Iceland Seafood International hf

Consolidated Financial Statements 2023 - Seite 2

Total assets at year-end of €254.8m were €35.5m lower than at year beginning. The sale of ISUK is the main explanation for the decrease, but inventories also decreased by €9.0m, driven by price reductions. The Group completed a share capital increase at the end of the year, where 200m new shares were issued, resulting in a €7.2m increase in equity and taking the equity ratio up to 28.5%.

Sales of the VA S-Europe division of €215.5m in the year were slightly down on the prior year, although sales in Q4 were 7% up on Q4 2022. Sales of light salted cod at IS Ibérica were good in October and November, which are seasonally important sales months for that product. The period before Christmas is the main sales period for Ahumados Dominguez, but around 30% of annual sales were generated in November and December. Demand was in line with expectations in this period, and relatively stable salmon prices also helped the performance. Achernar in Argentina had a good start of the Rawson season in December, production volume in the month was 4% above the same period last year. The significant devaluation of the currency (ARS) in December had a positive impact on operation costs in the month but created a negative FX impact in the accounts. The labour market in Argentina has been unstable since the presidential change in December, which has had a disruptive effect on operations. Overall, the full-year normalized PBT of the VA S-Europe division was €0.7m, compared to €10.8m last year. In Q4 Normalised PBT was €2.0m which was in line with the same quarter 2022.

The VA N-Europe division, which solely consists of the operation of Oceanpath Group in Ireland after the sale of ISUK, showed a good performance in Q4. Sales in the period of €15.2m increased by 3% from Q4 2022. Demand during Christmas was strong, and profitability was in line with expectations. Salmon prices were relatively stable in the period, and whitefish sourcing improved from difficulties in Q3. The full year sales of Oceanpath Group in Ireland of €54.2m were 3% up on last year. Sales volume decreased by 11% from the prior year, but this was offset by price inflation. Full year profitability was impacted by steep salmon price increases in the first half of the year. The Normalised PBT of €2.0m was €2.1m up on last year but still €1.8m lower than in 2021.