achieved in
Toulouse in collaboration with INRA, or
the development of a protein-rich non-
GMO rapeseed in the context of an
exclusive agreement signed between
Sofiprotéol and Dow AgroSciences.
Sofiprotéol also pursued its partnership
with CapAgro Innovation, the first venture
capital fund in France dedicated to agri-
culture, thus enabling support since its
creation of eleven innovative start-ups.
AN ACCELERATION
OF COMMITMENTS
In the context of the Avril 2020 strate-
gic plan, Sofiprotéol will be increasing
its commitments. As the Avril Group
subsidiary responsible for minority
shareholdings, it has decided to attain
a minimum investment volume of €250
million during the period covered by its
new plan (2016-2020)2
, as opposed to
€215 million during the previous five
years. The scope of its interventions
has indeed broadened to new sec-
tors of activity in addition to different
French agricultural sectors.
Sofiprotéol has defined the three areas
of intervention it will target preferen-
tially in the coming years:
- upstream agriculture, and notably
support for the development of deci-
sion-support tools so that farmers can
produce more efficiently and be more
competitive;
- ingredients, an area that reflects the
orientation towards vegetable proteins
adopted by the Avril Group and where
Sofiprotéol was positioned as early as
2015 by taking two stakeholdings: one
in Solina, the European leader in ingre-
dient-based tailor-made solutions for
the agrifood industry, and the other in
Inveja, in collaboration with the coop-
erative group Terrena (see p. 35).
- the dairy sector, which is the lead-
ing consumer of rapeseed meals and
where an increase in demand is inev-
itable. A strategic choice that once
again follows a logic of long-term
investment, in order to consolidate the
French dairy sector that is currently
undergoing major change.
1
Strategic Oilseeds and Pulses Action Fund
2
Not included projects funded by the FASO.
OVERVIEW OF ACTIVITIES
A team that listens to its partners

34
Sofiprotéol
Key facts and figures
CapAgro Innovation,
promising successes
Sofiprotéol is one of the founder
partners in CapAgro Innovation,
the first venture capital fund in France
dedicated to supporting innovative
start-ups in the sectors of agriculture,
food, and renewable chemicals and
energies. Launched in April 2014,
the fund saw its capital base increased
from €37 million to nearly €60 million,
thanks to the entry of new subscribers
such as the Terrena cooperative or
the Bel Group, and it has received more
than 300 applications from candidate
companies. Since its creation, it has
made eleven investments, a figure
much higher than the initial target
of funding three or four companies
each year. Examples of the companies
chosen include Force-A, the inventor
of tools for early diagnosis in precision
agriculture, Vitamfero, which
specializes in innovative treatments for
infectious and parasitic diseases in the
veterinary health sector, and Naïo
Technologies, a manufacturer of robots
for farmers that can improve their
profitability and working conditions.
Doux, building a national
poultry “champion”
Sofiprotéol supports companies
identified as being structuring
in strategic agricultural sectors
by developing alliances so that they
can become efficient performers
in highly competitive environments.
In its capacity as a minority
shareholder, it thus provided
support for the cooperative group
Terrena (the owner of Gastronome)
in its takeover of the poultry firm
Doux, the agreement being finalized
in March 2016. The resulting Group
has thus consolidated its position
as number two in the French
poultry market. Sofiprotéol’s
ambition is to back the recovery
efforts initiated by Doux since 2012
and to contribute to developing
a national leader that is competitive
at export and creates value for
French livestock breeders.
More than
100companies supported
80,000
jobs concerned
€ 330m
capital base
€ 250 m
of investments
between 2015 and 2020
50stakeholdings

35
Inveja: a first investment in
food ingredients made
using vegetable proteins
Sofiprotéol took a minority stake
in the capital of Inveja, a company
specialized in the design,
production and marketing of food
ingredients made using vegetable
proteins (lupin) and cereals and
intended for use by the makers of
bread, viennoiserie and pâtisserie.
In this partnership, Sofiprotéol
is associated with the cooperative
group Terrena, which has long been
involved in the ingredients sector
and shares its vision concerning the
development of vegetable proteins.
The aim is to foster the emergence
of a significant actor in the
European ingredients market
between now and 2025.
Hendrix Genetics,
fostering synergies
between actors in
livestock production
A family-owned company, Hendrix
Genetics has become a global
leader in animal breeding.
Sofiprotéol took a capital stake
in the company in 2008, and has
since supported the major stages
of its growth, such as the takeover
in 2011 of the Grelier Group, leader
in the turkey sector. In 2015, after
selling some of its stake in order
to encourage the entry of new
shareholders, Sofiprotéol
supplemented its remaining
investment with a loan that would
open the way to new growth
opportunities. This choice reflected
its desire to offer long-term
support in this flourishing sector.
€223 m
Breakdown of commitments
in 2015:
01
40 % Agricultural and food processing
and by-products
02
25 % Upstream animal production
03
18 % Upstream plant production
04
10 % Sustainable innovations,
investment funds, other
05
7 % Food products
and consumer goods
Thanks to its numerous connections
in French agriculture and its
agrifood industry, Sofiprotéol’s
support was a determining factor
in accelerating our growth. Today,
France is the country where our
Group is most active, with turnover
worth €200 million, 40% of which
is at export. Since 2008, our turnover
has quadrupled and the number
of people we employ has increased
six-fold, to reach 1100.
01
03
0205
04
LAURENT TAALBI
CEO of Hendrix Genetics France

