Athens Greece | 2 7 Novem ber 2 0 09 9 Months 2 0 0 9 Results Presentation NI REUS AQUACULTURE S.A.
Nireus at a glance • The leader in seabass and seabream fish farm ing - A fully integrated producer - Production facilities in 3 countries: Greece, Spain and Turkey - Exports to > 40 countries – the # 1 exporter in the Greek food sector - Significant growth potential on existing capacity - Exclusive know-how and technology enable sustainable cost reduction • W ell positioned to participate in further industry consolidation - Know the Mediterranean fish farming business - Proven success in absorption of other companies • Attractive I ndustry Fundam entals - Very attractive industry outlook long-term - Recession resistant sector - I ndustry will become more attractive from on-going consolidation - Nireus is well positioned to capture opportunities in the global industry 2 2
Main events 9 Months 2 0 0 9 • Financial - Fish sales up + 15.4% in volume + 9.6% in value - Sector adversities continue to impact sales of feed and juveniles - Total sales for 9M 2009 € 125.9 versus € 131.4 in 9M 2008 (down 4% ) - On going cost reduction focus delivers significant results – sales and admin expenses reduced by € 7.1 mi. (down 11.6% ) – PPE halved to € 5.9 mi. - Net income for 9M 2009 2.3 mi. up + 63% • Operations - A new logistics service was created with Tradimar (of the STEF-TFE group) in Milan - New product / brand launched in Greece. • Market and external factors - Seabream price has recovered solidly from historical low (April 2009) - Aggregate cost for raw materials at 2008 levels - Solid demand for seabass/ seabream – price stable despite higher volumes 3 3
Seabream price recovered MercaMadrid - W holesale Prices MercaMadrid - Monthly volum es for Fresh farm ed Seabream last update 21/ 11/ 2009 for fresh farm ed Seabream 8,50 900 8,00 2008 2009 2008 2009 800 7,50 700 7,00 600 6,50 EURO / kg tonnes 6,00 500 5,50 400 5,00 300 4,50 200 4,00 100 3,50 3,00 0 2 4 6 8 10 12 14 16 18 20 22 24 26 28 30 32 34 36 38 40 42 44 46 48 50 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Seabass (Sparus aurata) Seabass (Sparus aurata) Recovery of the price of seabream despite higher volum es Depleting inventories expected to sustain price at higher level 4 4
Sea bass price is stable MercaMadrid - W holesale prices MercaMadrid - Monthly volum es for fresh farmed Seabass la st upda te 2 1 / 1 1 / 2 0 0 9 for fresh farm ed Seabass 8,50 8,00 350 2008 2009 2 0 0 8 2 0 0 9 7,50 300 250 7,00 tonnes 200 6,50 150 6,00 100 5,50 50 5,00 0 4,50 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2 4 6 8 10 12 14 16 18 20 22 24 26 28 30 32 34 36 38 40 42 44 46 48 50 Price at 20 08 levels w ith higher Seabass (Dicentrarchus labrax) Seabass (Dicentrarchus labrax) volum es 5 5
Stable cost for feed raw m aterials Monthly Soybean Meal Monthly Fish Oil (pellets, 44/45%, cif Rotterdam) (cif North West Europe) 550 2.000 500 1.600 450 400 1.200 350 2007 2008 2009 300 800 2007 2008 2009 250 400 200 Jan Feb M ar Apr M ay Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr M ay Jun Jul Aug Sep Oct Nov Dec Monthly Fish Meal (64/65% Bremen fca) Data Source : FAO 1.500 1.400 Aggregate cost of raw m aterials 1.300 used for the production of fish feed stable vs 200 8 1.200 1.100 1.000 2007 2008 2009 900 6 6 Jan Feb M ar Apr M ay Jun Jul Aug Sep Oct Nov Dec
The ongoing consolidation of the Greek sector No. of Lisences 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) 300 248 260 250 110 140 140 170 185 190 205 193 175 167 200 � 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 7 7
Financials – Balance Sheet Assets 9M 20 09 9 M 2008 200 8 in m i. € Total non-current 253,27 246,23 293,27 Total current 269,77 268,41 231,16 Total assets 523,0 4 514,6 5 52 4,43 Equity and liabilities 9M 20 09 9 M 2008 200 8 in m i. € Total shareholders' equity and m inority interests 170,79 170,23 168,27 Total non-current liabilities 213,07 214,07 217,47 Total current liabilities 139,18 130,34 138,69 Total liabilities 352,24 344,42 356,16 Total equity and liabilities 523,0 4 514,6 5 52 4,43 8 8
