Iceland Seafood Q1 2023 Earnings Report
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4
ICELAND
ISI SEAFOOD
Q1 2023
Presentation to Investors
and Analysts
Excellent start of the year for S&D
division, helped by good capelin season
in Iceland
> VA S-Europe
> VA N-Europe
> Sales & Distribution
€ m's
Q1 23
Q1 22
Sales
48.8
40.4
Net margin
2.2
2.1
Normalised EBITDA
1.0
0.9
Normalised PBT*
1.0
0.9
*Normalised PBT represents Profits before tax before allowing for significant items.
16
14
12
10
Frozen at Sea fillets (€/kg)
Series2
Series1
Fresh fish (€/kg)
Series2
Series3
Series1
20
18
16
14
12
10
Series3
Sales growth of 21% from
same period in 2022,
•
.
Strong sales of IS Iceland in the
beginning of the year, driven by
good sales of pelagic. Good capelin
season and improved sales into E-
Europe helped the sales growth,
Sales of Frozen at Sea products
also increased by 10% from same
time last year, driven by increased
prices,
In France and Germany, sales were
slightly down on prior year. Price
increases have impacted demand in
these markets,
Normalised PBT of €1.0m,
up €0.1m from 2022
•
•
Overall percentage margins have
decreased slightly from same time last
year, but Euro net margin is up €0.1m
in total,
Margins and profitability in France and
Germany slightly down on Q1 22,
impacted by decreased demand,
Operations and finance costs are in
line with prior year, resulting in
Normalised PBT of €1.0m which was
€0.1m up on last year.
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80
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