DECEMBER 2008 DIAS AQUACULTURE GROUP PRESENTATION

Transcription

1 DECEMBER 2008 DIAS AQUACULTURE GROUP PRESENTATION

2 Contents The Mediterranean Sector 4 Greek Sector Char/stics 7 DIAS Group Profile 10 Business Entities 12 Production 13 Sales Breakdown 19 Strategic Goals 20 Our Advantages 21 Stock Market Data 22 Financials 23 Market Situation and Outlook 28 2

3 Stelios Pitakas CEO Vision to become the leading player in the European aquaculture sector, maintaining our exceptional growth and return rates Stelios Pitakas C.E.O 3

4 Mediterranean Aquaculture Sector Refers principally to sea bream and sea bass Total European production for 2008 at 1 billion fry and tons fish Total European production for 2009 at 880 million fry and tons fish Total Greek production at fry and tons fish Egypt, Morocco, Tunis 1,8% France 3,2% OTHER 4,4% Key European Producers Greece 48,0% Italy 6,3% Price of Market Size Fish (in /kilo) Sea Bass Sea Bream (6M) Spain 12,4% Turkey 23,8% 4 Source: Kontali analyse AS

5 Mediterranean Aquaculture Sector Mediterranean Fish Farming Volume Evolution E Greece Turkey Spain Italy France Others Mediterranean Fish Farming Growth month data Mediterranean Fish Feed Volume Evolution Source: Kontali analyse AS

6 Trade Flow of Bream & Bass

7 Greek Sector Characteristics Less than 100 Greek aquaculture companies 5 listed Groups in the ASE controlling over 70% of the Hellenic production Ongoing consolidation process Barriers to entry Remarkable export orientation Lack of product branding Increasing consumer awareness of product s nutritional value Consolidation Over Time * estimate Companies Licenses 7 Source: FGM

8 Greek Sector in Numbers Eur Mn Sales EBITDA EATAM NIREUS S.A. 163,5 22,1 0,34 SELONDA S.A ,4 0,15 DIAS S.A. 112,5 15,8 3,7 GALAXIDI S.A. 22,2 2,8 0,45 31/12/09 Eur Mn Sales EBITDA EATAM NIREUS S.A. 169,8 29,9 0,31 SELONDA S.A. 120,3 21,8 1,2 DIAS S.A. 93,9 12,7 2,6 HELLENIC FISHFARMING S.A. 69,3-22,4-24,1 GALAXIDI S.A. 22,6 3,1 0,5 31/12/08 Source: Consolidated published figures 8

9 Greek Sector in Numbers Eur Mn Sales EBITDA EATAM NIREUS S.A. 40,2 5,7 1 SELONDA S.A. 23,2 4,6 0,5 DIAS S.A. 28,7 4 0,7 3M 2010 Eur Mn Sales EBITDA EATAM NIREUS S.A. 40,2 5,1 0,6 SELONDA S.A. 28,2 3,7 0,7 DIAS S.A. 24,2 3,9 1,3 3M 2009 Source: Consolidated published figures 9

10 Dias Group Profile Amongst the 3 largest fully integrated groups in the aquaculture industry in Greece. Four main business units are incorporated, namely the operation of fish-farming units and hatcheries, the operation of a fish-feed factory as well as a fish processing plant, where the main products are: sea bream (Sparus aurata) sea bass (Dicentrarchus labrax) fish juveniles Various product codes of fish feed gutted fish and fish fillet map products. 10

11 Major Milestones 1992 Foundation of Dias Aquaculture S.A 1999 Establishment of first hatchery unit Listing of Dias Aquaculture S.A. in Athens Stock Exchange Acquisition of Neptunus Aquaculture S.A Acquisition of Group s fish feed factory Zoonomi S.A. Acquisition of Mare Nostrum S.A. Acquisition of Merkos S.A Acquisition of Ippokampos S.A. Acquisition of Sparfish S.A 2009 Acquisition of Kleidaras S.A Strategic Alliance with BIOMAR GROUP 11

12 Business Entities 2 hatcheries 31 fish farming sites 8 modern packaging centers 2 distribution centers 1 purification & dispatch center for mussels 1 fish-feed factory 1 factory for packaging material 2 trading companies 1 fish-processing factory 12

13 Verticalized Production A series of strategic acquisitions and consecutive investments has rapidly evolved Dias as one of the leading, fully verticalized Groups in Europe, ensuring: High quality end product Quality assured raw material Full traceability Sustainable growth PACKAGING STATIONS PROCESSING & STADARDIZATION BROODSTOCK (EGGS) WEANING TANKS (LARVI) NURSERY TANK (FRY) ON- GROWING (FISH) FISH FEED FACTORY 13

14 Facilities Site Map Hatchery (H) Fish Feed Factory (FF) Packaging Station (PS) Fish Farming Unit (FU) Fish Processing Factory (FP) Headquarters (HQ) Ag. Serafim FU PS(47.S.84) Viotia (Spar Fish) FU PS(08.S.99) Korinth FF (Zoonomi) Tolo (maramataki) FU Argolida (Neptunus) FU PS (04.S.42) Maliakos (Axladi) H FU Poros FU PS (39.S.97) Elefsina(Mer kos) HQ FP PS (02.KN.130) Salamina FU Astypalaia FU PS (11.S.92) Rodos FU PS (11.S.150) Kalimnos (kleidaras) FU PS (11.S.56)

