MARFIN INVESTMENT GROUP FINANCIAL RESULTS: Q1 2015
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1 MARFIN INVESTMENT GROUP FINANCIAL RESULTS: Q Return to profitability at the level of consolidated EBITDA from business operations 1 for the 1st quarter of the year, despite seasonality: 18.6m profit vs. 6.2m loss in Q Consolidated Q revenues increased by 12m, or 4.6%y-o-y, to 269.2m, despite protracted challenging economic and market conditions in the majority of Greece s business sectors. For the first time since Q the Group reports profit for the 1st quarter of the year at the level of consolidated EBITDA from business operations 1 ( 18.6m profit vs 6.2m loss in Q1 2014). The return to profitability is primarily attributed to the improvement of subsidiaries VIVARTIA and ATTICA. Reported consolidated EBITDA (including holding companies and non-recurring items) at 15.5m profit vs. 9.1m loss in Q1 2014, reflecting the significant profitability improvement of the subsidiaries. Consolidated net loss after tax and minorities of 39.5m, compared to a relevant bottom-line loss of 51.7m in Q Net Asset Value (NAV) on at 911m, corresponding to 0.97 per share. Cash balances, including restricted cash, of 110m at group and 29m at parent company level. Consolidated gross debt declined by 7m vs to 1.74bn. The gradual completion of the Group s debt restructuring/refinancing improves the debt capital structure in favour of long-term liabilities (account for 55% of consolidated gross debt vs. 47% on ). March 2015: issuance of new 50m common bond loan to cover working capital needs of the Company and its subsidiaries, aimed at strengthening and improving their liquidity or financing new investment plans. 1 Consolidated EBITDA from business operations is defined as Group reported EBITDA excluding holding companies and non-recurring items 1
2 KEY EVENTS AND HIGHLIGHTS OF Q1 2015: VIVARTIA Sales 129.8m 138.4m FMCG (Dairy & Frozen) 99.7m 108.3m Food Services (FSE) 31.3m 31.4m EBITDA (2.8)m 5.1m FMCG (Dairy & Frozen) 0.8m 7.8m Food Services (FSE) (3.6)m (2.5)m Net Income after minorities (15.3)m (10.0)m The key features of Q performance are the revenue growth (6.6% y-o-y) and the significant operating profitability improvement (group EBITDA turned profitable to 5.1m), courtesy of the efficiency improvements (gross profit margin widened by c470bps y-o-y to 30.9%). Dairy: reported sales declined 8% y-o-y (or c3% on a like-for-like basis after adjusting for last year s non-recurring revenues related to special projects), following 6.5% y-o-y revenue decline in the Greek Dairy market, due to the prolonged challenging macroeconomic conditions in Greece. DELTA remains the undisputed leader in the Greek dairy market (total Greek milk market: 26.7% share in Q1 2015), with a leading position in the fresh milk segment (31.3% share in Q1 2015). EBITDA turned profitable ( 2.7m profit vs 1.6m loss in Q1 2014), thanks to significant and structural efficiency improvements, lower raw material costs as well as innovative product launches in value accretive segments (e.g. cereal bars, yogurt with oat). Moreover, yogurt exports in Italy (Granarolo partnership) continue to show very strong consumer acceptance, resulting in 5.6% market share (or 10.9% market share of handlers) in March 2015, within a year since launch (April 2014). Frozen Foods: reported EBITDA reached 5.1m, 12% y-o-y increase on a comparable basis, driven by revenue growth of c16% y-o-y on a comparable basis (excluding the positive effect from the change of the consolidation method of Elliniki Zimi M. Arabatzis SA) vs. c13% y-o-y growth for the total Greek market. Note that as of Vivartia consolidates fully Elliniki Zimi M. Arabatzis SA (compared to the equity method as an associate in Q1 2014). The division remained the undisputed leader in the frozen vegetables market (65.5% in Q1 2015) as well as the leader among branded products in the frozen dough market (24.0% market share in Q1 2015). This validates the effectiveness of the strategy of increasing brand awareness and penetration (especially in frozen vegetables), expanding into value accretive sub-segments as well as improving price competitiveness. Food Services (FSE): revenues came in almost unchanged y-o-y, despite prolonged challenging market conditions in Greece (declining consumption). FSE like-for-like 2
