Investor Presentaiton
ICELAND
ISI SEAFOOD
Q2 2021
Presentation to Investors
and Analysts
1H results in line with plan
.
•
•
Higher end of the outlook range reduced by €1m
due to adverse impact of Covid19 and longer, more
costly integration process in UK
Strong performance of VA S-Europe, with easing of Covid19
restrictions and positive market conditions for Argentinian
Shrimp,
Good results from operation in Ireland, supported by the
acquisition of Carr&Sons late 2020,
Costs of merging and stabilizing operations in UK still
impacting results in Q1. Actions have been taken to reduce
costs, at the same time new agreements have been secured
with both current and new customers, which will positively
impact results in 2H 2021,
Covid19 restrictions have been eased in key markets which
has helped sales to foodservice and HORECA customers.
The sector has however not fully recovered, activity is well
below pre covid levels,
Based on the assumption that Covid19 restrictions will not
be tightened again in key markets, the Outlook range for
2021 Normalised PBT is narrowed to €12.0 - 16.0m, i.e. higher
end of the range is reduced by €1m,
The level of uncertainty remains high, both in relation to
Covid19 development and other key external factors.
Disruptions on supply chains will continue to impact
transportation and logistic costs,
Based on Outlook, the Group will reach a run rate of annual
Normalised PBT in excess of €20m post the pandemic.
In addition to the Covid19 uncertainty, Group
results are influenced by various other
external factors such as:
•
Fishing and quota changes as well as price
development and ability to pass on price changes
in key markets,
Changes in underlying global economic conditions,
currency rates, import duty rates, competition and
consumer behaviours,
Political uncertainty, for example in Argentina, USA
and UK related tariffs,
2,9
1,7
1,3
1,0
Full year
16,0
Normalised PBT* (m's)
3,5
3,3
7,4
11,3
12,0
5,1
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
With recent investments and projects that will increase efficiency and drive profit growth, the Group is in strong position to reach it's
target of Normalised PBT in excess of €20m post the pandemic.
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