DATE / 04/ 09/ HALF YEARLY RESULTS

Transcription

1 DATE / 04/ 09/ HALF YEARLY RESULTS

2 SAPMER, PROFIL Yannick Lauri General Manager, member of the Board of Directors

3 SAPMER S S EXPERTISE FISHING PROCES SING AND VALUE EN NHANCING EXPORTATION AND SALES TUNA YELLOWFIN, SKIPJACK Indian Ocean 5-40 C tuna purse seiners Yll Yellowfin and Skij Skipjack k tuna fihi fishing Fishing products: Whole tuna (< 3.5 kg at -40 o C and brine) Processed tuna (> 3.5 kg at - 40 o C) Storage at -40 o C at Port-Louis Processing factory at Port-Louis Processed en d products: loins, steaks, kirimi, saku, under-belly, collars Main markets: International markets including Japan for sashimi i products and Europe and the USA for steaks Mauritian markets for canning industries for whole tuna The main clients are import/export t companies and wholesalers. TOOTHFISH ROCK LOBSTER SOUTHERN SEAS FISHING IN THE ECONOMIC ZONES OF THE SOUTHERN AND ANTARCTIC TERRITORIES (TAAF) 4 longliners Quota 2012/13 : Tons Headed and gutted toothfish, packaged on board. 1 pot lobster vessel Quota 2012/13 : 400 T Rock Lobster prepared and packaged on board No activity Main markets: Japan, China, the USA Main clients are wholesalers; part of the sales are done via brokers 3

4 EFFECTIVE MARITIME AND SHOREBASED SET UP 4

5 OUR PRODUCTS FROM SEA TO PLATE TUNA FISHING LOINS Raw consumption (sushis, sashimi ) or cooked STEAKS Product made from loins: half-cooked or raw consumption OTHER TOP PRODUCTS Top of the range products- Loin center Saku block : raw consumption Kirimi : half-cooked or marinated consumption OTHER PRODUCTS Under-bellies, collars, offcuts : raw, half-cooked, marinated, grilled consumption 5

6 OUR PRODUCTS FROM SEA TO PLATE SOUTHERN SEAS FISHING TOOTHFISH Toothfish whole Toothfish cheeks Toothfish collars Toothfish fillets Slices ROCK LOBSTER Rocklobster whole raw Rocklobster whole hl cooked Rocklobster raw tail Rocklobster head 6

7 A STRONG INTERNATIONAL DEMAND Toothfish Tuna steak Rocklobster EUROPE Tuna steak ASIA AMERICA AFRICA Toothfish Tuna steak Tuna steak Kirimi, Carri Tuna loins Steak Saku Tataki OCEANIA 7

8 OUR STRENGTHS AND SPECIFICITIES TOP OF THE RANGE PRODUCTS PREMIUM AND HIGH ADDED VALUE QUALITIY A PERMANENT COMMITMENT TO RESP PONSIBLE FISHING CHARACTERISED BY CONCRETE ACTIONS TOWARDS THE PRESERVATION OF THE RESSOURCE AND SPECIES A DEVELOPPEMENT PLAN MADE POSSIBLE BY OUR P REMIUM POSITIONNING 8

9 2012 1st HALF SIGNIFICANT EVENTS Yannick Lauri General Manager, member of the board of Directors

10 COMING INTO OPERATION O OF DOLOMIEU NAMING CEREMONY ON 22 MARCH 2012 CONSTRUCTION IN VIETNAM BY SEAS, SUBSIDIARY OF THE PIRIOU FRENCH SHIPYARDS 4 ST TUNA PURSE SEINER SISTERSHIP NAMING OF BELOUVE ON 6 SEPTEMBER ST FISHING CAMPAIGN : MAY 2012 DEVELOPMENT OF SAPMER S TUNA FLEET TUNA SHIPS IN NUMBERS 10

11 CONSTRUCTION LAUNCH OF A NEW VALUE ENHANCING FACTORY THIS UNIT SHOULD COME INTO OPERATION IN 2013 THE SMS SUBSIDIARY CHANGES NAME AND BECOMES TUNA PROCESSING SERVICES IO SITE : PORT LOUIS (MAURITIUS) M 2 BUILDING PRODUCTS : LOINS, TATAKI AND VALUE ENHANCED WASTES Loins Tataki Oil 11

12 ACTIVITY S SUMMARY 1ST HALF Yannick Lauri General Manager, member of the board of Directors

13 ACTIVITY SUMMARY STRONG INCREASE OF REVENUES in M + 24% GOOD FISHING CAMPAIGNS SOUTHERN SEAS FISHING : STEADY DEMAND FROM ASIAN MARKETS EXPANSION OF TUNA ACTIVITY (WHOLE TUNA, PROCESSED TUNA) POSITIVE FOREX IMPACT ( /US$) Operational profitability : 19% Net profitability : 11% 13