3 revenues for the network increased c8% y-o-y. Moreover, the Travel related business (airport, vessels and national road motorist service stations) registered 13% y-o-y revenue growth on a like-for-like basis. The ongoing cost cutting efforts, the significant EBITDA margin improvement of all FSE brands, as well as the improved performance at Goody s Burger House (the new concept of Goody s currently being rolled out with 43 POS) supported the significant containment of operating (EBITDA) losses. ATTICA GROUP Sales 41.1m 39.6m EBITDA (recurring) (7.2)m 2.3m Net Income after minorities (16.6)m (10.9)m The key feature of Q performance is the return to operating (EBITDA) profitability for the first time since Q ( 2.3m profit vs. 7.2m loss in Q1 2014). The operating performance turnaround is attributed to the containment of operating (-21% y-o-y) and SG&A expenses (-11% y-o-y), despite 3.7% y-o-y decline in revenues ( 39.6m vs. 41.1m in Q1 2014) (note that Attica operated with one fewer vessel in Q vs. Q1 2014). The ongoing active fleet deployment improved fleet capacity utilization per sailing, as well as, reduced fuel oil consumption, which, combined with the fuel oil price reduction, have contributed to the substantial decrease in operating expenses. In Q1 2015, the fuel cost per metric tonne, expressed in terms, declined 35% y-o-y. Note that the 1st quarter is the weakest in terms of traffic volumes due to seasonality; hence it is not indicative of full-year trends. As regards Attica s traffic volumes (data derived from the Greek Port Authorities and Attica estimates; y-o-y change vs Q1 2014): Domestic market routes (Cyclades, Dodecanese, North Aegean, Crete): o passengers: -12.3% o private vehicles: -8.8% o freight units: -4.8% o sailings: -14.0% (one vessel less in Q1 2015) Adriatic Sea routes (Patra-Igoumenitsa-Ancona and Patra-Igoumenitsa-Bari): o passengers: -11.7% o private vehicles: -14.4% o freight units: +1.0% o sailings: -10.3% In September 2014, Attica completed the comprehensive, long-term refinancing of its entire debt, as well as the agreement for 75m investment from funds managed by Fortress Investment Group. 3
4 In October 2014, Attica sold its Ro-Pax vessel Blue Star Ithaki to the Government of Canada for 31.2m in cash. The transaction generated a capital gain of 4m. The vessel was delivered to the buyer on The routes served by Blue Star Ithaki are already covered by the redeployment of other newer and larger vessels of the Group. In November 2014, Attica expanded its cooperation with ANEK, with regards to the JV for the joint service of vessels of the two companies in the Adriatic Sea and in the domestic routes of Crete. In April 2015, Attica took delivery, as part of its fleet expansion initiatives, of the Ro-Pax vessel Blue Galaxy from shipowning company Hellas 2 Leasing M.C. under a long-term bareboat charter agreement. Blue Galaxy has overall length of 192 meters, a speed of 24 knots and capacity to carry 1,500 passengers and 703 private vehicles or 150 freight units and 70 private vehicles. The vessel operates as of on the Piraeus- Chania (Crete) route as part of the joint service with ANEK. Attica s management assesses plans for further turnover growth including alternative fleet deployment combinations, as well as, development of new routes in Greece and abroad. HYGEIA GROUP Sales (reported) 57.5m 56.7m EBITDA (reported) 6.5m 6.7m Net Income after minorities (0.6)m (0.4)m The key feature of Q performance is the improvement to the operating (EBITDA) profitability (3% y-o-y increase to 6.7m vs. 6.5m in Q1 2014). The EBITDA increase is attributed to ongoing efficiency improvements (group EBITDA margin widened by 50bps y-o-y to 11.8%), despite the marginal revenue decline (-1% y- o-y to 56.7m vs. 57.5m in Q1 2014). Sales and EBITDA have been adversely impacted by the legal obligation to implement the automatic claw back and rebate mechanisms in the healthcare sector (imposed by law in July 2013). The relevant charge in Q is 3.2m vs. 3.4m in Q In December 2014, Hygeia acquired the remaining 12.1% minority stake in its subsidiary Hygeia Hospital Tirana for 3.8m, bringing its stake to 100%. The transaction forms part of the group s strategy to maintain complete control over the ownership and management of the subsidiaries, aimed at ensuring the high level of offered services. 4
5 SINGULARLOGIC Sales 9.8m 12.0m EBITDA (0.3)m 1.9m Net Income after minorities (1.6)m 0.2m The key feature of Q performance is the operating (EBITDA) profitability turnaround ( 1.9m profit vs. 0.3m loss in Q1 2014), supported by a strong 22% y-o-y increase in revenues (positive product mix effects) as well as ongoing efficiency improvements (SG&A -4% y-o-y). The operating leverage benefits are evident in the gross profit margin expansion (more than doubled y-o-y) to 30.9%. Overall, the strongest 1 st quarter in recent years, despite prolonged challenging market conditions (declining IT spending, particularly among SMEs and significant delays in public sector projects). SingularLogic has been the country s elections manager since In January 2015, the company was assigned the collection, processing and broadcasting of the 2015 Parliamentary Elections. FLIGHT AMBULANCE INTERNATIONAL (FAI) Sales 19.6m 24.0m EBITDA 2.7m 5.3m Net Income after minorities 0.6m 0.4m Revenues registered a robust 22% y-o-y increase to 24.0m. This stemmed from higher utilisation of the group s fleet, particularly courtesy of the rising demand for the company s specialized air ambulance fleet. Reported EBITDA almost doubled y-o-y to 5.3m, reflecting operating leverage benefits, with the relevant margin expanding by c810bps y-o-y to 21.9%. Bottom-line results in Q were burdened by 2.3m net FX losses (vs. virtually zero in Q1 2014). SUNCE BLUESUN Sales 0.1m 0.1m EBITDA (2.2)m (2.5)m Net Income after minorities (3.3)m (3.4)m In Q1 2015, Sunce s hotels remained closed for the entire period. Each year the hotels are scheduled to commence operations as of end-april. 5
