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ICELAND
ISI SEAFOOD
Q4 2022
Presentation to Investors
and Analysts
6,8
€ m's
Record year for the S&D division, driven by > VA S-Europe
strong demand for products out of Iceland › Sales & Distribution
Q4 22
Q4 21
FY 22
FY 21
Sales
42.9
46.3
175.0
162.3
Net margin
2.1
2.3
8.2
7.7
Normalised EBITDA
0.8
1.2
3.4
3.0
Normalised PBT*
0.8
1.2
3.3
2.9
*Normalised PBT represents Profits before tax before allowing for significant items.
7,2
6,1
Frozen at Sea fillets (€/kg)
Saithe
10,9
9,7
10,0
Fresh fish (€/kg)
Saithe
Haddock
Cod
17,9
16,4 15,8
15,8
Haddock
Cod
15,1
14,1
14,7
13,4
14,3 14,2
13,8 13,6
13,4
11,613,3
13,0
14,4
13,8
17,1
14,1
13,3
11,7
10,9
13,2
14,1
11,4
13,8
12,7
13,7
12,4
12,9
15,8
16
15,4
10,7 11,5
13,8
11,3
13,9
15,1
12,8
14,7
12,0
10,6 11,1
13,5
12,2
9,9
12,6 12,2
8,5
10,5
13,2
9,8 10,1
10,4
10,7
11,3
13,1
13,1
12,9
11,9
6,4
6,3
10,1 7,6
10,9
14,1
11,9 12,3
10,3
11,2
11,1
12,3
11,8
6,0 6,6 6,5
8,1
6,4
6,3
6,26,0
6,4 10,1
10
12,6
7,1 8,1
8,5
7,9
8
9,3
8,9
6,3
6,5
7,5
8,2
5,9
8...
8,4 8,9
6,2
5,9
7,7
5,1
7,9
7,4
7
80
7,2
6
5,3
4
6,1
7,3 7,2
6,5
6,4 7
2,9 2,9 3 3,1 3,1
8,8
7,2
3
7,8
8,7 7,9
3,8
4
9,2 9,2
4,8
5,1
5,15,21
5,4
6,4
L
5,7
5,3 5,2
6,4
5,5
4,9
Sales growth of 8% from
2021,
Sales in Q4 slowed down after
outstanding sales in the year's first
nine months. Difficult economic
conditions in key markets and high
prices of seafood negatively impacted
demand,
Sales growth for the year is entirely
price driven; volume of groundfish
decreased by 1% from prior year and
pelagic volume by 31%,
In general, seafood prices eased
slightly in Q4 due to the lower
demand. However, supply disruptions.
and tariffs/restrictions imposed on
Russian catches are keeping pressure
on prices,
The situation in Ukraine is having an
impact on pelagic sales, causing
significant logistic issues, as
customers are not holding any stock
inside Ukraine.
> VA N-Europe
>
Normalised PBT of €3.3m,
up €0.4m from 2021
•
•
Net margin grew by €0.5m from
the prior year, driven by higher
sales and price increases in the
period,
Operations in both France and
Germany performed well in 2022.
Sales levels in France recovered
strongly after having been.
impacted by Covid-19 restrictions
in 2021,
Operating costs are slightly higher
than last year, mainly due to the
impact of stronger ISK on
operating costs in Iceland,
Normalised PBT in the year was
€3.3m, compared to €2.9m 2021.
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