Fish - Euro2day.gr

NIREUS
AQUACULTURE
S.A.
October
2007
Contents
Vision of Company …… 3
The Aquaculture Industry …… 4
Greece & Nireus …… 5
Business Units …… 10
Strategy …… 17
Competitive Advantages …… 21
Key Financials …… 22
Stock Market Data …… 24
CSR Policy & Corporate Governance …… 26
Organization Chart …… 27
Management …… 28
Communication …… 29
Appendix - 1st Half 2007 Financial Data …… 30
2
Vision of Company
‘‘ To maintain its leading position and operate worldwide
in the sector of fish farming, processed fisheries and fish feed,
satisfying the needs of customers and shareholders. ’’
Aristeides Belles
Chairman & CEO
We have established a long term horizon for our
customers, shareholders and personnel,
by communicating and implementing
an integrated business plan.
3
Aquaculture Industry Worldwide : Facts & Trends
Exciting, fast paced, highly skilled and professional
Remarkable demand and growth rates, fastest growing sector of global food industry
„
‘‘ BLUE REVOLUTION ’’
CAGR exceeded 10% during last decade
( 5% for livestock, 2.5% for poultry).
„
a New Era in Worldwide Fish-farming Industry
Demand for fish rose by 12% in y’06- 2nd biggest
after liquid yogurt, 16% (ACNielsen – Worldwide
„
Survey February ’07)
Almost half of worldwide fish production
comes from fish farming industry (FAO’s
Convention 2006 reports):
„
- 105,5 mil. tons of fish consumed in y 2004:
45.5 mil. tons came form fish farming (43%).
- wild fish livestock remains stable reaching
probably its peak in last decade.
„
Fish farming companies develop into capital
intensive enterprises
Healthy Food
„
„
Warnings for depletion of wild stock by 2/3
by 2060, Stanford University Nov. 2006
Next decade, fish farms will provide
80% of consumed fish (FAO 2006)
: a consumer mega trend // Farmed Seafood: the future winner in this trend
Success Factors : a Sustainable Industry, Traceability , Taste & Convenience
4
GREECE & NIREUS
Greece: Leading Position in Mediterranean Fish Farming
„
„
„
„
„
„
Mediterranean fish farming refers mainly to juveniles and market size fish of seabream and sea-bass. For 2006:
- Mediterranean fish juvenile world production : approx. 780 mil. pieces
- Mediterranean market size fish world production : approx. 230 thous. tons
Greek production accounts for about 43% of both categories of products, worldwide
Fish farming companies in Greece amounted to approx. 100 in y ’06 employing more than
10.000 people.
7 out of 10 largest Greek Fish Farming companies, hold approx. 80% of production in
Greece, estimated at approx. 90 th. tons of which 85% is exported.
Mediterranean aquaculture products hold the 2nd position
in total Greek exports
Greek fish farming is a profitable and dynamic sector
Greek Exports - Agricultural Products
(in th. tons)
+13,8%
400
+22,3%
+18.4%
300
-18.3%
200
„
A cycle of mergers and acquisitions since 2000, brought
the sector into a dynamic growth track while there is
still room for further consolidation.
100
0
2005
2006
Gr eek Exports - Agr icultural Product s
Oliv e Oil
Sea Bass & Sea Bream
in th.t ons
Cotton
400
300
200
100
0
2003
Olive Oil
2004
2005
Se a Bass & Sea Br eam
2006
Cott on
Toba cco
Tobacco
Source : Union of Greek Aquaculture - 2007
5
NIREUS : the Largest Producer of Mediterranean Fish
„
„
„
„
„
28% and 48% of Greek market size fish and fish juveniles production, respectively.
Its relevant figures for worldwide production,approx. 11% and 21% respectively.
Ranks in the top 10% in terms of Revenues, and in top 5% in EBITDA and EBT, among the
Top 500 Greek industrial companies (2006).
6th position in EBT among the Greek Food Industry companies, 1st position in Greek
Aquaculture sector well ahead of its peers.
Exports to more than 30 countries, 1.360 employees.
Strategy is focused on delivering high quality products, always rationalizing costs and
intensifying efforts to remain a worldwide profitable producer.
Sound Vertical Integration
Aquaculture
Processed
Fish-Feed
Equipment
Revenues Brkdwn
Confectionary
Breeding Stock
…...................
Sea Bass
Fish Juvenilles
Sea Bass
Fish Fillets
Sea Bream
.................
..........................
Gutted Fish
Market Size Fish
......................
