Alfesca hf. - Financial Statement Release

- Interim Q2 Trading Update

Highlights

•	Group net sales €249.3 million down 3.4% in the second quarter 
•	Pro forma net sales down 1.9% : Salmon and Other Fish -0.2%; Foie Gras and
Duck -3.2%; Blinis and Spreadables -4.7%; Prawns and Shell fish -3.0% 
•	Sales of branded smoked salmon stable following record sales last year
•	Sales of branded foie gras down slightly by -2.7% against last year
•	Price increases in branded products and across all prawn categories obtained
to offset input costs 
•	Sales of natural salmon in the UK continued to grow by 25% compared to last
year 
•	Weak sterling negatively impacted quarterly UK sales by €8.1 million
•	Difficult economic conditions expected to continue

Xavier Govare, Chief Executive said:

“As anticipated, the severe down turn of the economy in Europe lead to a
general slow-down in consumer spending, impacting our sales in the second
quarter with Group sales down by 3.4%.  However, after adjusting for the
weakening of sterling and exceptional items, on a pro forma basis Group sales
were down by 1.9% on last year. 

“This performance was delivered following a weaker than expected sales over
October and November but compensated in part by strong sales in December,
indicating that consumers delayed their expenditure in the run up to the
festive period. 

“We expect the challenging economic conditions to continue for the foreseeable
future and therefore to affect our third and fourth quarter results.”

Attachments:

q2 trading update january 2009.pdf