president's message. 5
our group
comprehensive business data . 6
financial data. 7
2012 sales distribution. 8
growth path . 10
the Mediterranean fish farming industry . 12
KEGOagri . 17
our structure. 24
our history. 26
our values . 28
certifications . 30
business ethics. 36
training programs . 38
training and development . 39
participation in the UN Global Compact. . . . 41
our social footprint. 43
volunteer activities . 46
education & culture. 48
green supply chain management. 50
supply policy . 53
environmental management . 54
report evaluation within the context of BRAVO. 59
The past 25 years have provided many chalenges for NIREUS, but also
many opportunities, that we have weathered with dedication, hard
work, innovation, and special responsibility towards al our partners and
the society.
During 2012, we not just weathered the extreme chal enges of the economy, but we also managed to strengthen the long-term sustainability of our Group through the increase of our sales and our presence in new We exported 77% of our products and 90% of our fish supporting the Greek economy with foreign exchange inflows and job preservation.
We supported our clients and the consumers with quality products that contribute to the sustainability of our planet.
We took care of the environment with actions and initiatives in al our facilities and with ful transparency in disclosure of the data and results.
Moreover, we continued to support our employees and the society re- sponsibly and consistently through a series of actions we present in the fol- lowing Report.
Final y, I would like to thank our partners, shareholders and employees for supporting our vision during the past 25 years. At the same time, I would like to assure you that we wil continue our journey under the same guiding principles: consistency, teamwork, col ectiveness, encouraging innovation, and commitment to quality, which are today, more ever, crucial for the so- cial progress and the economic reconstruction of our country.
Aristides Bel es
President and CEO NIREUS was established in 1988. In the 25 years of its operation it has
become the largest company in both the production and the dis-
tribution of Mediterranean fish. Moreover, our group is among the
10 largest fish farming companies in the world.
The largest Greek companies in bass - bream farming - 2012 FY sales (mi €) Sales of Andromeda are estimates
NIREUS group owns production facilities in 3 countries (Greece, Turkey and
Spain) and maintains a top ranking position in al of its business: market-size fish, juveniles, fish feed The Group is vertical y integrated for the ful value chain, producing fish feed, broodstock, juveniles, market-size fish, processed fish products and aquaculture equipment. It owns two fish feed
factories, 5 hatcheries, 42 on-growing farms, three pre-growing inland units
for 10 gr. juveniles, 8 modern packaging units, a fish processing plant, an
6 R&D center, and a company producing fish farming equipment, such as
cages and nets. Moreover, through its 100% owned subsidiary KEGOagri,
the Group sel s genetic material, equipment, nutrition and health products to aviculture and animal culture in Greece and abroad.
NIREUS group is active in 5 main sectors: Fish farming (broodstock,
juveniles and market-size fish) operating approximately 2.500 cages geographical y dispersed. Fish processing in a modern processing plant. Fish feed with 2 factories each having an an- nual production of over 40.000 tons.
Aquaculture equipment with the production and supply of specialized equipment to be used by the Group or sold to other companies.
Industrial animal production, supplying integrated solutions and products of genetic material, nutritional supplements, farm equipment and veterinary medicine to aviculture and animal culture.
Broodstock F ilets
Fresh Fish
The most important sectors for the Group are fish farming and fish process- ing and they contribute most of the sales. Next comes the fish feed sector and the others fol ow.
Sales per sector 2012 The Group is export-oriented and ranks 1st in total export within the
Greek food industry, contributing to the Greek national product, the
primary sector, as wel as the country's production and social welfare.
In 2012, exports amounted to € 155.6 mi. The fol owing table shows the
contribution of the exports' share in total sales (77% for 2012).
exports share development NIREUS is committed to its international expansion, focusing not on only on
exports, but also on international production. Apart from Greece, the company has production facilities in Spain and Turkey. It exports 90% of
its fish to over 40 countries, mainly in Europe, but also in North America,
Africa and Asia.
2012 fish sales per country (% value) NIREUS fol ows principles of social responsibility and sustainability and has
received the Management Award for Sustainable Development. The com-
pany is certified according to ISO 9001: 2000, ISO 14001: 2004, ISO 22000:
2005, the BRC standards and the Global GAP standards.
NIREUS shares capital consists of 63.683.276 shares that are listed in the
Main Market of the Athens Stock Exchange. The company's shares participate in the composition of seven indices, from which the main are the General Index, the FTSE/Athex Mid Cap FTSEM and the FTSE/Athex Global Traders Index Plus, FTSEGTI.
The growth of the Group is based on the development and launch- ing of new products and its geographic expansion into new markets.
The Group aims to gain international recognition for its Mediter-
ranean fish farming products by placing emphasis on the high stan-
dards and the wide range of its products. The main products of NIREUS are
sea bream and sea bass, which are available whole, fil eted or gutted, fresh
or frozen. Meagre and pagrus were introduced to the Greek and foreign
market in 2010 and 2011, respectively.
NIREUS has been a pioneer in opening up new markets since its establish- ment, It is now the leader in food exports in Greece and its fish are exported to more than 40 countries around the globe.
Its sales outside Greece amount to €156 mil ion.
NIREUS' strategy focuses on further expansion, particularly into new
markets such as North America, Eastern Europe and Asia. Through wel -
established partnerships, it aims to develop distinct segments of the
seafood market in the above countries.
In an effort to strengthen its market position, it recently obtained certi-
fication for a new line of products on the Greek and European markets,
according to the international GLOBALG.A.P. Aquaculture Standard for
best aquaculture practices. This certification confirms the company's continuing effort to offer aquaculture products that are based on sus- tainability principles. The company aims to establish long-term partner- ships with select customers and to jointly develop product specifications in accordance with particularly strict food safety and operational sus- tainability standards for end consumers.
Today, the sector produces over 300.000 tons of fish (sea bream, sea
bass, sharp-snout bream, meagre, common pandora, etc.) with sea
bream and seabass stil being the main species produced. It is the
second largest sector in marine fish farming global y after the sector of Atlantic salmon.
Global production of farmed marine fish (thou. tons) Greece is the main country producer of Mediterranean fish with a share approaching 40% of the world production. Approximately 30% of the world production takes place in Turkey, while the remaining 30% +is pro- duced in other Mediterranean countries: Spain, Italy, France, Portugal, Malta, Cyprus, Israel, Croatia, Tunisia, a.o.
