Iceland Seafood Q1 2023 Investor Presentation
ICELAND
ISI SEAFOOD
Q1 2023
Presentation to Investors
and Analysts
Receivables €17.1m higher than at the
beginning of the year, driven by increased
sales in March
€ m's
Fixed assets
Leased assets
Intangible assets
31.3.2023
31.12.2022
Variance
€ m's
31.3.2023
31.12.2022
Variance
29.1
27.6
1.5
Total Equity
78.7
81.4
(2.7)
1.7
1.7
0.0
Thereof minority interest
1.8
2.0
(0.2)
56.6
56.7
(0.1)
Long term borrowings
33.7
32.5
1.2
Deferred tax/other
2.3
2.5
(0.2)
Lease liabilities
1.4
1.4
0.0
Non-Current Assets
89.7
88.5
1.2
Obligations/Deferred tax
3.2
3.3
(0.1)
Inventory
82.0
86.0
(4.0)
Non-Current Liabilities
38.3
37.2
1.1
Trade and other receivables
79.6
62.5
17.1
Short term borrowings
81.1
72.1
9.0
Other assets
10.1
9.7
0.4
Trade and other payables
55.5
52.5
3.0
Bank deposits
8.9
11.1
(2.2)
Other current liabilities.
10.1
10.7
(0.6)
Current Assets
180.6
169.3
11.3
Current liabilities
146.7
135.3
11.4
Assets classified as held for sale
Total Assets
35.0
32.5
290.3
2.5
15.0
Liab. associated w. assets held for sale
Total Equity and Liabilities
41.6
36.3
5.3
305.3
290.3
15.0
Total assets of €305.3m, up €15m
from the year beginning, driven by
an increase in receivables. The size
of balance sheet is at a high point
at end of March, will reduce in Q2,
Value of inventories €4.0m lower
than year beginning. Stocks in the
VA S-Europe division decreased by
€4.8m in Q1 23,
Accounts receivables increased by
€17.1m from the year
305.3
beginning, driven by increased
sales, especially in the S-Europe
division. At the end of the period,
87% of Group receivables are
insured,
Two offerings of 6 months' bills for
ISK 2.120 million in total outstanding
at the end of March.
Net debt, excluding IS UK, of
€106,0m at the end of March
increased by €12.4m from the year
beginning, driven by the increase in
working capital.
Funding headroom of €26.3m at the
end of March, including cash,
Total equity of €78.7m and an equity
ratio of 25.8% at the end of March
compared to 28.0% at the end of
2022.
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