Value creation from the operation of HB Grandi in 2017 amounted to ISK 25,147m and was spent on the community in various ways, such as through salary payments to employees, purchases of supplies from suppliers, dividend payments to shareholders, payment of public levies, etc.

The company’s tax burden in 2017 amounted to ISK 2,625m, whereof the fishing quota fee amounted to ISK 756m.

In addition to the taxes, recognised by the company as an expense, the company collected and paid taxes and dues amounting to ISK 2,870m. These were in connection with the operation and the value it creates directly.

The tax footprint of the company, therefore, was a total of ISK 5,495m in 2017.

The company is proud of its contribution to the community and the social development that takes place therein.


Tax footprint of HB Grandi Unit 2017 2016
Company fees m.ISK 2.625 3.271
Fishing quota fee 756 809
Tax burden regarding employees 1.291 1.349
Catch dues and port fees 184 201
Taxes on assets 136 106
Income tax 129 668
Carbon tax 128 138
Other taxes 1 -
Collected taxes m.ISK 2.870 3.231
Employee tax burden 2.686 2.884
Withholding taxes 184 347
Tax footprint of HB Grandi m.ISK 5.495 6.502


HB Grandi is very aware of its role when it comes to investing in infrastructure and services in the communities in which it operates. The company's investments, e.g. in Vopnafjörður, where the development of pelagic fish processing is taking place with increased fishing quotas together with the purchase of groundfish quotas to begin groundfish processing, show that the company believes that such investments are an important basis for ensuring favourable living conditions in Vopnafjörður in the long term. A large proportion of direct and indirect jobs are created in the town due to the operations of HB Grandi. As a result, the municipality has had support from HB Grandi to nurture and strengthen infrastructure development and services in the community, such as in educational and cultural issues, sports, services and transportation, to mention a few.


HB Grandi has three defined operating units. They are in Reykjavík, in Akranes and in Vopnafjörður. The operation of the company outside the Reykjavík area is largely based on recruiting management personnel from the local community.


It is HB Grandi’s policy to support activities in Vopnafjörður, Akranes and Reykjavík that in some manner relate to the company or are important to the communities in the area in question. However, HB Grandi makes the demand that the key issues in the company’s selection of suppliers and service providers are quality, service and competitive prices. When these three aspects are taken together, they lead the company to the most favorable price each time, maximum quality and improved services.


HB Grandi defines Iceland as its local community. The proportion of Icelandic suppliers for purchased operating costs, goods and services is 96% of the total purchases of the company in 2017, excluding the renewal of the vessel fleet. There are many reasons for this. HB Grandi, however, has in most cases made the requirement that suppliers maintain a warehouse for the operation of the company and that the delivery is in accordance with use each time. All costs and wastage as regards supplies, therefore, are kept to a minimum. In addition, the locations of the company outside Reykjavík, in Akranes and Vopnafjörður, mean that HB Grandi strives to seek out and use local services. The company is aware that its support of the local community is of great importance for the company and its employees.

HB Grandi is in an adoption phase with purchases over the Internet through a system named Timian. This ensures that suppliers are selected based on the quality of the goods that they offer and the services that HB Grandi requires. Thereafter, the competitiveness of the price decides whether the company buys from one supplier rather than another.


A part of the project “The cleaner value chain in fisheries” is the collection of information on the environmental impact of the services and goods that HB Grandi purchases from its suppliers. Such information collection allows HB Grandi to build up knowledge of the emissions of all the company’s operating units and all its value chain. Thus, the company can make an informed decision on doing business with the suppliers who cause the least environmental impact and thereby effectively reduce the negative environmental effects from the operation of the company.

In 2016, HB Grandi began to include a provision on environmental issues in its largest procurement agreements. The provision is as follows:

“HB Grandi is a party to the climate declaration of Festa, the Centre for Corporate Social Responsibility, and the City of Reykjavík that was signed by 104 companies in Höfði in 2015. By signing the declaration, the company has undertaken to reduce the release of greenhouse gases in coming years. A part of this includes mapping the effects of service providers and their operation on the operation of HB Grandi, which will be reflected in the environmental results that the company publishes each year. To support these goals, the service providers will undertake, at the beginning of each year or on a regular basis, to provide information on their environmental impact on the operation of HB Grandi during the preceding year.”

At present, there are eleven agreements with the largest suppliers that contain this provision. In proportion to the annual operating expenses of the company, this represents approximately 21% of all purchases.



Digital solutions and the fourth industrial revolution will totally transform the fisheries industry as well as other sectors. We at HB Grandi are well aware of this technological development and work together with a number of companies on innovation and interesting solutions in the field of digital technology.Snjöll


HB Grandi has been a pioneer in the adoption of automatic, smart environmental management which involves, among other things, automatically collecting data on the environmental aspects of the company and distributing information to stakeholders. A part of the smart environmental management has been making information processes that are mandatory for vessels according to environmental legislation, including MARPOL legislation. . In addition, electronic monitoring equipment for supervisory bodies has been installed where supervisory authorities can carry out their monitoring duties electronically through a web interface instead of having to be physically present. HB Grandi, moreover, has setup Smart Containers and Smart Scales in the waste sorting stations of the company. This equipment records, in real time, the recycling of raw materials and waste and transmits the information electronically to the environmental database of the company.


