Investor Presentaiton
ISI
ICELAND
SEAFOOD
Q3 2023
Presentation to Investors
and Analysts
Group results affected by adverse performance
of VA S-Europe division and costs associated
with the divestment of IS UK
€ m's
Q3 23
Q3 22
9M 23
9M 22
Sales
95.8
108.3
318.1
315.6
Net margin
7.6
13.7
24.5
33.0
Normalised EBITDA
1.2
7.1
4.7
13.0
Normalised PBT*
(1.1)
5.3
(1.9)
8.7
Net Loss
(5.5)
(2.2)
(20.7)
(5.0)
*Normalised PBT represents Profits before tax before allowing for significant items and
discontinued operations.
Group sales in 9M 23 of
€318.1m, up 1% on 9M 22
Sales in Q3 12% down on same
period last year, mainly due to lower
sales in the VA S-Europe division,
Difficult economic situation is
impacting demand. Unusually warm.
weather in S-Europe during the
summer also had a negative impact,
Sales in S-Europe has improved in
October and November, partly driven
by promo activities and price
reductions,
Normalised PBT reduced by
€10.6m from 9M 22
.
•
Lower sales and declining margins in S-
Europe significantly impacted Group
results in the period. At the same time
VA N-Europe and S&D divisions are
performing well,
Higher debt levels and increased interest
rates have significantly impacted finance
costs, which is €1.8m higher for 9M 23
than same period last year,
Normalised PBT negative by €1.9m in
9M 23, compared with positive €8.7m
last year. Normalised PBT of the VA S-
Europe division down €10.0m for 9M 23
compared to same period last year,
Loss from discontinued operation (IS UK)
for 9M 23 of €18.8m. Negative impact of
discontinued operation in Q3 were
€4.9m,
• Net loss in 9M 23 was €20.7m,
compared to €5.0m loss in 9M 22.
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