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Investor Presentaiton

ICELAND ISI SEAFOOD 1H 2023 Presentation to Investors and Analysts • Impact of IS UK on ISI Group P&L 2023 £'m Operational results 1H 2023. (4,75) Provision against inventory Impairment Property Impairment equipment (0,52) (3,05) (4,02) Total impact in 1H results (12,33) Estimated results Jul-Aug (1,60) Provision against inventory Sales loss of shares (0,80) (0,30) Total impact in Q3 results (2,70) Total impact 2023 (15,03) Agreement reached to sell the operation of Iceland Seafood UK 100% of share capital of IS UK sold to Espersen A/S • Espersen A/S is a Danish value-added producer, with factory operations in Europe and Asia, with significant part of its sales into the UK retail market, Property, machinery and equipment kept by ISI but leased to Espersen post transaction. Ownership of machinery will transfer to Espersen at end of lease period, and they have option to buy the property at end of the lease. These assets have been revalued at £3.1m in the balance sheet at 30.6.2023 based on valuation of leasing agreements. Impairment of £7.1m included in loss from discontinued operation related to the revaluation, Intercompany loans from ISI to ISUK of £10.3m converted to equity prior to completion. Further injection required to net out negative equity and contribute to projected EBIT losses in the period from September to December 2023, Book value of equity at completion will amount to £0.3m, and will be sold at £1,000, Due diligence process has been completed, transaction documents are being finalised. Completion of the transaction will take place in September. The ISUK operation have had severe negative impact on the Group operations and financial results during the last 3.5 years, Estimated negative P&L impact during 2023 until the sale is £15.1m. In addition to the negative operational results to end of August, this amount includes £7.07m impairment of fixed assets, £1.32m of inventory write offs and sales loss of share capital of £0.3m, Total assets of the Group will reduce by €22m with the transaction, estimated that equity ratio will improve to 27-28% post sale. 2
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