Investor Presentaiton
ISI
ICELAND
SEAFOOD
Q4 2020 Results
Presentation to Investors
and Analysts
Good results in Q4 driven by good
results of Achernar in Argentina
€ m's
Q4 20
Q4 19
12M 20
12M 19
Sales
29.8
41.2
125.8
165.4
•
Net margin
3.4
4.8
13.0
18.7
Normalised EBITDA
1.0
2.3
3.9
8.8
Normalised PBT*
2.1
1.8
3.1
6.8
* Normalised PBT represents Profits before tax before allowing for significant items.
** Ecomsa classified as discontinued operation, therefore not included in numbers
•
FY sales down 24% on
prior year
•
Sales in Q4 impacted by negative
development of the Covid19
pandemic and restrictions.
implemented to control the
pandemic in key markets,
Regular sales to customers within
the HORECA sector severely
impacted, good growth to retail
customers in Spain partly offset the
shortfall
Record production of Argentinean
shrimp in Q4 and market situation
good due to limited supply of
seafrosen products,
> VA S-Europe
> VA N-Europe
> Sales & Distribution
FY Normalised PBT of
€3.1m compared to
€6.8m in 2019
Profitability in Q4 helped by a FX gain
related to financing of the investment
in Argentina. This FX impact offsets
negative FX impact in prior months, net
profit from FX during the year for the
division is €0.6m,
High production of Argentinian shrimp
and good market conditions have
positively impacted margins,
Cod products margin percentage have
remained strong, although they have
come down slightly from 2019 levels,
Operating costs within IS Iberica €1.6m
lower than 2019, driven by cost
synergies from merger,
The strong position of the merged
entity in Spain evident in the difficult
situation.
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