Global Production Development of Mediterranean Fish Farming (source: Kontali Analyse) Greek fish farming is export-oriented and one of the major export sectors of the Greek economy. Exports amount to 2/3 of overal production. The main destination of Greek farmed fish is Europe.
2012 Exports of Greek bass and bream (source: Kontali Analyse) Approximately 100 companies are active in the Greek fish farming sector.
Their annual sales surpass 800 mil ion euro and they provide employment to
10 thousand people in remote areas, away from urban centers. The largest
5 companies account for 2/3 of the sales, while the total sea area used for
their facilities is 7.8 square km (in comparison, the airport at Spata occupies
an area of 16.5 square km).
The Greek fish farming industry accounts for just 0.2% of the of the Greek gross domestic product, but fish exports account for 3% the country's exports and 12% of primary exports (National Bank of Greece study, 2010).
Greek fish exports 1999-2012 (mi. €)source: HEPO According to data from the Hel enic Foreign Trade Organization, in 2012 fish exports captured the second place among exports of agricultural prod- ucts, surpassing even the exports of cotton, olive oil and vegetables.
KEGOagri is a 100% subsidiary of the Group and a leading provider
of integrated solutions and products to the Greek animal production
industry with a focus on poultry, pig and ruminant farming and the
animal feed industry.
KEGOagri has established exclusive partnerships with global leading pro- ducers of genetic material, feeds, pharmaceutical products, biosecurity products and farm equipment.
The portfolio of products offered by KEGOagri meets the entire range of the producers needs for al animal species, enabling the production of top quality food for consumers at the lowest possible cost.
KEGOagri's main products and services are: SELECTED BREEDING STOCK OF HIGH GENETIC MERIT
for pig, poultry and cattle farming through selective breeding programs.
KEGOagri has partnered with the world-renowned company HERMITAGE
and produces breeding pigs and semen at the company's owned nucleus farm in Viotia, meeting the needs of the Greek, Cyprot and Balkan countries ► It provides Ross chicks from AVIAGEN, a global leader in poultry farming.
► It provides cattle semen from Alta Genetics, a world-renowned company.
KNOW-HOW AND TECHNICAL SOLUTIONS to producers, through specialized
products and services, for nutrition, reproduction, management, veterinary and hygiene management.
It manufactures feed products for al animal species at Nireus' privately
owned state-of-the-art plant, which has been certified according to the in-
ternational EN ISO 9001:2008 and EN ISO 22000:2005 (HACCP) standards for
planning, procurement, production, sales and quality control operations.
It provides imported feed products manufactured by Lactalis, Lal emand,
Suomen Rehu, Aveve and APC.
KEGOagri designs, builds and equips animal feed manufacturing plants
in cooperation with Amandus Kahl.
► It provides comprehensive stabling and feeding systems for poultry and pig farms in cooperation with the European companies Roxel , Fancom, Munters and Nedap.
► It is the exclusive distributor of DUPONT biosecurity products for the Greek mar-
ket, including VIRKON-S, an innovative multipurpose virucidal disinfectant.
► It works together with producers and provides them with veterinary med- icines and vaccines from al pharmaceutical companies.
FOCUS ON EXPORT ACTIVITY Fol owing the successful path of NIREUS and based on its successful ex- porting activity to Cyprus, KEGOagri aims to enter the markets of Turkey and the Balkan countries, as wel as those of North Africa, including Tunisia.
Maximum Growth Rate
Excel ent Feed Intake
Excel ent Feed Conversion Ef iciency
Maximum ADG
High Kil out % & Carcass Yields
Maximum Hybrid Vigour and Disease Resistance
Superior Piglet Viability
Excel ent Meat Quality
High Health Status

PARTICIPATION IN TRADE FAIRS The company successful y participated in the fol owing fairs: NOVISAD AGRICULTURAL FAIR, held in Serbia in May 2012, and INTAGRA
2012, held in Romania in October 2012, where the company was able to
present its ful range of products and contact leading producers of the Balkan countries.
The company took part, together with NIREUS, in the most important fair
of the industry held in Saudi Arabia: SAUDI AGROFOOD-SAUDI AGRICUL-
TURE, that took place in Riyadh in September 2012.
Workshops to inform cattle farmers, in cooperation with ALTA GENETICS
Cattle farmers were trained by specialized ALTA GENETICS scientists on cat- tle reproduction and on how to deal with heat stress in order to optimize OCTOBER 2012
A workshop to inform poultry farmers and producers of ROSS 308 parent
stock by PINDOS COOPERATIVE in Ioannina.
A workshop, conducted by scientists from AVIAGEN and KEGOagri, that fo- cused on the latest developments on the effective management of ROSS 308 flocks, with an emphasis on biosecurity and appropriate farming pro- PROTEUSis a subsidiary of the NIREUS Groupspecializing in the produc-
tion of technological equipment and integrated top-quality techni- cal solutions to meet the entire range of needs of the Group, as wel as those of Mediterranean fish farming producers worldwide. It is re- garded as one of the strongest aquaculture equipment producers in the Mediterranean, and is highly trusted by both the local and foreign markets.
PROTEUS of ers integrated technical solutions for Mediterranean fish farm-
ing and is able to complete and deliver turnkey projects, from the concep- tual design and feasibility study to the construction and equipment of hatcheries and fish processing, packaging and farming plants. At its modern plant on the island of Chios, the company combines strictly
chosen quality procedures and careful y selected materials to manufacture
and repair nets for fish farming cages. It also manufactures heavy-duty
cages in al types and sizes for open-sea fish farming operations.
PROTEUS has innovative pioneering systems and offers nets with a longer service life that help the industry businesses to reduce costs substantial y.
PRODUCTS & SERVICES ► Conventional nets, reinforced nets and nets made of Dyneema ► Nets for tuna farming ► Cages of al types and sizes for Mediterranean fish and tuna ► Mooring systems and accessories ► Boats and barges ► Equipment, submerged cameras, control systems, feeding cannons ► Water treatment equipment and systems for hatcheries ► Integrated solutions for the design and construction of aquaculture facilities ► Innovative net cleaning systems (RONC) ► Grading equipment (Flexipanels) ► Vaccinators for juveniles ► Vaccination needles for juveniles and vaccinator spare parts ► Repairs of net cages ► Repairs and alterations of fish farming cages The company aims to further expand its export activity both in markets where it holds a high mar- ket share and in other markets with strong growth prospects, such as those of North African and Arab Research and Development As part of an EU program, the company has es- tablished partnerships with universities and re- search institutes, as wel as other European companies to manufacture innovative sensor- equipped fish farming cages.
