YANNICK LAURI CEO Member of the Board of Directors

Transcription

1 13/03/2014

2 YANNICK LAURI CEO Member of the Board of Directors

3 SAPMER SA IN BRIEF Headquarters Reunion Island 2013 Revenues 91.6 m 3 10 Fishing ships 1 storage unit at -20 C in Reunion Island 4 storage units at -40 C and 2 processing units in Mauritius Island (sold to SAPMER Holding on 31/12/13) 507 Workforce on 31/12/13

4 SAPMER SA s MARITIME SET UP AND OUR FISHING ZONES 5 deep freeze tuna purse seiners -40 C Capacity: T of which 700 T in freezing hold at -40 C & 300 T in brine at -20 C Continuous fishing Fishing zone: Indian Ocean 1 pot lobster vessel Capacity: 240 T of Rock Lobster/fishing trip 2 fishing trips Species fished: Rock Lobster Fishing Zone: Southern Seas (TAAF EEC Zone) 4 4 longliners Capacity: 270 T/fishing trip 3 fishing trips Species fished: Toothfish Fishing Zones: Southern Seas (TAAF EEC Zone)

5 SAPMER SA s SHORE BASED SET UP IN REUNION ISLAND SAPMER Reunion Island Storage warehouse at -20 C of cbm for T of palletised frozen products 5

6 YANNICK LAURI CEO Member of the board of Directors

7 2013, A YEAR OF STRUCTURING Change in our scope On December 31, 2013, SAPMER SA sold to SAPMER Holding : All its shareholdings which represents 50% of Mer des Mascareignes Ltd (MDM) 100% of Tuna Processing Services Indian Ocean Ltd (TPSIO) 100% of Sapmer Technical Services (STS) Structuring of the activity 7 The Reunion Island site regroups the Southern Seas historical fishing activities (Toothfish & Rock Lobster) The Mauritian site is focused on the value enhancing activity and its storage at -40 C New matrix management

8 2013, A YEAR OF STRUCTURING 2013 global revenues at 91.6 m Revenues: A decrease of 1.5 m at current exchange rate An increase of 1.3 m at constant exchange rate with 94.4 m Southern Seas fishing activity: quotas completed Tuna fishing activity: Disappointing fishing volume with a catch difference between the end of year and January Fishing activity: 73.9 m vs m the previous year Strong increase of the whole tuna sales during the first half due to favourable market conditions Value enhancing activity: 17.7 m vs m the previous year Decrease of the value enhanced catches during the first half due to less favourable market conditions in Japan (devaluation of the yen)

9 ANALYSIS OF THE FISHING ACTIVITY Toothfish and Rock Lobster: 46.7 m Rock Lobster sales stayed high at constant exchange rate: 8 m against 9.3 m in 2012 Strong exchange rate impact: Revenues at 9.4 m at constant exchange rate (sales in yen) Price index* : 110 Volumes in Toothfish sales are maintained: 38.7 m against 39.4 m in 2012 Unfavourable exchange rate impact: Revenues at 39.8 m at constant exchange rate (sales in $) Price Index* : *Basic price index 100: average over the last 5 years (2009 to 2013) Whole tuna: 26.6 m of which 19 m was done during HY1 HY1 Sales are opportunistic based on the particularly favourable market conditions Return to a more prescriptive level during HY2

10 ANALYSIS OF THE VALUE ENHANCING ACTIVITY Value enhanced halieutic products : 17.7 m against 19.9 m tons of processed tuna over the year (vs tons in 2012) Slight exchange rate impact: 17.9 m at constant exchange rate (sales in ) Sales project aims at: 1/ developing tuna steaks and portion sales, 2/ diversifying export zones (Europe, North America, South Africa) especially for loins 10 Premium Quality : pursuit of the actions in place (grading)

11 ANALYSIS OF THE VALUE ENHANCING ACTIVITY HY2 strong increase of our value enhanced catch tonnage Sequentially, HY2 reached 11.4 m against 6.3 m for HY1 partially due to the Japanese market which improved during the second half. The coming into operation of TPSIO plant allows the processing of tuna of smaller size. In thousands of tons HY HY Quantity processed MDM Quantity processed TPSIO % of tons caught 21% 47% 34%

12 ANALYSIS OF THE VALUE ENHANCING ACTIVITY Breakdown of revenues per product in % Breakdown of value enhanced revenues per countries in % Increase of steaks and processed products sales Readjustment of sales per geographic zones 12 Steaks : 30% Loins : 54% Other processed products : 14% Wastes : 2% (Offcuts, portions, collars, tuna bellies, ) Japan : 52% Europe : 40% Other Asia* : 1% Mauritius and Reunion : 3% USA : 4% *Hong Kong, Singapore, China, Taiwan, Korea, Indonesia, Vietnam

13 HARALD CHABOT DE L ALLIER CFO

14 RESULTS SUMMARY CONSOLITATED INCOME STATEMENT (1 ST JANUARY 31 DECEMBER) IN M HY HY Revenues EBITDA* Operating Income % EBIT/Revenues 13.3% 9.7% 11.9% 18.9% 14 Financial Income (2.7) (2.5) (5.2) (4.8) Income taxes (1.5) (0.2) (1.7) (4.2) Net income, Group share % RN/Revenues 5.8% 2.5% 4.5% 9.2% *EBITDA : Operating income before depreciation and amortisation EBITDA : Decrease by 6.6 m due to tuna sales (whole or processed) the total is constant at 44 m with on average the operational cost of one more tuna ship during the year 2013 Operating profitability at 11.9% : It is important to note that amortisation expenses increased (Dolomieu & Belouve s investments in 2012 and the coming into operation of ERP Navision) Positive non-recurrent impact related to the gain on sales of the Mauritian subsidiaries for the amount of 0.8 m Financial income : m a slight increase due to interest expenses of the last 2 tuna ships over the full year.

