Contents Foreword and Report s Main Findings...3-4 1. The EU s Common Fisheries Policy...5-8 2. Fishing Sector...9-14 3. Aquaculture Sector...15-18 4. Seafood Processing Sector...19-23 5. Seafood Consumption...24-27 6. Opportunities and Challenges...28-29 Seafood Player Comparison Some Key Figures...30-33 ISB Basic Information....34-38
Foreword Dear Reader, It is with great pleasure that we present this ISB Seafood Industry Report, this time focusing on the European Union. As before, the objective of our Seafood Industry Report is to give a comprehensive and analytical overview of the region or country in question, aimed towards those living outside that area. The European Union, when regarded as one country, is one of the world's largest fishing powers, surpassed only by China and Peru passing in total volume. It is also one of the world's largest seafood markets and has an annual per capita consumption of approximately 24 kg. We hope that you will find our EU overview of interest and we welcome all comments to seafood@isb.is. On 9th of June, ISB will hold its second Ocean of Opportunities conference for industry leaders, held this year in Ålesund, Norway. We will focus on financial and strategic issues for the seafood industry with a full day program by invitation only. Finally, we would like to draw your attention to our Seafood Player Comparison on page 30-33, where we compare a few key figures for some international seafood companies. Enjoy the reading! ISB Seafood Team
Main findings The EU's Common Fisheries Policy was refocused in 2003, with the objective of deducing its oversized fishing fleet and managing resources in a more sustainable way To accomplish this, the EU will spend EUR 3.699 million from 2000 to 2006 in subsidies The EU's fishing fleet caught over 6,3 million tonnes in 2002, being the third largest fishing power in the world Spain is by far the leading EU country in landing value, with over EUR 1,8 billion, followed by Italy and France. Denmark, the leader in volume, comes sixth in terms of value Aquaculture is a growing part of the seafood industry in the region, already representing 33% of the total value General consumption trends in recent years in the EU reflect an increase in the consumption in seafood products. This rise is supported by an increase in the consumption of convenience products The seafood processing is a EUR 16 billion industry and is still very fragmented. The UK leads the way with a turnover of EUR 2,9 billion, followed closely by Spain and then France
1. The EU and its Common Fisheries Policy
The European Union an introduction 1. The EU and its Common Fisheries Pol Twenty of the 25 European Union (EU) Member States have coasts and the capitals of eight states are located on the coast; Athens, Tallin, Valetta, Lisbon, Dublin, Copenhagen, Stockholm and Helsinki EU has a coastline of 68.000 km Over the last 50 years the population in the EU living by the sea has more than doubled, today reaching 70 million or 16% of the population While the fishing sector's contribution to the gross national product of Member States is generally less than 1%, its impact is highly significant as a source of employment in areas where there are often few alternatives Member states EU-15 1 Austria 2 Belgium 3 Denmark 4 Finland 5 France 6 Germany 7 Greece 8 Ireland 9 Italy 10 Luxembourg 11 Netherlands 12 Portugal 13 Spain 14 Sweden 15 United Kingdom New member states 1 Cyprus 2 Czech Republic 3 Estonia 4 Hungary 5 Latvia 6 Lithuania 7 Malta 8 Poland 9 Slovakia 10 Slovenia
