Perform a Financial Analysis based on the last 10 years of high liner foods financial statements, make an analysis on:

a. Sales or revenue growth

b. Margins

c. Profitability

d. Cash flow generation

e. Stock price performance

10 year Sales history of High liner foods

$1,200 C.WIRTHY & CO. 500 American Rubicon Pride. Sold New Bedford SEAFOOD + Scallop business $1,000 400 $875.4 $827.5 $800 300 - - - - - Sales in USD (millions) $600 Sales in lbs (millions) 240.9 233.7 200 $400 100 $200 $0 0 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Sales in USD -- Sales in lbsIn United States dollars. unless otherwise noted (Amounts in $000s, except per share amounts)I 2021 2020 2019 2018 2017'\" 2016'\" 2015'\" 2014 2013'\" 20 1201(3) Sales 5 875,405 827,453 $ 942,224 $1,048,531 $1,053,846 $ 954,986 $ 999,4?1 $1,051,613 $ 947,301 $ 942,631 Gross profit 198,544 177,924 185,860 188,15? 186,0?9 201,80? 199,62? 220,405 215,335 206,661 Distribution expenses 50.80? 45,0?6 45,?59 52,649 49,82? 43,610 48,03? 52,558 53,368 44,511 Selling, general and administrative ex pen ses 88,269 73,926 90,019 92,208 99,449 96,9?8 93,59? 105,3 13 98,820 100,862 Impairment of property, plant and equipment 42 9?4 1,302 2,3 2? 852 13,2 30 Business acquisition, integration and other ex pe nses (income) 2,350 2,?6? 1,5:II 2 (2,471) 2,639 4,?8? 7,4?II 3 6,582 3,256 10,?41 Finance costs ?,494 19,483 33,01 2 21,603 16,626 14,296 16,24? 17,569 16,329 36,585 (Income) loss from equity accounted investee, net of income tax (86) 196 Income before income taxes 49,082 36,6?2 14,524 22,866 17,538 39,809 34,2?3 3?,531 43,648 536 Income taxes Current 2,953 6,535 3,356 1,583 (?23) 8,514 5,184 3,906 12,3?8 5,442 Deferred 3,880 1,3 35 8?9 4,50? (13,392) {989) ?38 3,3 25 (86) (7,109) Total income tax expense (recovery) 6,833 7,8 ?0 4,235 6,090 (14,115) 7,525 5,922 7,231 12,292 (1,667) Net Income 5 42,249 28,802 $ 10,289 $ 16,??6 $ 31,653 $ 32,284 $ 28,351 $ 30,300 $ 31,356 $ 2,203 Reoonclllatlon to EBITDA: Net Income 5 42,249 28,802 $ 10,289 $ 16,??6 $ 31,653 $ 32,284 $ 28,351 $ 30,300 $ 31,356 $ 2,203 Addback: Income tax expense (recovery) 6,813 7,8?0 4,235 6,090 (14,115) 7,525 5,922 7,231 12,292 (1,667) Finance costs ?,494 19,483 33,01 2 21,603 16,626 14,296 16,24? 17,569 16,329 36,585 Amortization of intangible assets ?,585 7,5 36 7,569 7,451 6,558 5,166 5,22 5 4,923 5,258 5,5 51 Depreciation 15,496 15,692 14,886 10,320 9,?53 11,948 11,515 11,8?4 9,901 13,830 Standardlzed EBITDA 5 79.65? 79,383 $ 69,991 $ 62,240 $ 50,4?5 $ 71,219 $ 67,260 $ 71,89? $ 75,136 $ 56,502 Addback: Business acquisition, integration and other expenses (income) 2,850 2,?6? 7,105 (2,4?1) 2,639 4,?8? 7,4?3 6,582 3,256 10,?41 Impairment of property, plant and equipment 42 9?4 1,302 2,3 2? 