Investor Presentaiton
8,0
7,5
7,0
6,5
6,0
60
5,5
5,0
4,5
4,0
40
ISI
ICELAND
SEAFOOD
Q4 2020 Results
Presentation to Investors
and Analysts
Results impacted by disruptive
supply chain and cost of merging
operations in UK
€ m's
Q4 20
Q4 19
12M 20
12M 19
Sales
31.7
26.8
111.0
96.6
Net margin
2.5
3.9
10.9
12.3
Normalised EBITDA
0.6
2.3
4.5
6.2
Normalised PBT*
(0.3)
1.5
1.7
4.1
* Normalised PBT represents Profits before tax before allowing for significant items.
SALMON PRICES (€/KG)
2019
2020
> VA S-Europe
> VA N-Europe
> Sales & Distribution
Sales growing by 15% Normalised PBT down
from prior year
€2.4m on 2019
Sales growth driven by higher sales
into retail and the acquisition of Carr
& Sons in Q4,
Strong retail demand in Ireland
during the important Christmas
season. Overall shift in consumption
from foodservice to retail due to
Covid19 restrictions,
Launching of new products for UK
retail in December, slightly later than
expected,
H&G COD FROZEN PRICES (NOK/KG)
2018
2019
2020
•
•
Good results from the operation in
Ireland, driven by strong Christmas
sales and stable raw material
prices,
Cost related to implementation of
Covid19 contingency plans negatively
impacted margins and operating
costs in the period,
Merging the two UK entities in a
single location completed in Q4. The
process has turned out to be more
complex and costly than anticipated,
which severely impacted profit
numbers in Q4 2020,
Profitability is further impacted by
44
42
40
38
36
34
32
30
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
Source: Norges Sjomatrad
11
disruptions in the UK supply chain,
•
affected by Covid19 and Brexit
uncertainties,
Interest cost €0.5m higher than last
year, driven by sales growth and
investment in UK.View entire presentation