The EU s Common Fisheries Policy (CFP) 1. The EU and its Common Fisheries Pol The EU has a Common Fisheries Policy in order to manage its fisheries for the benefit of both fishing communities and consumers Since 1 January 2003, the European Union has had a new fisheries policy. The reason was many years of over-fishing, leaving several important fish stocks, such as cod, on the verge of collapse The EU Council of Fisheries Ministers agreed on the first package of reform measures in December 2002. The main changes can be summarised as follows: Long-term approach: Long term objectives for attaining and/or maintaining safe levels of adult fish in EU stocks will be adopted, together with the measures needed to reach these levels. A new policy for the fleets: The reform has responded to the challenge posed by the chronic overcapacity of the EU fleet by providing two sets of measures; i) a simpler fleet policy that puts responsibility for matching fishing capacity to fishing possibilities with the member states ii) a phasing out of public aid to private investors to help them renew or modernise fishing vessels, while retaining aid to improve security and working conditions on board. Better application of the rules: Measures are being taken to develop cooperation among the various authorities concerned and to strengthen the uniformity of control and sanctions throughout the EU Stakeholders' involvement: Stakeholders, particularly fishermen, need to take a greater part in the CFP management process. It is important that fishermen and scientists share their expertise. Regional advisory councils (RAC) will be created to enable them to work together to identify ways of achieving sustainable fisheries in the areas of interest to the RAC concerned. In March 2005 the European Commission announced its decision to launch a consultation process on a future maritime policy for the EU. The challenge is to ensure that the Union makes the most of this potential in a sustainable manner. Commissioner Joe Borg has said that a maritime policy would enable the EU to identify, coordinate and implement measures in the Union in a way that optimizes economical and recreational returns from the sea in a more participative and sustainable manner
1. The EU and its Common Fisheries Pol EU financial support To achieve the objectives of the Common Fisheries Policy the E.U. provides financial support to the fishing industry through the Financial Instrument for Fisheries Guidance (FIFG). EU aid is targeted towards the following areas: vessel decommissioning, construction of new vessels, modernization of aquaculture, fishing port facilities, processing and marketing, and socioeconomic measures, among others FIFG allocations by area The 2000-2006 programming period EUR Million % Scrapping 357 9,7% Construction of new vessels 572 15,5% Modernisation of existing vessels 270 7,3% Aquaculture 290 7,8% Fishing port facilities 239 6,5% Processing & Marketing 627 16,9% Socio-economics measures 61 1,6% Others 1.283 34,7% Total 3.699 100% Source: European Communities, 2004 Share of total E.U. Structural aid by member state % Spain 1.712 46,3% Italy 386 10,4% France 275 7,4% Portugal 218 5,9% Germany 217 5,9% UK 215 5,8% Greece 211 5,7% Denmark 204 5,5% Sweden 74 2,0% Ireland 71 1,9% Finland 39 1,1% Netherlands 38 1,0% Belgium 36 1,0% Austria 5 0,1% Total E.U.-15 3.699 100% Source: European Communities, 2004
2. The EU s Fishing Sector
EU and world fisheries 2. The EU Fishing Sect Total world fish catches have only increased by 3% during the period 1998-2003 The EU accounted for about 5% of this total in 2002, making it the third largest world producer after China and Peru With the accession of the 10 new member states to the EU in 2004, its fisheries production increased by 11% Total catches in all regions made up 83% of EU-25 fishery production in 2002; 17% came from aquaculture Catches in the North-East Atlantic alone accounted for more than 60% of EU-25 total production World fisheries production, Million tonnes Total catches of main world producers (1000 tonnes) 140 120 100 80 60 40 20 0 1998-2003: 11,7% growth 1998-2003: 3,0% growth Source: FAO, The state of world fisheries and aquaculture 2004 1998-2003: 36,9% growth 1998 1999 2000 2001 2002 2003 Catches Aquaculture Total 18.000 16.000 14.000 12.000 10.000 8.000 6.000 4.000 2.000 0 Source: Statistics Iceland, 2004 3.232 3.771 4.272 4.443 4.506 4.937 Russia India Chile Japan Indonesia USA 6.329 EU-25 8.767 Peru 16.553 China
