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ainCacaCainOlga, Maya MountntaonaValrhoyaMountain Cacaoin Cacaojin,amIsabel,MaBenntaJuana, Maya MouClinton, Maya MoucaoSUSTAINABILITYREPORT20181

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Ever since it launched its Live Long sustainability program, Valrhonahas committed to continuously improving its practices. This is whywe have chosen to develop this year’s CSR report so that we alignourselves ever-more closely with current regulatory standards– Even though there are no legal obligations on us to do so.Our determination to aim for a regulatory-style report reaffirms ourbrand’s ambition to offer our stakeholders absolute transparencyabout issues affecting our industry; our response to these issues;the objectives we have set ourselves; and the strategies we haveselected to help us make the progress we need.

CONTENTS7INTRODUCTION14LIVE LONG COCOA22LIVE LONG ENVIRONMENT30LIVE LONG GASTRONOMY34LIVE LONG TOGETHERValrhona’s place at the heart of a responsible groupCreating a fairer cocoa sector togetherBecoming carbon neutral by 2025Raising awareness and training futuregenerations in responsible gastronomyConstructing a sustainable businesswith and for our stakeholders5

Clémentine AlzialE D I TO R I A LCEO AT VALRHONAHaving recently been appointed tolead Valrhona, I would like follow inmy predecessor’s footsteps by placing myconvictions at the heart of the company’sstrategy.producers who we support in adoptinggood social and environmental practices.They also choose a company that has beenpartnering the food sector and supportingchefs for almost 100 years.In the future, businesses will only flourishif they place the same importance on theirsocial and environmental impact as on theirfinancial results. This is why we are workingto become a certified B Corporation. Theassessment system B Corp offers will serveas our guide as we work to make our businessbetter for the world around us.But Valrhona is, above all else, the story ofits people. Beyond our status as a chocolatecompany, our strength lies in the ties weforge between producers, employees andcustomers. These ties, which we continueto reinforce every single day, help cocoaproducers improve their livelihoods andenable our customers to unleash theircreativity in an ever-more sustainable way.By buying Valrhona, our customers choosea responsible chocolate that is 100%traceable and sourced directly from 10,262Let’s act now for the responsiblegastronomy of tomorrow!6

INTRODUCTIONVALRHONA’S PLACE AT THE HEARTOF A SUSTAINABLE GROUPSavencia GroupValrhona has been part of the Savencia Saveurs etSpécialités Group since 1984, and belongs specificallyto the Savencia Gourmet division. The SavenciaGroup has two divisions, Savencia Fromage & Dairyand Savencia Gourmet. The latter works to developValrhona and other internationally renowned luxurychocolate brands such as Maison du Chocolat,Weiss, De Neuville and Révillon.IAGRENCIA GOURMS AVETOUPGROUPThe Group, which is based in 29 countries and sellsits products in 120, has always been determined tostay true to its founding values and goal of “doingbusiness to create a well-nourished world”. TheGroup is committed to its responsibilities andto meeting tomorrow’s challenges, which is whySavencia launched its “Oxygen” CSR strategy in2018. The program’s ambition is to combine meaningand company success, working with partners andinnovating for a better world.S AV E N COver the coming years, Oxygen will focus onfour major areas for progress by 2025: Providing consumers with healthy, ethical food thattastes delicious Sustainable agricultural practices for producers Reducing operations’ environmental footprint Promoting staff welfare and skillsO U R H I STO RYAs a partner to chefs since 1922, we at Valrhona believe that, together, we can imagine the best of chocolate. By joining forceswith Valrhona, you contribute to creating a more sustainable cocoa sector. Together: We imagine the best in the selection and cultivation of fine cocoa so that we can promote aromatic diversity. We imagine the best of chocolate and the expanding of aromatic ranges thanks to our wide range of couvertures, bonbons,decorations and other chocolate products. We imagine the best to promote gastronomy through our École and at our events.Today, we make our products in two sites in Tain l’Hermitage. These are then exported to 73 countries across the world, thanksto our five subsidiaries and commercial offices in the USA, Japan, Hong Kong, Italy and Spain. Valrhona has over 15,000 directcustomers.7