PROTEUS, in cooperation with the Greek Institute of Copper Development, conducts research on in- novative products based on copper, such as the production of copper nets that contribute signifi- cantly to reducing the cost of maintenance and Its col aboration with the Dutch company ΜI- CANTI focuses on replacing conventional anti-foul- ing with a special THORN-D treatment in order to provide modern producers with low-cost mainte- nance and cleaning products. The test results wil be presented in the second half of 2013.
Ilknak was established in 1996and has been a subsidiary of the NIREUS
Group since 2005. The company is among the very few vertical y inte-
grated producers of Mediterranean fish in Turkey. Its production facilities
are located in Dikili, 100 km north of Izmir, and its headquarters are in Izmir.
Ilknak owns a modern hatchery, 2 fish farms and a packaging plant cer-
tified for exports to the European Union. It produces sea bream and sea bass
juveniles and a variety of farmed fish, such as sea bream, sea bass, shi drum, sharpsnout bream and meagre.
The company holds a leading position in the Turkish juveniles market and its juveniles are renowned for their high quality, health and growth rate.
Ilknak products are marketed in the local and European markets through Miramar, a subsidiary of NIREUS group established in 2006. Both Ilknak and Miramar have received numerous awards for their export activity and foreign currency inflows from trade, their profitability and pay- ment of corporate taxes.
Predomar was estab-
lished in 1999 and
has been a subsidiary of the NIREUS Group
since January 2007.
The company owns a pre- growing farm for sea bream and sea bass juveniles with an annual capacity of 20 mil- lion pieces in Carboneras, near the town of Almeria, Spain. Predomar also oper- ates an open-sea on-grow- ing farm for sea bream and Predomar's production in juveniles and fresh fish meets the needs of the local Span- ESSINC RTMEPAPROD The company's Board of Directors serves a five-year term and consists of
the fol owing members:
Aristides Bel es, CHAIRMAN
Nikolaos Chaviaras, VICE CHAIRMAN
The fol owing committees support its operation: ■ Audit Committee ■ Strategic Planning Committee ■ Committee on Corporate Governance The other governing bodies of the Group are:
■ Board of Company Management ■ Board of Group Management ■ Group Executive Committee ■ Documentation, Organization & Planning Unit The Board of Directors meets once a month to define the company's strategy and to examine current issues.
The Group Executive Committee meets at least once a month or more frequently if urgent administrative issues arise in the interim. It addresses and resolves company administrative matters and makes relevant recom- mendations to the Board.
Establishment of the company - operation as an on-growing farm until 1990 Construction and operation of the first hatchery Merger with PROTEUS Aquaculture Listed on the Athens Stock Exchange (paral el market) 1995-1996 Acquisitions/Mergers aimed at increasing production capacity
Establishment of PROTEUS EQUIPMENT 1996-1997 Purchase of a factory in Koropi and relocation of the offices;
commencement of operation of the processing, packaging-storage and shipping units for seafood.
Establishment of FEEDUS and commencement of fish feed production ■ Transfer of shares from the paral el market to the main market of the Athens Stock Exchange ■ Expansion of company activities to the United Arab Emirates, through a holding in INTL FISH FARMING COMPANY Acquisitions/holdings in companies (SARANTIS - EUROCATERERS) aimed at further strengthening the company in the food and aquaculture (FOKIDA FISH FARMS) sectors 26 2000-2001 Restructuring of the Group through mergers
(AEGEAS S.A. - ΟΙΝOUSSES AQUACULTURE), acquisitions (ICHTYOFARMA Ltd) and participations (INTERPESCA S.A.) Establishment and operation of the company "BLUE FIN TUNA" with the participation of NIREUS S.A., SELONTA A.E.G.E. and AUSTRALIAN FISHING ENTERPRISES NIREUS S.A. entered into contract, as strategic investor, in the settlement between SEAFARM IONIAN S.A. and its creditors 2005-2006 Entry of the company into the Turkish market through its
participation in the Turkish aquaculture company ILKNAK Further restructuring of the NIREUS Group through mergers(FEEDUS-FOKIDA FISH FARMS, MYLOKOPI FISH FARMS, etc.) ■ Establishment of NIREUS INTERNATIONAL LTD and acquisition of MIRAMAR (Turkey) ■ Agreement with AB Vassilopoulos for the sale of branded farmed fish through its stores (AB CHOICE - NIREUS) ■ Acquisition of the listed company KEGO S.A.
■ Acquisition of the Spanish company PREDOMAR ■ Acquisition of the Turkish company CARBON A.S.
■ Construction and operation of a modern pre-growing farm in Thesprotia Merger with KEGO S.A., spin-off of KEGO's agri sector that formed the subsidiary KEGOagri S.A.
Establishment of NIREUS branch in Milan, Italy, at TRADIMAR's premises Award in the "Environmental Management" category from the GREEK ASSOCIATION OF ENVIRONMENTAL PROTECTION COMPANIES (PASEPPE) Since its foundation, our company has been working with avision to
establish itself as a leader in Mediterranean fish farming among the
top five producers of seafood in Europe, producing healthy prod-
ucts with high nutritional value and af ordability for consumers and
catering to its shareholders, its employees, the environment and the social needs of the regions where it operates.
Fol owing are the values that govern our operation: Business ethics
Teamwork, speed, col aboration and commitment to results
Leadership by example
Employee job satisfaction and work –life balance
Customer satisfaction and cooperation with customers and suppliers
having the same values and business standards as we do
Systematic support of innovation
Production, processing and distribution of our products in the most envi-
ronmental y friendly manner
Communication with shareholders and investors
Leadership and professional excel ence

Furthermore, Chapter VI of the company's Internal labor Law, titled "Protection of interests and resources", refers, among other things, to the
principles of business ethics and company employee conduct towards customers, suppliers and other partners.
Because we want to ensure consistently high quality products for our customers, we seek to obtain certification according to interna- tional standards.