2. The EU Fishing Sect Leading EU fishing countries, by value In the EU countries some 181.000 fishermen produced approximately EUR 7,1 billion worth of fish in 2003. Compared to the year 2002, the value of production has remained constant but the number employed has decreased by about 9% Spain: The main target species are tuna, crustacean and hake Pelagic species such as herring, mackerel and sprat are the mainstay of EU catches, Denmark alone accounts for about a one sixth of EU catches Leading EU fishing countries 2003, by value (million EUR) Leading EU fishing countries, volume of landings (1000 t), 2.000 1.800 1.600 1.850 Source: European Assessment of European Fisheries, Annual Report 2004 1.466 1.200 1.000 1.033 930 1.400 1.200 1.000 800 1.078 755 800 600 Source: Economic Assessment of European Fisheries, 2004 631 594 523 600 400 200 394 371 358 271 196 182 400 200 0 Spain Italy France UK Netherlands Denmark Portugal Greece Ireland Germany 0 Denmark Spain UK France Netherlands
2. The EU Fishing Sect Most important species Denmark 1000 tonnes Sandeels 662 Sprat 237 Herring 113 Blue mussel 111 Norw ay pout 78 Germany 1000 tonnes Herring 57 Mackerel 27 Blue whiting 17 Horse mackerel 16 Shrimp 16 Spain 1000 tonnes Skipjack tuna 124 Yellow fin tuna 91 Pilchard 71 Horse mackerel 47 Short-fin squid 41 France 1000 tonnes Skipjack tuna 73 Yellow fin tuna 65 Pilchard 34 Saithe 30 Herring 27 UK 1000 tonnes Mackerel 200 Herring 73 Haddock 53 Cod 32 Blue w hiting 29 Greece 1000 tonnes Pilchard 14 Anchovy 11 Picarels 4 Bogue 4 Horse mackerel 3 Source: European Communities, 2004
2. The EU Fishing Sect E.U. fishing fleet The overcapacity of the EU fleet has put considerable pressure on fish stocks. The EU has adopted policies to reduce fleet capacity and create a better balance between fishing capacity and fish resources In 2004, the total number of vessels was 92.635, down from 100.035 six years earlier. This downward trend also applies to other characteristics of the fleet, such as power and tonnage (the small increase in 03/04 is due to the new EU states) 110.000 100.000 90.000 80.000 70.000 The European fishing fleet on a downward trend 100.085 97.503 Source: European Communities, 2004 101.746 100.035 97.800 95.163 92.662 90.595 91.615 92.635 Country Number of Volmue of Value of vessels landings landings 1000 tonnes M illion EUR Greece 18.606 89 271 Italy 14.917 312 1.466 Spain 14.039 930 1.850 Portugal 10.390 179 358 France 7.897 594 1.078 UK 7.061 631 755 Denmark 3.427 1.033 371 Source: Economic Assessment of European Fish. 2004 60.000 50.000 40.000 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004
2. The EU Fishing Sect Productivity in fisheries in 2003 The value of production per fisherman was highest in the Netherlands in 2003, EUR 175.000 The average value of production per fisherman in the EU-15 was EUR 55.800 Denmark had the highest value per KW (Kilowatt), EUR 1.258 Country Volume of landings Value of landings Fishermen Vessels Total KW Value pr. fisherman Value pr. vessel Value pr. KW (1000 t) (million EUR) Number Number 1000 (1000 EUR) (1000 EUR) (1000 EUR) 1 Denmark 1.033 371 3.506 1.244 295 106 298 1.258 2 Spain 930 1.850 49.400 14.877 1.258 37 124 1.471 3 UK 631 755 11.774 6.735 870 64 112 868 4 France 594 1.078 13.824 5.640 900 78 191 1.198 5 Netherlands 523 394 2.249 388 365 175 1.015 1.079 6 Italy 312 1.466 38.157 15.602 1.254 38 94 1.169 7 Ireland 299 196 6.000 1.391 206 33 141 951 8 Sw eden 285 95 2.360 1.712 221 40 55 430 9 Germany 249 182 2.473 2.212 160 74 82 1.138 10 Portugal 179 358 20.033 10.262 399 18 35 897 Source: Economic Assessment of European Fisheries, 2004
