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Icelandic Salmon AS

Annual Report • Mar 14, 2008

3632_er_2008-03-14_b15b27af-a8f8-4ea7-8a8c-5dafa6365981.pdf

Annual Report

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ICELANDIC

GROUP

2007 HighlightsSales OverviewOperational ReviewFinancial Highlights

2007 Highlights

Sales OverviewOperational ReviewFinancial Highlights

2007 Highlights

  • Sales: € 1,384.4 million in 2007 and € 327.8 in Q4 Decrease of 5.9% in the year and 8.5% in Q4.
  • EBITDA:€ 28.3 million in 2007 and 1.4 in Q4
  • EBIT loss: € 2.1 million in 2007 and € 14.8 million in Q4
  • Net loss:€ 29.3 million in 2007 and € 29.0 million in Q4

2007 Highlights

Cash generated from operations:€ 57.2 million.

Return on Equity:-16.7 %

Total Assets:€ 796.1 million

Equity Ration:16.6 %

Events in Q4

Icelandic USA Inc. sold on December 31, 2007 the production facilities and related equipment in Cambridge, Maryland

Icelandic USA´s subsidiary, Ocean to Ocean, sold all of it´s inventory in the USA and related USA trademarks to Singleton Fisheries under the Meridian name.

Björgólfur Jóhannsson CEO of Icelandic Group resigned his position the 14th of December.

Events after Q4

The Board of Icelandic Group has appointed Finnbogi Baldvinsson as the CEO of the Group

Ocean to Ocean, a subsidiary of Icelandic USA, sold its Ocean toOcean Canada trade name, customer lists, packaging, Canadian trademarks and brands and inventory in February.

Allan Jensen was appointed as Managing Director of Pickenpack Gelmer in February 2008.

Coldwater Seafood Ltd., Icelandic Group's subsidiary, announced in the beginning of March, that the company was entering into a 90 day consultation period at its Redditch site as part of a process for a proposed restructuring of the Coldwater Seafood business.

2007

HighlightsSales OverviewOperational ReviewFinancial Highlights

Sales by geographical segments $-\epsilon$ 000

Geographical segments 2007 2006
Amounts in $\epsilon$ '000
USA 341.161 369.304
Europe without UK 417.875 487.006
UK 554.897 552.573
Asia 408.858 403.856
1.722.791 1.812.739
Intercompany sales (338.417) (341.423)
Total sales 1.384.374 1.471.316

Sales by business segments – €´000

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2007

HighlightsSales OverviewOperational ReviewFinancial Highlights

United Kingdom:

Sales:€ 392.8 million

Sales decreased by 12.0%

Sale of Coldwater's factory in Aberdeen in January 2008

USA:

Sales: € 324.5 million – decrease of 9.7% (decrease of 1.8% in local currency).

All production is now in one plant

Asia:

Sjóvík

Sales: € 179.9 million – increase of 12.1% of which 5.9% is organic (22.1% increase in local currency of which 15.3% is organic).

Icelandic Japan Sales: € 96.9 million – a decrease of 15.4 % (6.4% in local currency).

Icelandic Holding Germany:

Pickenpack H&H Sales: € 208.9 million, a decrease of 6.8%.

Pickenpack Gelmer Sales:€ 72.5 million.

Spain:

Sales:€ 101.1 million

Increase of 10.2 %

France:

Sales:EUR 33.5 million

Decrease of 50.1 %

Closure of Evry and Marseille office finalized in 2007

2007

HighlightsSales OverviewOperational ReviewFinancial Highlights

Balance Sheet - Key Figures

Balance sheet - key figures
Amounts in $\epsilon$ 000 31.12.2007 31.12.2006 Change%
Non-current assets 366.146 407.282 $-10,1%$
Current assets 429.917 499.468 $-13,9%$
Total assets 796.063 906.750 $-12,2%$
Equity 132.330 176.241 $-24.9%$
Non-current liabilities 195.442 228.182 $-14,3%$
Current liabilities 468.291 502.327 $-6,8%$
Total equity and liabilities 796.063 906.750 $-12,2%$

Statement of Cash Flow

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Looking ahead

The Board of Icelandic Group has agreed to propose an increase of equity by €30M in on the annual general meeting in April

Main focus is on operations

Primary objective is to lower debt

Restructuring process of Coldwater UK will be finalized in 2nd quarter of 2008

Increased raw material prices will continue to impact the group's performance where we have to react with lowering of other operational cost and price increases

Disclaimer

The information contained herein has been prepared by Icelandic Group hf. for professional investors exclusively. This information is provided for information purposes only and should not be regarded as a recommendation or invitation to invest in the company's securities. Investing in securities involves risk and investors should consult their own advisors before making any investment decisions regarding investment in any security instruments issued by Icelandic Group hf. as well as to seek legal and tax advise in relation to such investment.

Due care and attention has been used in the preparation of this information. Icelandic Group hf. relies on information obtained from sources that are believed to be reliable. However, Icelandic Group hf. does not guarantee the accuracy or completeness of the information and accepts no responsibility for its source. Information may change without notice or later be found to be untrue, inaccurate or uncompleted. Icelandic Group hf. is under no obligation to make any amendments or changes to this information if errors are found.

Any statement contained in this presentation that refers to Icelandic Group's estimated or anticipatedfuture results or future activities are forward-looking statements which reflect the Company's currentanalysis of existing trends, information and plans. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results to differ materially depending on factors such as the availability of resources, the timing and effect of regulatory actions, the success of new products, the strength of competition, the success of research and development issues, unexpected contract breaches or terminations, exposure to product liability and other lawsuits, the effect of currency fluctuations and other factors. Icelandic Group does not undertake the obligation to update or alter these forward-looking statements beyond its duties as an issuer of listed securities on OMX Nordic Exchange.

Icelandic Group hf. is the owner of all works of authorship in this presentation, including but not limited to, all design, text, sound recordings, images and trademarks in this material unless otherwise explicitly stated. The use of Icelandic Group hf's. material, works or trademarks is forbidden without written consent except where otherwise stated. Furthermore, it is prohibited to publish material made or gathered by Icelandic Group hf. without written consent.

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