DATE / 04/ 09/ 2012

2012 HALF YEARLY RESULTS

SAPMER, PROFIL

YGGm

Yannick Lauri General ManagerGeneral Manager,member of the Board of Directors

SAPMER’SS SEXPERTISE

FISHINGFISHING PROCESVALUE ENPROCES

VALUE EN

• Indian Ocean• 5 -40°C tuna purse seiners

Y ll fi d Ski j k t fi hi

• Storage at -40• Processing fac

P d

VALUE ENVALUE EN

• Yellowfin and Skipjack tuna fishing• Fishing products:

• Whole tuna (< 3.5 kg at -40oC and brine)

• Processed ensteaks, kirimi, collars

TUNA YELLOWFIN, SKIPJACK

• Processed tuna (> 3.5 kg at - 40oC)

• 4 longliners

SOUTHERN SEAS FISHING IN THE ECONOMIC ZONES OSOUTHERN SEAS FISHING IN THE ECONOMIC ZONES O

N

4 longliners• Quota 2012/13 : 3 200 Tons• Headed and gutted toothfish,

packaged on board.

TOOTHFISH

• 1 pot lobster vessel• Quota 2012/13 : 400 T• Rock Lobster prepared and

packaged on board

ROCK LOBSTER

packaged on board

SING AND NHANCINGSING AND NHANCING

EXPORTATION AND SALES

EXPORTATION AND SALES

0oC at Port-Louisctory at Port-Louisd d t l i

• Main markets:• International markets including

J f hi i d t d

NHANCINGNHANCING SALESSALES

d products: loins, saku, under-belly,

Japan for sashimi products and Europe and the USA for steaks

• Mauritian markets for canning industries for whole tuna

Th i li t i t/ t • The main clients are import/export companies and wholesalers.

• Main markets:

OF THE SOUTHERN AND ANTARCTIC TERRITORIES (TAAF)OF THE SOUTHERN AND ANTARCTIC TERRITORIES (TAAF)

No activity

• Main markets:• Japan, China, the USA

• Main clients are wholesalers; part of the sales are done via brokers

3

EFFECTIVE MARITIME AND CSHOREBASED SET UP

4

OUR PRODUCTSOU O UC SFROM SEA TO PLATE

TUNA FISHING

LOINS

TUNA FISHING

Raw consumption (sushis, sashimi…) or cooked

STEAKSProduct made from loins: half-cooked or raw con

OTHER TOP PRODUCTS Top of the range products- Loin centerSaku block : raw consumptionSaku block : raw consumptionKirimi : half-cooked or marinated consumption

OTHER PRODUCTSUnder-bellies, collars, offcuts : raw, half-cooked,

nsumption

marinated, grilled consumption

5

OUR PRODUCTSOU O UC SFROM SEA TO PLATE

SOUTHERN SEAS FISHING

TOOTHFISH

SOUTHERN SEAS FISHING

Toothfish wholeToothfish cheeksToothfish collarsToothfish filletsSlices

ROCK LOBSTERRocklobster whole rawR kl b t h l k dRocklobster whole cookedRocklobster raw tail Rocklobster head

