Investor Presentation June Henry Demone, CEO Kelly Nelson, CFO
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1 Investor Presentation June 2013 Henry Demone, CEO Kelly Nelson, CFO
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 Presentation Currencies CAD presentation: High Liner Foods is traded on the Toronto Stock Exchange and references to stock price, dividends and market cap are presented in CAD. USD presentation: Effective with the company s 2012 annual report, all financial statements are presented in USD. 2010, 2011 and 2012 are fully converted and restated under IFRS rules to USD. Previous years Canadian GAAP statements are converted from CAD at the annual period end and average USD/CAD exchange rates and remain under Canadian GAAP. 3
4 Company Overview 4
5 TSX Listings Data TSX symbol HLF Recent price 1 $ week range 1 $ $39.00 Shares outstanding ~15.16M Total market cap ~$462M Quarterly dividend 2 $0.18 Current yield 2 2.4% HLF Share Price Over the Last 12 Months 1 1 Source: TSX June 18, Effective June 1, Public company since the 1960 s; listed on the TSX in
6 High Liner Foods Corporate History 1926 High Liner brand created 1992 Northern Cod moratorium 2003/04 High Liner sells its fishing assets 2007 FPI acquisition Viking acquisition 2011 Icelandic USA acquisition 1899 WC Smith founded (salt fish) 1945 National Sea Products created 1999 Name changed to High Liner Foods 2005 Icelandic and Samband merge 2013 Today s High Liner Foods 1 Acquired FPI s North American marketing and manufacturing business 6
7 Business Profile Product Form Branded 23% 36% 64% 77% Value Added Other HFL Brands Other 7
8 Business Profile (cont d) Geography Retail / Food Service 35% 35% 65% 65% USA (incl. Mexico) Canada Food Service Retail 8
9 Our Business Model Broadest market reach in industry Market leading brands Diversified global procurement Frozen food logistics expertise Innovative product development 9
10 Food Service Business Overview Leading foodservice brands High Liner, FPI, Icelandic and Viking Strengths Cover all segments: chain restaurants, food services distributors, healthcare and education Diverse product line Private label Dominant supplier position Leading innovation Examples of key customers Food distributors: Sysco, US Foods, GFS, Reinhart, PFG Restaurant chains: Arby s, Carl s JR, Nestle, Omaha Steaks, Schwann s, MacDonald s 10
11 Retail Business Overview Leading retail brands High Liner, Sea Cuisine, Fisher Boy Strengths Sell to all retailers Sell to every area of store Recognized brands Private label Leading innovation Examples of key customers Grocery: Walmart, Target, Whole Foods, Safeway, Kroger, Sobey s, Loblaw Club: Costco, Sam s, BJ s 11
12 Rationalized Production Capacity Reduced from 6 plants to 4 Low manufacturing footprint 12
13 Financial Review 13
14 Fiscal 2012 Highlights Vision achieved during a milestone year Financial highlights: Strong growth in sales, adjusted EBITDA and adjusted EPS Created value for shareholders increased share price / dividends Operational highlights: The Icelandic USA acquisition which was completed in Dec 2011, was fully integrated by Nov 2012 The expected annual synergies are at least $18M, the high end of the original estimate of $16M to $18M. Plant consolidation was completed with the closing of two plants Dec 2012 / Jan 2013 Recognition for new products: Voted Best New Product by Canadian Living in the Frozen Fish / Prepared Meal Category for 4 years in a row for High Liner s Pan Sear, Market Cuts and Flame Savours products The North American leader in value-added frozen seafood 14
15 Sales Growth (US$ millions) $943M $1,000 $900 $800 $700 $600 $500 $400 $300 $200 $100 $
16 $120 EBITDA Growth (US$millions) $91.7M $100 $80 $60 $40 $20 $ Standardized EBITDA: Earnings before interest, taxes, depreciation and amortization as reported in the Company s annual audited financial statements Partially Adjusted EBITDA: Standardized EBITDA as defined above, adjusted to exclude the impact of impairment of property, plant and equipment; business acquisition and integration expenses; gains or losses on disposal of assets; and the increase in cost of goods sold relating to inventory acquired as part of a business acquisition and recorded above its book value as part of the fair value reporting requirements of purchase price accounting Adjusted EBITDA: Partially Adjusted EBITA as defined above, further adjusted to exclude the impact of noncash stock compensation 16 expense
17 Dividend History (Cdn$) Annual Dividends per Share $0.80 $0.70 $ year CAGR: 30% Current run rate: $0.72 $0.69 $0.50 $0.40 $0.30 $0.20 $0.10 $ P Common shares up to September 15, 2007; Common and Non-Voting shares from December 15, 2007 to December 17, 2012; Common shares from December 18, 2012 to present 17