Nireus is certified by recognized certification organisms for the fol owing: EN ISO 9001:2008
System EN ISO 9001:2008 EN ISO 14001:2004
For the Environmental Management EN ISO 14001:2004 System No:04010011 EN ISO 22000:2005
and Food Safety System EN ISO 22000:2005 (British Retail Consortium) για την Ασφάλεια GLOBAL G.A.P
In 2012, NIREUS obtained certification accord-
ing to version 4.0 of the GLOBALG.A.P standard human resources indexes Staff turnover 2,4% Percentage of work accidents 1,45% DISTRIBUTION BY GENDER
MEN 76,00%
WOMEN 24,00%
20 to 30 14,00%
31 to 40 38,00%
41 to 50 32,00%
In December 2012, the NIREUS Group employed 1,075 people in Greece. Apart from the labor workforce that represents the majority of its personnel, there are also employees with various specialties appro- priate to the needs of the business: ICHTHYOOGISTS
Given the wide dispersion of our branches, the Group is the largest and most preferred employer in most areas. The selection of personnel is based on merit, without gender or age discriminations, and on formal qualifications and aptitudes, experience and, where appropriate, on personal interviews.
In the rural areas, preference is given to workers from local communities.
There is a management-approved recruitment procedure in place, which is strictly fol owed by al branches of the company.
health and safety at work Our company is particularly sensitive to health and safety issues because
most of our work takes place at sea.
Al facilities are regularly visited by occupational physicians, and em-
ployee medical records are maintained.
Moreover, inspections are carried out at regular intervals by safety engi- neers who verify compliance with safety rules and train employees in the use of personal protective equipment. Al employees working around fish cages are required to wear special lifejackets suitable for work in fish farms. In 2012, we had 15 minor work accidents (in a total of 1,075 employees), which is a very low rate given the nature of the company's business and the dispersion of its sites al over Greece. Work accidents are one of the evaluation indexes for our production supervisors' performance appraisal evaluation, salary and benefit systems Job descriptions have been prepared for al work positions within the company and, apart from the central organizational chart, each indi- vidual department has its own detailed organizational chart. Further- more, the operating procedures of each department are documented under the ISO system. Since 2009, the group has applied the Performance Appraisal System based on quantitative and qualitative targets, which are set each year according to the company's strategic goals and communicated to the The performance appraisal system is linked to the salary and benefits sys- tem of the company, with a career plan and an annual training and devel- opment program for each employee (for a period of two or three years).
At the NIREUS Group, we believe that the basis for strong and healthy
working relations is two-way communication, which is compatible with our
human-centered culture. Management communicates with employees in person by visiting the local branch offices and through internal memos that are distributed through our internal mail system and posted on al bul etin boards.
Al employees have access to senior management levels, either in per-
son or in writing. With regard to the company code of conduct, al em-
ployees are encouraged to report any infringement that they become aware of so it may be addressed immediately to the benefit of al and so that justice is done. That is why the [email protected] e-mail ad-
dress was set up, which is absolutely confidential and is addressed exclu- sively to the Legal and Corporate Af airs Department.
From the children's painting contest
titled "There was a little ship"
other voluntary company benefits for employees In addition to the above, our company also provides its employees with:
Interest-free loans to help with serious economic problems (especial y health-related issues).
Wedding and childbirth gifts (money).
A painting contest for the children (aged 8-12) of employees with a €500 cash prize for the winner and €100 for the others. One of the paintings becomes our company's Christmas card and every child that participates receives drawing materials as a gift.
A café-restaurant with special prices for the staff of the headquarters Discount on company products.
2th Prize
Extra days of sick leave per year without Children's painting contest 3th Prize
The company sponsors a children's painting
contest every year. This year's contest was ti-
tled "There a little ship", and the prizes were
4th Prize
awarded as fol ows:
1st Prize - Lambrini Giopanou
from Astakos, Aitoloakarnania 2nd Prize - Evangelia Avagianni
from Koropi, Attica 3rd Prize - Leonidas Mendrinos
from Koropi, Attica 4th Prize - Alexandra Gavera
from Ormos Xydias 5th Prize
5th Prize - Paraskevi Gavera
from Ormos Xydias 6th Prize - Paula Kenzal Ruiz
from subsidiary Predomar 6th Prize
Since its establishment, NIREUS Grouphas been
distinguished by its business ethics and the long- lasting values that mark each aspect of its activ- ity, regardless of where it is conducted. These values were incorporated in the Code of Ethics,
which defines the company's orientation toward each
shareholder, associate, customer and employee. They
reflect our commitment to exemplary behavior and an ongoing ef ort for improvement in al areas.
Compliance with the laws and observance of al rel- evant obligations those laws entail are the Group's key principle for al its operational units, be they in Greece Compliance with legislation is a factor in preventing business risks and an important token of good manage- The NIREUS Group places particular emphasis on im-
plementing al Corporate Governance guidelines, as established at an international level, focusing mainly on
providing investors and competent authorities with thor-
ough and timely information about any important mat- ter relating to significant developments or financial data, as wel as the protection of shareholder interests Communication with and information to al stake- holders about our activities are a primary concern for us as they, in addition to contributing towards comply- ing with mandatory provisions, ensure the required level
of transparency and establish a trusting relation with the Continuous enhancement of computer systems and
ef ective performance of internal audit processes, in
conjunction with the certified comprehensive quality
control systems used by the Group for a number of
years, ensure smooth and good internal operation of the Group companies, to the benefit of shareholders, as wel as our suppliers and customers.
The Group holds a leading position in the Mediterranean fish farming industry,
always applying fair competition practices. The key weapons we use in the international free market "battle" include our constant endeavor to satisfy our customers and our reliable transactions.
NIREUS looks for and rewards any scientific or technical innovation capable of
bringing about cost reductions and growth in the industry in general, where its application is always based on its positive ef ect on the ecosystems af ected by company activities. The fact that aquaculture is highly compatible with the environment does not
mean the Group can relax in its vigilance. On the contrary, it is an incentive for
further improvement. The working environment at the Group is human-centered. It is marked by mer- itocracy, respect for the individual, teamwork and non-negotiable moral values. NIREUS employees are given equal opportunities for training, skil development
and salary increase within the Group, ir espective of gender, nationality, political
or religious convictions, and they are entitled to work under excel ent health and safety conditions. Our people, however, also have a duty and responsibility to always act in ac-
cordance with the law and moral principles, to perform their duties without influ-
ence or reward from third parties, to abide by professional obligation to maintain confidentiality and to abstain from any il egal commercial or other practice or any use of insider information. By complying with the above obligations, as wel as those detailed in writing in the company's by-laws and labor regulation, al employees contribute towards the prevention and/or proper handling of any incident of abuse, cor uption or in- cor ect practice, and thus help protect the company's reputation. Final y, Group employees are encouraged to participate in volunteer CSR ac-
tions and to general y be sensitive to issues relating to the local communities
where the Group is active.