852 13,2 30 Increase in cost of sales due to purchase price allocation to inventory 1,149 Loss (gain) on disposal of assets 122 34 130 166 ?34 {1?9) 329 681 24? (190) Sharebased compensation expense 7,751 5,861 7,124 1,23? ??1 3,229 1,119 3,329 6,?04 10,255 Nonopera ting ite ms 1 1,493 Adjusted EBITDA 5 90,422 88,045 $ 85,324 $ 62,4?4 $ 66,112 $ 81,383 $ 76,181 $ 83,341 $ 85,343 $ 91,68? Reoonclllatlon to Adjusted Net Income: Net Income 5 42,249 28,802 $ 10,289 $ 16,??6 $ 31,653 $ 32,284 $ 28,351 $ 30,300 $ 31,356 $ 2,203 Addback, after-tax: Sharebased compensation expense 6,170 4,356 5,196 1,1?6 658 2,?94 1,20? 2,958 6,366 10,025 Impairment of property, plant and equipment 50 ?10 938 1,614 520 8,635 Accelerated depreciation on equipment,a'propertyI disposed as part of a discontinuation/acquisition 668 216 1,146 Business acquisition, integration and other (income) expenses 1,999 2,053 5,028 (1,841) 1,?85 3,014 4,985 4,290 2,068 6,895 Nonoperating ite ms 7,23 2 Increase in cost of sales due to purchase price allocation to inventory ?61 Mark-to- market loss (gain) on embedded derivative and related accretion 188 (105) 1,899 Mart-to- market {gain} loss on interest rate swa ps (90) (426) (80) 7 6 529 Modification (gains) losses, accelerated amortization of deferred financing costs, and other items resulting from debt refinancing and amendment activities (5.670} 7,753 605 ??6 6,380 Intercompa ny dividend withholding tax 161 74-4 {4023 Adjusted Net lrloon'le 5 44,798 $ 35,211 $ 29,13? 5 17,049 $ 41,328 $ 40,284 $ 34,333 $ 38,?81 $ 41,281 $ 38,0?1 In United States dollars, unless otherwise noted (Amounts in $0005, except per share amounts) 2021 2020 2019 2018 2017m 2016\") 2015'\" 2014 2013'\" 2012\"\" Book value per common share $ 9.98 $ 8.73 $ 8.03 $ 7.90 $ 8.05 $ 7.13 $ 6.43 $ 6.41 $ 6.04 $ 5.07 Gross capital expenditures from continuing operations 20,319 8,952 6,569 14,607 27,775 17,686 18,587 28,075 15,419 13,447 Per share information: Basic earnings per common share Based on net income $ 1.25 $ 0.85 $ 0.31 $ 0.50 $ 0.98 $ 1.04 $ 0.92 $ 0.99 $ 1.03 $ 0.08 Based on adjusted net income 1.32 1.04 0.86 0.51 0.93 1.30 1.11 1.26 1.36 1.26 Diluted earnings per common share Based on net income 1.20 0.83 0.30 0.50 0.97 1.04 0.95 0.97 1.01 0.07 Based on adjusted net income 1.28 1.02 0.85 0.51 0.93 1.29 1.10 1.24 1.32 1.23 Common shares Outstanding at yeareend 33,330 33,323 33,383 33,383 33,380 30,889 30,874 30,706 30,571 30,258 Weighted average outstanding Basic 33,865 33,854 33,801 33,617 32,412 30,917 30,819 30,665 30,367 30,238 Diluted 35,121 34,519 34,195 33,619 32,527 31,175 31,265 31,317 31,186 30,920 Dividends declared and paid 35 8,219 $ 5,518 $ 7,424 $ 14,663 $ 14,355 $ 12,145 $ 11,023 $ 11,285 $ 10,305 $ 6,379 Dividends per common share (CAD) 0.310 0.220 0.295 0.580 0.565 0.520 0.465 0.410 0.350 0.210 In United States dollars, untess otherwise noted (Amounts in 80005) 2021 2020 2019 2018 2012'\" 2016'\" 2015'\" 2014 2013 2012'\" Cash $ 443 8 32,935 5 3,144 $ 9,568 35 4,238 $ 18,252 8 1,043 $ 1,044 $ 1,206 S 65 Accounts receivable 82,122 60,922 85,089 84,823 92,395 25,190 26,335 81,222 90,113 23,942 Income taxes receivable 5,820 2,609 3,494 6,411 13,533 4,809 6,023 2,381 3,509 5,145 Other financial assets 540 211 236 2,504 520 1,205 6,453 4,139 1,524 