Investor Presentation June 2017 Table of Contents 2
Page Section 1: Group overview 3
Section 2: Portfolio companies 18 Attica Group 26 Vivartia 36 Hygeia Group 48 SingularLogic 59 Hilton Cyprus 66 RKB 68
Section 3: Financial Statement information 71
Appendix: Management biographies 84 Section 1 Group Overview MIG at a snapshot 4
High-quality portfolio of leading companies across key defensive sectors Net Asset Value (NAV) (2016) €666m Group Assets (2016) €2,715m NAV per share (2016) €0.71
Group Net Fixed Assets (2016) €1,134m Group Revenues (2016) €1,104
EBITDA Business Operations (1) (2016) €172m Group Gross Debt (€m) (2016) €1,674m EBITDA Consolidated (2016) €134m
Tourism & Transportation Food & Dairy Healthcare Real Estate IT (32% of GAV) (32% of GAV) (15% of GAV) (15% of GAV) Leisure (2% of GAV) (4% of GAV)
March 2017: MIG announced the sale of its entire stake in Sunce Koncern d.d.
(1) EBITDA Business Operations = Group EBITDA excl. holding companies, provisions beyond normal course of business (€15m impairment of trade receivables from Marinopoulos group), gains/losses from the sale of investment property, fixed & intangible assets & revaluation of investment property Highly diversified operations across attractive sectors 5
Revenue breakdown (2016 data) EBITDA breakdown (2016 data) Gross Asset Value breakdown (2016 data)
4% 11% 19% 3% 27% 21% 32% 2% 18% 51% 15%
24% 41% 32%
Food & Dairy Transportation Healthcare IT Other (Real Estate, Leisure)
2014 2015 2016 (in €m) 2014 2015 2016 2014 2015 2016
Group Sales (€m) 1,117 1,143 1,104 EBITDA Business Ops 1 89 163 172 Gross Asset Value (€m) 1,534 1,480 1,381 % margin 8.0% 14.2% 15.6% y-o-y chg (%) +4% +2% -3% GroupGross Debt (€m) 1,752 1,693 1,674 EBITDA Consolidated 66 125 134 3 NAV (€m) 923 783 666 Greek GDP 2 0.4% -0.3% -0.1% y-o-y chg (%) % margin 5.9% 10.9% 12.1% NAV pershare (€) 0.98 0.83 0.71
(1) EBITDA Business Operations = Group EBITDA excl. holding companies, provisions beyond normal course of business (e.g. impairment of trade receivables from Marinopoulos group), gains/losses from the sale of investment property, fixed & intangible assets & revaluation of investment property (2) Seasonally-adjusted GDP (ELSTAT) (3) Includes €15m impairment of receivables from Marinopoulos group (provisions beyond normal course of business) An important pillar of the Greek economy 6
Note: 2016 data Top-10 Greek listed companies by Sales (€bn) (2016) #1 producer of Leading dairy, frozen #1 hospital passenger 6.7 vegetables and group with ferry operator 6.4 dough 1,219 beds in East products Mediterranean 5.0 485,000 15 ferries 3.9 Key Highlights #1 dairy outpatients covering the distributor per annum busiest routes 1.9 1.5 #1 branded 1.4 1.3 1.2 Vessels net 1.1 QSR & coffee 4 state-of-the- book value chain (518 POS art hospitals €546m in Greece) Top-10 Greek listed companies by Employees (‘000) (2016)
Employees 5,133 3,213 1,058
21.1 18.9 Revenue €572m €228m €269m
10.3
Assets €813m €429m €694m 5.9 5.5 5.1 5.0 2.7 2.3 2.0 A proxy for the Greek macro recovery 7
Group Sales vs Greek GDP evolution
MIG €1.19bn €1.14bn €1.07bn €1.12bn €1.14bn €1.10bn Sales 102 100 1.8% 98 GDP (Δ y-o-y) 2.0%
95 2.2% 92 100 91 2.7% 96 96 94 88 87 93 2.2% 90 86 85 85
2011 2012 2013 2014 2015 2016 2017e 2018e 2019e 2020e 2021e MIG Sales GDP
Base year 2011 (=100) | MIG Sales: like-for-like for the investment portfolio composition as of 31.12.2016 (i.e. excluding sold companies) Greek GDP forecasts based on IMF World Economic Outlook April 2017 Significant EBITDA turnaround, despite adverse trading conditions 8
Rolling 12M Sales (€m) 1,189
1,143 1,141 1,139 1,136 1,130 1,117 1,100 1,104 1,082 1,072
Dec-11 Jun-12 Dec-12 Jun-13 Dec-13 Jun-14 Dec-14 Jun-15 Dec-15 Jun-16 Dec-16 176 172 (€m) Rolling 12M EBITDA* 162
131
89
51 32 28 24 13 12
Dec-11 Jun-12 Dec-12 Jun-13 Dec-13 Jun-14 Dec-14 Jun-15 Dec-15 Jun-16 Dec-16 Figures presented above are like-for-like for the investment portfolio composition as of 31.12.2016 * EBITDA Business Operations = Group EBITDA excl. holding companies, provisions beyond normal course of business (e.g. impairment of trade receivables from Marinopoulos group), gains/losses from the sale of investment property, fixed & intangible assets & revaluation of investment property Ongoing cost rationalisation supports EBITDA turnaround 9
Rolling 12M Sales Rolling 12M COGS & OPEX (€m) 1,189
1,176 1,143 1,141 1,139 1,136 1,130 1,117 1,129 1,100 1,104 1,112 1,082 1,072
1,077
1,040 Widening operating “jaws” 1,031 1,028 (operating leverage) 1,006
980
954
931 Jun-16 Jun-15 Jun-14 Jun-13 Jun-12 Sep-16 Sep-15 Sep-14 Sep-13 Sep-12 Dec-15 Dec-14 Dec-13 Dec-12 Dec-11 Dec-16 Mar-16 Mar-15 Mar-14 Mar-13 Mar-12
COGS & OPEX figures: (i) excluding depreciation charges (non-cash item) and (ii) like-for-like for the investment portfolio composition as of 31.12.2016 Cost rationalisation has generated €246m savings since 2011 10
Group Consolidated COGS & OPEX* Attica Group COGS & OPEX* €246m savings (-5% CAGR) €57m savings (-5% CAGR) (€m) (€m) 1,177 256 247 1,112 233 1,040 1,028 223 981 314 931 68 55 197 199 290 59 285 281 54 123 284 130 266 64 73 117 115 75 66 122 129 364 347 116 114 328 331 319 306 74 65
376 344 310 301 303 293 65 63 58 55 59 61
2011 2012 2013 2014 2015 2016 2011 2012 2013 2014 2015 2016 Personnel Inventory Fuel Other Personnel Fuel Other Vivartia COGS & OPEX* Hygeia Group COGS & OPEX* €124m savings (-4% CAGR) €32m savings (-3% CAGR) 636 (€m) (€m) 593 552 561 551 228 223 210 151 512 206 198 144 196 143 151 151 77 75 130 74 73 68 69 312 53 53 300 48 276 281 268 254 46 48 50
98 95 88 86 82 77 173 148 133 130 132 128
2011 2012 2013 2014 2015 2016 2011 2012 2013 2014 2015 2016 Personnel Inventory Other Personnel Inventory Other * COGS & OPEX: (i) excluding depreciation charges (non-cash item) and (ii) like-for-like for the investment portfolio composition as of 31.12.2016 Significant EBITDA (1) turnaround, despite macro headwinds 11
EBITDA Business Operations (€m) (1) & EBITDA margin EBITDA Consolidated (€m) & EBITDA margin
1% 2% 3% 8% 14% 16% neg neg 1% 6% 11% 12% €159m improvement 15 €181m improvement
134 125 172 162 66
89 7
€15m impairment of Marinopoulos group -47 -51 trade receivables 28 32 13
2011 2012 2013 2014 2015 2016 2011 2012 2013 2014 2015 2016
(1) EBITDA from Business Operations=Consolidated EBITDA excl. holding companies & provisions beyond normal course of business (impairment of Marinopoulos group receivables) | Pre-2014 figures are like-for-like for the current investment portfolio composition (i.e. excluding disposed companies) NAV breakdown 12
Current Sector 2014 2015 2016 stake (€m) (€/MIG share) (€m) (€/MIG share) (€m) (€/MIG share)
Vivartia Food & Dairy 92.1% 477 0.51 444 0.47 442 0.47
Attica Transportation 89.4% 493 0.53 472 0.50 438 0.47
Hygeia Healthcare 70.4% 212 0.23 212 0.23 212 0.26
SingularLogic IT 85.7% 37 0.04 29 0.03 29 0.03
SUB-TOTAL CORE ASSETS 1,219 1.30 1,156 1.23 1,122 1.19
Associates & other subsidiaries (1) 93 0.10 68 0.07 50 0.05
Other financial assets (2) 248 0.26 256 0.27 209 0.22
Net cash/(debt) & Working Capital (637) (0.68) (697) (0.74) (715) (0.76)
NAV (€m) 923 783 666
NAV per share (€) 0.98 0.83 0.71
Based on internal valuations as per IFRS (1) Associates & other subsidiaries include: Hilton Cyprus, RKB and Sunce Bluesun (2) Other financial assets include, among others: receivable from asset sales (Olympic Air, FAI Aviation Group, Skyserv Handling) and HoldCo loans to OpCos Debt capital structure overview 13
HoldCo Debt Overview OpCo Debt Overview Bond Loans (secured): €265m Vivartia Attica Group • Maturity: October 2019 • Gross debt: €400m • Gross debt: €255m • Coupon: 4.40% – 5.25% (step-up) • % of OpCo total: 41% • % of OpCo total: 26% • Amortising Term Loans & Interest Facilities (secured): €35m & €29m Hygeia Group Real Estate • Maturity: March 2018 & September 2017 • Gross debt: €158m • Gross debt: €75m • Coupon: 3M Euribor + 5% spread • % of OpCo total: 16% • % of OpCo total: 8% • Amortising Convertible Bond Loan (CBL) Convertible Bond Loan (CBL) Tranche A (unsecured): €162m Tranche B (unsecured): €210m SingularLogic Other (excl. intragroup) • Maturity: July 2019 • Maturity: July 2020 • Gross debt: €56m • Gross debt: €28m • Coupon: 7% (paid quarterly) • Coupon: 6.3% (paid quarterly) • % of OpCo total: 6% • % of OpCo total: 3% • Strike price: €0.54 • Strike price: €0.99 HoldCo average cost of debt (blended) Group average cost of debt (blended)
6.5% 5.6% 5.7% 6.2%
5.2% 5.7% 5.1% 5.6%
2013 2014 2015 2016 2013 2014 2015 2016 Experienced management team across all levels 14
Stavros Lekkakos, Non-Executive Chairman of the BoD Panagiotis Throuvalas, Executive Vice-Chairman of the BoD, Chairman of the Executive Committee Thanasis Papanikolaou, CEO, Member of the Executive Committee Kyriakos Magiras, Member of the Executive Committee Christophe Vivien, CFO, Member of the Executive Committee
P. Throuvalas S. Paschalis A. Kartapanis S. Krassadakis (CEO) (CEO) (CEO) (CEO)
K. Sandic P. Karadontis March 2017: MIG announced (CEO) (CEO) the sale of its entire stake in Sunce Koncern d.d. Shareholder structure (May 2017) 15
BoD & Management Dubai Group 0.2% 14.2%