As part of providing Group staf with training, food health and safety (HACCP) information seminars, training programs on the interna-
tional GLOBALG.A.P. standard, as wel as workshops on carbon diox-
ide footprint calculation, analysis and reporting techniques in product distribution were held at our headquarters, at branches in various parts of Greece, as wel as at external training facilities.
Twenty-one persons from dif erent disciplines, mainly ichthyologists, fish farm
workers and food technologists, at ended the HACCP seminars held at the
hatchery in Chiliadou, Nafpaktos, Fokida, and twelve persons attended the seminars held in Aliveri, Evia.
The training seminars discussed such issues as worker personal health and hygiene, food contamination risks, factors af ecting bacterial growth and food preparation health considerations.
An intra-company seminar on the GLOBALG.A.P. standard, which is an in-
ternational y accepted and recognized standard for primary production and
is applied in more than 80 countries al over the world, was held at the head-
quarters in Koropi.
The standard is used to ensure that foods are produced responsibly under environmental y friendly conditions. It ful y covers the entire production chain, from brood stock, to raising, fishing and processing, and includes 200 require- ments relating to the quality and safety of food, the wel -being of the animals raised, the safety of employees, and the protection of the environment and the ecosystem. The seminar was at ended by 10 persons from dif erent disci-
plines, such as ichthyologists, chemists, heads of production and food tech-
nologists from throughout Greece.
Moreover, a workshop on the carbon dioxide footprint and product distri-
bution issues held in October was attended by three persons from the Logistics
Among other things, the discussions focused on methods and techniques used to calculate the carbon dioxide footprint and best practices and tech- nological solutions aiming to reduce the footprint and cut down on energy and fuel consumption.
Emphasis was placed in 2012 on long-term staff training programs, pro- viding employees with an opportunity to expand their knowledge and know-how relating to their respective posts.
We col aborated with the fol owing training organizations:
The Athens University of Economics on the 100-hour long postgraduate
program "Accounting and Finance".
The Hel enic Management Association (HMA) on the programs "MBA in
Management" and "Chartered postgraduate Diploma in Marketing", of a du-
ration of 100 and 70 hours, respectively.
The training company Humantec on the 120-hour long program "Certifi-
cate of competence in purchasing and supply management".
In April, the changes brought about by the new laws adopted under Mem- orandum I and the modifications that resulted from the legislation on labor and social security made it necessary to conduct a seminar on these changes. The 8-hour long seminar was held at our headquarters in Koropi and was attended by a total of 8 persons from the Payrol Department working throughout Greece. Moreover, training through a tax-focused seminar titled "Changes to the
income tax charged on natural and legal persons pursuant to Law
4002/2001", as wel as training relating to the Transaction Tax-Reporting Code
were also provided and attended by a total of 15 persons from the Account- ing Department.
As regards to employee training on food health and safety, HACCP-re-
lated seminars were conducted in June at the hatchery in Chiliadou, Naf-
paktos, which were attended by 21 persons from dif erent disciplines, and
at our branch in Aliveri, Evoia, which were attended by 12 persons; the
total duration of the seminars was 21 hours.
As part of the effort to contribute to the development and training of
NIREUS' employees, foreign language (English, Italian and Spanish) courses
were conducted at our headquarters and in various parts of Greece. Par- ticipants were mainly from our branches in various parts of Greece — As- takos, Aitoloakarnania; Chiliadou, Nafpaktos; the on-growing farm in Igoumenitsa; the shipment unit and fish feed plant in Patras, among others.
The total duration of the courses was 658 hours.
There was also increased participation in conventions focusing on dif-
ferent topics, such as:
■ the genetic selection program dealing with fish reproduction and
brood stock management techniques, held in April;
■ the 5th Credit Risk Management Convention and the 11th Convention
of FCOs, in cooperation with ICAP Group and KPMG; ■ the 8th People Management Executive Seminar and the HR Forum
2012 in October and June, respectively, in cooperation with Boussias Com- munications and the Greek People Management Association.
A total of 57 training courses on various topics were conducted during
the year at the headquarters and the individual branches of the Group, of
a duration of 1,507 hours and a cost of € 77,266.
Our company has been partici- pating in the United Nations Global Compact since 2008, supporting its 10 principles. For this reason, in the years 2009,2010,2011 and 2012 it issued a letter of compliance with the principles of the Compact re- garding human rights, labor, the environ- ment and anti-corruption. In particular: PRINCIPLE 1: Businesses should support and respect the protection of inter-
national y proclaimed human rights.
PRINCIPLE 2: : Businesses should make sure that they are not complicit in
human rights abuses.
Our company is committed to supporting the UN Universal Declaration of Human Rights and complies with relevant legislation (both in Greece and in the countries where it operates). Every year, we provide support to various social groups with donations of
our products and through sponsorships. We also of er our facilities to univer-
sities for the training of their students.
PRINCIPLE 3: Businesses should uphold the freedom of association and the
effective recognition of the right to col ective bargaining.
PRINCIPLE 4: Businesses should uphold the elimination of al forms of forced
and compulsory labor.
PRINCIPLE 5: Businesses should uphold the effective abolition of child labor.
PRINCIPLE 6: Businesses should uphold the elimination of discrimination in re-
spect of employment and occupation. Our company acknowledges that its most valuable asset is its people and therefore ensures that it offers them opportunities for professional advance- ment through training and other activities, and helps balance work and personal life through a variety of corporate benefits. In addition, there is ful compliance with Greek Labor Law.
There is also a labor union at the company, with which the management maintains open and frequent communication.
Our company does not endorse or encourage child labor.
ENVIRONMENT PRINCIPLE 7: Businesses should support a precautionary approach to en-
vironmental chal enges.
PRINCIPLE 8: Businesses should undertake initiatives to promote greater en-
vironmental responsibility. PRINCIPLE 9: Businesses should encourage the development and diffusion
of environmental y friendly technologies.
