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Investor Release 1 April 2014

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Investor Release 1 April 2014 Investor Relations +30 210 3504046 www.marfininvestmentgroup.com Investor Release 1 April 2014 MARFIN INVESTMENT GROUP FINANCIAL RESULTS: FULL YEAR 2013 Significant profitability improvement: EBITDA from business operations at €62.0m vs. €29.1m in FY2012 Consolidated FY2013 revenues of €1,189.0m vs €1,264.4m a year ago, due to the prolonged challenging economic and market conditions and the exceptional impact to Hygeia Group (€28m charge booked in Q4 2013) related to the legal obligation to implement the automatic claw back and rebate mechanisms in the healthcare sector. Excluding this exceptional impact, consolidated revenues declined 3.7% y-o-y, matching the annual real GDP contraction in Greece. EBITDA from business operations 1 at €62.0m, 113% improvement vs. €29.1m in FY2012, attributed to widening gross profit margins, cost containment effectiveness and improved efficiency. The profitability improvement is primarily associated to better results from ATTICA, VIVARTIA and FAI. Reported consolidated EBITDA turns profitable at €8.6m, vs. €50.9m loss a year ago, reflecting the substantial profitability improvement of business operations, despite the significant €28m impact to Hygeia Group EBITDA related to the aforesaid government policy decisions in the healthcare sector. Consolidated net loss, after tax and minorities, of €203.3m, adversely impacted by one-off deferred taxes (€35m), negative revaluation of investment property (€10.8m vs €43.2m a year ago) and impairment charges (€47.5m vs. €1,091m in FY2012). The relevant bottom-line loss in FY2012 stood at €1,298.0m. Net Asset Value (NAV) at €967m (vs. €1,297m on 31.12.2012), translating to a NAV per share of €1.26 (vs. €1.68 on 31.12.2012). Cash balances, including restricted cash, of €209m at consolidated and €112m at parent company level. Consolidated gross debt declined by €64m vs 31.12.2012. Group receivables from the Greek state at €65m on 31.12.2013 vs. €126m on 31.12.2012. The successful completion of the sale of Olympic Air to Aegean Airlines, in late October 2013, resulted to a €42m capital gain (booked in Q4 2013 1 EBITDA from business operations is defined as Group reported EBITDA excluding holding companies and non-recurring items 1 Investor Relations +30 210 3504046 www.marfininvestmentgroup.com Investor Release 1 April 2014 Consolidated Financial Statements). Management priority is to actively rebalance the group’s investment portfolio, aimed at deleveraging KEY EVENTS AND HIGHLIGHTS OF FY2013: VIVARTIA 2012 2013 Sales €610.5m €582.9m FMCG €417.4m €410.8m Food Services (FSE) €199.4m €177.1m EBITDA €5.9m €14.0m FMCG €4.9m €9.7m Food Services (FSE) €0.6m €4.2m Net Income after minorities €(101.1)m €(98.9)m Dairy: despite 10% y-o-y revenue decline in the total Dairy & Drinks market, Vivartia Dairy sales contracted 3% y-o-y, resulting in market share gains (23.9% in 2013 vs. 22.4% in FY2012 in the total Dairy & Drinks market). Important new product launches in value accretive segments (premium milk and yogurt) and improvements to the existing portfolio mix have been the most important winning factors. Frozen Vegetables & Dough: the division reported 5% annual sales growth vs. -1% y-o-y decline for the total Greek market. The division further strengthened its market leadership (market share in frozen vegetables at 64.1% in FY2013 vs. 61.0% in FY2012 and in frozen dough at 24.8% in FY2013 vs. 22.5% in FY2012). This validated the effectiveness of the strategy of increasing brand awareness and penetration as well as price competitiveness, attracting new users and gaining market share. Food Services (FSE - Goody’s Group and Everest Group): the combination of the protracted recession in Greece (resulting to lower consumption) and the high VAT rate of 23% up until the end of July 2013, has adversely impacted performance (revenues down 11% y-o-y). As of 1 August 2013, the VAT rate has been reduced back to 13%, which appears to have an initial positive effect on consumption. Importantly, FSE’s travel related business (airport, vessels and national road motorist service stations) has been positively affected by the improved summer tourism, posting sales growth of 4% y-o-y. The travel business is largely responsible for the substantial annual improvement to the Food Services EBITDA (at €4.2m vs €0.6m a year ago). Cost optimisation: Vivartia remains focused and committed on a major, company-wide, cost optimisation effort, which has already yielded cumulative savings of €73m since 2010. These include organizational (synergies and economies of scale through the operational merger of business units, e.g. merger of Goody’s and Everest administrative functions) as well as operational savings (production cost, pack materials, energy costs 2 Investor Relations +30 210 3504046 www.marfininvestmentgroup.com Investor Release 1 April 2014 etc.). The ongoing