Investor Presentaiton
ICELAND
ISI SEAFOOD
Q4 2022
Presentation to Investors
and Analysts
Christmas sales in Ireland were in line with VA S-Europe
expectations, which helped Q4 results
> VA N-Europe
> Sales & Distribution
€ m's
Q4 22
Q4 21
FY 22
FY 21
Sales
14.7
14.9
52.5
54.0
Sales in 2022 down €1.5m on Results in Q4 slightly better
last year
than same time last year
Net margin
2.2
2.2
5.3
9.0
Normalised EBITDA
1.3
1.2
1.1
4.9
•
Normalised PBT*
1.0
0.9
(0.1)
3.8
* Normalised PBT represents Profits before tax before allowing for significant items.
Salmon prices (€/kg)
•
Overall, steep price increases during
2022 negatively impacted sales of
the Irish operation.
Sales in Ireland were in line with the
prior year in Euro terms, but volume
was down 13%,
Christmas sales in Ireland were in
line with expectations, which helped
the results in Q4,
Whitefish sourcing was challenging,
especially in the second half of the
year, both locally in Ireland and from
abroad (Scotland and Iceland),
•
•
.
Purchase price of salmon eased and
stabilised in the second half of the
year after an exceptionally steep
increase in the first five months,
Whitefish sourcing was challenging.
Low availability and high prices
impacted margins and profitability,
Important steps were taken during
2022 to integrate the Carr&Sons
operation into the Oceanpath group.
Still opportunities for further
synergies to be created mainly on the
production side.
2019
2020
2021
2022
2023
11,5
10,82
11,0
10,5
10,0
10,52
10,05
9,5
9,0
8,48 8,27
8,57
8,33
8,5
8,28
8,0 7,68
7,49
7,46
7,2
7,5
7,1
6,72 6,38
7,02
6,95
6,61
7,0
6,58
6,56695
6,3
6,25
6,11
6,0
5,69 6,4
6,09
6,72
5,63
6,15
5,51
5,5
5,5
5,13
4,9
5,4
5,64
5,0
5,6
5,54
5,1
5,25
5,05
5,1
4,54
5,18
4,5
5,08
4,7
4,8
4,6
4,0
4,5
4,5
Source: Nasdaq
Jan
Feb
March April May June July Agu Sept
Okt
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Dec
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