6

A STRONG INTERNATIONALS O G ODEMAND

Toothfish

EUROPE

Tuna steak

AMERICA

AFRICA

Tuna steak

Tuna steak

Rocklobster

ASIA

Toothfish

Tuna loins

SteakSaku

TatakiTuna steak Kirimi, Carri

OCEANIA

7

OUR STRENGTHSAND SPECIFICITIES

TOP OF THE RANGE PRODUCTS “PREMIUM” AND HIGH ADDED VALUE …AND HIGH ADDED VALUE …

A PERMANENT COMMITMENT TO “RESPA PERMANENT COMMITMENT TO RESPCHARACTERISED BY CONCRETE ACTIO

PRESERVATION OF THE RESSOURC

A DEVELOPPEMENT POUR “POUR P

QUALITIY

PONSIBLE FISHING” PONSIBLE FISHING ONS TOWARDS THE CE AND SPECIES

LAN MADE POSSIBLE BYREMIUM” POSITIONNINGREMIUM POSITIONNING

8

2012 1st HALF SIGNIFICANT EVENTS

YGGm

Yannick Lauri General ManagerGeneral Manager,member of the board of Directors

COMING INTO OPERATION CO G O O OOF DOLOMIEU

NAMING CEREMONY ON 22 MARCH 2012

CONSTRUCTION IN VIETNAM BY SEAS, SUBSIDIARY OTHE PIRIOU FRENCH SHIPYARDS

4ST TUNA PURSE SEINER SISTERSHIP

1ST FISHING CAMPAIGN : MAY 2012

DEVELOP

1ST FISHING CAMPAIGN : MAY 2012

TUNA SH

OF NAMING OF BELOUVE ON

6 SEPTEMBER 2012

PMENT OF SAPMER’S TUNA FLEETHIPS IN NUMBERS

10

CONSTRUCTION LAUNCH OF A

THIS UNIT SHOULD COME INTO

NEW VALUE ENHANCING FACTORY

THIS UNIT SHOULD COME INTOOPERATION IN 2013

– THE SMS SUBSIDIARY CHANGES NAME AND THE SMS SUBSIDIARY CHANGES NAME AND BECOMES TUNA PROCESSING SERVICES IO

– SITE : PORT LOUIS (MAURITIUS)– 2 000 M2 BUILDING2 000 M BUILDING– PRODUCTS : LOINS, TATAKI AND VALUE

ENHANCED WASTES

Loins TatakiLoins Tataki

Oil

11

ACTIVITY’S SUMMARY 1ST HALF

YGGm

Yannick Lauri General ManagerGeneral Manager,member of the board of Directors

ACTIVITY SUMMARY

STRONG INCREASE OF REVENUES

+ 24%

STRONG INCREASE OF REVENUES

in M€

Operational profitability : 19%

f %Net profitability : 11%

GOOD FISHING CAMPAIGNSGOOD FISHING CAMPAIGNS

SOUTHERN SEAS FISHING : STEADY DEMAND FROM ASIAN MARKETS

EXPANSION OF TUNA ACTIVITY (WHOLE TUNA, PROCESSED TUNA)

POSITIVE FOREX IMPACT (€/US$)

13

ANALYSIS

REVENUES OF 42 0 M€ AN INCREASE BY 11%

FISHING ACTIVITY

REVENUES OF 42.0 M€, AN INCREASE BY 11%

TOOTHFISH AND ROCK LOBSTER: +0.6 M€Rock Lobster : catch quotas were completedPrice index : 138

T hfi h li ht hift i fi hi t i b t 2012 d 2011Toohfish: slight shift in fishing trips between 2012 and 2011Price index : 140

Increase in prices

GROSS TUNA: +3.7 M€

pCustomers diversification

14

ANALYSIS ANALYSIS VALUE ENHANCING & PROCESSING ACTIVITY

INCREASE IN REVENUES BY +6M€ TO 10 5M€INCREASE IN REVENUES BY +6M€ TO 10.5M€

4 200 tons of tuna were processed vs 2 400 tons in H1 2011

Increase in processed catches : 45% of catches vs 33% in 2011

Higher productivity of Mer des Mascareignes (35Tons/day in average)

Increase in average price (customers acknowledgement of a Premium product)

15

ANALYSIS VALUE ENHANCINGANALYSIS VALUE ENHANCING& PROCESSING ACTIVITY

BREAKDOWN OF REVENUES PER PRODUCT IN %

Loins : 72%

Steaks : 19%

Other processed products : 8%

Waste : 1%

BREAKDOWN OF REVENUES PER COUNTRY IN %

Japan : 77%Europe : 18%Europe : 18%Other Asia* : 2%Mauritius : 1%Reunion : 1%Reunion : 1%USA : 1%

*Hong kong, Singapore, China, Taiwan, Korea, Indonesiag g, g p , , , ,

16

INCREASE OFWORKFORCE

BRE

85 persons

EAKDOWN AT 30/06/2012

hired since 31 December 2011

17

SUMMARY FIRST HALF FINANCIAL RESULTS

HDDF

Harald Chabot de l’AllierDeputy General ManagerDeputy General ManagerFinance

CONSOLIDATED INCOMESTATEMENT (1ST JANUARY – 30TH JUNE)

IN M€ S1 2012

REVENUES 52.5

GROSS OPERATING INCOME (EBITDA) 12.9

OPERATING INCOME (EBIT) 9.9

% EBIT / REVENUES 19%

FINANCIAL INCOME (1.9)

INCOME TAXES (2.4)INCOME TAXES (2.4)

NET INCOME, GROUP SHARE 5.6

% NET INCOME / REVENUES 11%

Revenues increased by 10.3 M€

EBIT increased by 2.9 M€

Increase in income taxes by 1.4M€ mainly due to increa

Profitability in tune with 2011 at 11% of revenues

S1 2011 2011

42.2 77.0

10.0 19.4

7.0 15.2

17% 20%

(1.5) (3.4)

(1.0) (4.0)(1.0) (4.0)

4.6 7.7

11% 10%

ase in financial results

19

QUICK GROWTH OFQUICK GROWTH OFVALUE ENHANCING & PROCESSING ACTIVITY

50 32 2

BREAKDOWN OF FISHING ACTIVITY (IN M€)

BA

0S th

32.2

9.6 0.2Southern

seas fishing Whole tuna Other

BP

BREAKDOWN OF VALUE ENHANCING AND PROCESSING (IN M€)