18 Q A Challenging Quarter Challenges: Decline in selling prices for commodity products Weak private label sales Soft U.S. restaurant sales Early Lent Production and distribution challenges with the move to Newport News Successes: On track for projected synergies from Icelandic USA s integration Reduced interest expense and leverage ratio 18
19 Q Financial Review Sales as Reported (in US$ millions) $350 $300 $287.6 $275.2 $250 $ $150 $ $50 $0 Q Q US Canada 19
20 Q Financial Review EBITDA (in US$ millions) $35 $30 $25 $20 $15 $10 $5 $0 $31.5 Q Q $21.3 Standardized EBITDA: Earnings before interest, taxes, depreciation and amortization as reported in the Company s annual audited financial statements Partially Adjusted EBITDA: Standardized EBITDA as defined above, adjusted to exclude the impact of impairment of property, plant and equipment; business acquisition and integration expenses; gains or losses on disposal of assets; and the increase in cost of goods sold relating to inventory acquired as part of a business acquisition and recorded above its book value as part of the fair value reporting requirements of purchase price accounting Adjusted EBITDA: Partially Adjusted EBITA as defined above, further adjusted to exclude the impact of noncash stock compensation expense
21 Q Financial Review Diluted EPS $1.00 $0.91 $0.80 $0.60 $0.63 $0.40 $0.20 $0.00 Q Q Diluted EPS: Net Income as reported the Company s annual audited financial statements divided by the average diluted number of shares Partially Adjusted Diluted EPS: Based on the Company s reported Net Income, adjusted to exclude the impact of impairment of property, plant and equipment; business acquisition and integration expenses; gains or losses on disposal of assets; the increase in cost of goods sold relating to inventory acquired as part of a business acquisition and recorded above its book value as part of the fair value reporting requirements of purchase price accounting; non-cash expense from revaluing an embedded derivative associated with the long-term debt LIBOR floor; marking to market an interest rate swap related to the embedded derivative; the write-off of deferred financing charges on the re-pricing of the Term Loan; and withholding tax related to inter-company dividends. Adjusted Diluted EPS: Partially Adjusted EPS as defined above, further adjusted to exclude the impact of non-cash stock compensation expense
22 Deleveraging Estimated annual free cash flow of $40M to $50M 7.0x 6.0x 6.6x Debt / EBITDA 5.0x 4.4x 4.0x 3.0x 3.4x 3.7x < 3.0x 3.0x 2.0x 1.0x 0.0x Dec 31/11 Dec 31/11 Pro forma Icelandic Dec 31/12 Mar 31/13 PF Full Synergies Target 22
23 Q Debt Amendments Term loan ($233M) Reduced rates 5.5% LIBOR floor to 3.5% LIBOR floor Less restrictive financial covenants More room for dividends More flexible for acquisitions ABL ($180M working capital working capital facility) Currently borrowing $45M to $50M against this line Improved pricing grid More flexible for acquisitions 2013 cost savings: $4.7M cash; $6.2M total or $0.30 per share 23
24 Outlook & Growth Strategy 24
25 Our Vision The North American leader in frozen seafood 25
26 Industry Drivers Long-term growth influenced by strong North American demographics An aging, health-conscious population 45+ years of age account for half of seafood consumption Health benefits tied to eating fish 26
27 Industry Drivers (cont d) Fisheries recovering around the world largely due to the sustainability efforts over the last 10 years by most seafood nations Growth from aquaculture species Long-term demand growth still greater than supply Short-term cost declines but long-term fundamentals signal increasing costs Seafood cost increasing less than other proteins 27
28 2013 Strategic Goals $150M Adjusted EBITA by 2015 (proforma basis) 1. Profitable growth Icelandic USA synergies Organic growth Acquisitions 28
29 2013 Strategic Goals 2. Supply chain excellence Optimize our systems in: Procurement and purchasing Inventory management Product rationalization Shipping and warehousing Contribute $20M to $25M to 2015 EBITDA target 29
30 2013 Strategic Goals 3. Sustainable sourcing Source all seafood from certified or responsible fisheries and aquaculture farms by the end of
31 Investment Rationale Management Team with Strong Track Record of Successful Acquisitions Leading Processor in North America Strong Customer Relationships Competitively Advantaged North American Platform Attractive Financial Profile and Strong Free Cash Flow Generation Unique Global Sourcing Network and Expertise 31
32 Questions?
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