Investor Presentaiton
ISI
ICELAND
SEAFOOD
Q3 2020 Results
Presentation to Investors
and Analysts
Increased uncertainty due to negative
Covid19 development in key markets
•
After significant reduction in sales during
Q2, sales recovered strongly during Q3,
The restrictions that have been put in
place in key markets to control current
Covid19 wave are severally impacting
sales, especially in S-Europe,
As the recent restrictions are not as strict
as these implemented in March-May, the
impact on sales is not of the same level,
Increased costs due to higher inventory
levels, disruption in supply chains and
various contingency plans,
Price developments have impact margins
negatively and are expected to continue
to do so in Q4,
Strong retail sales have helped managing
the situation. Improved balance between
retail and foodservice being created
recent investments in VA N-Europe
division,
Previous Outlook range withdrawn due to
ongoing uncertainty. Trading update to be
published in December
The last two months of the year an important
trading period in key businesses
December is a key sales period for smoked salmon
in Ireland. This period becomes even more
important with the acquisition of Carr & Sons,
Outlook for Ireland is good, as retail consumption
has increased considerably due to Covid19
restrictions,
Rawson season in Argentina started in November
this year. Sales of significant part of the planned
production in Q4 has already been contracted with
customers,
Shellfish consumption in UK and saltfish.
consumption in S-Europe also high during
Christmas and should positively impact sales,
50,0
45,0
GROUP MONTHLY SALES 2020 VS. 2019 (€'M)
43,0
39,5
2020
2019
44,3
40,0 38,3
37,2
36,8
32,4
33,8
32,1
30,1
35,6
34,5
32,8
29,2
35,0
36,6
30,0
25,0
20,0
Jan
Feb
Mar
21,1
23,2
Apr
29,8 32,4
28,8
May
Jun
Jul
Aug
35,8
32,5
Sep
Oct
Nov
Dec
* Group sales on a like for like basis, excluding Elba and Ecomsa
Number of factors that will positively drive profits in Q4 (especially Ireland with 100% retail focus and Argentina where shrimps are in
good demand), at the same time as impacts of Covid19 restrictions are evident. Although positive profits are expected in the quarter, the
previously announced profit outlook range for 2020 is withdrawn due to the high uncertainty. A trading update will be published in
December when more clarity is obtained.View entire presentation