Annual Report 2019

Dear valued shareholders,

2019 was a transformative year for our business.

Our financial performance reflects the significant progress we made to strengthen every aspect of High Liner Foods in 2019. Of particular note, we increased Adjusted EBITDA(1)(2) by $22.8 million, a 36.6% improvement over 2018; increased Adjusted EBITDA as a percentage of sales by 310 basis points; and improved our Net Debt(1) to Adjusted EBITDA ratio to 4.1x from 5.8x. We also successfully completed an early refinancing of our debt, providing enhanced capacity and flexibility to continue to turn around our business and deliver profitable and sustainable revenue growth.

We advanced our turnaround and EBITDA growth plan in the face of significant market and industry headwinds, contending with downward pressure on volume and the impact of tariffs. We responded to these challenges by doubling down on execution against our thoughtful critical initiative plan, focusing on the factors within our control and working hard to reposition our business for long-term sustainable value creation.

Rod Hepponstall
Rod Hepponstall,
President and Chief Executive Officer


We are inspiring North Americans to enjoy seafood like never before — making it easier for them to buy and prepare one of the healthiest, most sustainable sources of protein available — creating a simple yet powerful platform for growth.

Sales (in millions of USD)

Sales graph

Sales Volume (in millions of pounds)

Sales Volume graph

Sales vs. Adjusted EBITDA(1) (in millions of USD)

Sales vs. Adjusted EBITDA graph

(1) Please refer to the Non-IFRS Financial Measures section of High Liner Foods' Management's Discussion and Analysis ("MD&A") for the fifty-two weeks ended December 28, 2019 for definitions of the non-IFRS financial measures used by the Company, including Adjusted EBITDA, Adjusted Net Income and Adjusted Diluted EPS.

Business Review

Who We are

High Liner Foods is a leading North American processor and marketer of value-added frozen seafood. High Liner Foods' retail branded products are sold throughout the United States and Canada under the High Liner, Fisher Boy, Sea Cuisine and Catch of the Day labels, and are available in most grocery and club stores. The Company also sells branded products to restaurants and institutions under the High Liner, Mirabel, Icelandic Seafood and FPI labels and is a major supplier of private label value-added seafood products to North American food retailers and foodservice distributors. High Liner Foods is a publicly traded Canadian company, trading under the symbol HLF on the Toronto Stock Exchange.

Key Retail Brands
High Liner Foods logo
Sea Cuisine logo
Catch of the Day logo
FisherBoy logo
Mirabel logo
Key Foodservice Brands
High Liner Food Service logo
Icelandic Seafood logo
FPI logo
Mirabel logo

Sustainability at High Liner Foods

We view sustainability as a common-sense approach to business, and a process of ongoing engagement and continuous improvement, which helps us build trust, mitigate risks, and meet the needs and expectations of our customers, consumers and other stakeholders — today and for generations to come.

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