As for its environmental policy, our company is committed to: 1. complying with environmental legislation;
2. preventing contamination of marine and coastal facilities;
3. maintaining the quality of the marine environment that sur ounds its facilities;
4. promoting recycling;
5. monitoring the environmental performance of al its plants;
6. providing appropriate environmental training to its employees;
7. cooperating with third parties to promote common environmental objectives.
PRINCIPLE 10: Businesses should work against corruption in al its forms, in-
cluding extortion and bribery.
Our company is against any form of corruption (e.g. bribery, money laun- dering, disobedience to the laws, extortion, etc.). We have established purchasing procedures that govern the operation of the Procurement Department and require that at least 3 bids be ob- tained from different suppliers. The bids are evaluated and signed by al members of management before a supply contract is awarded. There is also a list of approved company suppliers.
Moreover, the financial statements are audited by an international au- diting firm on an annual basis, whereas ordinary and extraordinary audits are performed on al departments by the Internal Audit Department.
Now that the society is facing the greatest chalenges ever due to this unprecedented economic crisis, sustainable development has become particularly important to ensuring a more viable present and a promising future.
Our company, as an entity inseparable from the society in which it oper- ates, both affects and is affected by the circumstances of our time and its place of action.
It acknowledges its responsibility to the society and the environment.
It respects the principles and values that characterize our culture and re- sponds to social chal enges and sensitivities.
The actions that we undertake cover basic needs and offer relief to local communities, which we recognize as being our key stakeholders.
The main social contributions made by our Group in 2012 relating to the
four key Corporate Social Responsibility (CSR) aspects are:
In most of the above cases, in response to the demands of the times, we offered our products to provide meals for the poor and for people with spe- • EVENT DEVOTED TO THE CUISINE OF CHIOS, IONIAN CENTER OF PLAKA
As part of its business networking, our company is a member of a number of national and international networks, chambers and associations, such as: ► ALBA Graduate Business School
► Arab-Hel enic Chamber of Commerce &
► Hel enic Management Association
► Greek Network for Corporate Social
► Greek-Russian Chamber of Commerce
► Greek-Turkish Chamber of Commerce
► Athens Chamber of Commerce & Industry
► Union of Listed Companies
► Italian Chamber of Commerce
► Entrepreneurship Club
► Panhel enic Exporters Association
► Hel enic Federation of Enterprises
► Federation of Greek Maricultures
On 20 December 2012, we held a Christmas bazaar at the com- pany headquarters in Koropi to raise funds for the "Children's
Vil ages SOS".
Our Christmas bazaar was organized for charity purposes, i.e. we brought and donated some of our things (which we had made or purchased, some of them being slightly used) and also bought things brought by our col- leagues at a symbolic price.
We brought books and toys which were in good condition, various ac-
cessories or Christmas ornaments, homemade sweets and drinks.
There was a contribution box at the bazaar, where everybody who
wished to contribute some money could do so. Contribution boxes were also placed at al our facilities in Greece.
The atmosphere at the bazaar was festive, with Christmas songs and treats, and al employees enjoyed taking part.
We col ected €1,203, which was donated to the "Children's Vil ages SOS"
As part of our Group's volunteer actions, a voluntary blooddrive was
organized by our employees at our headquarters in Koropi. The mo-
bile blood drive unit from AMALIA FLEMING hospital col ected 18
units of blood. Blood banks are also maintained at our branches in
Patras and Chios and have provided help repeatedly when blood was needed for our employees' relatives.
Blood donation has become an institution at NIREUS in recent years. Thanks
to the blood supplied by volunteer donors, patients who are in need of blood transfusion are saved daily. Blood donation to the unknown neighbor is an act of love and proof of hu-
manity and social solidarity.
The Group was represented by President Aristides Beles, who took
part as a speaker in numerous events held in 2012.
"The Decision Maker's Checklist" - KPMG The first of a series of two events of the "The Decision Maker's
Checklist" section, titled "Competitive Advantage through Change
of the Operating Model", organized by KPMG, was held at the King
George Hotel on 25 April 2012. A discussion among participants, i.e.
distinguished executives from the Greek business community, was held during the event. Participants stressed the need to keep adapting to the ever-changing market conditions and adopt a culture that favors changes in companies.
Entrepreneurship and Career Panorama Athens University of Economics AUE Professor Iordanis Ladopoulos and the Research Center for
Strategic Business Management and Entrepreneurship staged the "En-
trepreneurship and Career Panorama" for the second time on 18-20
May 2012 under the auspices of the Ministry of Development, Com-
petitiveness and Shipping and the Ministry of Infrastructure, Transport
and Networks. The three-day conference held at the Megaron Athens
International Conference Center was attended by 2,500 visitors. At
the conference, 134 respected speakers presented their views on the
trends and opportunities in 20 economic sectors during 23 sessions
held in paral el in 3 different rooms. They included a large number of young entrepreneurs, who shared their experiences with the audience and explained how they had started out, how they had dealt with the chal enges they had encountered and how they had managed to re- main optimistic despite the hardships. It should be noted that 45% of the visitors were university students.
Marketing Success Stories - Hel enic Institute of Marketing, HMA The new initiative organized by the Hel enic Management Association
(HMA), "Marketing Success Stories", was held for the second time on 4 July
2012. These events are aimed at highlighting Greek entrepreneurship, excel- lence and particularly successful marketing practices, as wel as sharing valu- able know-how with the business community.
The day after for employees - IVOC-HMA On Thursday, 22 November 2012, the Institute of Vocational Orientation & Career
(IVOC), in cooperation with the Hel enic Management Association (HMA), staged
a conference titled "The day after for employees and businesses" at the HMA Con-
ference Center as part of Global Entrepreneurship Week, with the participation of
distinguished Greek speakers. The conference sought to redefine values and prac-
tices, as shaped by the economic crisis in Greece and at a global scale, as wel
as to explain how we can deal with the crisis and turn it into an opportunity for ef- fectiveness and progress.
An important conference titled "Building the New Greece" was held at the
Hilton Hotel on 11 December 2012. It was staged by the Leadership Sector of
the Hel enic Management Association, as part of the events held by the com-
pany in observance of its 50 years of operation, in cooperation with the Hel enic
Federation of Enterprises (SEV), the Foundation for Economic & Industrial Re-
search (IOBE), the Entrepreneurship Club and the Association of Greek Tourism
The conference aimed to highlight, through talks and discussions, the future forms of Greek society and the economy, as they emerge through the crisis and are impacted by the significant changes brought about at European and global levels.
