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MARFIN INVESTMENT GROUP FINANCIAL RESULTS: Q1 2014 Containment of Operating Losses: EBITDA from Business Operations at €2.8M Loss Vs

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MARFIN INVESTMENT GROUP FINANCIAL RESULTS: Q1 2014 Containment of Operating Losses: EBITDA from Business Operations at €2.8M Loss Vs Investor Relations [email protected] www.marfininvestmentgroup.com Investor Release 23 May 2014 MARFIN INVESTMENT GROUP FINANCIAL RESULTS: Q1 2014 Containment of operating losses: EBITDA from business operations at €2.8m loss vs. €6.6m loss last year Consolidated Q1 2014 revenues of €257.3m vs €263.3m a year ago, amid a seasonally soft quarter, challenging market conditions and the impact to HYGEIA Group (€3.4m charge) related to the legal obligation to implement the automatic claw back and rebate mechanisms in the healthcare sector. Excluding this impact, consolidated revenues declined 1% y-o-y, matching the annual real GDP contraction (-1.1%) in Greece in Q1 2014. Note that the first quarter is seasonally less important, hence it is not indicative of full-year trends. EBITDA from business operations 1 at €2.8m loss, vs €6.6m loss a year ago. Containment of losses is attributed to ongoing gross profit margin expansion, efficiency improvements as well as cost containment effectiveness. The curtailment of operating losses is primarily associated to better results from VIVARTIA, ATTICA and HYGEIA (excluding aforesaid impact). Reported consolidated EBITDA at €9.1m loss, adversely impacted by the aforesaid charge to HYGEIA Group, vs. €10.0m loss a year ago. Consolidated net loss, after tax and minorities, of €51.7m, compared to a relevant bottom-line loss of €104.3m in Q1 2013. Note that Q1 2013 bottom- line results included a one-off €35m charge related to deferred taxes. Net Asset Value (NAV) at €978m (vs. €967m on 31.12.2013 and €1,240m on 31.03.2013), translating to a NAV per share of €1.27 (vs. €1.26 on 31.12.2013 and €1.61 on 31.03.2013). Cash balances, including restricted cash, of €141m at consolidated and €63m at parent company level. Consolidated gross debt declined by €29m vs 31.12.2013. The strategic agreement with Piraeus Bank marks a new development stage for our Group. Holding a portfolio of leading companies in the Food & Beverages, Passenger shipping, Healthcare and IT sectors, MIG will seek to play a vital role in the upcoming sector consolidation, for the benefit of its shareholders and the Greek economy overall. 1 EBITDA from business operations is defined as Group reported EBITDA excluding holding companies and non-recurring items 1 Investor Relations [email protected] www.marfininvestmentgroup.com Investor Release 23 May 2014 KEY EVENTS AND HIGHLIGHTS OF Q1 2014: VIVARTIA Q1 2013 Q1 2014 Sales €126.4m €129.8m FMCG €91.9m €99.7m Food Services (FSE) €35.6m €31.3m EBITDA €(6.7)m €(2.8)m FMCG €(2.7)m €0.8m Food Services (FSE) €(4.0)m €(3.6)m Net Income after minorities €(31.4)m €(15.3)m A strong start for the year, with sales increasing 3% y-o-y and revenue growth registered in two out of the three business segments (Dairy +8% y-o-y and Frozen +11% y-o-y). Group EBITDA improved by c€4m y-o-y, reflecting the operating leverage benefits. Dairy: Vivartia Dairy sales increased 8% y-o-y, despite 5% annual revenue decline in the Greek Dairy market, resulting in significant market share gains (26.5% in Q1-14 vs. 25.5% in Q1-13 in the total Dairy market). Innovative product launches in value accretive segments (premium milk and yogurt) during 2013 and improvements to the existing portfolio mix have been the most important winning factors. Frozen Vegetables & Dough: reported 11% annual sales growth vs. 1% y-o-y decline for the total Greek market. The division strengthened its market leadership (market share in frozen vegetables at 64.2% in Q1-14 vs. 63% in Q1-13 and in frozen dough at 23.9% in Q1-14 vs. 23.1% in Q1-13). This validated the effectiveness of the strategy of increasing brand awareness and penetration (especially in frozen vegetables) as well as price competitiveness. Food Services (FSE - Goody’s Group and Everest Group): reported revenues declined 12% y-o-y, on account of the protracted recession in Greece (resulting to lower consumption). Nevertheless, FSE like-for-like revenues, after excluding discontinued POS, increased 1% y-o-y. Similarly, the Travel related business (airport, vessels and national road motorist service stations) registered 6% like-for-like (after excluding discontinued POS) annual revenue growth. Moreover, the continued cost cutting efforts, the significant EBITDA margin