2019 Results Presentation to Investors and Analysts
Forward Looking 2019 Results Statements Presentation to Investors and Analysts Disclaimer This presentation is furnished and intended for European market participants and should be viewed in that manner. Any potential forward looking statements contained in this presentation are reflective of managements current views on future events and performance, whilst the views are based on positions that management believes are reasonable there is no assurances that these events and views will be achieved. Forward looking views naturally involve uncertainties and risk and consequently actual results may differ to the statements or views expressed. 2
2019 Results Presentation to Investors and Analysts We are Iceland Seafood
Building an industry leader 2019 Results from Iceland with a strong heritage Presentation to Investors and Analysts
Global value added seafood producer and 2019 Results global sales and marketing company Presentation to Investors and Analysts 12 660 +1.1m Businesses inesses in 8 Employ loyees ees Me Meals ls sold ld every ry day co countries ries Market and client Global Sourcing with core expertise Global distribution from Iceland 7 +€450m Serving over 3,000 customers Valu lue e added ed factor orie ies Annual ual revenues enues across Listed on Nasdaq Innovation 45 countries Main Market. Mcap €187m and client focus
Main market listing and capital 2019 Results raising Presentation to Investors and Analysts Public offering of new shares Successful main market listing completed in October • In total 225million new shares sold at a price of • Good liquidity in the share since listing in October, 9,5 per share. Total increase in equity of €15.2m average trade of ISK 42m per day, market Cap ISK 25.4 bn at end of December • 90% of the issued shares were sold to investors in orderbook B, majority of that going to Icelandic • Focus on transparancy and quality reporting institutional investors, thereof 9 pension funds following the main market listing • 112 new shareholders joined through the share • Two market making contracts, both providers offering, increasing the total number of committed to make bid and ask for a minimum of shareholders to 444 at end of October. The ISK 5m at market value, with maximum spread of number of shareholders has increased further, to 1.5%. 452 at year end and 470 at February 20th • Good balance between industrial and financial investors in shareholder group post issuance. 6
Significant steps taken to realise 2019 Results synergies from merger in Spain Presentation to Investors and Analysts Merger project in Spain on track January a record production month in Argentina. • Legal merger took place on January 1 st 2020 • Investment in increased capacity finalized early • All production of light salted cod has been moved to December 2019 a single location in Barcelona from February 2020, a big step in the overall synergy creation • Production in January 690MT, which is 55% up on same month 2019 • From now on we expect to see gradual synergy effects coming forward in line with our previously • JV project on squid going well with one landing taking announced synergy plans. place in February and two additional landings The operation of Ecomsa being expected, one in March and one in April. Squid prices restructured with a focus on local are staying strong distribution • Second phase of the investment being finalized in Q2, with a 800 MT coldstore up and running from that With production being moved to one place in • time. Will improve flexibility in sales and reduce Barcelona, the Ecomsa operation has chanced and storage costs. will focus on distribution within the Andalucía region Significant steps in restructuring taken in beginning of • the year with the number of employees reduced by 53% and by 60% from 2018. Restructuring costs 7 expensed in 2019.
Elba Seafood is now part of 2019 Results Iceland Seafood Presentation to Investors and Analysts Acquisition of Elba closed on 21 Great addition to our well February, on the same terms as positioned operation in S-Europe previously announced • Joint management team with Iceland Seafood Iberica. • Elba operates a production facility in Barcelona, total The former CEO and CFO resigned prior to the annual sales volume of around 2.200MT. Focusing acquisition on processing and selling of light salted products • Action plan being developed to further leverage • Unaudited results for 2019 showing a turnover of distribution and production capabilities in the Spanish €14.5m and EBITDA of €430k and S-European market • Key suppliers are the previous owners GPG Seafood • The Elba brand has a strong recognition and image in and Icemar, which now will join Iceland Seafood the Spanish market shareholders group • GPG and Icemar will add to Iceland Seafood sourcing • Apart from Iceland the company also sources part network, both in terms of light salted products into S- of its products from Faroe Islands, Norway and Europe and also in other key areas within the group. locally in Spain. 8
Significant growth steps taken in UK, further oportunities being 2019 Results explored Presentation to Investors and Analysts New chilled processing Significant business win Improved atmosphare line up and running from for the patented “Batter with recent development December 2019 me up“ product on Brexit • Investment in chilled packing line of • Batter me up is a Foodservice • Uncertainty around Brexit caused €1.0m completed at end of November product, developed to limit waste and significant disruptions during all last reduce costs for the customer year. The atmosphere has improved • Innovative value chain, with full after the recent political development traceability from source to store, at • The flagship of the R&D functions at competitive costs Havelok, one of few patented • Opportunities for further investments foodproducts in UK to drive sales and profit growth being • Initial chilled sales volumes higher explored, building on our key than forecasted, good results from • A contract with a key retailer secured, strengths and closer cooperation quality testing with first delivery in March 2020. between our UK businesses. • Customer valuing the flexibility and Batter me up video innovation focus we have shown. Further business has been awarded from Q2. 9
Key Investment projects 2019 Results Presentation to Investors and Analysts IS Barraclough Oceanpath New listings within Facility extension retail requiring and filleting line investment €1.0m €2.9m IS Iberica Barcelona office in one place, all cod production in Barcelona from Q1 2020 - €1.0m Achernar Increased production and coldstore €1.4m 10
9M 2019 Results Presentation to Investors and Analysts Financial Of Divisions At Group level performance Balance sheet
Strong combination of sourcing expertise and well positioned 2019 Results value added activities Presentation to Investors and Analysts Iceland Seafood International Profit before Executive management Turnover tax Sales & Value Added N- Value Added S- Distribution Europe Europe 26% 29% 2013 2013 71% 74% IS Iceland and IS Barracl aclough gh IS Iberic ica Havelok Elba IS Franc nce 15% 41% IS Germany any Oceanp npat ath Ecomsa msa 2019 2019 59% 85% IS USA Dunn‘s of Dublin Achern ernar ar Employees 34 (5%) 241 (36%) 386 (58%) Sales & Distribution Value Added Executive management & 12 3 (0.5%) Group reporting
Encouraging results given > VA S-Europe 2019 Results > VA N-Europe external challenges Presentation to > Sales & Distribution Investors and Analysts Division incorporates Normalised PBT €3.2m up € m´ s 2019 2018 2018P three manufacturing sites from prior year, in line 179.5 Sales 179.4 100.1 in Barcelona, Malaga and with proforma 2018 Net margin 20.7 10.4 21.1 Argentina • Strong margins from lightsalted Normalis lised ed EBITD TDA 9.2 4.1 8.3 products, driven by strong demand Servicing the foodservice 6.7 Normalise lised d PB PBT* T* 6.7 3.5 and retail markets in • Challenging environment in Argentina. Southern Europe Prices decreased from a strong level in * Normalised PBT represents Profits before tax before allowing for significant items and discontinued operations 2018. Negative FX impact also affected Annual sales at similar EBITDA and overall results. Strong start level as last year of 2020 where investment in increased • Strong demand of light salted the capacity is starting to pay off whole year, but low supply during the • Cost reduction related to the merger in summer impacted sales Spain started to pay off at end of the • Sales of Argentinan shrimp down 18% year from last year, impacted by both • Normalised PBT in Q4 down €0.2m lower volume and lower price from prior year, as a result of lower • Sales of salted impacted by low sales and lower production in availability. Argentina. 13
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