Sapmer Sa · EURONEXT:ALMER

Sapmer Sa — Shareholder Meeting (June 2015)

61 slides from Sapmer Sa's shareholder meeting presentation, Jun 30, 2015

  1. Slide 1: Ordinary Annual General Meeting Sapmer S.A. 30 June 2015

    ORDINARY ANNUAL GENERAL MEETING SAPMER S.A. 30 June 2015

  2. Slide 2: Content

    Content 1. Introduction 2. 2014 Financial Results 3. Statutory auditor’s reports 4. Focus on our operations 5. Improvement plan– tuna activity 6. Queries and answers 7. Vote on the resolutions 2

  3. Slide 3: Introduction

    INTRODUCTION 3

  4. Slide 4: SAPMER S.A. – Activities

    SAPMER S.A. – Activities  Fishing activities:  Since 1949 – Rock Lobster – 1 pot lobster vessel  Since 1981 – Toothfish – 4 longliners  Since 2009 – Tuna – 5 tuna ships -40°C SAPMER, Reunion Island, at its beginning  Value enhancing activity  2 plants (Sapmer Holding) – 30,000 tons of producti

  5. Slide 5: SAPMER S.A. – an entity of Sapmer Holding Group

    SAPMER S.A. – an entity of Sapmer Holding Group* *Simplified organisation chart of Sapmer Holding Group 5

  6. Slide 6: SAPMER S.A. – Fishing zones

    SAPMER S.A. – Fishing zones Seychelles Mayotte Mauritius Island Reunion Saint Paul & Island Amsterdam Crozet Kerguelen Islands Islands Islands TUNA TOOTHFISH ROCK LOBSTER 6

  7. Slide 7: SAPMER S.A. – Revenues

    SAPMER S.A. – Revenues Sapmer SA revenues In €m +24% - 2% - 4% 100,0 93.1 91.6 87.6 3 tuna vessels 5 tuna vessels 5 tuna vessels 80,0 77.1 2 tuna vessels 60,0 40,0 20,0 0,0 2011 2012 2013 2014 Rock lobster Toothfish Whole tuna Processed tuna Other 7

  8. Slide 8: 2014 Financial Results

    2014 FINANCIAL RESULTS 8

  9. Slide 9: Simplified Consolidated Income Statement – 1/2

    SIMPLIFIED CONSOLIDATED INCOME STATEMENT– 1/2 In €M 2014 2013 EVOLUTION Revenues 87.6 91.6 -4.4% EBITDA 1.4 17.6 -92% % of revenues 1.6% 19.2% EBIT -5.7 10.9 -152% % of revenues -6.5% 11.9%  The 2014 revenues reached 87.6 €m decreasing by 4.4% compared to 2013. The Group’s sales were penalised by d

  10. Slide 10: Simplified Consolidated Income Statement – 2/2

    SIMPLIFIED CONSOLIDATED INCOME STATEMENT– 2/2 In €M 2014 2013 Financial Income -4.9 -5.2 En €m Income Taxes -1.3 -1.7 Net Income -11.9 4.1 % of revenues -13.6% 4.5%  Financial income at -4.9 €m is in slight decrease due to a 0.5m foreign exchange gain  Despite a satisfactory level of activity of t

  11. Slide 11: Simplified Balance Sheet

    SIMPLIFIED BALANCE SHEET Assets - In €m Liabilities- In €m 160,0 140,0 Net fixed assets and Shareholder’s non-current 39.5 50.3 equity 120,0 assets 100,0 5.0 SAPMER 80,0 134.0 Net financial 128.2 Holding current debt 60,0 accounts 81.1 83.9 40,0 Other liabilities 20,0 Work Cap. and deferred 14.0 16.

