Investor Presentaiton
ISI
ICELAND
SEAFOOD
Q2 2021
Presentation to Investors
and Analysts
Results driven by continuing strong
performance of Ireland, recovery of S-
Europe division and negative results of UK
€ m's
Q2 21
Q2 20
1H 21
1H 20
Sales
103.9
75.0
208.3
180.5
Net margin
7.8
6.2
18.7
15.9
Normalised EBITDA
2.2
1.5
7.3
5.7
Normalised PBT*
1.0
(0.3)
4.8
2.6
Net Profit
0.7
(0.5)
3.4
1.3
*Normalised PBT represents Profits before tax before allowing for significant items and
discontinued operations.
Group sales 15% up on 1H
2020
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Strong sales recovery in S-Europe
from March onwards, after slow
start of the year. Improved sales
into HORECA from March and
focus on retail sales starting to
bear fruits,
Significant growth in profitability of
Argentina, helped by increased
production capabilities and cold
store investment,
Strong demand from Irish retail,
partly driven by local restrictions
on restaurant activities,
Complex and costly integration
affected by supply chain
disruption, continue to cause
challenges for UK operations,
leading to negative results in the
period,
Increased demand for products
out of Iceland, positively impacted
by easing of lockdown restrictions
in key markets and difficult access
to products out of Asia,
Continuing focus on balance
between retail and foodservice
sales.
Iceland Seafood
Group
Significant improvement
in profitability, Normalised
PBT up €2.2m on 1H 2020
Net margin €2.8m up on 1H 2020,
driven by strong margins in S-
Europe division,
Overhead costs €1.2m higher than
1H 2020, mainly due to costs.
associated with the UK merger and
the addition of Carr&Sons,
Total FX benefit of €0.6m in the 1H
2021, including €0.4m benefit from
capital injection to Achernar, to
finance recent investments,
Normalised PBT in 1H 2021 of
€4.8m is up €2.2m on last year. Q2
2021 results of €1.0m up €1.3m on
last year. Q1 and Q4 are seasonally
the strongest quarters for the
group, with demand for certain
products picking up pre easter and
Christmas,
After considering cost of significant
items and income tax, net profit in
1H 2021 of €3.4m was up €2.1m on
same period last year.
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