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DATE / 14/03/2013
2012 Annual Results
SAPMER, PROFIL
Yannick Lauri
CEO,
member of the board of Directors
3
REMINDER OF SAPMER’s
EXPERTISE
• Indian Ocean
• 5 tuna purse seiners at -40oC
• Fishing: Yellowfin, Skipjack, Big eye,
Albacore Tuna
• Fishing products:
• Whole Tuna
(< 3.5 kg at -40oC and brine)
• Processable Tuna
(> 3.5 kg at - 40oC)
•Storage at -40oC at Port-Louis
•Processing plant at Port-Louis
•Processed end products: loins,
steaks, kirimi, saku, under-belly,
colars
• Main markets:
• International markets including
Japan for Sashimi products and
Europe and the USA for steaks
• Mauritian and Seychelles canning
industries markets for whole tuna
• Main clients are import/export
companies and wholesalers.
No activity
• Main markets:
• Japan, China, the USA
• Main clients are wholesalers; part of
the sales are done via brokers
• 4 longliners
• Quota 2012/13 : 3 200 T (approximately)
• Toothfish headed, tail off, gutted,
packaged on board
• 1 pot lobster vessel
• Quota 2012/13 : 380 T (approximately)
• Rock Lobster prepared and
packaged on board
YELLOWFIN
SKIPJACK
TUNA
FISHING STORAGE, PROCESSING
AND VALUE ENHANCING
EXPORTATION AND
SALES
SOUTHERN SEAS FISHING IN THE ECONOMIC ZONES OF THE SOUTHERN AND ANTARCTIC TERRITORIES (TAAF)
TOOTHFISH
ROCK
LOBSTER
FILM PRESENTATION
SAPMER
4
5
OUR MARITIME LOGISTICS
AND OUR FISHING ZONES
5 THONIERS SENNEURS
Capacité : 1 000 T dont
700 en cale à -40°C
Navigation en continu
5 tuna purse seiners -40°C
Capacity : 1 000 T of which
700 T -40°C in freezing hold
300 T -20°C in freezing tank
Continuous fishing
Fishing zone: Indian Ocean
1 pot lobster vessel
Capacity : 240 T/fishing trip
2 fishing trips
Species fished: Rock lobster
Fishing zone: Southern seas
(EEC zone of the TAAF)
4 longliners
Capacity : 270 T/fishing trip
3 fishing trips
Species fished: Toothfish
Fishing zone: Southern seas
(EEC zone of the TAAF)
6
MARKETS STRONGLY
FOCUSED IN ASIA
Tuna
loins
Steak
Saku
Tataki
Tuna
steaks
Tuna steaks
Tuna
steaks
Tuna steaks
Kirimi, Carri
Whole tuna
Toothfish
Toothfish
Rock lobster 5% of
revenues
9% of
revenues
23% of
revenues
63% of
revenues
OUR MAIN MARKETS
7
A RAPID & WELL GOVERNED
DEVELOPMENT
A DEVELOPMENT MADE POSSIBLE BY A WELL ESTABLISHED ORGANISATION AND TOP QUALITY “PREMIUM” PRODUCT
INCREASE IN SAPMER S.A. REVENUES (IN M€)
Yannick Lauri
CEO,
Member of the board of Directors
2012 KEY EVENTS
In 2012, 2 naming ceremonies took place:
DOLOMIEU 22 March 2012 & BELOUVE 6 Septembre 2012
STRENGTHENING OF OUR
MARITIME MEANS
MEANS
9
ARRIVAL OF 2 DEEP FREEZE TUNA PURSE SEINERS AT -40°C
Built in Vietnam by SEAS, subsidiary of the French shipyards Piriou.
SAPMER REINFORCES ITS FOOD SAFETY REQUIREMENTS :
CERTIFICATION FRIEND OF THE SEA IN SEPTEMBER 2012
o International certification given to products from sustainable fishing
and aquaculture activities. It regroups all activities done on board the
ships as well as on shore, in the value enhancing and processing
factory Mer des Mascareignes.
o Friend of the Sea is a non-governmental organisation created in 2007,
whose aim is the preservation of marine habitat and their resources.
CERTIFICATION FSSC 22000 IN DECEMBER 2012
o Mer des Mascareignes has been certified ISO 22000 since 2010.
o Created in 2010 by the Global Food Safety Initiative (GFSI), this
certification takes the ISO 22000 requirements and adds those of the
PAS 220.
