ISI Seafood Q3 2022 Results
ICELAND
ISI SEAFOOD
Q3 2022
Presentation to Investors
and Analysts
Results in Ireland back to a balanced
> VA S-Europe
> VA N-Europe
level in Q3, but continuing losses in the Sales & Distribution
UK
€ m's
Q3 22
Q3 21
9M 22
9M 21
Sales
28.3
29.6
85.1
93.0
Net margin
0.7
1.9
(0.1)
7.1
Normalised EBITDA
(1.4)
0.1
(6.3)
1.7
Normalised PBT*
(2.5)
(0.9)
(9.2)
(1.3)
* Normalised PBT represents Profits before tax before allowing for significant items.
Salmon prices (€/kg)
2019
2020
2021
2022
5,90
5,40
4,90
H&G cod frozen prices (US$/kg)
5,23
5,06
2019
2020
2021
2022
5,61
5,55 5,58
5,51
5,30
5,18
11,5
11,0
10,82
10,5
10,52
10,0
10,05
9,5
9,0
8,57
5,5
5,0
4,5
505050505
66
55
8,5
8,28
8,0 7,68
4,55
7,46
7,2
7,5
7,1
7,02
4,5
4,48
6,95
7,0
6,61
6,72
4,44
4,44
6,58
6,5 6,95
6,38
4,40
4,27
4,24
4,29
4,35
4,32
6,3
6,25
6,11
4,40
4,17
4,24
6,4
6,09
5,69
6,0
6,4
5,63
6,72
4,32 4,33
4,13
4,38
4,09
3,98
4,01
6,15
5,51
5,5
5,13
3,92 3,92 4,01
4,26
4,29
3,91
4,04
4,9
5,6
5,4
5,64
3,90
3,74
3,69 3,98
3,80
5,54
5,05
5,25
5,1
5,1
5,18
5,08
3,79
4,7
3,83
3,80
4,8
3,71
3,73
3,76
4,0
4,6
4,5
4,5 4,54
3,58
3,40
Jan Feb
March April May June July Agu
Sept Okt Nov Dec
Jan
Feb March April
May
June July
Agu Sept Okt Nov Dec
Source: SeaData Center
Source: Norges Sjomatrad
Sales in 9M 2022 down
€7.9m on the same
period last year
Sales in Ireland were in line with the
same period last year in value terms,
but volume was down 13%,
Sales of IS UK down 16% from the
prior year in local currency, lower
demand in both retail and food
service,
Challenges in production and
disruptive supply chains negatively
impacted service levels and the
launching of new products in the UK,
>
Results rebound in
Ireland in Q3 but dive
further down in UK
•
Purchase price of salmon eased and
stabilised in Q3, after an exceptionally
steep increase in the 1H of the year.
This helped the results in Ireland in the
quarter,
Whitefish sourcing was challenging in
the period, both locally in Ireland and
from Iceland. Prices of whitefish
continued to increase in Q3,
Christmas is a significant trading
period for Ireland's business, especially
regarding smoked salmon. The sales
outlook for this period remains good.
The IS UK business was loss-making in
the period. The impact of a challenging
external environment and disruptions.
in operations and logistics continues.
Price increases of various input factors.
significantly affected margins in the
period. This has led to further losses
with respect to prior periods and
short-term outlook.
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