Investor Presentation FY2015 results Contents
Section 1: Group overview 3 Section 2: Portfolio companies 16 Attica Group 24 Vivartia 33 Hygeia Group 44 SingularLogic 54 Sunce Bluesun 60 Hilton Cyprus 62 RKB 64 Section 3: Financial Statement information 66 Appendix: Management biographies 81 Section 1 Group Overview MIG at a snapshot 4
High-quality portfolio of leading companies across key defensive sectors
Gross Asset Value (GAV) (2015) €1,480m Net Asset Value (NAV) (2015) €783m
Group Assets (2015) €2,824m Group Net Fixed Assets (2015) €1,181m
Group Revenues (2015) €1,143m EBITDA Business Operations (2015) (1) €163m
Food & Tourism & Transportation Healthcare Real Estate IT (33% of GAV) Dairy (14% of GAV) (13% of GAV) Leisure (2% of GAV) (30% of GAV) (5% of GAV)
(1) EBITDA Business Operations = Group reported EBITDA excluding holding companies and non-recurring items A proxy for the Greek macro recovery 5
Group Sales vs Greek GDP evolution
€1.49bn €1.34bn €1.19bn €1.14bn €1.07bn €1.18bn €1.14bn MIG Group 100 Sales
95
87 87 83
100 81 80
76 90 76 75 74 74 80 77 77 75 72
2009 2010 2011 2012 2013 2014 2015 2016e 2017e 2018e 2019e 2020e MIG Sales GDP
Reference year is 2009 (=100) | MIG Sales: like-for-like for the investment portfolio composition as of 31.12.2015 (i.e. excluding disposed companies) Greek GDP (current prices) based on European Commission (Winter 2016 Economic Forecast) and IMF (World Economic Outlook April 2016) forecasts Highly diversified operations across attractive sectors 6
Revenue breakdown EBITDA breakdown Gross Asset Value breakdown
4% 4% 3% 21% 13% 19% 31% 30%
2% 52% 14%
24%
49% 33%
Food & Dairy Transportation Healthcare IT Other (Real Estate, Leisure)
2014 2015 (in €m) 2014 2015 2014 2015 Group Sales (€m) 1,117 1,143 EBITDA Business Ops 1 89.2 162.8 Gross Asset Value (€m) 1,534 1,480 y-o-y change (%) 4.1% 2.3% % margin 8.0% 14.2% NAV (€m) 923 783 EBITDA Consolidated 66.3 125.1 NAV per share (€) 0.98 0.83 % margin 5.9% 10.9%
(1) EBITDA Business Operations = Group reported EBITDA excluding holding companies and non-recurring items Significant operating profitability (EBITDA) turnaround 7
(in €m) Rolling 12M Sales (LHS) Rolling 12M Recurring EBITDA (RHS) 1,210 180 163 1,190 154 1,190 160
1,167 140 1,170 130
120 109 1,150 1,143 1,142 1,139 1,140 1,136 1,137 100 89 1,130 1,126 1,118 1,117 80 67 1,110 1,100 51 1,097 60 1,087 43 1,090 1,082 32 1,078 40 28 25 24 18 1,070 13 31 13 13 1,072 20
1,050 0 Jun-15 Jun-14 Jun-13 Jun-12 Sep-15 Sep-14 Sep-13 Sep-12 Dec-15 Dec-14 Dec-13 Dec-12 Dec-11 Mar-15 Mar-14 Mar-13 Mar-12 Note: Figures presented above are like-for-like for the investment portfolio composition as of 31.12.2015 Ongoing cost rationalisation efforts 8
Key cost rationalisation initiatives (in €m) Rolling 12M Sales Rolling 12M Recurring COGS & OPEX (COGS & OPEX change 2015 vs 2011)
Group consolidated €197m reduction (17% decline) o Labour: €73m reduction 1,190 o Inventory: €45m reduction o Fuel: €49m reduction 1,167 1,176 1,142 1,143 1,136 1,139 1,137 1,140 1,154 1,126 Attica Group 1,118 1,117 €59m reduction (23% decline) 1,129 1,100 1,097 o Fuel: €48m reduction 1,118 o 1,112 1,087 Labour: €7m reduction 1,078 1,082 1,072 1,093 Widening operating “jaws” 1,077 (operating leverage) Vivartia 1,056 €84m reduction (13% decline) o Labour: €41m reduction 1,040 1,035 1,031 o Inventory: €33m reduction 1,030 1,028 1,016 1,006 986 Hygeia Group 980 €30m reduction (13% decline) o Labour: €16m reduction o 3rd party: €12m reduction Jun-15 Jun-14 Jun-13 Jun-12 Sep-15 Sep-14 Sep-13 Sep-12 Dec-15 Dec-14 Dec-13 Dec-12 Dec-11 Mar-15 Mar-14 Mar-13 Mar-12
COGS & OPEX figures: (i) excluding depreciation charges (non-cash) and (ii) like-for-like for the investment portfolio composition as of 31.12.2015 EBITDA turnaround: €172m improvement since 2011 9
EBITDA Business Operations (€m) (1) EBITDA Consolidated (€m)
1% 2% 3% 8% 14% n/m n/m 1% 6% 11%
EBITDA EBITDA Margin Margin
€150m €172m improvement improvement
125
163 66
7 89
-47 -51 28 32 13
2011 2012 2013 2014 2015 2011 2012 2013 2014 2015
(1) EBITDA Business Operations = Group reported EBITDA excluding holding companies and non-recurring items Pre-2014 figures are like-for-like for the investment portfolio composition as of 31.12.2015 (i.e. excluding disposed companies). 2015 and 2014 as reported NAV breakdown 10
Current Sector 2014 2015 stake (€m) (€/MIG share) (€m) (€/MIG share)
Attica Transportation 89.4% 493 0.53 472 0.50
Vivartia Food & Dairy 92.1% 477 0.51 444 0.47
Hygeia Healthcare 70.4% 212 0.23 212 0.23
SingularLogic IT 85.7% 37 0.04 29 0.03
SUB-TOTAL CORE ASSETS 1,219 1.30 1,156 1.23
Associates & other subsidiaries (1) 93 0.10 68 0.07
Other financial assets (2) 248 0.26 256 0.27
Net cash/(debt) & Working Capital (637) (0.68) (697) (0.74)
NAV (€m) 923 783
NAV per share (€) 0.98 0.83
Based on internal valuations as per IFRS (1) Associates & other subsidiaries include: Sunce Bluesun and Hilton Cyprus (2) Other financial assets include, among others: receivable from asset sales (Olympic Air, FAI Aviation Group and Skyserv Handling) and HoldCo loans to OpCos Debt capital structure overview 11
HoldCo Debt Overview OpCo Debt Overview
Bond Loans (secured): €265m Vivartia Attica Group • Maturity: October 2019 • Gross debt: €400m • Gross debt: €285m • Coupon: 4.40% – 5.25% (step-up) • % of OpCo total: 40% • % of OpCo total: 28% • Amortising
Convertible Bond Loan (CBL) Tranche A (unsecured): €162m Hygeia Group Real Estate • Maturity: July 2019 • Gross debt: €160m • Gross debt: €75m • Coupon: 7% (paid quarterly) • % of OpCo total: 16% • % of OpCo total: 7% • Strike price: €0.54
Convertible Bond Loan (CBL) Tranche B (unsecured): €210m SingularLogic Other (excl. intragroup) • Maturity: July 2020 • Gross debt: €56m • Gross debt: €26m • Coupon: 6.3% (paid quarterly) • % of OpCo total: 6% • % of OpCo total: 3% • Strike price: €0.99 HoldCo Maturity Profile OpCo Maturity Profile
361 €113m short-term loans not presented 597 in this repayment schedule 550 162 199 210 210 excludes €3.3m includes €3.3m intragroup loans 199 intragroup loans 209 151 44 210 101 340 162 48 236 26 165 30 48 44 75 103 2016 2017 2018 2019 2020 2016 2017 2018 2019 2020 CBL Bond Loans OpCos HoldCo Bond Loans HoldCo CBL Experienced management team across all levels 12
Andreas Vgenopoulos, Chairman & Founder Thimios Bouloutas, CEO Panagiotis Throuvalas, Deputy CEO Kyriakos Magiras, Member of the Executive Committee Christophe Vivien, CFO
P. Throuvalas S. Paschalis A. Kartapanis S. Krassadakis (CEO) (CEO) (CEO) (CEO)
K. Sandic P. Karadontis F. Karatzenis (CEO) (CEO) (representative) Shareholder structure (December 2015) 13
BoD & Management 5.1% Dubai Group 14.2% Retail investors 33.4%
IRF European Finance 4.0%
Piraeus Bank 28.4% Institutional investors 14.9% Medium-term Strategy 14
Goals Achievements
Completed over €290m in non-core business Divest non-core businesses to support deleveraging divestitures in the last 5 years and enhance liquidity Expanded Vivartia’s dairy business in Italy via a Portfolio Pursue value-accretive growth opportunities in core successful partner JV rebalancing business sectors Attica launched JV with ANEK on Adriatic Sea and Enhance core business profile via geographic Crete routes diversification and expanded product offering Positioned as a natural consolidator in key core industries in Greece
Refinanced and restructured a substantial portion of subsidiary loans Comprehensive o Vivartia and Hygeia restructuring terms have been balance sheet Provide MIG and its subsidiaries with a robust and agreed restructuring stable capital structure over the long-term Achieved rapid deleveraging at Attica following the 2014 refinancing Focus on achieving a sustainable, long-term solution across the capital structure of the Group
Revenue stabilization and market share Continue pursuing revenue growth initiatives, improvements despite adverse macro conditions Operating capitalizing on MIG’s core companies’ leadership and €181m COGS & OPEX reduction across 4 core expertise profitability businesses since 2011 Ongoing focus on cost rationalization and improved enhancement Improved margins through product offering operating efficiency optimization Solid track record in divestments 15
Asset disposals in the past 4 years: €293m cash proceeds and €269m gross debt deleveraging
Divestment Cash Proceeds
Nov-2011 Sale of 90% stake in Vivartia Cyprus €42m
Jun-2012 Sale of MIG Aviation 3 & MIG Aviation UK €20m
€72m Sale of 100% stake in Olympic Air (€128m debt deleveraging) Oct-2012 Sale of 31.5% stake in Stavros Nendos S.A. €4m
Sale of Hygeia Group hospitals in Cyprus No cash proceeds Mar/Apr-2013 (Evangelismos & Achillion) (€15m debt deleveraging)
May-2013 Sale of 14.4% stake in Cape Investment Corporation €9.5m
Oct-2013 Sale of 1.1% stake in Aegean Airlines €4.5m
Aug-2014 Sale of 35% stake in MIG REIC €12.3m
Mar-2013 & Sale of Attica Group vessels €85.2m Oct-2014 (Superfast VI and Blue Star Ithaki) (€77m debt deleveraging)