IRF European Finance 1.2% Retail investors 40.2%
Piraeus Bank 31.2%
Institutional investors 13.0% Medium-term strategy 16
Goals Achievements
Completed over €330m worth of non-core business Divest non-core businesses to support deleveraging divestitures in the last 6 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, entered the Morocco-Spain ferry market 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 near completion of Vivartia and Hygeia debt balance sheet Provide MIG and its subsidiaries with a robust and restructuring/refinancing 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 Group capital structure
Revenue stabilization and market share improvements Continue pursuing revenue growth initiatives, despite adverse macro & trading conditions Operating capitalizing on MIG’s core companies’ leadership and Approx. €210m COGS & OPEX reduction across 4 core expertise profitability businesses since 2011 Ongoing focus on cost rationalization and improved enhancement Expanding margins through product offering operating efficiency optimization and efficiency improvements Solid track record in divestments 17
Asset disposals in the past 6 years: €336m cash proceeds and €269m gross 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 reduction) Oct-2012 Sale of 31.5% stake in Stavros Nendos S.A. €4m
No cash proceeds Mar/Apr-2013 Sale of Hygeia Group hospitals in Cyprus (Evangelismos & Achillion) (€15m debt reduction)
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 & €85.2m Sale of Attica Group vessels (Superfast VI and Blue Star Ithaki) Oct-2014 (€77m debt reduction) 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 reduction)
Dec-2015 Sale of 100% stake in Skyserv Handling Services €18m
Mar-2017 Sale of 49.99% stake in Sunce Koncern €43m Section 2 Portfolio Companies Snapshot of portfolio companies 19
Main controlling interests in subsidiaries & associates Consolidation Fixed (in €m) Sector MIG stake Equity Net Debt Sales EBITDA EBT method Assets
Attica Transportation Total 89.4% 548 402 204 269 70 21
Vivartia Food & Dairy Total 92.1% 327 116 340 572 46 (4) (14) (4)
Hygeia Healthcare Total 70.4% 174 119 143 228 32 (1)
Singular Logic IT Total 85.7% 2 24 53 39 5 (3)
Hilton Cyprus Tourism & Leisure Total 75.1% 93 76 2 11 3 2
Sunce Bluesun * Tourism & Leisure Equity 50.0% 178 95 53 42 13 6
RKB Real Estate Total 83.1% 275 (131) 75 (3) 5 2(6) (21) (6)
Group consolidated 1,134 429 1,532 (1) 1,104 134 (5) (42) (2)(5)
P&L data based on FY2016 results. Balance sheet audited data as of 31.12.2016 * March 2017: MIG announced the sale of its entire stake in Sunce Koncern d.d. (1) Consolidated Group Net Debt includes €694m net debt at MIG Holding (HoldCo) (2) Excluding €44m impairment of assets (non-cash) booked in FY2016 accounts (3) Excluding €225m intragroup loan (4) Including €14m impairment of Vivartia trade receivables from Marinopoulos group (provisions beyond normal course of business) (5) Including €15m impairment of Group trade receivables from Marinopoulos group (provisions beyond normal course of business) (6) Excluding €7m impairment losses of investment property Portfolio companies overview 20
Transportation 2016 Sales: €269m (24% of total) 2016 GAV: €440m (32% of total) Leading passenger ferry operator in the Eastern Mediterranean Superfast Ferries: leading operator in the Adriatic Sea Blue Star Ferries: market leader in the Aegean Sea Modern fleet of 15 top-class (13 owned), conventional Ro-Pax ferries (in €m) 2014 2015 2016 One of the youngest owned fleets in the Eastern Mediterranean Sales 267 278 269 o Owned fleet average age: 14 years o Owned fleet net book value: €546m (as of 31.12.2016) 2 ferries on long-term bareboat charter agreement Greece Adriatic Sea Expansion of international footprint: Morocco – Spain o Morocco June 2016: JV with Moroccan bank, BMCE Bank of Africa Group to establish new Moroccan company (AFRICA MOROCCO LINK, 49%-owned by Attica) to operate scheduled ferry services from Morocco to Europe o Mid-June 2016: inauguration of Tanger Med (Morocco) – Algeciras (Spain) route with two (2) Ro-Pax ferries Miami (US) – Havana (Cuba) o July 2015: US Department of the Treasury’s Office of Foreign Assets (OFAC) granted Attica the license to provide carrier services to Cuba (awaiting relevant approvals by Cuban authorities) Strategically positioned in highly attractive markets Robust demand trajectory from Greek tourism growth dynamics Strong incumbent position in the attractive Aegean Sea market Market dynamics support sector consolidation Portfolio companies overview (continued) 21
Food & Dairy 2016 Sales: €572m (52% of total) 2016 GAV: €442m (32% 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: 470 trucks visit c30,000 retail (in €m) 2014 2015 2016 outlets per day Sales 590 601 572 Penetration in 9 out of 10 Greek households FMCG 432 443 418 #1 milk producer in Greece (DELTA) and Bulgaria (UMC) FSE 163 165 161 Over 60 years of milk processing experience in Greece FMCG FSE Leading dairy & fresh juices producer & distributor in Greece 73% of Sales 27% of Sales 8 state-of-the art production facilities (7 in Greece & 1 in Bulgaria) 2 milk collection stations sourcing 25% of Greece’s annual milk production 42% 10% Leader in the Greek white milk market (28% market share) Greek yogurt exports in Italy (Granarolo partnership): 17% of DELTA yogurt volume (2016) 13% 8% #1 frozen vegetable and frozen dough producer in Greece Oldest producer in Greece (founded: 1969), operating 4 production facilities 11% 4% Undisputed market leader in frozen vegetables (>60% market share)
7% 3% Market leader among branded products in frozen dough & pastry market #1 Quick Service Restaurants (QSR), branded coffee shops & catering in Greece 2% Among Europe’s top-50 food service groups Everest and Flocafe (339 POS) among Europe’s top-10 coffee chains Note: % of group FY2016 turnover 530 POS (518 in Greece and 12 abroad in 9 countries) 21% value market share in the total food service market in Greece 12% value market share in the total coffee service market in Greece Portfolio companies overview (continued) 22
Healthcare 2016 Sales: €228m (21% of total) 2016 GAV: €212m (15% of total) The largest hospital group in Greece with the leading general hospital facilities and maternity clinics 4 hospitals in full operation (in €m) 2014 2015 2016 3 in Greece Sales 218 220 228 1 in Albania (largest greenfield healthcare investment worth €65m) Total licensed capacity of 1,261 beds (999 in Greece) State-of-the art facilities & cutting-edge technology 52 operating rooms, 19 delivery rooms and 10 Intensive Care Units (83 beds) Approx. 3,100 employees & more than 3,100 co-operating physicians c485,000 outpatients, c53,000 inpatients, c48,000 operations & c9,500 baby deliveries per annum (2016 data) The only JCI (Joint Commission International) accredited hospital in Greece (among 125 JCI accredited hospitals in Europe)
IT 2016 Sales: €39m (4% of total) 2016 GAV: €29m (2% of total) The largest Greek business software applications vendor , with the largest installed base : >100 multinational, 700 large enterprise, 40,000 small & medium enterprise clients (in €m) 2014 2015 2016 Full spectrum of IT services (dominant position in large-scale integration Sales 50 49 39 projects in the public and private sector) Greece’s incumbent elections manager since 1981 Elections-related projects in 2015: (a) Parliamentary Elections in January 2015, (b) Referendum in July 2015 and (c) Parliamentary Elections in September 2015 Portfolio companies overview (continued) 23
Tourism & Leisure 2016 Sales: €11m (1% of total) 2016 GAV: €50m (4% 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 2016 11 hotels with 2,248 rooms and 4,510 beds Sales 35 38 42 6% market share in Split and Dalmatia c132,000 guests in 2016 (+1% vs 2015) March 2017: MIG announced the sale of its March 2017: MIG announced the sale of its entire stake in Sunce Koncern d.d. to entire stake in Sunce Koncern d.d. the Andabak family (founder and majority shareholder) for a cash consideration of €43m (to be fully paid until 15.06.2017) 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 2016 Total land: 32,200 sqm (hotel building: 28,700 sqm) Sales 10 10 11 Development potential: 6,000 sqm un-developed land, estimated to yield up to 25,000 sqm of usable floorplate (mixed use)
Real Estate 2016 Sales: €5m (<1% of total) 2016 GAV: €207m (15% of total) RKB (Robne Kuce Beograd) Largest commercial real-estate portfolio in Serbia (34 properties) Total net leasable area (NLA) of c200,000 sqm (GLA: c276,000 sqm) (in €m) 2014 2015 2016 32 department stores (9 in Belgrade) of total c150,000 sqm NLA Sales 5 4 5 One unique in size and location logistics centre in Belgrade One of the largest office buildings in Belgrade (NLA of c6,800 sqm) Significant profitability improvement across subsidiaries 24
Revenue (€m) EBITDA (€m) & EBITDA margin (%) 2% 5% 8% 8% 8% impairment of trade receivables from Marinopoulos group 14
601 590 50 46 44 572 563 568 28 11 2013 2014 2015 2016 LTM 2013 2014 2015 2016 LTM
10% 17% 29% 26% 22%
278 81 269 270 70 60 267 46 260 27
