Investor Presentaiton
ICELAND
ISI SEAFOOD
Q2 2022
Presentation to Investors
and Analysts
Group's results impacted by rapid and
substantial price increases of all input.
factors in the period
Group sales in 1H 2022 of
€238.4m up 14% on 1H 2021
•
€ m's
Q2 22
Q2 21
1H 22
1H 21
Sales
122.5
103.9
238.4
208.3
Net margin
8.0
7.8
17.3
18.7
Normalised EBITDA
0.0
2.2
1.9
7.3
Normalised PBT*
(1.8)
1.0
(1.8)
4.8
.
Net Profit
(2.1)
0.7
(2.9)
3.4
* Normalised PBT represents Profits before tax before allowing for significant items and
discontinued operations.
.
** Ahumados Dominguez in the figures from Q4 21
•
Sales growth driven by higher prices
in all regions. Total volume sold (MT)
is down 6% from prior year on like
for like basis,
Sales in S-Europe increased by
€21.4m on a like-for-like basis
(excluding Ahumados Domínguez).
Sales of IS Ibérica up 29% in value
but 7% in volume,
Retail sales in Ireland were
exceptionally good during 1H 2021,
due to covid impact on restaurant
activities. Rapid price increases
negatively impacted demand in both
Ireland and UK in 1H 2022,
Continuing strong demand for
Icelandic products. Increase in sales
of S&D division, despite closing of the
US sales office late 2021.
Iceland Seafood
Int'l
Normalised loss before tax of
€1.8m in the period
•
Net margin down €1.4m despite higher
sales, impacted by the extreme cost
increases in the period,
Different cost structure of Ahumados
Domíngues than elsewhere in the
Group (higher margin % and higher
operating cost) impacts comparison
with prior year,
Operating costs in 1H 2022 €4.0m
higher than 1H 2021, driven by the
addition of Ahumados Domínguez,
Finance cost slightly up on prior year,
due to increase in net debt and
increased interest rates. Adverse
movement of €0.5m in FX from 1H
2021,
Normalised loss before tax of €1.8m in
the period,
Income tax of €1.1m expensed in 1H
2022, mostly related to taxes on
profits in Spain. Deferred tax loss in
UK is not capitalised in the period,
• After considering cost of significant
items and income tax, net loss in the
period of €2.9m was €6.3m down on
the results same time last year.
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