15 RESULTS SUMMARY Breakdown of global revenues at 91.6 m Other Asia* : 35% Seychelles : 14% Japan : 19% Reunion/Mauritius : 15% Europe : 11% North America : 6% m 17.7 m FISHING ACTIVITY VALUE ENHANCING *Hong Kong, Singapore, China, Taiwan, Korea, Indonesia, Vietnam

16 Taux IMPACT OF OIL PRICES AND FOREIGN CURRENCIES ON RESULTS Oil prices Exchange rate / $ Dollar rates ,38 1,36 1,34 1,32 1,3 1,28 1,26 1,24 1,22 1,2 16 Sapmer Banque de France Average oil price in decline between 2012 and 2013 from 0.70/L to 0.67/L 47.52% of 2013 sales were done in $ US Average Exchange rate: 1.33 vs in 2012 which means a negative impact of -1.4 m on sales.

17 RESULTS SUMMARY SIMPLIFIED BALANCE SHEET (1 ST JANUARY 31 DECEMBER) ASSETS IN M Net fixed assets and other non-current assets Other non-current assets (credit disposals) Current assets Cash and cash equivalents Assets held for sale Total assets LIABILITIES IN M Shareholders equity Long and medium-term financial debt Other non-current liabilities Short term financial debt Other current liabilities Liabilities held for sale Total liabilities

18 GEARING ON 31 DECEMBRE 2013 ASSETS In m LIABILITIES In m Net fixed assets and non-current assets Net fixed assets and assets held for sale Capitaux propres : 45,9 Shareholder s equity 50.3 Shareholder s equity Net financial debt 83.9 Net financial debt 91.2 Other liabilities 9.4 Other liabilities 12.5 Work Cap Work Cap Deferred taxes 6.7 Deferred taxes 4.1 Assets 2013 Assets 2012 Liabilities 2013 Liabilities 2012 Gearing is at 1.67 a slight decrease compared to 1.98 at the end of 2012.

19 NET DEBT ON 31 DECEMBER m Loans repayment -9.0 m Scope change -2.9 m Credit disposals -4.1 m New loans 4.7 m Change in cash 3.4 m Other 0.6 m 83.9 m 19 Net debt 31/12/12 Net debt 31/12/13 Other: Accrued Interest, profit sharing

20 CASH FLOW STATEMENT ON 31 DECEMBER Decembre 2013 In m 31 Decembre 2012 In m Cash at the beginning of the period Net cash flow from operating activities Net cash flow from investing activities Net cash flow from financing activities Cash at the end of the period

21 YANNICK LAURI CEO Member of the board of Directors

22 2014 OBJECTIVES OBJECTIVE : OUR DEVELOPMENT PHASE SOUTHERN SEAS FISHING: Good fishing campain WHOLE TUNA: 22 Decrease of sale volumes to the benefit of value enhancing VALUE ENHANCING : Increased compared to 2013

23 QUICK GROWTH OF THE VALUE ENHANCING ACTIVITY 23

24 TUNA FISHING: A GOOG START FOR THE YEAR 2014 Fishing yield doubled in January Tonnage fished

25 YANNICK LAURI CEO Member of the board of Directors

26 GROUP NEWS : CONSTRUCTION OF A NEW SERIES OF 80-METER LONG TUNA SHIPS Specifications Length Width Tonnage UMS Storage capacity Diesel electric propulsion Propulsion power Maximum speed Number of engines Ships 1 to 5 90 m T (-17 C) 700 T (-40 C) Yes Ships 6 to 7 90 m T (-17 C) 700 T (-40 C) yes Ships 8 to 9 80 m T (-17 C) 620 T (-40 C) Yes

27 YANNICK LAURI CEO Member of the board of Directors

28 SHAREHOLDERS INFORMATION Listed on Alternext Paris Breakdown of shares on 31 Decembre 2013 Date of 1 st listing : 8 July 2009 ISIN code: FR Symbol: ALMER Type : Alternext All-Shares Stockmarket information Highest share price 2013 : 28.5 Lowest share price 2013 : 17.0 Share price on 31/12/13 : Capitalisation on 31/12/13 : 70.7 m Number of shares : Stockmarket capitalisation on 11 March 2014 : 65.5 m Dividend to be offered for 2013* : 0.20 euro/share Shareholders schedule SAPMER Holding PTE Ltd : 89.83% AGM: 29 April 2014 HY revenues: 6 August 2014 HY results : 17 September 2014 Bearer and other shareholders : 8.97% Directors and employees : 1.20% 28 *Dividend which will be offered by the board of Directors during the AGM on April 29 th 2014

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