3. The Aquaculture Sector
3. The Aquaculture Sect Aquaculture, a growing sector in Europe Aquaculture accounts for 17% of the EU s total fisheries production, but represents 33% of the total value Aquaculture will continue to play an important role in alleviating the pressure on fishery resources Aquaculture produced 1.270.000 tonnes of fisheries products in 2002 (360.000 caught in inland waters and 910.000 at sea) and has increased its share in EU-25 total production from one eighth in 1995 to one sixth in 2002 The importance of aquaculture varies. In some states the value of farmed fisheries products is greater than of landed products (for example Germany and Greece), while in others aquaculture represents an insignificant part of their total production (for example Sweden and Portugal) In 2002, Spain was the biggest aquaculture producer with 263.000 tonnes, followed by France (250.000) and Italy and the UK
3. The Aquaculture Sect Aquaculture production The principal aquaculture products of the EU are fish (trout, salmon, sea bass and sea bream) and molluscs (mussels, oysters and clams). European production rose from 642.000 tonnes in 1980 to 944.000 in 1990, and reached to nearly 1,3 million tonnes in 2002 EU accounts for only 3% of world aquaculture production, but the EU is world leader for some species like trout, sea bass, sea bream, turbot and mussels Total aquaculture production 2002, '000 EUR Total aquaculture production 2002, tonnes 600.000 576.057 300.000 500.000 499.303 250.000 263.762 249.734 400.000 374.442 356.534 Source: European Communities, 2004 200.000 183.962 179.036 Source: European Communities, 2004 300.000 257.929 150.000 200.000 206.780 100.000 87.928 119.755 118.092 96.864 62.568 54.442 49.852 100.000 63.651 50.000 32.709 32.026 0 0 UK France Spain Italy Greece Germany Ireland Denmark Netherlands Poland Spain France Italy UK Greece Ireland Netherlands Germany Poland Denmark
Top seven aquaculture species produced in the EU 3. The Aquaculture Sect The species most widely produced in the EU are blue mussel, rainbow trout and salmon 450.000 400.000 402.072 Top species produced in aquaculture 2001, tonnes UK 1000 tonnes Salmon 138,5 Blue mussel 17,3 Rainbow trout 13,2 350.000 300.000 250.000 200.000 150.000 226.549 162.267 Source: European Communities, 2004 133.551 127.934 France 1000 tonnes Cupped oyster 107 Blue mussel 55 Rainbow trout 45,2 Spain 1000 tonnes 100.000 50.000 61.284 56.905 Blue mussel 43,6 Eel 4,0 Cupped oysters 2,9 0 Blue mussel Rainbow trout Salmon Cupped oyster Mediterranean mussel Gilthead seabream Manila clam Italy 1000 tonnes Mediterranean mussel 92,2 Manila clam 41,1 Rainbow trout 33,8 Source: European Communities, 2004
4. The Seafood Processing Sector
0 500 1,000 1,500 2,000 2,500 3,000 3,500 The UK is the leading seafood processor 4. The Seafood Processing Sect EU seafood processing is a EUR 16 billion industry The UK is the biggest seafood processor (EUR 2.939 million production value) Spain and the UK lead the consolidation trend, while Germany is lagging behind Evidence from the UK suggests that considerable economy of scale can be achieved in the processing industry The industry in Europe is still very fragmented, with about 3.400 firms EU seafood processing value by country 2001 Austria 26 Finland 80 Greece Ireland 90 362 Source: Eurostat Sweden 379 Million EUR Belgium 381 Portugal 550 Netherlands 701 Denmark 1,477 Italy 1,687 Germany 2,169 France 2,542 Spain 2,834 UK 2,939
