Investor Presentaiton
16
14
ICELAND
ISI SEAFOOD
Q3 2021
Presentation to Investors
and Analysts
Excellent sales and improved
profitability on prior year
€ m's
Q3 21
Q3 20
9M 21
9M 20
Sales
39.5
40.3
116.0
109.3
Net margin
1.8
1.6
5.3
4.6
Normalised EBITDA
0.6
0.5
1.9
1.1
Normalised PBT*
0.6
0.4
1.7
0.9
*Normalised PBT represents Profits before tax before allowing for significant items.
FRESH FILLETS (€/KG)
FROZEN AT SEA FILLETS (€/KG)
Saithe
Haddock
Cod
12
12
12,2
11,3
110
10,5
10,1
9,9
9,5
10,5 1,6
9,3
10,3
10
8,9
8
9
12,7
11,4
8
12,8
7,4
7
LO
18:3
12,4
6,5
12,4
6,3
6
5,9
6
5,5
5,1
5,2
5,2
5,5
5,7
4,9 5,3
4
4,7
5
5,9 5,9
4
Saihte
الله
6,5
6,3
5,5
5,3
Haddock
Cod
7,7
7,2 7,3
7,2
7,2
7,2
6,8
6,1
7
6,4
6,3
6,1 6,5
33
5,3
8,9
8,7
Excellent sales in all
product categories out
of Iceland
9
3,8
3,1 3,1
3,7
2,8
3
3
2,8 2,7
2,7
2,7 2,9
2,9
3
2
2
Oct
Nov Dec Jan Feb
March April May June July Aug Sept
Sept Oct
Nov Dec Jan Feb March April May June July
Aug
Sept
Sales in the period 6% higher than
9M 2020. Sales helped by easing of
restrictions in key markets in the
period,
Excellent sales in all product
categories out of Iceland, such as
fresh fish into Continental Europe
and seafrozen products into UK,
Pelagic sales from the 2021 fishing
seasons have also been strong,
Supply chain disruptions, especially
related to transportation to and
from Asia, have positively impacted
demand for Icelandic products in
the period both in Europe and the
US,
Successful cooperation between the
Icelandic entity and Oceanpath,
where fresh fish from Iceland is
becoming more competitive
compared to UK origin post Brexit.
> VA S-Europe
> VA N-Europe
> Sales & Distribution
Improved profitability on
prior year
•
•
•
•
Net margin up €0.7m on last year,
driven by higher sales,
Good results from fresh fish
operation in Germany and France.
Results in France further supported
by good sales of Argentinian shrimp,
Operation in the USA being simplified
and risk reduced, with closing of
sales office and signing of an
agreement with Villa Seafood. Market
served directly from Iceland,
Overall Normalised PBT of €1.7m up
€0.8m.
Source: Navision
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