presentation of the 2011 half yearly results...2011/09/28 · presentation of the 2011 half yearly...
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Presentation of the 2011 half
yearly results
Palais de la Bourse
Paris, 28 September 2011
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Sapmer in brief
Yannick Lauri – General Manager, member of the Board of Directors
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3
Perfect control of the value chain.
1/ Fishing activity
2/ Value enhancing and
processing
of halieutic
ressources
Sapmer’s core business
“SAPMER value enhances the wealth of the sea”
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4
1 freezer lobster trawler factory ship for
Rock Lobster catch
Sapmer’s quotas : 400 tons/year
4 freezer longliner factory ships for
Toothfish catch
Sapmer’s quotas : 3 200 tons/year
15 000 sq metter of storage in Reunion
Island representing 2 000 tons of stored
and labelled products
Southern seas fishing
Logistics means
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3 new-generation tuna purse seiners
-40oC on board deep freeze
Sashimi quality
Catches not subjected to quotas
Storage capacity at -40oC of 2 700 tons
in Mauritius
Value enhancing and processing
factory (Mer des Mascareignes Ltd) of a
6 000 tons/year capacity in Mauritius
Tuna fishing
Logistics means
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Our fishing zones
Indian Ocean
Yellowfin Tuna / Thunnus albacares
Skipjack / Katsuwonus pelamis
On board deep freeze at -40oC
Start up phase in 2010
Economic Zones of the French
Southern and Antarctic Territories
Rock Lobster / Jasus paulensis
Toothfish / Dissostichus eleginoides
Sapmer’s historic activity
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7 7
Our Toothfish and Rock Lobster markets
Toothfish : VDK products or value enhanced
Frozen whole cooked or raw Rock Lobster
and frozen tails
Sapmer’s Rock Lobster and Toothfish markets:
Mainly Asia/Japan, the USA, Europe and other local markets
(Reunion Island & Mauritius Island)
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Our gross tuna markets
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Frozen fish -40oC without factory process :
Japonese Katsuobushi market which comprises
three sub-markets:
Honbushi – smoked and dried fish cuts
Arabushi – Honbushi cuts and sawdust
Namaribushi – boiled skipjack
Brine frozen fish at –18oC
Canning industry
Sapmer’s gross tuna markets:
Mauritius, Japan, Thailand
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Our markets for value enhanced and processed tuna
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Loin
Steak
Saku
Tataki
Steak
Steak
Steak
Steak
Kirimi, Carry
Catering/restaurants, supermarkets, sushis bars, specialized hig-
end supermarkets, industries of prepared dishes
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Main events of the 1st half 2011
Yannick Lauri General Manager, member of the Board of Directors
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11
Southern seas fishing
Tuna fishing
Toothfish & Rock Lobster :
Catch of our full quota during the
2010/2011 campaign
Renewed quotas for 2011/2012, with a
slight increase for Toothfish (+3%)
Since January 2011, 3 tuna purse seiners
have been in activity in the Indian Ocean
against 1 on S1 2010
A 1 800 tons storage unit at -40°C in Port
Louis (Mauritius) came into operation in
February 2011
1st half 2011, satisfactory fishing campains
and a strengthening of logistic means
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The rapid expansion of the value enhancing and processing activity
speeds up:
On 30 June 2011, 2 436 tons of tuna were processed in 6 months (Fish frozen
at -40oC)
Actions aiming at improving MDM factory’s productivity continue
Value enhancing and processing activity
Joining new markets and
diversifying our clientele
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Value enhanced tuna revenues analysis
Breakdown of Revenues per product in %
Value enhancing and processing activity
*Saku, Kirimi, Belly, Collar, and others
Breakdown of Revenues per country in %
55%33%
8%
4%
Japan Europe Africa Mauritius/Reunion
S1 2011 value enhanced tuna revenues: 4.4 M€
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Southern seas fishing
Steady demand from Asian countries :
China
Japan
Revenues S1 Southern seas: 31.6 M€
Increased sales prices*
