Athens Greece | 3 0 August 201 0 6 Months 2 0 1 0 Results Presentation NI REUS AQUACULTURE S.A.
Main events 6 M 2 0 1 0 • Financial 2 nd quarter 2010 � Total sales up + 18,5% to € 52,4 mi. Fish volumes up + 14,7% , value up + 26,9% to € 39 mi. Net income after minority interest impacted by a write down in affiliate (Marine Farms) and declined to € 0,5 mi. € from 1,3 mi., excluding an one-off tax levy � Six months 2010 Total sales up + 9,7% to € 92,7 mi. Fish volumes up + 11,1% , value up + 17,9% to € 70,7 mi. Net income after minority interest impacted by a write down in affiliate (Marine Farms) and declined to € 1,3 mi. from € 1,6 mi., excluding an one-off tax levy • Market and external factors - Seabream price has recovered solidly from historical low - Price of seabass shows first signs of recovery despite higher volumes coming into the market - Higher cost for feed raw materials and transportation - Demand for seabass/ seabream remains solid 2 2
Bass & bream – Price and Volum e Seabream (Sparus aurata) Seabream (Sparus aurata) Seabass (Dicentrarchus labrax) Seabass (Dicentrarchus labrax) SEABREAM Monthly Price and Volume Evolution SEABASS Monthly Price and Volume Evolution Jan 2007 - Jul 2010 (source: MercaMadrid) Jan 2007 - Jul 2010 (source: MercaMadrid) 900.000 11 400.000 17,5 Volume Price Volume Price 9 300.000 600.000 Volume (kg) Volume (kg) Price Price 7 200.000 10,5 300.000 5 100.000 0 3,5 0 3 7 8 9 0 2007 2008 2009 2010 0 0 0 1 0 0 0 0 2 2 2 2 Low er volum es and solid recovery for the price of seabream Volum es for seabass losing m om entum – price rebounded in Q2 201 0 3 3
Higher cost for feed raw m aterials - transportation Monthly Soybean Meal Monthly Fish Oil (Pellets, 44/45%, cif Rotterdam - US$/Ton) (cif North West Europe - US$/Ton) 2.000 600 1.600 500 1.200 400 800 300 400 200 Jan Feb Mar Apr Jun Jul Aug Sep Nov Jan Feb Mar Apr Jun Jul Aug Sep Nov Jan Feb Mar Apr Jun Jul Aug Sep Nov Jan Feb Mar Apr Jun May Oct Dec May Oct Dec May Oct Dec May Jan Jun Jul Nov Jan Jun Jul Nov Jan Jun Jul Nov Jan Jun Feb Mar Apr May Aug Sep Oct Dec Feb Mar Apr May Aug Sep Oct Dec Feb Mar Apr May Aug Sep Oct Dec Feb Mar Apr May 2007 2008 2009 2010 2007 2008 2009 2010 Monthly Fish Meal US$/Ton (64/65% Bremen fca - US$/Ton) 1.900 1.700 1.500 1.300 1.100 900 Jan Jun Jul Nov Jan Jun Jul Nov Jan Jun Jul Nov Jan Jun Feb Mar Apr May Aug Sep Oct Dec Feb Mar Apr May Aug Sep Oct Dec Feb Mar Apr May Aug Sep Oct Dec Feb Mar Apr May 2007 2008 2009 2010 Data Source: FAO for soybean, fish m eal and fish oil - CME for oil 4 4