Over the past few years, HB Grandi has been engaged, in collaboration with Radíómiðun, Síminn and Akureyri Hospital, in installing telemedicine equipment in the company’s vessels. Such a system has now been installed on board Víking AK and will soon be installed in other vessels operated by the company. When accidents or illness occur on board and the equipment in the on board hospital room has been turned on, all accessible network connections in the area will be directed toward the hospital room. From the hospital room, it will then be possible to send live images of the patient together with all the main vital signs the doctor needs to assess the condition of the patient. This equipment can make all the difference when assessing whether a helicopter needs to be sent or not. In addition, it supports ships’ officers in the care of the patient.

HB Grandi has also taken up a digital registration system which is accessible through the company’s intraweb. The object of the system is to make it easier for employees to register accidents and to ensure that the safety management of the company has an overview of what accidents occur, that they are examined and that the appropriate measures taken to prevent further accidents.


HB Grandi and Valka began working together in 2009 to develop an x-ray–controlled water-jet trimming machine which removes the pin bones automatically from redfish fillets. In 2017, Valka delivered a new water-jet trimming machine together with a filleting machine. It is more than twice as fast as the older machine and is, moreover, much more automated. In the meantime, HB Grandi purchased the water-jet trimmer that was used to cut cod, a move that also proved successful. This new technology has revolutionised the processing of groundfish and created new opportunities for processing plants to maximise the value of their catches.

HB Grandi uses the Innova production system in its production management of groundfish processing in the plant in Reykjavík. When the fish is delivered into the plant, it is recorded for processing in the system, which then manages the production digitally and maintains traceability back to the vessel.

The RapidFish quality inspection is a dynamic system for recording the quality of the catch and helps HB Grandi to ensure that all quality standards are complied with.

In 2017, the fish meal plant in Vopnafjörður started using a new NIR (Near Infrared Analysis) device. NIR measuring devices use infrared beams to measure the chemical composition of the fish meal, such as protein, fat, salt, TVN and more. Such a device has been in use in the laboratories of the company for several years. The new device is different in that it is located on the production line and is network based.


In 2013, HB Grandi decided to renew its fleet of vessels. Three new wetfish trawlers were delivered to the company in 2017. A new freezer trawler will be delivered at the end of 2019. The pelagic fleet was fully renewed in 2015. At present, HB Grandi operates two new pelagic vessels instead of four. Investments in the fleet of vessels as of 2013 have amounted to EUR 123m. Approximately EUR 40m was paid in 2017.

Significant technological advances have taken place with the new high-tech vessels owned by the company, given that it is the largest development project in the Icelandic fisheries industry to date. The results are internationally revolutionary solutions where it has been made possible to maintain the quality of the product better than before and at the same time, to eliminate the most dangerous and tiresome jobs on board.

Each fish is photographed after gutting, where its species is analysed and measurements taken of its volume and length. The fish is then cooled using a SUB Chilling cooling process without ice, which maintains better quality and lengthens shelf-life. After the ice-free chilling, the fish is transferred automatically into numbered storage tubs on the processing deck of the vessel. The storage tub is then automatically transferred into the hold of the vessel – no human hands are involved. When arriving back at port, the vessel itself sees to the unloading.

By using the Trackwell software, captains record the catch and species in each individual haul. These records replaced the old method of keeping a catch log manually. It has the option of listing how the catch is divided in size, as well as various other information that can prove valuable at a later date.


The Board of Directors and Directors of HB Grandi place great importance on maintaining good management practices so as to ensure that the work of the Board, as well as the operation of the company as whole, meets the criteria that apply to good governance. The company is listed in the main market of the NASDAQ exchange in the Nordic countries and follows the communication rules that apply there. An Annual General Meeting is held every year, and investor meetings are held four times a year.

Below you can access the governance statement (only in Icelandic) and the rules of procedure of the Board. These contain information on the composition of the Board, division of power and decision making.

The principal decisions made by the Board of Directors in 2017 were:

  • The transfer of the groundfish operation in Akranes to Norðurgarður and thereby its discontinuation in Akranes
  • Investment in a new wetfish trawler
  • The sale of Þerney
  • The sale of Bárugata 8-10 in Akranes (groundfish plant)
  • Kollagen – purchased a 22.3% shareholding by using new capital
  • Háteigur – acquired one-third of the shares using new capital
  • Sale of Ottó N. Þorláksson

Board was appointed during an annual general meeting on the 5th of May 2017, sub-committees were appointed by the Board during a Board meeting the same day.

Board of Directors
Kristján Loftsson Chairman of the board
Anna G. Sverrisdóttir Board member
Halldór Teitsson Board member
Hanna Ásgeirsdóttir Board member
Rannveig Rist Board member
Audit Committee
Guðmundur Frímannsson Chair – independent
Halldór Teitsson Member of the Board of Directors
Þórður Sverrisson Independent
Remuneration Committee
Guðmundur Frímannsson Chair – independent
Halldór Teitsson Member of the Board of Directors
Þórður Sverrisson Independent


Balance sheet Unit 2017
Revenue EUR(000) 193.198
Operating expenses EUR(000) 175.792
Other operating income EUR(000) 10.592
Operating profits 379.582
Wages and benefits paid in Iceland EUR(000) 71.125
Payment to owners EUR(000) 16.338
Interest payments to creditors EUR(000) 3.959
Significant financial support from public entities EUR(000) -
Tax benefit due to innovation and development projects EUR(000) 349
Proportion of managers from the local community % 100
Proportion of suppliers in the local community % 96