Sale of 51% stake in FAI rent-a-jet AG €25.2m Jul-2015 Sale of 50.1% stake in FAI Asset Management GmbH (€50m debt deleveraging)
Dec-2015 Sale of 100% stake in Skyserv Handling Services €18m Section 2 Portfolio Companies Snapshot of portfolio companies 17
Main controlling interests in subsidiaries & associates
Consolidation MIG Fixed (in €m) Sector Equity Net Debt Sales EBITDA EBT method stake Assets
Attica Transportation Total 89.4% 566 376 215 278 81 33
Vivartia Food & Dairy Total 92.1% 341 161 343 601 50 (13)
Hygeia Healthcare Total 70.4% 184 120 146 220 22 (9) (3)
Singular Logic IT Total 85.7% 1 29 53 49 6 2
Hilton Cyprus Tourism & Leisure Total 75.1% 93 75 3 10 2 1
Sunce Bluesun Tourism & Leisure Equity 50.0% 174 105 52 38 11 4
RKB Real Estate Total 83.0% 404 19 301 (6) 5 2(4) (22) (4)
Group consolidated 1,181 508 1,515 (2) 1,143 163 (1) (70) (5)
Financial data based on FY2015 IFRS Notes (1) EBITDA from business operations = Group reported EBITDA excluding holding companies and non-recurring items (2) Consolidated Group Net Debt includes €676m net debt at MIG Holding (HoldCo) (3) Adjusted for €21m impairment of assets (4) Adjusted for €12m net loss from sale of investment property (5) Adjusted for €50m impairment of assets (6) Includes €225m intragroup loan Portfolio companies overview 18
High-quality portfolio of leading companies across key defensive sectors
Transportation 2015 Sales: €278m (24% of total) 2015 GAV: €489m (33% of total) Attica Group Leading passenger ferry operator in the Eastern Mediterranean Operates under two brand names: (in €m) 2014 2015 Superfast Ferries: leading operator in the Adriatic Sea 267 278 Sales 24% of total 24% of total Blue Star Ferries: market leader in the Aegean Sea Modern fleet of 13 top-class, conventional Ro-Pax ferries Total fleet average age: 13.7 years (owned fleet: 12.9 years) Adriatic Sea Greece 30% of Sales 70% of Sales 12 owned-ferries o Owned fleet net book value: €565m (as of 31.12.2015) o One of the youngest fleets in the Eastern Mediterranean 1 vessel on long-term bareboat charter agreement (as of April 2015), operating in the Piraeus-Crete route Strategically positioned in highly attractive markets Robust demand trajectory from Greek tourism growth dynamics Strong incumbent position in the attractive Aegean Sea market Management initiatives have resulted in material gains from cost efficiencies and revenue optimization Market dynamics support sector consolidation Portfolio companies overview (continued) 19
High-quality portfolio of leading companies across key defensive sectors
Food & Dairy 2015 Sales: €601m (53% of total) 2015 GAV: €444m (30% of total) Largest diversified food group in Greece Top-5 FMCG company in Greece (ranked by sales to super markets) (in €m) 2014 2015 Largest food distribution fleet in Greece (450 trucks covering 45,000 590 601 retail outlets per day) Sales 53% of total 53% of total Penetration in 9 out of 10 Greek households FMCG 432 443 #1 milk producer in Greece (DELTA) and Bulgaria (UMC) FSE 163 165 Leading dairy & fresh juices producer & distributor in Greece 7 state-of-the art production plants (6 in Greece & 1 in Bulgaria) FMCG FSE Leader in the Greek dairy market (c27% market share) #1 frozen vegetable and frozen pastry producer in Greece 44% 9% Oldest producer in Greece, operating 5 production plants Undisputed market leader in frozen vegetables (>60% market share) 12% 8% #1 in Quick Service Restaurants (QSR), branded coffee shops and catering in Greece 11% 4% Among Europe’s top-50 food service groups Everest and Flocafe (325 POS) is Europe’s 7th largest coffee-bar chain 6% 3% 381 stores (512 POS) (of which 9 abroad in 7 countries) 21% value market share in the total food market in Greece 1% 19% value market share in the total coffee market in Greece Granarolo (largest Italian dairy group) strategic partnership: exports Note: % of group turnover account for 6% of DELTA yogurt sales (2015) Portfolio companies overview (continued) 20
High-quality portfolio of leading companies across key defensive sectors
Healthcare 2015 Sales: €220m (19% of total) 2015 GAV: €212m (14% of total) Hygeia Group The largest hospital group in Greece with the leading general hospital facilities and maternity clinics (in €m) 2014 2015 4 hospitals in full operation: 218 220 3 in Greece Sales 19% of total 19% of total 1 in Albania (largest greenfield healthcare investment worth €65m) Total licensed capacity of 1,219 beds (999 in Greece) State-of-the art facilities & cutting-edge technology: 55 operating rooms, 19 delivery rooms and 9 Intensive Care Units (65 beds) 460,000 outpatients, 51,000 inpatients, 46,000 operations, 9,500 baby deliveries per annum (2015 data) The only JCI (Joint Commission International) accredited hospital in Greece (among 74 JCI accredited hospitals in Europe)
IT 2015 Sales: €49m (4% of total) 2015 GAV: €29m (2% of total) SingularLogic The largest Greek business software applications vendor, with the largest installed base: >100 multinational, 700 large enterprise, 40,000 (in €m) 2014 2015 small & medium enterprise clients 50 49 Sales 4% of total 4% of total Full spectrum of IT services (dominant position in large-scale integration projects in the public and private sector) Greece’s incumbent elections manager since 1981 Portfolio companies overview (continued) 21
High-quality portfolio of leading companies across key defensive sectors
Tourism & Leisure 2015 Sales: €48m (4% of total) 2015 GAV: €68m (5% of total)
Sunce Bluesun The largest hospitality and leisure group on the Dalmatian coast in Croatia (largest by number of hotels) (in €m) 2014 2015 11 hotels with 2,248 rooms and 4,510 beds 35 38 Sales 6% market share in Split and Dalmatia 3% of total 3% of total c130,000 guests in 2015 (+9% vs 2014)
Hilton Cyprus The only 5-star hotel in the capital city of Nicosia, at a prime location 294 rooms (24 suites, 76 executive and 194 standard rooms) (in €m) 2014 2015 Total land: 32,200m2 (hotel building: 28,700m2) 10 10 2 Sales Development potential: 6,000m unbuilt land estimated to yield up 1% of total 1% of total to 25,000m2 of usable floorplate Real Estate 2015 Sales: €5m (<1% of total) 2015 GAV: €198m (13% of total) RKB (Robne Kuce Beograd) Largest commercial real-estate portfolio in Serbia (34 properties) 32 department stores in Serbia (9 in Belgrade) (in €m) 2014 2015 Accounts for 65% of total shopping center space in Serbia (30% in 5 5 Sales Belgrade and over 50% in central Belgrade) 0.4% of total 0.4% of total 1 logistics center in Belgrade, unique in size and location Total net leasable area (NLA) of c200,000 sqm (GLA: c276,000 sqm) Significant profitability improvement across subsidiaries 22
Revenue (€m) EBITDA (€m) & EBITDA margin (%)
8.3%
4.8% 50 563 590 601 1.9% 28 11
2013 2014 2015 2013 2014 2015
29.1%
17.4% 278 260 267 10.4% 81 46 27
2013 2014 2015 2013 2014 2015
10.0%
5.4% 204 218 220 22 (3.1)% 12 -6 2013 2014 2015 2013 2014 2015 Significant profitability improvement across subsidiaries 23
Revenue (€m) EBITDA (€m) & EBITDA margin (%)
12.1%
8.8%
51 50 49 5.2% 6 4 3
2013 2014 2015 2013 2014 2015
22.4% 21.0% 16.3%
10 10 2 2 10 2
2013 2014 2015 2013 2014 2015
36.7% 2 0 5 4 4 -3
2013 2014 2015 2013 2014 2015 Transportation – Attica Group
A leading ferry operator in the Eastern Mediterranean Attica Group at a snapshot 25
Date of Investment: October 2007 MIG Ownership: 89.4%
A leading ferry operator in the Eastern Mediterranean 2015 Sales: €278m (24% of total) A leading passenger ferry operator in the Eastern Mediterranean operating under two brand names: Superfast Ferries: leading ferry operator in the Adriatic Sea (route connections from Greece to Bari and Ancona) Blue Star Ferries: undisputed leader in the Greek islands (Cyclades, Dodecanese, North Aegean and Crete routes) Connects 40 destinations in the Aegean and Adriatic Sea, through year-round operations Approx. 5,000 sailings or 1.2m Nautical Miles per annum Traffic volumes (annual): 4m Passengers / 500,000 Private Vehicles / 300,000 Freight Units Ranks in the top-10 list of Passenger RoRos World Gross Tonnage list of 1,624 vessels (Lloyd’s List Intelligence) Modern fleet of 13 top-class conventional Ro-Pax ferries (12 owned and 1 under a long-term bareboat charter agreement) One of the youngest owned fleets in the Eastern Mediterranean: 12.9 years average age (total fleet: 13.7 years) Blue Star Delos (delivered in October 2011) and Blue Star Patmos (delivered in June 2012) are the youngest passenger ferries in operation in the Eastern Mediterranean Sea April 2015: took delivery of Ro-Pax BLUE GALAXY under a long-term bareboat charter agreement (Piraeus-Crete route) World leader in newbuild construction of conventional Ro-Pax ferries in short international and domestic routes 21 delivered newbuild vessels €1.6bn (US$2.1bn) total invested capital since 1992 Highly experienced management team Average 27 years experience in the industry Average employment tenor exceeding 13 years Solid financial position compared to competition: moderate fleet leverage with total LTV at 50% (31.12.2015 valuations) Growth potential: in July 2015 Attica received the license from the US Department of the Treasury’s Office of Foreign Assets (OFAC) to operate a marine route between US and Cuba Attica Group: Business overview 26