2013 2014 2015 2016 LTM 2013 2014 2015 2016 LTM
nm 5% 10% 14% 14%
32 33 228 230 22 218 220 12 204 -6
2013 2014 2015 2016 LTM 2013 2014 2015 2016 LTM * LTM based on Q1 2017 results (note: 1 st quarter of the year is seasonally weak, thus it is not representative of full-year trends) Significant profitability improvement across subsidiaries 25
Revenue (€m) EBITDA (€m) & EBITDA margin (%) 5% 9% 12% 12% 2%
51 50 49 6 39 38 4 5 3 1 2013 2014 2015 2016 LTM 2013 2014 2015 2016 LTM
16% 21% 22% 25% 26%
11 11 3 3 10 2 10 2 2 10
2013 2014 2015 2016 LTM 2013 2014 2015 2016 LTM
3 2 2 0 5 5 4 5 4 -3
2013 2014 2015 2016 LTM 2013 2014 2015 2016 LTM * LTM based on Q1 2017 results (note: 1 st quarter of the year is seasonally weak, thus it is not representative of full-year trends) Transportation – Attica Group
A leading ferry operator in the Eastern Mediterranean Attica Group at a snapshot 27
Date of Investment: October 2007 MIG Ownership: 89.4%
A leading ferry operator in the Eastern Mediterranean
Diversified geographical presence One of the youngest owned fleets in the Eastern Mediterranean
BLUE STAR FERRIES Ranks in the top-10 list of Passenger RoRos World Gross Tonnage list of • long-standing leader in the Greek domestic waters 1,624 vessels (Lloyd’s List Intelligence) • routes: Cyclades, Dodecanese, North Aegean and Crete Modern fleet of 15 top-class conventional Ro-Pax ferries SUPERFAST FERRIES • 13 owned ferries (€546m net book value as of 31.12.2016) • 20-year presence, with leading market shares, in the Adriatic Sea • 2 ferries under a long-term bareboat charter agreement • routes: Greece to Bari (Italy), Ancona (Italy) and Venice (Italy) World leader in newbuild construction of conventional Ro-Pax ferries in short international and domestic routes AFRICA MOROCCO LINKS • 21 delivered newbuild vessels • JV with BMCE Bank of Africa Group (leading Moroccan bank) • €1.6bn (US$2.1bn) total invested capital since 1992 • routes: Tangier Med (Morocco)-Algeciras (Spain) (launched in June 2016)
Strategically positioned in highly attractive markets Seasoned management team exploring opportunities for new routes
Connects more than 40 destinations in the Aegean and Adriatic Sea, Seasoned management team through year-round operations • approx. 30 years average experience in the ferry industry • Approx. 5,000 sailings or 1.2m Nautical Miles per annum • approx. 15 years average employment tenor First Greek company to ever sail on ferry routes beyond Greek waters: • Traffic volumes (2016): 3.9m Passengers / 600k Vehicles / 290k Trucks • opened new routes (established new port connections) in the Baltic Sea Robust demand trajectory from Greek tourism & trade growth dynamics (Germany-Finland) and in the North Sea (Belgium-Scotland) Strong incumbent position in the attractive Aegean Sea market • entered the Ro-Ro market (2005) in the Germany-Finland route (2 ships) Market dynamics support sector consolidation in Greece Further expansion of international footprint: Miami – Havana (Cuba) • • relatively more solid financial strength vs. competition July 2015: the US Department of the Treasury’s Office of Foreign Assets (OFAC) granted Attica the license to provide carrier services to Cuba Attica Group: Business overview 28
100% 100% 49%
MEDITERRANEAN
4 9 2 Vessels (owned) (2 chartered) (owned) Tonnage (GRT) 113,079 121,570 25,905
VENICE Passengers 5,518 15,172 2,425 SPAIN
ALGECIRAS
Beds 2,162 3,298 629 ANCONA GREECE ` Garage ITALY NORTH AEGEAN 8,840 11,243 1,334 (lane meters) BARI PIRAEUS CYCLADES IGOUMENITSA GREECE 15 Vessels (13 owned -> €546m net book value) TANGIER MED DODECANESE Tonnage (GRT): 260,554 MOROCCO PATRA CRETE Passengers: 23,115 Fleet Berths: 6,089
Combined Combined JV with ANEK Lines: Ancona, Bari, Venice, Heraklion (Crete; since June 2011), Chania (Crete Garage (lane meters): 21.4 km since April 2015) Passenger shipping: A key industry for Greece 29
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 almost 12% 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 tourist destinations for both Greek and foreign visitors
60-65% of the country’s hotel beds are located on the islands
Adriatic Sea: a substantial trading route for Greece
Connects Europe, though Italy, with Greece
Connects the international waterways, through Europe's southeast mainland ports (the most efficient trading route to bypass transit across the Balkan peninsula)
Strait of Gibraltar: the main corridor connecting Europe’s mainland with Africa, through Morocco and Spain One of the youngest fleets in the Eastern Mediterranean Sea 30
SUPERFAST FERRIES Age Length Width Tonnage Speed Garage Vessel Built Year Class Pax Berths (years) (m) (m) (GRT) (Knots) Lane meters SUPERFAST II 2009 8 RINA 199 27 25,757 24.2 938 371 2,505 SUPERFAST I 2008 9 RINA 199 27 25,518 24.2 938 371 2,505 SUPERFAST XI 2002 15 ABS 200 25 30,902 29.1 1,821 710 1,915 SUPERFAST XII 2002 15 ABS 200 25 30,902 29.1 1,821 710 1,915 11.8 113,079 5,518 2,162 8,840 BLUE STAR FERRIES Age Length Width Tonnage Speed Garage Vessel Built Year Class Pax Berths (years) (m) (m) (GRT) (Knots) Lane meters Blue Star Patmos 2012 5 BV 146 23 10,756 25.5 2,000 326 600 Blue Star Delos 2011 6 BV 146 23 10,756 25.5 2,400 118 600 Blue Star Paros 2002 15 LR 124 19 5,664 24.4 1,474 102 360 Blue Star Naxos 2002 15 LR 124 19 5,651 24.4 1,474 102 360 Blue Star 1 2000 17 LR 176 26 16,391 28.0 1,890 495 1,718 Blue Star 2 2000 17 LR 176 26 16,172 28.0 1,854 459 1,718 Blue Horizon 1987 30 LR 187 27 13,615 23.0 1,488 580 1,850 Asterion (charter) 2007 10 RINA 187 26 27,414 23.0 852 482 2,244 Blue Galaxy (charter) 1992 25 RINA 192 27 15,151 24.0 1,740 634 1,793 15.6 121,570 15,172 3,298 11,243 AFRICA MOROCCO LINKS Diagoras (charter) 1989 28 BV 142 23 9,834 21.1 1,465 448 634 Morocco Star 1980 37 LR 152 24 16,071 19.0 960 181 700 32.5 25,905 2,425 629 1,334 Attica Group: A leader in newbuild construction 31
21 delivered newbuild vessels €1.6bn (US$2.1bn) total invested capital Built Length Speed Lane Vessel Class DWT Pax Cabins 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 6 6 Blue Star 1 2000 LR 176.1 5,075 27.0 1,718 1,600 161 7 Blue Star 2 2000 LR 176.1 5,075 27.0 1,718 1,890 161 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 1,252 26 15 Blue Star Naxos 2002 BV 124.2 1,663 24.5 360 1,252 26 16 SUPERFAST XI 2002 ABS 199.9 6,569 29.2 1,915 1,429 198 17 SUPERFAST XII 2002 ABS 199.9 6,569 29.2 1,915 1,429 198 18 SUPERFAST I 2008 RINA 199.1 8,500 24.5 2,505 928 102 19 SUPERFAST II 2009 RINA 199.1 8,500 24.5 2,505 928 102 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 90 Attica Group: Traffic volumes (Adriatic Sea & Greek routes) 32
Passengers (million) Private Vehicles (‘000s)
CAGR: 3% CAGR: 4% 4.4 602 4.0 577 3.9 538 3.6 503 3.4 3.4 498 485
2011 2012 2013 2014 2015 2016 2011 2012 2013 2014 2015 2016 Freight units (trucks) (‘000s) Sailings (‘000s)
CAGR: 4% CAGR: 1% 5.1 290 5.0 5.0
270 264 259 254 4.8 4.8 243 4.8
2011 2012 2013 2014 2015 2016 2011 2012 2013 2014 2015 2016 Attica Group: Leading market position 33
Adriatic Sea routes
41% 41% 40% 38% 38% Passengers39% 39% Private Vehicles39% Freight units (trucks) 34% 35% 33% 29% 30% 26% 27% 26% 21% 21%
1% 2% 0% 0% 0% 0% ATTICA MINOAN ANEK OTHER ATTICA MINOAN ANEK OTHER ATTICA MINOAN ANEK OTHER 2015 2016 2015 2016 2015 2016
Domestic (Greek) routes
45% Passengers43% Private Vehicles50% Freight units (trucks) 48% 47% 45%
24% 24% 23% 21% 19% 19% 15% 13% 11% 11% 12% 11% 12% 15% 13% 11% 11% 11% 9% 9% 10% 8% 6% 6%
ATTICA ANEK MINOAN HSW OTHER ATTICA ANEK MINOAN HSW OTHER ATTICA ANEK MINOAN HSW OTHER 2015 2016 2015 2016 2015 2016
* market shares based on traffic data derived from the Greek Port Authorities and company estimates Attica Group: Financial performance 34
(in €m) 2010 2011 2012 2013 2014 2015 2016 Δ y-o-y
Sales 272 247 256 260 267 278 269 -3%
EBITDA (2) (9) 9 27 42 81 70 -13%
EBITDA margin (1)% (4)% 4% 10% 16% 29% 26%
Net profit / (loss) after minority (49) (86) (53) (10) 4 33 20 -39%
Net fixed assets 738 713 707 629 581 565 548
Cash & cash equivalents 27 8 16 25 24 72 51
Net debt 312 338 325 265 258 214 204
Leverage [Net debt / EBITDA] (x) n/m n/m 34.5 9.8 6.1 2.6 2.9
Shareholders equity 471 406 350 340 340 376 402
Vessels Net Book Value 683 684 705 628 579 565 546
Vessels Gross Loans 336 346 341 290 282 285 255
Residual Equity Value Fleet 347 337 364 338 297 280 290
LTV 49% 51% 48% 46% 49% 50% 47% Attica Group: Performance highlights 35
Revenues (€m) Group Revenue mix (€m) EBITDA (reported) (€m)
CAGR: 1% 14% 13% 13% 17% EBITDA Margin 29% 278 260 267 269 26% CAGR: 5% 32% 32% 34% 34% 198 183 172 11% 10% 17% CAGR: -11% 160 11% 11% 81 10% 70 101 95 44% 44% 79 42% 39% 72 46 4% 27 Group Adriatic Domestic 2013 2014 2015 2016 9 2013 2014 2015 2016 PAX Vehicles Freight Other 2012 2013 2014 2015 2016
Earnings after taxes (€m) Net Operating Cash Flow* (€m) Free Cash Flow** (€m)
33 61 70 20
4 46 51
-10
21 17 11 15 7 7 -53 2012 2013 2014 2015 2016 2012 2013 2014 2015 2016 2012 2013 2014 2015 2016 * Net operating Cash Flow = Operating Cash Flow – Interest expenses paid – Taxes paid ** Free Cash Flow = EBITDA + Changes in Working Capital – Net CAPEX Food & Dairy – Vivartia
