About Icelandic Group
- Over seventy years of expertise in fisheries
- One of the five largest seafood companies in Europe and one of the ten largest worldwide
- Uniquely positioned in the seafood sector, with its international network of production and marketing companies in Europe, North America and Asia
- Offers a wide variety of fresh, chilled and frozen seafood products and services on a global scale
- Core business is focused on value added processing of seafood for retail and food service
- Global customer relationships into retail and food service
- Annual turnover of EUR 1bn and EBITDA of EUR 46m in 2009 About 3,700 employees worldwide
Operational Turnaround
- An era of acquisition-driven growth and little integration led to overweight structure of inefficient and often unprofitable entities
- Key steps in restructuring included shifting focus to margins rather than sales and thereby improving EBITDA; improving inventory turnover; increased productivity by reducing staff; and, selling or closing unprofitable businesses
Key Figures 2009
| 2009 | 1H09 | 1H10 | |
| Total sales, EURm | 997 | 519 | 510 |
| EBITDA, % | 4.6 | 4.2 | 5.1 |
| Operating profit, EURm | 28.1 | 12.8 | 17.9 |
| Profit before tax, EURm | 12.4 | 5.6 | 13.0 |
| Return on equity, % | 4.3 | 5.7 | 10.9 |
Clear Ownership Structure
- Framtakssjóður Íslands (FSI) owns 81% of Icelandic Group, and Icelandic bank NBI hf owns 19%
- FSI is a ISK 60bn ten-year investment fund collectively owned by 16 domestic pension funds
- Its asset portfolio includes Icelandair, Vodafone, and others in field of IT and retail
- A fully funded system with assets equivalent to 119% of GDP, the Icelandic pension fund system is one of the strongest in the world