Athens Greece | 3 0 March 2 0 1 5 1 2 Months 2 0 1 4 Results Presentation NI REUS AQUACULTURE S.A.
Main events 1 2 M 2 0 1 4 Fish sales value up to € 160.6 mi. Export sales up το € 156.2 mi. • • Lower feed sales (from stricter credit controls) impact total Group sales by 1.7% to € 195.2 mi. • Operating expenses, before provisions, declined by € 5.6 mi. to € 189.1 mi. Stable CFO at € 7 mi. FCF increased το € 2.4 mi. • • Total liabilities reduced by € 9.3 mi to € 321.7 mi. • Operating EBITDA (before the effect of the biomass valuation) improved by € 21.7 mi. to € 7.9 mi. Final EBITDA increased to € 13.5 mi. • One time charges of € 12 mi. impact net results to losses of € 15.5 mi. • On March 24 2015, a Memorandum of Understanding was signed with the Creditor Banks for restructuring of debt with capitalization of bank lending amounting to € 58.6 mi. 2 Key points
Sales by Business Sector Sales by sector for 1 2 M 2 0 1 4 ( % distribution) Fish farming = fish + juveniles sales (own + 3 rd party) Other = aviculture and animal culture products sold through the 100% subsidiary KEGOagri & fish farming equipment Sales of fish farm ing up € 1 .1 m i from higher fish sales value Feed sales dow n € ( 5 .3 ) m i. Sales of aviculture, anim al culture products & equipm ent up € 0 .7 m i 3 Sales evolution
Exports Evolution Exports & dom estic sales distribution ( % ) 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% 2007 2008 2009 2010 2011 2012 2013 2014 Ε xports Domestic sales in mi. € 12M 2013 12M 2014 Greece 4 4 .3 7 3 9 .0 2 EU 1 2 2 .2 6 1 2 7 .8 8 Other 3 1 .9 5 2 8 .2 7 Exports value up 2% Exports share to 80% of total sales 4 Sales evolution
Balance Sheet Assets 12M 20 14 12M 2013 in m i. € Propert y Plant and Equipment 80,30 86,94 Goodwill 30,36 30,77 Biological non- current 70,92 70,06 • Trade & other receivables Ot her non- current 17,11 16,46 down by € 17.4 mi. Total non- current 198,68 204,23 Biological current 92,75 100,09 Trade & other payables, • Invent ories 10,67 10,74 Trade Receivables 37,02 49,83 other than bank lending, Ot her current 7,74 14,71 down by € 13.2 mi. Cash & equivalent s 9,69 9,14 Total current 157,86 184,50 Asset s available for sale 8,51 Total assets 365,06 388,73 Total liabilities down € • (9.3) mi. to € 321.7 mi. Equity a nd lia bilitie s 12M 20 14 12M 2013 in m i. € • Total liabilities, excluding Shareholders' equit y 51,19 64,58 bank lending, down € Non- cont rolling int erest s (7,79) (6,90) Total shareholders' equity (13.2) mi. to € 85.8 mi. and non- controlling interests 43,40 57,69 L/ T bank borrowings 35,40 38,30 Deferred income t ax liabilit ies 4,50 5,73 • Total cash on hand € 9.7 Ot her non- current liabilit ies 14,30 12,53 Total non- current liabilities 54,20 56,57 mi. Trade & ot her payables 48,03 61,23 Current bank borrowings 200,45 193,54 Ot her current liabilit ies 14,17 19,70 Total current liabilities 262,65 274,48 Liabilit ies of asset s available for sale 4,80 Total liabilities 321,66 331,05 5 Financials Total equity and liabilities 365,06 388,73
I ncom e Statem ent in mi. € 12 M 2014 12 M 2013 Biological Sales 149 ,65 149 ,47 Non- Biological Sales 45 ,53 49 ,11 Operating expenses reduced Total Sa le s 195 ,17 198 ,58 by € 5.6 mi. (3% ) to € 189.1 Effect of m e asure m ent of biologica l mi. assets a t fair value ( * ) ( 2,73 ) ( 7 1,27) Raw mat erial consumpt ion (101,60) (107,43) Salaries & personnel expenses (28,17) (30,85) Operating EBI TDA (before 3rd part y fees and benefit s (21,25) (19,99) biological adjustment) Ot her operat ing expenses (30,19) (31,82) improved by € 21.7 mi. to € Ot her income 2,22 2,62 7.9 mi. EBI TDA after biological adjustm ent 1 3,45 ( 6 0,17) Biological adjust ment 5,58 (46,38) EBI TDA before biologica l adjustm ent 7,87 ( 1 3,79) Final EBI TDA improved to € Earnings / ( loss) before intere st 13.5 mi. and tax es ( EBI T) 6,24 ( 6 7,74) Earnings / ( loss) before taxe s ( EBT) ( 1 6,50 ) ( 8 7,43) Tax 1,34 11,95 Net results impacted by Earnings / ( loss) after taxes ( EAT) ( 1 5,16 ) ( 7 5,48) Equit y holders of t he parent (14,15) (75,07) € 12 mi. one time charges Non- cont rolling int erest s (1,00) (0,41) Earnings per share (€) (0,2223) (1,1791) (* ) equal t o (beginning inv. + purchases - ending inv.) of biological asset s and is added t o / (subst ract ed from) sales according t o IFRS 6 Financials
