Investor Presentaiton
ICELAND
ISI SEAFOOD
Q3 2021
Presentation to Investors
and Analysts
Excellent results driven by increased > VA S-Europe
demand following easing of Covid19 VA N-Europe
restrictions in S-Europe
€ m's
Q3 21
Q3 20
9M 21
9M 20
Sales
46.3
32.9
124.1
96.0
•
Net margin
6.8
2.8
16.8
9.6
Normalised EBITDA
4.3
0.9
9.0
2.9
Normalised PBT*
4.0
0.1
8.5
1.0
* Normalised PBT represents Profits before tax before allowing for significant items.
** Ecomsa classified as discontinued operation, therefore not included in numbers
Sales picked up in S-Europe from
March, after slow start of the year
due to lockdown restrictions,
>
> Sales & Distribution
Sales in Q3 €13.4m up on Q3 Normalised PBT of €8.5m,
2020
up €7.5m from 9M 2020
€7.2m growth in net margin, continuing
strong margins from Cod products,
Improved efficiency in production of
Arg. Shrimp with increased coldstore
capacity have positively impacted
margins in the period. Good market
conditions and higher volumes have
also helped the results,
•
•
Significant revenue and profit
improvement of Achernar, compared
to same period last year, driven by
both increased production and
improved market conditions,
Focus on sales growth into Spanish
retail, where the acquisition of
Ahumados Dominguez will be of a
further support,
Outlook for Q4 is positive, with
continuing strong sales in October.
Sale of Salmon is expected to
be particularly strong in
November/December.
Overhead cost in line with
expectations, annual cost reduction
after the 2019 merger in excess of
€1.3m,
Vaccination is progressing well in S-
Europe. Spain with 80% of the
population fully vaccinated, Italy 72%
and Portugal 87% on November 9th
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