Investor Presentaiton
ISI
ICELAND
SEAFOOD
Q1 2020 Results
Presentation to Investors
and Analysts
€ m's
Sales
Net margin
Normalised EBITDA
Normalised PBT*
Net Profit
Results impacted by Covid19,
shortfall in sales to foodservice
partly ofset by strong retail sales
Q1 2020
Q1 2019
107.3
120.9
9.9
11.2
4.0
5.0
2.6
3.5
1.9
1.9
•
* Normalised PBT represents Profits before tax before allowing for significant items
and discontinued operations.
11% reduction in
Group sales from
2019
•
Sales in the first two months of
the year in line with plan, but
significant reduction in March
due to Covid19,
Large shortfall in both S-Europe
and S&D divisions, as these are
heavily dependent on
foodservice and HORECA
sectors,
Sales in N-Europe in line with
expectations. Strong sales to
retail in both UK and Ireland
offsetting shortfall in
foodservice sales in UK.
Iceland Seafood
Group
Normalised PBT down
€0.9m on prior year
11% reduction in sales resulting in
€1.3m shortfall in Net margin,
Reduction in operating cost of
€0.2m, driven by synergies in
Spain, and slightly lower
financing cost partly offset the
net margin drop,
Actions taken in the second half
of March to reduce costs and
scale down operations in UK
foodservice and Spain,
Net results are in line with prior
year, with 2019 Q1 results
impacted by €0.8m one off cost,
compared to €0.2m this year.
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