SAPMER : HALF YEAR RESULTS 2013

Reunion Island, 12 September 2013 - 08:30am (Paris time)

"After a period of strong growth, the value enhancing activity turned atypical during the first half due to the devaluation of the yen in Japan which created less favourable market conditions for our processed products" comments Yannick Lauri, CEO. "Thus our results for the period, despite the good performance of our other activities, were impacted by unamortised structural costs in our value enhancing activity. Our sales efforts are continuing in order to expand our international client base. The premium positioning of our products allows us to enter the European and American tuna steaks markets."

On September 10th, 2013 SAPMER's board of directors, closed the 2013 first half accounts. These consolidated financial statements were subject to a limited review by the statutory auditors.

*EBITDA: Operating income before depreciation and amortisation

Events since 1st January 2013:

During this period, SAPMER SA set up a new production capacity in Mauritius. A second value enhancing unit able to process 21 000 tons per year has been in operation since June 2013. Storage capacity at -40°C were also increased by 2 500 tons. SAPMER SA now has a processing capacity of
30 000 tons per year and a storage capacity at -40°C of 6 100 tons in Mauritius. Its -40°C tuna purse seiners' fleet currently has 5 ships to which one can add the southern seas fishing fleet based in Reunion Island (4 longliners and 1pot lobster vessel)
August 24th, saw the start of the third scientific fishing campaign POKER (POissons de KERguelen or Kerguelen Icefish) on board SAPMER's "Austral" trawler vessel. This evaluation campaign of the halieutic resources on the Kerguelen plateau is conducted by a team of scientists from the French National Natural History Museum of Paris, and will end at the end of September. It will determine commercial quotas for Mackerel Icefish, a species which had not been fished for several years.

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Revenues analysis on June 30th, 2013: In HY1 2013, SAPMER SA recorded a €3.0m increase of its revenues. It reached €55.5m against €52.5m for HY1 2012.

The fishing activity represents 89% of the total revenues of the period, a 17% increase compared to HY1 2012. This variation is mainly due to an increase in whole tuna sales. The value enhancing activity registered a decline in its revenues to €6.3m due to the exceptional situation of the Japanese market.

The first half results show an atypical situation: Operating income from the fishing activity (Southern Seas fishing and whole tuna) registered €8.7m. It includes the operating income of the southern seas fishing activity (Rock Lobster and Toothfish) which was impacted by a slight price- volume-currency effect as well as an increase in operating costs with the arrival in 2012 of two new tuna ships which have yet to reach their normal fishing level. The operating income for the value enhancing activity at - €1.3m is impacted by the decrease in value enhanced products sales while the Group was in the middle of a capacity investment (new cold room and processing unit in Mauritius).

Overall, SAPMER SA's operating income amounted to €7.4m revealing a 13% profitability.
After a financial result of - €2.7m, primarily consisting of interests on loans for the tuna ships and a tax cost of €1.5m, the net results reached €3.2m which represents 6% of the revenues.
On June 30th, 2013, shareholders' equity stood at €48.7m after payment of a dividend of €1.7m for the year 2012. The Group's net debts amount to €88.8m vs €91.2m on December 31st, 2012.
The debt ratios 'gearing' improved to 1.82 compared to 1.98 on December 31st, 2012.
For 2013, taking into account the performances achieved during the first half and the impact of the start of the new processing unit on the Group's results, SAPMER SA targets revenues similar to last year's with positive operating income and net income which should level out.
SAPMER Holding's events (the Holding is not listed). The naming ceremony of "Belle Rive" -40°C tuna purse seiner, took place in Vietnam last August 30th. She will sail under Mauritian flag and will fish in the Indian Ocean. Moreover, the construction of "Belle Isle" continues with a naming ceremony scheduled
for next November 28th. She will also sail under Mauritian flag and will fish in the Indian Ocean.
Next Meeting: Information meeting on 2013 first half results, 12th September 2013 at 11:30am at Nyse
Euronext Auditorium, 39 Rue Cambon, 75001 Paris.
Next press release: 2013 revenues on 5th February 2014 before stock market opens.

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Contacts

SAPMER

Yannick Lauri - CEO - T : + (262) 2 62 42 02 73 - ylauri@sapmer.fr

Harald Chabot - CFO - T : + (262) 2 62 42 02 73 - hchabot@sapmer.fr

Actus

Amalia Naveira - Investor/Analyst relations - T: +33 (0)4 72 18 04 97 - anaveira@actus.fr

Marie-Claude Triquet - Press relations - T: +33 (0)4 72 18 04 93 - mctriquet@actus.fr

About SAPMER - www.sapmer.com

SAPMER is the historical deep-sea fishing operator in the waters of the French Southern and Antarctic Territories (TAAF) based on the island of Reunion. Having been created in 1947, SAPMER now operates a wholly-owned fleet of four freezer-longliners for Patagonian Toothfish and a Freezer pot Lobster vessel for Rock Lobster and five tuna purse seiners (on board -40°C deep freeze) for its tuna fishing activity (Yellowfin and Skipjack) in the Indian Ocean.

Positioned on strong valued 'niche' activities, SAPMER is dividing its activities into two categories:

A fishing activity which includes Toothfish and Rock Lobster sales fished in the Southern Seas (Economic Zones of the French Southern and Antarctic Territories - TAAF) and whole tuna sales (Yellowfin and Skipjack) fished in the Indian Ocean.

A value-enhancing and processing activity (sashimi loins, steaks,…) of halieutic products.

SAPMER achieved in 2012 a 93.1M€ revenues (85% of which made from exportations outside Europe, mainly Asia)

SAPMER is listed on Alternext Paris - ISIN code FR0010776617 - ALMER

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