ISI Seafood Q3 2022 Results
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ISI
ICELAND
SEAFOOD
Q3 2022
Presentation to Investors
and Analysts
Revised outlook range for Normalised PBT €3.0-5.0m,
excluding IS UK operation for the last two months of the year
As the decision has been taken to exit the value-added operation in the UK, the
outlook range excludes any impact from IS UK in November and December,
After a complex 1H of the year, specific prices levelled off in Q3, especially
salmon prices. Prices of whitefish continued to rise in Q3 but seem to have
topped,
The high prices and the diminishing consumer purchasing power due to
increased energy prices and high inflation have started to impact demand
negatively. Sales in key markets have been weaker in Q4 than anticipated,
However, the outlook for the Christmas season remains positive both for
Ireland and Ahumados Dominguez in Spain, although it is uncertain if and then
to what extent high prices and decreased purchasing power impacts
consumers' Christmas spending,
It is expected that the important Rawson fishing season in Argentina, which has
just started, will not be as strong as last year, both in terms of volume and
value,
Disruptions and cost increases in various supply chains have impacted margins;
this is expected to continue for the remainder of the year,
At the same time, it is likely that production will move closer to home. Iceland
Seafood is in an excellent position to benefit from this development with its
value-added production facilities in Europe,
Investments in automation and energy-saving projects are being implemented
to address the difficult labour market and improve efficiency. These
investments have short payback times,
Group results are influenced by various
external factors such as:
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Fishing and quota changes, as well as price
development and the ability to pass on price
changes in the value chain,
Changes in underlying global economic
conditions, currency rates, import duty rates,
access and cost of labour, competition and
consumer behaviours,
Political uncertainty and geopolitical turmoil.
The current war between Russia and Ukraine
and further sanctions and tariffs on Russian
products, with repercussions,
Covid19 development and critical factors
indirectly impacted by the pandemic.
1,7
3,3
3,5
2,9
1,0
Full year
Normalised PBT* (m's).
12,5
7,4
11,3
5,1
5,0
3,0
Revised outlook range for Normalised PBT of €3.0-5.0m for the year 2022
excludes the UK operation for the last two months of the year.
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
With recent investments and projects that will increase efficiency and drive profit growth, the Group is in a solid position to reach its
target of Normalised PBT of over €20m when the external environment stabilizes.
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