ISI Seafood Q1 2023 Investor Presentation
ISI
ICELAND
SEAFOOD
Q1 2023
Presentation to Investors
and Analysts
Strong sales of IS Iberica in Q1. The
steep increase in salmon prices
negatively impacted profit margins of
the division
Q1 22
€ m's
Q1 23
Sales
66.0
54.1
Net margin
6.4
7.3
Normalised EBITDA
1.8
3.2
Normalised PBT*
1.0
2.6
*Normalised PBT represents Profits before tax before allowing for significant items.
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22% sales growth driven by Normalised PBT of €1.0m,
strong sales in March
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Significant fluctuations in sales
since the back end of 2022,
March was a record sales month for
IS Ibérica, driven by strong sales of
Argentinean shrimp and Cod
products in the weeks before Easter
(the lent).
Sales of Ahumados Domínguez
were up 16% from Q1 22, driven by
price increases,
Sales have declined in the weeks.
post-Easter, partly explained by
seasonality. The outlook for tourism
season in Spain is good, which
should positively impact sales,
down €1.6m from Q1 2022
•
Overall good results of IS Ibérica,
driven by strong sales, especially in
March. Margins were lower than at the
same time last year due to cost
increases and challenging market
conditions,
Production of shrimp at Achernar was
1,728MT compared to 1,001MT in Q1
last year, but margins were negatively
impacted by difficult market situation
and price decreases. The squid
season was disappointing due to low
catches,
Q1 was difficult for Ahumados
Domínguez due to steep increases in
salmon prices. Steps are being taken
to further integrate the operation of
Ahumados Dominguez with IS Ibérica,
which will reduce costs and improve
efficiency.
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