Investor Presentaiton
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ICELAND
ISI SEAFOOD
Q3 2021
Presentation to Investors
and Analysts
Results impacted by costly integration > VA S-Europe
process in UK, affected by supply chain) Sales & Distribution
disruptions
€ m's
Q3 21
Q3 20
9M 21
9M 20
Sales
29.6
25.0
93.0
79.4
Net margin
1.9
2.3
7.1
8.4
Normalised EBITDA
0.1
0.8
1.7
3.8
Normalised PBT*
(0.9)
0.1
(1.3)
1.9
*Normalised PBT represents Profits before tax before allowing for significant items.
SALMON PRICES (€/KG)
2019
2020
2021
4,60
4,40
4,20
4,00
3,80
H&G COD FROZEN PRICES
(US$/KG)
2019
2020
2021
17% sales growth
compared to 9m 2020
•
•
Strong demand from Irish retail,
sales of Oceanpath grew by 12%
from 9M 2020 on top of €8.0m sales
of Carr&Sons,
The Irish operation was well
prepared for Brexit. Our Irish
companies are in better position to
service local customers than
suppliers in UK,
Launching of new products for UK
retail positively impacted sales, but
supply chain disruptions both in
relation to transport from China and
local distribution in UK have caused
significant challenges and increased
costs,
Foodservice sales in UK have
improved in Q2 and Q3, with easing
of Covid19 restrictions.
> VA N-Europe
Negative PBT of €0.9m
in 9M 2021
•
•
All UK operation moved into a single
location at year end 2020. It has
taken longer time and been more
costly than expected to stabilize
and integrate the operation.
UK operation further impacted by
challenges due to disruption in the
supply chain, both in relation to
transportation from China and local
distribution,
New contracts have been secured
with both existing and new
customers, which will improve sales.
and margins in the coming months,
Profitability in Ireland has improved
compared to same time last year
driven by strong demand and
relatively stable salmon price,
3,60
3,40
Jan
Feb March April
May
June July Agu Sept Okt
Nov
Dec
Jan
Source: SeaData Center
Feb March April May June July Agu Sept Okt Nov Dec
Source: Norges Sjomatrad
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