NIREUSAQUACULTURES.A. Mainevents12M2013 - - PowerPoint PPT Presentation

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NIREUSAQUACULTURES.A. Mainevents12M2013 - - PowerPoint PPT Presentation

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AthensGreece|31March2014 12Months2013ResultsPresentation NIREUSAQUACULTURES.A. Mainevents12M2013

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SLIDE 1

12Months2013ResultsPresentation

NIREUSAQUACULTURES.A.

AthensGreece|31March2014

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  • !"#$ %
  • &'(
  • )(** $ '$
  • € 30mi.fromlowerfishsalesprices– fromwhich€ 10mi.correspondto

lowerfishsalesvalue&€ 20mi.tolowervaluationofbiomass

  • € 3mi.fromhigheraveragerawmaterialpricesforfishfeed
  • € 24mi.fromlowerthanexpectedgrowthofthebiologicalassets
  • € 11.3 mi.one offprovisionsoffromwhich€ 6.4foraffiliates chargedto

financialexpensesand€ 4.9mi.forcustomers

  • additionaldeferredtaxes€ 2.7mi.fromtheincreaseofthecorporatetax

rateto26%

Mainevents12M2013

Keypoints

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SLIDE 3

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Bass&bream– ExportpricetoItaly&Spain

Source:Kontalianalyse“Seabass&SeabreamFeb2014monthlyreport”

  • ExternalFactors
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SLIDE 4

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Industrysupplydevelopment

Externalfactors

Theexpectedproductionof seabassandseabreamin 2013,versus2012,was:

  • atslightlyhigherlevels
  • withdeclininggrowth

Pricesweremostlyaffected bytheliquidityneedsofthe sector

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SLIDE 5

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SalesbyBusinessSector

! + ",-"% . /+ 001&/2 3

Salesoffishfarmingdown € 6.1mi.fromdeclineinaverageweightedprice&reduced juvenilessales– fishvolumesup+4% Feedsalesup+€ 3.4mi. Salesofaviculture,animalcultureproducts&equipmentdown€ 0.9mi Salesevolution Salesbysectorfor12M2013 (%distribution)

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SLIDE 6

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ExportsEvolution

Salesevolution

in€ 45404 4540% Greece 46.57 44.38 EU 122.24 122.26 Other 33.34 31.95

  • Εxports

Domesticsales

Exports&domesticsalesdistribution(%)

Exportsshareto78%oftotalsales

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SLIDE 7

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BalanceSheet

Financials Endofperiod biologicalassets valuelower€ 70mi. from:

  • lowerfishprices
  • lowerthan

expectedgrowth

Assets

inmi.€

12M2013 12M2012 66&3 7# 7

  • %07((

%07(( 8$ (070 *%7( /$ 7# *7( TotalnonCcurrent 204,23 189,50 8 0070 74 9 07(# 7% : #7% *#7 / #7( 447% ;23 7# (7 Totalcurrent 184,50 280,91 Totalassets 388,73 470,40

Equityandliabilities

inmi.€

12M2013 12M2012 <=3 #7* #47( )$

  • 70.
  • *740.
  • Totalshareholders'equity

andnonCcontrolling interests 57,69 137,67 >?@ %7%0 *7% A ' *7(% 70# /$ 47*% 7*# TotalnonCcurrentliabilities 56,57 112,97 2 74% 47*# ;@ %7*# %74 / 7(0 *7 Totalcurrentliabilities 274,48 219,76 Totalliabilities 331,05 332,74 Totalequityandliabilities 388,73 470,40

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SLIDE 8

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IncomeStatement

Netresultsimpactedby:

  • € 30from lowerpricing
  • € 24 mi.fromlowerthan

expectedbiomassgrowth

  • € 3mi.fromhigherraw

materialscostforfishfeed

  • OneCoffprovisionsof€ 11.3

mi.fromwhich€ 6.4mi.for affiliatesand€ 4.9mi.for customers

  • € 2.7additionaldeferredtax

fromtheincreaseofcorporate taxrate Financials

  • 12M2013

12M2012 8< 149,47 158,92 )$8< 49,11 43,24 TotalSales 198,58 202,16 Effectofmeasurementofbiological assetsatfairvalue(*) (71,27)

  • (11,51)
  • :
  • 0(7#%.
  • 0#7.
  • <2'
  • %07*.
  • %7*4.
  • %
  • 7.
  • 4#7#0.
  • /'
  • %74.
  • 470.
  • /

474

  • %70
  • EBITDAbeforebiologicaladjustment

(13,80)

  • 20,99
  • 8,
  • #7%.
  • #74(.
  • EBITDAafterbiologicaladjustment

(60,17)

  • 6,73
  • Earnings/(loss)beforeinterest

andtaxes(EBIT) (67,74)

  • (2,24)
  • Earnings/(loss)beforetaxes(EBT)

(87,43)

  • (16,17)
  • '

7*

  • 474(
  • Earnings/(loss)aftertaxes(EAT)

(75,48)

  • (13,89)
  • &3
  • (*70(.
  • #70*.
  • )$
  • 07#.
  • 07
  • &-.
  • 7(.
  • 07440.
  • B.3-"$.

