Presentation of the annual

results 2011

Palais de la Bourse

Paris, 8 March 2012

SAPMER in brief

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

3

SAPMER’s expertise

• Tuna fishing

• Fleet: Tuna purse seiner -40°C

• Yellowfin, Skipjack, and Big eye fishing

• Fishing products:

• Whole tuna (< 3,5 kg at -40°C and

brine)

• Processed tuna (> 3,5 kg at

- 40°C)

• Storage at -40°C at Port-Louis

• Processing factory 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 markets for canning

industries for whole tuna

• The 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

• Toothfish fishing

• Fleet : Longliner

• Headed and gutted toothfish, packaged

on board.

• Rock Lobster fishing

• Fleet : freezer pot lobster vessel

• Rock Lobster prepared and packaged

on board.

Tuna

Toothfish

Rock Lobster

Fishing Processing and

value enhancing

Exportation and

sales

Southern seas fishing in the Economic Zones of the Southern and Antarctic Territories (TAAF)

Our fishing zones and the main species we catch

Indian Ocean

Yellowfin tuna/ Thunnus albacares

Skipjack/ Katsuwonus pelamis

On board deep freeze at -40oC

Continuous fishing activity which

began in 2009

No quota

Economic zone of the French and

Antarctic Territories

Rock Lobster/ Jasus paulensis

Quotas 2011/2012 : 400 T

Toothfish/ Dissostichus eleginoides

Quotas 2011/2012 : 3 220 T

4

SAPMER’s historic Activity

Our logistics: at sea

Toothfish Rock Lobster Tuna

Ships’ capacity 270 tons 240 tons

1 000 tons including

700 T in the hold at

-40°C

300 T in brine

Number of fishing trips

per ship 3 2 Continuous sailing

Number of ships 4 longliners 1 pot lobster vessel 3 tuna purse seiners

5

Our logistics: shore based

Storage capacity

Processing and value enhancing of halieutic resources : loins, steaks, slices,

… without thawing during process

Production capacity of 9 000 tons/year

Mauritius Island 3 600 tons at -40oC

Reunion Island 2 000 tons at -20oC with labelling

Mer des Mascareignes – Mauritius

Storage at -40oC in Mauritius Island increased

by 2 700 tons in 2011

6

Creation in 2011 of SMS (Sapmer Management Services) which ojective

is to supervise all logistics in Mauritius.

Our main international markets

Tuna Loins

Steak

Saku

Tataki

Tuna steak

Tuna steak

Tuna steak

Tuna steak

Kirimi, Carry

Toothfish

Toothfish

Rock Lobster

7

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 is underway

‘Responsible Fishing’ recognition from Bureau Veritas in April 2010

Joined the ‘Dolphin Safe’ international program from the Earth Island Institute in August 2011

A ‘Friends of the Sea’ certification is currently underway (certification expected for July 2012)

Strong commitment to ‘responsible fishing’

Southern seas fishing

Tuna fishing

8

2011, major developments

Yannick Lauri General Manager, member of the Board of Directors

SAPMER reaches its CAP 2012 objectives a year in advance

2011 revenues at 77 M€ with an increase of 29 M€ compared to 2010

33,048.0

77.0

2009 2010 2011

Good fishing campaign

Rapid expansion of the Tuna fleet

(3 ships in operation)

Important work on value enhancing of

selected tuna

Rising prices

+ 60%

20% operational

profitability

10% net

profitability

10 Offer of payment of a dividend of 0.4 € per share during the Annual General Meeting

of 26 April 2012

11

Southern seas fishing

Tuna fishing

Toothfish & Rock Lobster: Catch quotas for the

2010/2011 campaign were completed,

2011/2012 quotas, slight increase for Toothfish at

3 220 tons/year

Franche Terre and Manapany : Good handling of the

resource and continued fishing optimized

Bernica : 1st unloading in February, rapid expansion

Increase in targeted species for process.

Goog fishing campaign

11

12

Great increase of the fishing activity

Toothfish and Rock Lobster

Strong demande from Asian markets

China

Japan

Rising prices*

Rock Lobster index 139

Toothfish index 155

*Base 100 : average of the past 5 years (2006 to 2010)

18.8M€ or 41.8% increase of the revenues at 63.8 M€

Whole Tuna

Volumes (+ 1 ship) and rising prices

12

13

On going maximization of the Tuna value enhancing & processing activity

Improvement of the process and increase of the productivity

5 300 tons of tuna were processed (frozen fish at -40oC) in 2011, which represents 33% of the total tuna

catch

Top quality products due to well structured process (catching and value enhancing) :

Sashimi quality loins represent 71% of the sales

Increase of the

activity by

340% at 13.2 M€

13

14

Value enhanced tuna revenues analysis

Breakdown of Revenues per Product in %

71%

15%

14%

Loins Steaks Other*

Breakdown of Revenues per country in %

72%

20%

4%2% 2%

Japan EuropeAfrica Mauritius/ReunionOther Asia

14

*Saku, Kirimi, Ventrèche, Collet and other

Breakdown of staff at 31 December 2011

On 31 December 2011, headcount was of 461 persons

169

154

63

48

19 8

Southern seas fishing Tuna fishing 50% MDM factory staff

Shore based Temporary STS/SMS

MDM : Mer des Mascareignes 15 15

Order of two new tuna sisterships

On going construction of two new tuna purse seiners at the Construction

SEAS PIRIOU vietnamese shipyards.

