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Marfin Investment Group Financial Results: First Half 2013

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Marfin Investment Group Financial Results: First Half 2013 Investor Relations +30 210 3504046 www.marfininvestmentgroup.com Investor Release 2 September 2013 MARFIN INVESTMENT GROUP FINANCIAL RESULTS: FIRST HALF 2013 MIG achieves operating EBITDA profitability from recurring business operations (€11.1m vs. €1.6m losses in H1 2012) Consolidated H1 2013 revenues of €581.3m, 3.6% annual reduction, amid ongoing adverse economic and market conditions. Consolidated Q2 2013 revenues of €313.2m, vs. €323.3m in Q2 2012, implying a deceleration to the annual rate of revenue decline on a quarterly basis. H1 2013 EBITDA from recurring business operations 1 of €11.1m, a significant improvement vs. €1.6m loss in H1 2012, attributed to market share gains, expanding gross profit margins, cost containment effectiveness and improved efficiency. Reported group EBITDA of €4.0m, vs. €7.6m loss in H1 2012. Consolidated net loss, after tax and minorities, of €139.7m, adversely impacted by one-off deferred taxes (€35m) and discontinued operations’ losses (€22.8m), vs. €960.5m losses in H1 2012. H1 2013 Net Asset Value (NAV) of €1.23bn (vs. €1.30bn in FY2012), translating to a NAV per share of €1.59 (vs. €1.68 in FY2012). Cash balances, including restricted cash, of €177m at group and €100m at parent company level. Group receivables from the Greek state at €130m in H1 2013 vs. €146m in FY2012. Continuous dynamic asset rebalancing, aimed at deleveraging, yields the desired results, as consolidated gross debt declined by €61m vs. FY2012. Convertible Bond Loan (CBL) issue (29.07.2013) was covered by a total amount of €215m, of which €211.9m originated from the tender for exchange of bonds issued by the Company on 19.03.2010 and €3.1m represents new capital from the exercise of pre-emption rights. Bonds commenced trading on ATHEX as of 16 August 2013. 1 EBITDA from recurring business operations is defined as Group reported EBITDA excluding holding companies and non-recurring items 1 Investor Relations +30 210 3504046 www.marfininvestmentgroup.com Investor Release 2 September 2013 KEY EVENTS AND HIGHLIGHTS OF H1 2013: VIVARTIA H1 2012 H1 2013 Sales €300.2m €280.0m EBITDA €(0.5)m €(3.1)m Net Income after minorities €(31.8)m €(43.7)m Dairy: the division significantly outperformed the market thanks to important new product launches in value accretive segments (premium milk and yogurt). Despite an annual revenue reduction of 9% in the total Dairy & Drinks market, revenues in Vivartia’s Dairy division declined 4% y-o-y, resulting in market share gains (market share in the overall Dairy & Drinks market at 24.0% in June 2013 vs. 22.4% in December 2012). Frozen Vegetables & Dough: Vivartia’s Frozen Foods division reported flat sales growth y-o-y compared to 3% y-o-y decline in the total market. This resulted in market share gains (market share in frozen vegetables at 62.1% in June 2013 vs. 61.0% in December 2012 and at 23.9% in June 2013 vs. 21.6% in December 2013 in frozen dough), while it also validated the effectiveness of the strategy of improving price competitiveness in recruiting new users and increasing share of requirements with consumers. Food Services (FSE - Goody’s Group and Everest Group): performance continued to be adversely impacted (14% annual revenue decline) by the combination of the protracted recession in Greece (resulting to lower consumption) and the high VAT rate of 23%, which had a clear negative effect to profitability as the relevant rate increase from 13% had been absorbed by the business. As of 1 August 2013 and until the end of the year, the VAT rate has been reduced back to 13% (vs. 23% previously), which is expected to have a positive effect on consumption and profitability. Importantly, FSE’s travel related business (airport, vessels and national road motorists service stations) has been positively affected by the improved summer tourism, posting sales growth of +6% y-o-y. Vivartia remains focused and committed on a major, company-wide, cost containment effort, which has, so far, yielded cumulative savings in excess of €52m on a run-rate. These include organizational (synergies and economies of scale through the operational merger of business units, e.g. merger of Goody’s and Everest administrative functions) as well as operational savings (production cost, raw and 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). Bottom-line results have been burdened by €22.9m one-off deferred taxes, due to the increase in the corporate tax rate in Greece (from 20% to 26% as of 1 January 2013). To address the worsening market conditions in Greece, Vivartia has proceeded to the internationalisation of its