adding value
    to seafood
    INVESTOR PRESENTATION OCTOBER 2009




1
Disclaimer

Certain statements made in this presentation are
forward-looking and are subject to important risks,
uncertain...
Listings Data*

TSX:                             HLF             HLF.A

Recent Price:                    $7.45            ...
About High Liner Foods



            One of North      • Retail & food service
        America’s largest       markets

 ...
Our Vision




High Liner will be the leader
in value-added frozen seafood
in North America
2008: A Year of Achievement

Top strategic goal for
fiscal 2008:
Successfully integrate
the FPI business into
High Liner F...
Leading Market Positions

                     2X the size of largest
                     competitor in both retail &
   ...
Leading North American Supplier

   • Strong customer relationships with every major
     grocery retailer & food service ...
Core Competencies



         Diversified   • Ensures quality, certainty of
         worldwide       supply and competitiv...
Core Competencies

Expertise in frozen food logistics
• Excellent case fill rates and on-time/order fill
  precision
• Abi...
Financial Review


11
Fiscal Year 2008

Sales ($ millions)

700
               $616.0
600

500
                                    +
           ...
Fiscal Year 2008
Adjusted EBITDA,
Net Income                             Fully Diluted EPS
excluding one-time integration ...
Year-to-Date Fiscal 2009

Sales ($ millions)


360          $334.7
                                              +
       ...
Year-to-Date Fiscal 2009
 Adjusted EBITDA,
 Net Income                                           Fully Diluted EPS
 exclud...
Performance Against Targets

                                 Actual   Target

 ROE                              14.7%   1...
Capital Structure


Net debt as a % of total
capitalization
    January 3, 2009             July 4, 2009


    39.5%      ...
Increased Dividends



28 ¢         per common & non-voting
             equity share (annualized)



3 rd         dividen...
Outlook & Growth Strategy


19
Our Outlook


High Liner is   • Consumer staple
 a recession    • Diversified product offering
    resistant        Value-...
Our Outlook

• Leveling off of some seafood & other input costs
• Continued volatility in currency
• Remain diligent in co...
Retail (eat at home)
• More Canadian and U.S. consumers eating at
  home in light of the economy
• Benefiting from our str...
Food Service (away from home)
• Increased strength in Canada and the U.S.
• U.S. food service – our largest operating segm...
Our Outlook


Growth influenced by strong
demographics:


  North America    •   45+ years of age account for
   has an ag...
Our Outlook

                                    Total Market*




         % of total population                    % sha...
Growth Strategy

   Organic growth
   • Develop new products
        Innovative value added products
        High-quality,...
Growth Strategy

Acquisitions
• Seek acquisitions that will expand our product
  portfolio & strengthen our market leaders...
adding value
     to seafood
     INVESTOR PRESENTATION OCTOBER 2009




28
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High Liner Foods - October 2009 Investor Presentation

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Presentation delivered by High Liner Foods' CEO and CFO during investor meetings in Toronto, October 5th and 6th.

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High Liner Foods - October 2009 Investor Presentation

