Investor Presentaiton
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ICELAND
ISI SEAFOOD
1H 2023
Presentation to Investors
and Analysts
Outlook range for Normalised PBT revised to €2.0-
5.0m, excluding impacts from IS UK operation
As the IS UK operation is classified as discontinued, the results from
that operation have been excluded from both historical numbers and
outlook range,
Prices of various whitefish and shellfish species have declined during
this year. This has impacted margins, especially of IS Iberica, and will
continue to do so at least in Q3. In the long run these price adjustments
will create healthier demand which Iceland Seafood will benefit from,
Salmon prices remained high in Q2 but have levelled off in Q3. Outlook
for the important Christmas season in Ireland and at Ahumados
Dominguez is good,
Q4 is a key trading period for Iceland Seafood, with Christmas sales of
smoked salmon, the summer production season for Argentinean
shrimp starting in November and seasonal peak in cod sales at IS
Iberica in October and November,
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 with its value-
added production facilities in Europe,
Investments in automation and energy-saving projects are being
implemented to address the difficult labour market and improve
efficiency. These investments have a short payback time,
Outlook range for Normalised PBT of €2.0-5.0m for 2023; the higher
end assumes that economic conditions will improve in the year's
second half, leading to improved sales and margins,
Group results are influenced by various
external factors such as:
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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. The current war between
Russia and Ukraine and further
sanctions and tariffs on Russian
products, with repercussions,
2,4
2,0
2,0
0,4
2014
2015
2016
2017
4,8
2018
9,9
Full year Normalised PBT*
(m's)
7,5
19,5
12,4
5,0
2,0
2019
2020
2021
2022
2023
* Normalised PBT excluding UK operation for the whole period
The Group is in a strong position to reach its target of 4% of turnover in Normalised PBT
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