ISI Seafood Q3 2022 Results
ICELAND
ISI SEAFOOD
Q3 2022
and Analysts
Presentation to Investors
Iceland Seafood
Normalised PBT in Q3 improving from 1H.
Bottom line results impacted by goodwill Intl
and tax asset impairment of IS UK
€ m's
Q3 22
Q3 21
9M 22
9M 21
Sales
124.5
111.6
362.8
319.6
Net margin
12.5
10.5
29.8
29.2
Normalised EBITDA
4.9
5.0
6.8
12.3
Normalised PBT*
2.3
3.4
0.5
8.2
Net (Loss) Profit
(2.2)
2.1
(5.0)
5.6
* 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
€362.8m, up 14% on 9M
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,
Sales in S-Europe grew by 19% on a
like-for-like basis (excluding
Ahumados Domínguez). Strong sales
of IS Ibérica are the main driver,
Sales in Ireland during the first nine
months of the year are in line with
the prior year in value terms but 13%
below in volume,
S&D division saw continuing strong
demand in Q3, despite historically
high prices,
• Overall, the recession in Europe is
starting to impact demand in Q4,
Normalised PBT in Q3 of €2.3m,
a considerable improvement
from the 1H of the year
•
Net margin is up €0.6m recovers quite
strongly in Q3,
Operating costs in 9M 2022 €6.0m higher
than 9M 2021, driven by the addition of
Ahumados Domínguez,
Finance costs are €1.3m higher than in
the same period in 2021 due to an
increase in net debt, increased interest
rates, and €0.9m adverse movement in
FX,
•
Significant items of €3.0m consist of:
Impariment of Goodwill at IS UK €1.6m
Reduction of Deferred tax asset IS UK €1.1m
Other restructuring cost €0.3m
Income tax of €2.6m expensed against
Normalised income in the period, mostly
related to taxes on profits in Spain,
After considering the cost of significant
items and income tax, the net loss in the
period amounts to €5.0m.
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