Investor Presentaiton
ISI
ICELAND
SEAFOOD
Q3 2020 Results
Presentation to Investors
and Analysts
Increasing production efficiency a key focus
point after having completed the sale of
Ecomsa
Sale of the Malaga
based distribution
company Ecomsa to
Aquamar Gold SL
•
The sale is a direct consequence of
Iceland Seafood moving all its
productions in Spain to its Barcelona
factory
After moving the Malaga production to
Barcelona, Ecomsa became a focused
distribution company selling directly to
hotels and restaurants, which is
outside the core strategy of IS Iberica,
The 100% shareholding in Ecomsa is
sold for €346k, which is in line with
book value of equity in Iceland
Seafood accounts at end of October,
The continuing task of improving
production efficiency in the Barcelona
factory will get even greater focus after
the sale.
The strong position of
IS Iberica evident in
the current situation
•
•
Strong sales recovery during Q3 is a
clear sign of IS Iberica strength in the
S-European market. The core
business in Spain generated profits of
€0.6m in Q3.
Significant synergies have been
created with the merger and
reduction in overhead, although
disruptions due to Covid19, such as
higher stock and lower production,
have had delaying effect,
Stronger focus to leverage the
economies of scale the merged entity
has. Future layout of production in
Barcelona being developed,
maximising efficiency and minimising
production cost.
Good outlook for the
recently started
Rawson season in
Argentina
Coldstore with capacity of
800MT up and running from end
of November. This will increase
flexibility, improve margins and
save costs both for shrimp and
squid,
Investments in production facility
in the last 12 months will both
increase capacity and improve
efficiency,
Raw material prices for shrimp
have come down, at the same
time market prices have
recovered,
Covid19 impact has been.
significant, both in terms of late
delivery of equipment and
delayed construction of the
coldstore. Has also increased
operating and production cost.
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