31 May 2018

PRESS RELEASE

Q1 2018 Results

Sales increase and significant EBITDA improvement for MIG Group

  • Consolidated Sales increased by 5% vs Q1 2017 and amounted to €249.8m, despite the challenging market conditions in the majority of the business sectors of our operating companies.

  • EBITDA from business operations registered a significant increase of 42% and reached17.7m vs €12.4m in Q1 2017. The aforementioned increase is attributed to the majority of the Group's subsidiaries. Group Consolidated EBITDA increased by 53% and amounted to14.8m vs €9.7m in Q1 2017.

Summary of key financials

GROUP (consolidated in €m)

Q1 2017

Q1 2018

Sales

238.5

249.8

EBITDA from business operations(1)

12.4

17.7

% margin

5.22%

7.09%

EBITDA consolidated(2)

9.7

14.8

% margin

4.07%

5.95%

(1) Consolidated EBITDA from business operations is defined as Group consolidated EBITDA excluding holding companies, gains/losses from the sale of investment property, fixed & intangible assets as well as revaluation of investment property

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

Key highlights regarding subsidiaries performance for Q1 2018:

  • Attica Group: Consolidated Sales, thanks to higher traffic volumes in all categories, registered a 10% increase and amounted to €49.4m vs44.8m in Q1 2017. Respectively, Consolidated EBITDA improved by 67% and amounted to losses of €1.3m vs losses of 4.0m in Q1 2017, despite the upward trend of fuel prices. Note that the passenger ferry sector is characterized by strong seasonality and the first three months of the year are the weakest of all quarters.

  • Vivartia Group: Consolidated Sales registered a 4.5% increase vs Q1 2017, due to improved performance by all of the Group's sectors. Consolidated EBITDA amounted to6.0m, decreased by €0.6m vs Q1 2017. The abovementioned decline of EBITDA is attributed to the Dairy sector and it is a direct result of increased advertising and promotional expenses related to the expansion of the Group's position in the cheese market. Vivartia Group managed to strengthen its market shares through the registered Sales improvement, thus retaining its market leading position across all key businesses.

  • Hygeia Group: managed to maintain the upward operating results trend. Consolidated Sales from continuing operations marginally increased vs Q1 2017 and amounted to55.9m. EBITDA from continuing operations presented an increase of 4.6% compared to Q1 2017 and amounted to11.5m (11.0m in 2017). Hygeia's Group management, through the implementation of its long-term strategic plan, achieves operating profitability growth and validates the Group's leading position in t6he Greek healthcare sector.

  • SingularLogic Group: Increase of consolidated Sales and swing to positive EBITDA. The gradual implementation of the Group's operational restructuring plan and the initiation of major private and public sector IT projects resulted in increased consolidated sales by 5% (€9.1m) vs Q1 2017. Respectively, consolidated EBITDA returned to profitability at €0.2m vs losses of €2.2m in Q1 2017. SingularLogic's Group management remains committed in the implementation of the operational restructuring plan in order to increase profitability and improve the Group's financial position.

POST REFERENCE DATE EVENTS

  • On the 19th of May 2018, "MARFIN INVESTMENT GROUP HOLDINGS S.A." (MIG) received a binding offer from "HELLENIC HEATHCARE S.A R.L." (which is controlled by the investment funds of "CVC CAPITAL PARTNERS") for the sale of its participation in "DIAGNOSTIKON KAI THERAPEFTIKON KENTRON ATHINON 'HYGEIA' S.A." ("HYGEIA") amounting (directly and indirectly) to 215,189,466 shares corresponding to 70.38% of HYGEIA's share capital. The consideration offered amounts to €0.92 per share, which results to a total consideration offered amount of €197,974,308.72 (corresponding to €281,273,841.12 for 100% of HYGEIA's share capital). Furthermore, MIG is provided with the right to acquire up to 10% in "HELLENIC HEALTHCARE S.A R.L.". MIG's Executive Committee and Board of Directors, at their meetings held on the 21/5/2018, unanimously considered the above offer as satisfactory and decided to grant to "HELLENIC HEALTHCARE S.A R.L." an exclusivity period for the completion of the agreement until 30/6/2018. During this period MIG will proceed to the appointment of a financial advisor who will examine the fairness of the consideration offered. The offer is subject to the usual terms and conditions for transactions of such kind (confirmatory legal, financial and tax due diligence, agreement as to the specific terms of the share purchase agreement). The relevant agreement is expected to be concluded until 30/6/2018 and it will be then brought to the attention of the General Meeting of the Shareholders that will finally decide for its implementation.

  • On the 25th of May 2018, ATTICA HOLDINGS S.A. ("Attica Group") completed the acquisition of a majority stake in HELLENIC SEAWAYS MARITIME COMPANY S.A.

    ("HSW"), in the framework of the implementation of the agreement dated 11.08.2017 as it stands, with Piraeus Bank and another minority shareholder of HSW for the acquisition of a total of 37,789,833 shares of HSW for a total consideration of69.07m.

    Part of the consideration (25.61m) was paid in cash through Attica Group's own funds, while the remaining amount due to the sellers (43.46m), was agreed to be paid through issuance and delivery of 24,145,523 new shares of Attica Group, with a nominal value of0.30 each, at an issue price of1.80 per share, which will result from the increase of the share capital of Attica Group through the capitalization of the relevant receivables of the aforementioned sellers and the abolition of the relevant pre-emptive rights.

    Attica Group already owned 1.61% of HSW's share capital through its 100% subsidiary "Blue Star Ferries S.A.". Following the latest acquisition, the total number of shares held by Attica Group is 39,039,833 shares, or 50.30% of HSW's share capital.

    In line with previous announcements, Attica Group will proceed immediately with the completion of the required contractual actions to acquire an additional 48.53%

of HSW's share capital from "Minoan Lines S.A.", which will raise its total stake at 98.83% of the share capital of HSW.

Contact:

Investor Relations: +30 210 350 4046

InvestorRelations@marfingroup.gr

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, Vivartia Group, Hygeia Group, SingularLogic Group, Hilton Cyprus and Robne Kuce Beograd (RKB).

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Marfin Investment Group SA Holdings published this content on 31 May 2018 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 31 May 2018 15:02:00 UTC