4 Vessels (all owned) 9 Vessels (8 owned) KAVALA 9.8 yrs Average Age 15.4 yrs Average Age
Total Capacity: Total Capacity: 5,134 passengers 15,760 passengers 2,162 beds 3,286 beds 8,840 Lane meters garage 9,510 Lane meters garage
13 Vessels (12 owned) Total Capacity: 20,894 passengers 5,448 beds 18,400 Lane meters garage Combined Fleet Combined
JV with ANEK Lines: Ancona, Bari, Venice, Chania and Heraklion routes Passenger shipping: A key industry for Greece 27
Attica’s modern and efficient fleet is strategically positioned across highly attractive markets
Greece has the 11 th largest coastline worldwide with a total size of 13,676km (China ranks 10 th with 14,500km) 12.3% of the Greek population resides in the island regions (Ionian, North Aegean, South Aegean, Crete) Islands account for 11.5% of the Greek GDP Greece ranks 2nd (after Italy) among EU-28 countries in terms of sea transportation: 17% of total sea traffic Passenger shipping serves the needs for transportation (passenger and freight) as well as acts as a catalyst for the economy of the island regions
80% of freight by sea in Greece is carried by Ro-Pax vessels (over 70 ports connecting mainland with the islands) Passenger shipping contributes 6.5% to the Greek GDP (c€11.8bn) (direct and indirect economic effects) Passenger shipping accounts for c7% of the total employment in Greece (directly and indirectly) Greek Islands have been traditionally one of the most popular touristic destinations for both Greek and foreign visitors 60-65% of the country’s hotel beds are found on the islands Adriatic Sea is a substantial trading route for Greece Connecting Europe, though Italy, with Greece Connecting the international waterways, through Europe's southeast mainland ports (the most efficient trading route to bypass transit across the Balkans) One of the youngest fleets in Eastern Mediterranean 28
SUPERFAST FERRIES Age Tonnage Speed Garage Vessel Built Year Class Flag Length (m) Width (m) Pax Berths (years) (GRT) (Knots) Lane meters SUPERFAST I 2008 7 RINA GR 199.1 26.6 25,757 24.2 928 371 2,505 SUPERFAST II 2009 6 RINA GR 199.1 26.6 25,518 24.2 928 371 2,505 SUPERFAST XI 2002 13 ABS GR 199.9 25.0 30,902 29.1 1,639 710 1,915 SUPERFAST XII 2002 13 ABS GR 199.9 25.0 30,902 29.1 1,639 710 1,915 9.8 113,079 26.7 5,134 2,162 8,840 BLUE STAR FERRIES Age Tonnage Speed Garage Vessel Built Year Class Flag Length (m) Width (m) Pax Berths (years) (GRT) (Knots) Lane meters Blue Star 1 2000 15 LR GR 176.1 25.7 16,391 28.0 1,890 495 1,718 Blue Star 2 2000 15 LR GR 176.1 25.7 16,172 28.0 1,854 459 1,718 Blue Star Paros 2002 13 LR GR 124.2 18.9 5,664 24.4 1,474 102 360 Blue Star Naxos 2002 13 LR GR 124.2 18.9 5,651 24.4 1,474 102 360 Diagoras 1990 25 BV GR 141.5 23.0 9,834 21.0 1,465 448 634 Blue Horizon 1987 28 LR GR 187.1 27.0 13,615 22.5 1,463 582 1,850 Blue Star Delos 2011 4 BV GR 145.9 23.2 10,756 25.5 2,400 118 600 Blue Star Patmos 2012 3 BV GR 145.9 23.2 10,756 25.5 2,000 326 600 Blue Galaxy 1992 23 RINA GR 177.0 27.0 29,993 24.0 1,740 654 1,670 15.4 118,832 24.8 15,760 3,286 9,510 Total Fleet 13.7 231,911 25.4 20,894 5,448 18,350 Owned Fleet 12.9 201,918 25.5 19,154 4,794 16,680 Superfast I Superfast II Blue Star 1 Blue Star Paros Blue Star Delos Blue Horizon
Superfast XI Superfast XII Blue Star 2 Blue Star Naxos Blue Star Patmos Diagoras Attica Group: Financial highlights 29
(in €m) 2010 2011 2012 2013 2014 2015 Δ y-o-y Sales 271.5 246.8 256.0 260.2 266.7 277.6 4% Adriatic 111.0 107.5 103.8 100.6 94.7 79.4 -16% Domestic 160.5 139.3 152.2 159.5 171.9 198.3 15% EBITDA (recurring) (2.5) (4.9) 10.1 27.1 42.3 80.7 91% EBITDA margin (0.9)% (2.0)% 4.0% 10.4% 15.9% 29.1% Net profit / (loss) after minority (49.3) (86.5) (53.3) (10.1) 4.3 33.2 677%
Net fixed assets 738.2 712.9 706.7 629.2 581.0 565.5 Cash & cash equivalents 26.5 8.3 16.0 24.9 23.9 71.6 Net debt 311.5 338.0 325.3 265.1 258.2 213.7 Leverage [Net debt / EBITDA] (x) n/m n/m 34.5 9.8 6.1 2.6 Shareholders equity 471.0 406.2 350.4 340.1 339.8 376.2
Vessels (#) 12 13 14 13 13 14 Sailings (#) 6,316 4,835 4,831 4,786 5,020 5,068 1% Passengers 4,457,821 3,539,496 3,548,341 3,763,595 4,131,990 4,397,005 10% Private Vehicles 668,115 498,230 485,148 503,417 537,645 576,757 7% FreightUnits 267,577 243,336 254,222 258,824 263,959 270,393 2%
Vessels Net BookValue 682.9 683.7 705.0 627.7 579.1 565.2 Vessels Loans 336.1 346.3 341.4 289.9 282.2 285.3 Residual EquityValue 346.8 337.4 363.6 337.7 296.9 279.9 LTV 49% 51% 48% 46% 49% 50% Attica Group: A leader in newbuild construction 30
21 delivered newbuild vessels €1.6bn (US$2.1bn) total invested capital Built Length Speed Lane Vessel Class DWT Pax Berths Year (m) (Knots) meters 1 SUPERFAST I 1995 ABS 173.7 5,240 25.5 1,675 1,397 200 2 SUPERFAST II 1995 ABS 173.7 5,240 25.5 1,675 1,397 200 3 SUPERFAST III 1998 ABS 194.3 5,651 28.0 1,852 1,400 222 4 SUPERFAST IV 1998 ABS 194.3 5,651 28.0 1,852 1,400 222 5 Blue Star Ithaki 2000 BV 123.8 1,970 24.2 365 1,317 7 6 Blue Star 1 2000 LR 176.1 5,075 27.0 1,718 1,854 192 7 Blue Star 2 2000 LR 176.1 5,075 27.0 1,718 1,890 176
8 SUPERFAST V 2001 ABS 203.9 6,460 28.0 1,926 1,500 244 Blue Star Patmos under construction at DSME 9 SUPERFAST VI 2001 ABS 203.9 6,460 28.0 1,926 1,608 244 10 SUPERFAST VII 2001 ABS (Ice) 203.9 5,920 27.1 1,923 1,200 179 11 SUPERFAST VIII 2001 ABS (Ice) 203.9 5,920 27.1 1,923 1,200 179 12 SUPERFAST IX 2002 ABS (Ice) 203.9 5,920 27.1 1,923 1,200 179 13 SUPERFAST X 2002 ABS (Ice) 203.9 5,920 27.1 1,923 1,200 179 14 Blue Star Paros 2002 BV 124.2 1,663 24.5 360 1,474 26 15 Blue Star Naxos 2002 BV 124.2 1,663 24.5 360 1,474 26 16 SUPERFAST XI 2002 ABS 199.9 6,569 29.2 1,915 1,639 198 17 SUPERFAST XII 2002 ABS 199.9 6,569 29.2 1,915 1,639 198 18 SUPERFAST I 2008 RINA 199.1 8,500 24.5 2,623 928 103 19 SUPERFAST II 2009 RINA 199.1 8,500 24.5 2,623 928 103 20 Blue Star Delos 2011 BV 145.9 2,300 25.5 600 2,400 32 21 Blue Star Patmos 2012 BV 145.9 2,300 25.5 600 2,000 99 Total 179.7 108,566 26.5 33,395 31,045 3,208 Attica Group: Market positioning 31
Adriatic Sea routes market shares (1) Domestic routes market shares (1) 2013 2014 2015 2013 2014 2015 Ancona (in joint service with ANEK since June 2011) Cyclades Passengers 36% 33% 17% Passengers 54% 51% 52% Private Vehicles 37% 36% 17% Private Vehicles 40% 44% 47% Freight Units 31% 31% 17% Freight Units 60% 60% 61% Bari Dodecanese Passengers 94% 98% 94% Passengers 93% 92% 93% Private Vehicles 91% 95% 91% Private Vehicles 93% 90% 89% Freight Units 99% 100% 98% Freight Units 96% 95% 96% North Aegean Passengers 47% 57% 41% Private Vehicles 43% 52% 44% Freight Units 31% 34% 26% Heraklion, Crete (in joint service with ANEK since June 2011) Passengers 17% 18% 17% Private Vehicles 19% 20% 19% Freight Units 26% 27% 27% Chania, Crete (in joint service with ANEK since April 2015) Passengers -- -- 43% Private Vehicles -- -- 46% Freight Units -- -- 33% (1) market shares based on traffic data derived from the Greek Port Authorities and company estimates. For the routes operating under joint service with ANEK the traffic figures include only Attica’s traffic volumes. Attica Group: Financial performance 32
Revenues (€m) EBITDA (reported) (€m) Earnings after taxes (€m)
CAGR: 3% EBITDA 29% 33 Margin 81 278 260267 247256 CAGR: 9% 4 17% 198 46 CAGR: -7% 172 10% -10 152160 139 4% 27 108 104101 95 79 9 -2% -53
Group Adriatic Domestic -5 -87 2011 2012 2013 2014 2015 2011 2012 2013 2014 2015 2011 2012 2013 2014 2015
Net Operating Cash Flow (€m) Net Change in Cash (€m) Net Debt / Net Book Value of Vessels
109% 111% 61 101% 48 90%
62% 57% 52% 50% 46% 11 8 9 42% 45% 7 7 38%
-1
-20 -18 Attica Minoan ANEK 2011 2012 2013 2014 2015 2011 2012 2013 2014 2015 2012 2013 2014 2015 Food & Dairy – Vivartia
One of the largest food companies in South East Europe Vivartia at a snapshot 34
Date of Investment: July 2007 MIG Ownership: 92.1%
One of the largest food groups in South East Europe 2015 Sales: €601m (53% of total) Largest diversified food group in Greece Top-5 FMCG company in Greece (ranked by sales to super markets) Largest food distribution fleet in Greece (500 trucks covering 45,000 retail outlets per day) Penetration in 9 out of 10 Greek households: leading brands across all market segments Vertical integration: owned distribution and manufacturing facilities (branded goods and retailer brands) #1 milk producer in Greece (DELTA) and Bulgaria (UMC) Leading dairy & fresh juices producer and distributor in Greece 7 state-of-the art production plants (6 in Greece & 1 in Bulgaria) #1 frozen vegetable and frozen dough/pastry producer in Greece Oldest producer in Greece 5 production facilities Undisputed market leader in frozen vegetables (>60% market share) #1 in Quick Service Restaurants (QSR), branded coffee shops and catering in Greece 381 stores (512 POS), including 9 stores abroad in 7 countries 21% value market share in the total food market in Greece 19% value market share in the total coffee market in Greece Among Europe’s top-50 players Strategic partnership with Granarolo (Italian dairy group): exports account for 6% of DELTA yogurt sales (2015) Vivartia: Business overview 35
