Investor Presentaiton
.
ICELAND
ISI SEAFOOD
Q3 2023
Presentation to Investors
and Analysts
Outlook range for Normalised PBT revised to €0.5-
2.0m, 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
throughout the year. In the long run these price adjustments
will create healthier demand which Iceland Seafood will
benefit from,
Group results are influenced by various
external factors such as:
•
• Salmon prices have been stable in Q3 after high prices during.
1H of the year. Actions have been taken to mitigate impact
of potential steep price increases in 2024,
.
Q4 is a key trading period for Iceland Seafood, with
Christmas sales of smoked salmon, the summer production
season for Argentinean shrimp starting at end of November
and seasonal peak in cod sales at IS Iberica in October and
November. The annual profitability therefore depends largely
on the outcome in Q4, and especially in December,
Outlook range for Normalised PBT of €0.5-2.0m for 2023;,
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
2,0
0,5
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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