Q2 2022 Presentation to Investors and Analysts
ICELAND
ISI SEAFOOD
Q2 2022
Presentation to Investors
and Analysts
Good performance of S-Europe division despite of
challenging external conditions
Factory extension progressing in
accordance with schedule
• Sales in the 1H of €108.8m were 27% up on 1H
2021 on like for like basis, largely driven by price
increases. Sold volume grew by 7% at the same
time,
.
•
•
Profitability of IS Ibérica improved significantly
from prior year, with both higher sales and
margins. Strong market position for Icelandic
cod products paying off,
Challenges in logistics having a negative impact,
with both increased transportation costs
(inbound and outbound) and cold storage costs,
Factory extension on track in Barcelona.
Installing of solar panels progressing both in
Barcelona and Madrid. The investment will
improve efficiency level in production and
provide savings in electricity cost,
Rapid increase of salmon prices affected the
results of Ahumados Domínquez in the 1H 2022.
Performance is improving in Q3 with prices
leveling off and increased sales which have been
secured following marketing campaign in
December 2021.
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Challenges in sourcing of raw
•
material at Achernar during 1H 2022
•
.
Overall fishing volumes in 1H 2022 decreased
by 25% from same time last year, largely due
to bad weather conditions, unstable labour
environment and later start of the winter
season (national waters) than last year,
The production in the winter season has been
affected by lower supply of raw material and
increased prices. Lower volume is partly offset
by big sizes and good quality of the raw
material,
Outcome of squid season in line with
expectation. This helped results in Q2, in a
period of low shrimp production as Rawson
season concludes in March and National
waters season starts at end of June,
Shrimp prices remain stable for sales to Asia.
Signs that prices into Europe will be under
pressure in 2H with lowering prices of
vannamei shrimp,
Overall, a positive but uncertain outlook given
the dynamic environment we are operating in.View entire presentation