FMCG Food Services & Entertainment (FSE) 2015 Gross Sales: €443m (74% of total) 2015 Gross Sales: €165m (26% of total)
Dairy & Drinks 2015 Sales: €305m (51% of total) DELTA Among Europe’s top-50 players o Leading dairy & fresh juices producer & distributor in Greece 381 stores (512 POS) (9 abroad in 7 countries) o 6 state-of-the-art production plants in Greece Everest-Flocafe is Europe’s 7th largest coffee-bar chain o 4 milk collection stations (160,000 tonnes of milk sourced Total food market in Greece: 21% value share from local farmers or 25% of Greece’s total production) Total coffee market in Greece: 19% value share o €261m revenues (2015) (43% of Vivartia total) Goody’s Burger House UMC (United Milk Company) o Greece’s largest & oldest casual fast-food chain o Leading dairy producer in Bulgaria o 125 restaurants (abroad: 5, national roads: 10, vessels: 5) o 1 production plant o 15% value market share in the out-of-home eating market o €38m revenues (2015) (6% of Vivartia total) o Approx. 200,000 customers daily Frozen Foods Everest 2015 Sales: €138m o Catering & food services, all-day on-the-go snack & coffee (23% of total) o 167 stores (228 POS) (national roads: 9, vessels: 17) Barba Stathis / Chrysi Zymi / M. Arabatzis o 12% value market share in the coffee service market o Oldest frozen vegetables and dough producer in Greece o 5% value market share in the out-of-home eating market o 5 production facilities Flocafe o Frozen vegetables: undisputed leader >60% market share o Coffee chain o Frozen dough: leader among branded products >25% market o 59 stores (97 POS) (abroad: 4, national roads: 9, vessels: 18) share o 3% value market share in the coffee service market o Vegetables: €66m revenues (2015) (11% of Vivartia total) La Pasteria o Dough-Pastry: €70m revenues (2015) (12% of Vivartia total) o Affordable Italian restaurant chain (16 restaurants) Vivartia: Financial highlights 36
(in €m) 2010 2011 2012 2013 2014 2015 Δ y-o-y Sales 738.0 667.9 610.5 563.1 589.6 601.4 2% Dairy 340.5 323.4 327.4 316.6 329.8 304.5 -8% Frozen Foods * 94.8 91.6 90.0 73.3 102.3 138.3 35% Food Services (FSE) 315.9 263.9 199.4 177.1 163.1 165.0 1% EBITDA (reported) (2.0) 15.3 1.7 10.8 28.2 50.2 78% %margin -0.3% 2.3% 0.3% 1.9% 4.8% 8.3% EBITDA (recurring) 18.2 17.1 6.0 10.8 28.2 50.2 78% %margin 2.5% 2.6% 1.0% 1.9% 4.8% 8.3% Dairy 4.4 (9.4) (4.4) (1.0) 7.6 18.2 141% % margin 1.3% -2.9% -1.4% -0.3% 2.3% 6.0% Frozen Foods * 12.5 11.1 9.3 7.5 13.0 19.8 52% % margin 13.2% 12.1% 10.3% 10.3% 12.7% 14.3% Food Services (FSE) 10.0 15.2 0.7 4.2 7.7 12.2 59% % margin 3.2% 5.8% 0.4% 2.4% 4.7% 7.4% Impairments (58.8) (6.3) (38.1) (38.5) (3.3) -- Net profit / (loss) after minority (139.0) (66.1) (101.1) (98.9) (36.5) (24.9) n/m
Net fixed assets 503.4 437.4 397.2 354.5 357.9 341.1 Cash & cash equivalents 98.8 77.1 37.1 30.6 45.0 56.8 Net debt 313.9 298.1 353.2 358.0 357.2 343.3 Leverage [Net debt / EBITDA] (x) 17.2 17.5 59.9 33.1 12.7 6.8 Shareholders equity 433.1 358.4 301.7 202.5 161.4 134.6 Minority interest 25.3 20.9 2.3 5.2 23.9 26.1
* as of 01.07.2014 Vivartia consolidates fully M. Arabatzis SA. Prior to 01.07.2014, the company was consolidated under the equity method (associate) Vivartia: Market shares per product 37
2011 2012 2013 2014 2015 2011 2012 2013 2014 2015
Total Milk Yogurt
DELTA 23% 24% 25% 26% 27% DELTA 16% 17% 18% 18% 17%
Friesland 24% 24% 24% 23% 21% FAGE 26% 21% 22% 22% 20%
Olymbos 11% 11% 13% 13% 14% MEVGAL 7% 8% 9% 6% 6%
MEVGAL 7% 7% 6% 5% 5%
Fresh Milk Fresh Fruit Juices
DELTA 28% 29% 34% 33% 32% DELTA 33% 30% 32% 33% 32%
Olymbos 16% 15% 16% 15% 16% Coca Cola HBC 28% 29% 29% 28% 29%
MEVGAL 13% 14% 11% 10% 8% Olymbos 18% 20% 17% 19% 23%
HP Milk Ambient Fruit Juices
DELTA 22% 24% 24% 26% 28% DELTA 0% 5% 9% 9% 9%
Friesland 27% 27% 26% 24% 25% Coca Cola HBC 73% 66% 61% 59% 60%
Functional milk Frozen vegetables
DELTA 33% 36% 40% 42% 42% Barba Stathis 61% 60% 64% 63% 65%
Elais (Unilever) 26% 28% 26% 24% 21% Private Labels 29% 31% 29% 32% 29%
Chocolate milk Frozen dough
DELTA 52% 53% 57% 60% 58% Chrysi Zymi 21% 23% 25% 24% 26%
MEVGAL 8% 8% 8% 6% 6% Private Labels 30% 31% 32% 31% 25% Vivartia: Product innovation 38
Innovation plan focused on value-accretive segments/products
2012 2013
2014 2015 Vivartia: Performance highlights 39
Sales (€m) Gross Profit (€m) & Gross Profit margin (%)
668 33% 611 601 92 563 590 34% 90 31% 73 102 138 31% 28% 264 199 177 163 165 223 202 187 183 323 327 317 330 305 159
2011 2012 2013 2014 2015 Dairy FSE Frozen 2011 2012 2013 2014 2015 EBITDA (€m) EBITDA margin per business segment
50 14% 13% 20 10% 10% 17 28 8% 7% 12 11 13 6% 6 11 5% 5% 8 15 8 18 2% 2% 9 8 2% 1 4 0% 1% -9 -4 -1 0% 2011 2012 2013 2014 2015 -1% Dairy FSE Frozen Group Dairy FSE Frozen 2012 2013 2014 2015 Vivartia: Dairy & Drinks 40
Dairy & Drinks Sales (€m) 2015 Sales: €305m (51% of total) 323 327 330 317 305 26 28 32 35 38
Delta Foods UMC (United Milk Company) 297 299 2015 Sales: €267m 2015 Sales: €38m 285 295 267 (44% of Vivartia total) (6% of Vivartia total) o Leading dairy & fresh juices o Leading dairy producer in producer & distributor in Bulgaria Greece o 50 years of milk processing 2011 2012 2013 2014 2015 o Over 60 years of milk experience Delta Foods UMC processing experience o 1 production plant o 6 state-of-the-art production o Sources c40,000 tonnes of EBITDA (€m) & EBITDA margin (%) plants in Greece raw milk per year o 4 milk collection stations o Producer of fresh & UHT -3% -1% 0% 2% 6% • 160,000 tonnes of milk milk and cheese products 18 sourced from local o Daily distribution to c7,700 5 farmers (25% of Greece’s customers 8 total production) o One of the biggest Bulgarian o 290m products sold per year 2 14 exporters to the US, 6 o 2 Daily distribution to 30,000 Australia, Lebanon, Canada, -21 -6 customers and Russia -9 -1 o Leader in the total Greek o Certified cheese exporter to -1 -4 dairy & drinks market: 22.6% the EU -9 o Leader in the total Greek 2011 2012 2013 2014 2015 milk market: 26.6% Delta Foods UMC Granarolo partnership (yogurt exports in Italy) 41
Plain Cherry Strawberry Blueberry Peach & Apricot Coffee Raspberry
Granarolo: largest Italian-owned agro-industrial group Market leader in fresh milk (largest producer) 3rd largest player in the yogurt market Value market shares Owns 8 production sites in Italy and 2 in France Total Greek Yogurt Apr-14 Dec-14 Dec-15 1,200 distribution vehicles, moving 750,000 tonnes per year of finished FAGE 72.5% 78.5% 70.9% products to over 60,000 POS 11 million Italian families purchase Granarolo products DELTA (Yomo) n/a 4.7% 6.8% Business scope: exclusive distribution of authentic Greek yogurt and cheese Handlers* Apr-14 Dec-14 Dec-15 products in Italy FAGE 86.2% 89.5% 77.3% Product offering: authentic Greek Strained Yogurt Superior thick, creamy texture DELTA (Yomo) n/a 14.1% 14.7% Higher in protein than regular yogurt * Handlers: super markets that list the product Offers a rich, less sour, indulgent taste Source: IRI Italian Market Data Flavour options: 7 SKUs of 170g 1 SKU of 500g
January 2014 April 2014 December 2014 April 2015 December 2015 signing of the product launch c5% market share product launch c7% market share agreement in Italy (5 SKUs) Greek yogurt market: €91m of new SKUs Greek yogurt market: €140m Vivartia: Frozen Foods 42
Frozen Foods Sales (€m) * 2015 Sales: €138m (23% of total) 138
102 92 90 70 73 Vegetables Dough-Pastry 44 38 40 2015 Sales: €66m 2015 Sales: €70m 20 (11% of Vivartia total) (12% of Vivartia total) 66 54 48 51 57 Oldest frozen vegetables and dough producer in Greece 5 production facilities 2011 2012 2013 2014 2015 180 SKUs Vegetables Dough Total retail market (frozen food & dough) in Greece: €215m Frozen Foods business is present in 68% of this market EBITDA (€m) & EBITDA margin (%) * Leader in the Frozen Food sector in Greece 14% frozen vegetables: undisputed leader >60% share 20 frozen dough: leader among branded products 25% share 13% Frozen Foods business exports in 31 countries (c14% of sales) 12% 10% 10% Barba Stathis exports in 19 countries (c6% of sales) 11 13 11 9 * Notes: 4 8 7 (1) until 30.06.2014 M. Arabatzis SA was consolidated under the equity 4 2 method as an associate (new standards IFRS 10, IFRS 11, IFRS 12) 7 8 (2) as of 01.07.2014 M. Arabatzis SA is consolidated fully 4 5 5 2011 2012 2013 2014 2015 Vegetables Dough Vivartia: Food Services & Entertainment (FSE) 43