36
Oilseeds
Processing
Finding new levers
for growth
Confronted by a particularly unfavorable
macroeconomic climate, the Oilseeds Processing
Business Line optimized its industrial performance,
equipped itself with new commercial tools
and developed its international activities.
We need to be strong in
our two main areas: grain
processing and the sale
of oils and oilseed meals.
In the former case, by
controlling the risks linked
to market fluctuations and
in the latter by drawing
strength from the French
sector to internationalize
our products with high
added value.
—
JEAN-BAPTISTE BACHELERIE
General Manager of the Oilseeds Processing
Business Line
€3bn
turnover
11sites, of which
7 in France

t
ACTIVITIES EXPOSED
TO MARKET FLUCTUATIONS
Oilseeds Processing assures the first
step in the exploitation of oilseed grains.
It groups both industrial crushing, ester-
ification and refining, and the sale of oils,
oilseed meals and biodiesel to customers
within and outside the Group. In 2015,
our results were impacted by a particu-
larly unfavorable macroeconomic
climate.
Despite Saipol having crushed a volume
of grain never previously attained
(3.9 million tonnes), the considerable
volatility of agricultural raw materials
markets (grains, oil) caused a collapse
of margins during the second half of the
year. At the same time, the abundance
of soybean in the global market triggered
a reduction in the competitiveness of
rapeseed and sunflower meals. To these
should also be added the unfavorable
situation in the French livestock industry,
which led to a drop in demand.
In the esterification market, the sus-
tained decline of petroleum – and thus
diesel – prices generated negative mar-
gins throughout the year, despite a
volume strategy encouraged by the
regulations, as French diesel now con-
tains up to 8% biodiesel and nearly 4% in
off-road diesel. With the end of tax
mechanisms to support biodiesel, the
context will be even more complex in
2016.
To support activities in this field and
continue to guarantee markets for the
sector, it is vital to find new levers for
growth while constantly improving pro-
duction costs and controlling risks.
NEW SOURCES
OF ADDED VALUE
This has been a real strategic turning
point for actors in Oilseeds Processing.
The aim is to create new sources of
added value to compensate for struc-
turally exposed activities, by diversifying
both supply and geographical targets.
In 2015, Avril laid the first foundations of
this strategy for the long term. In the
refined oils market, the Group set up a
new activity oriented towards industrial
customers, with supply adapted in terms
of both products and services.
Acquisition of The Kerfoot Group forms
an integral part of this strategy (see
insert). This British company, specialized
in the distribution and packaging of veg-
etable and specialty oils, offers a base for
the development of this new activity,
which will be structured in 2016 in synergy
with Lesieur Solutions Industries (LSI).
This takeover has also reinforced the
line’s international activities, which con-
stitute the second area for diversification.
A Saipol Asia office is opening in Singa-
pore in 2016, to develop a local
commercial strategy for our oils,
37
JENNIFER
KERFOOT
Chief Executive of The
Kerfoot Group
We have been working with
Saipol for almost 30 years.
We have developed excellent
partnership relations. These
closer ties with Avril will allow
us to benefit from considerable
industrial and commercial
support, and to be more
competitive in the British
market. Furthermore, we share
with Avril the same vision
of our sector, and very similar
values, based on integrity and
respect.
Acquisition of
The Kerfoot Group:
new markets for oils
The Kerfoot Group, whose acquisition
by Avril was announced in August 2015,
joined the Oilseeds Processing Business
Line. This British family firm, one of Saipol’s
historical partners, packages and
distributes vegetable oils that will be
used by numerous customers, notably
in the food and cosmetics industries.
Its two industrial sites allow it to supply
more than a thousand customers
throughout the world. This takeover
will permit Avril to extend the scope of
its activities in the UK and opens the way
to new international markets for the
vegetable oils produced by the Group.

38
Safety,asourceofrealpride
Progress in the Oilseeds
Processing line with respect
to safety has been a good
illustration of its advances in terms
of operational control. In 2015,
the accident rate was reduced
by half. Some sites, such as
Montoir-de-Bretagne, have seen
no accidents for three years. Those
in Bassens and Dieppe have largely
exceeded a year without accidents.
Our teams have responded to the
dynamic of taking responsibility for
their actions, around the central
theme of operational excellence.
targeting food markets in India, China,
Korea, Vietnam and Japan, and placing
emphasis on their French origin.
In the oilseed meals market, in parallel
with an international volume strategy,
the commercialization of high-protein
meals, associated with advice and for-
mulation support, is developing and
targeting markets such as Turkey, Israel,
Saudi Arabia and several countries in
North and Sub-Saharan Africa. A lever
for this activity is a value creation process
called the “Alternative Protein Solution”
which is being implemented with support
from MiXscience.
ACCELERATION OF
COMPETITIVENESS PLANS
In its industrial activities, the core skill of
this business line, performance was more
crucial than ever. The EOS operational
and strategic excellence program imple-
mented within the Group as from 2013
produced some remarkable results and
improvements were pursued in three
areas: industrial facilities, purchasing and
logistics.
Major investments were made in 2015 in
order to optimize the Saipol site in Sète
(Hérault), improving both biodiesel man-
ufacturing costs and the energy
performance of the plant (see insert).
On its side, Expur in Romania increased
its refining and packaging capacities.
Achievements in 2015 also concerned
savings of €3 million made by Saipol’s
purchasing activities, and the same goal
is targeted for 2016. Finally, in terms of
logistic competitiveness, a new supply
chain department now takes account of
01. “Operatives in motion”, by Nicolas Gauthier
(Saipol), 2015 photo competition (2nd
prize).
02. “Selfie”, by Nicolas Gauthier ( Saipol),
2015 photo competition.
01
02