BREAKDOWN OF VALUE ENHANCING AND PROCESSING REVENUES PER COUNTRY AT 30/06/2012

20

IMPACT OF OIL PRICES AND FOREIGN CON RESULTS

OIL PRICES EXC

Average oil price during H1 2012 : 0 69 s 0 56 d ring H1 20110.69 vs 0.56 during H1 2011Impact of an increase of 0.10 € on the price of a litre of Diesel = +0.9 M€ for SAPMER

CURRENCIES

HANGE RATE € /$

53% of H1 2012 revenues are made in $ US

Average exchange rate for H1 : 1.30 vs 1.39 in 2011, which means a positive impact of 1.9 M€on EBIT

If t t 1 40 i t 2 1 M€21

If average rate at 1.40 impact : -2.1 M€If average rate at 1.20 impact : +2.2 M€

OPERATING SEGMENT CONTRIBUTIONTO EBIT

FISHING ACTIVITY VA

IN M€ S1 2012 S1 2011 Var. S

REVENUES 42.0 37.7 +11%

OPERATING INCOME 9.6 6.8 +41%

% REVENUES 22 9% 18 0%% REVENUES 22.9% 18.0% -

Our activities are profitable :

Fishing activity : satisfactory results for southern seasincrease of whole tuna sales (+65%)

Value enhancing and processing activity : stable resultValue enhancing and processing activity : stable result

ALUE ENHANCING & PROCESSING

1 2012 S1 2011 Var.

10.5 4.5 +133%

0.34 0.26 +31%

3 2% 5 7%3.2% 5.7% -

s fishing activity and strong

ts due to a level situationts due to a level situation

22

SIMPLIFIED BALANCE SHEETAT 30 JUNE 2012

IN M€ 30/06/12 31/12/11IN M€ 30/06/12 31/12/11NET FIXED ASSETS AND OTHER NON-CURRENT ASSETS

119.3 97.2 SHAREHEQUITY

LONG-ATERM F

OTHER LIABILIT

CURRENT ASSETS 31.0 26.2 SHORT-FINANCFINANC

CASH AND CASH EQUIVALENTS

11.9 18.7 OTHER LIABILIT

TOTAL ASSETS 162.2 142.1 TOTATOTAL ASSETS 162.2 142.1 TOTA

30/06/12 31/12/1130/06/12 31/12/11HOLDERS’ 42.6 38.4

AND MEDIUM-INANCIAL DEBT

78.9 64.5

NON-CURRENTTIES

16.5 17.0

TERMIAL DEBT

6.1 5.0IAL DEBTCURRENT TIES

18.1 17.2

AL LIABILITIES 162.2 142.1AL LIABILITIES 162.2 142.1

23

GEARING AT 30 JUNE 2012

ASSETS IN M€

Net fixed assets119.3

Net fixed assets97 297.2

GearingGearing

LIABILITIES IN M€

1.72 1.3224

1.72 1.32

NET DEBTAT 30 JUNE 2012

Change in Change in financial debt

15.5 M€ Change in cash 6.8 M€

25

CASH FLOW STATEMENTH1 2012 VS 2011

30 JUNE 2012 In M

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

DECEMBER 2011M€

26

WORKING PRACTICES AND OBJECTIVES

YGGm

Yannick Lauri General ManagerGeneral Manager,member of the board of Directors

OUR WORKING PRACTICES1/ RESOURCE

SUMMARY OF OUR STOCKS “YELLOWFIN & SKIPJACSUMMARY OF OUR STOCKS YELLOWFIN & SKIPJAC

Species Stock aSpecies Stock a

Yellowfin (Thunnus albacares) assessed in 2011The stThe stspawnRecom300 00

Skipjack (Katsuwonus pelamis) analysis of the 2011 numbersThe stover-eRecomcaugh

Big eye (Thunnus obesus) assessed in 2011The stover eover-eRecomcaugh

Source Orthongel – Annexe rapport d’activité 2011/2012

K TUNA” IN THE INDIAN OCEANK TUNA IN THE INDIAN OCEAN

and recommendationsand recommendations

tock is not currently over exploited but the tock is not currently over-exploited but the ning biomass is decreasing.mmendation: the catch should not exceed00 Tons.

tock is not over-exploited and the risk for exploitation is low.mmendation : The current quantities being q ght should not be exceeded (492 000 Tons).

tock is not over-exploited and the risk for exploitation is lowexploitation is low.mmendation : The current quantities being ht should not exceed 102 000 Tons.