Food Services & Entertainment (FSE) 2015 Sales: €165m (26% of total) International expansion Operational Franchise agreement signed Among Europe’s top-50 market players (# POS) (operation pending) (# POS) 381 stores (512 POS) (9 abroad in 7 countries) Total food market in Greece: 21% value market share Cyprus (1) Hungary (1) Australia (2) Kosovo (1) Total coffee market in Greece: 19% value market share Bulgaria (1) Albania (2) Saudi Arabia (2) Libya (1) Everest o Catering & food services, all-day on-the-go snack & coffee Egypt (1) FYROM (2) UK (1) o 167 stores (228 POS) (national roads: 9, vessels: 17) Mayotte (1) Serbia (1) o 12% value market share in the coffee service market o 5% value market share in the out-of-home eating market Sales (€m) EBITDA (€m)-EBITDA margin (%) o €49m revenues (2015) (30% of total FSE)
Goody’s Burger House 6% 0% 2% 5% 7% o Greece’s largest & oldest casual fast-food chain o 125 restaurants (abroad: 5, national roads: 10, vessels: 5) o 15% value market share in the out-of-home eating market o €24m revenues (2015) (15% of total FSE) Flocafe o Coffee chain o 59 stores (97 POS) (abroad: 4, national roads: 9, vessels: 18) 264 o 3% value market share in the coffee service market 15 o €20m revenues (2015) (12% of total FSE) 199 12 177 La Pasteria 163 165 o Affordable Italian restaurant chain (16 restaurants) 8 o €9m revenues (2015) (5% of total FSE) 4 1 Hellenic Catering & Olympic Catering o Industrial catering, HoReCa channel supplier, airport canteens 2011 2012 2013 2014 2015 2011 2012 2013 2014 2015 o €55m revenues (2015) (33% of total FSE) Healthcare – Hygeia Group
The leading integrated private healthcare services group in Greece Hygeia Group at a snapshot 45
Date of Investment: January 2006 MIG Ownership: 70.4%
A leading integrated private healthcare services group in Greece 2015 Sales: €220m (19% of total) The market leader in private hospital units in Greece Owns a portfolio of 4 hospitals (3 in Greece and 1 in Albania), 2 diagnostic centers and a Molecule Biology & Cytogenetics center Total licensed bed capacity: 1,219 (781 active) of which 999 in Greece 55 operating rooms 19 delivery rooms 9 Intensive Care Units (65 beds) Group consists of 2 main divisions: Hospital Services (general & maternity hospital operations) Primary Care & Commercial Activities High brand awareness and excellent reputation First & only hospital in Greece accredited by the Joint Commission International (JCI) (74 accredited hospitals in Europe) Highly experienced management team High calibre physicians and high quality support personnel using state of the art medical equipment Approx. 3,100 employees More than 3,000 co-operating physicians
Key Performance Indicators (2015 data) Inpatients Outpatients Operations Patient Days Births 51,500 450,000 46,400 153,000 9,500 Hygeia Group: Corporate structure 46
HospitalServices PrimaryCare & Commercial Services
Maternity Hospitals General Hospitals Commercial Primary Care
Leto Hygeia Y-Logimed Alpha Lab (93.65%) (100%) (100%) (93.65%)
Mitera Beatific Hygeia Net Peristeri (99.49%) (100%) (100%)
Hygeia Hospital Tirana Hygeia Net Athens (100%) (100%)
% stake as of 31.12.2015 Hygeia Group: Hospital facilities 47
Hygeia Hospital (Athens, Greece) Leto Hospital (Athens, Greece) Ultra modern general acute care hospital Modern (boutique) Maternity and Gynaecology Hospital First & only JCI accredited hospital in Greece (among 65 JCI Commands 4% market share in births in Greece accredited hospitals in Europe) o 90 active beds (100 licensed) o 279 active beds (440 licensed) o 7 operating theaters o 18 Medicine & 26 Surgical Clinics o 6 delivery rooms o 6 Diagnostic & 8 Imaging Laboratories o 1 Intensive Care Unit o 10 Outpatient Clinics - ER Offers alternative childbirth techniques: o 18 operating theaters o “Water Birth” o 4 Intensive Care Units (28 ICU beds) o “Childbirth as if being at Home” o One-Day Treatment (ODT) Unit o One-Day Surgery (ODS) Unit o Bone Marrow Transplant Unit (BMTU) o first & only state-of-the art Hybrid Operating Room in Greece
Mitera Hospital (Athens, Greece) Hygeia Hospital Tirana (Tirana, Albania) State-of-the-art Maternity, Gynaecology, General and Children's July 2010: first & only integrated private hospital in Albania Hospital (adjacent to Hygeia Hospital) The largest private sector investment (€65m) in Albania Certified as “Baby-Friendly Hospital” following implementation o 102 active beds (220 licensed) of practices required by UNICEF and World Health Organization o 12 operating theaters General clinic operates since 2011 o 5 delivery rooms o 310 active beds (459 licensed) o 1 Intensive Care Unit (16 ICU beds) o 18 operating theaters o First comprehensive oncology center o 8 delivery rooms o Most contemporary IVF Unit in Albania o 3 Intensive Care Units (21 ICU beds) o Certified as a kidney and corneal transplantation center Hygeia Group: Leader in cutting edge technology 48
Latest Generation Multidisciplinary Hybrid Operating Room Inauguration November 2012: the first and only in Greece Latest generation multidisciplinary Hybrid Operating Room o Covers an area of 87 sqm o Ability to perform complex endovascular procedures to a larger number of patients, especially those with multiple medical problems o Equipped with the most advanced imaging and medical equipment (Digital Cardiovascular Imaging System Allura Xper FD20 by PHILIPS)
Da Vinci System® S (DA VINCI® S Stream Line) Robotic revolution in laparoscopic surgery (approved by the FDA) The first and only Robotic Surgical System worldwide performing the whole spectrum of laparoscopic surgery and a large number of conventional procedures o 3D-lenses system offers the possibility of a 15- fold magnification of the surgical field for very accurate, stable and detailed movements
Gamma Knife (Leksell Gamma-Knife Perfexion) Inauguration 2004: the first and only in Greece The pioneer radiosurgery device Leksell Gamma Knife® Perfexion TM Sophisticated brain tumor radiosurgery system o Treats head, neck and cervical spine lesions o Offers a high success rate by more than 95% for most of the diagnoses Hygeia Group: Leader in cutting edge technology (continued) 49
Radiotherapy & Oncology Center Inauguration 1995: unique in Greece All state-of-the-art Radiotherapy techniques are applied 3 last generation linear accelerators with millimeter accuracy o Linear Accelarator AXESSE of Elekta: latest development of Robotic Radiosurgery- Stereotactic Radiotherapy of body and head o Success rate 85% in healing cancer cases without metastases
PET/CT Scan Department (SIEMENS-BIOGRAPH PET-CT) Inauguration 2004: the first to be established in Greece ISO 9001:2008 certification Cutting-edge Positron Emission Tomography (PET) scanner for patients diagnosed with cancer o Works very closely with the Radiation Therapy and Oncology Center o Successfully conducted over 2,400 PET-CT examinations
Neurosurgery & Interventional Neuroradiology Treats all brain and spinal cord conditions (e.g. tumors, hematomas, abscesses, vascular lesions, hydrocephaly etc) that require surgical treatment with open craniotomy-trephination o Covers all Central Nervous System (CNS) surgical conditions (i.e. brain and spinal cord) o Also specialized in treating Central Nervous System (CNS) vascular damages Hygeia Group: Financial highlights 50
Revenue analysis per source (Group 2015 data) Revenue analysis per service (Group 2015 data)
Out-of- EOPYY Outpatients pocket 14% 24% 47% Other Inpatients Rebate & 3% 81% clawback Insurance Other -8% 37% 3% (in €m) 2011 2012 2013 2014 2015 Δ y-o-y Sales (reported ) 233.1 237.9 203.7 217.5 220.3 1% Hygeia 141.7 138.5 121.9 131.8 124.0 -6% Mitera 61.1 66.4 51.8 53.1 58.8 11% Leto 15.2 16.8 14.0 14.4 13.8 -4% Tirana 8.4 10.3 11.8 13.6 17.6 29% EBITDA (reported) 5.0 13.6 (6.2) 11.8 22.0 86% % margin (reported) 2.2% 5.7% (3.1)% 5.4% 10.0% Impairments -- (114.0) -- (3.1) (21.2) Net profit / (loss) after minority (22.5) (110.5) (38.1) (18.8) (26.6) n/m
Clawback & Rebate -- (1.8) (28.0) (15.6) (17.9) 15%
Net fixed assets 256.5 227.4 206.3 194.8 183.9 Net debt 155.1 161.1 153.0 157.4 145.6 Leverage [Net debt / EBITDA] (x) 30.9 11.9 n/m 13.3 6.6 Shareholders equity 334.3 210.1 167.4 143.7 118.3 Minority interest 19.0 4.8 4.7 2.6 1.4 Hygeia Group: Key performance indicators (KPIs) 51
Outpatients (in ‘000s) Inpatients (in ‘000s) Operations (in ‘000s)
467 450 54 420 430 52 50 52 4 90 4 45 46 359 77 101 44 4 5 44 76 6 8 42 4 47 3 8 8 39 2 3 54 45 37 2 41 5 2 4 6 6 7 41 3 170 25 24 163 153 154 20 20 22 135 21 21 21 21 22
155 160 158 18 18 129 140 17 17 16 13 14 15 15 14
2011 2012 2013 2014 2015 2011 2012 2013 2014 2015 2011 2012 2013 2014 2015 Hygeia Mitera Leto Tirana Hygeia Mitera Leto Tirana Hygeia Mitera Leto Tirana
Length of stay (days) Occupancy rate Patient Days (in ‘000s)
3.3 163 155 152 150 153 3.1 12 51% 51% 9 3.1 51% 52% 54% 12 12 14 3.5 3.0 3.0 16 16 3.3 39% 40% 14 14 14 40% 43% 33% 3.0 2.7 2.9 61 3.6 46% 47% 57 51 50 56 2.8 42% 40% 42% 1.9 1.7 1.7 2.9 2.6 2.6 2.5 2.5 48% 51% 43% 42% 49%
73 74 74 74 70 4.3 4.4 4.2 4.1 4.4 71% 68% 69% 69% 69%
2011 2012 2013 2014 2015 2011 2012 2013 2014 2015 2011 2012 2013 2014 2015 Hygeia Mitera Leto Tirana Hygeia Mitera Leto Tirana Hygeia Mitera Leto Tirana Hygeia Group: Performance highlights 52