One of the largest food companies in South East Europe Vivartia at a snapshot 37
Date of Investment: July 2007 MIG Ownership: 92.1% The largest diversified food group in Greece
Top-5 FMCG company in Greece Frozen Foods
Top-5 FMCG company in Greece (ranked by sales to super markets) #1 frozen vegetables and frozen dough/pastry producer in Greece Largest food distribution fleet in Greece: 470 trucks covering • Oldest producer in Greece 30,000 retail outlets per day • 4 production facilities Penetration in 9 out of 10 Greek households • Undisputed market leader Vertical integration: owned distribution and manufacturing o 63% share in the total Greek frozen vegetables market facilities (branded goods and retailer brands) o 27% share in the total Greek frozen dough market (leader among branded products)
Dairy Quick Service Restaurants
#1 dairy producer in Greece (DELTA) and Bulgaria (UMC) #1 in Quick Service Restaurants (QSR), branded coffee shops and • Over 60 years of milk processing experience in Greece catering in Greece • • Leading dairy & fresh juices producer and distributor in Greece Among Europe’s top-50 Foodservice groups o 25% share in the total Greek Dairy market o Everest & Flocafe (339 POS) among Europe’s top-10 coffee • 8 state-of-the art production facilities chains • o 7 in Greece Goody’s is Greece’s largest & oldest casual fast-food chain o 1 in Bulgaria • 530 POS (518 in Greece & 12 abroad in 9 countries) • Greek yogurt exports in Italy (Granarolo partnership): 17% of • Total food & coffee segment: 18% market share DELTA yogurt volume (2016) • Approx. 300,000 customers daily Vivartia: Business overview 38
FMCG Food Services & Entertainment (FSE) 2016 Gross Sales: €418m (73% of total) 2016 Gross Sales: €161m (27% of total) Dairy & Drinks 2016 Sales: €278m (49% of total) DELTA o Among Europe’s top-50 Foodservice players o Leading dairy & fresh juices producer & distributor in Greece • Everest-Flocafe (339 POS) among Europe’s top-10 coffee chains • 25% share in the Greek dairy market o 530 POS • 28% share in the total Greek white milk market • 518 in Greece (Travel-related: 235, including closed-markets) o 7 state-of-the-art production facilities in Greece • 12 abroad in 9 countries o 1,183 employees o Total food & coffee segment: 18% market share o 2 milk collection stations sourcing 160k tons of milk from 1,400 Everest local farmers (25% of Greece’s annual milk production) • o Catering & food services, all-day, on-the-go snack & coffee €245m revenues (2016) (43% of Vivartia total) • 237 POS (Travel-related: 100) UMC (United Milk Company) • 12% value market share in the coffee service market o Leading dairy producer in Bulgaria • €45m revenues (2016) (28% of total FSE) o 1 production facility Goody’s Burger House o €38m revenues (2016) (7% of Vivartia total) • Greece’s largest & oldest casual fast-food chain Frozen Foods • 123 POS (abroad: 7, Travel-related: 15) 2016 Sales: €140m • 15% value market share in the out-of-home eating market (24% of total) • Barba Stathis / Chrysi Zymi / M. Arabatzis €20m revenues (2016) (13% of total FSE) o Oldest frozen vegetables and dough producer in Greece Flocafe Espresso Room o 4 production facilities • Casual coffee chain o Frozen vegetables: undisputed leader (62% share) • 102 POS (abroad: 5, Travel-related: 77) o Frozen dough: leader among branded products (26% share) • 3% value market share in the coffee service market o Vegetables: €65m revenues (2016) (11% of Vivartia total) • €19m revenues (2016) (12% of total FSE) o Dough-Pastry: €76m revenues (2016) (13% of Vivartia total) La Pasteria • Affordable Italian restaurant chain (17 restaurants) • €10m revenues (2016) (6% of total FSE) Vivartia: Financial performance 39
(in €m) 2010 2011 2012 2013 2014 2015 2016 Δ y-o-y Sales 738 668 611 563 590 601 572 -5% Dairy 340 323 327 317 330 305 278 -9% Frozen Foods 95 92 90 73 102 (1) 138 140 1% Food Services (FSE) 316 264 199 177 163 165 161 -3% EBITDA (reported) (2) 15 2 11 28 50 46 -8% %margin (0.3)% 2.3% 0.3% 1.9% 4.8% 8.3% 8.1% EBITDA (adjusted) 18 17 6 11 28 50 60 (2) 19% %margin 2.5% 2.6% 1.0% 1.9% 4.8% 8.3% 10.5% Dairy (reported) 4 (9) (4) (1) 8 18 13 -28% % margin 1.3% (2.9)% (1.4)% (0.3)% 2.3% 6.0% 4.7% Frozen Foods (reported) 13 11 9 8 13 (1) 20 19 -2% % margin 13.2% 12.1% 10.3% 10.3% 12.7% 14.3% 13.9% Food Services (FSE) (reported) 10 15 1 4 8 12 14 16% % margin 3.2% 5.8% 0.4% 2.4% 4.7% 7.4% 8.8% Impairments (59) (6) (38) (39) (3) -- -- Net profit / (loss) after minority (139) (66) (101) (99) (37) (25) (18)
Net fixed assets 503 437 397 354 358 341 327 Cash & cash equivalents 99 77 37 31 45 57 61 Net debt 314 298 353 358 357 343 340 Leverage [Net debt / EBITDA] (x) 17.2 17.5 59.9 33.1 12.7 6.8 7.4 Shareholders equity 433 358 302 202 161 135 116 Minority interest 25 21 2 5 24 26 27
(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) (2) Excluding €14m impairment of trade receivables from Marinopoulos group (provisions beyond normal course of business) Vivartia: Market shares per product 40
2014 2015 2016 2014 2015 2016 Total White Milk Yogurt DELTA 28% 29% 28% FAGE 26% 24% 24% Friesland 18% 19% 20% DELTA 21% 20% 19% Olymbos 11% 12% 12% Kri-Kri 8% 10% 12% Mevgal 5% 5% 5% Olymbos 9% 9% 9% Fresh Milk Fresh Fruit Juices DELTA 34% 35% 33% DELTA 35% 33% 30% Olymbos 11% 14% 12% Coca Cola HBC 29% 30% 30% Mevgal 8% 8% 9% Olymbos 17% 21% 24% HP Milk Ambient Fruit Juices DELTA 31% 32% 33% Coca Cola HBC 56% 57% 57% Friesland 23% 24% 27% DELTA 10% 9% 8% Functional milk Frozen vegetables DELTA 65% 62% 56% Barba Stathis 60% 62% 63% Friesland 20% 16% 14% Private Labels 27% 25% 21% Chocolate milk Frozen dough DELTA 55% 52% 51% Chrysi / Elliniki Zymi 25% 26% 27% Mevgal 10% 12% 11% Private Labels 28% 22% 20% Source: Nielsen – Marketrack, IRI Vivartia: Product innovation 41
Innovation plan focused on value-accretive segments/products Vivartia: FMCG challenging trading conditions 42
Dairy market value change (y-o-y) Milk farmgate prices (€/100kg) Frozen Foods market value change (y-o-y) 50
45 -3% 5% 4% -4% 2% 1% 40 -7% -9% -9% 35 -11% -7% -8% -12%-12% 30 -12%-13% -13% -16% 25 20 Total milk Fresh Milk HP Milk Yoghurt Jan-14 Aug-14 Mar-15 Oct-15 May-16 Jan-17 Frozen vegetables Frozen dough 2015 2016 Q1-17 GR EU-15 BG RO 2015 2016 Q1-17
Retail sales (3M rolling data, y-o-y change) Household consumption (y-o-y change) Household monthly spending (in €)
5% 8% 61 -27% -17% -16% capital controls 61 capital controls 6% 352 3% 355 59 4% 329 56 54 307 52 1% 2% 300 293 0% -1% -2% 1,956 1,824 1,637 1,509 1,461 -3% -4% 1,420
-5% -6% -8% Jul-15
Jan-14 Jan-17 2010 2011 2012 2013 2014 2015 Oct-14 Apr-16 Sep-16 Feb-15 Dec-15 May-14
Retail (ex-Fuel) Food Q1-13 Q2-13 Q3-13 Q4-13 Q1-14 Q2-14 Q3-14 Q4-14 Q1-15 Q2-15 Q3-15 Q4-15 Q1-16 Q2-16 Q3-16 Q4-16 Total Food Dairy Vivartia: Performance highlights 43
* LTM based on Q1 2017 results Sales (€m) Group Gross Profit (€m) & Gross Profit margin (%)
28% 31% 34% 33% 32% 601 563 590 572 568 102 138 73 140 142
177 163 165 161 161 202 183 190 184 330 159 317 305 278 272
2013 2014 2015 2016 LTM Dairy FSE Frozen 2013 2014 2015 2016 LTM
EBITDA (€m) EBITDA margin per business segment
2016 EBITDA burdened by 50 burdened by impairment of impairment of trade receivables 46 44 trade receivables from from Marinopoulos group Marinopoulos group 20 14% 14% 14% 19 20 13% 28 12 14 10% 13 9% 8% 8% 13 8% 7% 8% 8 6% 11 5% 5% 5% 50 46 44 5% 8 2% 2% 2% 4 28 11 0% 2013 2014 2015 2016 LTM Group Dairy Frozen FSE Dairy FSE Frozen 2013 2014 2015 2016 LTM Vivartia: Dairy & Drinks 44
Dairy & Drinks 2016 Sales: €278m (49% of total)
Delta Foods UMC (United Milk Company) 2016 Gross Sales: €241m 2016 Gross Sales: €38m (42% of Vivartia total) (7% of Vivartia total) o Leading dairy & fresh juices producer & distributor in Greece o Market leader in fresh dairy products in Bulgaria • Leader in the Greek dairy market: 25% share o 50 years of milk processing experience (established in 1959) o Over 60 years of milk processing experience o 1 production facility o 7 state-of-the-art production facilities in Greece (1,183 employees) o 523 employees o 2 milk collection stations o • Sources c40,000 tons of raw milk per year 160k tons of milk sourced from 1,400 farmers (25% of Greece’s o Daily distribution to 8k retail outlets (own fleet of 84 trucks) annual milk production) o o 203 SKUs One of the biggest Bulgarian exporters to US, Australia, Lebanon, Canada and Russia (certified cheese exporter to the EU) o Daily distribution to 30k retail outlets via 470 trucks (15.6k invoices per day)
Sales (€m) EBITDA (€m) & EBITDA margin (%)
330 0% 2% 6% 5% 5% 317 305 32 35 278 272 2016 EBITDA burdened by 18 38 impairment of trade receivables 38 38 from Marinopoulos group 5 13 12 8 5 5 285 295 267 14 241 233 2 6 8 7 1 -2 -1 2013 2014 2015 2016 LTM 2013 2014 2015 2016 LTM Delta Foods UMC Delta Foods UMC Greek yogurt exports in Italy (Granarolo partnership) 45