39
all market constraints upstream and
customer demands downstream. The
aim is to optimize all fluxes, from grain
to finished products. Introduced by
Saipol in 2015, it is now being deployed
at Expur. In 2016, the line plans to achieve
savings of €11 million.
IMPLEMENTATION
OF A TRADING STRATEGY
To better understand market fluctuations,
optimize risks and ultimately be more
competitive, a trading community has
been created around Saipol, Expur and
The Kerfoot Group.
Each week, the trading strategy is defined
for grains, esters, oils and oilseed meals,
based on an inventory of the supply and
demand of all raw materials that impact
their activities and all factors that might
influence prices.
With respect to grains, the line is imple-
menting a mixed origin strategy,
Preserving and developing
biodiesel markets
depending on the type of finished product
(biodiesel, refined oils, etc.).
2015 also marked the initiation of desti-
nation trading, with some important
achievements: the sale of biodiesel in
Sweden, soybean meal in Algeria and
sunflower oil in South Africa. The target
markets have been clearly identified:
Mediterranean region for oilseed meals,
Asia and South Africa for oils, Europe for
biodiesel.
In October 2015, Saipol started up
a new esterification unit on its site
in Sète (Hérault). €13 million were
invested in this high-tech facility, which
is wholly integrated in the multimodal
infrastructures of the Port of Sète.
A further investment of €15.5 million
allowed the construction of a biomass
boiler that enables a 90% reduction
in annual greenhouse gas emissions
by the plant, and ensures that it is 75%
self-sufficient in energy. In a context
of overcapacity in the European market
and regulatory uncertainty, these
investments, initiated in 2014, reaffirm
Avril’s confidence in the future of French
biodiesel as a renewable energy that can
contribute to energy transition. They also
reflect Avril’s commitment – despite the
difficult economic climate in 2015 –
to preserving and developing this market
for French oilseed producers.
4.3million tonnes of rapeseed
and sunflower grain crushed
2.3million tonnes of oilseed
meals produced
2million tonnes of biodiesel
manufactured

40
Oils
Condiments
Leading brands
in their markets
Faced with a very difficult market environment,
the Oils Condiments Business Line drew strength from
its sectoral organization and constant innovation dynamic
to consolidate its positions in local markets and lay solid
foundations for its international development.
2015 was a pivotal year:
we fixed ourselves some
new growth targets
and more than ever
equipped ourselves
with the resources to
improve our positions.
We are working in all
markets to take up new
challenges and develop
our activities.
—
YVES DELAINE
Deputy CEO, Avril Group
€1bn
turnover
12sites, of which
7 in France
1.2m
tonnes of
table oils sold
37,000tonnes of soap sold
42,000tonnes of sauces sold

