Investor Presentaiton
2
4
6
8
10
10
12
14
16
ISI
ICELAND
SEAFOOD
1H 2023
Presentation to Investors
and Analysts
Normalised PBT of €1.4m in 1H 23, the
second highest the division has delivered
> VA S-Europe
> VA N-Europe
> Sales & Distribution
€ m's
Q2 23
Q2 22
1H 23
1H 22
Sales
43.2
46.6
92.0
87.0
Net margin
1.7
2.0
3.9
4.1
Normalised EBITDA
0.5
0.8
1.5
1.7
Normalised PBT*
0.4
0.7
1.4
1.7
* Normalised PBT represents Profits before tax before allowing for significant items.
Frozen at Sea fillets (€/kg)
Fresh fish (€/kg)
Saithe
Haddock
Cod
Saithe
Haddock
Cod
20
June
July
Aug
Sept
Oct
Nov
Dec
Jan
Feb
March
April
May
June
July
Aug
Sept
2
16
14
12
10
8
2222 % 6
18
4
Ma..
April
May
June
July
Aug
Sept
Oct
ΛΟΝ
Dec
Jan
Feb
Ma...
April
May
June
July
Sales growth of 6% in 1H
from same period in 2022
Sales of IS Iceland were strong in
the beginning of the year, driven by
high sales of pelagic and good
capelin season. Although sales
slowed down in Q2, they were fully
acceptable considering the
challenging market environment,
.
•
On top of good sales of pelagic,
sales of landfrozen and frozen at
sea products have increased
compared to 1H 2022,
In France, sales are significantly
down on prior year. Price increases
and difficult economic situation
have impacted demand.
Normalised PBT of €1.4m,
down €0.3m from 2022
•
Net margin in 1H down €0.2m from
last year, impacted by higher storage
and transport costs,
Operating costs are in line with last
year, but finance costs slightly higher
due to increased interest rates.
Normalised PBT of €1.4m was €0.3m
down on last year, but still the second
strongest 1H of the year the division
has delivered.View entire presentation