Granarolo: largest Italian-owned agro-industrial group Value market shares • Market leader in fresh milk (largest producer) • 3rd largest player in the yogurt market Total Greek Yogurt Apr-14 Dec-14 Dec-15 Dec-16 • Owns 8 production sites in Italy and 2 in France FAGE 72% 78% 72% 66% • 1,200 distribution vehicles, moving 750,000 tons per year of finished products to over 60,000 POS DELTA (Yomo) n/a 4% 6% 5% • 11 million Italian families purchase Granarolo products Handlers* Apr-14 Dec-14 Dec-15 Dec-16 Business scope: exclusive distribution of authentic Greek yogurt and cheese products in Italy FAGE 86% 90% 79% 67% Product offering: authentic Greek Strained Yogurt DELTA (Yomo) n/a 12% 13% 10% • Superior thick, creamy texture * Handlers: super markets that list the product • Higher in protein than regular yogurt Source: IRI Italian Market Data • Offers a rich, less sour, indulgent taste Flavour options: • 8 SKUs of 170g • 1 SKU of 500g
January 2014 April 2014 December 2014 April 2015 December 2015 December 2016 signing of the product launch Greek yogurt market: €91m new SKUs Greek yogurt market: €140m Greek yogurt market: €163m agreement in Italy (5 SKUs) Exports: 4% of DELTA yogurt volume launch Exports: 13% of DELTA yogurt volume Exports: 17% of DELTA yogurt volume Vivartia: Frozen Foods 46
Frozen Foods 2015 Sales: €140m (24% of total)
Vegetables Dough 2016 Gross Sales: €65m 2016 Gross Sales: €76m (11% of Vivartia total) (13% of Vivartia total) o Oldest frozen vegetables and dough producer in Greece (1969) o Over 25 years market presence o Undisputed market leader in frozen vegetables: >60% share o Leader among branded frozen dough products: 27% share o 2 production facilities, 2 distribution centers & 3 cold stores o 2 production facilities o >80 SKUs (e.g. vegetables, potatoes, fresh salads, tomato) o >60 SKUs (e.g. dough, chilled dough, pies, mini pastry pies, pizza, o >50 SKUS of export-related frozen vegetables products croissant etc) o Frozen Foods business exports in 23 countries (18% of sales) o >70 SKUs of export-related frozen dough products o Distributes products to over 8,000 retail units o Total retail Frozen Dough market in Greece: €66m (-8% vs. 2015) o Total Frozen Vegetables market in Greece: €58m (-7% vs. 2015) Sales (€m)* EBITDA (€m) & EBITDA margin (%)*
10% 13% 14% 14% 14% 140 142 138 2016 EBITDA burdened by impairment of trade receivables 20 19 20 102 67 from Marinopoulos group 66 65 13 8 7 8 73 57 8 5 51 70 76 78 11 10 10 44 5 7 20 2 2013 2014 2015 2016 LTM 2013 2014 2015 2016 LTM Dough Vegetables Dough Vegetables
* until 30.06.2014 M. Arabatzis SA was consolidated under the equity method as an associate (new standards IFRS 10, IFRS 11, IFRS 12). As of 01.07.2014 M. Arabatzis SA is consolidated fully Vivartia: Food Services & Entertainment (FSE) 47
Food Services & Entertainment (FSE) 2016 Sales: €161m (27% of total)
o Among Europe’s top-50 Foodservice players Everest o 530 POS (12 abroad in 9 countries, Travel-related in Greece: 235) o Catering & food services, all-day on-the-go snack & coffee o Total food & coffee segment: 18% market share o 237 POS (Travel-related in Greece: 100) o Approx. 300,000 customers daily o 12% value market share in the coffee service market Goody’s Burger House o €45m revenues (2016) (% of total FSE) o Greece’s largest & oldest casual fast-food chain Flocafe Espresso Room o 123 POS (abroad: 7, Travel-related: 15) o Coffee chain o 15% value market share in the out-of-home eating market o 102 POS (abroad: 5, Travel-related in Greece: 77) o €20m revenues (2016) (13% of total FSE) o 3% value market share in the coffee service market Hellenic Catering & Olympic Catering o €19m revenues (2016) (12% of total FSE) o Industrial catering, HoReCa channel supplier, airport canteens La Pasteria o 3 production facilities o Affordable Italian restaurant chain (17 restaurants) o €58m revenues (2016) (36% of total FSE) o €10m revenues (2016) (6% of total FSE) Sales (€m) EBITDA (€m) & EBITDA margin (%)
2% 5% 7% 9% 8%
177 165 163 161 161 14 12 13 8 4
2013 2014 2015 2016 LTM 2013 2014 2015 2016 LTM Healthcare – Hygeia Group
The leading integrated private healthcare services group in Greece Hygeia Group at a snapshot 49
Date of Investment: January 2006 MIG Ownership: 70.4%
A leading integrated private healthcare services group in Greece
The market leader in private hospital units in Greece Focused on providing high quality healthcare services
Market leader in private hospital units in Greece High brand awareness and excellent quality reputation • 3 hospitals in Greece (Hygeia, Mitera, Leto) • First & only hospital in Greece accredited by the Joint • 1 hospital in Albania (largest greenfield investment of €65m) Commission International (JCI) Leading general hospital facilities and maternity clinics High calibre physicians and support personnel • Total licensed bed capacity: 1,219 (of which 999 in Greece) • Approx. 3,100 employees • Accounts for 14% of total private clinics licensed beds in Attica • More than 3,100 co-operating physicians • 52 operating rooms Leader in cutting edge medical technology • 19 delivery rooms • First and only in Greece multidisciplinary hybrid operating room • 10 Intensive Care Units (83 beds) • First and only in Greece pioneer radiosurgery device Gamma • 2 diagnostic centers Knife® • Centre for Molecular Biology and Cytogenetics (Alpha Lab)
Key Performance Indicators (2016 data)
Inpatients Outpatients Operations Patient Days Births
53,300 486,000 47,900 157,800 9,500 Hygeia Group: Corporate structure 50
HospitalServices PrimaryCare & Commercial Services
Maternity Hospitals General Hospitals Commercial activities Primary Care
Leto Hygeia Hospital Y-Logimed Alpha Lab (93.65%) (100%) (100%) (93.65%)
Mitera Beatific Hygeia Net Peristeri (99.49%) (100%) (100%)
Hygeia Hospital Tirana Y-Pharma Hygeia Net Athens (100%) (85%) (100%)
% stake as of 31.12.2016 Hygeia Group: Hospital facilities 51
Hygeia Hospital (Athens, Greece) Leto Hospital (Athens, Greece) Founded in 1970 Founded in 1966 State-of-the-art general acute care hospital Modern (boutique) Maternity and Gynaecology Hospital First & only JCI accredited hospital in Greece o Obstetrics center o 274 active beds (440 licensed) o Gynaecology & diagnostic center o 18 Medical Clinics o Surgical center o 26 Surgical Clinics o Accounts for 4% of total births in Greece 6 Clinical & 8 Imaging Laboratories o o 10 Outpatient Examination Rooms 90 active beds (100 licensed) o o 18 operating rooms 10 operating rooms o 4 Intensive Care Units (ICU) (28 beds) o 6 delivery rooms o One-Day Treatment (ODT) Unit Offers alternative childbirth techniques: o One-Day Surgery (ODS) Unit o “Water Birth” (first such birth was performed in 1999) o Bone Marrow Transplant Unit (BMTU) o “Childbirth as if being at Home” (new room of high aesthetics o first & only state-of-the art Hybrid Operating Room in Greece inaugurated in 2010)
Mitera Hospital (Athens, Greece) Hygeia Hospital Tirana (Tirana, Albania) Founded in 1979 First & only integrated private hospital in Albania (July 2010) General, Maternity, Gynecological and Children's Hospital The largest private sector investment (€67m) in Albania Accounts for 6% of total births in Greece o 102 active beds (220 licensed) The only private maternity hospital in Greece certified as “Baby- o 9 operating rooms Friendly Hospital” (practices required by UNICEF and World Health o 5 delivery rooms Organization with regards to breastfeeding) o 1 ICU (16 beds) o 310 active beds (459 licensed) o o First comprehensive oncology center 15 operating rooms o Most contemporary IVF Unit in Albania o 8 delivery rooms o State-of-the-art German Eye Clinic o Hemodialysis Unit o Certified as a kidney and corneal transplantation center o Level 3 Neonatal Intensive Care Unit (NICU) (90 beds) o Bone Marrow Transplant Unit (BMTU) (inaugurated in 2015) o multidisciplinary Adult ICU (11 beds) & Children’s & Pediatric Cardiac Surgery ICU (10 beds) Hygeia Group: Leader in cutting edge technology 52
Latest Generation Multidisciplinary Hybrid Operating Room Inauguration November 2012: the first and only in Greece 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
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 Hygeia Group: Leader in cutting edge technology 53
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
Transcatheter Heart Valves The first to be established in Greece Specializes in transcatheter aortic valve replacement and mitral valve insufficiency repair o Performs all diagnostic and therapeutic interventional cardiac procedures o All transcatheter procedures are performed in the state-of-the-art Hybrid Operating Room Successfully introduced the MitraClip (Abbott Vascular) procedure for transcatheter repair of mitral valve insufficiency in Greece in 2011 and it runs the only such program in Greece
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
Cardiology - Cardiac Surgery (Heart Team) 5 Cardio & 4 Cardiac Surgery Adult Clinics Pediatric Cardiology as well as a Pediatric Cardiac Surgery Clinic (first in Greece, established in 2008) 1985: performed the first Cardiac Surgery By-pass in Greece 1990: performed the first heart transplant in Greece Specializes in: o Modern invasive methods for treating congenital heart disease and coronary heart disease o Methods of diagnostic & invasive electrophysiological treatment of arrhythmias and atrial fibrillation Hygeia Group: Financial performance 54
