9M 2017 Results

§   Consolidated revenues remained practically the same with previous year, at €841.9m vs €848.4m in 9M 2016 against all the challenging market conditions faced in the majority of the business sectors where our subsidiaries operate.

§   Group consolidated EBITDA amounted to €103.8m vs. €113.7m in 9M 2016. The c.50% increase in fuel prices is the main reason for 2017 results deviation vs 2016.

 

Summary of key financials

GROUP(consolidated in €m)

9M 2016

9M 2017

Sales

848.4

841.9

EBITDA consolidated(1)

113.7

103.8

% margin

13.4%

12.3%

(1) Group consolidated Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA)

 
 

 

MIG’s majority of core portfolio companies continue to improve their operating performance and preserve their leading position within the Greek Economy, despite the aforementioned adverse market conditions.

§  Attica Group:Consolidated 9M 2017 revenues remained stable vs 9M 2016 (€215.5m vs €216.0m). Consolidated EBITDA amounted to €47.7m vs €62.3m in 9M 2016. Attica’s EBITDA results were negatively affected by the c.50% increase in fuel prices, especially during the H1 2017 period.  

 

§  Vivartia:Consolidated sales amounted to €432.9m vs €440.4m in 9M 2016, mainly due to weak conditions in Greece’s dairy market (-7.8% decline in fresh milk market vs 9M 2016). In contrast both Frozen Foods and Food Services have presented increased sales (+0.7% and +1.7% respectively vs 9M 2016). Vivartia consolidated EBITDA amounted to €42.5m vs €35.1m in 9M 2016. Note that for the relevant period in 2016, Vivartia’s EBITDA has been adversely impacted due to the impairment of trade receivables from Marinopoulos Group.

 

§  Hygeia Group:Consolidated sales amounted to €168.4m vs €167.4 in 9M 2016, posting an increase of 0.6%. EBITDA registered a notable improvement of +7.4% vs. 9M 2016 (€23.2m vs €21.6m), while the corresponding margin widened to 13.8% vs. 12.9% in 9M 2016, on the back of improved operating efficiency and cost rationalisation. On the 21st of November, HYGEIA agreed to amend the bond loan issued on the 28/9/2012, with the unpaid capital of €86.6m, mainly achieving the extension of the maturity of the loan and a decrease of spread, thus improving financing terms. The aforementioned amendment will contribute significantly in improving the Company’s working capital and cash flows, while securing the necessary liquidity to meet its financing and investing needs. Through the implementation of its long-term strategic plan, Hygeia Group continues to demonstrate revenue and operating profitability growth, which validates its leading position in the Greek healthcare sector.

OTHER SIGNIFICANT UPDATES

§   Approvals of the relevant regulatory authorities are still pending, in order ATTICA to complete the acquisition of a majority stake in Hellenic Seaways.

§   On October, the Competition Committee approved the joint control of MEVGAL by DELTA (VIVARTIA’s subsidiary) and by Hatzakou family, validating the completion of the transaction. Furthermore, Competition Committee decision defines the framework of future cooperation between the two companies. Note that DELTA owns 43.18% of MEVGAL’s shares, while equal percentage is owned by Hatzakou family. 

About MIG:Marfin Investment Group Holdings S.A. is an international investment holding company based in Greece and in Southeast Europe (SEE). The Company believes it is uniquely positioned to take advantage of an expanding array of investment opportunities in this region; opportunities in which traditional investment vehicles lacking MIG’s regional focus, scale, expertise, and/or its investment flexibility and financial resources, may find difficult to identify and exploit.

MIG in its current structure has been listed on the Athens Stock Exchange since July 2007. Its portfolio includes sector-leading companies, grouped into Food & Dairy, Transportation & Shipping, Healthcare, IT, Real Estate and Tourism & Leisure. Included amongst its portfolio and subsidiary companies is Attica Group, a leading passenger ferry operator in the Eastern Mediterranean; Vivartia, a leader in the dairy, frozen foods & vegetables and quick service restaurants business in Greece; Hygeia Group, a prominent integrated private hospitals and clinics group, with the leading general hospital facilities and maternity clinics in Greece; SingularLogic, the leading comprehensive IT services provider in Greece; Hilton Cyprus, the only 5-star hotel in the capital city of Nicosia and Robne Kuce Beograd (RKB), owner of the largest commercial real-estate portfolio in Serbia.