  12. Slide 12: Net Debt

    NET DEBT In €m 90,0 85,0 Change in Other New loans cash 80,0 -6.4 2.0 0.2 2.0 75,0 Loans repayment 83.9 81.7 70,0 77,5 65,0 60,0 Net debt Net debt 31/12/2013 31/12/2014  On December 31, 2014 net debt amounted to 81.7 €m, down by 2.2 €m, mainly due to the repayment of loans for 6.4 €m, partially off

  13. Slide 13: Cash Flow Statement on 31 December 2014

    CASH FLOW STATEMENT ON 31 DECEMBRE 2014 10,0 Net cash- flows from Investments 8,0 operating activities -1.7 Evolution of Cash at the 4.4 financial debt 6,0 beginning of the period -4.4 4,0 6,569 Capital increase Net financial Cash at the 2,0 3.9 end of the interest paid 0.4 1.5 period 0,0 -6.4 5.0 -

  14. Slide 14: Stockmarket Information

    STOCKMARKET INFORMATION 08 juin 2015  Highest share price 2014 : 23.01 €  Lowest share price 2014 : 14.01 €  Share price at 31 December 2014: 15.48 €  Capitalisation at 31/12/2013: 54.2 €m  Total volume traded in 2014: 34,047 shares (3,498,598 of shares, or 0.97% of capital)  As a reminder, th

  15. Slide 15: Shareholders' Information

    SHAREHOLDERS’ INFORMATION  Listed on Alternext Paris  Date of 1st listing : 8 July 2009  ISIN Code : FR0010776617  Symbol: ALMER  Type: Alternext All-Shares 1.5% 1,5% 9.2% 9,2% Sapmer Holding PTE Ltd  Breakdown of shares: Bearer and other shareholders Directors and 89,3% 89.3% employees  Shar

  16. Slide 16: Conclusion

    CONCLUSION  4.4% drop of revenues and negative operating margin  The two historical fisheries (Rock Lobster and Toothfish) allowed increased revenues and positive results  However, 2014 was mostly influenced by the difficulties encountered by the tuna activity which impacted the Group’s accounts.

  17. Slide 17: Statutory Auditors' Reports

    STATUTORY AUDITORS’ REPORTS 17

  18. Slide 18: Report on the Annual Financial Statements

    REPORT ON THE ANNUAL FINANCIAL STATEMENTS Page 54 of Annual Financial Report  REMINDER – Annual financial statements approved by the Board of Directors on 20 March 2015 – Implementation of procedures of audit in accordance with professional standards  OPINION – Outright certification, based on the

  19. Slide 19: Report on the Annual Financial Statements

    REPORT ON THE ANNUAL FINANCIAL STATEMENTS  JUSTIFICATION OF ASSESSMENTS – Reminder of a context of economic and financial crisis in which the assessments used in the report were made – Control of the assets amortisation terms at closing, specifically of the fleet – Analysis of the inventories evalu

  20. Slide 20: Report on the Consolidated Financial Statements

    REPORT ON THE CONSOLIDATED FINANCIAL STATEMENTS Page 56 of Annual Financial Report  REMINDER – Annual financial statements approved by the Board of Directors on 20 March 2015 – Implementation of audit procedures in accordance with professional standards  OPINION – Outright certification, based on

  21. Slide 21: Report on the Consolidated Financial Statements

    REPORT ON THE CONSOLIDATED FINANCIAL STATEMENTS  JUSTIFICATION DES APPRECIATIONS – Reminder of a context of economic and financial crisis in which the assessments used in the report were made – Control of the entities consolidation terms established to provide funding for the tuna purse seiners – A

  22. Slide 22: Report on Related Party Transactions

    REPORT ON RELATED PARTY TRANSACTIONS Page 58 of Annual Financial Report  AGREEMENTS SUBMITTED TO THE SHAREHOLDERS FOR APPROVAL – Authorised for the year 2014 • Commercial and logistical services invoiced by the company SAPMER PREMIUM SEAPRODUCTS • A non exclusive licence agreement for the use of th

  23. Slide 23: Report on Related Party Transactions

    REPORT ON RELATED PARTY TRANSACTIONS  AGREEMENT ALREADY APPROVED BY THE GENERAL MEETING – Which continued to be in operation during the year 2014 • Sales credit approved by your company to the SAPMER HOLDING Pte Ltd company for the sales of MDM shares which occurred in 2013, and end of concomitant

