Investor Presentaiton
ISI
ICELAND
SEAFOOD
Q4 2020 Results
Presentation to Investors
and Analysts
Important milestones reached in Q4 on the way to
improve focus and strengthening retail position
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Value Added S-Europe
Sale of the Malaga based
distribution company Ecomsa
The 100% shareholding in Ecomsa sold at a price in line with
book value of equity in Iceland Seafood accounts at end of
October,
The sale is a direct consequence of Iceland Seafood moving
all its productions in Spain to its Barcelona factory. Ecomsa
distribution operation outside the core strategy of IS Iberica,
The continuing task of improving production efficiency in the
Barcelona factory will get even greater focus after the sale.
Future layout of production in Barcelona being developed,
The right to use the ICELANDIC SEAFOOD brand secured.
Important for the future brand strategy in S-Europe.
The benefits of investment in
Argentina evident during the Rawson
.
season
Record production of 925MT in December. Recent
investment has both increased capacity and improved
efficiency,
Margins and profit levels improved from last year, with
recovering market prices and improved flexibility,
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Value Added N-Europe
Footprint in Irish retail increased
with the acquisition of Carr&Sons
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A company producing from 1000MT of raw material
predominantly salmon for Irish retail. Generated PBT
of €0.7m in 2020,
The Group is a market leader in smoked and fresh
seafood production for the retail market in Ireland
post acquisition,
Strong sales of both Oceanpath and Carr&Sons during
the important Christmas season. Overall retail
demand higher than in a normal year due to impact
of lockdown restrictions on restaurants activity.
UK merger completed in December
All UK operation moved into a single location at year
end 2020,
Launching of breaded product into retail took place in
December, new listings with retail customers in
excess of £18m secured for 2021,
The process of merging the two businesses and
scaling up production in one location has become
more complex and costly than anticipated, negatively
impacted by both Covid19 and Brexit uncertainty.
Strong start of the year 2021, both with regards to shrimp
production and squid fishing.
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