Investor Presentaiton
ICELAND
ISI SEAFOOD
1H 2023
Presentation to Investors
and Analysts
Operational headwinds as high salmon prices and
downward price trajectory of other species negatively
impact results in the short term
VA S-Europe
VA N-Europe
Sales & Distribution
A good performance in Q1 of the S-Europe
division, while a difficult economic situation
impacted Q2
Sales in 1H are above budget, while margins
are well below. Sales were strong in Q1 but
slowed down in Q2 due to high prices and
worsening economic situation,
Focus on simplifying the operation of
Ahumados Dominguez and further
integration with IS Iberica. This will create
synergies and positively impact profitability
of the S-Europe division going forward.
Investments in production to increase
efficiency and reduce labour cost,
Low production at Achernar during the
quarter due to a stop between the two.
fishing seasons. The winter season in
Argentina started at end of June this year, 4
weeks later than in 2022.
Oceanpath's operation is back on track
after a difficult 1H 2023 due to extreme
price levels of salmon
Sales levels have remained at similar level
as last year in value, although volume is
slightly down,
Whitefish sourcing has been challenging
during the summer, with low availability
and high prices,
Continuing focus on integration between
operation in Dublin and Killala,
Production for the important Christmas.
season starting in Q3. Outlook for 2H of
the year is good.
•
•
Overall good performance in 1H 2023 for the
division driven by strong sales of pelagics out
of Iceland in the period
Good results from all product categories out
of Iceland, despite the challenging
environment, especially in the Q1, slowing
somewhat down in the Q2,
• Sales in France 17% down on 1H last year,
impacted by high prices and weakening
consumer purchasing power,
•
The German fresh fish operations has been
stable, despite challenging environment.
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