Investor Presentaiton
ICELAND
ISI SEAFOOD
Q2 2022
Presentation to Investors
and Analysts
Strong demand for core products
driving positive results in the period
€ m's
Q2 22
Q2 21
1H 22
1H 21
Sales
54.6
40.7
108.8
77.8
Net margin
6.7
4.0
14.1
9.9
Normalised EBITDA
2.0
1.3
5.2
4.7
Normalised PBT*
1.6
1.4
4.2
4.5
*Normalised PBT represents Profits before tax before allowing for significant items.
** Ahumados Domignuez in the figures from Q4 21
> VA S-Europe
> VA N-Europe
> Sales & Distribution
Sales in 1H 2022 up 27% like Normalised PBT of €4.2m,
for like from 1H 2021
down €0.3m from 1H 2021
•
.
Sales growth largely driven by price
increases, volume growth 7% from
last year on like for like basis, i.e.
excluding Ahumados Domínguez
(AD),
Production volume of Argentinian
shrimp at Achernar 30% down on
last year. Lower fishing volumes in
Q1, labour issues and slower start of
winter season in June than last year
impacting production,
Sales of AD €9.6m in the period,
grew by 18% from last year. Price
increases and market campaign in
December 2021 driving the sales
growth.
Good results of IS Ibérica driving the
positive results,
Good demand and strong margins on light
salted products and stable market
conditions for Argentinian shrimp
contributed to the results,
Extreme price increases of salmon
negatively impacted profitability of AD in
the period. With cost prices levelling off and
increased sales prices, profitability is
expected to be back to normal levels in Q3,
Lower production volume of shrimp at
Achernar than last year, negatively
impacted the results. Results from Squid
season were in line with plan, helping
results in Q2,
The addition of AD, (where both margin %
and operating costs is higher), and €0.5m
negative FX movement skews comparison
with prior year.
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