Investor Presentaiton
ISI
ICELAND
SEAFOOD
Q3 2023
Presentation to Investors
and Analysts
Profitability significantly impacted by
decreased demand and price reductions.
> VA S-Europe
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> Sales & Distribution
€ m's
Q3 23
Q3 22
9M 23
9M 22
Sales
44.7
54.3
158.2
163.1
Net margin
3.7
9.7
13.9
23.8
Normalised EBITDA
(0.2)
5.6
1.6
10.7
Normalised PBT*
(1.2)
4.5
(1.3)
8.7
*Normalised PBT represents Profits before tax before allowing for significant items.
Sales 3% down for 9M 23
compared to last year, 18%
sales decline in Q3
•
•
After strong sales in Q1, sales of IS
Iberica slowed down in Q2 and Q3,
impacted by declined consumer
purchasing power. Unusually warm
weather also affected sales during
the summer,
Sales in October and November
have improved, partly driven by
promo activities in the period,
Sales of Ahumados Domínguez
were up 10% from 9M 22, driven by
price increases,
Q4 is a key trading period for the
division. The full year performance
will depend on sales and
profitability of that quarter.
Normalised PBT of (€1.3m),
down €10.0m from 9M 22
•
Ibérica PBT €6.4m lower than in
9M 22. Margins significantly lower than at
the same time last year due to price
reductions, slower turnover of inventories
and cost increases,
Difficult market situation for Argentinian
shrimp during the year, which negatively
impacted margins and profitability. Outlook
for the coming Rawson season, which starts
at end of November, is better,
Operation of Ahumados Dominguez in Q1
significantly affected by steep increases in
salmon prices, but performance has
improved in Q2 and Q3. Outlook for the
important Christmas season good.
The process of integrating the operation of
Ahumados Dominguez with IS Ibérica.
continues, which will reduce costs and
improve efficiency.
CO
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