KEY DATES1922The ‘Valrhona’brand is born19471984GUANAJA 70%is bornDULCEYis launched20132015Valrhona becomesa shareholder inthe Millot plantationin Madagascar& launches itsLive Long programL’École Valrhona is created& Valrhona co-founds the Coupedu Monde de la Pâtisserie20062012The Cité du Chocolatis openedThe brand is bought bythe Soparind Bongrain Group19861989The FondationValrhona is createdThe Chocolaterie du Vivarais isfounded by Albéric GuironnetThe Double FermentationRange is launched20162017The InspirationRange is launchedL E T ’ S I M AG I N E T H E B E S TO F C H O C O L AT EAs a pioneer setting the standard in our market, our vision isto imagine the best of chocolate with you.To imagine the best of chocolate, we must first scour theplanet for fine cocoa.relationships with producers. Collaborating in this way allowsus to constantly enrich our understanding of cocoa, becomeproducers ourselves in some plantations and, as a result, bringinnovations to each stage of the chocolate-making process –growing, fermentation and drying – so that we can promotearomatic diversity in cocoa.The future of cocoa lies in the plantation, which is why wemake an on-the-ground commitment alongside our cocoaproducer partners. We invest to improve local communities’well-being and to create the cocoa growing techniques of thefuture through the Cacao Forest program.This mission is carried out by our sourcing team, whichselects the most unique cocoa varieties and forges long-termWith Valrhona, you are part of forging a sustainable futurefor cocoa.We believe in a collaborative approach to chocolate. Webelieve that we can create a more sustainable world ofchocolate by sharing our experiences, and showing howour social and environmental commitments make a vitalcontribution to the quality of our products.8

To imagine the best of chocolate, you need an ambition.Ours is to endlessly perfect our chocolate-making expertise,to push the creative boundaries thanks to a constantlygrowing aromatic palette and to invent the next revolutionin the world of chocolate.From couvertures to chocolate bonbons, decorations andchocolates you can simply enjoy, our product range isdesigned to open up new horizons for you. This is so thatyou can express your talent with the total confidence thatcomes with consistent quality and flavor – And so that youcan rely on a responsible partner who has fully committed tothe environment, transparency and traceability.A few great examples of our expertise: S ingle Origins: MANJARI, Cuvées du Sourceur (SAKANTIBali & KILTI Haïti) G round-Breaking Innovations: P125 CŒUR DE GUANAJA /DULCEY / INSPIRATION RangeWith Valrhona, you give your creations an extra dimension.Our innovations accounted for 21.6% of our overall turnoverin 2018.Last but not least, to imagine the best of chocolate, it isessential to share.This means sharing expertise, so that everyone continuesto progress. L’École Valrhona, the center for chocolateexpertise, exists to train and support you. L’École’s pastrychefs are here to guide you, and can even answer each andevery one of your questions by phone. When you join ournetwork, you are able to swap techniques, tips and recipes,allowing you to stay inspired, perfect your skills and moveforward. For nearly 30 years, we have been encouragingcreative pastry-making through events such as the PastryWorld Cup and C3 Competition.Valrhona now buys 0.13% of the world’s cocoa.The beans are first selected by a sourcing teamtasked with seeking out the best cocoa.Alongside this painstaking selection work, we offerour producers intensive support. We establishstrong links with producers as a way of improvingcommunities’ living conditions and inventing thesustainable cocoa-growing practices of the futurevia our Live Long Cocoa program.The beans are then processed in our chocolatefactories, before being exported around the globein our finished products.Essentially devoted to professional customers (B2B),Valrhona has positioned itself in two segments of thechocolate market:Premium and Ultra-Premium.Thanks to the Cité du Chocolat and our association with foodindustry training schools such as École Bocuse and ÉcoleFerrandi, we are fostering future talent and contributing toour profession’s development.In 2018:With Valrhona, you become part of a community that’spassionate about chocolate.Countries7315,000Customers9

INNOVATIONEACH GEOGRAPHICAL REGION’S SHARE OFOUR TURNOVER IN 2018 (AS A PERCENTAGE)3% Middle EastInnovations accounted for21.6%of our overallturnover in 20182% Other10% Northern Europe42% France11% Southern Europe13% North, South& Central America19% AsiaOUR MAINCUSTOMERS Chocolatiers/Pastry Chefs Hotels/Restaurants Selective DistributionChannels DistributorsNUMBER OF EMPLOYEESBY GEOGRAPHICAL AREA IN 201834 Southern Europe58% Export42% France39 North, South & Central America49 Asia1 Northern Europe3 Middle East696 FranceTURNOVER10