Contract signed in December 2011

Total amount of the investment : 54 M€ (construction and fitting out)

Delivery of DOLOMIEU : End of March 2012

Delivery of SEAS 44 expected end of August 2012

16

Creation in 2011

of STS (Sapmer

Technical Services)

which objective is to

supervise all ship

buildings.

Summary 2011

Financial results

Harald Chabot de L’Allier

Deputy General Manager Finance

18 18

M€ S1 2011 S2 2011 2011

12 months

2010

12 months

Revenues 42.2 34.8 77.0 48.0

Gross operating income (EBITDA) 10.0 9.4 19.4 7.7

Operating income (EBIT) 7.0 8.2 15.2 3.4

% EBIT / Revenues 17% 23% 20% 7%

Financial income (1.4) (2.0) (3.4) (3.0)

Income taxes (1.0) (3.1) (4.0) 0.2

Net income, Group share 4.6 3.1 7.7 0.6

% Net income / Revenues 11% 9% 10% 1%

Income Statement

IFRS Consolidated income statement (1st January – 31st December)

Operating income increased by 11.8 M€, and was multiplied by 4.4 between 2010 and 2011

The financial income is made of debt interests related to the tuna ships.

Total tax expenses amount to 4 M€, of which 3 M€ relates to income tax. This increase is due

to financial results increase on the one hand and tax regulation change on the other hand

(third allowance abolition).

Net income amounts to 7.7 M€, i.e. above 10% of revenues.

19 19

Fishing activity (M€)

S1 2010 S2 2010 S1 2011 S2 2011

1,02,0

4,5

8,7

Value-enhancing and

processing (M€)

Revenues origin (M€)

Southern seas fishing

Gross tuna Other activities

49,3

13,8

0,7

70%

18%

5%

2%5%

Japan & Asia

Reunion& Mauritius

North America

Europe

Other19

Revenues analysis

20

Fishing activity Value enhancing and processing

M€ S1

2011

S2

2011 2011 2010 Var.

S1

2011

S2

2011 2011 2010 Var.

Revenues 37.7 26.1 63.8 45.0 42% 4.5 8.7 13.2 3.0 345%

Operating

income 6.8 7.0 13.7 3.5 290% 0.3 1.2 1.5 (0.1) +1812%

% Revenues 18.0% 26.6% 21.5% 7.8% - 5.7% 13.9% 11.1% -2.9% -

20

Operating segments contribution to EBIT

Fishing income in 2011 at 13.7 M€ , i.e. up +10.2 M€.

Increase mainly due to rise in Rock Lobster and Toothfish prices and gross tuna volume

(10.8 Kt in 2011 vs 5 Kt in 2010).

Value-enhancing and processing activity yielded a positive income during 2011 (vs a loss in

2010).

21 21 * Change in evaluation of deferred tax

IFRS Simplified Balance sheet at 31 December 2011

M€ 31/12/11 31/12/10 31/12/11 31/12/10

Net fixed assets and

other non-current assets

97.2 95.5 Shareholders’ equity* 38.4 31.8

Long and medium term

financial debt

64.5 69.3

Other non-current

liabilities*

17.0 15.2

Current assets 26.2 18.5 Short-term financial debt 5.0 6.2

Cash and cash

equivalents

18.7 19.3 Other current liabilities 17.2 10.7

TOTAL ASSETS 142.1 133.2 TOTAL LIABILITIES 142.1 133.2

• Change in fixed assets: investments for 6.3 M€,

provision for vessel repairing recorded in assets for

0.8 M€, amortisation for -5.3 M€.

• Increase in current assets +7.7 M€ related to increase in

receivables (December sales of toothfish).

• Slight decrease in cash -0.6 M€.

• Decrease in financial debt: loan disbursement for

5.6 M€.

• Increase in other non-current liabilities because of the

negative valuation of hedging contracts (-1 M€) and

increase in deferred taxes (-0.6 M€).

• Increase in other current liabilities linked to business

acceleration and uppermost tax income liability(3 M€)

22

Other liabilities 17.0

Other liabilities 15.2

Net financial debt 50.9

Net financial debt 56.2

Shareholders’ equity 38.4

Shareholders’ equity 31.8

31/12/2011 31/12/2010

Liabilities

WC 9.0 WC 7.7

Net fixed assets and other non-

current assets 97.2

Net fixed assets and other non-

current assets 95.5

31/12/2011 31/12/2010

Assets

Tuna ships +

Factory

69.9

Southern seas fishing

27.3

Tuna ships +

Factory

65.8

Southern seas fishing

29.7

Gearing 1.32 1.77

M€

22

Gearing as at 30 December 2011

WC = Working Capital

23

Net debt31/12/10

56.2 M€

Net debt31/12/11

50.9 M€

Change in

financial debt

-5.9 M€

Change in cash

0.6 M€

23

Change in Net debt at 31 December 2011

24

M€ Dec. 2011 Dec. 2010

24

Cash flow statement 2011 vs 2010

19.2 15.4

-6.3 -9.8

18.6

11.5 11.0

-24.1

20.8 19.2

Operating cash flow benefits from the rise in profitability.