improvement of all FSE brands, the improved performance at Goody’s Burger House (the new concept of Goody’s currently being rolled out) and the addition of the international POS supported the containment of losses at the EBITDA level. Note that as of 1 August 2013, the VAT rate has been reduced back to 13% (from 23%), which appears to have an initial positive effect on consumption. Cost optimisation: Vivartia remains focused and committed on a major, company-wide, cost optimisation effort, which has already yielded savings of €22m per annum (€77m cumulative savings since 2010). These include organizational (synergies and economies 2 Investor Relations [email protected] www.marfininvestmentgroup.com Investor Release 23 May 2014 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 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). Sector consolidation: in April 2014 DELTA signed a preliminary agreement to acquire a 43% stake in MEVGAL from the Papadakis-Chatzitheodorou families. The transaction consideration amounts to €4.5m, which will be paid following the repayment of an obligation worth €3.8m by MEVGAL to DELTA and the repayment of a convertible bond loan that is expected to be provided by the lending banks to MEVGAL as part of the company’s financial restructuring plan. With this transaction DELTA will increase its stake in MEVGAL to 57.8%. MEVGAL is a 64-year old dairy company based in Northern Greece, commanding market shares of 6.3% in the total milk market and 5.7% in the total dairy & drinks market in Greece (FY2013). MEVGAL is the leading dairy company in Northern Greece with market share that exceeds 20% in this region. Internationalisation initiatives: to address the challenging market conditions in Greece, Vivartia has embarked on a plan to expand its geographical reach: FMCG: construction of the MENA JV (JV was signed in September 2012 with Exeed Industries, the industrial arm of National Holding) dairy, juice and tea processing plant is underway, while it is expected to be operational in Q2 2015. As of 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): international presence has been established through the signing of master franchise agreements in targeted countries (Ukraine, Belarus, Kazakhstan, Albania, Montenegro, FYROM, Kosovo). In Q1 2014, 3 new POS commenced operations (1 in Belarus and 2 in FYROM). For the remainder of 2014, the expansion plan targets the roll-out of 13 additional POS in 7 different countries. 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 are produced in Greece and distributed by Granarolo’s network. Exports of the relevant products commenced in April 2014. 3 Investor Relations [email protected] www.marfininvestmentgroup.com Investor Release 23 May 2014 ATTICA GROUP Q1 2013 Q1 2014 Sales €41.0m €41.1m EBITDA €(7.9)m €(7.2)m Net Income after minorities €(19.3)m €(16.6)m st The 1 quarter is the weakest in terms of traffic volumes due to seasonality; hence it is not indicative of full-year trends. In Q1 2014, group revenues remained virtually unchanged y-o-y. As regards traffic volumes: Domestic market routes: +21.6% y-o-y in passengers, +22.9% in private vehicles and +11.5% in freight units, in 16% more sailings vs Q1 2013. Adriatic Sea routes: -9.9% y-o-y in passengers, -19.3% in private vehicles and -17.9%, in freight units, in 1% less sailings vs Q1 2013 (routes Patra-Igoumenitsa-Ancona and Patra-Igoumenitsa-Bari). The total Adriatic Sea market (data derived from the Greek Port Authorities): +9.7% in passengers, -2.5% in private vehicles and +1.6% y-o-y in freight units, in 8% more sailings vs Q1 2013. Operating EBITDA losses were efficiently contained, on account of operating leverage and improved efficiency: lower fuel costs as well as ongoing cost rationalisation efficient fleet management (journey time and frequency of service on certain routes adjusted for the level of demand) In April 2014, Attica announced that it is in advanced discussions/negotiations with its lending banks as well as with Fortress Credit Corp. These discussions have not yet been concluded, while any potential agreement is subject to the approval of the lending banks. These discussions involve, among other proposed corporate actions, assessment for the issuance of a convertible bond, the amount of which, the time of issuance and generally the timeframe for the finalisation of any potential agreement cannot yet be determined. Attica continuously assesses a series of actions for further cost containment and working capital management, aimed at strengthening its liquidity. Additionally, Attica
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