Investor Presentaiton
ISI
1H 2023
ICELAND
SEAFOOD
Presentation to Investors
and Analysts
The Group bottom line results are severely
impacted by the divestment of IS UK
€ m's
Q2 23
Q2 22
1H 23
1H 22
Sales
99.2
107.4
222.3
207.3
Net margin
7.0
8.9
16.9
19.3
Normalised EBITDA
0.6
1.9
3.4
5.9
Normalised PBT*
(1.8)
0.8
(0.8)
3.4
Net Loss
(13.0)
(2.1)
(15.3)
(2.9)
* Normalised PBT represents Profits before tax before allowing for significant items and
discontinued operations.
Group sales in 1H 23 of
€222.3m, up 7% on 1H 22.
After a strong start of the year,
especially at IS Iberica and IS
Iceland, sales slowed down
considerably in Q2,
Late start of the winter season
production of shrimp in Argentina
also impacted the topline,
Declined consumer purchasing
power is impacting demand, less
though in salmon than in other
seafood categories,
Normalised PBT reduces by
€4.2m from 1H 22
.
•
•
.
Reduced sales in Q2 and decline in
margins in S-Europe significantly
impacted Group results in the period.
Normalised PBT of S-Europe division
€3.5m down on 1H 22.
The Group finance costs in 1H 2023 is
€1.0m higher than last year, driven by
higher debt level and increased interest
rates,
Normalised PBT negative by €0.8m in 1H
23, compared with positive €3.4m last
year,
• Loss from discontinued operation (IS UK)
in 1H 23 of €13.9m. This includes fixed
assets impairment of €8.3m related to
divestment of the business.
After taking into an account income tax
and loss from discontinued operation,
net loss in 1H 23 amounts to €15.3m,
compared to €2.9m loss in 1H 22.
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