41
41
The market leader in edible oils, third
in condiments and present in 65 coun-
tries, Lesieur capitalizes on its major
brands – Lesieur, Puget, ISIO 4 –
and its strong positioning regarding
quality, nutrition and sustainable
development.
These crucial advantages allowed
Lesieur to maintain its positions in 2015,
despite a difficult environment and the
effects of a marked rise in olive oil prices,
a drop in oil consumption and new buy-
ing alliances among French supermar-
kets: indeed, Lesieur was able to win
market share in all its distribution cir-
cuits (international, major retailers, out-
of-home dining and B-to-B with Lesieur
Solutions Industries) with respect to
both oils and condiments. These good
performances validated Lesieur’s busi-
ness model, which combines products
with high added value (specialty oils, oils
of 100% French origin such as Fleur de
Colza and, since this year, sauces made
using French oils) and an efficient mix
of innovation and communication. One
of the most notable successes was the
1.5 L format of Puget oils, which broke
the record of 1.7 million liters sold.
CREATING VALUE FOR THE LONG TERM
In France, major efforts were made to
attract younger consumers. This involved
innovations in packaging (such as Stop
Goutte, a no-drip bottle that enables more
precise dosing) and recipes (with new
ideas in all product ranges for 2016, such
as ISIO 4 Touche de Noix, Duo Tournesol
Olive, Duo Huile Aromates, MayoDuo,
Vinaigrette légère ISIO 4 Fines Herbes
Ciselées, etc.). This was supported by
more emphasis on digital communication,
with a web series “Sans en faire tout un
plat”1
(No need for a fuss) where Fred
Chesneau meets people who do not usu-
ally think about cooking every day, and the
interactive experiment “Aux sources de
Fleur de Colza”2
(Back to the source of
Fleur de Colza) which describes the dif-
ferent steps in the production of rapeseed
oil, from the bottle to the grain. The brand
has also modernized its visual identity
through a brighter and more modern logo
expressing the qualities that have always
been associated with Lesieur: expertise,
cheerfulness, a love of good food and the
pleasure of cooking.
Outside France, Lesieur has focused in
particular on the export of condiments
as a growth opportunity. The company
experienced considerable success in Asia
through its presence in six countries, and
is growing strongly in Africa, the core
target of the brand, where 20 countries
already account for 38% of its export
volumes. Lesieur will be able to draw
strength from its acquisition of SPHB, the
leader in the Reunion Island edible oils
market, to reinforce its presence in East
Africa and the Indian Ocean. Investment
is also planned in a condiments factory in
Algeria, in order to meet the needs of a
strong growth market.
In parallel, Lesieur has consolidated its
production facilities, in line with the oper-
ational excellence program implemented
by the Avril Group.
1
http://www.lesieur.fr/Cuisine-populaire/
Sans-en-faire-tout-un-plat
2
http://www.lesieur.fr/Produits/Fleur-de-Colza
The new Lesieur bottling and
packaging plant at Bassens (Gironde)
was inaugurated by Prime Minister
Manuel Valls on 15 January 2016.
The company thus joined Saipol,
which has been on this site since
2003. This grouping consolidates
a high-tech agri-industrial cluster
that is unique in France, as it covers
all Avril’s activities in the area
of oilseed products. It is the perfect
illustration of its model that
integrates both upstream agriculture
and downstream industry, and its
commitment to creating value in
different regions. This ultra-modern
site produces around a hundred
different products and has benefited
from investments worth €31 million.
It employs 200 people, 94 of whom
in the new Lesieur factory.
Bassens,
thefirst“from
graintobottle”
sectoralsite
forAvril
In Bassens, Lesieur
packages more than
100 products
on 5 production lines.
2015 AS SEEN BY ROMAIN NOUFFERT, GENERAL MANAGER OF LESIEUR
—
Lesieur: consolidating
the leadership through new growth areas

42
A key actor in the Romanian oilseeds
market, Expur assures the collection
of rapeseed and sunflower grain on
behalf of Saipol and for its own site
in Slobozia. It sells processed prod-
ucts (oilseed meals, edible oils and
biodiesel) in Romania, which serves
as a development platform for the
Black Sea region and Mediterranean
basin.
Despite a complex market environment
marked by high grain prices, an abun-
dant soybean harvest and a major drop
in diesel prices, Expur consolidated
its positions in the Black Sea region
and Mediterranean basin, with results
in line with its forecasts. Growth was
strongly dependent on the Untdelemn
de la Bunica brand (the market leader)
and biodiesel; despite more aggressive
competition in the region, biodiesel
retained its market leadership in vol-
ume terms in the Black Sea region.
Furthermore, efforts to gain in produc-
tivity markedly improved Expur’s opera-
tional performance, combined with the
important commitment of its employ-
ees – supported by the creation of the
Avril Group – and the benefits resulting
from investments made in recent years,
all of which contributed to attaining its
objectives.
TOWARDS PORTFOLIO
DIVERSIFICATION
To enhance its growth in all markets,
Expur has initiated an upgrading of its
ranges and broadened its activities. In
Oils Condiments, the company is pre-
paring to develop new segments, such
as olive oil, with greater added value.
Expur has also turned towards B-to-B
and developed a specific commercial
offering for the agrifood and out-of-
home dining industries. Finally, it aims
to confirm its advances in biodiesel
and intends to pursue its development
throughout the region, from the Black
Sea to the Mediterranean basin.
Asuccessful
relaunchfor
Untdelemn
delaBunica
With more than 13 million liters
sold in 2015, the historical brand
Untdelemn de la Bunica achieved
a spectacular recovery to become
leader in its market, far ahead of its
competitors. It owed this success
to a complete renovation of its
product ranges and the launch
of some major innovations that
constituted a break with the habits
of Romanians, who are major
consumers of sunflower oil.
The range thus diversified through
new products: a rapeseed oil enriched
in Omega 3, the addition of vitamin D
to sunflower oil and the introduction
of a new frying oil. In parallel,
the packaging of its bottles was
revised and the entire brand image
modernized, to refocus on the
benefits of healthy cooking.
This reworking, coupled throughout
2015 with sustained communication
efforts in the press, on TV and via
social networks, proved to be a
winning formula: the number
of liters packaged jumped by 9%.
2015 AS SEEN BY PASCAL PINSON, GENERAL MANAGER OF EXPUR
—
Expur: drawing strength from our regional roots