Sea Bass
Sea Bream
Sheeps Head Bream
Fruits in Heavy
..................
Fish Cages
Syrup
Sea Bream
....................
....................
.....................
Nets
Chewing Gum
Trout
...................
with unique
.....................
Other
natural Chios
Other
Mastic
2005
Greece
E.U.
Other
Total
58.6
71.4
8.2
2006
%
58.5
89.7
13.3
42.4%
51.7%
%
36.2%
37%
36%
55.5%
8.2%
Other
138.1 100.0% 161.5 100.0%
6%
8%
5.9%
1st Half
2006
%
NIREUS Group
Greece
1st Half
2007
E.U.
57%
56%
∆%
%
1st H '06
Greece
30.64
39.2%
43.51
1st H '07
41.6%
42%
E.U.
40.66
52.0%
53.21
50.9%
31%
Other
6.92
8.8%
7.82
7.5%
13%
Total
78.22
100.0%
34%
100.0%
104.54
Blue Fin Tuna
6
NIREUS : the Largest Exporter of Mediterranean Fish
Volume and value of our Group Exports, reflect the international
competitiveness in quality and price of NIREUS products.
Nireus Group
Exports as of 31-12-2006
ITALY
31.41
30.5%
FRANCE
13.07
12.7%
SPAIN
11.77
11.4%
PORTUGAL
9.20
8.9%
UK
8.59
8.3%
GERMANY
7.45
7.2%
TURKEY
4.62
4.5%
HOLLAND
4.54
4.4%
U.S.A.
2.18
2.1%
IRELAND
1.73
1.7%
CANADA
1.16
1.1%
SWITZERLAND
Rest (26 countries)
0.94
0.9%
6.31
6.1%
102.96
100.0%
Total
Exports
sales to Japan: 12.7 mil €
through Blue Fin Tuna SA
- Nireus share: 25%
90% of Group exports goes to the E.U.
nireus
Profitable efFISHciency
7
NIREUS – Corporate Structure
NIREUS S.A.
GREECE
TURKEY
PROTEUS S.A.
50%
BLUE FIN TUNA S.A.
25%
KEGO S.A.
28%
U.K.
ILKNAK S.A. 47,276%
SPAIN
NIREUS INTERNATIONAL S.A. 100%
100%
MIRAMAR TURKEY S.A.
PREDOMAR S.A.
MIRAMAR U.K. S.A.
100%
SEA FARM IONIAN S.A.
19,8%
ILKNAK S.A.
65,22%
8
NIREUS - Business Activities
NIREUS
INTERNATIONAL SA
TURKEY
fish juvenile * sea bream
iLKNAK SA * fish juvenille
* sea bass
* market size fish
MIRAMAR SA * fish-feed
market size fish * sea bream
* market size fish
* sea bass
fish feed * sea bream
* sea bass
* other
SPAIN
* sheepshead bream
PREDOMAR SA * fish juvenille
* other
NIREUS SA
Business Units
of 10gr size
Group
Greece
confectionary * chewing gum natural mastic
products * spoonful sweets
PROTEUS SA * fishfarming cages
* cage nets
KEGO SA * breeding stock
* fish-feed
* animal feed
BLUE FIN TUNA HELLAS SA
SEAFARM IONIAN S.A.
Undertaking of Management.
Participation of NIREUS as strategic investor
for the next 15 years,
in cooperation with major credit institutions
* blue fin tuna
9
NIREUS - Production Breakdown
F.Y.R.O.M.
T u r k e y
G r e e c e
S p a i n
2007: Increase of sales, and
production expansion to more
countries worldwide
• Hatcheries
• Pre-Growing Units
• On - Growing Units
• Packaging Centers
• Fish - Feed Factory
10
Main Business Units
„
Fish Farming
Spain, Greece (Western, Central, Eastern -Aegean Sea) - Turkey
Group Data
„
Market Size Fish Sales
‘04–’07 : „ Juvenile Production
between
2007(e) : 213,5 mil. pieces
2007(e) : 28.0 thous. tons
sizes
Increased
2006
2005
2004
: 164,4 mil. pieces
: 129,2 mil. pieces
: 75,4 mil. pieces
chng ’04-’07: + 183.0%
1 Genetics Center
2006
2005
: 22.7 thous. tons
: 16.9 thous. tons
2004
: 12.0 thous. tons
chng ’04-’07: + 133.0%
16 packaging centers
2 processing units
2 pre-growing farms
8 hathery units
61 on- growing farms
2007: Further increase in production capacity - Expansion of sales in new markets
11
production cycle
Sea Bream
Spawning
Sea Bass
Sheapshead Bream
Reduction
of Production Cycle
Know-How
Utilization
Reduction
of Production Cost
Improved
FCR Ratio
Reduction of
Working Capital
Fish Farming requires adequate capital due to the longevity
of the production cycle, varying from 15 to 18 months.
