Q2 2022 Presentation to Investors and Analysts
ISI
ICELAND
SEAFOOD
Q2 2022
Presentation to Investors
and Analysts
>
> VA N-Europe
Unprecedented price increases having a VA S-Europe
severe negative impact on results both
in UK and Ireland in the period
€ m's
Q2 22
Q2 21
1H 22
1H 21
Sales
28.2
31.6
56.8
63.4
Net margin
(0.8)
2.1
(0.9)
5.2
Normalised EBITDA
(2.9)
0.3
(4.9)
1.5
Normalised PBT*
(3.8)
(0.6)
(6.7)
(0.4)
*Normalised PBT represents Profits before tax before allowing for significant items.
Salmon prices (€/kg)
5,40
H&G cod frozen prices (US$/kg)
2019
2020
2021
2022
5,61
5,55
5,51
5,23
5,06
Sales in 1H 2022 down
€6.6m on same period
last year
•
11,5
2019
2020
2021
2022
5,90
10,82
11,0
10,5
10,52
10,0
10,05
9,5
9,0
8,57
8,5
8,28
4,90
8,0 7,68
7,46
7,2
7,5
7,1
7,02
4,55
6,95
7,0
4,5
4,48
6,58
6,38
4,44
4,44
6,5 6,4
6,95
6,3
6,25
4,40
6,0
5,69 6,4
6,09
4,24 4,29
4,27
4,35
4,32
4,40
4,17
4,24
5,63
6,72
6,15
5,51
4,32 4,33
4,13
4,38
5,5
5,5
5,13
4,09
3,98
4,01
4,9-
5,4
5,64
3,92 3,92 4,01
5,0
5,6
3,91
4,04
4,26
4,29
5,54
5,25
5,05
5,1
3,90
5,1
5,18
3,74
3,69 3,98
3,80
4,5
5,08
4,7
4,8
4,0
4,6
4,5
4,5
4,54
3,79
3,83
3,80
3,71
3,73
3,76
Jan Feb
March April May June July Agu Sept Okt Nov Dec
3,58
3,40
Jan
Feb
March April May June
July Agu Sept Okt
Nov
Dec
Demand in Ireland unusually strong
in 1H 2021, due to lockdown
restrictions on restaurant activity
and strong position of our Irish
operation post Brexit. This affects
comparison with prior year,
The price increases that have been
pushed through in the period, have
had negative impact on demand.
Sold volume in Ireland 16% down on
same period last year,
Challenges in production and
disruptive supply chains negatively
impacted service levels and
launching of new products in UK in
the period.
> Sales & Distribution
Results severely
impacted by price
•
increases in the period
Significant and rapid price increases in
all areas negatively impacted results in
the period,
The division mostly relies on sales to
retail customers, it takes longer to
pass on price increases to customers
in retail than foodservice,
IS UK business was loss making in the
period. Continuing impact of
challenging external environment.
Outbreak of Omicron in the beginning
of the year had disruptive impact on
both operations and logistics. Price
increases of various input factors had
significant impact on margins,
Results in Ireland especially impacted
by sharp salmon price increase in the
period. These prices have now levelled.
off, at the same time cost increases
have been passed on to customers.
Performance of the Irish business
expected to be back to normal levels.
from Q3.
Source: SeaData Center
Source: Norges Sjomatrad
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