28

OUR WORKING PRACTICES2/ QUALITY

THE PURSUIT OF OUR “RESPONSIBLE FISHING” APPTHE PURSUIT OF OUR RESPONSIBLE FISHING APP

CERTIFICATIONS OBTAINED

On-going request for a “Friends of the Sea” certification for the entire tuna activity

ROACHROACH

SOUTHERN SEAS FISHINGGroup request for MSC certification (Marine Stewardship Council) is underway with the

th F h hi other French ship-owners.

TUNA FISHING

Responsible fishing recognition, was delivered by Bureau Veritas in April 2010

Joined the “Dolphin Safe” program of the Earth Island Institute in August 2011Institute in August 2011.

29

OUR WORKING PRACTICES3/ RESEARCH & DEVELOPMENTLAUNCH OF A NEW PROJECT IN REGARDS TO R&D

1/ RESEARCH WORK IN PARTNERSHIP WITH THE UNIVERSOF STELLENSBOSCH (SOUTH AFRICA)

WITHIN THE FRAMEWORK OF A SCHEME RECOGNISED AS A

Research on a whitish color phenomenom found near the backbones. This “burn” could be happening due to stress.

OF STELLENSBOSCH (SOUTH AFRICA) AND THE IRD (R&D INSTITUT)

pp g

Creation of a list of criteria which will define fish quality from the moment it is caught

ITY

A COMPETITIVE CLUSTER “QUALITROPIC”

2/PARTICIPATION IN AN ECO EXTRACTION P ATFORM

Regrouping of all skills and means in order to increase

2/PARTICIPATION IN AN ECO-EXTRACTION PLATFORM PROJECT

g p gthe value of the tropical bio-resources.

Research on increasing the value ofwastes due to the cutting into loins and wastes due to the cutting into loins and steaks (50% of the tuna total mass)

30

OUR WORKING PRACTICES4/ INDUSTRIAL MEANS

THE GROUP SAPMER ORDERED TWO NEW TUNA PUTHE GROUP SAPMER ORDERED TWO NEW TUNA PU

Si d t t C t ti FlSigned contract Construction Vietnamese shipyards

Flag

July 2012 SEAS Maurit

CONSTRUCTION OF A 4th COLD ROOM AT -40°C OF A S2 500 TONS IN MAURITIUS – DELIVERY EXPECTED FO

RSE SEINERSRSE SEINERS

D li i t d Fi hi g Deliveries expected for

Fishing zone

tian 2nd half 2013 Indian Ocean

STORAGE CAPACITY OF OR MARCH 2013.

31

OUR WORKING PRACTICES5/ ORGANISATION

ARRIVAL OF FRANÇOIS LERAYARRIVAL OF FRANÇOIS LERAY

Deputy General Manager in charge of marine operations and fishing activity set up around 2 departments : Southern g y p pIndian Ocean Tuna Activity

ORGANIGRAM AT 31 AUGUST 201

Yannick LauriGeneral Manager and Director

ORGANIGRAM AT 31 AUGUST 201

Tuna Processing Services IOTuna Processing Services IO

François LeDeputy GenerMarine OperaFishing Activit

Sapmer Technical ServicesFishing Activit

Seas and Shore Based Activities &

1212

erayral Manager tions and ies

Harald Chabot de l’AllierDeputy General ManagerFinance and Value-enhancingies g

32

OUR OBJECTIVES2012

REVENUES: INCREASE OF AROUND 15%

NET INCOMEE : STEADY PROFITABILITY

33

SHAREHOLDERS’ INFORMATION

YGGm

Yannick Lauri General ManagerGeneral Manager,member of the Board

STOCKMARKETINFORMATION

LISTED ON ALTERNEXT PARISDate of 1st listing : 8 July 2009ISIN code : FR0010776617Symbol: ALMERT Alt t All Sh

LISTED ON ALTERNEXT PARIS

Type : Alternext All-Shares

Highest share price over 1 year: 26.25 €STOCKMARKET INFORMATION

g est s a e p ce o e yea 6 5 €Lowest share price over 1 year: 11.05 €Number of shares: 3 467 298Stock market capitalisation on 03/09/2012 : 83,25 €

BREAKDOWN OF SHARE CAPITAL AT 31 AUGUST 2012

13.1%1.9%

SAPMER Holding PTE

BREAKDOWN OF SHARE CAPITAL AT 31 AUGUST 2012

SAPMER Holding PTELtd*

Bearer and othershareholders

85.0%

Directors and employees

As of 1st August 2012, Sapmer Holding PTE holds 85% of the SAPMER capital, following a sell of 80% of SAPMER capital by Sapmer Investissement, and 5% by Oxaco.

2012 Annual Revenues : 6 February 2013SHAREHOLDERS’ SCHEDULE2012 Annual Revenues : 6 February 20132012 Annual Results : 14 March 2013SFAF meeting : 14 March 2013H1 2013 Revenues: 1st August 2013H1 2013 Results : 12 September 2013

35

p