CERTIFICATION
FRIEND OF THE SEA
10
STRONG IMPLICATION IN SUSTAINABLE AND
RESPONSIBLE FISHING
RESPONSIBLE FISHING FOR BOTH ACTIVITIES :
TUNA FISHING
“Fishing responsibly” recognition delivered by Bureau Veritas
in April 2010.
Joined the International program “Dolphin Safe” by the Earth
Island Institute in August 2011
Certification Friend of the Sea in September 2012
SOUTHERN SEAS FISHING
Active participant alongside the TAAF administration and the
French National Natural History Museum of Paris, in the
handling of halieutic resources in the southern seas.
Group process for MSC certification (Marine Stewardship
Council) with other French ship-owners for a good
management of the “toothfish” resource – 2013 objective.
11
Yannick Lauri
CEO,
membre of the Board of Directors
SUMMARY OF 2012 FINANCIAL YEAR
13
2012 ACTIVITY
SUMMARY
STRONG INCREASE IN REVENUES
Operating profitability: 18.9%
Net profitability: 9.3%
2012 REVENUES INCREASED BY 21% TO 93.1 M€
GOOD FISHING CAMPAIGNS FOR ALL SPECIES FISHED
FISHING ACTIVITY : +15%
STRONG INCREASE IN VALUE ENHANCING ACTIVITY : +51%
FAVORABLE EXCHANGE RATES (€/US$)
14
15% INCREASE OF REVENUES TO 73.2 M€
ANALYSIS
FISHING ACTIVITY
Rock Lobster : quotas completed
Favourable price and exchange rate effect
Price index: 138
Toothfish : is impacted by a change in our 2012 and 2011 fishing trips’ dates
Slight price decrease
Price index: 139
Basic price index 100: average over the last 5 years (2007 to 2011)
Increasing volumes
Strong growth of average price
Pursuit of clients’ diversification
TOOTHFISH AND ROCK LOBSTER : 48.7 M€ vs 49.4 M€ in n-1
WHOLE TUNA: 24.0 M€ vs 13.8 M€ in n-1
2%12%
10%
43%
33%Other Asia
Europe
Japan
Mauritius
Seychelles
15
ANALYSIS
VALUE ENHANCING ACTIVITY
REVENUES INCREASED BY 51% TO 19.9 M€, +6.7 M€ vs n-1
7 660 tons of processed tuna vs 5 300 tons in 2011
Processed catch in progress: 36% of total catch
Strong increase of Mer des Mascareignes’s productivity
(33T/day on average in 2012)
Increase of the average price (clients recognise products of
Premium quality)
Sales mainly made in Euros
16
ANALYSIS
VALUE ENHANCING ACTIVITY
Loins : 68%
Steaks : 20%
Other processed products : 11%
Waste : 1%
BREAKDOWN OF REVENUES PER PRODUCTS
IN %
Japan : 72%
Europe : 21%
Other Asia* : 2%
Mauritius : 1%
USA : 4%
BREAKDOWN OF TOTAL REVENUES PER COUNTRY
IN %
*Hong Kong, Singapore, China, Taiwan, Korea, Indonesia, Vietnam
17
INCREASE OF
WORKFORCE
454 461
593
2010 2011 2012
Southern seas fishing : 168
Tuna fishing : 259
MDM factory : 79
Shore based : 51
Temporary: 22
STS/TPS : 14
BREAKDOWN ON 31/12/2012
132 Persons hired since 1st January 2012
SUMMARY 2012 RESULTS
Harald Chabot de l’Allier
CFO
19
CONSOLIDATED INCOME
STATEMENT (1st JANUARY – 31st DECEMBER)
IN M€ S1 2012 S2 2012 2012 2011
REVENUES 52.5 40.6 93.1 77.0
EBITDA* 12.9 11.3 24.2 20.5
OPERATING INCOME (EBIT) 9.9 7.7 17.6 15.2
% EBIT / REVENUES 19% 19% 19% 20%
FINANCIAL RESULT (1.9) (2.9) (4.8) (3.4)
INCOME TAXES (2.4) (1.8) (4.2) (4.0)
NET INCOME, GROUP SHARE 5.6 3.0 8.6 7.7
% NET INCOME / REVENUES 11% 8% 9% 10%
Revenues increased by 16.1 M€.