14 ANALYSIS FISHING ACTIVITY REVENUES OF 42.0 M, AN INCREASE BY 11% TOOTHFISH AND ROCK LOBSTER: +0.6 M Rock Lobster : catch quotas were completed Price index : 138 Toohfish: h slight shift in fishing trips between 2012 and 2011 Price index : 140 GROSS TUNA: +3.7 M Increase in prices Customers diversification 14

15 ANALYSIS VALUE ENHANCING & PROCESSING ACTIVITY INCREASE IN REVENUES BY +6M TO 10.5M tons of tuna were processed vs tons in H Increase in processed catches : 45% of catches vs 33% in 2011 Higher productivity of Mer des Mascareignes (35Tons/day in average) Increase in average price (customers acknowledgement of a Premium product) 15

16 ANALYSIS VALUE ENHANCING & PROCESSING ACTIVITY BREAKDOWN OF REVENUES PER PRODUCT IN % BREAKDOWN OF REVENUES PER COUNTRY IN % Loins : 72% Steaks : 19% Other processed products : 8% Waste : 1% Japan : 77% Europe : 18% Other Asia* : 2% Mauritius : 1% Reunion : 1% USA : 1% *Hong kong, Singapore, gp China, Taiwan, Korea, Indonesia 16

17 INCREASE OF WORKFORCE BREAKDOWN AT 30/06/ persons hired since 31 December

18 SUMMARY FIRST HALF FINANCIAL RESULTS Harald Chabot de l Allier Deputy General Manager Finance

19 CONSOLIDATED INCOME STATEMENT (1 ST JANUARY 30 TH JUNE) IN M S REVENUES 52.5 GROSS OPERATING INCOME (EBITDA) 12.9 OPERATING INCOME (EBIT) 9.9 % EBIT / REVENUES 19% FINANCIAL INCOME (1.9) INCOME TAXES (2.4) NET INCOME, GROUP SHARE 5.6 % NET INCOME / REVENUES 11% S % 20% (1.5) (3.4) (1.0) (4.0) % 10% Revenues increased by 10.3 M EBIT increased by 2.9 M Increase in income taxes by 1.4M mainly due to increase in financial results Profitability in tune with 2011 at 11% of revenues 19

20 QUICK GROWTH OF VALUE ENHANCING & PROCESSING ACTIVITY BREAKDOWN OF FISHING ACTIVITY (IN M ) BREAKDOWN OF VALUE ENHANCING AND PROCESSING (IN M ) Southern Whole tuna seas fishing Other 0.2 BREAKDOWN OF VALUE ENHANCING AND PROCESSING REVENUES PER COUNTRY AT 30/06/

21 IMPACT OF OIL PRICES AND FOREIGN CURRENCIES ON RESULTS OIL PRICES EXCHANGE RATE /$ Average oil price during H : 0.69 vs 0.56 during H Impact of an increase of 0.10 on the price of a litre of Diesel = +0.9 M for SAPMER 53% of H revenues are made in $ US Average exchange rate for H1 : 1.30 vs 1.39 in 2011, which means a positive impact of 1.9 M on EBIT If average rate at 1.40 impact : M If average rate at 1.20 impact : +2.2 M 21

22 OPERATING SEGMENT CONTRIBUTION TO EBIT FISHING ACTIVITY VALUE ENHANCING & PROCESSING IN M S S Var. S S Var. REVENUES % % OPERATING INCOME % % % REVENUES 22.9% 18.0% - 32% 3.2% 57% 5.7% - Our activities are profitable : Fishing activity : satisfactory results for southern seass fishing activity and strong increase of whole tuna sales (+65%) Value enhancing and processing activity : stable result ts due to a level situation 22

23 SIMPLIFIED BALANCE SHEET AT 30 JUNE 2012 IN M 30/06/12 31/12/11 NET FIXED ASSETS AND OTHER NON-CURRENT ASSETS SHAREHOLDERS EQUITY LONG-AND MEDIUM- TERM FINANCIAL DEBT 30/06/12 31/12/ OTHER NON-CURRENT LIABILITIES CURRENT ASSETS SHORT-TERM FINANC IAL DEBT CASH AND CASH EQUIVALENTS OTHER CURRENT LIABILITIES TOTAL ASSETS TOTA AL LIABILITIES

