Investor Presentaiton
ISI
ICELAND
SEAFOOD
Outlook range for Normalised PBT €10.0-14.0m, excluding
impacts from IS UK operation
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Q4 2022
Presentation to Investors
and Analysts
As the IS UK operation is classified as discontinued, the results from that
operation have been excluded from both historical numbers and outlook
range in the graph,
The high prices and the diminishing consumer purchasing power due to
increased energy prices and high inflation negatively impacted demand at
back end of 2022. These factors will continue to impact sales at the
beginning of 2023,
Price of seafood is historically high and has increased more than other
proteins. It remains to be seen what impact this will have on mid- and
longer-term demand,
Prices of key input factors have started to ease, and markets are stabilizing.
As long as this development continues, which should help demand to
recover, the outlook for the second part of the year is good,
After a disruptive period during the last three years, it is likely that production
will move closer to home. Iceland Seafood is in an excellent position to
benefit from this development,
Investments in automation and energy-saving projects are being
implemented to address the difficult labour market and improve efficiency
Outlook range for Normalised PBT of €10.0-14.0m for 2023; the higher end
assumes that economic conditions will improve in the second half of the
year,
Group results are influenced by various
external factors such as:
Fishing and quota changes, as well as price
development and the ability to pass on price
changes in the value chain,
Changes in underlying global economic conditions,
currency rates, import duty rates, access and cost
of labour, competition and consumer behaviours,
Political uncertainty and geopolitical turmoil.
Including the current war between Russia and
Ukraine and the possibility of further sanctions and
tariffs on Russian products,,
Full year
Normalised PBT* (m's)
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Covid19 development and critical factors indirectly
impacted by the pandemic.
9,9
4,8
7,5
19,5
14,0
12,4
10,0
2,4
2,0
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Results for IS UK are excluded from the Outlook. Management plan expects a
positive cash flow from Q2 onwards for IS UK, but negative PBT of £2.5-3.0m
for the year mainly due to losses in Q1,
2,0
0,4
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
* Normalised PBT excluding UK operation for the whole period
With recent investments and projects that will increase efficiency and drive profit growth, the Group is in a solid position to reach its
target of Normalised PBT of over €20m when the external environment stabilizes.
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