EBITDA increased by 3.7 M€
Financial result: -1.4 M€ due to two borrowings for the financing of Dolomieu and Belouve
Net profitability at 9% of revenues.
*EBITDA: Operating income before depreciation and
amortisation
20
QUICK GROWTH OF
VALUE ENHANCING ACTIVITY
0
50
Southern seasfishing Whole tuna Other
48.7
24.0
0.5
BREAKDOWN OF FISHING
ACTIVITY (IN M€)
STRONG INCREASE IN VALUE
ENHANCING (IN M€)
BREAKDOWN OF VALUE ENHANCING REVENUES PER
COUNTRY
Japan : 72%
Europe : 21%
Other Asia* : 2%
Mauritius : 1%
USA : 4%
*Hong Kong, Singapore, China, Taiwan, Korea, Indonesia, Vietnam
21
IMPACT OF OIL PRICES AND FOREIGN CURRENCIES
ON RESULTS
OIL PRICES
EXCHANGE RATE € /$
Average oil price in 2012 :
0.70€/l vs 0.63€/l in 2011
Impact of an increase of 0.10 € on Diesel price =
additional costs of 2 M€ for SAPMER
48% of 2012 sales made in $ US
Average exchange rate: 1.29 vs 1.39 in 2011 which
means an impact of 3 M€ on revenues
2012 Dollar rates
22
OPERATING SEGMENT CONTRIBUTION
TO OPERATING INCOME
FISHING ACTIVITY VALUE ENHANCING & PROCESSING
IN M€ 2012 2011 Var. 2012 2011 Var.
REVENUES 73.2 63.8 +15% 19.9 13.2 +51%
OPERATING
INCOME 16.3 13.7 +18% 1.3 1.5 -10%
% REVENUES 22.2% 21.5% 6.6% 11.1%
Our activities are profitable:
Fishing activity : 2.5 M€ increase thanks to good whole tuna sells which benefited from
good market price.
Value enhancing activity: 2012 results are stable.
23
SIMPLIFIED BALANCE SHEET
ON 31 DECEMBRE 2012
IN M€ 31/12/12 31/12/11 31/12/12 31/12/11
NET FIXED ASSETS AND
OTHER NON-CURRENT
ASSETS
138.2 97,2 SHAREHOLDERS’
EQUITY
45.9 38.4
LONG AND MEDIUM
TERM BORROWING
88.5 64.5
OTHER NON-CURRENT
LIABILITIES
16.9 17.0
CURRENT ASSETS
34.8 26.2 SHORT-TERM
BORROWING
10.0 5.0
CASH AND CASH
EQUIVALENTS
7.4
18.7 OTHER CURRENT
LIABILITIES
20.1 17.2
ASSETS HELD FOR
SALE
1.5 - LIABILITIES HELD FOR
SALE
0.4 -
TOTAL ASSETS 181.9 142,1 TOTAL LIABILITIES 181.9 142.1
24
GEARING
ON 31 DECEMBRE 2012
LIABILITIES IN M€
Gearing 1.98 1.32
31/12/2012 31/12/2011
Net financial debt: 91.2
Shareholder's equity 38.4
31/12/2012 31/12/2011
Work. Cap. 14.2 Work. Cap. 13.0
Net fixed assets and
assets held for sale:
139.6
ASSETS IN M€
Shareholder’s
equity: 45.9
Other liabilities:
12,5 Taxes : 4.1
Net
financial
debt: 50,9
Other liabilities:
13,3 Taxes : 6.0
Of which:
Tuna ships
and value
enhancing
activity
115.7 M€
And:
Southern
seas activity
23.9 M€
Net fixed assets:
95.6
Of which: Tuna
ships and value
enhancing activity
68.9 M€
And:
Southern seas
activity
26.6 M€
25
NET DEBT
ON 31 DECEMBRE 2012
50.9 M€
Net debt Net debt
91.2 M€New loans
33.0 M€
Change in
cash 11.2 M€
Other
1.0 M€
Other : Accrued Interest, profit sharing
Loan repayments
4.9 M€
26
CASH FLOW STATEMENT
ON 31 DECEMBRE 2012
19.2 18.6
+15.4
-6.3
-9.8
18.6
-50.5
+22.6 7.4
+16.7
31 DECEMBRE 2012 31 DECEMBRE 2011 In M€
Cash at the beginning of the period
Net cash flow from operating activities
Net cash flow from investing activities
Net cash flow from financing activities
Cash at the end of the period
Yannick Lauri
CEO
membre of the Board of Directors
NEW ORGANISATION SET UP
28
DEVELOPMENT OF AN INTERNATIONAL
ORGANISATION (1)
CREATION OF SAPMER HOLDING PTE Ltd
On August 1st 2012, the company SAPMER INVESTISSEMENTS sold all its 2 774 037 shares,
which represents 80.01% of SAPMER’s capital and voting rights, to SAPMER HOLDING PTE Ltd
company created under Singapore law.
