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.