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Investor Presentaiton

ICELAND ISI SEAFOOD Q3 2021 Presentation to Investors and Analysts € m's Strong sales and margins in S-Europe key driver for growth in profits Q3 21 Q3 20 9M 21 9M 20 Sales 111.3 95.7 319.6 276.2 Net margin 10.5 6.6 29.2 22.6 Normalised EBITDA 5.0 2.0 12.3 7.7 Normalised PBT* 3.4 0.4 8.2 3.0 Net Profit 2.1 (0.4) 5.6 1.0 * Normalised PBT represents Profits before tax before allowing for significant items and discontinued operations. Group sales 16% up on 9M 2020 • Excellent sales growth from March onwards, after slow start of the year, Sales in VA S-Europe 29% up on 9M 2020. Strong sales and margins from both Icelandic Cod products and Argentinian shrimp, Significant Sales growth in Ireland. The Irish operation well prepared for Brexit in the beginning of the year, In the UK complex and costly integration affected by supply chain disruption, continue to cause challenges for UK operations, leading to negative results in the period, • Good sales of all product • categories out of Iceland, Continuing focus on balance between retail and foodservice sales. Iceland Seafood Int'l Normalised PBT up €5.2m on 9M 2020 Net margin €6.6m up on 9M 2020, driven by strong margins in S-Europe division, Overhead costs €2.0m higher than 9M 2020, mainly due to costs associated with the UK merger and the addition of Carr&Sons, Total FX benefit of €0.4m in the 9M 2021, including €0.4m benefit from capital injection to Achernar, to finance recent investments, Normalised PBT in 9M 2021 of €8.2m is up €5.2m on last year. Q3 2021 results of €3.4m up €3.0m on last year, After considering cost of significant items (€0.5) and income tax (€2.1m), net profit in 9M 2021 of €5.6m was up €4.6m on same period last year, Good outlook for the important Christmas season. Rawson season in Argentina just starting. 13
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