Sales: headwinds from macro and government decisions EBITDA: significant recovery courtesy of efficiency improvements
18 18 16 28 16 238 28 233 22 218 220 15 12 5 204 -6
2011 2012 2013 2014 2015 2011 2012 2013 2014 2015 Group Sales Clawback & Rebate EBITDA Clawback & Rebate
8 10 Gross Profit margin (%) EBITDA margin (%) 15 17 14 18 12 14 14 14 61 66 53 52 59 12% 10% 10% 7% 6% 6% 5% 142 139 122 132 124 2% 2%
-3%
2011 2012 2013 2014 2015 Hygeia Mitera Leto Tirana 2011 2012 2013 2014 2015 Ministry of Health clawback & rebate mechanisms 53
Ministry of Health decisions stipulated in Article 100 SALES (€m) 2012 2013 2014 2015 of Greek Law 4172/2013 Gross 238 232 233 238 In July 2013, two governmental decisions came in force, by law, retroactively (i.e. effective as of January Rebate & clawback -- (28.0) (15.6) (17.9) 2013) and unilaterally, adversely impacting directly the private healthcare industry until 31.12.2018 Reported 238 204 218 220
Rebate a gradual discount method calculated on the EBITDA (€m) 2012 2013 2014 2015 invoiced claims (i.e. hospitalization expenses, diagnostic tests and physiotherapies) submitted to Gross 15.4 21.8 27.4 40.0 the National Organization for Healthcare (EOPYY) Rebate & clawback (1.8)* (28.0) (15.6) (17.9)
Clawback Reported 13.6 (6.2) 11.8 22.0 automatic payback mechanism for any expenses incurred relating to hospitalization, diagnostic tests and physiotherapy EBITDA margin 2012 2013 2014 2015 the monthly National Organization for Healthcare (EOPYY) expenses for diagnostic tests, Gross 6.5% 9.4% 11.8% 16.8 hospitalization and physiotherapy offered by affiliated private healthcare providers must not Reported 5.7% (3.1)% 5.4% 10.0% exceed 1/12 of the approved credit funds of the EOPYY budget * Haircut on IKA-related receivables IT – SingularLogic
The leader in the Greek Business Software market SingularLogic at a snapshot 55
Date of Investment: December 2006 MIG Ownership: 85.7%
The leader in the Greek Business Software market 2015 Sales: €49m (4% of total)
The largest Greek software vendor delivering comprehensive IT services that help its 40,000-strong customer base, both in Greece and abroad (Cyprus, Bulgaria, Romania), add business value Group activities span: Best-of-breed proprietary business application software Business Model IT services & large systems integration projects Investment in Customer-Centric Outsourcing services technology Setup Cloud computing Largest installed base Extensive Product 80,000 installations in 40,000 SME clients Powerful Product & Portfolio & Technology Partners 700 Large corporates Solutions more than 100 Multinationals 400 Public Sector Organizations Largest Installed Highly Qualified Highly qualified workforce Base Workforce 300 IT consultants & 140 top-class developers Strong Management 450 additional consultants Team Greece’s incumbent elections manager since 1981 helps the Hellenic Republic improve transparency and results transmission speed Management Systems & Certifications: ISO9001:2008, ISO27001:2005, ISO14001:2004 SingularLogic: Business overview 56
Vendor division SME Software Vendor with unparalleled installed base and wide Partner Network The largest Greek software vendor of business applications: largest B2B network in Greece: 400 business partners nationwide 80,000 installations in 40,000 SMEs & 6,000 accountants Integrator division State-of-the-art Galaxy development platform for unified business Vendor division Full spectrum of IT applications services, expertise in Business applications large-scale IT for small and medium- Integrator division integration projects sized enterprises Leading Business Integrator for major organizations in the private and (public & private) public sector (one stop shop for IT services) Design and implementation of integrated IT systems (both own and 3rd party enterprise software solutions) More than 300 experienced professionals Client base includes 700 Large Enterprises, >100 Multinational Clients Outsourcing division Cloud division and 400 Public Sector Organizations Business Process Development and Outsourcing, Managed Outsourcing division management of Cloud Services, Hosting, offerings for very small Wide range of value-added outsourcing services, catering for the needs: Disaster Recovery & businesses, freelancers Business continuity, Healthcare, Food & Beverage, Financial, Telco, Public Sector & individuals etc. organizations Cloud division Development and distribution of Cloud/Software as a Service (SaaS) offerings to: Very small businesses, freelancers, consumers Commercial launch of first family of cloud apps (Orbi) in October 2012 SingularLogic: Market positioning 57
Greek IT Market Packaged Software SingularLogic’s share: 2014 size: €1,875m 100% Overall Packaged Packaged 90% software: 8.2% software 80% 13% 108 70% Applications “Applications software” 60% sub-segment: 15% 50% Application 62 IT Services 40% Development IT Services: 5.5% 22% & deployment 30% System H/W 20% 65% 79 infrastructure 10% software 0% Source: IDC
The Greek IT market is dominated by Hardware (H/W) Both the IT Services and Packaged software markets are getting increasingly fragmented with more and more players pursuing a slice of a shrinking pie Between 2010 and 2013 the market for IT Services has contracted by 14%, while in 2014 it posted small gains (+0.9%) The Applications software market has lost 24% of its value since 2010 SingularLogic’s relevant market (IT Services and Applications) had a value of €530m in 2014
Source: IDC 2014 data SingularLogic: Financial highlights 58
Recent developments Election-related projects in 2015 - SingularLogic was assigned the collection, processing and broadcasting of the following: January 2015: Greek Parliamentary Elections July 2015: Referendum on July 5th 2015 September 2015: Greek Parliamentary Elections June 2015: signed the agreement for the long-term refinancing of the entirety of the outstanding bond loans, through the issue of two new syndicated bond loans totaling €56.9m. With this issue the company completed the long-term refinancing of the entirety of its existing loan obligations. 2015 performance: following a very strong start to the year in Q1 (the strongest Q1 in recent years), the following quarters have been adversely impacted by the heightened political uncertainty in Greece, the introduction of capital controls, as well as the banking holiday in July, which have caused a severe disruption to the IT sector (significant reduction in IT spending by corporates)
(in €m) 2010 2011 2012 2013 2014 2015 Δ y-o-y Sales 77.1 58.9 55.9 51.3 50.0 49.4 -1% EBITDA 11.6 3.2 (15.3) 2.7 4.4 6.0 36% % margin 15.0% 5.5% (27.4)% 5.2% 8.8% 12.1% EBITDA (recurring) 11.6 3.2 0.4 2.7 4.4 6.0 36% % margin 15.0% 5.5% 0.7% 5.2% 8.8% 12.1% Impairments -- -- (27.1) (2.6) -- -- Net profit / (loss) after minority 2.7 (6.7) (43.5) (7.1) (3.8) 1.7 n/m
Net debt 45.2 48.5 50.2 52.2 53.8 53.0 Leverage [Net debt / EBITDA] (x) 3.9 14.9 neg 19.6 12.2 8.9 Shareholders equity 86.6 80.1 36.1 30.6 26.7 28.4 Minority interest 1.6 1.7 0.5 0.6 0.4 0.1 Other portfolio companies Tourism & Leisure – Sunce Bluesun at a snapshot 60
Date of Investment: July 2008 MIG Ownership: 50% minus 1 share
One of the leading hospitality & leisure groups in Croatia 2015 Sales: €38m (3% of total) One of the largest groups in the Croatian hospitality and leisure industry 11 prominent, beachfront leisure hotels in the 3-star (6 hotels) and 4-star segments (5 hotels) Total capacity of 2,248 rooms and 4,510 beds 6% market share in Split and Dalmatia (total number of overnights in hotels and apartment hotels) Approx. 130,000 guests in 2015 (+9% vs 2014) A portfolio of uniquely positioned hotels Brac Island hotels o 726 rooms in 3 hotels (3-star hotels: 2 & 4-star hotel: 1) o Located on the largest island off the Dalmatian coast (5 minutes walking distance from the famous Zlatni Rat beach) Brela hotels o 757 rooms in 4 hotels (3-star hotels: 3 & 4-star hotel: 1) o Located on the mainland with a superb view of the islands Brac, Hvar, benefiting from a nearby marina Tučepi hotels o 765 rooms in 4 hotels (3-star hotel: 1 & 4-star hotels: 3) o Very attractive holiday resort, 3km from the town of Makarska Organically grown portfolio of complementing assets: Airport Brac: the only available airport on the Croatian islands with annual capacity of 5,000 aircrafts (land area: c442k sqm) Non operating assets: 3 hotels and 1 residential building located in Brela and Bol with redevelopment potential 3 sports centres adjoining the operating hotels (including the largest tennis complex on the Croatian coast) Agricultural land: 317k sqm on Brac island and a 40-year concession for another 2.6m sqm Sunce Bluesun: Financial highlights 61
(in €m) 2010 2011 2012 2013 2014 2015 Δ y-o-y Sales 32.5 35.4 35.8 36.3 34.5 38.0 10% EBITDA 6.5 8.2 9.8 10.4 9.4 11.0 18% % margin 20.0% 23.2% 27.3% 28.6% 27.1% 29.0% Net profit / (loss) after minority (1.3) 1.3 3.1 2.5 1.8 3.3 85% RevPAR ( €) 41.6 44.5 46.4 44.1 47.7 52.8 11%