4. The Seafood Processing Sect Retailer Consolidation The big retailers have increased pressure on suppliers as they have grown larger Strong consolidation both in the USA and the EU This trend is most evident in the UK where traditional suppliers such as Northern Foods, Uniq and Geest have recently issued profit warnings 46% 49% US Top 20 Share 62% 58% 53% 65% 68% Europe Top 5 Share 34% 26% 40% 16% 17% 1996 1997 1998 1999 2000 2001 2002 1991 1994 1998 2002 2005 Source: Based on data from Supermarket News and the U.S. Department of Commerce
4. The Seafood Processing Sect The move towards value-added products The demand for chilled seafood has increased dramatically 1,200 1,000 Frozen UK Retail Market Seafood Spending Chilled 800 Source: Seafish m 600 400 200 0 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003
4. The Seafood Processing Sect EU: Negative fisheries trade balance The EU countries import more fisheries products than they export Since 1993, the total volume of EU exports has increased by about 45% while the value of these exports has doubled External trade 2001, Million EUR EU-15 Export Import Fresh, chilled and frozen 6.992 11.078 Salted, smoked or dried 987 1.762 Preparations and presves 1.825 2.855 Crustaceans and molluscs 3.332 7.264 Meals and solubles 442 707 Total 13.578 23.666 Trade balance -10.087 Source: European Communities, 2004
5. Seafood Consumption
Per Capita Consumption 5. Seafood Consumpti The growth in EU countries is expected to be low The most rapid growth continues to be in China Per capita consumption is projected to grow throughout the developing world, while developed-country consumption remains virtually unchanged 80 Consumption of fishery products in kg. per capita 70 60 Source: International Food Policy Research 70,2 60,2 50 1973 1985 1997 2020 forecast 40 35,9 30 20 13,5 19,7 18,2 23,7 11,6 17,1 10 5,5 3,1 5,8 0 China USA India Japan EU-15 World
Seafood Consumption in the EU 5. Seafood Consumpti In the European diet, seafood products play a role as a valuable source of protein, and as a healthy food. The average EU consumption stands at 24 kg per capita, considerably higher than the world average of 16 kg per. capita The countries in the South of Europe lead the ranking, with their long tradition in seafood consumption Most of the new EU states have low, but growing per capita consumption Consumption of fishery products in EU-25 in kg. per capita 70 60 61 50 40 44 Source: European Communities, 2004 30 31 30 30 27 25 24 23 22 21 21 20 20 20 19 20 17 16 12 11 10 10 7 7 10 4 0 Portugal Spain Malta France Finland Sweden Greece Denmark Italy Cyprus Estiona Netherlands Belgium Luxemborg UK Lithuania Latvia Ireland Germany Austria Czech Rep. Poland Slovenia Skovakia Hungary
5. Seafood Consumpti Consumption trends General consumption trends in recent years in the EU reflect an increase in the consumption in seafood products. This rise is supported by an increase in the consumption of convenience products Frozen products tend to be on a downward trend while consumption of fresh fish has stagnated Improvement of economic conditions is the main force behind the increased per capita consumption in the new member states The increase of the net supply for the coming years will be possible because of a rise in imports from third countries (e.g. from Asia) and an increase of aquaculture production in some EU countries (e.g. Greece and Spain) The addition of new countries to the EU is increasing intra-european trade
6. Challenges & Opportunities
