Investor Presentaiton
ICELAND
ISI SEAFOOD
Q3 2023
Presentation to Investors
and Analysts
High volatility and diminishing consumer purchasing
power negatively affected Iceland Seafood's
operation in Q3
Price adjustments are taking place which are painful in the
short term but create a basis for healthier long-term demand
•
.
Salmon prices levelled off in Q3 which had positive impact on operations in
Ireland, although prices remained higher than in Q3 2022. Prices have
remained stable in October and November, outlook for Christmas sales in
Ireland and Ahumados Dominguez in Spain is good. Actions have been taken to
mitigate impact of price fluctuation in 2024,
Sales in Q3 impacted by declining consumer purchasing power and unusually
warm weather in S-Europe. Prices of various whitefish and shellfish species
have come down, some significantly. This has led to unusually low margins
and inventory write offs in some instances. Inventory turnover has decreased,
which has led to increased costs of inventories,
Finance costs have increased, credit controls are increasingly important and
need constant focus. Permission to the board to issue 200m new shares
approved by shareholders meeting in October,
After the sale of ISUK, the Group is operating Value-added activities with strong
positions in their markets, and should deliver good profits going forward,
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Salmon prices levelled off in Q3 but at higher level than last year
3
Jan
Feb
March
April
May
June
July
Agu
Sept
Okt
Nov
Dec
2021
2022
2023 .....2023 (Forecast)
6%
5%
4%
Source:www.fishpool.eu
3M Euribor currently at 3.98%, FV rate close to 3.1% for Q4 24
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3%
The operation of Iceland Seafood is well-balanced and in good position with its
solid sourcing base and value-added operations close to key markets.
2%
3
1%
0%
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