Icelandic Group Turns a Profit in 2009

March 30, 2010 12:15
166 Million Euro Turnaround for the 6th Largest Seafood Company in the World, reports with reference to Icelandic Group. 
  • €6.2 million Profit after Tax
  • €45.7 million EBITDA
  • €16.5 million adjusted Profit before Tax
  • €66 million in Debts Repaid
  • €997 million in Turnover for 2009

It was revealed at the AGM for Icelandic Group, that 2009 was a good year for the company. Debt was paid down, profits increased and extensive cost cutting measures were introduced. Adjusted profit before tax for Icelandic Group was 16.5 million Euros and profit after tax was 6.2 million Euros. This marks a significant change from the previous year when operating losses were high.

This turnaround has eased the financing of the company and its cash flow. Great care has been taken in lowering costs of inventory financing and debt reduction in regard to Icelandic Group's main creditor NBI hf.. Icelandic Group is now wholly owned by subsidiary of NBI hf., Vestia.

Given IG´s improved financial strenght, the company managed to reduce debt by 66 million Euros.

The outlook for this year is positive as reform and restructure will continue. With 1 billion Euros in turnover, coupled with an extensive sales network and positive cash flow, Icelandic Group has brought its house in order and is well situated to face increasing competition in the international food industry.

Icelandic Group is first and foremost an international seafood company. Its revenues stem from mainland Europe (40%), British Isles (28%), North America (18%), and Asia (14%). Domestic operations of Icelandic Group also increased last year and a significant share of Icelandic seafood exports goes through the Icelandic Group sales network. The number of operating locations abroad have been reduced and subsidiary companies are now 30 in 14 countries. In addition, staff reductions have been made and current number of employees is 3,700.

Icelandic Group is now the sixth largest seafood company in the world according to Intrafish.

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