?- .9!:<

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SLIDE 9

9

CashFlowStatement

Financials

PositiveCFO€ 7.19 mi. Increasednetinvestments

  • Newpackagingplantin

WesternGreecetargetingcost reduction

  • 12M2013

12M2012 6 '

  • (7#%.
  • 7(.
  • A

74

  • 7(%
  • 5

4#7%

  • #7%
  • !,

#7%(

  • #74*
  • :?-.

447*

  • 7#0.
  • :?-.
  • 4744.
  • %7.
  • :.? 2
  • 470#
  • 70#
  • 9'
  • 7#4.
  • %7(#.
  • '
  • 074#.
  • 07((.
  • Cashflowfromoperatingactivities

7,19

  • 14,16
  • )-9.?A
  • 7*.
  • *7*.
  • FCFFreecashflowafteroperations

andinvestments 0,33

  • 8,60
  • :

0740

  • 07%#
  • Cashflowfrominvestingactivities

(6,66)

  • (5,22)
  • Cashflowfromfinancingactivities

1,22

  • (14,08)
  • Totalcashflowreportingperiod

1,75

  • (5,15)
  • ;3

%70

  • 7
  • !',
  • 7#.
  • 070#
  • Cashandcashequivalentsatthe

endoftheperiod 3,62

  • 3,01
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  • FeedConsumptionandJuvenilesInput

Outlook

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Bass&bream– Weeklypricedevelopment2014

Source:Kontalianalyse“Seabass&SeabreamFeb2014monthlyreport” Mercamadridpricesarewholesaleandindicativeofthepricetrend– actualfishpricesvarybysizeandmarket

  • ExternalFactors
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SLIDE 12

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Appendix:Costdynamicsinfishfarming

HarvestWeight

NormalOperations Operations+Disease+Mortality Operations+Disease

Costperkg

cost Mortality cost Disease cost Weight

C@ disease 0$,$ mortality

Appendix

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SLIDE 13

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Appendix:IAS41forbiologicalassets

! 3 $ , -9!:<%2 9D<#.

  • @.

'@ , @ @ $ $ 8< $ <9<$ 8 , -. )$ ?,7 737

  • .7

E biomassatbeginningofperiod (+)purchasesofbiologicalassetsforproduction ( )biomassatendofperiod =effectofmeasurementofbiomassatfairvalue

Fairvalueof biomass(B.S.)

VolumexPrice

KeyDrivers

MVolume M Price

BiologicalSales (I.S.)

Thesalesoffish& juvenilesproduced– to includeprocessedfish

NonCbiological sales(I.S.)

Thesalesoffish& juvenilesproducedby

  • thers,fishfeed,nets,
  • therproducts

TotalSales (I.S.)

Biologicalsales+ NonCbiologicalsales

Effectof measurement

  • fbiomassat

fairvalue

TheinterCperiod differenceinthefair biomassvalue Appendix

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Communication– FinancialCalendar

InvestorRelations

Ms.MariaKotsovou,IRManager "%040%%* 5"%0%%%* &@F

FinancialCalendar2014

12M2013Results Monday,31March2014 %540#:E !7%0540# /D5E 57%0G40# 540#:E !74D40# 540#:E !74)40#

Legal Notice

This presentation has been prepared solely for informational purposes. Any projections or other estimates in this presentation, including estimates of returns or performance, comments with respect to our objectives and strategies, or the results

  • f our operations and business, are forwardClooking statements based upon certain

assumptions that may be wrong. These assumptions may be influenced by factors within or beyond our control, and actual results may differ materially from any estimates and projections. Factors influencing actual results include but are not limited to fluctuations in fish prices and raw material prices, the effects

  • f

competition in the areas in which we operate, changes in the economic environment, regulatory and economic conditions. This presentation is not an offer to buy or sell

  • r a solicitation of an offer to buy or sell any security or instrument or to participate

in any trading strategy. No part

  • f

this presentation may be construed as constituting investment advice or a recommendation to enter into any transaction. No representation or warranty is given with respect to the accuracy or completeness

  • f the information contained in this presentation, and no claim is made that any

future offer to transact any securities will conform to any terms that may be contained herein. Before entering into any transaction, investors should determine any economic risks and benefits, as well as any legal, tax and accounting consequences of doing so, as well as their ability to assume such risks, without reliance on the information contained in this presentation.

Appendix