Investor Presentaiton
8,0
7,5
7,0
6,5
ISI
ICELAND
SEAFOOD
Q2 2021
Presentation to Investors
and Analysts
Results impacted by more costly
> VA S-Europe
> VA N-Europe
integration process in UK, affected by ) Sales & Distribution
supply chain disruptions
€ m's
Q2 21
Q2 20
1H 21
1H 20
Sales
31.6
26.7
63.4
54.4
Net margin
2.1
3.1
5.2
6.1
Normalised EBITDA
0.3
1.6
1.5
3.1
Normalised PBT*
(0.6)
1.0
(0.4)
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
6,0
5,5
5,0
4,5
3,40
4,0
Jan
Feb March
April
May June July
Agu Sept Okt
Nov
Dec
Jan
Feb March April
May
June
July
Agu
Sept Okt
Nov
Dec
Source: SeaData Center
3,60
Source: Norges Sjomatrad
17% sales growth
compared to 1H 2020
.
•
Strong demand from Irish retail,
sales of Oceanpath grew by 13%
from 1H 2020 on top of €5.4m sales
of Carr&Sons. Restrictions on
restaurant activity positively
impacted sales in the period,
The Irish operation was well
prepared for Brexit. The 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 sale in UK improved in
Q2, with easing of Covid19
restrictions but have still not fully
recovered.
Negative PBT of €0.4m
in 1H 2021
•
•
•
Improved profitability in Ireland,
driven by strong demand and
relatively stable raw material price,
especially during Q1,
Costs related to the UK merger and
lower sales than expected
negatively impacting results,
UK operation further impacted by
ongoing challenges due to Covid19
and disruption in the supply chain,
both in relation to transportation
from China and local distribution,
Actions taken to reduce overhead
costs and improve factory
efficiency. At the same time new
sales agreements have been closed.
with both new and existing
customers.
Vaccination is progressing well in
the market area with c.a. 76,7% of
the population in UK and 80,7% in
Ireland fully vaccinated on August
16th
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