Creating North America s Leading Value-Added Seafood Supplier. North Atlantic Seafood Conference Oslo, Norway. March 6-8, 2012
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1 Creating North America s Leading Value-Added Seafood Supplier North Atlantic Seafood Conference Oslo, Norway March 6-8, 2012
2 Disclaimer Certain statements made in this presentation are forward-looking and are subject to important risks, uncertainties and assumptions concerning future conditions that may ultimately prove to be inaccurate and may differ materially from actual future events or results. Actual results or events may differ materially from those predicted. Certain material factors or assumptions were applied in drawing the conclusions as reflected in the forward-looking information. Additional information about these material factors or assumptions is contained in High Liner's annual MD&A and is available on SEDAR ( 2
3 Listings Data* TSX: HLF HLF.A Recent Price: $18.90 $ Week Range $ $19.00 $ $18.00 Shares Outstanding ~13.3 million ~1.8 million Quarterly Dividend 1 $0.10 $0.10 Current Yield 1 2.1% 2.4% Total Market Cap: $282 million 3 * As at Feb. 19, Based on the dividend rate effective December 15, 2011
4 Our Vision 4 4
5 Our Business Model Broadest market reach in industry Market leading brands Diversified global procurement Frozen food logistics expertise Innovative product development 5
6 Product Sales Volume in 000s of Pounds 300, , , , , , , , ,000 75,000 50,000 25, pf Procured Produced in High Liner facilities 6 Pf = HLF + Icelandic USA only for 2011
7 Sales as Reported in C$000s $1,000,000 $900,000 $800,000 $700,000 $600,000 $500,000 $400,000 $300,000 $200,000 $100,000 $ pf Proforma HLF + Icelandic Acq. for Pf = HLF + Icelandic for 2011
8 Sales as Reported in Kr 000s $6,000,000 $5,000,000 $4,000,000 $3,000,000 $2,000,000 $1,000,000 $ pf Proforma HLF + Icelandic Acq. for
9 EBITDA (in C$000s) $110,000 $100,000 $90,000 $80,000 $70,000 $60,000 $50,000 $40,000 $30,000 $20,000 $10,000 $0 Standardized EBITDA * 2011* 2011pf Adjusted EBITDA; earnings before interest, taxes, depreciation and amortization, excluding business acquisition, integration and other expenses (income) and gains/losses on asset disposals 9 pf = HLF + Icelandic Acquired ops for $4.4 for freezer savings + $12mm of synergies * IFRS
10 Diluted EPS Based on Adjusted Net Income (1) $2.00 $1.80 $1.60 $1.40 $1.20 $1.00 $0.80 $0.60 $0.40 $0.20 $ * 2011* 10 (1) Adjusted net income is net income excluding business acquisition, integration and other expenses (income), net of income tax * IFRS
11 Return on Equity (ROE) Based on Adjusted Net Income (1) 20% 18% 16% 14% 12% 10% 8% 6% 4% 2% 0% 8% 9.8% 12.8% 13.3% 14.0% 17.5% 2006*" 2007*" 2008*" 2009* 2010** 2011*** 11 (1) Adjusted net income is net income excluding business acquisition, integration and other expenses (income), net of income tax (*) In accordance with Canadian GAAP Not restated (**) Restated Fiscal 2010 in accordance with IFRS (***) IFRS ( ) for comparison preference shares treated as common equity before their conversion in 2008
12 Dividends per Share $0.45 $0.40 $0.35 $0.30 $0.25 $0.20 $0.15 $0.10 $0.05 $- Annual Common/Non-voting* Dividends per Share Sale of NS Fishing, May 2003 Retraction of NVE Shares, April 2010 Purchase of FPI, Dec Purchase of Viking, Dec P Purchase of Icelandic USA, Dec * Common shares up to September 15, 2007; Common and Non-Voting shares from December 15, 2007 to present
13 Growth Strategy Organic growth Develop new products Expand existing customer relationships Acquisitions Seek acquisitions that will expand our product portfolio & strengthen our market leadership Drive continued growth by leveraging our brands 13
14 Icelandic USA Acquisition 14
15 The Icelandic USA Acquisition Creates leading North American value-added seafood supplier Highly complementary businesses including products, customer base and geography Adds strategic sourcing capabilities in Asia and Iceland Significant manufacturing and distribution synergies potential Modern and strategically situated production facility serves as platform for future growth Expected to be immediately accretive to adjusted earnings (1) Materially accretive once full synergies are achieved (1) Subject to amortization of intangibles on finalization of purchase price allocation. 15
16 Overview of Icelandic USA Icelandic USA comprised of North American and certain Asian assets and business activities of Icelandic Group h.f. Leading provider of value-added seafood products and high-quality Icelandic fillets to U.S. foodservice and retail customers State-of-the-art 150,000 ft 2 facility in Newport News, VA; built in 1997 with annual capacity of million lbs, including a new freezer storage opened in July 2011 Subsidiaries that include processing operations in China and procurement operations Strong brand portfolio unparalleled industry reputation for quality Icelandic Seafood Samband of Iceland 16 Premium quality fillets and block cuts Best-in class offerings Premium unprocessed fillets and shellfish High quality valueadded processed seafood products High quality unprocessed fillets and shellfish
17 Creates Leading North American Value-Added Seafood Supplier Distinct Canadian leader in both retail and foodservice channels Leading player in U.S. value-added foodservice market with national distribution capabilities Shift in revenue mix creates a strong U.S. growth platform Increasing U.S. sales to approximately 66% of total 2011 pro forma sales Increasing food service sales to approx. 66% of total 2011 pro forma sales Long-standing relationships with diversified, blue-chip North American customers Stronger purchasing power and improved economies of scale in production distribution & SGA will allow pro forma company to unlock valuable synergies 17