Other
12
Main Business Units (cont’d)
„
Fish-Feed
2 state of the art
Fish-feed factories:
FEEDUS - Patras
KEGO S.A. - Evia Island
Patra Industrial Zone & Harbor
Evia Island in Central Greece
in W. Greece
Production Capacity:
40 thous. tons p.a.
&
Production Capacity:
40 thous. tons p.a.
Production: 40 thousand tons in ’04, 59 thousand tons in ’05 and 69 thousand tons in ‘06
- 15 product codes for normal, medium and high energy fish-feed, for fish juveniles,
fish farming (sea bass, sea bream), and other species
‘’gmo-free‘’- excellent quality fish meal. Special care has been taken for supplying
our company only with certified raw materials, according to E.C. legislation.
2007: Increase of production due to rising demand
13
Main Business Units (cont’d)
„
Confectionary
Chios island
Eastern Aegean Sea
trade mark:
life drops
Sarandis Factory in Chios isl.
famous traditional fruit preserves in syrup (spoonful sweets) – over 25 products
* mastiha-vanilla chewing gum
* mastiha chewing gum
* juices
* honey, lokoums, candies, coconut sweets
2005: A new factory – 2,5 mil. Euro investment – commenced operations in Chios isl.,
producing chewing gum products, based on the unique and famous Chios natural
mastic, aiming at the world market.
life drops
14
NIREUS Products
processed
SEA-BASS
fish eggs
breeding stock
SEA-BREAM
bluefin tuna
fish cages
fish-fillet
fish juveniles
special nets
fish-feed
15
Branded Fish
AB Vassilopoulos is a member
of the DELHAIZE Group-Belgium,
since July 1992
ISO 9001:2000, ISO 9002, ISO 14001 & ISO 22000:2005 certification
Environmental Management (EMS) and Traceability Systems, complying with multi-demanding official standards
16
Investment Strategy
¾
Improved
Production Cycle
¾
New Value
Added Products
- Genetical Selection
- Fish Juvenile of 10gr. Size
- FCR Rapid Improvement
- Fish Eggs
- Fish Juvenile of 10gr. Size
- Branded Fish
- Fish Fillets
¾
New Value
Added Global
Species
- Blue Fin Tuna
- Flat Fish
- Cobia
- Pre-on Growing Fish Farms
- New fish farm /feed factories
¾ New Value Added
Investments, Deals, - Management Undertakings
- Facon
Type Production
,
Participations
- Expansion to other countries
Superior Quality
– Full Traceability
Know-How
Utilization
Reduction
of Production Cycle
Reduction
of Production Costs
Improved Cash
Conversion Cycle
Reduction of
Working Capital
More Synergies
Revenue &
Profit Increase
17
Realization of Strategy
Greece :
•
Investments to expand and reinforce vertical structure
Expansions and new installations, pre-on growing units , distribution systems, MIS
New Strategic Partnerships & Agreements, Boosting Business:
KEGO S.A., listed in ATHEX, develops, and supplies
innovative products for aquaculture and livestock
production:
• selected breeding stock
• fish–feed
• nutritional products for all species
• animal-feed
NIREUS benefits from rising production capacity, enrichment of products, curtailment of
production cycle and reduction of production costs.
I. The Breeding Selection Program
in Sea Bream & Sea Bass
Aims for improvement:
•
Growth rate
•
Color
•
•
II. Economic Benefits Stemming from use
of selected eggs for NIREUS Group
•
•
FCR
•
Deformities
•
Disease resistance
•
Body shape
•
Flesh quality
•
•
Increase of harvest volume
Smaller production cycle
Smaller FCR
Less risk disease
Smaller cash conversion cycle –
Less working capital needs
III. Economic Benefits from 10gr Size Fish Juveniles
•
Smaller production cycle
•
Smaller FCR
•
Smaller cash conversion cycle – Less working capital needs
18
The Breeding Selection Program
Breading of Families
Pre growing Unit
10 gr. Size juveniles
19
Realization of Strategy
Turkey: Significant expansion program to reach capacity
of 25 mil. pieces p.a. of fish juvenile by 2008 and 5 thous.
tons p.a. of market size fish by 2009, to proceed to
company acquisitions, to create a packaging center and build
a fish-feed factory of capacity 45 thous. tons p.a. by 2008,
fostering vertical integration in Turkey.
