Investor Presentaiton
ISI
ICELAND
SEAFOOD
1H 2023
Presentation to Investors
and Analysts
After a good start of the year there was
a set back in sales and profitability in Q2
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€ m's
Q2 23
Q2 22
1H 23
1H 22
Sales
47.4
54.6
113.5
108.8
Net margin
3.8
6.7
10.2
14.1
Normalised EBITDA
(0.1)
2.0
1.7
5.2
Normalised PBT*
(1.2)
1.6
(0.1)
4.2
*Normalised PBT represents Profits before tax before allowing for significant items.
Sales growth of 4% in 1H 23
compared to last year, but
13% sales decline in Q2
Significant fluctuations in sales
since the back end of 2022,
After strong sales in Q1, sales of IS
Iberica have slowed down from Q2,
impacted by declined consumer
purchasing power,
.
Sales of Ahumados Domínguez
were up 13% from 1H 22, driven by
price increases,
Q3 is normally a slow quarter for
this division, whilst Q4 is a key
trading period. The full year
performance will depend on sales
and profitability of that quarter.
Normalised PBT of (€0.1m),
down €4.3m from 1H 22
•
•
Ibérica PBT €3.9m lower than in 1H
22. Margins were lower than at the same
time last year due to cost increases and
price reductions, especially of some
shellfish items,
Production of shrimp at Achernar during the
Rawson (summer) season in beginning of
the year was 1,728MT compared to 1,001MT
last year. The winter season started at end
of June, 4 weeks later than normally.
Continuing difficult market situation for
shrimp, which has significant negative
impact on margins and profitability,
The performance of Ahumados Domínguez
has improved in Q2 after a difficult start of
the year, due to steep increases in salmon
prices. Steps are being taken to further
integrate the operation of Ahumados
Dominguez with IS Ibérica, which will reduce
costs and improve efficiency.
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