6. Challenges & Opportuniti The EU Seafood Industry: Opportunities and challenges Opportunities The increased focus on fresh, convenient seafood products will create market opportunities, led by the trend already very much in place in the UK New member states will bring low cost processing opportunities within the EU Still room for consolidation in processing, with subsequent economy of scale Aquaculture will continue to grow, focusing on species that are not mass produced by other countries Consumption growth is expected in the new EU member states, especially in value-added chilled seafood products EU and individual countries are encouraging seafood consumption China is an opportunity for lower cost, more convenient frozen-product solutions Challenges Intensive competition from China for the frozen-seafood processing sector Reduction in quotas, weak implementation of fishery management, politically influenced quota decisions Overcapacity of the EU fishing fleet Import barriers and duties on several seafood items such as salmon, shrimp and whitefish, aimed at protecting EU seafood industry, is increasing input prices for secondary manufacturers in the EU Increased retail consolidation will pressure seafood firms to merge and/ or seek strategic alliances Large parts of the primary seafood industry in EU have suffered due to low profitability and lack of investment
International Seafood Player Comparison
Seafood Player Comparis Primary seafood companies Company Country Currency Market Cap. Enterprise Value Rev. EBITDA EV/EBITDA Maruha Group Inc. Japan 724,5 7.174,2 111,7 Nippon Suisan Kaisha Ltd. Japan 919,0 4.682,3 96,4 Pescanova S.A. Spain 285,5 590,3 1.170,4 86,7 6,8 Thai Union Frozen Foods Grp ( 03) Thailand 624,1 782,9 1.025,2 76,7 10,2 Royal Greenland Group Greenland 688,5 53,0 Fishery Products (FPI) Ltd. Canada 87,5 253,4 633,9 29,8 8,5 American Seafoods Holdings LLC US 461,7 42,4 Aker Seafoods Norway 220,1 450,6 382,5 32,9 13,7 Samherji hf. Iceland 307,3 471,4 256,4 34,7 13,6 Sanford Limited New Zealand 283,2 271,6 254,9 25,2 10,8 Domstein Norway 54,6 165,5 231,7 2,6 63,7 NB: Royal Greenland and American Seafoods are privately held. Source: Company reports for 2004, market information and ISB research forecast, currency information May 19, 2005
Seafood Player Comparis Secondary seafood companies Company Country Currency Market Cap. Enterprise Value Revenue EBITDA EV/EBITDA Icelandic Group PLC Iceland 262,4 571,3 1.007,3 36,3 15,7 Young s Bluecrest UK 889,0 SIF Group Iceland 448,7 942,9 846,0-8,2 StarKist Seafood Co. US 630,0 Pacific Andes H. Kong 166,3 175,5 562,4 27,4 6,4 Connor Bros. Income Fund Canada 555,7 662,5 477,1 39,2 16,9 High Liner Foods Inc. Canada 76,8 83,1 213,4 14,7 5,7 NB: Young s Bluecrest Ltd. and StarKist Seafood Co. are privately held. Source: Company reports for 2004, market information and ISB research forecast, currency information May 19, 2005
Seafood Player Comparis Aquaculture companies Company Country Currency Market Cap. Enterprise Value Revenue EBITDA EV/EBITDA Marine Harvest International B.V. Netherlands 737,9 Fjord Seafood Group Norway 227,1 583,4 575,5 46,4 12,6 Stolt Sea Farms Norway 459,1 Pan Fish Norway 84,9 377,3 362,1 20,3 18,6 AquaChile (Salmones Pacifico) Chile 250,0 Mainstream Group (Cermaq) Chile/Canada 209,3 28,5* Heritage Salmon Canada 145,0 Cooke Aquaculture Canada 47,0 Mainstream as part of Cermaq, Cooke Aquaculture, AquaChile, Stolt Sea Farms and Heritage Salmon are privately held (Stolt Sea Farms and Marine Harvest merged in 2005). Source: Company reports for 2004, market information and ISB research forecast, currency information May 19, 2005
ISB Some Basic Facts
ISB Current Operations Iceland International corporate credit Leveraged finance Project finance Relationship management Global seafood Norway KredittBanken Full service bank for traditional industries BNbank Corporate and retail mortgage financing London Corporate finance UK/European food industry Global seafood Leveraged finance Brokerage of Icelandic securities International investors Luxembourg Treasury services Nordic small/medium banks Loan participation Nordic area Private banking