cost rationalisation is expected to generate more tangible benefits in the coming quarters (annualised effect of the above and new planned interventions). FY2013 bottom-line results were burdened by €11.6m one-off deferred taxes, due to the increase in the corporate tax rate in Greece (from 20% to 26% as of 1 January 2013). Internationalisation initiatives: to address the challenging market conditions in Greece, Vivartia has embarked on a plan to expand its geographical reach: FMCG: in September 2012, Vivartia signed a Joint Venture (JV) agreement with Exeed Industries, the industrial arm of National Holding, for an exclusive cooperation on the food and agriculture sector in the UAE, GCC and MENA region, with a geographical scope that encompasses in excess of 330m consumers. The JV has commenced construction of the dairy, juice and tea processing plant in the UAE, which will be operational in the beginning of 2015. Since August 2013, the JV has started the importation of current Vivartia products (frozen vegetables and dough) along with new products specifically designed and formulated to the Middle East regional market’s needs. Food Services (FSE): establish international presence through the signing of master franchise agreements in order to set up POS in the Ukraine, Belarus, Kazakhstan, Albania and other Balkan countries (Montenegro, FYROM). The expansion plan targets the roll-out of 14 POS in 6 countries within 2014. Exports: Vivartia signed in January 2014 a strategic partnership agreement with Granarolo, Italy’s largest dairy producer, for the exclusive distribution of authentic Greek yoghurt and cheese products in Italy and France. The products will be produced in Greece and distributed by Granarolo’s network. ATTICA GROUP 2012 2013 Sales €256.0m €260.2m EBITDA €9.4m €27.1m Net Income after minorities €(54.0)m €(10.1)m In FY2013, group revenues increased c2% y-o-y, thanks to higher traffic volumes: Domestic market routes: +5% y-o-y in passengers, +2% in private vehicles and +4% in freight units, following the deployment of one additional vessel in the domestic market (in July 2012 Blue Star Patmos sailed on her first maiden voyage in the North Aegean). Adriatic Sea routes: +11% y-o-y in passengers, +9% in private vehicles, yet freight units dropped -1%. Attica’s traffic volume growth outpaced that of the total Adriatic Sea market: +5% in passengers, +5% in private vehicles and flat y-o-y in freight units (data derived from Greek Port Authorities). 3 Investor Relations +30 210 3504046 www.marfininvestmentgroup.com Investor Release 1 April 2014 Attica managed once again to maintain, and even strengthen in certain routes, its leading market position in both the domestic market and the Adriatic Sea. Significant EBITDA improvement (€27.1m vs. €9.4m in FY2012), driven by operating leverage and improved efficiency: lower fuel costs (fuel cost per metric tonne, expressed in € terms, declined c10% y- o-y) as well as ongoing cost rationalisation (SG&A declined 4% y-o-y) efficient fleet management (journey time and frequency of service on certain routes adjusted for the level of demand) Attica reported positive EBIT (€2m profit vs. €17.7m loss in FY2012) for the first time since 2009. In April 2013, Attica concluded the sale of the Ro-Pax vessel Superfast VI to Genting Group for €54m in cash. Following the vessel disposal, Attica reduced its debt obligations by repaying c€50m to its lenders, including the full repayment of the loan related to the disposed vessel as well as partial repayment of other loans. In April 2013, Blue Star Patmos (the youngest passenger ferry in operation in the Mediterranean Sea) received the best ferry award in the International Shipping Awards event organized in Rotterdam by ShipPax magazine. In May 2013, Attica renewed its joint service agreement with ANEK Lines (originally signed in May 2011) until May 2017, related to the employment of vessels of the two companies in the international route Patras-Igoumenitsa-Ancona and the domestic route Piraeus-Heraklion, Crete. Attica continuously assesses a series of actions for further cost containment and working capital management, aimed at strengthening its liquidity. Additionally, Attica examines plans for deployment in new routes and evaluates alternative fleet deployment combinations. HYGEIA GROUP 2012 2013 Sales €237.9m €203.7m EBITDA €13.6m €(6.2)m EBITDA (recurring) €15.4m €21.8m Impairments €(114.0)m €0.0m Net Income after minorities €(110.5)m €(38.1)m FY2013 operating performance has been adversely impacted by: €28m impact to sales and EBITDA related to the legal obligation to implement the automatic claw back and rebate mechanisms in the healthcare sector (Ministry of 4 Investor Relations +30 210 3504046 www.marfininvestmentgroup.com Investor Release 1 April 2014 Health decisions as stipulated in Article 100 of Greek Law 4172/2013). Excluding this charge, group EBITDA registered 42% y-o-y increase (€21.8m vs €15.4m in FY2012).
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