ISI Seafood Q3 2022 Results
ICELAND
ISI SEAFOOD
Q3 2022
Presentation to Investors
and Analysts
Continuing good performance of IS
Iberica in Q3, driving positive results
in the VA S-Europe division
€ m's
Q3 22
Q3 21
9M 22
9M 21
Sales
54.3
46.3
163.1
124.1
Net margin
9.7
6.8
23.8
16.8
Normalised EBITDA
5.6
4.3
10.7
9.0
Normalised PBT*
4.5
4.0
8.7
8.5
*Normalised PBT represents Profits before tax before allowing for significant items.
** Ahumados Domignuez in the figures from Q4 21
Sales in 9M 2022 are up 19%
like for like from 9M 2021
Sales growth entirely driven by price
increases, with a slight decline in
volume on like for like basis, i.e.,
excluding Ahumados Domínguez
(AD),
•
.
The National Waters fishing season
for Argentinian shrimp (from June to
September) was worse than
expected. Produced volume in the
first nine months is down 33% on
the same time last year,
> VA S-Europe
> VA N-Europe
> Sales & Distribution
Normalised PBT of €8.7m, up
€0.2m from 9M 2021
.
•
Sales of AD €14.9m in the period
grew by 14% from last year. Further
sales increase expected in Q4 driven.
by new customers and expanded
distribution with current customers.
Good results of IS Ibérica driving the
positive results. Strong sales and margins
from almost all product categories and in
all S-European markets (Spain, Italy,
Portugal, and France),
Results of AD back to normal levels in Q3,
with salmon prices easing and stabilising.
All of AD's annual profits are generated in
Q4,
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,
Increased headwinds at the start of Q4, the
recession has started to impact sales, and
it is expected that the Rawson Season in
Argentina will not be as strong as last year.
However, the outlook for AD Christmas
sales remains good.
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