P R OV I D I N G T O P - Q U A L I T YPRODUCTS & SERVICESValrhona’s Approach to Quality AssuranceIn addition to the care with which our sourcing team selects our cocoas, we also guarantee our customers quality productsthanks to a number of well-regarded certifications and quality assurance systems.It is with this aim in mind that we renew our ISO 22000 certification every year as an affirmation of our commitment to foodsafety management.To ensure the highest sensory quality of our products, we conduct physical, chemical and sensory analyses on all batchesof our cocoa. More than 25 external experts run taste tests on our beans every day, guaranteeing the consistency of ourchocolates’ different aromatic profiles. Over 300 batches are analyzed every year.Organic & Fair trade Cer tified RangeToday, the cocoa sector faces a number of social andenvironmental issues that threaten its very existence. Thefuture of the chocolate industry is in question, due to decliningbiodiversity and soil quality , as well as the poverty sufferedby producers and their communities.Thanks to our sustainability policy, our purchases and the waywe design our products, we are responding to these issueson a daily basis.For us, one way of doing this has been to develop our productrange by launching an organic, fair trade range. These organiccouvertures have had Fairtrade/Max Havelaar certificationsince 2016. We are also constantly working to improve theenvironmental practices that go into growing all our cocoas,whatever their origin, for the benefit of all our producers.This range of certified chocolates also enables our customers torespond to growing demand for organic and fair trade productswithout losing any of the outstanding quality and flavor forwhich Valrhona is famous.Certified organic chocolate: Only includes ingredients made usingnatural agricultural production methods. Does not use synthetic chemicals. Employs cocoa-growing techniques thataid the agrosystem and biodiversity.Organic certification is a reflectionof the standards Valrhona setsfor itself every day“Fair trade” is a collection of actionswhich aim to improve the economicand personal well-being of rawmaterial suppliers.These actions: Are based on traceability, respect anddialogue within commercial relationships. Contribute to sustainable development. Improve working conditions anderadicate child labor. Allow us to pay suppliers a fair price.WE CURRENTLY HAVE FOUR PRODUCTSWITH DOUBLE CERTIFICATIONOur fair trade certification is a reflectionof the practices Valrhona has used sinceit was founded.11

Quality Products Should Come With Impeccable ServiceWe are proud to have always placed customer relations at the heart of our quality assurance work. Our stance informseverything from the design of our sustainable products and services, right through to our After Sales department.For several years now, we have been monitoring certain indicatorsto ensure we provide a high-quality service:CUSTOMER SERVICES:OUR 72-HOUR RESPONSE RATE74%82%018n2I2520ByByI018n2AVERAGE RESPONSE TIME4.3 days2520 3 daysTHE HEART OF VALRHONA’S QUALITYASSURANCE WORK2.77regulatory product complaints forevery 1000 tons of product sold(objective: 1.74 by 2025)1.33food safety complaints for every1000 tons of product sold(objective: 1.74 by 2025)E T H I C A L G OV E R N A N C EOUR RESULTS FOR 201829%Good HR management, interpersonal respect, productquality, food safety and careful environmental practicesare all general principles to which the Savencia Group andValrhona have made commitments.of Valrhona employees havereceived ethics training, includingTo ensure these principles are respected, the SavenciaGroup has adopted a code of conduct and a set of ethicalguidelines, both of which Valrhona adheres to.100%As such, our company follows a Group policy aroundcorporate governance, regulations, information management,conflicts of interest, fraud and corruption prevention, intraGroup relations and relations with shareholders, partners,competitors and local authorities.More specifically, we undertook proactive steps in 2018in response to anti-corruption regulations, amending theResponsible Purchasing Charter we share with our suppliersto include anti-corruption measures.of our managersCERTIFICATIONS: Food Safety(ISO 22000 since 2006) Health & Safety(OHSAS 18001 since 2004) EnvironmentAll new suppliers are required to sign this charter. To date,100% of our cocoa suppliers have signed the charter.(ISO 14001 since 2005)Should any membe