24 GEARING AT 30 JUNE 2012 ASSETS IN M LIABILITIES IN M Net fixed assets Net fixed assets 97.2 Gearing

25 NET DEBT AT 30 JUNE 2012 Change in financial debt 15.5 M Change in cash 6.8 M 25

26 CASH FLOW STATEMENT H VS JUNE 2012 In M DECEMBER 2011 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 26

27 WORKING PRACTICES AND OBJECTIVES Yannick Lauri General Manager, member of the board of Directors

28 OUR WORKING PRACTICES 1/ RESOURCE SUMMARY OF OUR STOCKS YELLOWFIN & SKIPJAC K TUNA IN THE INDIAN OCEAN Species Stock and recommendations Yellowfin (Thunnus albacares) assessed in 2011 Skipjack (Katsuwonus pelamis) analysis of the 2011 numbers Big eye (Thunnus obesus) assessed in 2011 The st tock is not currently over-exploitedexploited but the spawning biomass is decreasing. Recommendation: the catch should not exceed Tons. The stock is not over-exploited and the risk for over-exploitation is low. Recommendation : The current quantities being caught should not be exceeded ( Tons). The stock is not over-exploited and the risk for over-e exploitation is low. Recommendation : The current quantities being caught should not exceed Tons. Source Orthongel Annexe rapport d activité 2011/

29 OUR WORKING PRACTICES 2/ QUALITY THE PURSUIT OF OUR RESPONSIBLE FISHING APP ROACH CERTIFICATIONS OBTAINED SOUTHERN SEAS FISHING Group request for MSC certification (Marine Stewardship Council) is underway with the other French ship-owners. TUNA FISHING Responsible fishing recognition, was delivered by Bureau Veritas in April 2010 On-going request for a Friends of the Sea certification for the entire tuna activity Joined the Dolphin Safe program of the Earth Island Institute in August

30 OUR WORKING PRACTICES 3/ RESEARCH & DEVELOPMENT LAUNCH OF A NEW PROJECT IN REGARDS TO R&D WITHIN THE FRAMEWORK OF A SCHEME RECOGNISED AS A COMPETITIVE CLUSTER QUALITROPIC 1/ RESEARCH WORK IN PARTNERSHIP WITH THE UNIVERSITY OF STELLENSBOSCH (SOUTH AFRICA) AND THE IRD (R&D INSTITUT) Research on a whitish color phenomenom found near the backbones. This burn could be happening due to stress. Creation of a list of criteria which will define fish quality from the moment it is caught 2/PARTICIPATION IN AN ECO-EXTRACTION EXTRACTION PLATFORM PROJECT Regrouping gof all skills and means in order to increase the value of the tropical bio-resources. Research on increasing the value of wastes due to the cutting into loins and steaks (50% of the tuna total mass) 30

31 OUR WORKING PRACTICES 4/ INDUSTRIAL MEANS THE GROUP SAPMER ORDERED TWO NEW TUNA PU RSE SEINERS Signed contract t Construction ti Flag Vietnamese shipyards Deliveries i expected Fishing zone for July 2012 SEAS Mauritian 2 nd half 2013 Indian Ocean CONSTRUCTION OF A 4 th COLD ROOM AT -40 C OF A STORAGE CAPACITY OF TONS IN MAURITIUS DELIVERY EXPECTED FOR MARCH

32 OUR WORKING PRACTICES 5/ ORGANISATION ARRIVAL OF FRANÇOIS LERAY Deputy General Manager in charge of marine operations and fishing activity set up around 2 departments : Southern Seas and Shore Based Activities & Indian Ocean Tuna Activity ORGANIGRAM AT 31 AUGUST Yannick Lauri General Manager and Director Tuna Processing Services IO Sapmer Technical Services François Leray Deputy General Manager Marine Operations and Fishing Activit ies Harald Chabot de l Allier Deputy General Manager Finance and Value-enhancing 32

33 OUR OBJECTIVES 2012 REVENUES: INCREASE OF AROUND 15% NET INCOME : STEADY PROFITABILITY 33

34 SHAREHOLDERS INFORMATION Yannick Lauri General Manager, member of the Board

35 STOCKMARKET INFORMATION LISTED ON ALTERNEXT PARIS Date of 1 st listing : 8 July 2009 ISIN code : FR Symbol: ALMER Type : Alternextt All-Shares BREAKDOWN OF SHARE CAPITAL AT 31 AUGUST % 13.1% SAPMER Holding PTE Ltd* STOCKMARKET INFORMATION Highest share price over 1 year: Lowest share price over 1 year: Number of shares: Stock market capitalisation on 03/09/2012 : 83, % Bearer and other shareholders Directors and employees As of 1 st August 2012, Sapmer Holding PTE holds 85% of the SAPMER capital, following a sell of 80% of SAPMER capital by Sapmer Investissement, and 5% by Oxaco. SHAREHOLDERS SCHEDULE 2012 Annual Revenues : 6 February Annual Results : 14 March 2013 SFAF meeting : 14 March 2013 H Revenues: 1 st August 2013 H Results : 12 September

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