533 Inventories 308,183 250,861 294,913 301,411 353,433 252,059 263,043 261,982 252,960 222,313 Prepaid expenses 3,419 4,126 4,322 4,333 3,462 3,340 2,051 2,481 2,361 2,991 Total current assets 405,522 351,219 391,198 409,100 468,131 355,355 354,948 358,804 351,623 304,994 Property, plant and equipment 115,852 102,221 108,986 114,321 120,289 109,626 115,829 114,231 101,420 89,268 Right-of-use assets\") 11,041 15,018 11,292 Deferred finance costs 282 Deferred income taxes 24 2,401 2,134 2 2,282 2,290 2,495 3,322 4.656 2,202 Investment in equity accounted investee 96 Other receivables and miscellaneous assets 1,008 42 34 1,013 832 864 1,683 1,628 1,906 1,842 Future employee benefits 7 7 7 7 7 7 7 7 92 Intangible assets 135,195 142,168 148,893 155,594 158,044 98,822 102,315 102,204 105,253 110,631 Goodwill 152,222 152,692 152,452 152,020 152,881 118,101 112,824 119,220 111,999 112,823 Assets classified as held for sale 7 7 7 7 7 7 515 542 4,819 Total assets 8 826,469 8 226,558 8 820,494 8 832,155 8 902,969 8 685,108 8 695,144 8 205,524 8 622,499 8 631,822 Bank loans actual amounts owing $ 4,551 8 8 32,956 8 31,505 .8 53,560 8 959 8 12,628 8 65,851 8 92,899 8 60,530 Bank loans 7 deferred charges (163) 7 (410) (353) (208) [338) (420) (221) {622) (826) Accounts payable and accrued liabilities 164,135 114,326 141,238 152,162 205,820 138,266 124,132 83,595 100,945 91,436 Share-based compensation payable current 5,499 2,231 4,881 245 201 1,028 613 2,259 3,313 10,005 Contract liabllity'\" 1,585 4,351 3,581 4,222 4,055 Provisions 122 3,322 329 1,460 228 386 263 432 240 1,614 Other current financial liabilities 1,269 2,235 861 28 1,965 1,626 812 580 459 550 Income taxes payable 35 41 2,102 585 851 2,242 20 2,543 1,165 Current portion of long7term debt 5.625 20,185 14,511 13,655 7 7 11,816 3,000 7 34,232 Current portion of lease lia bilitiesm 4,322 4,866 4,582 322 214 221 1,015 994 929 1,039 Total current liabilities 182,035 152,562 209,631 209,481 266,385 143,999 158,056 156,015 205,206 199,250 Long7term debt 7 actual amounts owing 250,804 224,022 296,093 324,221 332,926 262,926 282,934 294,250 232,220 213,888 Long-term debt deferred charges and market vatuations (5,810) (5,929) (2,023) (1,592) (2,485) (1,599) (1,912) (2,212) (5,291) (529) Other long7term financial liabilities 23 329 292 5 62 196 89 951 5,592 1,130 Other longterm liabilities 125 2,180 125 Share-based compensation payable long-term 2,824 6,510 3,031 1,493 1,641 888 358 620 869 1,532 Long7term lease liabilities\") 6,851 10,222 2,198 402 402 202 215 1,212 1,642 2,181 Deferred income taxes 34,129 31,021 30,182 28,451 23,943 44,602 46,529 46,222 43,998 45,126 Future employee benefits 12,989 16,314 12,920 10,285 11,223 8,190 9,631 8,862 2,929 13,291 Liabilities classified as held for sale 1,604 Shareholders equity 332,524 291,002 268,120 263,859 268,862 220,204 198,624 196,924 184,649 153,354 Total liabilities and shareholders' equity 8 826,469 8 226,558 8 820,494 8 832,155 8 902,969 8 685,108 8 695,144 8 205,524 8 622,499 8 631,822