To develop commercial network in the Turkish market.
Spain: 100% acquisition of PREDOMAR S.A.,
a juvenile pre-growing unit (juveniles of 10 gr.
size), capacity of 20 mil. pieces, annually.
Increase of Group juvenile production capacity
by 10%, contributing € 5 mil. and € 1 mil. to
Nireus Revenues and Pre-Tax Profits.
Carboneras region – S.Spain
Caribbean: Plans are underway, for establishing
presence in the Caribbean area, to produce Cobia
fish for the American and Asian markets.
20
NIREUS – Competitive Advantages
„
„
„
Vertical Integration, creating synergies in production and boosting revenues and profits
Valuable Know-How contributing to cost reduction through genetical selection of breeding
stock, juvenile units of large size (10gr/p), and improved food conversion ratios –FCR
Large size of NIREUS production, able to supply continuously throughout the year, even
the biggest retail chains in Europe
„
Direct sales to retailers, replacing wholesalers, and efficient sales distribution system
„
NIREUS production internationalization
„
Product diversification
„
Guaranteed supreme quality products (i.e. Gmo free fish feed, fully certified production,
traceability, MIS systems)
„
Facon
, type cooperation and undertaking of management of other fish farming companies
„
World advantage of fish as opposed to other products e.g. electronics
„
Very positive prospects for the growth of the fishfarming industry, worldwide
21
Key Financials / Business Division for FY 2006
P & L
in mil. €
Net Sales
Operational Profits
Pre Tax Profits
Fish
Fish
Farming
Feed
Food &
Confecti
Other
Total
-onary
119.80
24.42
11.60
5.66 161.48
16.10
4.70
-1.34
1.46
20.92
12.24
3.63
-1.97
1.40
15.30
in mil.€
Revenues
% chng
EBITDA
% chng
EBT
% chng
2006
161
17%
28
32%
15
34%
22
1st Half 2007 vs. 1st Half 2006 by Business Division :
Net Sales, Operational Profits & Pre Tax Profits
1st Half 2007
in mil. €
Net Sales
Operational
Profits
Pre Tax Profits
Fish
Farming
Food &
Fish Feed
Confecti
Poultry &
Other
-onary
Live
Total
Stock
77.05
14.03
4.50
3.62
5.35
104.54
12.57
2.41
0.32
1.22
0.61
17.13
8.93
1.76
-0.33
1.2
0.5
12.06
1st Half 2006
in mil. €
Net Sales
Operational
Profits
Pre Tax Profits
Fish
Farming
Food &
Fish Feed
Confecti
Poultry &
Other
-onary
Live
∆%
1st Half '06
1st Half '07
Net Sales
+ 34%
Operational Profits
+ 57%
Pre Tax Profits
+ 44%
Total
Stock
57.92
9.08
8.43
2.79
-
78.22
9.48
1.41
-0.73
0.72
-
10.88
7.62
1.10
-1.04
0.7
-
8.40
23
Stock Market Data
‰ Listed in ATHEX since 1995, it is included in the category of High Capitalization Companies, in
the ASE General, the FTSE/ASE International and the FTSE/ASE.140 indices. Also Classified to
the ‘‘Agriculture & Fisheries’’ Sector of the Athens Exchange.
‰ Market Cap (3.96 €/share Sept. 30, 2007) @ € 202,6 mil.
‰ Bid – Ask spread: 0.593 p.υ. (April. 1, 2007, to Sept. 14, 2007)
‰ Athens Exchange Stock Symbol: ΝΗΡ
NIREUS vs' FTSE ASE 140 & ASE General Index
June 2005 (=100) - Sept, 2007
400
399
343
370
Foreign Institutional Investors
17,097,731
33.42%
Domestic Institutional Investors
7,097,309
13.87%
Other, Public
287
280
216
200
0
Sept. 2007
16,180,663
31.62%
308
300
100
NIREUS S.A.