ISB - Sector Services Corporate Finance Financing Food Sector Seafood Industry (Global) Food Ingredients (Northern & Western Europe) Packaged Foods (Northern & Western Europe) Icelandic & Norwegian Clients Any Sector Type of Services Acquisitions Disposals Minority Investments MBOs / LBOs / MBIs Private Placements Strategic Reviews Small to Medium Size $40m to $1.5bn size transactions Type of Credit Facilities Term loan Working capital Syndicated loans Vessel financing Other Services Fx dealing Risk management advisory ISB s total loan portfolio of $9.7bn Industry & contractors 14% Seafood 16% Commerce 9% Other 2% Individuals 23% Services 36% ISB is perfectly positioned to compete with, and provide a better service than, bulge bracket investment banks within our sector and size focus
Seafood Industry Team Business Managers Pétur Einarsson Executive Director London Office Direct line: +44(0) 20 7621 3466 Mobile: +44(0) 771 743 6411 petur.einarsson@isb.is Helgi Anton Eiríksson Business Director Direct line: +354 440 4518 Mobile: +354 844 4518 helgi.eiriksson@isb.is Covering: Asia and Oceania Covering: UK and USA Jón Gardar Gudmundsson Business Director Direct line: +354 440 4516 Mobile: +354 844 4516 jon.gudmundsson@isb.is Covering: Central and Southern Europe, South America and Africa Hjálmur Nordal Business Director Direct line: +354 440 4522 Mobile: +354 844 4522 hjalmur.nordal@isb.is Covering: Canada and Iceland Kjartan Ólafsson Business Director KredittBanken Direct line: +47 7010 2015 Mobile: +47 9592 6015 Kjartan.olafsson@Kredittbanken.no Covering: Nordic Countries
Valdimar Halldórsson Analyst ISB Research Direct line: +354 440 4638 Mobile: +354 844 4638 valdimar.halldorsson@isb.is Gísli Sigurgeirsson Senior Manager International Corporate Credit Direct line: +354 440 4765 Mobile: +354 844 4765 gisli.sigurgeirsson@isb.is eafood Industry Team Other members Elfar Rúnarsson Executive Director Direct line: +354 440 4511 Mobile: +354 844 4511 elfar.runarsson@isb.is Tim Owen Head of Corporate Finance London Office Direct line: +44(0) 20 7621 3471 Mobile: +44(0) 7843 512 092 tim.owen@isb.is Örn Gunnarsson Executive Director Direct line: +354 440 4536 Mobile: +354 844 4536 orn.gunnarsson@isb.is Eiríkur R. Eiríksson General Manager Risk Advisory Direct line: +354 440 4565 Mobile: +354 844 4565 eirikur.eiriksson@isb.is Steinunn Thórdardóttir Executive Director International Corporate Credit Direct line: +354 440 4760 Mobile: +354 844 4760 steinunn.thordardottir@isb.is Timothy H. Spanos Director International Corporate Credit Direct line: +354 440 4777 Mobile: +354 844 4777 timothy.spanos@isb.is Gunnar Engilbertsson Senior Manager International Corporate Credit Direct line: +354 440 4762 Mobile: +354 844 4762 gunnar.engilbertsson@isb.is Helgi H. Ófeigsson Senior Manager International Corporate Credit Direct line: +354 440 4769 Mobile: +354 844 4769 helgi.ofeigsson@isb.is Ragnar Gudjónsson Senior Manager Icelandic Credit Direct line: +354 440 4550 Mobile: +354 844 4550 ragnar.gudjonsson@isb.is Guðmundur Ragnarsson Senior Manager Icelandic Credit Direct line: +354 440 4547 Mobile: +354 844 4547 gudmundur.ragnarsson@isb.is Rúnar Jónsson Capital Markets - FX Direct line: +354 440 4489 Mobile: +354 844 4489 runar.jonsson@isb.is Stefán Eiríks Stefánsson Capital Markets - FX Direct line: +354 440 4483 Mobile: +354 844 4483 stefan.stefansson@isb.is
Legal disclaimer All opinions and analyses represent the views of Íslandsbanki at the time of writing and are subject to change without notice. Íslandsbanki and its employees cannot be held responsible for any trading conducted on the basis of the information and views presented here. Íslandsbanki may at any time have vested interests in individual companies, for example as an investor, creditor or service provider, but its opinions and analyses are produced independently by the Íslandsbanki Research division, based on publicly available information on the company in question. This Seafood Industry Report was written by Valdimar Halldórsson - Íslandsbanki - Research division: valdimar.halldorsson@isb.is