43
Leader in the Moroccan market,
Lesieur Cristal holds a portfolio of
heritage brands, focused on table
oils, olive oil and soaps. Its business
model, based on a strategy of inno-
vation and continuing diversification,
has enabled it to remain relatively
unscathed in a deteriorating eco-
nomic climate.
In the context of a highly volatile raw
materials market and a sustained decline
in consumption, sales by Lesieur Cristal
recorded growth of nearly 5%, which was
a good performance.
AN INVESTMENT DYNAMIC
THROUGHOUT THE VALUE CHAIN
Lesieur Cristal has harvested the fruits
of its product innovation policy, a key
lever to moving upmarket and differen-
tiating its products. Sustained efforts
despite a difficult environment never-
theless earned an Innovation Trophy in
2015 for its historical El Kef household
soap brand. Four new products were
launched in 2015, and have already
proved successful: the Lesieur range was
broadened by Lesieur 3G, an oil combin-
ing sunflower, rapeseed and soybean;
the premium Lesieur condiments range
was supplemented by a mustard. In the
soap branch, Lesieur Cristal broadened
its produce range with a Taous shower
gel and a liquid El Kef soap – the brand
acknowledged by the trophy for the
most innovative brand in Morocco in
2015.
Another growth area was export, where
sales reached record levels. Lesieur Cris-
Lesieur Cristal was ranked as best
employers in Morocco in the large
corporation category. This ranking,
determined by an anonymous
survey of employees at all levels
in the companies concerned, is
based on numerous criteria: working
environment, HR practices, image
and community spirit within the
company. In the case of Lesieur
Cristal, it rewarded an innovative
HR policy and the company’s
commitment to consistently valuing
its employees. Indeed, the latter
notably applauded the training
policy, based on the Excellium
Academy, which offers targeted,
multidisciplinary programs,
and the working environment,
which rewards individual and
collective commitment to
motivating projects, community
events and shared values.
“We are proud of this ranking
for our company. It shows that
we are taking the right path,
that there is a dynamic under way”,
stated Samir Oudghiri Idrissi,
General Manager of Lesieur Cristal.
LesieurCristal,
thebest
employer
inMorocco
tal accelerated its development in Africa,
which imported table oils and soaps, and
in the US, thanks notably to the reduced
production of Spanish olive oil, which
rendered Moroccan products highly
competitive.
The diversification of products and activ-
ities achieved successfully by upstream
agriculture also proved fruitful. Initiated
in the context of the Green Morocco
plan, the olive sector continued to
mature, with 9,000 tonnes crushed in
2015, and sunflower also saw major
growth, doubling its harvest to reach
25,000 tonnes. The sale of oilseed
meals, an activity launched in synergy
with Saipol in 2014, recorded growth of
around 67% in just one year.
FURTHER EFFORTS
TOWARDS IMPROVEMENT
Launched by Avril, the operational
excellence program (EOS) once again
achieved some very significant opera-
tional gains. In addition, Lesieur Cristal
signed the Responsible Care Global
Charter, which commits a company to
obtaining certification in three areas:
product management, sustainable
development and safety. A further step
towards sustainable growth.
2015 AS SEEN BY SAMIR OUDGHIRI IDRISSI, GENERAL MANAGER OF LESIEUR CRISTAL
—
Lesieur Cristal: solid foundations for the future

44
Oleochemicals
The strength
of a diversified model
As the only actor in its field, Oleon has successfully
reinforced the pillars of its growth model:
industrial performance, a diversified portfolio,
an in-depth knowledge of its markets
and the development of specialty products.
In a complex economic
environment,
the diversification of
our activities, development
of our markets and
expansion of our
geographical coverage
have allowed us to
become less vulnerable
and to seize opportunities
to pursue our growth.
—
MOUSSA NACIRI
General Manager
of the Oleochemicals Business Line
521,000
tonnes of products biosourced
for renewable chemistry
€ 618 m
turnover
6
sites in Europe and Asia

GOOD RESULTS UNDER
CONTRASTING CONDITIONS
As the only actor in Oleochemicals,
and European leader in its field, Oleon
develops, manufactures and sells bio-
sourced molecules based on vegetable
oils and fats. In 2015, this business line
achieved good results, with an EBITDA
of €53 million (higher than targeted) in
a year marked by a slowing in the global
economy and a major drop in petro-
leum prices. Although the latter had a
positive effect on the energy bills of the
Group’s six plants, it above all exerted
a negative effect on biosourced prod-
ucts, sometimes challenged by petro-
leum-based products which benefited
from the fall in prices. It also impacted
oil drilling activities, an important mar-
ket for oleochemical products. In this
adverse environment, Oleon was able
to resist by focusing on its innovations,
its proximity to markets and its geo-
graphical coverage.
PERFORMANCE, SPECIALIZATION,
CUSTOMER ORIENTATION
Overall, bases and derivatives – the
line’s two principal business units –
achieved good results, with a particu-
larly good performance from base
products. This could be explained by an
environment that tended to be favora-
ble towards raw materials, but above all
by sustained improvements in produc-
tivity, favored by an operational excel-
lence program that has enabled savings
worth more than €5 million over three
years.
However, the strategic objective is
still to be less vulnerable to market
fluctuations and to bring more value
to the sector by developing specialty
products. To support these changes,
Oleon continues to invest: in RD,
with the test launched in Venette (near
Compiègne) of the first bio-surfactants
from the biotechnology laboratory –
whose team has been reinforced – and
in production, with more than €25 mil-
lion invested in Oleon’s industrial sites.
Generally speaking, the company con-
tinues to enhance its practical skills
in order to respond to the specific
demands of customers. For some mar-
kets, such as cosmetics and nutrition,
in-house experts in formulation have
been trained.
MAINTAINING AN
INTERNATIONAL BALANCE
Activities by the Oleochemicals busi-
ness line are inherently international,
with major growth potential in North
America and Asia, particularly for
specialty products where nearly 40%
of sales are already achieved outside
Europe.
45
Breakdown of turnover 2015:
Europe Asia
North America
Although dynamic in North America, the
year was more difficult in Asia. Start-up
of the second production unit at Port
Klang in Malaysia, specialized in food
emulsifiers, is gradually progressing,
having required more time to optimize
its industrial processes. Oleon was
working in the context of a slowing of
the economies of emerging countries,
which affected Asia during the second
half of the year. However, it continues
to invest in this region which is highly
strategic for olechemicals, and is nota-
bly reinforcing its RD resources and its
partnerships with both private and pub-
lic research institutions.
GÖRAN LINDQVIST
Spend Area Manager,
Natural Fats and Oils,
Fatty Acids and
Purchasing Manager
SBU EMEIA
AkzoNobel
Half a century of a win-win
collaboration. As one of the world’s
leading suppliers of specialty
surfactants, AkzoNobel sees Oleon
as a very special partner. In almost
50 years, our companies have
brought each other a great deal and
strive to meet all the needs of our
customers. Oleon is a valuable asset
in our commitment to producing
best-in-class and tailor-made
surfactants that are consistently
outstanding, thus providing us with
alternative raw materials that will
raise our standards even higher.
76%
13%
11%
“It’s all brewing at Oleon”, Nathalie Martinez (Oleon), 2015 photo competition (first prize).