Net fixed assets 181.1 171.4 166.4 174.4 175.1 173.6 Net debt (1) 62.7 53.4 49.2 55.4 54.4 51.5 Leverage [Net debt / EBITDA] (x) 9.6 6.5 5.0 5.3 5.8 4.7 Shareholders equity 80.3 80.1 82.9 84.3 85.8 88.1 Minority interest 17.2 15.9 15.8 16.6 16.3 16.5
(1) from 2013 onwards includes €12m debt related to Hotel Jadran development project (non-operational)
Sunce Koncern
Zlatni Rat Hoteli Brela Hoteli Tucepi (74.9%) (89.6%) (91.4%)
4 hotels 4 hotels 3 hotels Berulia 4* (199 rooms) Alga 4* (332 rooms) Elaphusa 4* (306 rooms) Marina 3* (283rooms) Afrodita 4* (155 rooms) Bonaca 3* (236 rooms) Soline 3* (206 rooms) Kastelet 4* (26 rooms) Borak 3* (184 rooms) Maestral 3* (69 rooms) Neptun 3* (252 rooms) Tourism & Leisure – Hilton Cyprus at a snapshot 62
Date of Investment: August 2007 MIG Ownership: 75.1%
The most luxurious hotel property in Nicosia, Cyprus 2015 Sales: €10m (1% of total)
The only 5-star hotel in Nicosia, strategically located in the city center 294 rooms: 24 suites, 76 executive and 194 standard rooms Total land plot: 32,200 sqm Hotel building: 28,700 sqm Operates under the Hilton brand since 1967 with a management contract until end-2017 (option to extend further) The hotel experiences little significant direct competition All direct competitors offer lower luxury standards to clients (being only 4-star hotels) Competitors do not offer similar convenience to business clients in terms of proximity to Nicosia's business district (e.g. close to the Central Bank of Cyprus and the International Conference Center) Extensive business amenities (full-service business center and 11 meeting rooms) Highly valuable developable land of more than 6,000 sqm One of the few sizeable plots left in the city center, adjacent to the hotel Estimated to yield 20-25,000 sqm of usable floor-plate with potential commercial usage (mixed-use office and residential, shopping center, casino and concert venue) Hilton Cyprus: Financial highlights 63
(in €m) 2010 2011 2012 2013 2014 2015 Δ y-o-y Sales 13.8 13.9 13.7 10.2 9.7 10.3 6% EBITDA 3.8 3.2 2.9 1.7 2.0 2.3 13% %margin 27.7% 23.4% 21.3% 16.3% 21.0% 22.4% Net profit / (loss) after minority 2.7 2.0 1.4 0.0 0.8 1.0 26% RevPAR (€) 60.8 62.1 70.3 53.3 51.0 56.5 11%
Net fixed assets 90.7 92.5 93.1 92.4 92.6 92.8 Net debt 2.7 5.6 4.4 3.3 3.3 2.9 Leverage [Net debt / EBITDA] (x) 0.7 1.7 1.5 2.0 1.6 1.2 Shareholders equity 75.7 75.0 75.0 73.1 73.5 74.5
Highly valuable developable land Strategically located in the city center
Old Town
City center
Cyprus Central Bank International of Cyprus Conference Headquarters Center
0.5kmradius 1.5kmradius 3km radius Real Estate – RKB at a snapshot 64
Date of Investment: October 2007 MIG Ownership: 83.0%
The largest commercial real-estate portfolio in Serbia 2015 Sales: €5m (0.4% of total) Robne Kuce Beograd (RKB) specialises in real-estate management and retail space arrangement in Serbia Owns the largest commercial real-estate portfolio in Serbia Total net leasable area (NLA) of c200,000 sqm (total GLA of c276,000 sqm) 34 attractive, non-replicable, centrally located commercial real-estate portfolio in Serbia (24 cities) o 32 department stores of c150,000 sqm total NLA (of which 9 in Belgrade) o 1 unique in size and location logistics centre in Belgrade, at the intersection of the country’s two main motorways o One of the largest office buildings in the city centre of Belgrade (GLA of c16,600 sqm and NLA of c6,800 sqm) Key competitive advantages Serbia’s largest retail real estate portfolio: accounts for approximately 65% of the total shopping center market in Serbia (30% in Belgrade and over 50% in central Belgrade) Attractive assets in prime locations, of which more than 75% have been refurbished and modernized following MIG’s acquisition Strong brand recognition boosted through intensive rebranding and marketing campaign New high-quality, anchor tenants have been introduced Right of ownership has been established over most properties Rising spending power of a practically underlevered and underserviced consumer base to support substantial demand for commercial real estate in Serbia RKB: Financial highlights 65
1. Subotica
2. Sombor 5. Kikinda 3.Backa Topola Serbia
6. Zrenjanin 4. Kula 7. Vrsac
8.1-8.11 BELGRADE 9. Pozarevac 10. Smederevska Palanka 18. Bor 11. Valjevo 15. Kragujevac 19. Zajecar 12. Bajina Basta 13. Uzice 16. Jagodina 17. Paracin20. Knjazevac 14.Kraljevo 21. Nis 23. Pirot 22. Leskovac
24. Vranje
(in €m) 2010 2011 2012 2013 2014 2015 Δ y-o-y Sales 4.5 2.5 3.1 3.9 4.5 4.5 -1% EBITDA (recurring) (5.2) (4.0) (5.6) (3.5) 0.4 1.6 n/m (1) Net profit / (loss) after minority (14.3) (16.7) (21.2) (20.4) (18.8) (34.2) n/m
Net fixed assets (properties & land) 415.6 416.2 352.6 417.6 418.0 403.2 Net debt 301.1 301.9 302.9 301.3 301.2 301.3 Shareholders equity 107.6 105.4 84.2 68.5 52.2 18.9
(1) 2015 bottom-line results include €12m loss from the sale of investment property Section 3 Financial Statement Information Operating profitability and cash flow improvement 67
(in €m) EBITDA Business Operations 14% (in €m) Net Operating Cash Flow Margin 59 8% 163 -20 3% 89 -49 32 2013 2014 2015 2013 2014 2015
(in €m) EBITDA Consolidated 11% (in €m) Free Cash Flow Margin
6% 85 125 1% 66 7 8 11 2013 2014 2015 2013 2014 2015
(in €m) EBIT Consolidated (in €m) Net change in Cash 37 43 -18 -33 -66 -75
2013 2014 2015 2013 2014 2015
EBITDA Business Operations = Group reported EBITDA excluding holding companies & non-recurring items Net operating Cash Flow = Operating Cash Flow – Interest expenses paid – Taxes paid Free Cash Flow = EBITDA + Changes in Working Capital – Net CAPEX Improving profitability margin trends 68
Recurring Gross profit margin 54% 56% 55%
36% 34% 34% 34% 31% 33% 29% 31% 28% 26% 23% 24% 20% 17% 16% 12% 7% 2%
Total Subsidiaries Vivartia Attica Hygeia SiLo Hilton Sunce 2013 2014 2015
Recurring EBITDA margin 29% 29% 29% 27% 21% 22% 16% 16% 14% 12% 10% 10% 8% 8% 9% 5% 5% 5% 3% 2%
-3% Total Subsidiaries Vivartia Attica Hygeia SiLo Hilton Sunce 2013 2014 2015 Core subsidiaries deleveraging 69
Net debt / EBITDA (x)
9.8x 5.6x 2.6x 2013 2014 2015
33.1x 12.7x 6.8x 2013 2014 2015
13.3x 6.8x n/m
2013 2014 2015
19.6x 12.2x 8.9x
2013 2014 2015 Core subsidiaries cash flow performance 70
Net operating Cash Flow = Operating Cash Flow – Interest expenses paid – Taxes paid Free Cash Flow = EBITDA + Changes in Working Capital – Net CAPEX 2013 2014 2015 81 72 70 61 46 27 20 24 17 21 7 11
EBITDA Operating Cash Flow (after WC) Net Operating Cash Flow Free Cash Flow
50 51 35 28 31 21 14 15 15 10 2
-6 EBITDA Operating Cash Flow (after Net Operating Cash Flow Free Cash Flow WC) 22 24 27 16 17 17 15 12 10 5 4
-6 EBITDA Operating Cash Flow (after Net Operating Cash Flow Free Cash Flow WC) 6 6 4 5 4 3 3 2
-1 -1 -3 EBITDA Operating Cash Flow (after Net Operating Cash Flow-4 Free Cash Flow WC) Group consolidated income statement 71
(in €m) 2013 2014 2015
Sales 1,073 1,117 1,143
EBITDA Business operations * 32 89 163
Holdings operating expenses (15) (15) (13) Investment property revaluation (IAS 40) (11) (10) (24) Other EBITDA items -- 2 (1) EBITDA Consolidated) 7 66 125
EBIT Consolidated (75) (18) 43 Associates 3 3 (2) Net interest (95) (90) (102) Other financial results (5) 1 (8) Impairment charges (48) (69) (50) Tax (22) (1) 8 (6) (1) Net Income/(Loss) (242) (166) (126) Net result from discontinued operations 8 (17) 7 Minority interest** (31) (11) (6) Net Income/(Loss), Group share (203) (173) (113)
Note: 2013 figures shown above are like-for-like for the investment portfolio composition as of 31.12.2015 (i.e. adjusted for asset disposals) * EBITDA Business operations = Group reported EBITDA excluding holding companies & non-recurring items **Continued & Discontinued Operations (1) Extraordinary tax charge: 2013 c€35m (tax rate in Greece increased to 26% vs 20% before) | 2015 c€18m (tax rate in Greece increased to 29% vs 26% before) Impairments & non-recurring EBITDA 72
Impairments (Group) Non-recurring EBITDA / Asset revaluation (Group)
(in €m) 2013 2014 2015 (in €m) 2013 2014 2015
VivartiaGroup (42) (44) (43) Vivartia Group ------
Attica Group -- (1) -- Attica Group -- 4 --
SingularLogic (3) -- -- SingularLogic ------
Hygeia Group -- (24) (4) Hygeia Group ------
Other (4) -- (3) Other -- (2) (1)
Total (48) (69) (50) Total -- 2 1
Tax 5 4 10 RKB (2) (11) (10) (24)
Net Impairments (43) (65) (40) Total (11) (8) (25)
(2) investment property revaluation (IAS 40) Group consolidated balance sheet 73
(in €m) 2013 2014 2015
Tangible assets 1,339 1,265 1,181
Intangible assets 522 490 451
Property investments 327 317 280
Goodwill 318 271 243 Investments in associates 81 52 49
Cash, cash equivalents & restricted cash 207 141 178
Other assets 490 494 443
Assets held for sale ------
Total assets 3,284 3,028 2,824 Shareholder equity 596 501 394
Non-controlling interests 127 127 115
Debt 1,857 1,752 1,693
Holding Company (HoldCo) 497 663 691 Operating Companies (OpCos) 1,360 1,089 1,002
Other liabilities 704 648 623
Liabilities held for sale ------