6 ROBNE KUCE BEOGRAD (RKB) Sales 1.1m 1.2m EBITDA (0.1)m 0.3m Net Income after minorities (4.5)m (6.5)m On , RKB s total leased area was approximately 61,670m 2 vs. approximately 63,450m 2 on On , RKB had leased 29.5% of its total portfolio vs. 30.4% on In the short-to-medium term, RKB s priorities shall be (a) to concentrate in the commercial properties in Belgrade (so as to generate higher rental income), (b) to disinvest from certain properties and (c) to create a solid client base, consisting of international, anchor tenants, so as to further improve its financial performance. 6
7 INCOME STATEMENT (in million) THE GROUP 31/03/ /03/2014 Sales Cost of sales Gross profit Administrative expenses Distribution expenses Other operating income & expenses Profit /(loss) before taxes, financing and investment activities Other financial results Financial expenses Financial income Income from dividends Share in net result of companies accounted for by the equity method Profit/(loss) before income tax Income tax Profit/(loss) after tax for the period from continuing operations Net profit/(loss) from discontinued operations Profit/(loss) for the period Attributable to: Owners of the parent company Owners of the parent from continuing operations Owners of the parent from discontinued operations Non-controlling interests Non-controlling interests from continuing operations Non-controlling interests from discontinued operations EBITDA (reported) INCOME STATEMENT (in million) ΤΗΕ COMPANY 31/03/ /03/2014 Profit/(Loss) from investments in subsidiaries & Ιnvestment Portfolio Profit/(Loss) from financial assets at fair value through profit or loss Other income Total operating income Fees and other expenses to third parties Wages, salaries and social security costs Depreciation Other operating expenses Total operating expenses Income from cash and cash equivalent Interest and similar expenses Other financial results Profit/(loss) before tax Income tax Profit/(loss) after tax for the period
8 STATEMENT OF FINANCIAL POSITION (in million) THE GROUP 31/03/ /12/2014 Tangible & Intangible assets 1, ,755.0 Goodwill Investments in associates Investment portfolio Property investments Trading & financial instruments through P&L Cash, cash equivalents and restricted cash Other current & non-current assets Assets held for sale Total assets 2, ,028.0 Total shareholders equity Non-controlling interests Total equity Long term borrowings Short term borrowings Other current & non-current liabilities Liabilities related to Assets held for sale Total liabilities 2, ,400.0 Total equity & liabilities 2, ,028.0 THE COMPANY 31/03/ /12/2014 Tangible & Intangible assets Investment in subsidiaries 1, ,317.9 Investments in associates Investment portfolio Trading & financial instruments through P&L Cash, cash equivalents and restricted cash Other current & non-current assets Total assets 1, ,658.1 Total shareholders equity Total equity Long term borrowings Short term borrowings Other current & non-current liabilities Total liabilities Total equity & liabilities 1, ,
9 About MIG: Marfin Investment Group Holdings S.A. is an international investment holding company based in Greece and in Southeast Europe (SEE). The Company believes it is uniquely positioned to take advantage of an expanding array of investment opportunities in this region; opportunities in which traditional investment vehicles lacking MIG s regional focus, scale, expertise, and/or its investment flexibility and financial resources, may find difficult to identify and exploit. MIG in its current structure has been listed on the Athens Stock Exchange since July Its portfolio includes leading companies in sectors across the SEE region, grouped into Food & Beverages, Healthcare, IT & Telecoms, Transportation & Shipping, Real Estate, Tourism & Leisure. Included amongst its portfolio and subsidiary companies is Vivartia, a leading food and food retail business in SEE; Attica Group, a leading passenger ferry operator in the Eastern Mediterranean; Hygeia Group, a prominent integrated private hospitals and clinics group, with the leading general hospital facilities and maternity clinics in Greece; SingularLogic, the leading IT operator in Greece; Flight Ambulance International (FAI) a top-5 global fixed-wing medical evacuation company; Skyserv Handling a leading ground handling services provider in Greece; Sunce (Bluesun) a leading hospitality and leisure group in Croatia; and Robne Kuce Beograd (RKB), owner of the largest commercial real-estate portfolio in Serbia. 9
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