Main Market Listing and Offering of New Shares
ISI
ICELAND
SEAFOOD
October 2019
Main Market Listing and
Offering of new shares
•
•
Apparent margin increase of
Value Added segment focus
Increased focus on Value Added segments has
tripled net margin of the segments
Following most recent acquisitions about 80% of the company's margin is
generated by Value Added segments
The Value Added segment is strongly supported by the S&D segment and
close connections with the company's largest suppliers and shareholders
securing highest quality raw material to the Value Added segments
•
Value Added segments generating an increased
percentage of Group's profits
In 2018 about 87% of normalized profit before tax (before allocation of
head office costs) came from Value Added segments
• The ratio is expected to increase as the company's PBT growths to EUR
20m in the next 3-5 years as estimated
Net margin (EURM)
PBT* before head office costs
50
40
40
90%
10
100%
90%
87%
82%
82%
80%
8
80%
75%
68%
70%
70%
30
70%
6
60%
35
8.1
50%
34
20
20
62%
62%
60%
4
40%
22
3.3
3.5
30%
12
12
10
50%
2
20%
10%
7.2
7.5
7.3
7.3
8.0
1.5
1.5
1.2
0
40%
0
0%
2016
2017
2018
2018P
2019E
2016
2017
2018P
Net margin S&D
Net margin VA
VA's ratio (right axis)
Sales & Distribution (S&D)
Value Added (VA)
VA's ratio
*Normalized PBT represents profits before tax before allowing for significant items and discontinued operations.
2018P (proforma) based upon 2018 actuals as Oceanpath and Solo Seafood were owned for the full year.View entire presentation