Group revenue analysis per source (2016) Group revenue analysis per service (2016)
Out-of- Outpatients pocket EOPYY 24% 44% 15% Rebate & Other Inpatients clawback 2% 78% -8% Other 6% Insurance 38%
(in €m) 2011 2012 2013 2014 2015 2016 Δ y-o-y Sales (reported) 233 238 204 218 220 228 3% EBITDA (reported) 5 14 (6) 12 22 32 45% %margin 2.2% 5.7% (3.1)% 5.4% 10.0% 14.0% Impairments -- (114) -- (3) (21) (1) Net profit / (loss) after minority (22) (110) (38) (19) (27) 1
Clawback & Rebate -- (2) (28) (16) (18) (15)
Net fixed assets 256 227 206 195 184 174 Net debt 155 161 153 157 146 143 Leverage [Net debt / EBITDA] (x) 30.9 11.9 n/m 13.3 6.6 4.5 Shareholders equity 334 210 167 144 118 119 Minority interest 19 5 5 3 1 1 Hygeia Group: Key performance indicators (KPIs) 55
Outpatients (in ‘000) Inpatients (in ‘000) Operations (in ‘000)
484 487 52 53 48 451 470 49 50 46 45 46 6 4 4 5 3 3 4 5 108 122 135 93 8 8 8 9 6 6 7 7 47 45 37 30 20 22 157 170 154 168 20 22 23 21 22 23
155 160 158 154 18 18 16 16 15 15 14 13
2013 2014 2015 2016 2013 2014 2015 2016 2013 2014 2015 2016 Hygeia Mitera Leto Tirana Hygeia Mitera Leto Tirana Hygeia Mitera Leto Tirana
Length of stay (days) Occupancy rate Patient Days (in ‘000)
152 153 158 40% 150 40% 40% 3.0 2.9 2.6 2.5 39% 12 12 14 15 14 14 14 14 42% 43% 1.9 1.7 1.7 1.6 42% 40% 51 50 56 60 2.6 2.5 2.5 2.6 43% 42% 49% 53%
74 74 4.2 4.1 4.4 4.4 69% 69% 69% 67% 70 69
2013 2014 2015 2016 2013 2014 2015 2016 2013 2014 2015 2016 Hygeia Mitera Leto Tirana Hygeia Mitera Leto Tirana Hygeia Mitera Leto Tirana Hygeia Group: Performance highlights 56
* LTM based on Q1 2017 results
Sales (€m) EBITDA (€m) Profitability margins (%)
Clawback & Rebate Clawback & Rebate
16 16 18 15 15 28 16 18 16% 16% 14% 14% 16 12% 32 33 10% 228 230 28 7% 204 218 220 22 5% 12 2% -3% -6 2013 2014 2015 2016 LTM 2013 2014 2015 2016 LTM 2013 2014 2015 2016 LTM Gross profit EBITDA
20% 21% 25 27 17% 21 13% 132 9% 8% 124126 128 17 2% 7% 7% 5% 5% 5%
1 4 4 1 1 1 2 2 -4% -1% -1% 62 63 -9% 53 59 -2 -0 -0 -1 14 14 14 14 14 18 20 20
Hygeia Mitera Leto Tirana Hygeia Mitera Leto Tirana Hygeia Mitera Leto Tirana 2014 2015 2016 LTM 2014 2015 2016 LTM 2014 2015 2016 LTM Healthcare services in Greece 57
Private Health Expenditure Evolution of Health Expenditure in Greece (% of GDP, 2014) (% of GDP)
3% 3% 4% 4% 4% 4% 3% 3% 3% 3%
4.7% 7% 7% 6% 6% 6% 6% 6% 6% 6% 5% 3.1% 2.6% 2.6% 2.5% 2.3% 2.2% 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 OECD GR ES DE FR IT EU Public Private Breakdown of 363 clinics in Greece Breakdown of 62.8k beds in Greece Structure of the Private Healthcare (EOPYY data for 2015) (EOPYY data for 2015) Sector in Greece (type of clinics)
Special purp Private Maternity 9% 24% 7% Public Private 43% General 47% NPID 49% Psychiatric 9% Public 26% 67% NPID Mixed 10% 9%
NPID = Legal Entities of Private Law Ministry of Health clawback & rebate mechanisms 58
Article 100, Greek Law 4172/2013 In July 2013, two governmental decisions came in force, by law, retroactively (i.e. effective as of January 2013) and unilaterally, adversely impacting directly the private healthcare industry until 31.12.2018 Rebate a gradual discount method calculated on the invoiced claims (i.e. hospitalization expenses, diagnostic tests and physiotherapies) submitted to the National Organization for Healthcare (EOPYY) Clawback automatic payback mechanism for any expenses incurred relating to hospitalization, diagnostic tests and physiotherapy the monthly National Organization for Healthcare (EOPYY) expenses for diagnostic tests, hospitalization and physiotherapy offered by affiliated private healthcare providers must not exceed 1/12 of the approved credit funds of the EOPYY budget
30 14% 12% Cumulative impact to Consolidated Sales & EBITDA: €77m 12% 25 10% 8% 7% 8% 20 6% 28 6%
4% 15 18 16 15 2%
10 0% 2013 2014 2015 2016 Clawback & Rebate ( €m) (LHS) % of Gross Sales (RHS) IT – SingularLogic
The leader in the Greek Business Software market SingularLogic at a snapshot 60
Date of Investment: December 2006 MIG Ownership: 85.7%
The leader in the Greek Business Software market
A comprehensive software vendor & IT services provider Best-of-breed business model
Established in 1984, SingularLogic is the #1 Greek business A key sector consolidator software Vendor and one of the largest Integrated IT Solutions • the company has emerged through a string of mergers and Group in Greece acquisitions, involving domestic IT majors (Delta Informatics in • The most complete product offering comprising more than 20 2001, LogicDis in 2006) that allowed it to complement and scale proprietary app solutions its offering portfolio and, therefore, its addressable markets The largest installed base • Full spectrum of IT services (dominant position in large-scale • integration projects in the public and private sector) >20k SMEs and 6,000 accountants • 700 large Greek corporates & more than 100 multinationals, • Market leader in the software for SMEs (e.g. ERP, CRM) through both proprietary solutions and solutions of global • Largest B2B (400-strong) partner network in Greece majors (SAP, Oracle, etc.) • Greece’s incumbent elections manager since 1981 (helps the • 400 Public Sector Organizations Hellenic Republic improve transparency and results transmission Local presence through subsidiaries in Cyprus, Bulgaria, Romania speed) and inroads into MENA Group activities span: Highly qualified workforce • >300 IT consultants & 140 top-class developers • development and distribution of business software applications • 450 additional consultants employed by SingularLogic’s Business • design and implementation of Integrated IT Solutions for large Partners enterprises of the private and public sector Powerful Technology Partners • distribution and support of well-established international IT • Strong relationship with global IT Majors (Microsoft, SAP, products Vodafone, Oracle, Avaya, IBM etc) SingularLogic: Business overview 61
Professional Services Outsourcing Services Enterprise Applications Business Process Outsourcing (BPO) • covers ERP, CRM, HRMS, Retail, and Financial Applications on platforms • a dynamic strategy that businesses can use when they are seeking out by international firms (SAP, Oracle Siebel) as well as its own in-house new ways to achieve high levels of performance while keeping costs solutions (Galaxy) down as well as reducing risk • offers B2B and B2C collaboration and e-commerce solutions • services involve centralised management of applications, Systems Integration communications, IT systems and business processes • integrating off-the-shelf software into systems, developing customised applications and infrastructure integration services Business Service Provisioning • vertical integration: developing operating entities with common • providing value added services in relation to a company’s key IT activities characteristics (strategic IT planning, cutting IT costs, ASP services, and infrastructure • horizontal integration (Enterprise Service Bus): interfacing systems using and user technical support), with an emphasis on cutting costs and a specialised module improving the level of services provided • enterprise application integration (common data format integration): • Business Intelligence as a Service (BlaaS) interaction using standard data formats • • service-oriented architecture (SOA): integration via interoperable Payroll & Human Capital Management as a node (PAYHCMaaS) services • E-learning as a Service (ElaaS) Project Management • Business Continuity Design • Greece’s incumbent elections manager since 1981 (contract with the Data center Ministry of Interior to collect, process and broadcast the results of • national, municipal and European elections) offers clients the ability to outsource or transfer one or several of their core operations relating to central management of applications, Software Development communications, IT systems or business processes of the organisation to • capitalising on its >30 years experience, the company has developed a SingularLogic standard application development framework that is not dependent on the implementation technologies employed (Microsoft, Oracle, Open • created a state-of-the-art Data Center and developed significant Data Source etc) Center infrastructure and operating models IT Support • meets all the security standards for a modern Data Center and holds ISO • offers maintenance and support services for client infrastructure, not just 9001:2008 certification, while also complying with the extremely strict for individual products data security specifications laid down by the ISO 27001:2005 standard • services cover a comprehensive range of operations from initial installation right up to roll out and beyond SingularLogic: Extensive proprietary product portfolio 62
Enterprise Resource Planning Systems – ERP
Business & Accounting Applications
Customer Relationship Management (CRM)
Retail Applications
HR/Payroll Applications
Vertical/Other Applications
Banking SingularLogic: Greek IT services market outlook 63
