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Added value of marine catches. The industry point of view.

Added value of marine catches. The industry point of view. Guðbrandur Sigurðsson ÚA Seafood Group September 6th 2002. Content. ÚA Seafood: Some very basic information Laugafiskur: Drying of fish heads and backbones Fish farming: Will cod remain the king?. ÚA Seafood Some very

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Added value of marine catches. The industry point of view.

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  1. Added value of marine catches.The industry point of view. Guðbrandur Sigurðsson ÚA Seafood Group September 6th 2002

  2. Content • ÚA Seafood: Some very basic information • Laugafiskur: Drying of fish heads and backbones • Fish farming: Will cod remain the king?

  3. ÚA Seafood Some very basic information

  4. The ÚA Seafood Group • A leading seafood company in Iceland • The seafood business of Eimskip • Consolidated sales 2002 - estimate • USD 110 million / EUR 112 million • Five defined business areas • Approximately 650 workers • We are operating in 10 different locations • Seven independent companies

  5. Finance • Info. systems • Environment • Quality systems • Marketing • Business devel. • Strategic planning • Quotas Headquarters Akureyri Groundfish At-sea Services Groundfish On-shore Groundfish Salted fish By-products Prawns / shrimps • On-shore • On shore • Akureyri • Grenivík • Raufarhöfn • Seyðisfj. • On-shore • Húsavík • On-shore • Laugar • Reykjanes • Akranes • Skagastr. • Blönduós • On-shore • Hólmavík • Skagastr. Finance and IT systems Technical- and product developm. • Fisheries • Sléttbakur • Arnar • Örvar (1/2) • Fisheries • Árbakur • Harðbakur • Kaldbakur • “Gullberg” • Fisheries • Fisheries • Fisheries • Rauðinúp. • Örvar (1/2) Quality and environmental iss. Common projects Est. sales ‘02 2.000 1.000 1.000 1.900 3.200

  6. Organisation – ÚA and Skagstrendingur Summary: Five defined business areas Seven independent companies Ten different locations in Iceland Around 650 employees • Finance • Info. systems • Environment • Quality systems • Marketing • Business devel. • Strategic planning • Quotas Headquarters Akureyri Groundfish At-sea Services Groundfish On-shore Groundfish Salted fish By-products Prawns / shrimps ÚA Akureyri Grenivík Jökull Raufarhöfn Dverga- steinn Seyðisfjörður • On-shore ÚA Sléttbakur Skag- strend- ingur Arnar Örvar GPG Húsavík Lauga- fiskur Laugar Njarðvík Akranes Leirvík Skag- strend- ingur Skagaströnd Hólma- drangur Hólmavík • On shore • Akureyri • Grenivík • Raufarhöfn • Seyðisfj. • On-shore • Húsavík • On-shore • Laugar • Reykjanes • Akranes • Skagastr. • Blönduós • On-shore • Hólmavík • Skagastr. Finance and IT systems Technical- and product developm. • Fisheries • Sléttbakur • Arnar • Örvar (1/2) • Fisheries • Árbakur • Harðbakur • Kaldbakur • “Gullberg” • Fisheries • Fisheries • Fisheries • Rauðinúp. • Örvar (1/2) Quality and environmental iss. Common projects Est. sales ‘02 2.000 1.000 1.000 1.900 3.200

  7. Production Metric tons – product weight

  8. Laugafiskur Drying of fish heads and back- bones – a short case

  9. Background information • Company specialized in drying of fish and fish products • The main products are dried fish heads and back-bones • Has grown from operating 1 factory in 1995 to operating 4 factories • The key to growth – strategic development

  10. Export of stockfish USD ‘000 Tons

  11. Export of heads and backb. USD ‘000 Tons

  12. Laugafiskur - milestones • 1988 Five founders, each with 20% share – Factory at Laugar • 1995 ÚA aquired a 60% share • 1996 A growth strategy developed • 1997 Second factory – Reykjanesbær • 1998 ÚA bought a further 15% share • 1999 The third and fourth factory were bought and merged into one

  13. Laugafiskur - milestones • 2000 A new organisational structure. ÚA aquires the whole of the company. A new type of plastic drying grids developed • 2001 Faroe Marine Products founded in the Faroes A new automated production line designed and implemented in the Faroes • 2002 The factory at Laugar renovated. Further projects abroad.

  14. Laugafiskur - operations Factory Head office Faroe Islands Iceland

  15. Raw material – metr. tons • Heads / back-bones • 1997 5.834 • 1998 8.922 • 1999 11.275 • 2000 11.059 • 2001 12.517 • 2002 13.400

  16. Production – dried products • Total packs (30 kg) • 1997 36.304 • 1998 56.674 • 1999 73.714 • 2000 73.751 • 2001 79.982 • 2001 89.787

  17. Export - share Metric tons Share 15% 19% 23% 22% 21%

  18. Laugafiskur - income ISK - million

  19. Laugafiskur - conclusion • A strong and important company specialized in by-products • Our target is a turnover of ISK 1 billion • The way forward • Product development – convenience • Market development – spreading the risk • Foreign projects

  20. Fish farming Will cod remain the king?

  21. The Icelandic Cod Project The main objective: • Evaluate the competiveness of cod farming in Iceland. • Collect and distribute information and know-how regarding cod farming in Iceland. • Formulate and develop a R&D strategy in the field of cod farming.

  22. The Icelandic Cod Project • Good access to feed • About 1 million ton of raw material for fish meal and fish oil production • Sufficient to product approximately 300.000 tons of biomass • If cod – an increase of ISK 20-30 billion (15-25%) in exports • About 2.000 new jobs

  23. The Icelandic Cod Project • A long road ahead of us: • Breeding programmes • Smolt production • On-growth in sea cages • Harsh environment • Temperature • Production cost vs. market price

  24. Temperature Source: Peter Braccio: Advanced Arctic Ocean Model with Sea Ice

  25. Production cost – round weight Source: Torskeutredning for SND – KPMG – March 2000.

  26. Market price – round weight Source: ÚA Seafood – September 2002.

  27. Production cost – market price Market price Production cost

  28. The salmon saga Source: Frank Asche and Ragnar Tveterås, 2002.

  29. Cod – supply and demand Source: Frank Asche and Ragnar Tveterås, 2002.

  30. Cod farming • Still in the R&D phase – gaining of knowledge and experience • If it to become profitable we have to work on: • Breeding programmes • Farming technology • To soon to say whether it will become a business to Iceland or not

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