Investor Presentaiton
ICELAND
ISI SEAFOOD
Q3 2021
Presentation to Investors
and Analysts
Significant reduction in Inventory during Q3.
Balance sheet at end of September includes
impacts of the acquisition of AD
€ m's
Fixed assets
Leased assets
Intangible assets
30.9.2021 31.12.2020 Variance
€ m's
30.9.2021 31.12.2020 Variance
30.7
24.6
6.1
Total Equity
88.7
75.3
13.4
2.1
1.7
0.4
Thereof minority interest
2.3
0.1
2.2
62.6
52.7
9.9
Long term borrowings
36.9
22.8
14.1
Deferred tax/other
3.6
3.1
0.5
Lease liabilities
1.6
1.4
0.2
Non-Current Assets
99.0
82.1
16.9
Obligations/Deferred tax
2.9
2.5
0.4
Inventory
73.2
80.9
(7.7)
Non-Current Liabilities
41.3
26.7
14.6
Trade and other receivables
65.7
48.8
17.0
Short term borrowings
84.8
89.0
(4.2)
Other assets
7.1
6.4
0.7
Trade and other payables
39.1
39.3
(0.2)
Bank deposits
18.9
23.3
(4.4)
Other current liabilities
10.1
11.2
(1.1)
Current Assets
164.9
159.3
5.6
Current liabilities
134.0
139.5
(5.5)
263.9
241.5
22.4
Total Equity and Liabilities.
263.9
241.5
22.4
Total Assets
On the 27 September 2021, Iceland.
Seafood acquired 85% of the share
capital of Ahumados Dominguez (AD) in
Spain. Acquisition price was €12.4m,
resulting in provisional goodwill of €10m,
Inventories are €7.7m lower than at year
beginning, partly as a result of
increased sales. Inventory has
decreased by €9.9m during Q3, thereof
by €9.1m in IS-Iberica,
Trade receivables €17.0m higher than at
beginning of the year, reflecting
increased sales.
At end of September, 84% of Group.
receivables are insured, AD receivables
are still not insured. (Without AD the
ratio is 87%)
Net debt at end of September was
€102.8m which is €14.3m higher than at
the beginning of the year primarily due
to acquisition of AD,
Cash position is still strong, particularly
in IS-Iberica,
14
Private placement of ISK3.4bn (€23.1m) 4
years unsecured bond completed in June.
The issuance marks a milestone for the
Icelandic Capital Market. The bond is
listed on Nasdaq Iceland,
Total equity of €88.7m at end of
September, has increased by €13.4m
from year beginning, resulting in equity
ratio of 33.6% compared to 31.7% at end
of Q2.
Two offerings of 6 months bills for
ISK1.5bn each completed in the 9M
2021. Total fixed amount of bills at end of number of shares. Total proceeds was
September amounts to €20.9m,
Issuance of new shares in relation to the
acquisition of AD was 1,5% of outstanding
Group funding headroom (including bank
deposits) is around €54m at end of
September,
€4,5m.View entire presentation