Investor Presentaiton
ISI
ICELAND
SEAFOOD
Q3 2020 Results
Presentation to Investors
and Analysts
Good results in Q3 driven by cost
reductions
> VA S-Europe
> VA N-Europe
> Sales & Distribution
€ m's
Q3 20
Q3 19
9M20
9M 19
Sales
40.3
44.2
109.3
146.5
Net margin
1.6
1.7
4.6
5.9
Normalised EBITDA
0.5
0.4
1.1
1.6
Normalised PBT*
0.4
0.3
0.9
1.3
* Normalised PBT represents Profits before tax before allowing for significant items.
FRESH FILLETS (€/KG)
Saithe
Haddock
Cod
9
FROZEN AT SEA FILLETS (€/KG)
Saithe
8,8
Haddock
Cod
Around 25% reduction
in sales compared to
9M 2019
After difficult Q2, sales gradually
recovered in Q3 with easing of
restrictions in key markets,
Sales of fresh fish remained
strong in the quarter, and pelagic
sales were 4% up on last year
driven by good mackerel sales,
Outlook for Q4 2020 remains
uncertain, with ongoing challenges
in key markets.
Normalised PBT in Q3
€0.1m up on last year
driven by cost
reductions
Net margin €1.3m below 9M 2019,
due to lower sales. Net margin in
the quarter only €0.1m down on
last year with normalized PBT
higher due to reduced cost.
Various actions were taken to
reduce overhead cost in all
regions. Depreciation of ISK has
supported reduced cost in EUR, as
operating costs in Iceland are in
ISK,
Overall reduction in overhead
costs of €0.8m compared to 9M
2019
16
13,5
12,4
14
12,9 12,9
8
12
11,6
12,4
11
7,1
6,9
12
10,6
10,3
7
12,7
11,7
7,4
6,7
6,5
6,4
6,3
5,5
55
12,3
7,1
10 12,4
10,2
5,6
6
11,2
11,5
6,6
6,6
8
9,7
10,4
- 6
6
10,2
5
5
4,7
6
6,3
5,5
4,1
4,1
5,2
5,3
6
4,6 4,7
4,1
4
3,5
3,5
6,2
6,2
4,7
2,9
2,8
2,8
4
5,7
5,5
3
3,5
3,4
3,3
2
2
Jan
Feb March April May June
July Aug Sept Oct
Jan
Feb March
April
May
June July
Aug Sept Oct
11View entire presentation