NIREUS AQUACULTURE 2011 Q1 Financial Results
Summary Q1 • Total sales up +10% to € 44.3 mil (Q1 2010 vs Q1 2011) • Fish volumes up +3.4%, value up +15.4% to € 36.6 mil (Q1 2010 vs Q1 2011) • Debt decreased by € 8.6 mi. • Improved operational results driven mainly by increasing prices
Nireus Group - Key Figures Q1 Key Figures (in € .000) Q1 2011 Q1 2010 Difference l 4m € revenue increase Sales volume - fish, tones 7.805 7.545 259 vs. Q1 2010 Revenue 44.302 40.286 4.016 l Volume & Price EBIT reported 3.442 3.626 -184 Increase Fair value adj. on biomass 4.111 5.822 -1.711 l Improved recurring Income/loss from associated companies -24 208 -232 operational EBITDA EBIT Operational 1) -646 -2.404 1.759 margin from -0.66% to One-off expense & Write-downs of receivables 0 -1 1 3.48% (+€ 1.8 mil) Write-downs of inventories 0 EBIT Operational recurring 2) -646 -2.404 1.758 Net Depreciation 2.193 2.136 57 EBITDA reported 5.631 5.762 -132 EBITDA operational recurring 1.543 -268 1.811 EBITDA operational (recurring) % 3,48% -0,66% Net Financials items -3.056 -2.521 -535 Revaluation of fixed assets 0 0 0 Income/loss from divestments 0 0 0 EBT reported 385 1.105 -719 EBT operational recurring -3.702 -4.925 1.223 31/12/2010 Net debt 239.719 229.795 9.924 Total Equity 156.372 154.714 1.658 Total Assets 511.071 528.776 -17.706 1) Aligned for fair value adjustement of biomass, income/loss from associated companies 2) Aligned for one-off items and write-down of assets
Revenue Analysis – Per BU Total Nireus Group Q1 l 10% Revenue Growth Nireus Group Revenue (thou. €) l Emphasis on core activities l 15,4% Growth in Fish 50.000 Sales 44.302 40.286 10% l -16.7% in Sales of 3.443 40.000 Juveniles 2.377 2.680 1.888 3.634 1.199 2.260 2.267 1.234 30.000 2.770 20.000 33.135 27.701 10.000 - Q1 2010 Q1 2011 Fresh Processed Frozen Juveniles Fish Feed Other 3
Exports Evolution 77% of total sales Sales Breakdown 3M 2011 90% of fish sold Sales Breakdown 3M 2010 Other Other in foreign countries 13% 11% Greece 27% E.U. Greece 62% 23% E.U. 64% in mi. € Q1 2010 Q1 2011 Greece 10.71 10.25 EU 25.27 28.27 Other 4.31 5.79 Sales evolution
Gross Profit Analysis Group Gross Profit Bridge Q1 l GP: after transportation cost GP BRIDGE 2011 - Total 7.000 6.000 5.000 2.564 4.000 4.606 17 3.000 2.000 3.525 241 1.000 1.707 0 Volume GP 2010 Price Cost Effect Other GP 2011
Revenue Analysis Fresh Fish – Volume / Prices Q1 l 356 tons increase in sales (5.08%) Average Selling Price €/Kg l 16.64% increase for Bass l 5.6% decrease for Bream Fresh Fish Sales Volume (tons) l 144% increase for Other 4,60 8.000 47 4,50 19 l Average Bass Prices increased by 9% 6.000 4,41 3.541 3.751 l Average Bream Prices 4.000 increased by 18% 4,30 l Weighted Average Prices 2.000 3.772 3.234 increased by 14%. - Q1 2010 Q1 2011 Bass Bream Other 4,03 3,95 3,89 3,80 Q1 2010 Q1 2011 Bass Bream Weighted Average 6
Revenue Analysis Processed / Frozen Fish Q1 l 97 tons decreased sales Volume Sales of Processed / Frozen Fish (tons) -17.9%. 600 l Sales of Frozen Fish with 500 11% decrease. 136 400 121 l Sales of Processed Fish 300 decreased by 20.2% 405 200 323 100 - Q1 2010 Q1 2011 Total Processed Total Frozen Average Price (€/Kg) 10,00 9,88 9,05 9,00 8,00 7,79 7,40 7,00 7,00 6,85 6,00 Q1 2010 Q1 2011 Weighted Avg. Processed Weighted Avg. Frozen Weighted Avg. Processed / Frozen 7
Revenue Analysis Juveniles Q1 Juveniles: l 16.7% revenue decrease Average Price (€/piece) l 23.7% volume decrease 0,25 l 9.18% average price increase Juveniles Sales 0,23 0,22 0,47 12,00 m Pieces 0,00 0,21 8,00 7,65 6,21 0,20 0,20 4,00 0,20 3,00 2,27 0,19 0,00 Q1 2010 Q1 2011 Bass Bream Other 0,15 Q1 2010 Q1 2011 Bream Bass Weighted Average 8
Revenue Analysis Fish Feed / Other Q1 Fish Feed l 41.5% lower quantity as more feed used for internal consumption. Fishfeed / Other Revenue l 12% Higher prices driven 7.000 6.314 by raw materials cost 5.820 increase. 6.000 2.680 5.000 thou € 3.443 4.000 3.000 2.000 3.634 2.377 1.000 - Q1 2010 Q1 2011 Fish Feed Other 9
Communication – Financial Calendar I nvestor Relations Financial Calendar 2 011 Ms. Maria Kotsovou, I R Director FY 2010 Results Tel. + 30 210 66 98 335 Thursday, 31 March 2011 Mob. + 30 693 66 98 335 3M 2 01 1 Results: Email m.kotsovou@nireus.com Monday, 30 May 2 01 1 Legal Notice This presentat ion has been prepared solely for inform ational purposes. Any project ions Ordinary AGM: or other estim ates in this present ation, including est im ates of returns or perform ance, com m ents w ith respect to our objectives and st rat egies, or the results of our Thursday, 30 June 2011 operations and business, are forw ard- looking statem ents based upon certain assum ptions that m ay be w rong. These assum pt ions m ay be influenced by factors w ithin or beyond our control, and actual results m ay differ m aterially from any estim ates and project ions. Factors influencing actual results include but are not lim it ed 6M 2011 Results: to fluctuations in fish prices and raw m at erial prices, the effects of com pet ition in the areas in w hich w e operate, changes in the econom ic environm ent, regulatory and Monday, 29 August 2011 econom ic condit ions. This present ation is not an offer to buy or sell or a solicit ation of an offer to buy or sell any securit y or instrum ent or to part icipate in any trading strategy. No part of this present ation m ay be construed as constituting investm ent advice or a recom m endation to enter into any t ransact ion. No representat ion or 9M 2011 Results: w arrant y is given w ith respect to the accuracy or com pleteness of the inform ation contained in this present ation, and no claim is m ade that any future offer to t ransact Monday, 28 November 2011 any securit ies w ill conform to any term s that m ay be contained herein. Before ent ering into any t ransact ion, investors should det erm ine any econom ic risks and benefits, as w ell as any legal, tax and account ing consequences of doing so, as w ell as their ability to assum e such risks, w ithout reliance on the inform at ion contained in this presentat ion. Appendix
Recommend
More recommend