operations. Two such major initiatives involve: 2 Investor Relations +30 210 3504046 www.marfininvestmentgroup.com Investor Release 2 September 2013 FMCG: in September 2012, Vivartia signed a Joint Venture (JV) agreement with Exeed Industries, the industrial arm of National Holding, for an exclusive cooperation on the food and agriculture sector in the UAE, GCC and MENA region, with a geographical scope that encompasses in excess of 330m consumers. The strategic aim is to become a significant regional player and the market leader in UAE. The JV will also focus on the set up of a dairy, juice and tea processing plant in the UAE with planned start of production in H2 2014. In the beginning of 2013, the JV started its operation through the exportation 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: establish international presence through the signing of master franchise agreements in order to set up a network in the Ukraine, Belarus, Kazakhstan, Albania and other Balkan countries (Montenegro, FYROM). The opening of the first 2 stores in Belarus is expected in mid-September, while another 2 stores are planned to commence operations by the end of 2013. ATTICA GROUP H1 2012 H1 2013 Sales €102.7m €106.7m EBITDA €(10.8)m €(0.9)m Net Income after minorities €(29.9)m €(21.1)m In H1 2013, group revenues increased 4% y-o-y, thanks to higher traffic volumes in the domestic market (+12% y-o-y in passengers and +7% y-o-y in private vehicles and freight units), following the deployment of one additional vessel in the domestic market (in July 2012 Blue Star Patmos, the youngest passenger ferry in operation globally, sailed on her first maiden voyage in the North Aegean). At the EBITDA level, the group was virtually break-even, a substantial improvement compared to H1 2012 (€9.8m improvement y-o-y), on account of efficient fleet management (journey time and frequency of service on certain routes adjusted for the level of demand), ongoing cost rationalisation (SG&A declined 11% y-o-y) as well as lower fuel costs (fuel cost per metric tonne, expressed in € terms, declined 8% y-o-y). In H1 2013, Attica continued to register market share gains in both the domestic and the Adriatic Sea market, hence maintaining its leading position in both markets. In the Cyclades (calling from the port of Piraeus) the group attained c50% market share across all traffic categories, over 90% in the Dodecanese and c40% in the North Aegean. In the Adriatic Sea (Bari and Ancona) Attica commanded market share of 37% in passengers, 37% in freight units and 30% in private vehicles. In early April 2013, Attica concluded the sale of the Ro-Pax vessel Superfast VI to Genting Group for €54m in cash. Following the vessel disposal, Attica reduced its debt 3 Investor Relations +30 210 3504046 www.marfininvestmentgroup.com Investor Release 2 September 2013 obligations by repaying c€50m to its lenders, including the full repayment of the loan related to the disposed vessel as well as partial repayment of other loans. In April 2013, Blue Star Patmos (the youngest passenger ferry in operation globally) received the best ferry award in the International Shipping Awards event organized in Rotterdam by ShipPax magazine. Blue Star Patmos received two awards: one for her exceptional design and one for her outstanding interior concept. In May 2013, Attica renewed its joint service agreement with ANEK Lines (originally signed in May 2011) for another 4 years (until 2017) related to the employment of vessels of the two companies in the international route Patras-Igoumenitsa-Ancona and the domestic route Piraeus-Heraklion, Crete. Attica is in the final stage of negotiations with lender banks to restructure existing debt facilities. Note that the group has maintained its debt leverage below 50% of fleet book value throughout the past 5 years, whilst completing its fleet renewal programme. HYGEIA GROUP H1 2012 H1 2013 Sales €123.3m €121.5m EBITDA €11.0m €15.5m Net Income after minorities €(4.4)m €(3.5)m Operating under a rather challenging environment (1.4% annual revenue decline), Hygeia Group delivered another strong set of financial results, registering a substantial operating EBITDA improvement (+41% y-o-y). The improvement stemmed from continuous cost optimisation (cost of goods sold and SG&A declined 6% and 8% y-o-y respectively), cooperation with EOPYY (newly-established National Organization for Healthcare launched in the beginning of 2012) and renewal of agreements with major insurance companies. Group bottom-line results were adversely impacted by (a) €2.5m deferred taxes, due to the increase in the corporate tax rate (from 20% to 26% as of 1 January 2013) and (b) losses from discontinued operations of €4.3m (related to the two hospitals in Cyprus).
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