The ongoing consolidation of the Greek sector No. of Licenses 1985-2009 Greek Production - thou ton 400 220 229 260 290 310 310 315 320 329 329 329 329 130 120 140 120 300 120 100 98 97 85 100 170 82 79 200 80 59 100 60 12 40 17 0 20 1,6 0,1 1985 1995 2000 2002 2004 2006 2008 0 1985 1990 1995 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 No. of Companies 1985-2009 � Stable capacity since 2 0 0 6 ( NO new licenses) 248 260 300 250 110 140 140 170 185 190 205 193 175 167 200 � 8 0 com panies in 2 0 0 9 vs 1 6 7 com panies in 125 106 80 150 20 0 6 100 12 50 0 4 5 6 7 8 9 0 � Hellastat expects a further reduction in 5 0 1 2 3 3 6 8 9 8 9 9 9 9 9 9 9 9 9 9 0 0 0 0 0 9 9 9 9 9 9 9 9 9 9 9 0 0 0 0 0 1 1 1 1 1 1 1 1 1 1 1 2 2 2 2 2 production to 1 1 0 thou. ton. in 2 0 1 0 ( analysis of the Greek fish farm ing sector, Oct 2 0 09 ) Data Source : Federation of Greek Mariculture 5 5
Financials – Balance Sheet Assets 6M 20 10 6M 20 09 20 09 in m i. € Total non-current 247,72 266,60 235,07 Total current 280,23 248,74 286,83 Total assets 52 7,95 5 15,33 5 21,90 Equity and liabilities 6M 20 10 6M 20 09 20 09 in m i. € Total shareholders' equity and non-controlling interests 167,12 171,29 165,94 Total non-current liabilities 209,99 214,58 209,21 Total current liabilities 150,84 129,47 146,74 Total liabilities 360,83 344,04 355,96 Total equity and liabilities 52 7,95 5 15,33 5 21,90 6 6
Financials – I ncom e Statem ent in mi. € 6 M 2 0 1 0 6 M 20 0 9 2 0 09 Biological Sales 7 4 ,5 6 6 1 ,0 4 1 2 0,0 6 Non-Biological Sales 1 8 ,1 4 2 3 ,4 3 4 3,4 6 Total Sales 9 2 ,7 0 8 4 ,4 7 1 6 3,5 2 EBI TDA 1 2 ,6 2 1 3 ,4 6 2 2,1 2 EBI T Operating 8 ,0 3 9 ,8 4 1 3,7 7 EBT 2 ,7 8 4 ,1 3 0,9 4 Tax 2,69 1,92 (3,92) EAT 0 ,0 9 2 ,2 1 ( 2,9 8) Excluding one- off item ( * ) 0 ,6 6 2 ,2 0 ( 2,9 8) Equity holders of the parent 0,69 1,64 0,34 Excluding one-off item (* ) 1,25 1,64 0,34 Non-controlling interests (0,59) 0,57 (3,32) Earnings per share 0,0108 0,0258 0,0054 Excluding one-off item (* ) 0,0197 0,0258 0,0054 (* )Excluding one-off social contribution levy of € 0,6 mi. imposed by the Greek government on profitable companies � Total sales: up € 8,2 m i, + 9 ,7 % � Biological sales ( ow n-production fish and juveniles) : up € 13 ,5 m i, + 22 % � Net incom e im pacted by an one-off tax levy ( € 0,6 m i.) and a w rite dow n in 7 7 affiliate ( € 0,7 m i. loss vs € 0,7 m i. gain in 6M 200 9 )
Financials – Cash Flow Statem ent in mi. € 6 M 2 0 1 0 6 M 2 0 0 9 2 0 0 9 Profit before tax 3,47 4,13 0,94 Cash flow from operating activities ( 0 ,7 5 ) ( 1 0 ,8 8 ) ( 1 6 ,4 4 ) Cash flow from investing activities ( 1 ,8 5 ) ( 4 ,8 5 ) ( 3 ,4 2 ) Cash flow from financing activities 1 ,6 8 ( 0 ,3 9 ) 5 ,9 6 Total cash flow reporting period ( 0 ,9 2 ) ( 1 6 ,1 1 ) ( 1 3 ,9 0 ) Cash and cash equivalents at the beginning of the period 15,74 29,64 29,64 Cash and cash equivalents at the end of the period 1 4 ,8 2 1 3 ,5 3 1 5 ,7 4 8 8