  24. Slide 24: Focus Operation

    FOCUS OPERATION 24

  25. Slide 25: Focus Southern Seas Activity – Toothfish

    FOCUS SOUTHERN SEAS ACTIVITY – Toothfish  Campaign: 3 fishing trips of around 70 days each  Crew: 30 sailors + TAAF Observer  Longline fishing  On-board freezing at -25°C  Unloading in Reunion island  Annual Tonnage (quota) 3 300 tons approximately 2014-2015, fished by 4 ships 25

  26. Slide 26: Focus Southern Seas Activity – Rock Lobster

    FOCUS SOUTHERN SEAS ACTIVITY – Rock Lobster  Campaign: 2 fishing trips of around 60 days each  Crew: 49 sailors + TAAF Observer  Pot fishing  On-board freezing at -25°C  Unloading in Reunion island  Annual Tonnage (live quota) 345 tons 2014-2015, fished by 1 ships 26

  27. Slide 27: Focus Southern Seas Activity – Wharf side organisation

    FOCUS SOUTHERN SEAS ACTIVITY – Wharf side organisation  Operation team: preparation and monitoring of fishing trips  Warf side cold rooms: storage at -25° C  Technical and maintenance teams: unloading and maintenance of ships and fishing equipment  Offices: Administrative departments (HR, QHSE,

  28. Slide 28: Focus Southern Seas Activity – Revenues

    FOCUS SOUTHERN SEAS ACTIVITY – Revenues  Toothfish: 42.6 €m against 38.7 €m in 2013 (+10.1%)  Authorised quotas were fished in good operating conditions  Prices improved compared to 2013  The exchange rate Euro/dollar during the 2nd half was favourable HY1 2014 HY2 2014 Weak dollar Increase of d

  29. Slide 29: Focus Southern Seas Activity – Clients

    FOCUS SOUTHERN SEAS ACTIVITY – Clients 2014 Breakdown of revenues for Rock lobster 2013 Breakdown of revenues for Rock lobster Japan Other Japan Other  For Rock lobster, 2014 saw the opening of new markets, including China, hence reducing our exposure to Japan  Toothfish sales are mainly done in A

  30. Slide 30: Focus Southern Seas Activity – 2015 prospects

    FOCUS SOUTHERN SEAS ACTIVITY – 2015 prospects  Toothfish:  Gain of 101 tons of complementary quota (+3.1%) for the 2014-2015 campaign, due to an increase in the stock of the resource  Toothfish price level remains on a positive trend in 2015  Demand continues to be strong in Asia and the USA. Fo

  31. Slide 31: Sapmer Film

    SAPMER FILM 31

  32. Slide 32: Focus Tuna Activity

    FOCUS TUNA ACTIVITY Since December 2014 the tuna ships have been unloading their catch in the Seychelles to stay close to the fishing zone Seychelles Indian Ocean Transport of premium quality tuna at -40° in containers from the Seychelles to Mauritius Island Export of regular quality tuna to world w

  33. Slide 33: Focus Tuna Activity

    FOCUS TUNA ACTIVITY 4  Campaign: 5 fishing trips of approximatively 10 weeks each (an average of two unloading per trip)  Crew: 33 sailors + 4 soldiers  Purse seiner fishing (photos 1 et 2)  Frozen on-board at -40°C and on-board sorting (photo 3)  Unloading at the Seychelles (photo 4) 1 2 3 33

  34. Slide 34: Focus Tuna Activity – Stock of the IO resource

    FOCUS TUNA ACTIVITY– Stock of the IO resource Stock of the resource in the Indian Ocean  Skipjack and Yellowfin stocks in the Indian Ocean are green, there is no over exploitation of these species.  Yellowfin is not currently overexploited*. The stock of Yellowfin is not currently overexploited.

