Investor Presentaiton
ISI
ICELAND
SEAFOOD
Q2 2020 Results
Presentation to Investors
and Analysts
Q2 results marked by Covid19
impacts. Sales started to recover
from June
€ m's
Q2 20
Q2 19
1H 20
1H 19
Sales
22.4
47.0
65.4
97.0
Net margin
1.8
4.9
7.0
10.8
Normalised EBITDA
(0.6)
2.0
1.8
4.9
Normalised PBT*
(1.4)
1.6
0.3
3.8
* Normalised PBT represents Profits before tax before allowing for significant items.
7
SALES PRICE ARGENTINIAN SHRIMP (€/KG)
2019
2020
6,4
6,4
6,4
6,3
6,3
6,5
6,8
6
5,5
5
4,5
5,92
5,28
5,13
5,14
5,02
5,56
=2
6,2
6
5,43
5,67
4
Jan
Feb
March
April
May
June
July
August
1H 2020 sales down
33% on prior year
•
•
.
Significant reduction in sales from
Mid March due to lockdown
restrictions, which heavily impacted
the HORECA sector,
Lent season and Easters normally
an important sales period,
Good sales growth to customers
within retail and strong fishing of
squid in Argentina helped in the
difficult situation,
Sales started to recover with easing
of restrictions in June. IS Iberica
sales in July only 15% down on sales
same time last year and sales in
August are recovering as well,
Although Outlook for the 2H of the
year remains uncertain, current
sales trend is a positive sign.
> VA S-Europe
> VA N-Europe
> Sales & Distribution
1H Normalised PBT of
€0.3m
Weaker sales a key explanation for
reduction in profits during 1H 2020 and
loss in Q2,
Production of Argentinian shrimp
during 1H 2020 increased by over 40%
from prior year. Margin were negatively
impacted by price reduction,
In addition to weaker sales, Covid19
has negatively impacted margins in the
period with declining seafood prices
and increased complexity of supply
chains,
Cost synergies from the merger
delivering a €0.9m reduction in
operating cost on a like for like basis
(excluding Elba),
Operation of Ecomsa and Elba
reduced to minimal level from mid
March to end of May as a response to
Covid19 impact on demand.
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