Cash Flow Statem ent in mi. € 1 2 M 2 0 1 4 1 2 M 2 01 3 Profit before t ax (16,50) (87,43) Depreciat ion 8,05 8,12 Miscellaneous ot her charges 24,68 24,31 Fair value adjust ment (5,58) 46,37 Reduct ion / (increase) of invent ories 5,78 22,65 Reduct ion / (increase) of receivables 13,64 (2,22) • CFO stable at € 7 mi. (Reduct ion)/ increase of t rade & ot her payables (15,25) 2,04 • FCF € 2.4 mi. up € 2 mi. Int erest expenses paid (7,50) (6,42) Taxes paid (0,38) (0,24) Ca sh flow from ope ra ting a ctivities 6 ,9 5 7 ,1 9 • DSO decreased to 69 Net (Invest ment s) / Divest ment s (4,58) (6,85) days in 2014 (from 92 FCF Fre e ca sh flow a fte r ope rations a nd inv e st m e nts 2 ,3 7 0 ,3 3 days in 2013) Subsidies & received int erest 2,41 0,20 Ca sh flow from inv e sting a ctiv itie s ( 2 ,1 7 ) ( 6 ,6 6 ) Ca sh flow from fina ncing a ctiv itie s ( 2 ,3 8 ) 1 ,2 2 Tota l ca sh flow re porting pe riod 2 ,4 0 1 ,7 5 Cash and cash equivalent s at t he beginning of t he period 3,62 3,01 Foreign exchange adjust ment s 0,41 (1,14) Cash of it ems for sale (0,99) Ca sh a nd ca sh e quiv a le nts a t the e nd of the pe riod 5 ,4 4 3 ,6 2 7 Financials
Bass & bream – W eekly price developm ent 2 0 1 4 Seabream (Sparus aurata) Seabass (Dicentrarchus labrax) Source: Kontali analyse “Seabass & Seabream Jan 2 0 1 5 m onthly report” Mercam adrid prices are w holesale and indicative of the price trend – actual fish prices vary by size and m arket 8 External Factors
Feed Consum ption and Juveniles I nput Fish feed data: Kontali Analyse 9 Outlook
Production evolution 1 9 9 8 -2 0 1 5 e & Δ % change 1 0 Outlook
Appendix: Cost dynam ics in fish farm ing Cost per kg Operations + Disease + Mortality Normal Operations Δ cost - Mortality Operations + Disease Δ cost - Disease Δ cost - Weight Harvest Weight Vertical structure ensures less risk from disease The 10-gr juvenile pre-fattening units target reduction in m ortality 1 1 Appendix
Appendix: I FRS 1 3 & I AS 4 1 for biological assets Fish farming companies are required to calculate and report the fair value of their biomass and the inter- Volum e x Price Fair value of period adjustment to the net fair value (IFRS 13 & biom ass ( B.S.) IAS 41). The fair value of the biomass is calculated as volume (kg) x market price at the end of the period and is Δ Volum e Key Drivers adjusted for the part that is not ready to harvest. Δ Price The key drivers are the volume and weight of the biomass and the market price at the time of the calculation. The sales of fish & Biological Sales The ready to harvest part of the end-of-period biomass is juveniles produced – to reported in the B.S. as a current asset and the not ( I .S.) ready to harvest as a non-current asset. include processed fish Sales in the I.S. are separated into biological and non- biological. Biological sales represent sales of juveniles and fish (raw and processed) produced by Non- biological The sales of fish & the company. Non- biological sales represent the juveniles produced by sales ( I .S.) sales of the fish/ juveniles produced by others, the sales of fish feed, equipment, and other products. others, fish feed, nets, other products The effect of measurement of biological assets at fair value is added to (subtracted from) sales, and is computed as follows: Total Sales Biological sales + biomass at beginning of period (+) purchases of biological assets for production ( I .S.) Non-biological sales (-) biomass at end of period = effect of measurement of biomass at fair value The inter-period Effect of difference in the fair m easurem ent biom ass value of biom ass at fair value 1 2 Appendix
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