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Investor Presentaiton

ISI ICELAND SEAFOOD Q4 2020 Results Presentation to Investors and Analysts € m's Group Normalised PBT of €2.1m in Q4, 41% of the total profit generated in the year Q4 20 Q4 19 12M 20 12M 19 Sales 93.6 112.6 369.8 434.2 Net margin 7.7 10.8 30.3 39.1 Normalised EBITDA 2.1 5.2 9.9 17.4 Normalised PBT* 2.1 3.7 5.1 11.4 Net Profit (0.2) 1.8 0.8 6.1 *Normalised PBT represents Profits before tax before allowing for significant items and discontinued operations. Positive results in Q4 driven by Ireland and Argentina • Adverse development of Covid19 and more strict lockdown measures in key markets impacted sales in Q4, although not to the same level as in beginning of the pandemic, Strong Christmas sales in Ireland, significant shift in consumption from foodservice to retail due to Covid19 restrictions, Good performance of Achernar in Argentina, record production of 925MT in December, Overall better balance between retail and foodservice sales, with the growth in UK, acquisition of Carr&Sons in Ireland and increased focus on retail sales in S-Europe. Iceland Seafood Group €6.3m reduction in Normalised PBT from prior year Margins affected by significant disruptions in supply chains due to Covid19. Implementation of necessary contingency plans in production units further impacting margins and profits, Overhead costs for the year are €1.5m lower than last year, driven. by cost synergies in Spain, depreciation of ISK and various actions taken to reduce costs in all regions, Overall financial items €1.1m lower than last year, helped by FX gain related to financing of investment in Argentina. Total FY FX gain of €0.7m compared to FX loss of €0.8m in 2019. 13
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