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.
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