Greek IT Services Market Forecast Greek Packaged S/W Market Forecast (Source: IDC, EITO) (Source: IDC, EITO) 520 6% 150 2% 4% 0% 0% 3% 3% 140 0% 500 2% 4% -1% 0% 130 1% 1% 2% 480 120 -2% -1% 0% 110 460 -4% -3% -2% 100 -7% 440 90 -6% -5% -4% -8% 420 80 -8% -6% -8% 70 -11% -10% 400 -8% 60 380 -10% 50 -12%
IT Services market yoy chg (RHS) Packaged S/W yoy chg (RHS)
EITO and IDC forecast spending for IT Services and Application Software to have grown by 0.7% in 2016 and expand by 1.9% in 2017, assuming a stable macro and political backdrop o Software is expected to remain largely stagnant o Spending in IT Services is forecast to grow by 2% in 2017 and 4% in 2018 Key market trends & growth areas Pent-up demand and the need for Digital Transformation o 3rd Platform Technologies (mobile, cloud, big data, social media) are becoming an increasingly hot topic for Greek corporates, targeting customer experience and retention and fast time-to-market. This drives demand for: • Data analytics/BI and CRM systems • Cloud technologies , which, in turn, generate demand for cyber security services Growing shift from Insourcing to Outsourcing SingularLogic: Financial highlights 64
Group revenue analysis per customer (2016) Group revenue analysis per product/service (2016)
14% 12% 10% 7% 8% 7% 9% 22% 13% 13% 11% 11% 21% 21% 21% 20% 34% 33% 31% 38%
65% 67% 58% 69% 45% 45% 51% 42%
2013 2014 2015 2016 2013 2014 2015 2016 Large corporates SMEs Public sector S/W Licenses S/W maintenance Services Merchandise
(in €m) 2010 2011 2012 2013 2014 2015 2016 Δ y-o-y Sales 77 59 56 51 50 49 39 -21% EBITDA 12 3 (15) 3 4 6 5 -23% % margin 15.0% 5.5% (27.4)% 5.2% 8.8% 12.1% 11.7% EBITDA (adjusted) 12 3 0 3 4 6 5(1) -8% %margin 15.0% 5.5% 0.7% 5.2% 8.8% 12.1% 14.0% Impairments -- -- (27) (3) -- -- (1) Net profit / (loss) after minority 3 (7) (43) (7) (4) 2 (4)
Net debt 45 48 50 52 54 53 53 Leverage [Net debt / EBITDA] (x) 3.9 14.9 neg 19.6 12.2 8.9 11.6 Shareholders equity 87 80 36 31 27 28 24 Minority interest 2 2 1 1 0 0 0 (1) Excluding €0.9m impairment of trade receivables from Marinopoulos group (provisions beyond normal course of business) Other portfolio companies Hilton Cyprus at a snapshot (Tourism & Leisure) 66
Date of Investment: August 2007 MIG Ownership: 75.1% The most luxurious hotel property in Nicosia (capital of Cyprus)
A landmark hotel Development potential
The only 5-star hotel in Nicosia Highly valuable developable land • 294 rooms: 24 suites, 76 executive and 194 standard rooms • One of the few sizeable plots left in the city center, adjacent to • Total land plot: 32,200 sqm the hotel • Hotel building: 28,700 sqm • more than 6,000 sqm of developable land • • Operates under the Hilton brand since 1967 with a management estimated to yield 20-25,000 sqm of usable floor-plate with contract until end-2017 (option to extend further) potential commercial usage (mixed-use office and residential, shopping center, casino and concert venue) Reference landmark venue in the capital • Strategically located in the city center offering a level of comfort and convenience second to none in Nicosia (located within walking distance from important business and leisure facilities, e.g. the Central Bank of Cyprus, the International Conference Center or smart shopping streets) Relatively better positioning versus 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 • Extensive business amenities (full-service business center and 11 meeting rooms) Hilton Cyprus: Financial performance 67
(in €m) 2010 2011 2012 2013 2014 2015 2016 Δ y-o-y
Sales 14 14 14 10 10 10 11 3%
EBITDA 4 3 3 2 2 2 3 13%
%margin 27.7% 23.4% 21.3% 16.3% 21.0% 22.4% 24.6%
Net profit / (loss) after minority 3 2 1 0 1 1 1 28%
RevPAR (€) 61 62 70 53 51 57 60 5%
Net fixed assets 91 92 93 92 93 93 93
Net debt 3 6 4 3 3 3 2
Leverage [Net debt / EBITDA] (x) 0.7 1.7 1.5 2.0 1.6 1.2 0.9
Shareholders equity 76 75 75 73 74 75 76 RKB at a snapshot (Real Estate) 68
Date of Investment: October 2007 MIG Ownership: 83.1%
The largest commercial retail real-estate portfolio in Serbia
Unique proposition for a nationwide retail real-estate platform Strong market positioning
Owns the largest commercial real-estate portfolio in Serbia Serbia’s largest retail real-estate portfolio • Gross leasable area GLA: c276,000 sqm • accounts for approx. 30% of the total retail space in Belgrade • Net leasable area (NLA): c200,000 sqm (of which 46% in Belgrade) Attractive assets in prime locations 34 attractive, non-replicable, centrally located commercial real- • more than 75% have been refurbished and modernized following estate properties in Serbia (24 cities) MIG’s acquisition • 32 department stores of c150,000 sqm total NLA (of which 9 are Strong brand recognition supported through intensive rebranding located in Belgrade) and marketing campaign • One unique in size and location logistics centre in Belgrade, at the Introduction of new high-quality, anchor tenants intersection of the country’s two main motorways Rising spending power of a practically underlevered and • One of the largest office buildings in the city centre of Belgrade underserviced consumer base to support substantial demand for (GLA of c16,600 sqm and NLA of c6,800 sqm) commercial real estate in Serbia
Properties GLA NLA Appraised Value* Breakdown per district (number) (‘000 sqm) ('000 sqm) (€m) Belgrade 12 127.7 91.3 183.5 Vojvodina 7 51.7 38.4 26.5 Rest of Serbia 16 97.2 70.2 65.4 Total Serbia 35 276.6 200.0 275.4 * American Appraisal valuation 31.12.2016 RKB: Property portfolio locations 69
Serbia Belgrade
1. Subotica
2. Sombor 5. Kikinda 3.Backa Topola
6. Zrenjanin 4. Kula 7. Vrsac Serbia 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. Paracin 20. Knjazevac 14.Kraljevo 21. Nis 23. Pirot
22. Leskovac
24. Vranje RKB: Financial performance 70
(in €m) 2010 2011 2012 2013 2014 2015 2016 Δ y-o-y Sales 4 3 3 4 4 4 5 10% EBITDA (adjusted) (5) (4) (6) (4) 0 2 2 51% (1) (2) Net profit / (loss) after minority (14) (17) (21) (20) (19) (157) (28) n/m
Investment properties 416 416 353 418 418 280 275 Net debt 301 302 303 301 301 301 301 Shareholders equity 108 105 84 68 52 (104) (131)
(1) including €12m loss from the sale of investment property & €123m impairment charge of investment property (2) including €7m impairment charge of investment property Section 3 Financial Statement Information Operating profitability and cash flow trends 72
(€m) EBITDA Business Operations (€m) Net Operating Cash Flow
66 32 162 172 89 -49
2014 2015 2016 2014 2015 2016
(€m) EBITDA Consolidated (€m) Free Cash Flow
125 134 85 58 66 11 2014 2015 2016 2014 2015 2016
EBIT Consolidated Net change in Cash (in €m) (€m) 37 54 43 -35 -66
-18
2014 2015 2016 2014 2015 2016 -> EBITDA Business Operations = Group EBITDA excl. holding companies, provisions beyond normal course of business (€15m impairment of trade receivables from Marinopoulos group), gains/losses from the sale of investment property, fixed & intangible assets & revaluation of investment property -> Net operating Cash Flow = Operating Cash Flow – Interest expenses paid – Taxes paid -> Free Cash Flow = EBITDA + Changes in Working Capital – Net CAPEX Q1 2017: challenging trading conditions weigh on profitability 73
EBITDA Business Operations* (€m) & EBITDA margin Consolidated EBITDA (€m) & EBITDA margin
8% 14% 16% 14% 6% 11% 12% 11%
€15m impairment of 15 Marinopoulos group trade receivables
172 162 159 134 125 121
89 66
2014 2015 2016 LTM 2014 2015 2016 LTM
Key performance highlights Consolidated Sales remained unchanged vs. Q1 2016, despite challenging trading conditions in Greece: • protracted recession in Greece: Q1 2017 GDP declined by 0.5% vs. Q1 2016 • continued decline in consumer spending: o Super market sales in Greece: 4% reduction vs. Q1 2016 o Sales in the total white milk market in Greece: 12.8% drop vs. Q1 2016 Consolidated EBITDA from business operations *: €13.1m vs. €26.5m in Q1 2016 • VIVARTIA: adversely impacted by aforesaid challenging trading conditions (declining consumer spending) • ATTICA: adversely impacted by the significant increase of fuel oil costs (in € terms), amid rising fuel oil prices • HYGEIA: performance in stark contrast to other core OpCos, delivering 11% EBITDA growth vs. Q1 2016 (revenues +4% vs. Q1 2016) • SINGULARLOGIC: adversely impacted by continued downsizing of private sector investment plans as well as by severe delays in the auctions for public sector projects * EBITDA Business Operations = Group EBITDA excl. holding companies, provisions beyond normal course of business (e.g. €15m impairment of trade receivables from Marinopoulos group), gains/losses from the sale of investment property, fixed & intangible assets & revaluation of investment property Efficiency improvements & cost control support margins 74
Gross Profit margin 54% 56% 55% 54%
36% 37% 34% 33% 34% 33% 33% 34% 31% 30% 31% 29% 28% 28% 26% 23% 24% 20% 17% 16% 16% 12% 7% 2%
Total Subsidiaries Vivartia Attica Hygeia SiLo Hilton Sunce 2013 2014 2015 2016
31% 29% EBITDA margin 29% 29% 26% 27% 25% 22% 21% 17% 16% 16% 14% 14% 12% 12% 10% 10% 8% 8% 8% 9% 5% 5% 5% 3% 2%
-3% Total Subsidiaries Vivartia Attica Hygeia SiLo Hilton Sunce 2013 2014 2015 2016
