Investor Presentaiton
ICELAND
ISI SEAFOOD
Q4 2022
Presentation to Investors
and Analysts
Group results showing a normalized PBT of 12.4m.
Bottom line results impacted by €18.2m loss from
discontinued operation
€ m's
Q4 22
Q4 21
FY 22
FY 21
Sales
105.2
112.7
420.8
378.3
Net margin
13.3
16.3
46.3
.
45.3
Normalised EBITDA
5.4
8.0
18.0
21.9
Normalised PBT*
3.8
7.1
12.4
19.5
Net (Loss) Profit
(4.9)
3.2
(9.9)
8.8
* Normalised PBT represents Profits before tax before allowing for significant items and
discontinued operations.
** Ahumados Dominguez in the figures from Q4 21
Group sales in 2022 of
€420.8m, up 11% on 2021
.
Sales growth driven by higher
prices in all regions. Total volume
sold (MT) is down 6% from the
prior year on a like-for-like basis
(excluding pelagic),
Sales of both the S-Europe and
S&D divisions grew considerably
from the prior year on a like-for-
like basis, but sales in Ireland
decreased slightly,
Ahumados Dominguez came into
the group from Q4 2021. The full-
year 2022 impacts of AD explain
€15.8m of the sales growth.
Normalised PBT of €12.4m
was down €7.1m from 2022
.
Net margin is up €1.0m from 2021
but down €1.6m on like-for-like
basis,
Operating costs in 2022 €5.1m higher
than in 2021, mainly due to the
addition of Ahumados Domínguez
from Q4 21,
Finance costs are €1.6m higher than
in the same period in 2021 due to an
increase in net debt, increased
interest rates, and €1.2m adverse
movement in FX,
Loss from discontinued operation
€18.2m consist of:
•
Operating losses of IS UK €12.6m
•
Impariment of Goodwill at IS UK €1.6m
•
Impairment of property at IS UK €0.7m
17
.
•
Reduction of Deferred tax asset IS UK
€1.1m
Year-end adjustments IS UK €2.2m
Income tax of €4.1m expensed
against Normalised income in the
period, primarily related to taxes on
profits in Spain,
Net loss for the year €9.9m
compared to €8.8m profit in 2021.View entire presentation