Main Market Listing and Offering of New Shares
ISI
ICELAND
SEAFOOD
October 2019
Main Market Listing and
Offering of new shares
•
Solid financial position, good
platform for future growth
Comparative asset increase explained by working
capital requirements of value added segment
Total assets (excl. intangible assets and cash) have increased by ca. 140%
from 2016 compared to a revenue increase of 80%, as the revenue
increase has been driven by value added activities, requiring more
inventory than S&D
•
Equity ratio increasing from about 20% in 2017
to an estimated 40% by year-end 2019
Equity ratio is estimated to be ca. 40% at year-end, following a proposed
equity increase and increased profitability
Minority stake is owned by the management of Oceanpath and
Havelock, who own 33% in each company respectively
•
Goodwill has almost quadrupled with most recent acquisitions
Assets (EURM)
2016
2017
2018
2019E
Equity & liabilities (EURm)
2016
2017
2018
2019E
Property, plant and equipment
8.7
8.5
14.4
20.4
Equity
15.4
17.7
59.3
81.1
Intangible assets
9.0
8.9
44.7
44.5
Thereof minority stake
0.1
0.1
2.9
3.9
Other long-term assets
1.2
1.6
2.7
2.4
Equity ratio
20.5%
20.1%
30.6%
39.7%
Total non-current assets
18.9
18.9
61.8
67.3
Non-current borrowings
1.6
0.9
6.6
8.3
Inventories
20.0
30.6
62.1
65.8
Other non-current liabilities
0.4
0.6
1.7
5.4
Trade and other receivables
32.9
35.1
62.5
64.7
Current borrowings
34.9
40.2
75.8
57.6
Other current assets
1.4
1.3
3.5
3.5
Trade and other payables.
19.6
25.6
44.9
46.1
Cash and cash equivalents
1.8
2.2
4.0
2.8
Total current assets
56.2
69.2
132.0
136.8
Other current liabilities
Total liabilities
3.2
3.1
5.4
5.5
59.7
70.4
134.5
123.0
Total assets
75.0
88.2
193.8
204.1
Total equity and liabilities
75.0
88.2
193.8
204.1View entire presentation