Financials – I ncom e Statem ent in mi. € 9M 2 00 9 9 M 20 08 20 08 Biological Sales 9 2,3 9 5,6 111 ,9 8 Non-Biological Sales 3 3,6 3 5,8 5 7,7 7 Total Sales 12 5,9 1 31,4 169 ,7 5 Gain from change of Fair Value in Biological Assets 1 17 ,9 2 125 ,5 7 160 ,8 0 EBI TDA 20 ,6 3 1 9,7 5 2 9,9 1 EBI T Operating 14 ,6 3 1 4,4 6 2 2,9 5 EBT 6 ,2 6 6 ,4 5 9 ,7 8 Tax -3,95 -5,02 -8,56 EAT 2 ,3 2 1 ,4 2 1 ,1 3 Majority interest 1 ,7 4 0 ,4 5 0,32 Minority interest 0 ,5 8 0 ,9 8 0,81 Earnings per share 0,0273 0,0087 0,0058 � Reduced sales of feed and juveniles to farm ers im pacted overall sales � Fish sales up + 9 .6 % in value 9 9
Financials – Cash Flow Statem ent in mi. € 9 M 20 0 9 9 M 2 00 8 2 0 0 8 Profit before tax 6,26 6,45 9,78 Cash flow from operating activities -12,40 -14,23 -2 6 ,1 8 Cash flow from investing activities -3,93 -17,64 -1 2 ,8 2 Cash flow from financing activities 2,16 9,25 1 6 ,7 4 Total cash flow reporting period -1 4 ,1 7 - 2 2,62 -2 2 ,2 6 Cash and cash equivalents at the beginning of the period 29,64 51,90 51,90 Cash and cash equivalents at the end of the period 15 ,4 7 2 9,28 2 9 ,6 4 � Strong reduction in sustaining capex 1 0 1 0
Financials – Key Figures in m i. € 9 M 2 0 0 9 9 M 2 0 0 8 2 0 0 8 Operating revenues 125,87 131,40 169,75 EBI TDA 2 0 ,6 3 1 9 ,7 5 2 9 ,9 1 EBITDA m argin(% ) 16% 15% 18% EBT 6 ,2 6 6 ,4 5 9 ,7 8 EBT m argin(% ) 5% 5% 6% Earnings after tax & m inorities 1 ,7 4 0 ,4 5 0 ,3 2 Earnings per share 0,0273 0,0087 0,0058 Total assets 523,04 514,65 524,43 Equity 170,79 170,23 168,27 1 1 1 1
Sales Breakdow n 9 Μ Sales by Sector for 2008 & 2009 (mi. €) 9M 9M 20 08 20 09e 20 08 20 09 Market-size 18.1 20.9 24 28 9M 2008 fish ( thou. ton. ) 98 96 9M 2009 Aver. Price 4.54 4.30 4.43 4.30 ( € / kg) Fish Feed 21.4 17.5 28 20 ( thou. ton. ) Aver. Price 0.97 0.93 0.95 0.93 21 ( € / kg) 16 15 12 Juveniles 58.5 36.7 62.4 38 Fish Farming Fish Feed Other ( m i. pieces) Aver. Price 0.22 0.21 0.21 0.21 Fish farming = fish + juveniles sales ( per piece) Other = equipment to fish farmers + feed, health, breeding and equipment to aviculture and animal culture � Volum es in m arket-size fish increased by 15.4% � Sales of feed and juveniles w ere reduced on stricter credit term s 1 2 1 2
Fish Sales - Value Fish Sales (mi. €) Fish Sales (mi. €) Ot her sales (mi. €) Ot her sales (mi. €) ,0 0,0 90,2 30,1 0,0 82,2 ,0 26,7 0,0 ,0 0,0 17,3 0,0 49,2 ,0 0,0 ,0 35,7 11,2 0,0 ,0 0,0 0,0 0,0 0,0 3Q 2008 3Q 2009 9 Μ 2008 9 Μ 2009 Δ % Δ % 9 M 20 08 9 M 20 09 3 Q 2 00 8 3 Q 2 00 9 m i. € 8 2 .2 9 0 .2 + 9 .6% m i. € 2 6 .7 3 0 .1 + 1 3 .1 % 1 3 1 3
Fish Sales – Volum es 7,5 Fish Sales Volume ('000 T) - 2003-2009e Fish Sales Volume ('000 T) - 2008-2009 - quarterly 28,0 26,0 7 24,0 6,5 22,0 20,0 6 18,0 5,5 16,0 14,0 5 12,0 4,5 10,0 8,0 4 2004 2005 2006 2007 2008 2009e 2008 1Q 2008 2Q 2008 3Q 2008 4Q 2009 1Q 2009 2Q 2009 3Q Δ % Δ % 9 M 20 08 9 M 20 09 3 Q 2 00 8 3 Q 2 00 9 ‘0 0 0 T 1 8 .1 2 0 .9 1 5 .4 % ‘0 0 0 T 5 .9 6 .8 1 5 .4 % 1 4 1 4
Strict Cost Managem ent Group in mi. € 9 M 2 0 0 9 9 M 2 0 0 8 Salaries & personnel expenses 25,21 27,97 3rd party fees and benefits 15,83 17,17 Other expenses 12,92 15,92 3 Q 2 0 0 9 3 Q 2 0 0 8 Total 5 3 ,9 6 6 1 ,0 6 1 8 ,6 4 2 1 ,2 6 Total as % of sales 4 2 ,8 7 % 4 6 ,4 7 % 4 5 ,0 2 % 4 8 ,3 4 % -11.6% - 12.4 % 61,06 21,26 53,96 18,64 9M 2008 9M 2009 3M 2008 3M 2009 1 5 1 5
Everyw here Com pany 9 M 2 0 0 9 9 M 2 0 0 8 Salaries & personnel expenses 19,44 22,39 3rd party fees and benefits 12,86 15,00 Other expenses 11,54 14,32 3 Q 2 0 0 9 3 Q 2 0 0 8 Total 4 3 ,8 5 5 1 ,7 1 1 5 ,0 2 1 7 ,6 2 Total as % of sales 3 5 ,0 9 % 3 7 ,7 6 % 3 4 ,4 1 % 3 5 ,9 0 % -15.2 % - 14.7 % 51,71 17,62 43,85 15,02 9M 2008 9M 2009 3M 2008 3M 2009 1 6 1 6
New product launch Gutted bream , gutted bass and bream fillets launched in the Greek subsidiary of MAKRO hyperm arket under the brand nam e THALASSA ( SEA in Greek) . 1 7 1 7
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