Financials – Key Figures in mi. € 6M 20 1 0 6 M 2 00 9 2 00 9 Operating revenues 92,70 84,47 163,52 EBI TDA 1 2,62 13 ,4 6 2 2,1 2 EBITDA margin(% ) 14% 16% 14% EBT 2,7 8 4 ,1 3 0,9 4 EBT margin(% ) 3% 5% 1% Earnings attributable to equity holders of the parent 0,6 9 1 ,6 4 0,3 4 Excluding one-off item (* ) 1,2 5 2 ,2 0 0,3 4 Earnings per share 0,0108 0,0258 0,0054 Excluding one-off item (* ) 0,0197 0,0258 0,0054 Total assets 527,95 515,33 521,90 Equity 167,12 171,29 165,94 (* )Excluding one-off social contribution levy of € 0,6 mi. imposed by the Greek government on profitable companies 9 9
Sales per Sector 6M 2 00 9 6M 2 01 0 20 09 Sales by Sector for 6M 2009 & 6M 2010 (mi. €) Market-size 14,1 15,6 27,7 78,1 6M 2009 fish ( thou. 65,9 6M 2010 ton. ) Aver. Price 4,26 4,52 4,29 ( € / kg) Fish Feed 10,6 10,1 23,3 ( thou. ton. ) 9,9 9,4 5,2 Aver. Feed 0,93 0,93 0,93 8,7 Price ( € / kg) Fish Farming Fish Feed Other Juveniles 28,4 34,4 38,6 ( m i. pieces) Fish farming = fish + juveniles sales (own + 3 rd party) Other = equipment to fish farmers + feed, health, Aver. Price 0,20 0,21 0,21 breeding and equipment to aviculture and animal culture ( per piece) Sales of aviculture and anim al culture products ( sold through the 1 0 0 % subsidiary KEGOagri) w ere stable . Sales of fish farm ing equipm ent w ere im pacted by the sector and country situation, as farm ers have deferred investm ent on new developm ent. 1 0 1 0
Fish Sales - Value Fish sales value (mi. € ) 39,0 ,0 70,7 75 ,0 30,7 60,0 28,4 55,6 ,0 ,0 Fish Sales (mi. €) 19,5 ,0 13,4 13,5 Other sales (mi. €) ,0 ,0 ,0 0 ,0 6M 08 6M 09 6M 10 2Q 2008 2Q 2009 2Q 2010 Fish sales = own + 3 rd party fish Δ % Δ % 6 M 20 09 6 M 20 10 2 Q 2 00 9 2 Q 2 01 0 m i. € 6 0 7 0 ,7 + 1 7 ,9 % m i. € 3 0 ,7 3 9 + 2 6 ,9 % 1 1 1 1
Fish Sales Volum es 8,5 Fish Sales Volume ('000 T) quarterly 32,0 Fish Sales Volume ('000 T) - 2003-2010e 33,0 8 7,5 27,7 28,0 26,4 7 24,1 6,5 22,6 23,0 6 5,5 16,9 18,0 5 12,0 4,5 13,0 4 2008 2008 2008 2008 2009 2009 2009 2009 2010 2010 8,0 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 2004 2005 2006 2007 2008 2009 2010e Fish sales = own + 3 rd party fish 6 Μ 20 09 6 Μ 20 10 Δ % Δ % 2 Q 2 00 9 2 Q 2 01 0 ‘0 0 0 T 1 4 ,1 1 5 ,8 + 1 1 ,1 % ‘0 0 0 T 7 ,1 8 ,1 + 1 4 ,7 % 1 2 1 2
Strict Cost Managem ent Group in mi. € 6M 2010 6M 2009 Salaries & personnel expenses 16,08 16,82 3rd party fees and benefits 11,56 10,03 Other expenses 9,78 8,46 2Q 2010 2Q 2009 Total 37,43 35,32 19,85 18,95 Total as % of sales 40,37% 41,81% 37,88% 42,85% Everyw here.. Com pany 6 M 2 0 1 0 6M 2 0 0 9 Salaries & personnel expenses 12,63 12,93 3rd party fees and benefits 8,84 8,35 Other expenses 8,78 7,54 2Q 2 0 1 0 2Q 2 0 0 9 Total 30,2 5 28,8 2 15,9 5 15,7 0 Total as % of sales 33 ,0 0 % 35,4 6 % 30,4 2 % 32,2 4 % 1 3 1 3
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