15 Current Production Capacity tons end product 50 million fry 100 tons per day packaging capacity tons fish-feed products SEA BREAM Fish Feed MAP Products Fish Juveniles Processed SEA BASS 15

16 Our Species / whole - chilled products Royal Sea Bream Sparus auratus, (Linaeus 1758) Mediterranean Sea Bass Dicentrachus labrax, (Linaeus 1758) Sharpsnout Seabream Diplodus Puntazzo, (Cetti 1777) Meagre Argirosomus Regius, (Asso 1801) 16

17 ADDED VALUE Products GUTTED /DISCALED /DIGILLED VARIOUS TYPE OF FILLETS Our species & a range of other Sea food products are processed in various ways, in order to meet the needs of wholesale and retail markets. 1. GUTTED/ SCALED/ GILLED 2. VARIOUS CUT FILLETS 3. MAP (Modified atmosphere packaging) 4. FROZEN (Various packaging)

18 Annual Fish Production * In th. tons ,15 2,4 2,

19 Sales Breakdown We are distributing our Sea food products to more than 20 countries worldwide, delivering approx. 400 tons of fish per week all year long. UNITED KINGDOM 3,4% FRANCE 6,6% GERMANY 4,3% PORTUGAL 2,4% RUSSIAN FEDERATION 1,8% HOLLAND 2,5% UNITED STATES 1,0% OTHER 4,9% ITALY 31,0% GREECE 20,0% SPAIN 22,0% 19

20 Strategic Goals Explore production opportunities outside Greece Penetration to new markets Delivery of value added branded products Improve further production techniques Lead sector consolidation 20

21 Our Advantages Sector s higher ROE Significant cost containment Fully integrated since 2007 Competent management High potential to become a market consolidator Major shareholder possesses significant company control Comparatively low external financing 21

22 Stock Market Data INVESTMENT MARKET FACTS Reuters Ticker: DIXr.AT Bloomberg Ticker: DIFF GA Index : FTSE/ASE Small Cap No. of Shares : /06/10 Mkt Cap EUR 36 Mn DIAS Vs GI / 6month (January 2010 June 2010) Shareholder s Structure Free Float 25,7% Stelios Pitakas 31% Inst. Investors 13,3% BPA Fons S.A. 9,3% Linnaeus Capital Partners BV 11,5% George Pitakas 9,2% 22

23 Group Financials 23

24 Group Sales Progression Fish farming (in Mil. ) Fish feed (in Mil. ) 23, ,76 14,07 20,11 21,

25 EBITDA Evolution * In mil. 16,9 15,8 12,7 8,8 3,2 3,7 4,3 4,

26 P&L Annual Results Eur Mn Sales 20,1 21,6 35,6 78,2 93,9 112,5 EBITDA 4,2 5,0 8,8 16,9 12,7 15,8 EBT 1,6 3,1 5,9 11,6 3,9 6,9 Net Income 1,2 2,1 4,4 8,1 2,7 3,7 26

27 P&L Interim Results Eur Mn 3month month 2008 Turnover 28,7 24,3 EBITDA 4 3,9 EBT 2,1 1,8 EATAM 0,7 1,3 27

28 Market Situation & Outlook MARKET DEVELOPMENTS DURING 2008 Oversupply in the market due to over-stocking in 2006 and 2007 Financial Distress of Hellenic Fishfarming S.A. which deteriorated market situation further Prices of sea bream have been reduced; price of sea bass has held up Weaker companies in the sector have been dramatically impacted Impact on Dias has been contained due to high operational efficiency and strong market relationships 28

29 Market Situation & Outlook Outlook for 2009 and onwards Management of the fish stock reverted to the three major companies Small, non- integrated players have been facing significant financial difficulties and are not replenishing their stocks Average prices have recovered and are expected to stabilize above 4 /kg Overall supply of fish in the market is being managed via various initiatives The Greek financial system and Greek government remain highly supportive Fundamentals of the sector still very healthy (demand growing 7% annually) Production of 2010 is expected to reduce further by 10% 29

30 Dias Group Outlook The recent turmoil in the European aquaculture sector has opened up an array of opportunities. There are substantial synergies to be extracted by consolidating the sector both in Greece and abroad. This can create EBITDA, cash flow and value generation over and above our existing business plan. Dias is able to sustain significant growth rates driven by the industry volume growth rates and price inflation Our Capex and investment plan is substantially complete Leverage remains at moderate levels 30

31 Contact DIAS AQUACULTURE S.A. Ms. F. Renga Investor Relations Officer Tel. : Fax : f.renga@diassa.gr Disclaimer This presentation belongs to DIAS AQUACULTURE SA. The statements included are based on management s current expectations and are subject to uncertainty and changes in circumstances. Actual results may vary materially from the expectations contained herein and viewers are cautioned not to place undue reliance on any forward-looking comments. DIAS SA undertakes no obligation to update or alter its forward-looking statements, whether as a result of new information, future events, or otherwise. This presentation serves only informative purposes and it does not form or can either be referred as a buy, sell or hold encouragement for shares. Investors must decide upon their investments based on their own investing preferences, financial status and advice from registered investment advisors. 31

32 Contact Us DIAS AQUACULTURE Group 54, Elaion Str. N. Kifissia Athens Greece Tel. : Fax : info@diassa.gr Group Presentation 2009 is produced for the DIAS Group by Corporate Communications. c2009 The DIAS Group