Investor Presentaiton
ICELAND
ISI SEAFOOD
Q3 2022
Presentation to Investors
and Analysts
Inventories €16.2m higher than the year
beginning, due to price increases but have
reduced by €7.5m in Q3
€ m's
Fixed assets
Leased assets
Intangible assets
30.9.2022
31.12.2021
Variance
€ m's
30.9.2022
31.12.2021
Variance
38.7
36.7
2.0
Total Equity
87.3
91.7
(4.4)
1.6
1.9
(0.3)
Thereof minority interest.
2.0
2.3
(0.3)
56.7
58.7
(2.0)
Long term borrowings
38.7
40.3
(1.6)
Deferred tax/other
3.3
4.9
(1.6)
Lease liabilities
1.3
1.5
(0.2)
Non-Current Assets
100.3
102.2
(1.9)
Obligations/Deferred tax
4.2
3.5
0.7
Inventory
93.5
77.3
16.2
Non-Current Liabilities
44.2
45.3
(1.1)
Trade and other receivables
70.0
65.7
4.3
Short term borrowings
94.1
81.6
12.5
Other assets
11.1
7.6
3.5
Trade and other payables
46.6
52.2
(5.6)
Bank deposits
6.9
27.8
(20.9)
Other current liabilities.
9.6
9.7
(0.1)
181.5
178.4
3.1
Current liabilities
150.3
143.5
6.8
280.6
1.2
Total Equity and Liabilities
281.8
280.6
1.2
Current Assets
Total Assets
Impairment of Goodwill (€1.6m) and
Deferred tax asset (€1.1m) of IS UK
reflected in the balance sheet on
30.9.2022,
Purchase price allocation concerning
the acquisition of Ahumados
Dominguez adjusted in the Q3
accounts, resulting in €3.9m reduction
of Goodwill, €5.1m increase of fixed.
assets, and €1.2m increase of deferred
tax. Comparative amounts in 2021 are
revised as well,
281.8
Inventories are €16.2m higher than at
the year beginning but reduced by
€7.5m in Q3. The value of inventories
in the S-Europe division is €14.4m
higher than at the year beginning,
Accounts receivables have increased.
by €4.3m from the year beginning,
driven by price increases. At the end
of September, 85% of Group
receivables are insured,
Cash position decreased by €20.9m
from year-end 2021.
A loan agreement of €20m with Arion
banki was extended for three years in
April 2022. The bank is providing
funding to the S&D division.
Two offerings of 6 months' bills for ISK
2.120 million in total outstanding at the
end of September,
Net debt at the end of September of
€125.9m increased by €31.7m from the
beginning, driven by an increase in
inventories and receivables.
Funding headroom of €34.5m at the end
of September, including cash
Total equity of €87.3m and an equity
ratio of 31.0% at the end of September
compared to 32.7% at the end of 2021.
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