Objective : Set up of a long term organisation in order to bear the
group’s development into International and especially Asian markets
Methodology : Creation of entities defined by and organised into
operating zones:
Reunion Island/ Mauritius Island/ Pacific Ocean
Management : Executive committee composed of Mr Yannick Lauri
(CEO), Harald Chabot (CFO) and François Leray (COO)
29
DEVELOPMENT OF AN INTERNATIONAL
ORGANISATION (2)
DEVELOPMENT PLAN
BASED ON THIS
ORGANISATION
Scope listed on
ALTERNEXT Paris
30
CONSTRUCTION OF A NEW PROCESSING FACTORY IN MAURITIUS
21 000 tons capacity of whole tuna, this unit includes administrative offices and a processing zone
of 2 500sqm.
o 1st step : production of Yellowfin, Skipjack and Albacore loins from fish of 3 kg min.
o 2nd step: production of vacuum packed ready to eat half-cooked tuna (tataki) and waste
recycling capacity.
Total value enhancing capacity in Mauritius: 30 000 tons of whole tuna/year.
COMING INTO OPERATION OF A -40° C COLD ROOM IN MAURITIUS
o Surface area of 2 000 sqm and a 2 500 tons capacity, this unit was built in partnership
with the Mauritian Group MFD (Mauritius Freeport Development).
Storage at -40°C in Mauritius: Tuna ships total storage capacity at -40°C : 6 100 tons.
STRENGTHENING OF SAPMER HOLDING LTD
INDUSTRIAL MEANS (1)
Coming into operation of a new processing factory and cold room: 2nd quarter 2013
31
2 Tuna ships under construction at the SEAS shipyards
Delivery August and November 2013
STRENGTHENING OF SAPMER HOLDING LTD
INDUSTRIAL MEANS (2)
SAPMER HOLDING LTD MEDIUM TERM INVESTISSEMENT
Defining in partnership with the PIRIOU shipyards of a new generation of tuna purse seiners at -40°C
Future order of 13 tuna ships
3 operational in the Indian Ocean
10 operational in the Pacific Ocean
Construction of a new processing and storage factory in the Pacific – Site under consideration: Papua New Guinea
Project 2015/2018
NEW ORGANISATION SET UP
Yannick Lauri
CEO, membre of the Board of Directors
33
Positive impact of 5 tuna ships operational during the full year
REASONS BEHIND SAPMER SA’S
GROWTH
2013 OVERVIEW
Toothfish : Maintain good prices
Quotas 2013 : slight increase
Rock Lobster : Steady demande
Quotas 2013 : slight increase
34
REVENUES:
10% GROWTH APPROXIMATELY
NET INCOME :
PRESERVE LEVEL OF PROFITABILITY
SAPMER SA
2013 OBJECTIVES
Yannick Lauri
CEO,
membre of the Board of Directors
SHAREHODLERS’ INFORMATION
36
STOCKMARKET
INFORMATION
89.7%
8.8%1.5%
SAPMER Holding PTE Ltd
Bearer and othershareholders
Directors and employees
BREAKDOWN OF SHARES ON 31 DECEMBRE 2012 Date of 1st listing : 8 July 2009
ISIN code : FR0010776617
Symbol: ALMER
Type : Alternext All-Shares
LISTED ON ALTERNEXT PARIS
Highest share price over 1 year : 28.50 €
Lowest share price over 1 year: 15.14 €
Number of shares: 3 467 298
Stockmarket capitalisation on 12th March 2013: 85.3 M€
STOCKMARKET INFORMATION
H1 2013 revenues : 1st August 2013
AGM: 21st May 2013
H1 2013 results: 12th September 2013
SHAREHOLDERS’ SCHEDULE
The board of directors will offer the payment of a dividend of
0.5€ per share during the AGM.