ISI Seafood Q3 2022 Results
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Source: Navision
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ICELAND
ISI SEAFOOD
Q3 2022
Presentation to Investors
and Analysts
Significant increase in S&D profitability >VA S-Europe
from prior year, driven by strong
demand
€ m's
Q3 22
Q3 21
9M 22
9M 21
Sales
45.1
39.5
132.1
116.0
Net margin
2.1
1.8
6.1
5.3
Normalised EBITDA
0.9
0.6
2.6
1.9
Normalised PBT*
0.9
0.6
2.5
1.7
*Normalised PBT represents Profits before tax before allowing for significant items.
Frozen at Sea fillets (€/kg)
Saithe
7,3-7,2
6,3
7,2
6,5
6,8
6,5
7,7
7,2
6
6,3
5,5
5,3
الله
6,1
6,4 7
6,5
5,3
st
4
Fresh fish (€/kg)
Saithe
Haddock
Cod
20
20
18
14
Haddock
Cod
15,1
14,1 14,7
13,4
14,3 14,2
13,4
13,8 13,6
11,6
18
17,9
13,0
16,4
14,4
16
14,1
13,8
17,1
13,3
11,7
10,9
13,2
13,7
11,4
13,8
14,1
12,7
12,4
15,8
16
12,9
15,4
10,9
10,7 11,5
13,8
14
11,3
13,9
128
9,7
12,0
11,7 12
10,6 11,1
13,5
14,7 12,2
8,8
7,2
7,8
8,7 7,9
9,2 9,2
12
12,2 9,9
10,5
13,2
9,8 10,1
11,3
13,1
13,1
12,9
12,6
10,9
14,1
6,4
10
10,2
10,3
11,9 12,3
11,2
6,3
6,0 6,6 6,5
9,5
12,3
11,8
6,4
10,5
6,3
10,1
10
12,6
7/1 8,1
8,5
7,9
8
5,15,21
9,3
5,4
4,8 5,1
8,9
5,9
6,3
6,5
7,5
8...
5,9
6,4
6
5,1
7,9
7,7
7,4
7
5,5
2,8 22,7 2729 29 3 3,1 3,1
3,8
4
3
8
4
5,5
4,7 5,2
5,5
4,9
-5,7
5,35,2
6,4
Sales growth of 14%
from 9M 2021,
Sales growth is primarily driven by
price increases. The volume of
Groundfish is 9% up on last year (like
for like), but pelagic is 21% down,
Continuing good demand for Frozen
Sea products in Q3, despite.
historically very high prices. Demand
has come down in Q4,
The situation in Ukraine is having an
impact on pelagic sales, causing
significant logistic issues, as
customers are not holding any stock
inside Ukraine,
Fresh fish prices increased
significantly in the summer, especially
in August when the coastal fleet
stopped fishing. The outlook for fresh
fish is good, with solid demand from
the US market.
> VA N-Europe
> Sales & Distribution
Normalised PBT of
€2.5m, up 48% from 9M
2021
•
•
Net margin in 9M 2022 €0.6m up on
last year, driven by price increases in
the period,
Operations in both France and
Germany have performed well in the
period,
Operating costs are €0.1m up on last
year, mainly due to stronger ISK.
Finance costs are slightly lower due
to the closing of US operation at the
back end of last year,
Normalised PBT in the period was
€2.5m, compared to €1.7m in 9M
2021.
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