The redesign of the entire NIREUS supply chain, which was completed in early 2011, brought about the anticipated benefits in 2012. Fol owing are the key axes on which the redesign was based: ► Application of the near shoring philosophy.
► Developing synergies between transport companies with a view to op- timizing delivery times, reducing no-cargo travel, and reducing the number of trucks used for common locations of delivery and shipping. ► Training employees, both truck drivers and vehicle maintenance and re- pair contractors.
► Strictly applying "green transport" and road safety rules.
► Applying strict rules in choosing transport contractors and verifying that they comply at al times both with road safety rules and the green and safe driving principles used by the Group since early 2011.
As part of the effort made to support and verify application of the "green
supply chain" principles adopted by the Group, a GPS system was set up and
instal ed in September 2012 with a view to monitoring and control ing truck traffic and the key transport contractors used.
Having adopted the above principles, in 2012 we managed to transport
6.200 tons, 500 tones more than 2011 of fresh fisheries directly from the Group's
packaging plants to dif erent export destinations in Europe, thus achieving
an 8.7% increase as compared to 2011. The increase in direct exports from packaging plants, without the use of the Group's Distribution Centers, helped reduce no-cargo distances. General y, it al owed for reducing the distances travel ed by 3,800 km (a reduction rate of 100 km per 13 tons of products col- lected and transported), thus improving the total amount of CO2 pol utants generated, as compared to 2011, i.e. almost 45 tons less CO2 than in 2010.
Moreover, by strictly applying "green transport" principles, in the cold
supply chain in particular, as wel as by using a control system, we were able to reduce the "engine-on" hours of stopped vehicles. The average
monthly improvement represented a drop in the amount of diesel con- sumed by 45%.
The development of combined synergies between multiple col aborat- ing transporters, under simultaneous supervision and guidance from trained NIREUS employees, al owed for an ongoing reduction in the dry cargo dis-
tances covered, and thus the "with cargo" distances represented 88% of the total distances covered by our col aborating transporters.
The paral el use of alternative transport modes, as sea freight transport mode, in the dry cargo supply chain, was increased, as there was a 12.6% increase in the amount of cargo transport by sea (from 6,000 tons in 2011 to 6,800 tons in 2012), which represented a reduction in the road distances covered by 5,000 km in relation to 2011 and by more than 45,000 km in re- lation to 2010.
Ongoing education is the very foundation of the "green supply chain".
In order to continue educating people on sustainability, green growth and pol utant management, "Green Agents" were appointed at each Distribution Center to support the entire system used to educate and train col eagues and partners in the supply chain. Strict compliance with road safety rules helped us achieve one more zero-accident year.
The Group's supplies policy requires an evaluation of NIREUS suppliers in Greece and abroad. Apart from examining the traditional aspects of cost, quality and consistency, they must be in line with the Group's code of conduct and the principles of corporate governance.
The group acknowledges the important role of the supply chain in its growth and wishes that its suppliers act with responsibility, integrity, honesty and transparency. We evaluate suppliers based on the fol owing standards: • The overal business activity should be guided by respect for and compli- ance with applicable laws and regulations.
• Fair competition and refraining from unfair trade practices. Suppliers must also see to it that they safeguard the integrity, prestige and dignity of the pro- fession they engage in, with respect for the interests of consumers.
• Products and services that are consistent with applicable quality and safety standards.
• Conduct of business with respect for the environment and compliance with applicable environmental laws and regulations.
Part of the Group's strategy is to support local suppliers, in accordance with
the company's needs and with a view to making a contribution towards the
modernization and economic growth of the local community.
The group has established long-standing relations of healthy and prof- itable col aboration, which require trust, honesty and constant communi- cation between the parties. For this reason, key suppliers are visited at least once a year.
Continued implementation of the Environmental Management System was ensured in the Group's facilities, according to the ISO 14001:2004 standard, for the seventh year in a row.
In December 2012, NIREUS became the first sea bream and sea bass pro-
ducer to obtain certification according to the GLOBALG.A.P. standard, a prod-
uct certificate granted by an independent third party organization. This has
helped NIREUS strengthen its commitment towards sustainability, as regards the
wel fare of fish in particular, minimize any impact on the environment and bio- diversity and improve its waste management performance.
The GLOBALG.A.P. standard is designed specifical y for agricultural products,
ensuring that foods are produced responsibly under environmental y friendly con-
ditions. It ful y covers the entire production chain, from broodstock, to farming,
harvesting and processing and includes 200 requirements relating to the quality
and safety of food, the wel fare of the animals raised, the safety of employees,
and the protection of the environment and the ecosystem.
The GLOBALG.A.P. standard is international y recognized and is implemented in more than 20 countries. The NIREUS Group obtained certification under new version 4.0 for aquaculture, which was developed on the basis of a four-year long research ef ort and expanded the certification granted under the GLOBALG.A.P.
standard to include the farming of sea bass and sea bream for the first time.
The NIREUS Group applies an ever-developing Integrated Management System
relating to the entire scope of its activities, the environment, occupational health and safety of operations. In addition to GLOBALG.A.P., the Group is also certified
according to the international standards ISO 9001:2008, ISO 22000:2005 (HACCP),
ISO 14001:2004 and BRC Global Standards (by the British Retail Consortium).
ISO 22000
ISO 14000
Seawater Quality Monitoring In 2012, 300 physicochemical and 650 microbiological analysis were per-
formed on farming water.
The physicochemical analys is pertained to heavy metals, mercury,pesticide residues and nutrients, and the microbiological analysis included TVC (Total Vi- able Count), Total Coliforms, E. coli, Staphylococcus aureus, Salmonel a, Listeria, Fecal streptococci, Clostridium perfringens, Pseudomonas and Fecal coliforms.
The intensification of the analysis and the systematic monitoring of the breeding parameters have helped preserve the quality of the marine environment.
Waste water Parameter Monitoring Waste water quality is monitored for biochemical oxygen demand (BOD),
chemical oxygen demand (COD), total suspended solids (TSS), total nitrogen and total phosphorus through laboratory testing which is car ied out by in- house and external accredited laboratories. The purpose of the testing is to en- sure that waste water wil not alter the physicochemical properties of the end recipient (sea, underground, sewage networks). In 2011, 800 waste water tests were conducted.
