Investor Presentaiton
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ISI
ICELAND
SEAFOOD
Q3 2020 Results
Presentation to Investors
and Analysts
Results in Q3 impacted by supply
chain disruptions due to Covid19
> VA S-Europe
> VA N-Europe
> Sales & Distribution
Sales growing by 13% Normalised PBT down
from prior year
€0.7m from 9M 2019
€ m's
Q3 20
Q3 19
9M 20
9M 19
Sales
25.0
21.6
79.4
69.8
Net margin
2.3
3.0
8.4
8.4
Normalised EBITDA
0.8
1.5
3.8
3.8
•
Normalised PBT*
0.1
1.0
1.9
2.6
* Normalised PBT represents Profits before tax before allowing for significant items.
SALMON PRICES (€/KG)
2019
2020
•
H&G COD FROZEN PRICES (NOK/KG)
44
42
40
38
36
34
32
30
Jan Feb
March April May June July Agu Sept Okt
Nov
Dec
Jan
Source: SeaData Center
Source: Norges Sjomatrad
2018
2019
2020
Feb March April May June July Agu Sept Okt Nov
Sales growth driven by higher sales
into retail, both in Ireland and UK.
Sales into UK foodservice improved.
in Q3 following easing of Covid19
restrictions in UK, but were still 40%
down on Q3 2019,
Q4 is a key sales period especially in
Ireland where smoked salmon is a
big Christmas item,
Dec
•
•
•
•
.
Supply chain disruptions due to
Covid19 having significant impact on
margins in UK.
Cost related to implementation of
Covid19 contingency plans negatively
impacted margins and operating
costs in the period,
Merging the two UK entities in a
single location to be completed in
Q4. The process has turned out to
be more costly than anticipated,
Good results from the operation in
Ireland, driven by strong sales
growth of Irish retail,
Interest cost €0.4m higher than last
year, driven by sales growth and
investment in UK.
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