Basic Shareholders
177
173
Other, Public
18%
21%
96
Ιουν- Ιουλ- Αυγ- Σεπ- Νοε- ∆εκ- Ιαν- Φεβ- Μαρ- Μαϊ- Ιουν- Ιουλ- Σεπ- Οκτ- Νοε- ∆εκ- Ιαν- Μαρ- Απρ- Μαϊ- Ιουλ- Αυγ- Σεπ05
05
05
05
05
05
06
06
06
06
06
06
06
06
06
06
07
07
07
07
07
07
07
NIREUS
ASE GENERAL INDEX
Domestic
Institutional
Inv estors
14%
10,790,070
21.09%
51,165,773
100.00%
Basic
Shareholders
31%
32%
Foreign
Institutional
Inv estors
37%
33%
FTSEA 140
ATHEX: Foreign institutional investors own 50.67% of local listed firms on
June. Their participation in FTSE/ASE 20 constituents rose to 57.24%
from 54.63%, while in FTSE/ASE Mid 40 their participation rose to 44.89%
from 41.25%.
quotations
Reuters: NIRr.AT
Bloomberg: NIR GA
24
NIREUS Group Figures, Ratios & Multiples
I.F.R.S. reporting
* in million €
NIREUS
*
GROUP
ASSETS
*
Gross
Group
Profit
Sales
margin
*
EBITDA
*
*
EBT
EAT
after
after
minorities
minorities
EBITDA
margin
EBT
EAT
margin
margin
after
after
minorities
minorities
EPS
P/E
pre tax
pre tax
& after
& after
minorities
minorities
ROE
Net Debt/ after tax
Equity
(avg Equity
Funds)
2005
261.25
138.12
25%
19.65
10.89
7.46
14%
7.9%
5.4%
0.38
5.89
0.71
7.1%
2006
300.53
161.50
28%
28.03
15.40
9.05
17%
9.5%
5.6%
0.38
8.96
0.94
9.3%
44.40
21.70 16.45
18%
8.9%
6.7%
0.53
8.45
-
-
2007 (e)
P/E , EV , P/BV
based on avg. prices
€ 1,59 for ‘05
€ 3,42 for ‘06
Investor
Goals
244.00
9 Continuous communication with the investment community
9 Consistent dividend policy
9 Increased participation of institutional investors
9 Increase of share’s daily traded volume and Company’s market capitalization
25
Environment & Corporate Social Responsibility
In extend of its operation, NIREUS embraces a parallel social mission :
‘‘ to develop with respect to society, the environment, and investors ’’
Implements strict standards for labor and environmental safety, in all operating
processes : storage, packing and distribution of our products.
Recycles a significant range of used materials : (scrap metal, old nets, paper,
batteries, used tires, ink bands, paper,fish crates, electronic and electrical
equipment) and uses recyclable raw material
with Respect to
Society and the
Environment
Employs EMS traceability systems and procedures in production and logistics
chain.
Is an equal opportunity employer, providing a variety of social benefits for its
employees and their families (blood bank, fringe benefits etc.)
Promotes various social/cultural events and funding support mainly in local
societies where its production facilities reside.
ISO 9001:2000, ISO 9002, ISO 14001, ISO 22000:2005, Environmental Management (EMS) & Traceability Systems
Corporate Governance
Nireus Group has adapted modern Corporate Governance (C/G) practices, rules and policies, all included in
its internal rule book. C/G practices are mainly focused on:
protection and equal treatment of company shareholders
constant effort for time equal, accurate information release
effective monitoring of Management from the BoD
responsibility of the BoD against Company and shareholders
26
Organizational Chart
BOARD OF DIRECTORS
Internal
Audit
Chairman & Chief Executive Officer
Ar. Belles
Executive Committee
Legal Affairs
Board of
Management
Corporate
Governance
Special Advisors
R&D
Vice Chairman &
Chief Executive
Officer
N. Chaviaras
Executive Director
D. Loubounis
Deputy
Chief Executive Officer
A. Chachlakis
General Manager
Aquaculture
C. Triantafillou
Licensing &
Implementation
of Group
Investments
Executive
Vice Chairman
P. Alexakis
General Financial
Manager
D. Papanikolaou
Investment &
Development Dpt.
Business Planning
& Control
Subsidiaries
Abroad
Investor
Relations
27
Management
Aristides Belles ,53
Chairman & CEO
Long business experience.
Company founding member (1988),
Chairman of the Hellenic Aquaculture
Association. B.Sc., University of Piraeus.
Dr. Panayotis Alexakis ,53
Executive Vice Chairman, Board Member
Served in various companies. Former
Chairman & CEO of Athens Exchange S.A.
Assoc. Prof. of Mgmt Econ. & Finance
University of Athens (B.Sc., M.Sc., Ph.d).