46
Animal Nutrition
More than ever committed
to livestock farming
Performance, innovation, advice, differentiation
by quality… Sanders, a pillar in the Animal Nutrition
Business Line, reinforces its foundations to support
livestock farmers and meet consumer expectations.
In an extremely difficult
context for livestock
breeding, we remain
committed to our partner
farmers. We are continuing
to invest so as to ensure
their competitiveness
and defend the values
of French livestock
production.
—
BERNARD MAHÉ
General Manager of the
Animal Nutrition Business Line
P 675 C P 280 C C 21 / M 100 / J 0 / N 0 C 100 / M 100 / J 0 / N 22 R 195 /V 0 / B 123 R 0 /V 54 / B 124
€1.2bn
turnover
28sites, of which
24 in France
3.5million tonnes of feed produced
using Sanders techniques

47
SANDERS CONSOLIDATES ITS
POSITION IN A DIMINISHING MARKET
Leader in France in the manufacture
of livestock feeds, with strong regional
roots and close ties with livestock
farmers, Sanders plays a crucial role in
the life of all production sectors.
In a shrinking market (-0.4% in 2015),
particularly in the livestock sectors
most affected by the economic crisis –
pigs and ruminants – Sanders achieved
a 1.7% increase in the tonnage manufac-
tured and grew its market share by 1.5%
over 2014, to reach 16.5%. Two levers
have allowed Sanders to confirm its
leadership: satisfactory growth in the
poultry market and tailor-made prod-
ucts that have generated 60% of its
growth.
In addition, the alliance finalized in
2015 between Avril and LDC con-
firmed the development of Sanders
in poultry, and has given it the capac-
ity to invest with its partner livestock
farmers, for example in the construc-
tion of a hundred new poultry houses
each year.
INVESTING AND INNOVATING
TO GAIN IN PERFORMANCE
An ability to compete with European
manufacturers in order to improve the
competitiveness of French livestock
sectors is the aim of the strategic indus-
trial agreements signed by Sanders in
recent years. Alliances with local part-
ners whose core skills are not nutrition
have enabled it to continue moderniz-
ing its plants.
In 2015, €15 million were thus invested,
including €8 million in the Champagné
plant (Sarthe) in partnership with
the cooperative group Agrial. These
investments also benefited industrial
sites in Saint-Gérand (Finistère) and
Saint-Thégonnec (Morbihan). These pro-
active policies notably enabled Sanders
to exceed the threshold of manufactur-
ing a million tonne of feed in Brittany.
Another ambition for Sanders is to
offer top-quality services to livestock
farmers so that they can gain in per-
formance with respect to animal feeds,
as well as the management and organ-
ization of their farms. A pioneer in the
agrifood sector, the Sanders Sales
School thus trained its sixth promotion
of students to become livestock advis-
ers under alternating training.
Performance can also be achieved
through innovation. To offer solutions
to farmers, Sanders helps them look
to the future. Inaugurated in 2015, the
new dairy cow facility in Sourches,
the leading private European center
for research in animal nutrition and
livestock management, is unique in
Europe (see picture p. 48).
STÉPHANE
DAHIREL
Chairman of the
Gaévol Poultry
Producers Group
Competitiveness is achieved together!
Sanders and Avril have understood this factor
through their commitment to supporting livestock
sectors as a function of their needs, and by
gathering actors from all links in the chain
around efforts to reconquer markets. A winning
strategy, because our poultry sector is once again
seeing growth and we can plan and make
investments for the future, in line with demands
from society. Another indication is the signature
of structuring agreements, such as that finalized
in February 2016 between Avril, Boscher Volailles
and LDC, in partnership with Sanders and
McDonald’s, concerning the supply of French
chicken fillets.
“Operative at Sanders”, Pierre-Jean Schwalm (Avril PA), 2015 photo competition.

