« Breakfast and Fukylumflumur does not return »

In a letter that Gunnþór Ingvason CEO of Síldarvinnslan hf. has sent shareholders, says the statements of Hanna Katrín Fridriksson, Minister of Industry, on the investment of the fisheries sector in unrelated operations have no basis in real life.

He calls for an objective debate on the fisheries sector. « Greetings, brightness and fucking catches do nothing and there is no progress, » he says in the letter which has been published on the Síldarvinnslan website.

« For some reason, councilors choose to make unthinkable and poorly implemented tax increases that cannot tolerate inspection, instead of justification and data.

« It would therefore be good if those who have the highest fisheries could mention their example in support and point out where these investments in unrelated operations of hundreds of billions are. »

200 million in the local community

Gunnþór operates the Síldarvinnslan investment in the letter and reports that the company has in recent years invested ISK 79.8 billion in new vessels, factories, fires and equipment and equipment for fishing and processing. Investments that are not related to the company’s operations at the same time were ISK 200 million and launched projects in the local community in Fjarðabyggð.

The 200 million people in question were mostly involved in projects that have needed funding to get started and are the shares of Síldarvinnslan in the investment company VR, which the company owns 60% versus 40% of the Regional Development Agency.

« Through this company on Síldarvinnslan about 50% in the real estate company Miðás, which built the premises of a network workshop in Neskaupstaður in collaboration with Hampidjan, which is also the largest investment of this 200 million krónur. Tree cultivation, ”says the letter.

« Claims of large -scale investments in unrelated operations therefore have no basis in real life. Good years have been used for investments in infrastructure, other companies in comparable operations and catch quotas. a fisheries company in one way or another, ”says Gunnþór.

Image/herring processing

Community track triple dividends

Gunnþór recalls that in them about two decades that he led the company, only one investment took place in unrelated operations. It was in 2011 after requested that Síldarvinnslan take part in the acquisition of the share of the Central Bank of Iceland in Sjóvá.

« Investing was for ISK 1.4 billion and then for ISK 84 million three years later. Before the Síldarvinnslan was listed on the general stock market in the spring of 2021, the shares of the company in Sjóvá were handed over to shareholders, as it was not considered right that the Síldarvinnslan should have in the circumstances in

Gunnþór also points out that Síldarvinnslan has made a profit of ISK 70 billion from 2014 and invested for 80 billion.

« The investments in question have been financed with the company’s profits, ISK 70 billion, increased share capital of ISK 13.8 billion and with borrowing of ISK 11.8 billion. the period. « 

Invested in ships

Over the past eleven years, Síldarvinnslan has invested about 19 billion krónur in ships, Bardi and Börk. The value of barks at present value is about ISK 8.6 billion.

« These vessels have contributed to increased value creation, both in terms of catches and the ability to utilize sources, as well as their carbon footprints are much lower than older vessels. The benefits of investments have therefore both resulted in more profitable and environmentally friendly operations, » says Gunnþór.

Then the subsidiary Bergur-Huginn ehf. its trawlers in the Westman Islands, Vestmannaey and Berg VE. The freezer trawler was bought by Ögurvík and considerable funds were put into updating it.

Since 2014, invested for ISK 14.6 billion in real estate and equipment.

« Here is the most important investment in increased capacity and renewal of the fishmeal factory in Neskaupstaður. There were, among other things, a small protein plant designed for human consumption, increased value creation and energy saving. Fillings and packaging lines.

Most in catch quotas

It is stated that Síldarvinnslan has most invested in catch quotas, for about ISK 31.8 billion. The company has purchased the resurrection from its catch quotas « but not given them as often indicated in the debate. »

The companies in which Síldarvinnslan has invested are Bergur-Huginn ehf. and Bergur ehf. in the Westman Islands but their merger is being worked on. One of the companies’ ships was sold but made a total of two vessels.

Herring processing has invested a lot in increased performance of its product plants in Neskaupstaður.

Photo/Guðlaugur B. Birgisson

« When the high -rise couple Guðrún and August in steel vessels decided to stop operations, part of the fishing permits of steel vessels in Icelandic jurisdiction were purchased by the company.

Then Gullberg ehf. in Seyðisfjörður, together with Brimberg, which operated a freezer, but the companies flowed into the Síldarvinnslan. The freezer was closed last year « as the processing is not competitive. Significant investment would have been needed to continue operating the processing and since it is located in the danger area, such investment was not considered justifiable. »

The majority was also purchased in Runólfur Hallfreðsson ehf. in Akranes and most recently purchased all shares in Vísi hf. in Grindavík, but part of the purchase price was paid with the issue of new shares in Síldarvinnslan.

In the summer of 2022, a 34% share was purchased in the salmon farm Arctic Fish in the Westfjords for ISK 14.4 billion.

« We thought this was an interesting investment, as it was an exciting opportunity to build and value creation in aquaculture, which is a growing industry in Iceland and will be a leader in increased export revenue, value creation and living standards in the coming years, if successful. »

Asks for example

Gunnþór said he hoped that the information on the Síldarvinnslan investment shows black and white that the company’s operations were primarily about strengthening it as a fisheries company.

« It would therefore be good if those who have the highest fisheries could mention their example in support and point out where these investments in unrelated operations of hundreds of billions are said. However, this is important, however, it is important to point out that it is positive that dividends to the shareholders of Síldarvinnslan have sought the same time.