Investor Presentaiton
ICELAND
ISI SEAFOOD
1H 2023
Presentation to Investors
and Analysts
Finance position strengthened in May with
share issuance of €5.9m
€ m's
Fixed assets
Leased assets
Intangible assets.
30.6.2023 31.12.2022 Variance
€ m's
30.6.2023
31.12.2022 Variance
29.3
27.6
1.7
Total Equity
71.5
81.4
(9.9)
1.8
1.7
0.1
Thereof minority interest
1.8
2.0
(0.2)
56.5
56.7
(0.2)
Long term borrowings
33.0
32.5
0.5
Deferred tax/other
2.9
2.5
0.4
Lease liabilities
1.4
1.4
0.0
Non-Current Assets
90.5
88.5
2.0
Obligations/Deferred tax
3.1
3.3
(0.2)
Inventory
83.4
86.0
(2.6)
Non-Current Liabilities
37.5
37.2
0.3
Trade and other receivables
56.2
62.5
(6.3)
Short term borrowings
77.2
72.1
5.1
Other assets
8.0
9.7
(1.7)
Trade and other payables
42.9
52.5
(9.6)
Bank deposits
9.3
11.1
(1.8)
Other current liabilities
6.9
10.7
(3.8)
Current Assets
156.9
169.3
(12.4)
Current liabilities
127.0
135.3
(8.3)
Assets classified as held for sale
Total Assets
25.2
32.5
(7.3)
272.6
290.3
(17.7)
Liab. associated w. assets held for sale
Total Equity and Liabilities
36.6
36.3
0.3
272.6
290.3
(17.7)
•
Total assets of €272.6m, down
€17.7m from the year beginning,
driven by a decrease in receivables
and impairment of property and
equipment in UK of €8.3m,
Value of inventories €2.6m lower
than year beginning. Stocks in the
VA S-Europe division decreased by
€2.7m from year beginning,
Accounts receivables decreased by
€6.3m from the year beginning,
thereof €3.1m in Iceland. At the
•
end of the period, 90% of Group
receivables are insured.
Credit controls becoming more
important than before. However,
collections have remained good,
and receivable write offs are
insignificant.
11
•
•
Two offerings of 3 months' bills for
ISK 2.800m in total outstanding at
the end of June (EUR 18.7m). In both
cases hedging was put in place to fix
the liability in EUR,
Net debt, excluding IS UK, of
€100.9m at the end of June
increased by €7.3m from the year
beginning.
Funding headroom of €32.6m at the
end of June, including cash,
•
Total equity of €71.5m and an equity
ratio of 26.2% at the end of
June compared to 28.0% at the end
of 2022. Equity ratio expected to
increase to 27-28% post divestment
of IS UK,
150m new shares issued in May,
which resulted in proceeds of €5.9m
in increased equity.View entire presentation