Investor Presentaiton
ISI
ICELAND
SEAFOOD
Q1 2020 Results
Presentation to Investors
and Analysts
€ m's
Sales
Net margin
Normalised EBITDA
Normalised PBT*
Strong squid season in Argentina
helps mitigating Covid19 impacts
Q1 2019
Q1 2020
43.0
50.1
5.2
5.8
2.2
2.7
1.7
2.3
* Normalised PBT represents Profits before tax before allowing for significant items
and discontinued operations.
Sales down 14%,
impacted by Covid19
•
.
.
Good demand in the first two
months of the year, was not fully
leveraged due to lack of supply,
Significant reduction in sales from
Mid March due to Covid19 impacts,
Vast majority of sales are to the
HORECA sector, which is heavily
impacted by the situation.
Lent season normally an important
sales period, driven by high fish
consumption in catholic regions,
Good sales to customers within
retail have helped mitigating the
impact,
Strong fishing of squid in Argentina,
also helped in the situation and will
also have a positive impact on Q2,
> VA S-Europe
> VA N-Europe
> Sales & Distribution
Normalised PBT down
€0.6m on Q1 2019
Weaker sales a key explanation for
reduction in profits,
Margins from Cod products strong in
the first two months of the year, driven
by good demand and limited supply,
Production of Argentinian shrimp
increased by 60% from prior year, but
margin negatively impacted by c.a. 20%
price reduction,
Operating cost of IS Iberica €0.3m
lower than Q1 2019, driven by cost
synergies from the merger,
Operation of Ecomsa and Elba
reduced to minimal level from mid
March as a response to Covid19 impact
on demand.
10
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Sales of Elba were €2.6m in Q1.View entire presentation