Total liabilities 2,561 2,400 2,316 Group debt capital structure 74
(in €m) 2013 2014 2015
Long-term debt 482 826 795
HoldCo 232 379 495
OpCos 250 447 300
Short-term debt 1,375 926 898
HoldCo 265 285 196
OpCos 1,110 642 702
Group Gross debt (consolidated) 1,857 1,752 1,693
HoldCo 497 663 691
Convertible Bonds (CBL) 232 393 372
Bond & other loans 265 271 319
OpCos 1,360 1,089 1,002
Group Net debt/(cash) (consolidated) 1,650 1,611 1,515
HoldCo Net debt/(cash) 385 613 676
OpCos Net debt/(cash) 1,265 999 839 2015: Breakdown of cash & gross debt 75
Cash (incl. restricted) & cash equivalents: €178m Gross Debt: €1,693m
(in €m) (in €m) Excluding intragroup loans
Other Parent Other SiLo 17 15 SiLo 101 3 56 Hygeia Hygeia Parent 14 160 691
Attica 285
Vivartia 57 Attica 72
Vivartia 400 Parent refers to MIG HoldCo Parent refers to MIG HoldCo Other includes MIG Aviation Holdings Other refers to Real Estate and Leisure, excluding intragroup loans Group debt repayment schedule reported as of 31.12.2015 76
Accounting classification under IFRS
(in €m) of which €219m > 5y €52 matures in year 5
long term 3y-5y €695 €795m (47%)
< 2y €48
€113.8m S/T loans (e.g. S/T debt €114 working capital facilities) under refinancing negotiations (Vivartia €318m, HoldCo €165m, Hygeia €155m, RKB €75m) current short term portion of €71 €898m L/T debt (53%)
S/T due to covenants/ €713 refinancing
0 200 400 600 800 Group consolidated debt maturity profile 77
(in €m) Note: €113.8m short-term loans Total (e.g. working capital facilities) are debt not presented in this repayment schedule 597 550
162
210
excludes €3.3m 199 intragroup loans
209 44 151 340
101 48 236 26 165 103 75
2016 2017 2018 2019 2020 OpCos HoldCo Bond Loans HoldCo CBL
* CBL = Convertible Bond Loan | OpCos = Operating Companies | HoldCo = MIG Holding Note: the graph reflects the repayment profile of certain bond loans for which the term sheet has been agreed but not signed as of 31.12.2015 Holding Company debt maturity profile 78
(in €m) Total debt 361
199
210
includes €3.3m intragroup loans
210 162 48 44 30 48 30 44 2016 2017 2018 2019 2020 CBL Bond Loans
* CBL = Convertible Bond Loan Note: the graph reflects the repayment profile of certain bond loans for which the term sheet has been agreed but not signed as of 31.12.2015 Holding Company income statement 79
(in €m) 2013 2014 2015
Total operating expenses (15) (15) (13)
Income from cash and cash equivalents 5 9 2
Interest and similar expenses (25) (30) (38)
Impairment charges (198) (245) (88)
Recurring Profit/(loss) after tax (excluding impairment) (27) (35) (53) Holding Company balance sheet 80
(in €m) 2013 2014 2015
Tangible & Intangible assets 2 2 1
Investment in subsidiaries 1,474 1,318 1,242
Investments in associates 8 -- --
Investment portfolio ------
Trading & financial instruments through P&L 7 1 1
Cash, cash equivalents & restricted cash 112 51 15
Other current & non-current assets 65 287 239
Total assets 1,668 1,658 1,497
Shareholder equity (NAV) 1,113 923 783
Debt 497 663 691
Convertible bonds (CBL) (unsecured) 232 393 372 Bond (secured) & other loans 265 271 319
Other current & non-current liabilities 59 72 23
Total liabilities 556 735 714 Appendix Management Biographies Management biographies 82
Andreas Vgenopoulos | Chairman & Founder
Mr. Vgenopoulos studied Law at the Law School of the University of Athens. He is a lawyer and founder of the law firm Vgenopoulos & Partners. He previously held the position of Human Resources Director in Thenamaris Shipping. Mr. Vgenopoulos now serves as Chairman of the Board of Directors of Hygeia Group. Thimios Bouloutas | Group CEO
Mr. Bouloutas has more than 20 years of experience in senior management positions in the Asset Management and Banking Industry. Prior to joining MIG as CEO in January 2012, Mr. Bouloutas has served as CEO of Marfin Popular Bank and General Manager & Member of the ExCo of Eurobank EFG responsible for the Private Banking & Asset Management functions. Mr. Bouloutas holds a Ph.D. degree in Computational Fluid Mechanics from MIT, Masters Degree in Environmental Engineering from Stanford University and a Civil Engineering Degree from National Technical University of Athens. Panagiotis Throuvalas | Deputy Group CEO & CEO of Vivartia Group
Mr Throuvalas has been working since 1982 in the fields of Finance and Investments. He was appointed Deputy Group CEO in June 2014. Previously he has served as Chief Financial Officer of the Theoharakis Group and a board member in several companies, including among others, NIK. THEOHARAKIS S.A. (commercial company), TEODOMI AKTE (construction company; as Vice Chairman of the Board of Directors), MINETTA Insurance company, Metropolitan Hospital and Marfin Egnatia Bank. He has studied Economics (B.A) at the University of Athens and holds a Postgraduate degree in Economics (M.A. in Economics) from Manitoba University (Canada). Christophe Vivien | Group CFO
Mr. Vivien has more than 20 years of finance and management experience. He worked from 1983 to 1991 as Project Manager for the software systems production company CAP Gemini, as well as at the French Stock Exchange. In Greece, he worked from 1991 to 2000 as Chief Financial Officer of Credit Lyonnais Grece S.A. and as Chief Financial Officer of Euronextcap. Management biographies (continued) 83
Spyros Paschalis | Attica Group CEO Mr. Paschalis has 18 years of experience in passenger shipping, having joined Attica Group in 1996. He has served as Vice President of the Greek Passenger Shipping Association (S.E.E.N) and CEO of Superfast Ferries. Mr. Paschalis holds an MBA in Finance from Cass Business School, City University of London, and a B.Sc. in Business Administration from the American College of Greece (Deree College).
Andreas Kartapanis| Hygeia Group CEO Mr. Kartapanis has been employed at Hygeia Group since February 2008 and was appointed CEO on 04.09.2015. From 2005 to 2008 he served as General Manager of a clinic in Palaio Faliro owned by the Athens Medical Group. From 2003 to 2005 he served as the Director of Evangelismos Hospital, the largest public hospital in Greece, while from 2001 to 2003 he was the Director at Sismanogleio Hospital. From 1983 to 2001, he worked as a Sales Manager and a Financial Director in the private sector. He is a graduate of the Athens University of Economics Management and Business Administration Department.
Stavros Krassadakis| SingularLogic CEO Mr. Krassadakis was appointed CEO of SingularLogic on 27.10.2015. Previously, he served as CEO of Hygeia Hospital Tirana for 5 years, while prior to that he held senior management positions in Fujitsu Siemens Computers, Best-e of Germanos Group, Elliniki Epistimoniki, Dow Jones Telerate and Kalofolias Group of Companies. He holds a B.Sc. and MSc in Political Science and Communication from the University of Vienna as well as an MA in Business Administration from the Hellenic Management Association. 84
Disclaimer This presentation may contain forward-looking statements, which include comments, statements and opinions with respect to our objectives and strategies, and the results of our operations and our business, considering environment and risk conditions. However, by their nature, these forward-looking statements involve numerous assumptions, uncertainties and opportunities, both general and specific. We caution that that these statements represent the MIG’s judgments and future expectations and that we have based these forward-looking statements on our current expectations and projections about future events. The risk exists that these statements may differ materially from actual future results or events and may not be fulfilled. We caution readers of this presentation not to place undue reliance on these forward-looking statements as a number of factors could cause future MIG results to differ materially from these targets. Forward-looking statements may be influenced in particular by factors such as movements in local and international securities markets, fluctuations in interest rates and exchange rates, the effects of competition in the areas in which we operate, general market, macroeconomic, governmental and regulatory trends and changes in economic, regulatory and technological conditions. We caution that the foregoing list is not exhaustive. When relying on forward-looking statements to make decisions, investors should carefully consider the aforementioned factors as well as other uncertainties and events. Any statements regarding past trends or activities should not be taken as a representation that such trends or activities will continue in the future. All forward - looking statements are based on information available to MIG on the date of this presentation and MIG assumes no obligation to update such statements, unless otherwise required by applicable law. Nothing on this presentation should be construed as a solicitation or offer, or recommendation, to acquire or dispose of any investment or to engage in any other transaction.
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