Benthos and Sediment Systematic monitoring of the seabed is performed underneath and around
the farms, where biological and chemical parameters are measured.
In 2012 in particular, 70 zoobenthos tests at class level and 50 sediment tests
for nutrients and chemicals were carried out.
Recycling Programs
The company actively participates in col ective recycling programs that have been developed at a national level, but also in smal er programs devel- oped by the company itself.
• In 2012, 8.54 tons of paper was col ected for recycling. It was disposed of
by a contractor approved by the Ministry of the Environment which is duly au-
thorized to manage used paper.
• Ink cartridges and toners from al facilities were col ected at the head-
quarters and given for recycling and/or reuse to approved subcontractors.
• Portable bat eries delivered to the approved col ective recycling systems
AFIS and SYDESYS totaled 1,730 Kg.
Old electrical and electronic equipment and fluorescent lamps were col- lected and delivered to Electrocycle and Fotokyklosi, respectively. In 2012, 50 ap- pliances and 750 bulbs were col ected.
Special emphasis is also placed on the management of packaging materials.
For this reason, programs are developed to reduce the use of fish boxes made of expanded polystyrene for intra-company transport purposes, along with pro- grams to recycle the remaining packages. In 2012, 65 tons of plastic fish feed bags and 55 tons of polystyrene were recycled.
Used lubricating oils are col ected in custom-designed containers and col- lected by ELTEPE. A total of 7,500 liters of oil was col ected from the company's production plants in 2012.
Used reagents from the physicochemical laboratory are delivered to the sup- plier, which has developed a network for the col ection and management of the reagents produced.
Significant quantities of metal scrap from the upgrading of the production facilities is delivered to approved subcontractors for recycling. In 2012, 10.5 tons of plastic from floating cages and 40 tons of metal scrap were given for recycling Management of by-products from production Al by-products from processing are utilized in accordance with European reg- ulations on the management of seafood by-products. The guts and heads are delivered to a fur-bearing animals breeder who uses them as raw material for feed. The by-products of fish farms are incinerated in the company's veterinary incinerator or in affiliated licensed facilities.
oil spil s) on the products. The program The company places great emphasis is being implemented in cooperation
on communication with stakeholders, with the Laboratory of Analytical
such as the Federation of Greek Mari- Chemistry of the University of Athens.
cultures, authorities, local communities
With a view to looking into the possi- and universities.
bility of enhancing the external color of The results of farm water quality mon- red porgy (Pagrus pagrus) produced in itoring programs are submitted to com- fish farms, a research program was im- petent authorities in the form of a plemented in cooperation with the detailed report at least annual y.
Laboratory of Fish Physiology of the Uni- Group executives actively partici- versity of Crete. The total cost of the pro-
pate in conferences held by distin- gram amounted to €15,000.
guished academics, focusing on the The cooperation with the Norwegian
interaction of aquaculture and the en- research center AKVAFORSK Genetics
vironment. These executives are also Centre A.S. for the genetic selection of
members of the Advisory Scientific sea bass and sea bream broodstock, of Committee of the Federation of Greek an annual budget of €100,000, was
continued in 2012. The extremely en- couraging results of the genetic selec- Partnerships with academic institu- tion program are already reflected on tions and research bodies the company's production results.
A significant research partnership
A research project was funded by
was launched with the Laboratory of the company and carried out by the
Nutrition and Clinical Dietetics of the National Technical University of Athens
Harokopio University. The project con- and the Hel enic Center for Marine Re-
stitutes the third phase of an important search (HCMR) with a view to under-
research ef ort started by the company standing the mechanisms that with a view to developing fish farming compromise the performance of sea products with specific dietary charac- bass gil s. The costs incurred in connec-
teristics. The total budget for this re- tion with this research project
search activity amounts to €80,000; it amounted to €12,000 in 2012.
began in 2012 and wil be completed in Final y, within the context of looking 58 September 2013.
into the use of new raw materials used A €21,000 program is in progress for for fish feed, a nutritional experiment
the control of residues and the perform- was carried out very successful y at the
ance of self-monitoring checks on the HCMR facilities, in Agios Kosmas, Attica.
company's products. The program ex- The total cost of the research experi-
amines the possible effects of other ac- ment amounted to €45,000.
tivities in the marine environment (e.g.
The «BRAVO» initiative (, sponsored by the
QualityNet Foundation ( for the fourth consecutive
year, was established with a view to becoming a link for developing di- alogue and consultation between businesses and stakeholders based on the published sustainability reports, as these reports are important tools for capturing and presenting the initiatives implemented by an organization or an undertaking with a view to making a contribution towards sustainable de- The initiative is implemented on the basis of two pil ars:
The Perception Index is a dialogue tool for responsible entrepreneurship and sustainable development, as it presents the views of stakeholders on the primary and secondary issues presented in sustainability reports, as published by organizations. Renowned and distinguished representatives from different sectors serve as members of stakeholder groups and use the sustainability re- ports as a key tool for participating in the dialogue voluntarily, presenting their opinions based on documented observation and evaluation, thus contribut- ing towards increasing awareness and information and developing trends in the field of sustainability reporting in Greece.
On the other hand, the Sustainability Index is aimed at systematical y
assessing the sustainability policies used by organizations/undertakings.
It is a technical evaluation of responsible entrepreneurship and sustain- ability information and reporting, based on international y accepted stan- dards and best practices.
The ultimate objective is to compare the Perception Index and a Technical
Index in order to validate the assessment and to ensure its results become an
actual tool for self-improvement used by undertakings applying sustainable development and responsible entrepreneurship policies.
This Social Report concerns al facilities of the NIREUS Group based in
Ms. Maria Lambrinou
Director, Legal and Corporate Affairs Ms. Korina Stefaki
Public Relations Officer Tel.: +30 210 6624280 In consideration for our environmental footprint for 2012, our Social Report has been published only in electronic format.
1st km Koropi - Vari Ave
194 00 Koropi, Attica
T.: +30 210 6624 280
F.: +30 210 6626 804



Medical Hypotheses (2007) 68, 1318–1327 From the nutcracker-phenomenon of the left renalvein to the midline congestion syndrome as a causeof migraine, headache, back and abdominal painand functional disorders of pelvic organs Thomas Scholbach * Authorized Outpatient Ultrasound Department of the Saxonian Association of CHI Physicians DelitzscherStrasse 141, D – 04129 Leipzig, Germany

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