  1. 1. adding value to seafood INVESTOR PRESENTATION OCTOBER 2009 1
  2. 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.
  3. 3. Listings Data* TSX: HLF HLF.A Recent Price: $7.45 $7.00 52-Week Range $5.51 to $8.45 $4.00 to $7.25 Shares Outstanding ~13.3 million ~5.1 million Quarterly Dividend $0.07 $0.07 Current Yield 3.8% 4.0% Total Market Cap: $134 million * as at September 28, 2009
  4. 4. About High Liner Foods One of North • Retail & food service America’s largest markets value-added frozen • Branded & private seafood companies label products A respected name in seafood for more than 100 years
  5. 5. Our Vision High Liner will be the leader in value-added frozen seafood in North America
  6. 6. 2008: A Year of Achievement Top strategic goal for fiscal 2008: Successfully integrate the FPI business into High Liner Foods Significant Achieved Simplified growth in sales synergies of capital and earnings $12M structure
  7. 7. Leading Market Positions 2X the size of largest competitor in both retail & food service channels Largest grocery-chain supplier of private label processed seafood One of the largest food service suppliers of value-added seafood
  8. 8. Leading North American Supplier • Strong customer relationships with every major grocery retailer & food service company • Ability to act as category manager • Distribution to every major customer on a regular basis Our size strengthens our ability to negotiate price increases to offset higher costs
  9. 9. Core Competencies Diversified • Ensures quality, certainty of worldwide supply and competitive costs procurement • Significant strength in groundfish and shellfish Competitive advantage procuring raw materials and finished goods
  10. 10. Core Competencies Expertise in frozen food logistics • Excellent case fill rates and on-time/order fill precision • Ability to act as a full category manager • Opportunities for lower cost of shipping Track record of product innovation • Responsive to demands of customers, consumers and food service operators • New species – new recipes – creative packaging
  11. 11. Financial Review 11
  12. 12. Fiscal Year 2008 Sales ($ millions) 700 $616.0 600 500 + 124% 400 FX 300 $275.4 Domestic 200 100 0 2007 2008
  13. 13. Fiscal Year 2008 Adjusted EBITDA, Net Income Fully Diluted EPS excluding one-time integration costs excluding one-time integration & non-operating items ($ millions) costs & non-operating items ($) 40 $37.9 1.2 35 1 $1.00 30 0.8 25 $0.61 20 $18.3 0.6 15 0.4 10 0.2 5 0 0 2007 2008 2007 2008 EBITDA Net Income
  14. 14. Year-to-Date Fiscal 2009 Sales ($ millions) 360 $334.7 + 15.7% Cdn $ 320 $289.2 4.9% Domestic $ 280 240 200 FX FX 160 Domestic 10% Canada 120 44% 80 40 0 46% USA in USD H1 H1 2008 2009
  15. 15. Year-to-Date Fiscal 2009 Adjusted EBITDA, Net Income Fully Diluted EPS excluding one-time integration costs excluding one-time integration & non-operating items ($ millions) costs & non-operating items ($) 0.7 25 $22.2 $0.62 0.6 20 0.5 $0.47 15 0.4 $11.4 0.3 10 0.2 5 0.1 0 0 H1 2008 H1 2009 H1 2008 H1 2009 EBITDA Net Income Net income and EPS also exclude non-operating items
  16. 16. Performance Against Targets Actual Target ROE 14.7% 10.0% ROAM 13.9% 15.0% EBIT as % sales 5.4% 6.0% Debt to EBITDA 2.2x 3.00x Rolling 4 quarters ended July 4, 2009
  17. 17. Capital Structure Net debt as a % of total capitalization January 3, 2009 July 4, 2009 39.5% 36.9% • Impacted by currency translation of US$ debt and U.S. operations to Canadian $ • Higher seafood costs increased the value of working capital
  18. 18. Increased Dividends 28 ¢ per common & non-voting equity share (annualized) 3 rd dividend increase in last 5 quarters 40 % increase in annualized rate since Q2 of last year
  19. 19. Outlook & Growth Strategy 19
  20. 20. Our Outlook High Liner is • Consumer staple a recession • Diversified product offering resistant Value-priced & premium products business • Solid business model • Strong balance sheet
  21. 21. Our Outlook • Leveling off of some seafood & other input costs • Continued volatility in currency • Remain diligent in controlling costs • Leverage strengths to increase profits • Ensure our products maintain the highest standards of food safety
  22. 22. Retail (eat at home) • More Canadian and U.S. consumers eating at home in light of the economy • Benefiting from our strong value-priced offerings Fisher Boy® and private label
  23. 23. Food Service (away from home) • Increased strength in Canada and the U.S. • U.S. food service – our largest operating segment • Education and health care segments are recession resistant
  24. 24. Our Outlook Growth influenced by strong demographics: North America • 45+ years of age account for has an aging, half of seafood consumption health-conscious • Health benefits tied to eating population fish • Opportunity to drive greater consumption within 35-44 age group
  25. 25. Our Outlook Total Market* % of total population % share of total seafood servings Source: NPD Group CREST research, August 2007 * Total Canada
  26. 26. Growth Strategy Organic growth • Develop new products Innovative value added products High-quality, innovatively packaged raw products • Introduce new species from aquaculture • Expand distribution of existing products Drive continued growth by leveraging our core High Liner and FPI brands
  27. 27. Growth Strategy Acquisitions • Seek acquisitions that will expand our product portfolio & strengthen our market leadership Strict acquisition criteria • Must be complementary to frozen seafood • Should be synergistic • Must leverage our existing: Leading brands Strong customer relationships Marketing & logistics expertise Product development expertise
  28. 28. adding value to seafood INVESTOR PRESENTATION OCTOBER 2009 28

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