Q2 2020 Results Presentation
ISI
ICELAND
SEAFOOD
Q2 2020 Results
Presentation to Investors
and Analysts
Strong sales of fresh fish through
the time of pandemic
Around 32% reduction
in sales compared to
1H 2019
€ m's
Q2 20
Q2 19
1H 20
1H 19
Sales
29.0
46.1
69.0
102.2
Net margin
1.3
1.9
3.0
4.2
•
Normalised EBITDA
0.3
0.5
0.7
1.3
Normalised PBT*
0.1
0.4
•
0.5
1.0
* Normalised PBT represents Profits before tax before allowing for significant items.
FRESH FILLETS 2020 (€/KG)
Saithe
Haddock
Cod
FAS FILLETS 2020 (€/KG)
Saithe
Haddock
Cod
8,8
16
13,5
14
9
12,4
12,9
12,9
12
8
11,6
7,1
6,9
12
10,6
10,3
6,7
12,7
7
6,5
6,4
6,2
12,3
12,4
7,1
10
11,2
11,5
9
5,6
6,6
6,6
4,7
9,7
10,4
6,1
8
10,2
6
5
60
9
4,1
4,1
5
6
4,6
4,7
3,5
4,1
4
5,2
3,5
5,3
32
19
4
6,2
6,2
5,7
3
2,7
3,5
3,4
3,3
2
2
Jan
Feb
March April
May
June
July August
Jan
Feb
March
April
May
June
July
August
·
•
Slow sales in Jan-Feb, caused by
bad weather in Iceland,
Reduction in demand due to
Covid19 restrictions significantly
impacted sales from Mid-March to
May,
Sales gradually recovered with
easing of restrictions in June and
July, overall sales in July only 9%
down on last year sales
Relatively strong sales of fresh fish
from Iceland have helped
mitigating the Covid19 impact.
Fresh sales during 1H2020 were
97% of last year sales.
Outlook for 2H 2020 remains
uncertain, with ongoing challenges
in key markets.
> VA S-Europe
> VA N-Europe
> Sales & Distribution
Normalised PBT down
€0.5m from 1H2019
•
Net margin €1.2m below 1H 2019,
due to lower sales,
At the same time overhead cost
reduced by 0.6m. Various actions.
have been taken to reduce costs
in all regions.
Devaluation of ISK has also helped
with regards to costs in Iceland.
Finance cost slightly higher than
last year.
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