Investor Presentaiton
ISI
ICELAND
SEAFOOD
Q3 2023
Presentation to Investors
and Analysts
Reduction in total assets of €40m from year
beginning, driven by the sale of ISUK and
reduced inventories
€ m's
30.9.2023
31.12.2022
Variance
€ m's
30.9.2023
31.12.2022
Variance
Fixed assets / Inv. property
31.3
27.6
3.7
Total Equity
66.1
81.4
(15.3)
Leased assets
1.7
1.7
0.0
Thereof minority interest.
1.7
2.0
(0.3)
Intangible assets
56.5
56.7
(0.2)
Long term borrowings
41.0
32.5
8.5
Fin. Lease rec./Def. tax/other
3.9
2.5
1.4
Lease liabilities
1.3
1.4
(0.1)
Non-Current Assets
93.4
88.5
4.9
Obligations/Deferred tax
2.8
3.3
(0.5)
Inventory
75.9
86.0
(10.1)
Non-Current Liabilities
45.1
37.2
7.9
Trade and other receivables
60.1
62.5
(2.4)
Short term borrowings
85.4
72.1
13.3
Other assets
10.1
9.7
0.4
Trade and other payables
43.8
52.5
(8.7)
Bank deposits
10.8
11.1
(0.3)
Other current liabilities.
9.9
10.7
(0.8)
Current Assets
156.9
169.3
(12.4)
Current liabilities
139.1
135.3
3.8
Assets classified as held for sale
Total Assets
0.0
32.5
(32.5)
250.3
290.3
(40.0)
Liab. associated w. assets held for sale
Total Equity and Liabilities
0.0
36.3
(36.3)
250.3
290.3
(40.0)
Total assets of €250.3m, down
€40.0m from the year beginning, as
a result of divestment of ISUK and
decrease in inventories.
Value of inventories €10.1m lower
than year beginning. Stocks in the
VA S-Europe division decreased by
€10.8m from year beginning,
Accounts receivables lower by
€2.4m from the year beginning, due
to lower sales. At the end of the
•
period, 86% of Group receivables
are insured.
Despite more challenging
environment, collections have
remained good, and receivable
write offs are insignificant.
10
•
Two offerings of 3 months' bills for
ISK 2.600m in total outstanding at
the end of September (EUR
17.2m). In both cases hedging was
put in place to fix the liability in EUR,
Bondholders of ISK 3.400m bond,
issued in 2021, approved a waiver
and amendment letter in October in
relation to the sale of ISUK. Interest
rates increased to 13%, to reflect
current market conditions,
.
Net debt, of €115.6m at the end of
September increased by €22.0m
from the year beginning
Funding headroom of €35.4m at the
end of September, including cash,
Total equity of €66.1m and an equity
ratio of 26.4% at the end of
September compared to 28.0% at
the end of 2022,
150m new shares issued in May,
which resulted in proceeds of €5.9m
in increased equity.View entire presentation