According to Guillaume Fortin, the Group's Managing Director, "the model used by Les Maîtres Laitiers du Cotentin is unique in France in terms of its capacity to combine production, processing and distribution all throughout the dairy chain. Through this financing, this model will ensure our future development and longevity. Coupling our main CSR objectives with our financial interests is a sign that sustainable development is an integral part of our model, in alignment with our co-operative values."
A mark of confidence in the group's long-term future
The Société Générale bank co-ordinated the compilation of this €220 million loan using a "sustainability-linked" format, implementing a syndicated loan and a Euro Private Placement; the lenders involved are the banks Société Générale, Crédit Agricole, Rabobank, LCL, CIC, Crédit Mutuel MABN, BRED, BNP Paribas and La Banque Postale, along with non-bank lender Sofiprotéol.
Through their involvement, these financial backers are demonstrating their confidence in the long-term future of the Les Maîtres Laitiers du Cotentin Group and its action plan.
Société Générale also played the role of CSR coordinator, providing advice on how to fine-tune the four CSR indicators selected for the evaluation of the sustainable development criteria.
"Co-operating for the future" – the Les Maîtres Laitiers du Cotentin Group's CSR approach
The CSR objectives associated with this financing are aligned with the priorities the Group has set itself for the coming years. Entitled "Coopérons pour demain" (Co-operating for the future) the CSR approach adopted by Les Maîtres Laitiers is broken down into four key pillars.
- Reducing the number of occupational accidents by 20% between 2019 and 2025 is the priority for the pillar "Cooperating with our producers and employees." This is because accident frequency rates are also a measure of operational thoroughness, adherence to working procedures, and levels of team engagement.
- Remaining a major stakeholder in the development of the areas in which the Group operates, via procurement. The France Frais network, which is the distribution chain for Les Maîtres Laitiers du Cotentin, stands out for its high levels of local procurement (within its local Department and neighboring areas). Milk collection represents what is by far the main supply source for the Industrial division, and this too remains local. The Group's ambition is to allocate over 90% of foodstuff procurement to French producers and manufacturers.
- Encouraging the renewal of dairy farming in La Manche by promoting differentiating dairy sectors. Since 2016, the Cooperative's farmer members have been involved in producing organic milk , Isigny PDO Butter and Cream, Normandy PDO Camembert, and GMO-free grass-fed milk, and in low-carbon farming. The first four of these segments are validated via third-party certifications. The achievement of the Low-carbon ambition will be determined during the second wave of environmental assessments, to be carried out starting in 2025. By that time, the Cooperative aims to maintain its share in these four segments at over 78% of member farms.
- Reducing the carbon footprint by undertaking energy efficiency initiatives within the Industrial branch. These address the Group's leading cause of greenhouse gas emissions: consumption of gas and electricity in dairies. One initial objective is to have reduced the intensity of emissions by 20% by 2026 compared to 2017 levels.
Finally, the main source of indirect emissions goes back to the upstream phase of dairy production. This is why each member farm must carry out a CAP’2ER diagnostic assessment by the end of 2025. This assessment will enable producers to decide which actions are best-suited to their farming operations, with the help of the Cooperative's technicians.