Presentation of the 2011 half

yearly results

Palais de la Bourse

Paris, 28 September 2011

Sapmer in brief

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

3

Perfect control of the value chain.

1/ Fishing activity

2/ Value enhancing and

processing

of halieutic

ressources

Sapmer’s core business

“SAPMER value enhances the wealth of the sea”

4

1 freezer lobster trawler factory ship for

Rock Lobster catch

Sapmer’s quotas : 400 tons/year

4 freezer longliner factory ships for

Toothfish catch

Sapmer’s quotas : 3 200 tons/year

15 000 sq metter of storage in Reunion

Island representing 2 000 tons of stored

and labelled products

Southern seas fishing

Logistics means

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3 new-generation tuna purse seiners

-40oC on board deep freeze

Sashimi quality

Catches not subjected to quotas

Storage capacity at -40oC of 2 700 tons

in Mauritius

Value enhancing and processing

factory (Mer des Mascareignes Ltd) of a

6 000 tons/year capacity in Mauritius

Tuna fishing

Logistics means

Our fishing zones

Indian Ocean

Yellowfin Tuna / Thunnus albacares

Skipjack / Katsuwonus pelamis

On board deep freeze at -40oC

Start up phase in 2010

Economic Zones of the French

Southern and Antarctic Territories

Rock Lobster / Jasus paulensis

Toothfish / Dissostichus eleginoides

Sapmer’s historic activity

6

7 7

Our Toothfish and Rock Lobster markets

Toothfish : VDK products or value enhanced

Frozen whole cooked or raw Rock Lobster

and frozen tails

Sapmer’s Rock Lobster and Toothfish markets:

Mainly Asia/Japan, the USA, Europe and other local markets

(Reunion Island & Mauritius Island)

Our gross tuna markets

8

Frozen fish -40oC without factory process :

Japonese Katsuobushi market which comprises

three sub-markets:

Honbushi – smoked and dried fish cuts

Arabushi – Honbushi cuts and sawdust

Namaribushi – boiled skipjack

Brine frozen fish at –18oC

Canning industry

Sapmer’s gross tuna markets:

Mauritius, Japan, Thailand

Our markets for value enhanced and processed tuna

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Loin

Steak

Saku

Tataki

Steak

Steak

Steak

Steak

Kirimi, Carry

Catering/restaurants, supermarkets, sushis bars, specialized hig-

end supermarkets, industries of prepared dishes

Main events of the 1st half 2011

Yannick Lauri General Manager, member of the Board of Directors

11

Southern seas fishing

Tuna fishing

Toothfish & Rock Lobster :

Catch of our full quota during the

2010/2011 campaign

Renewed quotas for 2011/2012, with a

slight increase for Toothfish (+3%)

Since January 2011, 3 tuna purse seiners

have been in activity in the Indian Ocean

against 1 on S1 2010

A 1 800 tons storage unit at -40°C in Port

Louis (Mauritius) came into operation in

February 2011

1st half 2011, satisfactory fishing campains

and a strengthening of logistic means

12

The rapid expansion of the value enhancing and processing activity

speeds up:

On 30 June 2011, 2 436 tons of tuna were processed in 6 months (Fish frozen

at -40oC)

Actions aiming at improving MDM factory’s productivity continue

Value enhancing and processing activity

Joining new markets and

diversifying our clientele

13

Value enhanced tuna revenues analysis

Breakdown of Revenues per product in %

Value enhancing and processing activity

*Saku, Kirimi, Belly, Collar, and others

Breakdown of Revenues per country in %

55%33%

8%

4%

Japan Europe Africa Mauritius/Reunion

S1 2011 value enhanced tuna revenues: 4.4 M€

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Southern seas fishing

Steady demand from Asian countries :

China

Japan

Revenues S1 Southern seas: 31.6 M€

Increased sales prices*

Rock Lobster index 139

Toothfish index 150

Our markets 1st semester 2011

*Base 100 : average over last 5 years (2006 to 2010)