EBITDA Business Operations = Group EBITDA excl. holding companies, provisions beyond normal course of business (€15m impairment of trade receivables from Marinopoulos group), gains/losses from the sale of investment property, fixed & intangible assets & revaluation of investment property Core subsidiaries deleveraging 75
Net debt / EBITDA (x)
9.8x 5.6x 2.6x 2.9x
2013 2014 2015 2016
burdened by €14m impairment of trade receivables (Marinopoulos) 33.1x 12.7x 6.8x 7.4x
2013 2014 2015 2016
first time introduction of clawback & rebate 13.3x 6.6x 4.5x neg
2013 2014 2015 2016
burdened by c€1m impairment of trade receivables (Marinopoulos)
19.6x 12.2x 8.9x 11.6x
2013 2014 2015 2016 Core subsidiaries cash flow performance 76
-> Net operating Cash Flow = Operating Cash Flow – Interest expenses paid – Taxes paid -> Free Cash Flow = EBITDA + Changes in Working Capital – Net CAPEX 2014 2015 2016
81 70 72 70 56 61 46 46 51 24 21 11
EBITDA Operating Cash Flow (after WC) Net Operating Cash Flow Free Cash Flow
51 57 50 46 35 28 31 31 21 23 10 2
EBITDA Operating Cash Flow (after WC) Net Operating Cash Flow Free Cash Flow 32 27 22 16 17 17 12 15 8 5 4 4
EBITDA Operating Cash Flow (after WC) Net Operating Cash Flow Free Cash Flow
6 6 4 5 5 5 4 3 2 1 0
-1
EBITDA Operating Cash Flow (after WC) Net Operating Cash Flow Free Cash Flow Group consolidated income statement 77
(in €m) 2014 2015 2016
Sales 1,117 1,143 1,104
EBITDA Business Operations * 89 162 172 HoldCo EBITDA (15) (13) (17) Gains/(losses) from the sale of investment property, fixed & (10) (24) (7) intangible assets & revaluation of investment property Other EBITDA items 2 (1) (15) (2) EBITDA Consolidated 66 125 134
EBIT Consolidated (18) 43 54 Associates 3 (2) 1 Net interest (90) (102) (109) Other financial results 1 (8) 12 Impairment charges (69) (50) (44) Tax 8 (6) (1) 3 Net Income/(Loss) (166) (126) (83) Net result from discontinued operations (17) 7 0 Minority interest (11) (6) 2 Net Income/(Loss), Group share (173) (113) (85)
* EBITDA Business Operations = Group EBITDA excl. holding companies, provisions beyond normal course of business (€15m impairment of trade receivables from Marinopoulos group), gains/losses from the sale of investment property, fixed & intangible assets & revaluation of investment property (1) tax charges from the change in the Greek corporate tax rate: 2013 €35m (rate increased to 26% vs 20% before); 2015 €18m (rate increased to 29% vs 26% before) (2) €15m impairment of trade receivables from Marinopoulos group (provisions beyond normal course of business) Impairments & other EBITDA items 78
Impairments (Group) Other EBITDA items 1
(in €m) 2014 2015 2016 (in €m) 2014 2015 2016
VivartiaGroup (44) (43) (21) Vivartia Group -- -- (14) 2
Attica Group (1) -- -- Attica Group 4 -- --
SingularLogic ------SingularLogic -- -- (1) 2
Hygeia Group (24) (4) (1) Hygeia Group ------
Other -- (3) (23) Other (2) (1) --
Total (69) (50) (44) Total 2 (1) (15)
Tax 4 10 5 RKB 3 (10) (24) (7)
Net Impairments (65) (40) (39) Total (8) (24) (22)
1. provisions beyond normal course of business 2. impairment of trade receivables from Marinopoulos group 3. investment property revaluation (IAS 40) Group consolidated balance sheet 79
(in €m) 2014 2015 2016
Tangible assets 1,265 1,181 1,134 Intangible assets 490 451 434 Property investments 317 280 275 Goodwill 271 243 238 Investments in associates 52 49 59 Cash, cash equivalents & restricted cash 141 178 143 Other assets 494 443 432 Assets held for sale ------
Total assets 3,028 2,824 2,715
Shareholder equity 501 394 313 Non-controlling interests 127 115 116
Total equity 628 508 429 Gross debt 1,752 1,693 1,674 Holding Company (HoldCo) 663 691 704 Operating Companies (OpCos) 1,089 1,002 970 Other liabilities 648 623 612 Liabilities held for sale ------
Total liabilities 2,400 2,316 2,286 Group debt capital structure 80
(in €m) 2014 2015 2016
Long-term debt 826 795 856
HoldCo 379 495 597
OpCos 447 300 259
Short-term debt 926 898 818
HoldCo 285 196 107
OpCos 642 702 712
Group Gross debt (consolidated) 1,752 1,693 1,674
Holding Company (HoldCo) 663 691 704
Convertible Bonds (CBL) 393 372 372
Bond & other loans 271 319 332
Operating Companies (OpCos) 1,089 1,002 970
Group Net debt/(cash) (consolidated) 1,611 1,515 1,532
HoldCo Net debt/(cash) 613 676 694
OpCos Net debt/(cash) 999 839 838 Breakdown of cash & gross debt (audited as of 31.12.2016) 81
Cash (incl. restricted) & cash equivalents: €143m Gross Debt: €1,674m
Excluding intragroup loans (in €m) (in €m) SiLo Other Parent Other 3 3 10 SiLo 100 Hygeia 56 15 Hygeia Parent 158 704
Attica 255 Attica 51 Vivartia 61
Vivartia 400
Parent = MIG HoldCo Parent = MIG HoldCo Other includes MIG Aviation Holdings Other = Real Estate and Hospitality/Leisure, excluding intragroup loans Holding Company income statement 82
(in €m) 2014 2015 2016
Total operating expenses (15) (13) (17)
Income from cash and cash equivalents 9 2 0
Interest & similar expenses (30) (38) (40)
Impairment charges (245) (88) (61)
Recurring Profit/(loss) after tax (excluding impairment) (35) (53) (56) Holding Company balance sheet 83
(in €m) 2014 2015 2016
Tangible & Intangible assets 2 1 1
Investment in subsidiaries 1,318 1,242 1,174
Trading & financial instruments through P&L 1 1 1
Cash, cash equivalents & restricted cash 51 15 10
Other current & non-current assets 287 239 206
Total assets 1,658 1,497 1,392
Shareholder equity (NAV) 923 783 666
Gross Debt 663 691 704
Convertible bonds (CBL) (unsecured) 393 372 372
Bond & other loans (secured) 271 319 332
Other current & non-current liabilities 72 23 22
Total liabilities 735 714 726 Appendix Management Biographies Management biographies 85
Stavros Lekkakos | Non-Executive Chairman of the BoD Mr. Lekkakos serves as Non-Executive Chairman of the Board at MIG since July 2016. He was born in 1952 and studied Economics at the University of Athens. He worked at American Express in Greece until 1992, where he served as Vice Chairman. He joined Piraeus Bank in 1992, where he was appointed Group General Manager in 1998. He held the position of General Manager of Macedonia Thrace Bank in 1998 and ETBA Bank in 2001 working on the preparation for the absorption of each bank. In April 2006, he assumed the role of Chairman & Managing Director at Piraeus Bank Romania, while maintaining his duties as member of the BoD and member of the Executive Committee of Piraeus Bank, until June 2008. In June 2008 he returned to Greece as Deputy Managing Director and was elected to the position of Managing Director & Deputy CEO in May 2010. As of February 2011, up until early May 2015, he assumed the position of Managing Director and CEO, as well as Chairman of the Piraeus Bank Group Executive Committee. Mr. Lekkakos has served as a member of Piraeus Bank’s Board of Directors from 2006 until February 2017 (B’ Vice-Chairman, Non-Executive member). He has also served as Chairman of the BoD of Piraeus Bank Romania, BoD member of various subsidiary companies of Piraeus Bank in Greece and abroad, Vice Chairman of Henry Dunant Hospital. He is Chairman of the BoD at insurance company European Reliance since 2009, a member of the BoD of the American-Hellenic Chamber of Commerce and a founding member of Business Councils Greece-Kuwait, Greece-Qatar, Greece-UAE, Greece-Saudi Arabia. Panagiotis Throuvalas | Executive Vice-Chairman of the BoD, Chairman of the Executive Committee Mr. Throuvalas has been working since 1982 in the fields of Finance and Investments. He serves as Executive Vice-Chairman of the BoD as well as a Chairman of the Executive Committee as of July 2016. Previously he 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). Thanassis Papanikolaou | Group CEO Mr. Papanikolaou assumed the position of Group CEO as of . He is a graduate from Varvakios Model High school, a graduate of the Athens University of Economics and Business (ASOEE) with a specialisation in Marketing and holds a Master in International Management from the University of INSEAD in Paris. He has specialized in retail trade as well as in the management of large corporates, having served as General Manager in Continent Hellas (Carrefour), based in France and in Greece for 8 years, as Managing Director in VENETIS S.A. for 3.5 years, while from 2001 he has served as a General Manager (2001-2007) and as a Managing Director (2007-2011) in EVEREST Group of Companies and from 2011 as a CEO of VIVARTIA Group (Food and Beverage) (Goody's - Everest - Olympic Catering). Mr. Papanikolaou is the President of SEPOA (Association of Organised Branded Food Service Chains) as well as a member of the Greek Tourism Confederation (SETE). Management biographies 86
Christophe Vivien | Group CFO Mr. Vivien has more than 20 years experience in finance and management. 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. He joined MIG in October 2004 as Chief Financial Officer. He is a member of the Board of Directors (as of 23.11.2016) and a member of the Executive Committee.
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. Disclaimer 87
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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