Joined the Company in 2005.
Antonios Chachlakis ,49
Deputy CEO, Executive Member
Long managerial experience in Industry
Automation. B.Sc., M.Sc. in Electrical
Engineering from Polytechnic Institute
N.Y. - USA. Joined the Company in 1996.
Dimitrios Loubounis ,52
Executive Director, Executive Member
Formerly, Ministry of National Economy (1983 &
1988). Business consulting firm 1988 - 1995. B.Sc.
Athens Technical University, Certified Electrical &
Mechanical Engineer. Joined the Company in 1995.
Dimitrios Papanikolaou ,53
Chief Financial Officer
Served in managerial positions in multinational
and Greek companies. Graduate of Business
.Administration, Economics University of Piraeus
and Toronto. Joined the Company in 2001.
Christos Triandafillou ,47
Group General Manager
Involved professionally with fish farming since
.1983. Graduate, of the University of Athens,
.Department of Biology. Joined the Company in 2000.
we grow and flourish,
together with our Company,
our people and their families
with pride and honor
Served as sales executive in multinational
Theodoros Alexakos ,43
companies in Greece and abroad. Graduate in
Group Sales Manager of Fish Farming Dpt. ..business administration, University of Charleston
..Carolina, USA. Joined the Company in 1998.
Gerasimos Balomenos ,40
Production Manager Aquaculture Dpt.
Elias Skoulikaritis ,50
Marketing Manager
Professional experience as Accounting
Manager. Involved professionally with fish
farming since 1994. B.Sc. Economics Dpt.Athens University. Joined the Company in 1995.
Business experience in Greek and multinational
.companies. Graduate of the Economic University
of Athens, post-graduate studies in Marketing.
.Joined the Company in 2006.
28
Thank you very much
Please, Communicate with us
Investor Relations
Tel: (+30 210) 66 98 373
Fax: (+30 210) 66 26 998
www.nireus.gr
Disclaimer
This presentation belongs to NIREUS S.A. and it might contain certain “forward-looking” statements/comments. Unless stated otherwise, these statements are based on management’s current
expectations and are naturally subject to uncertainty and changes in circumstances. Actual results may vary materially from the expectations that might be contained herein and listeners/viewers are
cautioned not to place undue reliance on any forward-looking statements/comments. NIREUS S.A. undertakes no obligation to update or alter its forward-looking statements/comments, 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
or any other derivative or fixed income instruments. Investors must decide upon their investments, based on their own investing preferences, profile, financial status and advice from registered
investment advisors.
29
Appendix
Summary Data – 1st Half 2007
30
Profit & Loss Summary - mil. €
Group
1st H 2007
Revenues
1st H 2006
%
104.5
78.2
33.6%
EBITDA
20.9
14.4
44.9%
EBIT
17.1
10.9
57.3%
EBT
12.1
8.4
43.6%
Taxes
3.5
3.2
9.2%
EAT
8.6
5.2
64.7%
Company Shareholders
5.32
4.92
8%
Minority interest
3.25
0.29
1025%
Total
8.6
5.2
40,932,619
40,368,514
0.130
0.122
Attributable to :
Shares Outstanding @ 30/6/07
EPS after tax & minorities in €
7%
31
Balance Sheet Summary - mil. €
Group
1st H 2007
2006
%
Total Non-Current Assets
210.64
150.52
40%
Total Current Assets
232.69
188.30
24%
Total Assets
443.32
338.82
31%
139.71
122.19
14%
Long Term Bank Loans
92.39
83.22
11%
Short Term Bank Loans
91.31
28.43
221%
Total Bank Loans
183.71
111.65
65%
Long Term Liabilities
113.54
101.29
12%
Short Term Liabilities
190.07
115.34
65%
Total Liabilities
303.61
216.63
40%
Total Equity & Liabilities
443.32
338.82
31%
ASSETS
EQUITY & LIABILITIES
Equity
Total Equity
32
Cash Flow Summary - mil. €
Group
1st H 2007
1st H 2006
Profit before taxes
12.07
8.40
Net cash generated from
operating activities (a)
-2.72
0.64
Net cash generated from
investing activities (b)
-49.92
-0.14
Net cash generated from
financing activities (c)
47.86
-0.18
Net increase / (decrease) in
cash and cash equivalents
for period (a) + (b) + (c)
-4.77
0.32
Cash and cash equivalents at
beginning of the period
12.50
2.70
Cash and cash equivalents at
end of the period
7.73
3.02
33