15

Simplified organization chart 30 June 2011

Strengthening of our team

to support the company’s growth

Chairman of the Board of Directors

Jacques de Chateauvieux

General Manager

Yannick Lauri

Deputy General Manager Finance

H arald Chabot de L’Allier

HR, Administrative and

Legal Manager Sales Manager

Operation

Manager

Technical-

Purchase Manager

Ships’ Captains

Sapmer

Management

Services

Sapmer

Technical

Services

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Breakdown of staff at 30 June 2011

On 30 June 2011, headcount reach 448 persons

*including 148 foreign sailors

MDM : Mer des Mascareignes

STS : Sapmer Technical Services

SMS : Sapmer Management Services

Summary of first half yearly

Financial results

Harald Chabot de L’Allier

Deputy General Manager Finance

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M€ S1 2011

6 months

S1 2010

6 months

2010

12 months

Revenues 42.2 22.8 48.0

Gross operating income (EBITDA) 10.0 3.0 7.7

Operating income (EBIT) 7.0 1.3 3.4

% EBIT / Revenues 16.7% 5.6% 7.2%

Financial income (1.5) (0.9) (3.0)

Income taxes (1.0) 0.1 0.2

Net income, Group share 4.6 0.4 0.6

% Net income / Revenues 10.9% 2.0% 1.3%

Number of ships in operation 8 6 7

Income Statement

IFRS Consolidated income statement (1st January – 30th June)

Operating income increased by 5.8M€, and was multiplied by 5.5 between 2010 first half and

2011 first half

The financial income is made of debt interests related to the tuna ships for -1.7M€ and of the

discounted fair value of financial hedging for +0.2M€

Net income amounts to 4.6M€, i.e. +4.2 M€ compared to 2010 first half

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Operating segments contribution to EBIT

Fishing activity Value-enhancing and

processing

Total

M€ S1 2011 S1 2010 Var. S1 2011 S1 2010 Var. S1 2011 S1 2010 Var.

Revenues 37.7 21.8 73% 4.5 1.0 350% 42.2 22.8 85%

Operating

income 6.8 1.6 317% 0.3 (0.4) 170% 7.0 1.3 458%

% Revenues 18.0% 7.5% 5.7% -36.7% 16.7% 5.6%

Fishing income has sharply increased thanks to rock lobster and toothfish activities, while

starting costs still hinders gross tuna income and our products positioning faces strong well

established market competition

Value-enhancing and processing activity yielded a positive income during 2011 first half

20 20

Fishing activity (M€)

S1 2011 details (M€)

S1 2010 S2 2010 S1 2011

21.8 23.337.7

Southernseas

fishing

Grosstuna

Otheractivities

31.6

5.8 0.3

+14.4 M€

Value-enhancing and

processing

(M€)

+2.5 M€

Revenues analysis

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EBIT Analysis S1 2011 vs S1 2010

M€

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IFRS Simplified Balance sheet at 30 June 2011

M€ 30/06/11 31/12/10 30/06/11 31/12/10

Net fixed assets and

other non-current assets

93.1 95.4 Shareholders’ equity 37.8 32.6

Long and medium term

financial debt

66.6 69.3

Other non-current

liabilities

13.3 14.3

Current assets 22.4 18.5 Short-term financial debt 5.6 6.2

Cash and cash

equivalents

20.6 19.3 Other current liabilities 12.7 10.8

TOTAL ASSETS 136.1 133.2 TOTAL LIABILITIES 136.1 133.2

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Gearing as at 30 June 2011

Net gearing improved from 1.72 to 1.36 over a six-month period

M€

WC (1) 9.6 WC (1) 7.7

Net fixed assets and other non-

current assets 93.1

Net fixed assets and other non-

current assets 95.4

S1 2011 2010

Assets

Other liabilities 13.3

Other liabilities 14.3

Net financial debt 51.6

Net financial debt 56.2

Shareholders’ equity 37.8

Shareholders’ equity 32.6

S1 2011 2010

Liabilities

Tuna ships+ Factory

64.9

Southern seas fishing

28.2

Tuna ships+ Factory

65.7

Southern seas fishing

29.7

Gearing 1.36 1.72

30/06/11 31/12/10 31/12/10 30/06/11

(1) WC : Working capital

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Change in Net debt between December 2010 and June 2011