Rock Lobster index 139
Toothfish index 150
Our markets 1st semester 2011
*Base 100 : average over last 5 years (2006 to 2010)
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Simplified organization chart 30 June 2011
Strengthening of our team
to support the company’s growth
Chairman of the Board of Directors
Jacques de Chateauvieux
General Manager
Yannick Lauri
Deputy General Manager Finance
H arald Chabot de L’Allier
HR, Administrative and
Legal Manager Sales Manager
Operation
Manager
Technical-
Purchase Manager
Ships’ Captains
Sapmer
Management
Services
Sapmer
Technical
Services
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Breakdown of staff at 30 June 2011
On 30 June 2011, headcount reach 448 persons
*including 148 foreign sailors
MDM : Mer des Mascareignes
STS : Sapmer Technical Services
SMS : Sapmer Management Services
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Summary of first half yearly
Financial results
Harald Chabot de L’Allier
Deputy General Manager Finance
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M€ S1 2011
6 months
S1 2010
6 months
2010
12 months
Revenues 42.2 22.8 48.0
Gross operating income (EBITDA) 10.0 3.0 7.7
Operating income (EBIT) 7.0 1.3 3.4
% EBIT / Revenues 16.7% 5.6% 7.2%
Financial income (1.5) (0.9) (3.0)
Income taxes (1.0) 0.1 0.2
Net income, Group share 4.6 0.4 0.6
% Net income / Revenues 10.9% 2.0% 1.3%
Number of ships in operation 8 6 7
Income Statement
IFRS Consolidated income statement (1st January – 30th June)
Operating income increased by 5.8M€, and was multiplied by 5.5 between 2010 first half and
2011 first half
The financial income is made of debt interests related to the tuna ships for -1.7M€ and of the
discounted fair value of financial hedging for +0.2M€
Net income amounts to 4.6M€, i.e. +4.2 M€ compared to 2010 first half
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Operating segments contribution to EBIT
Fishing activity Value-enhancing and
processing
Total
M€ S1 2011 S1 2010 Var. S1 2011 S1 2010 Var. S1 2011 S1 2010 Var.
Revenues 37.7 21.8 73% 4.5 1.0 350% 42.2 22.8 85%
Operating
income 6.8 1.6 317% 0.3 (0.4) 170% 7.0 1.3 458%
% Revenues 18.0% 7.5% 5.7% -36.7% 16.7% 5.6%
Fishing income has sharply increased thanks to rock lobster and toothfish activities, while
starting costs still hinders gross tuna income and our products positioning faces strong well
established market competition
Value-enhancing and processing activity yielded a positive income during 2011 first half
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20 20
Fishing activity (M€)
S1 2011 details (M€)
S1 2010 S2 2010 S1 2011
21.8 23.337.7
Southernseas
fishing
Grosstuna
Otheractivities
31.6
5.8 0.3
+14.4 M€
Value-enhancing and
processing
(M€)
+2.5 M€
Revenues analysis
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EBIT Analysis S1 2011 vs S1 2010
M€
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IFRS Simplified Balance sheet at 30 June 2011
M€ 30/06/11 31/12/10 30/06/11 31/12/10
Net fixed assets and
other non-current assets
93.1 95.4 Shareholders’ equity 37.8 32.6
Long and medium term
financial debt
66.6 69.3
Other non-current
liabilities
13.3 14.3
Current assets 22.4 18.5 Short-term financial debt 5.6 6.2
Cash and cash
equivalents
20.6 19.3 Other current liabilities 12.7 10.8
TOTAL ASSETS 136.1 133.2 TOTAL LIABILITIES 136.1 133.2
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Gearing as at 30 June 2011
Net gearing improved from 1.72 to 1.36 over a six-month period
M€
WC (1) 9.6 WC (1) 7.7
Net fixed assets and other non-
current assets 93.1
Net fixed assets and other non-
current assets 95.4
S1 2011 2010
Assets
Other liabilities 13.3
Other liabilities 14.3
Net financial debt 51.6
Net financial debt 56.2
Shareholders’ equity 37.8
Shareholders’ equity 32.6
S1 2011 2010
Liabilities
Tuna ships+ Factory
64.9
Southern seas fishing
28.2
Tuna ships+ Factory
65.7
Southern seas fishing
29.7
Gearing 1.36 1.72
30/06/11 31/12/10 31/12/10 30/06/11
(1) WC : Working capital
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Change in Net debt between December 2010 and June 2011
Net debt 31/12/10
56.2 M€
Net debt30/06/11
51.6 M€
Change in
financial debt
-3.2 M€
Change in cash
-1.4 M€
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Cash flow statement 2011 first half vs 2010 first half
Operating cash flow is impaired by the increase of the working capital.