Investments in 2010 related to the tuna purse seiners Manapany and Bernica. In 2011: down

payments for Dolomieu and SEAS 44.

Financing operations for 2011 : dividends (-0.7 M€), loan disbursements (-5.6 M€) and financial

interests (-3.4 M€) vs positive cash flow in 2010 due to loans received and cash from finance

lease companies’shareholders.

Our projects and objectives for 2012

Yannick Lauri General Manager, member of the Board of Directors

Value enhanced tuna: A niche market for SAPMER

Indian Ocean

Tuna fishing 850 Kt

Purse seiner

Brine

270 Kt

26

Pacific

Ocean

3 500 Kt

Atlantic

Ocean

450 Kt Purse seiner

-40°C

SAPMER

2013

30 Kt

Longliners

-60°C and

fresh

150 Kt

Pole & line

Fresh

400 Kt

Value enhanced and processed at -

40°C in MDM factory into loins,

steaks, …

Canning industry Sashimi loins : grade

A+, grade A, grade

B

Frozen

steaks &

other

Market = 4 500 M€

Value enhanced tuna

Niche Markets Gross tuna

Price per kg = f(Quality)

1 € 5 € 10 €

Europe, the USA markets Japan market

Fishing

Value enhancing

and processing

Distribution

Estimated data

A proven success of our “top quality” range

Our current products: Value enhanced ‘Yellowfin’ catches

Our products Types of consumption/Markets Price

LOINS

Loins grade A : raw consumption (sushis,

sashimi…)

Loins grade B : cooked consumption

Main markets : Japan, EU

+++

STEAKS

Products from grade B loins : consumption half-

cooked

Markets : Europe, South-Africa, the USA

++

OTHER TOP

PRODUCTS

Top of the range products- loin central part

Saku block : raw consumption

Kirimi : half-cooked consumption or marinated

Markets : China, Japan, EU, the USA

+++

CO-

PRODUCTS

Under belly, collars, pieces: half-cooked,

marinated or grilled consumption

Markets : Japan, Korea, Spain

+

SAPMER : is one of the few international company offering such a

quality of products 27

Strengthening of our Tuna fleet in 2012

Arrival of DOLOMIEU

Naming ceremony on 22 March 2012

1st unloading expected in June 2012

Arrival of SEAS 44

Naming ceremony expected end of August 2012

Catch objectives after the arrival of the two new tuna ships : 30 000 tons / year

28

At sea

On shore

Optimization of our process and logistics

28

Creation of a new value enhancing and processing unit

Value enhancing of Yellowfin and Skipjack tuna

In loins, Tataki, other products

Tataki is a Japanese preparation which consists of quickly

cooking the tuna in order to maintain its center raw (half-

cooked ready to eat vacuumed wrapped and frozen)

Unit based in Port Louis (Mauritius)

Means and organization set up

Creation of a new facility (Sapmer Processing Services)

Sales partnership project with a Japanese company

Building surface area : 2 000sq Meter

Objective on

the verge of 2013 :

To value enhance

50% of our total

catch

29

A strengthened organisation to accompany its growth

General Manager

Deputy General Manager Naval Operation and Fishing Activity

Deputy General Manager Finance and Value enhancing Activity

STS

SMS

SPS

STS - Sapmer Technical Services – 2 persons

SMS - Sapmer Management Services – 6 persons

SPS – Sapmer Processing Services (on-going)

Simplified organization chart Currently in the process of recruiting

a Deputy General Manager

Hiring of 66 persons in 2012

(crew of the 2 new tuna ships)

30

Our objectives for 2012

31

Revenues: increase by around

10%

Net income : To keep a net profitability

of around 10%

Stockmarket news

Yannick Lauri General Manager, member of the Board of Directors

Breakdown of share capital at 31 December 2011

Total number of shares: 3 467 298

80.0%12.9%

5.0% 2.1%

Jaccar Holdings

Bearer and othershareholders

Oxaco

Directors andemployees

33

Oxaco Holding entered the capital in October 2011

Stock market data

Code ISIN : FR0010776617- ALMER

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

Highest share price over 1 year : 16.01 €

Lowest share price over 1 year : 11.05 €

Share price on 06/03/2012 : 16 €

Stock market capitalization on 06/03/2012 : 55.5 M€

Shareholders’ schedule

Annual General Shareholders’ Meeting 26 April 2012

H1 2012 Revenues 30 July 2012*

H1 2012 Results 20 September 2012*

SFAF meeting 20 September 2012 at 11:30a.m

Market price

*Press releases available before the opening of the stock market

34

35