Investor Presentaiton
ICELAND
ISI SEAFOOD
Q4 2022
Presentation to Investors
and Analysts
EBIT bridge IS UK 2022-2023 (£'000)
23
forecast
1,0
(1.5)
-1,0
EB
22
Cost
recovery
New retail New
business equipment
Reduced
costs
2.2
EB
-3,0
0.3
-5,0
10.9
2.8
-7,0
-9,0
-11,0
•
4.1
EBIT 2022 excluding one off costs
Iceland Seafood will continue to operate the IS UK
subsidiary, but intends to support further consolidation
of the UK business at the right terms
Throughout 2022 IS UK operations and the sector in general were characterized by
increased input costs and difficulties with pushing these costs through to customers
Iceland Seafood announced its intention to exit the UK market from the value-added perspective on
November 17th.
•
During December 2022, two LOIS were signed with prospective buyers to sell the business, but neither
negotiation was successful. Proposals received didn't reflect the value of the company, as external conditions.
for the industry have been challenging
On February 3rd, Iceland Seafood announced that the company would continue to operate the UK subsidiary, but
at the same time, remains interested in supporting further consolidation of the UK business at the right term,
The results from IS UK operation have improved from the beginning of 2023. The company is expected
to reach a positive cash flow level from April onwards.
•
•
•
•
Progress made with recovering unprecedented inflationary costs at the beginning of the year, though tender
processes in Q3-Q4 2022,
Significant amount of new retail business secured, the majority coming in from the beginning of April, both.
natural and coated products,
New production equipment arrived in December 2022 and January 2023, which has transformed production with
both a substantial increase in throughput and a reduction in production cost,
Markets for various input factors are stabilising after the high volatility and constant upward cost pressure
experienced throughout last year,
Management plan assumes a positive cash flow from Q2 onwards, but negative PBT of £2.5-3.0m for the year
mainly due to losses in Q1,
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