48
With cutting-edge digital technolo-
gies and robotics, it can serve as both
an experimental research tool for the
dairy sector and a shop window on live-
stock farming for consumers. Twelve
hundred livestock farmers have already
discovered this high-tech center,
which also aims to become a focus for
exchange between producers and dairy
companies.
BUILDING FRENCH SECTORS
OF EXCELLENCE
Another high point of the year was the
presentation by Sanders at the SPACE
2015 trade fair of its new signature
“Nourrir nous engage” (Food is our
Commitment), an event that allowed
the company to reaffirm its commit-
ment to offering greater support to
all its partners, starting with livestock
farmers. The aim is to draw value from
the link between animal feeds and
human foods.
Avril - Fleury Michon:
a partnership of great value
An excellent illustration of the “Engagés
dans l’Elevage” program is the partnership
with Fleury Michon, according to a model
that Avril hopes to extend to other
sectors. For 18 months, teams from Fleury
Michon and the three branches of Avril’s
livestock activities worked together
to compile a common specification.
In the exclusive sector that resulted from
these efforts, the new range of
charcuterie products with the “J’aime”
(“I like”) brand carry external signs of
quality – French pigs fed a non-GMO
diet with French cereals, raised without
antibiotics after 42 days of age – and have
been welcomed by consumers. Sanders’
30 partner livestock farmers involved
in this sector of excellence are committed
to complying with criteria for sustainable
development and animal welfare,
and to adhering to a progress plan for
five years. In return, they are paid for the
quality of their products and earn visibility
for the long term.
Sanders already complies with more
than 300 specifications (Red Label
poultry production, AOP standards in
cheese, AOC standards, etc.). Its mission
today is to develop sectors of excellence
under the “Engagés dans l’élevage”
brand (Committed to Livestock). The
aim is to create virtuous sectors by
associating all links in the chain so that
consumers will be offered products
that are guaranteed with respect to the
environment, animal welfare and nutri-
tional quality, as well as being a source
of income for farmers.
This ambitious program will only be
achieved through strong alliances
with consumer brands. Thus 2015 saw
the birth of a partnership with Fleury
Michon that has given rise to a new
range of charcuterie products for sale
in supermarkets (see insert). Based on
the same model, Sanders is working
with LDC and McDonald’s to develop an
exclusive sector for French poultry.
FURTHER ADVANCES IN
INTERNATIONAL DEVELOPMENT
Although its international activities still
remain marginal, Sanders exports its
know-how to neighboring countries,
based on local partnerships. The aim is
to determine growth areas while remain-
ing loyal to its fundamental approach: to
support livestock farmers to improve
their economic and technical perfor-
mance. Thus in 2015, Sanders SH took
over a ruminant and pig feed manufac-
turing plant in Serbia, while SIM Sanders
opened industrial facilities in Algeria
equipped with the most recent technol-
ogies for livestock feed manufacture.
Sanders also aims to reinforce its activi-
ties in Tunisia, Morocco and Turkey.

49
Biosecurity
Nutritional Specialties
Innovation for international growth
2015 was the first year of practical achievements
by this new Business Line, which groups all Avril’s expertise
in livestock husbandry and animal health. It has ambitious
objectives in a strongly growing global market.
Biosecurity and nutritional
specialties are fields for
the future. Avril is focusing
all its innovation resources
on this business line in
order to offer solutions
and services that will
consistently be adapted
to the needs of livestock
farmers throughout
the world
—
JEAN-PIERRE PAILLOT
General Manager of the Biosecurity
and Nutritional Specialties Business Line
€138.5m
turnover
10production sites in 6 countries

50
(specialty additives, nutritional spe-
cialties, pre-mixes, minerals, etc.). The
Group has also fixed an objective to
be amongst the leaders in biosecurity,
which groups all preventive hygiene
methods applied to both buildings
and livestock. Both activities converge
towards priority areas in response to
global trends regarding the demedi-
calization of livestock units: disease
prevention, control of the environment
and the enhanced immune status of
animals.
This expertise is not new because this
business line concentrates all Avril’s
know-how in terms of the performance
of livestock units, drawing strength
from the first private center in Europe
for research in animal nutrition and
livestock management at Sourches
(Sarthe). Benefiting from considerable
scientific resources, work by this center
is wholly dedicated to innovation at the
service of the Group and of all profes-
sionals in livestock production, both in
France and internationally.
A SURGE OF INNOVATION
The backbone of our line in terms of
research, MiXscience’s innovation
strategy is to ensure the rapid market
entry of a range of technical products
with high added value by developing
t h e m i n - h o u s e a n d t h r o u g h
acquisitions.
In 2015, the start-up company Nolivade
joined the line. It specializes in producing
beneficial bacterial flora for use in live-
stockunitsthatcancontributetoreducing
antibiotic use by offering alternative
AN AREA OF EXCELLENCE IN A MARKET
WITH CONSIDERABLE POTENTIAL
Created in 2014, the Biosecurity Nutri-
tional Specialties Business Line defined
its objectives and strategic areas in 2015.
Specialized in the products and services
that are essential to improving livestock
farming in terms of husbandry and the
management of animal health, our aim
is to contribute to the leadership of our
customers in France, such as Sanders,
and to deploy our forces in a strongly
growing global market.
Our line focuses on two main activities:
nutrition-health and biosecurity. Avril
thus aims to become a global leader
in innovation in livestock nutrition-health
CÉDRIC
DE SPÉVILLE
Chief Executive Officer,
Food Allied Group
As an expert in animal
nutrition for the past 35 years
via its subsidiary LFL,
Food Allied is now a major
partner in livestock sectors
and animal production in
Mauritius and its region, notably
through its major industrial
activities in Madagascar.
Avril’s expertise in the areas
of animal nutrition, biosecurity
and nutritional specialties,
as well as the personal qualities
of our collaboration, have allowed
us to develop nutritional solutions
that are ever more efficient in
terms of animal health and
the performance of livestock units,
thus benefiting the entire value
chain in our different markets.