18 Highly Complementary Businesses High Liner Icelandic USA Products Value-added processed Value-added processed and unprocessed Customer Base (1) Retail & Other 40% Food Service 60% Retail & Other 10% Food Service 90% Other 1% Other Canada 5% 2% Sales by Geography (1) Canada 44% USA 55% USA 93% Selected Brands Procurement Capabilities Worldwide Predominantly Asia and Iceland 18 (1) Based on calendar 2010 sales
19 Highly Complementary Business Opportunity to create an efficient low cost North American manufacturing footprint Between High Liner and Icelandic USA, there are 6 production facilities across North America with total annual capacity of approximately 318 million lbs NORTH AMERICA CHINA Lunenburg, NS (Can) Burin, NL (Can) Dalian, China Malden, MA (US) Danvers, MA (US) Portsmouth, NH (US) High Liner facility Icelandic USA facility Newport News, VA (US) 19
20 Unique Sourcing and Distribution Capabilities Icelandic USA sources fish from almost 20 countries worldwide Predominantly from U.S., Asia and Iceland Integrated supply with Asia operations and 60-year relationship with prominent Iceland producers Stringent supplier selection process and monitoring of product quality Distribution center / freezer storage opened in July 2011 is fully integrated with Newport News production facility, annual EBITDA improvement of $5.2 million starting in October Icelandic USA distribution center in Newport News, VA
21 Significant Manufacturing and Distribution Synergies Potential Annual synergies expected to be of $16 $18 million when complete Total near-term potential cost savings and synergies of approximately $12.1 million Plant optimization through improved economies of scale in production and distribution Variable cost rationalization including efficiencies in procurement, manufacturing and packaging Selling, general and corporate efficiencies including savings on administrative functions Majority of synergies are expected to be achieved over 2012 and 2013 New freezer savings of $5.2 million starting in October 2011 with expiry of lease on previous cold storage facility 21
22 Strong Track Record of Achieving Synergies History of realizing synergies and successfully integrating acquisitions FPI acquisition: synergies of $14 million as planned, integration within 10 months Viking acquisition: expected synergies of ~$2 million, integration within 3.5 months $75 $368 $ % $ millions $50 $25 $0 $40 4.5% 4.5% (1) 3.8% $16 - $18 (2) $14 $12 $2 FPI Viking Icelandic 5.0% 4.0% 3.0% 2.0% Synergies as % of Revenue Ann. Date: 24-Aug Dec-10 Revenue Synergies Synergies as % of Revenue 17-Nov (1) Based on near-term synergies of $12.1 million (2) Expected total ongoing annual synergies
23 Platform for Future Growth Well located Newport News, VA plant serves all 50 states Highly leverageable platform positioned for growth and expansion Flexible, modular manufacturing platforms and customized production lines Recently completed capital investment projects will drive incremental top line growth and strengthen cost leadership position Freezer storage project, modernized equipment 23
24 Transaction Overview 24
25 Transaction Description Purchase price of US$232.7 million cash consideration (2) plus seasonal working capital of $15 million 5.0x adjusted EBITDA (1) including expected total ongoing annual synergies High Liner has entered into a 7-year royalty free licensing agreement for use of Icelandic Seafood brand in the U.S., Canada and Mexico High Liner has also structured a long-term distribution agreement Ensures Icelandic producers will continue to have access to U.S. market High Liner will continue to be able to supply customers with high-quality fillets from Iceland under Icelandic Seafood brand Acquisition was financed through the issuance of long-term debt and an increase in High Liner s existing asset-based loan facility 25 (1) Last twelve months ended December 31, 2011 excluding non-recurring items (2) Based on average working capital
26 Financing Summary Acquisition was financed through the issuance of long-term debt and an increase in High Liner s existing asset-based loan facility US$250 million 6-year Senior Secured Term Loan B, at 5.5% plus LIBOR floor of 1.5% Existing bank facility increases from US$120 million to US$180 million, at LIBOR plus 2.5%, dropping to LIBOR % below leverage of 4x Increased borrowing supported by cash flow of existing and acquired businesses Near-term synergies of approximately $12.1 million would reduce pro forma leverage on closing to approximately 3.8x (1) 26 (1) Based on average working capital debt
27 Icelandic USA Financial Summary Last twelve months ended December 31, 2011 Revenue of US$275 million Adjusted EBITDA (1) of US$29.6 million 27 (1) Excluding non-recurring items and adjusted for a full year of savings from investment in a new freezer facility
28 Summary Creates leading North American value-added seafood supplier Highly complementary businesses including products, customer base and geography Adds strategic sourcing capabilities in Asia and Iceland Significant manufacturing and distribution synergies potential Modern and strategically situated production facility serves as platform for future growth Expected to be immediately accretive to adjusted earnings (1) Materially accretive once full synergies are achieved 28 (1) Subject to amortization of customer relationships on final purchase price allocation
29 Creating North America s Leading Value-Added Seafood Supplier North Atlantic Seafood Conference Oslo, Norway March 6-8,
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