  35. Slide 35: Focus Tuna Activity

    FOCUS TUNA ACTIVITY FISHING FROZEN ON-BOARD AT 40°C ON-BOARD SORTING 2014 RATES REGULAR QUALITY PREMIUM QUALITY VALUE ENHANCED IN PLANTS WITHOUT DEFROSTING CANNING INDUSTRIES END CLIENT 35 &

  36. Slide 36: Focus Tuna Activity

    36 FOCUS TUNA ACTIVITY FISHING FROZEN ON-BOARD AT 40°C ON-BOARD SORTING REGULAR QUALITY CANNING INDUSTRIES 2014 RATES PREMIUM QUALITY VALUE ENHANCED IN PLANTS WITHOUT DEFROSTING END CLIENT

  37. Slide 37: Focus Tuna Activity

    FOCUS TUNA ACTIVITY Base 100 SAPMER Fishing 2012-2013-2014 100 0 90 0 80 0 70 0 60 0 50 0 40 0 30 0 20 0 10 0 Tonnage Tonnagepêché fishedpar pernavire ship  After a good month of January, the year 2014 was globally weak in fishing terms, without any increase in April, June or December like it was t

  38. Slide 38: Focus Tuna Activity

    38 FOCUS TUNA ACTIVITY FISHING FROZEN ON-BOARD AT 40°C ON-BOARD SORTING 2014 RATES PREMIUM QUALITY VALUE ENHANCED IN PLANTS WITHOUT DEFROSTING END CLIENT

  39. Slide 39: Focus Tuna Activity – Annual average prices in EUR/MT

    FOCUS TUNA ACTIVITY Annual average prices in EUR/MT Canning industry Indian Ocean prices 2500 2000 Prices in Eur/Mt 1500 Yellowfin +10kg Albacore +10 kg Yellowfin -10kg Albacore -10 kg 1000 Skipjack +1.8kg Listao +1.8kg Long term trend 500 0 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 201

  40. Slide 40: Focus Tuna Activity

    FOCUS TUNA ACTIVITY FISHING FROZEN ON-BOARD AT 40°C ON-BOARD SORTING REGULAR QUALITY VALUE ENHANCED IN PLANTS WITHOUT DEFROSTING END CLIENT I I CANNING INDUSTRIES l I I I

  41. Slide 41: Focus Tuna Activity

    FOCUS TUNA ACTIVITY Breakdown of revenues per product in % 2%  Our two main valued products are loins which 13% represent 59% of our valued products revenues (54% in 2013) and steaks for 26% 26% (30% in 2013) 59% LONGES LOINS STEAKS STEAKS Autres Other produits processed nobles products Dechets Was

  42. Slide 42: Focus Tuna Activity

    FOCUS TUNA ACTIVITY  The value enhancing activity registers revenues of 22.1 €m against 17.7 €m the previous year  The analysis carried out in the second half demonstrated that our production costs are too high on some of our products 42

  43. Slide 43: Tuna Activity Improved – 2-year action plan

    TUNA ACTIVITY IMPROVED 2-year action plan 43

  44. Slide 44: Tuna Activity Improvement Plan – On-board

    TUNA ACTIVITY IMPROVEMENT PLAN ON-BOARD Provide additional and appropriate means to our tuna ships Create the best possible fishing conditions Reduce operating costs  Systematic replacement of used fishing nets (maximum of 4-year use) and positioning of a replacement net in the Seychelles for the e

  45. Slide 45: Tuna Activity Improvement Plan – On-shore

    TUNA ACTIVITY IMPROVEMENT PLAN ON-SHORE Increase the number of fishing days by decreasing transit and unloading time Maximise the value of the fish according to their species, size and quality  100% of our unloadings are now done in the Seychelles  Setting up of a SAPMER team dedicated to SAPMER’s

  46. Slide 46: Tuna Activity Improvement Plan – Logistics, Sales and Marketing

    TUNA ACTIVITY IMPROVEMENT PLAN LOGISTICS, SALES AND MARKETING Make all our products reach positive margins Aim at a “premium” positioning of our products  Only top quality fish is transported from the Seychelles to Mauritius in order to be processed (20 to 25% of our catch)  Reduction of operating

  47. Slide 47: 2015 Perspective

    2015 PERSPECTIVE  Fishing levels similar to those achieved at the end of June 2014  Whole tuna price stayed low similar to the level achieved at the end of the year 2014  No upturn of the loin market was observed  Significant drop of the price of Diesel  Entry this summer of the first assistanc