51
solutions. This is a central research goal
for MiXscience. Within Avril, Nolivade
will be able to advance to an industrial
stage, broaden the scope of application
of its products and accelerate its mar-
keting, with support from one of the
leading veterinary networks.
2015 was also the year of the first export
successesforMiXscience,anditachieved
a major technological breakthrough
regarding the pharmaceutical formu-
lation of its products.
This ambitious innovation strategy
needs to be backed by the development
of its research teams, which should
double between now and 2020 and will
be based in a dedicated laboratory in
Rennes as from 2018.
DEVELOPING NEW EXPERTISE
To increase its global stature, the busi-
ness line is also positioning itself in new
sectors such as aquaculture. Initiated
in 2015, this expertise will allow MiX-
science to offer a range of products
and services that meet the needs of
this strongly growing market (+10% a
year) while at the same time developing
its activities in Asia, Turkey, the Middle
East and Africa. The product range was
presented to the market in early March
2015 during VIV Asia in Bangkok, and
the first trials are under way, notably in
Vietnamese aquaculture farms.
The same objective of developing new
expertise also governed the creation
of Artemis Laboratoire. After being
partners for nearly 10 years, the CCPA
Group and MiXscience signed a joint
venture to share their chemical, micro-
Innovationonthemarch
For the Biosecurity and Nutritional
Specialties line, product innovation
is the lever for international
development. In 2015, MiXscience
confirmed its early successes with a third
of its business at export: Redstim
is a nutritional innovation that can
be sprayed on feeds and optimizes the
early growth of chicks; Lumigard offers
an alternative solution for the digestive
health of poultry, and Nutriprotect is
active on mycotoxins. As for Theseo,
it was granted a marketing authorization
for BioVX, a new-generation powdered
disinfectant which is one of the first
successes resulting from the synergies
identified when Theseo took a capital
stake in its British counterpart Biolink
in 2014. In terms of research, MiXscience
has developed a new coating technology
that can optimize the assembly of active
substances and their release properties.
A third of future innovations should
utilize this technology, which will
be entering its industrial phase by
the end of 2016.
biological and veterinary analytical
facilities. The aim is to become the second
largest private analytical laboratory for
animal nutrition in France.
ACCELERATING
INTERNATIONAL ACTIVITIES
To target markets that are seeing growth
in livestock production, such as South-
EastAsia,SouthAmericaandtheEuropean
and African markets, companies in our
business line pursued the development
of joint platforms, such as in Poland or
Brazil.
www.theseo-biosecurity.com
Usage réservé aux utilisateurs professionnels.Utilisez les biocides avec précaution.
Avant toute utilisation,lisez les étiquettes et les informations concernant le produit
DÉCOUVREZ
Une
nouvelle
page
se tourne
*Selon les nouvelles normes européennes EN14675
• Désinfectant large spectre
• Virucidie d’excellence
• Utilisable sur les animaux et dans l’eau de boisson
DÉSINFECTANT
EN POUDRE
AP-biovx-porcmag.indd 1 20/01/2016 15:22
Our ambitions are considerable.
MiXscience aims to grow from five active
countries in 2015 (France, Poland, Turkey,
Vietnam, Cameroon) to ten in 2020,
with plans for an industrial facility in
Vietnam. On its side Theseo, which after
Brazil in 2013 opened a subsidiary in
Poland in 2015, aims to be present in
seven strategic countries as early as
2017, notably through the opening of
Chinese and German subsidiaries in the
near future.

52
Animal Processing
A strategy to
win back our markets
In a context of over-production, 2015 was
marked by important initiatives to ensure a future
for the French pork and egg branches, where Avril’s
Animal Processing business line is a major actor.
We need a global
economic vision of
our sectors. To find the
right balance between
all actors and allow each
to live from their activities,
we are introducing
mechanisms for market
adjustment so that
we will only produce
what can be sold.
—
YANN RENOUVEL
General Manager of
the Animal Processing Business Line
24,000
pigs slaughtered each week
€461m
turnover
3.2
billion eggs sold
12
sites specialized in shell
eggs packaging and marketing,
and egg products
2
sites specialized in pork slaughtering,
cutting and processing activities
(Abera and Porcgros)

Avril Activity Report 2015

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