Main Market Listing and Offering of New Shares
ISI
ICELAND
SEAFOOD
October 2019
Main Market Listing and
Offering of new shares
Strong cashflow generation
Financial activities
Growth requires
working capital
.
.
.
As a part of the company's value
added products are frozen and
seasonal they require inventory
build up
As Iceland Seafood's average
payment terms with its suppliers
is shorter than their customers
average payment terms growth
increases working capital
A large part of working capital is
financed through local banks in
Spain, currently at a margin of
about 1%
•
.
With increased working capital
financial activities will increase
Cashflow (EURM)
Operating profit
Depreciation and amortization
Other
2016
2017
2018
2019E
4.5
4.6
7.9
13.8
0.8
0.9
1.3
2.2
0.0
(0.0)
(0.3)
0.0
Changes in working capital
2.3
(6.7)
(0.9)
(4.6)
operations, which is a key driver
Cash from operations before interests and taxes
7.7
(1.2)
8.0
11.4
• Investments in current
in increasing the groups PBT to
EUR 20m in the next 3-5 years,
will partly be financed be debt
• It is assumed the proposed
equity increase will be used to
lower current debt which can be
increased again as needed when
investment opportunities arise
Interest paid/received
Income taxes paid
Net cash to discontinued operations
Net cash generated by operating activities
Investing activities
Financial activities
Cash flow for the period
(1.4)
(1.3)
(2.0)
(2.6)
(0.7)
(0.8)
(1.8)
(2.1)
1.0
(0.0)
(0.0)
(1.7)
6.5
(3.4)
4.1
5.0
(1.2)
(0.7)
(9.9)
(4.4)
(6.1)
4.5
7.7
(1.5)
(0.8)
0.4
1.8
(0.9)
*Cash flow assumes proposed equity increase will be used to temporally decrease debt instead of increasing cash.View entire presentation