Successfully reported this slideshow.

High Liner Foods 2010 Annual Meeting

722 views

Published on

2010 Annual and Special Meeting of Shareholders of High Liner Foods Incorporated (TSX: HLF; HLF.A)

Published in: Investor Relations
  • Be the first to comment

  • Be the first to like this

High Liner Foods 2010 Annual Meeting

  1. 1. 2010 ANNUAL GENERAL AND SPECIAL MEETING OF SHAREHOLDERS APRIL 6, 2010 HALIFAX, NOVA SCOTIA
  2. 2. Kelly L. Nelson, FCA Vice President Corporate Services, Chief Financial Officer & Secretary
  3. 3. Disclaimer <ul><li>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 (www.sedar.com).   </li></ul>
  4. 4. David J. Hennigar Chairman
  5. 5. 2010 ANNUAL GENERAL AND SPECIAL MEETING OF SHAREHOLDERS APRIL 6, 2010 HALIFAX, NOVA SCOTIA
  6. 6. Henry E. Demone President & Chief Executive Officer
  7. 7. Fiscal 2009 in Review Another strong & successful year despite the deepest recession in generations Success attributed to our resilient business model Year marked by volatile raw material costs, currency
  8. 8. Fiscal 2009 in Review Adjusted EBITDA 1 Net Income +15% +39% Strategic Goal #1: Increase earnings in spite of the recession 1 Adjusted earnings before interest, taxes, depreciation and amortization, business acquisition costs, other income and non-operating transactions.
  9. 9. Fiscal 2009 in Review <ul><li>Each of our major divisions had a strong year </li></ul>Adjusted EBITDA +6.6% Adjusted EBITDA +25.1% (USD)
  10. 10. Fiscal 2009 in Review <ul><li>Doing things right the first time </li></ul><ul><li>Traceability back to raw material producers </li></ul><ul><li>Area of continued focus for 2010 and beyond </li></ul>Strategic Goal #2: Ensure our products achieve the highest standards of food safety
  11. 11. Fiscal 2009 in Review <ul><li>Grew sales in some channels </li></ul><ul><li>Fell short due to recession’s impact on U.S. food service business </li></ul>Strategic Goal #3: Build a leadership position in the value-added shrimp business
  12. 12. Kelly L. Nelson, FCA Vice President Corporate Services, Chief Financial Officer & Secretary
  13. 13. Financial Review <ul><li>Sales ($ millions) </li></ul>$616.0 $627.2 Increased 1.8% despite: <ul><li>Lower sales volumes </li></ul><ul><li>One less week of results </li></ul><ul><li>Cautious consumer spending </li></ul><ul><li>Lower food service sales of crab and lobster </li></ul>585 606
  14. 14. Financial Review <ul><li>Adjusted EBITDA ($ millions) </li></ul>$37.9 $43.6 Continued focus on improving inventory management and controlling costs +15%
  15. 15. Financial Review <ul><li>Net income ($ millions) </li></ul>$14.2 $19.7 Fully diluted earnings per share: 2009: $1.07 2008: $0.77
  16. 16. Financial Review New high-speed production line at Portsmouth Cost: US$7M Reinvested in our business Reduced our debt Increased our dividends Interest-bearing debt of $81.6M at year end Reduction: $20.8M Currently $0.30 per share on an annual basis Increase: 20%
  17. 17. Henry E. Demone President & Chief Executive Officer
  18. 18. A Good Start to 2010 Voted # 1 by consumers
  19. 19. Outlook <ul><li>Fisheries recovering around the world </li></ul><ul><li>Availability & cost of key raw materials should remain attractive </li></ul><ul><li>Added supply + slow economic growth </li></ul>
  20. 20. Outlook Growth influenced by strong demographics: North America has an aging, health-conscious population <ul><li>45+ years of age account for half of seafood consumption </li></ul><ul><li>Health benefits tied to eating fish </li></ul>
  21. 21. Our Vision The North American leader in value-added seafood
  22. 22. 2010 Strategic Goals Establish comprehensive sustainability policies and practices Ensure our customers of the sustainability of their supply chain +
  23. 23. 2010 Strategic Goals <ul><li>Customers depend on our assurances of quality </li></ul><ul><li>Be ready to meet the most stringent food safety standards </li></ul><ul><li>Ongoing focus beyond 2010 </li></ul>Ensure our products achieve the highest standards of food safety
  24. 24. 2010 Strategic Goals <ul><li>Identify and eliminate products that are not generating sufficient returns </li></ul>Optimize our business – focus on our most profitable product lines and markets
  25. 25. 2010 Strategic Goals <ul><li>Successfully implement new training and development plan </li></ul><ul><li>New training and development plan will ensure our employees have the critical skills required to succeed today and tomorrow </li></ul><ul><li>Improve opportunities for current employees </li></ul><ul><li>Attract new talent </li></ul><ul><li>Prepare for retirement of Baby Boomers </li></ul>
  26. 26. 2010 ANNUAL GENERAL AND SPECIAL MEETING OF SHAREHOLDERS APRIL 6, 2010 HALIFAX, NOVA SCOTIA

×