Investor Presentaiton
ISI
ICELAND
SEAFOOD
Q2 2021
Presentation to Investors
and Analysts
Good sales of all product
categories out of Iceland
€ m's
Q2 21
Q2 20
1H 21
1H 20
Sales
37.4
29.0
76.8
69.0
Net margin
1.7
1.3
3.5
3.0
Normalised EBITDA
0.6
0.3
1.2
0.6
Normalised PBT*
0.5
0.1
1.1
0.5
*Normalised PBT represents Profits before tax before allowing for significant items.
FRESH FILLETS (€/KG)
Saithe
Haddock
Cod
FROZEN AT SEA FILLETS (€/KG)
Saithe
Haddock
Cod
7,2
16
14
12,5
9
12,4
12
8
7,4
6,5
10,2
12,2
11,3
7,7
11,1
11,3
12,8
6,5
12
7
6,3
6,1
9,9
10,5 10,6
6,2
7,2
5,5
10 12,1
6
11,7
10,9
10,5
10
10,3
11
6
6,3
8
25
10,1
8,9
5
9,3
5,5
6
47
5,2
4,7
5,3
5,1
4,2
4
5,9
5,5
4,9
2
2
Aug
Sept
Oct
Nov
Dec
Jan
Feb March
April
June
May
July
Aug
Sept
Oct
Nov
Dec
Jan
Feb
March
55
5,5
7,3
55
7,2
6,4
6,3
6,8
6,5
6,1
5,3
5,3
4
5,7
2,9
2,8
2,8
2,7
2,9
3
3,1
2,9
3,1
2,7
3
2,7
3,0
5,2
April May June July
32
Strong sales growth in
Q2 compared to 2020
.
Sales in Q2 up 29% on last year and
1H sales 11% higher than 1H 2020.
Sales helped by easing of
restrictions in key markets in the
period,
Good sales in all product categories
out of Iceland, such as fresh fish
markets in Continental Europe and
the UK seafrozen market have
remained strong,
Supply chain disruptions, especially
related to transportation to and
from Asia, has positively impacted
sales of Icelandic products in the
period to Europe and the US,
Successful cooperation between the
Icelandic entity and Oceanpath,
where fresh fish from Iceland is
becoming more competitive
compared to UK origin post Brexit,
>VA S-Europe
> VA N-Europe
> Sales & Distribution
Improved profitability on
prior year
•
•
•
•
Net margin up €0.5m on last year,
driven by higher sales,
Continuing actions to reduce costs,
divisional overhead costs €0.1m.
down on 1H 2020,
Good results from fresh fish
operation in Germany and France.
Results in France further supported
by good sales of Argentinean shrimp
in Q2,
Results in USA impacted by sales of
redundant inventories. Operation in
the USA being simplified and risk
reduced, with signing of an
agreement with Villa Seafood,
Vaccination is progressing well in the
market area France, with c.a. 65,8%
of the population fully vaccinated,
Germany 65,6,% and the USA lacking
behind with 51,5% on August 16th.
Source: SeaData Center
Source: Norges Sjomatrad
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