Investor Presentaiton
ICELAND
ISI SEAFOOD
Q2 2021
Presentation to Investors
and Analysts
VA N-Europe
Excellent results driven by increased > VA S-Europe
demand following easing of Covid 19
restrictions in S-Europe
€ m's
Q2 21
Q2 20
1H 21
1H 20
Sales
40.7
21.5
77.8
62.7
•
Net margin
4.0
1.8
9.9
6.8
Normalised EBITDA
1.3
(0.4)
4.7
2.0
Normalised PBT*
1.4
(1.1)
4.5
0.9
* Normalised PBT represents Profits before tax before allowing for significant items.
** Ecomsa classified as discontinued operation, therefore not included in numbers
Sales picked up in S-Europe from
March, after slow start of the year
due to negative impact of lockdown.
restrictions,
) Sales & Distribution
Sales in Q2 €19.2m up on Q2 Normalised PBT of €4.5m,
2020
up €3.6m from 1H 2020
€3.1m growth in net margin, continuing
strong margins from Cod products,
Improved efficiency in production of
Arg. Shrimp with increased coldstore
capacity have positively impacted
margins in the period. Good market
conditions and higher volumes have
also helped the results,
•
Significant revenue and profit
improvement of Achernar, compared
to same period last year, driven by
both increased production and
improved market conditions,
Focus on sales growth into Spanish
retail, where the proposed
acquisition of Ahumados Dominguez
will be of a further support,
Outlook for 2H of the year is
positive, continuing strong sales in
July and August.
Overhead cost in line with
expectations, annual cost reduction
after the 2019 merger in excess of
€1.0m,
Vaccination is progressing well in S-
Europe. Spain with c.a. 71,1% of the
population fully vaccinated, Italy 66,7%
and Portugal 74,6% on August 16th.
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