Iceland Seafood International hf. - Half Year financial report

Iceland Seafood International hf.: 1H 2016 Results

Iceland Seafood International: Normalized profit before tax up by 55% on the
prior year 
• Revenues for 1H 2016 were €119m, 
• Normalized PBT of €1.7m was up €0.6m from 1H 2015 
• Net profit of €1.2m was up €1.0m from 1H 2015 
• Net debt level of €38.6m, reduced by 24% over the last 12 months. 

Helgi Anton Eiríksson, CEO

 "Strong results for the first half of the year with profit before tax 55% up
on last year and 13% better than expectations.  These excellent results are
driven by good performance in all operating divisions.  The Iceland Division
saw growth in profitability, driven by improved pelagic margins and lower
working capital.  Iceland is the backbone of our business, where we work with a
broad spectrum of producers to maximize the value of their products in
different markets. 

The value added businesses in UK are collectively showing strong profit growth,
where Havelok, our foodservice business which started trading in 2013 has
reached the critical mass to move into profitability enabling the UK division
to double its pretax profits. 

The important Spanish business continues to deliver the largest profit
contribution of the three operating divisions, with sales growing from previous
year. 

Group net debt levels reduced significantly in 1H 2016, where the Group
continues to benefit from the reduction in working capital within various
subsidiaries of the Group and is also positively impacted by the €5.0m equity
injection in May. 

The Group's shares were listed on the First North Iceland market on 25 May
2016, following an equity raise and sale of a 40% stake in the company to
professional investors in Iceland.  This was the first listing on the First
North market in Iceland for many years, and an important step for the Group to
initiate it's plans for further expansion to service its customers with high
quality, value added seafood. 

At the end of 1H 2016 the Group is well positioned to maintain and grow revenue
and margins, with strong demand for seafood in most major markets". 

Investor meeting

On August 24th at 8.30 am, Iceland Seafood International hf will host a meeting
for market participants and investors, where management will present and
discuss half year results.  The meeting will be held at Hilton Reykjavík
Nordica, Suðurlandsbraut 2. 

HUG#2036757 
 

Attachments: 
 ISI - 1H16 Interim Financial Statements.pdf

Liitteet:

ISI - 1H16 Interim Financial Statements.pdf