Investments in 2010 related to the tuna purse seiners Manapany and Bernica.
Financing operations for 2011 first half : dividends (-0.7 M€), loan disbursements (-3 M€) and
financial interests (-1.7 M€) vs positive cash flow in 2010 due to loans received and cash from
finance lease companies’shareholders.
M€ June 2011 June 2010
19.2
11.5 7.0
9.8
-0.3 -14.8 -5.4
9.8
20.6
16.4
Cash at the beginning of the periodNet cash flow from operating activitiesNet cash flow from investing activitiesNet cash flow from financing activitiesCash at the end of the period
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Objective and development strategy
Yannick Lauri General Manager, member of the Board of Directors
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Renewed proof of SAPMER’s involvement
in the sustainable handling of marine resources
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Joining date: August 2011
Program initiated by Earth Island Institute (organisation founded in 1982)
Objectives : Implement practical actions to protect dolphins and gain the label ‘Dolphin
Safe’ (Risk free for dolphins)
15 recommendations are set for :
Selective fishing technics avoiding side catch and protecting marine mammals, sea birds,
sea tortoises and other non targeted species
Reduction of juvenal tuna catches
Unscheduled supervisions of the tuna ships by inspectors to observe fishing operations, as
well as during unloading, storage…
Sapmer joined the International program ‘Dolphin Safe’
Organisation of corporate seminars
Good practices for responsible fishing
Quality oriented process from fishing operations to delivery to the end client
“Quality, innovation, cost control for a sustainable growth”
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Objectives in figures for 2011
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Sapmer stricly follows its CAP 2012 plan :
Sales exceeding 65 M€
Higher operating profitability compared to 2010
Our 3 tuna purse seiners are fully operational in the Indian Ocean
The concept of strong value added products is recognized by
international customers
In 2011, Sapmer is expected to achieve:
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Main work objectives for 2nd semester 2011
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Optimising and strengthening of resources
Increase of -40oC storage capacity in Mauritius, now at 3 600 tons (fully
operational at the end of September 2011)
Optimization of the processing line at Mer des Mascareignes factory
and increase of the production up to 6 000 tons
Sapmer Management Services subsidiary aims at : supervising the
logistics related activities in Mauritius (unload, storage, financial control, ship
supplies…)
Sapmer Technical Services subsidiary aims at : engineer and consultancy
structure which objective is to supervise all ship buildings as well as other
types of constructions
Currently working on our CAP 2018
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Stockmarket news
Yannick Lauri General Manager, member of the Board of Directors
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Breakdown of share capital 30 June 2011
31
Total number of shares: 3 467 298
80.0%
13.1%
4.7% 2.2%
Jaccar Holdings
Bearer and othershareholders
Crédit Agricole
Directors andemployees
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Stock market data
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ISIN : FR0010776617- ALMER
Share price when first introduced on stock market: 15 €/action
Highest share price 2011 : 15.79 €
Lowest share price 2011 : 12.20 €
Share price on 27/09/2011 : 13.50 €
Stock market capitalization on 27/09/2011: 46.8 M€
Shareholders’ schedule
2011 Annual revenues 8 February 2012*
2011 Annual results 8 March 2012*
SFAF meeting 8 March 2012 at 11h30
AGM 7 June 2012
First half revenues 2012 30 July 2012
Market price
*Data released before the opening of the stock market
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Presentation of the 2011 half
yearly results
Palais de la Bourse
Paris, 28 September 2011