  48. Slide 48: Conclusion

    CONCLUSION  Offer the best quality of seafood amongst the most “noble” species  After a strong growth of its fleet before the access limitation to the resource, SAPMER entered a phase of high development of the strong model it implemented  The next two years will gradually see the effects of the

  49. Slide 49: Queries and Answers

    QUERIES AND ANSWERS 49

  50. Slide 50: Vote on the Resolutions

    VOTE ON THE RESOLUTIONS 50

  51. Slide 51: Resolutions

    RÉSOLUTIONS SOUMISES À L’APPROBATION RESOLUTIONS DE L’ASSEMBLÉE GÉNÉRALE  1st resolution: approval of SAPMER SA annual financial statements 51

  52. Slide 52: Resolutions

    RÉSOLUTIONS SOUMISES À L’APPROBATION RESOLUTIONS DE L’ASSEMBLÉE GÉNÉRALE  1st resolution: approval of SAPMER SA annual financial statements  2nd resolution: profit approbation 52

  53. Slide 53: Resolutions – Appropriation of Profit

    RESOLUTIONS AFFECTATION DU RÉSULTAT See the details of the additional resolutions in the document handed out to you The board of directors proposes to appropriate the 15 328 775€ profit for the year as follows:  Amount of other reserves: 893 937€  Appropriation of other reserves: -893 937€  Balan

  54. Slide 54: Resolutions

    RÉSOLUTIONS RESOLUTIONSSOUMISES À L’APPROBATION DE L’ASSEMBLÉE GÉNÉRALE  1st resolution: approval of SAPMER SA annual financial statements  2nd resolution: profit approbation  3rd resolution: approval of the Group’s consolidated financial statements 54

  55. Slide 55: Resolutions

    RESOLUTIONS RÉSOLUTIONS SOUMISES À L’APPROBATION DE L’ASSEMBLÉE GÉNÉRALE  1st resolution: approval of SAPMER SA annual financial statements  2nd resolution: profit approbation  3rd resolution: approval of the Group’s consolidated financial statements  4th resolution: related party agreements 55

  56. Slide 56: Resolutions

    RESOLUTIONS RÉSOLUTIONS SOUMISES À L’APPROBATION DE L’ASSEMBLÉE GÉNÉRALE  1st resolution: approval of SAPMER SA annual financial statements  2nd resolution: profit approbation  3rd resolution: approval of the Group’s consolidated financial statements  4th resolution: related party agreements  5

  57. Slide 57: Resolutions

    RESOLUTIONS RÉSOLUTIONS SOUMISES À L’APPROBATION DE L’ASSEMBLÉE GÉNÉRALE  1st resolution: approval of SAPMER SA annual financial statements  2nd resolution: profit approbation  3rd resolution: approval of the Group’s consolidated financial statements  4th resolution: related party agreements  5

  58. Slide 58: Resolutions

    RESOLUTIONS RÉSOLUTIONS SOUMISES À L’APPROBATION DE L’ASSEMBLÉE GÉNÉRALE  1st resolution: approval of SAPMER SA annual financial statements  2nd resolution: profit approbation  3rd resolution: approval of the Group’s consolidated financial statements  4th resolution: related party agreements  5

  59. Slide 59: Resolutions

    RESOLUTIONS RÉSOLUTIONS SOUMISES À L’APPROBATION DE L’ASSEMBLÉE GÉNÉRALE  1st resolution: approval of SAPMER SA annual financial statements  2nd resolution: profit approbation  3rd resolution: approval of the Group’s consolidated financial statements  4th resolution: related party agreements  5

  60. Slide 60: Resolutions

    RESOLUTIONS RÉSOLUTIONS SOUMISES À L’APPROBATION DE L’ASSEMBLÉE GÉNÉRALE  1st resolution: approval of SAPMER SA annual financial statements  2nd resolution: profit approbation  3rd resolution: approval of the Group’s consolidated financial statements  4th resolution: related party agreements  5

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