Q2 2022 Presentation to Investors and Analysts
ICELAND
ISI SEAFOOD
Q2 2022
Presentation to Investors
and Analysts
Continuing strong demand for products > VA S-Europe
from Iceland
> VA N-Europe
> Sales & Distribution
€ m's
Q2 22
Q2 21
1H 22
1H 21
Sales
46.6
37.4
87.0
76.8
Net margin
2.0
1.7
4.1
3.5
Normalised EBITDA
0.8
0.6
1.7
1.2
Normalised PBT*
0.7
0.5
1.7
1.1
19,1
18,3
7,7
Sales growth of 13%
from 1H 2021,
Sales are up €10.2m from prior year,
despite the closure of IS US activity at
back end of last year,
Price increases are driving the
divisional sales growth, volume of
Groundfish is 9% down on last year
(like for like) and pelagic 22% down,
Market for Frozen at Sea and
landfrozen products strong in the
period. Prices seems to have topped
at end of Q2,
Ukraine is an important market for
pelagic products. That market was
active in Q2, goods are sold against
prepayments as buyers can't be credit
insured,
Continuing supply chain disruptions
and tariffs/sanctions on Russian
products are having further positive
impact on demand for Icelandic
products, both in Europe and US.
Normalised PBT of
€1.7m up 49% from 1H
2021
•
Net margin in 1H 2022 €0.6m up on
last year, driven by price increases in
the period,
Both the French and the German.
operations performed well in the
period,
Operating and finance costs are in
line with last year, resulting in
divisional Normalised PBT of €1.7m,
compared to €1.1m in 1H 2021.
Saithe
16
16
Haddock
Cod
*Normalised PBT represents Profits before tax before allowing for significant items.
Frozen at Sea fillets (€/kg)
Fresh fish (€/kg)
Saithe
15,1
Haddock
20
Cod
14,1
14
13,4
14,3
14,2
18
13,0
12
22
14,7 16
11,7
14,1
10,9
10
10
10,9
8
7,7
6,8
7,27,3
7,2
6
6,3
6,1
7,2
7,2
7,8
9,29,2
9,8 10,1
6,1
6,4-7
5,3
6,5
4
4
8,7 7,9
4,8 5,1 5,1
2,7 2,9 2,9
3,8
3
3,1 3,1
2
Jan
Feb
Mar...
3
April
May
June
July
Aug
Sept
Source: Navision
Oct
Nov
Dec
Jan
Feb
Mar...
April
10,7 11,5
14
9,7
8,8
5,3
4
5,5
4,9
May
June
Ju'
2
Jan
Feb
Ma...
April
May
June
July
Aug
Sept
5,2
Oct
Nov
13,8
17,1
13,3
13,8
11,4
14,1
12,7
13,7
12,4
15,8
12,9
14,7
11,3
13,9
12,8
11,1
13,5
12
9,9
10,6
13,2
11,3
10,5
13,1
L 13,1
12,9
10,9
14,1
10
10,3
11,9 12,3
11,2
12,3
11,8
6,0
6,6 6,5
10,1
10
12,6
7,1 8,1
9,3
6,5
7,9
7,5
8
5,21
8
5,4
8,9
6,3
5,9
6,4
5,9
9
5,1
7,9
7,4
7
5,7
6,4
Dec
Jan
Feb
Ma...
April
May
June
July
Aug
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