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.
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