Net debt 31/12/10

56.2 M€

Net debt30/06/11

51.6 M€

Change in

financial debt

-3.2 M€

Change in cash

-1.4 M€

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Cash flow statement 2011 first half vs 2010 first half

Operating cash flow is impaired by the increase of the working capital.

Investments in 2010 related to the tuna purse seiners Manapany and Bernica.

Financing operations for 2011 first half : dividends (-0.7 M€), loan disbursements (-3 M€) and

financial interests (-1.7 M€) vs positive cash flow in 2010 due to loans received and cash from

finance lease companies’shareholders.

M€ June 2011 June 2010

19.2

11.5 7.0

9.8

-0.3 -14.8 -5.4

9.8

20.6

16.4

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

Objective and development strategy

Yannick Lauri General Manager, member of the Board of Directors

Renewed proof of SAPMER’s involvement

in the sustainable handling of marine resources

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Joining date: August 2011

Program initiated by Earth Island Institute (organisation founded in 1982)

Objectives : Implement practical actions to protect dolphins and gain the label ‘Dolphin

Safe’ (Risk free for dolphins)

15 recommendations are set for :

Selective fishing technics avoiding side catch and protecting marine mammals, sea birds,

sea tortoises and other non targeted species

Reduction of juvenal tuna catches

Unscheduled supervisions of the tuna ships by inspectors to observe fishing operations, as

well as during unloading, storage…

Sapmer joined the International program ‘Dolphin Safe’

Organisation of corporate seminars

Good practices for responsible fishing

Quality oriented process from fishing operations to delivery to the end client

“Quality, innovation, cost control for a sustainable growth”

Objectives in figures for 2011

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Sapmer stricly follows its CAP 2012 plan :

Sales exceeding 65 M€

Higher operating profitability compared to 2010

Our 3 tuna purse seiners are fully operational in the Indian Ocean

The concept of strong value added products is recognized by

international customers

In 2011, Sapmer is expected to achieve:

Main work objectives for 2nd semester 2011

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Optimising and strengthening of resources

Increase of -40oC storage capacity in Mauritius, now at 3 600 tons (fully

operational at the end of September 2011)

Optimization of the processing line at Mer des Mascareignes factory

and increase of the production up to 6 000 tons

Sapmer Management Services subsidiary aims at : supervising the

logistics related activities in Mauritius (unload, storage, financial control, ship

supplies…)

Sapmer Technical Services subsidiary aims at : engineer and consultancy

structure which objective is to supervise all ship buildings as well as other

types of constructions

Currently working on our CAP 2018

Stockmarket news

Yannick Lauri General Manager, member of the Board of Directors

Breakdown of share capital 30 June 2011

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Total number of shares: 3 467 298

80.0%

13.1%

4.7% 2.2%

Jaccar Holdings

Bearer and othershareholders

Crédit Agricole

Directors andemployees

Stock market data

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ISIN : FR0010776617- ALMER

Share price when first introduced on stock market: 15 €/action

Highest share price 2011 : 15.79 €

Lowest share price 2011 : 12.20 €

Share price on 27/09/2011 : 13.50 €

Stock market capitalization on 27/09/2011: 46.8 M€

Shareholders’ schedule

2011 Annual revenues 8 February 2012*

2011 Annual results 8 March 2012*

SFAF meeting 8 March 2012 at 11h30

AGM 7 June 2012

First half revenues 2012 30 July 2012

Market price

*Data released before the opening of the stock market

Presentation of the 2011 half

yearly results

Palais de la Bourse

Paris, 28 September 2011