SKEL fjárfestingafélag hf.: 1Q 2023 announcement
11 Maio 2023 - 2:57PM
SKEL fjárfestingafélag hf.: 1Q 2023 announcement
PERFORMANCE OF OPERATING COMPANIES AND
LISTED SHARES IN 1Q 2023
The operating companies owned by SKEL are
Skeljungur and Klettur - sala and þjónusta and subsidiaries, Orkan
IS, Lyfjaval and Löður as well as Gallon.
The operations of the abovementioned companies
went well in the first quarter of 2023 and the combined EBITDA of
the companies amounted to 973 million ISK according to their
unaudited management accounts.
For comparison, the estimated EBITDA of the
companies for the first quarter was 547 million ISK. The result is
therefore somewhat stronger than expected. The profit estimates of
the companies were presented together with detailed assumptions
regarding the valuation of the assets in SKEL's annual
accounts and investor presentation for the last year.
Estimated EBITDA of the operating companies for
the entire year 2023 amounts to 3,970 million ISK and the companies
have therefore achieved around 25% of the year's estimation after
the first quarter, which has historically been worse than the
second and third quarters.
The operating figures in this press release
exclude impact from the IFRS 16 accounting standard. The effect of
that is that leases are charged among operating costs in the income
statement – with the effect that EBITDA will be lower – instead of
the right-of-use being charged with depreciation and interest
charged among financial items as required by the IFRS 16 standard.
The impact of IFRS 16 on the companies’ EBITDA is about ISK 249
million increase during the quarter.
Profit from the company's listed assets amounted
to 232 million ISK in the first quarter of 2023. The main listed
equity holdings at the end of the quarter are 2,951 million ISK in
VÍS and 2,513 million ISK in Kaldalón.
MAIN NEWS OF SKEL’S PORTFOLIO IN 1Q
2023
On February 10, Skeljungur’s acquisition
of Klettur - sala og þjónusta ehf. was finalised. At the same time,
SKEL finalised the acquisition of Klettagarðar 8-10 ehf., the
company that owns and operates the premises that house Klettur’s
business operations. The estimated EBITDA of Klettur in 2023 is 499
million ISK. The operations of Klettur are going well and bear all
the signs of a company that has been well run for a long time.
A new purchase agreement was entered into on 15
February for the sale of all of SKEL’s shares in Sp/f Orkufelagið,
the holding company for P/F Magn in the Faroe Islands. The
pre-emption round has now ended and several shareholders have
exercised their pre-emptive rights and subsequently paid their
purchase price into an escrow account. The transaction is being
examined by the competition authority in the Faroe Islands and SKEL
expects that the transaction will be finalised and the purchase
price will be paid in the first half of the year.
On March 6, SKEL acquired 200 million shares in
Kaldalón. Following the acquisition, SKEL is the largest
shareholder in Kaldalón with 1,410 million shares, representing a
total of 14.47% of the share capital.
On March 22, SKEL invested in the Swedish
fintech company Focalpay for approximately 15 million SEK,
acquiring a nearly 10% stake in the company. Focalpay was founded
two years ago and has developed groundbreaking infrastructure that
combines payment and retail processes into one system. Focalpay
already has customers in Scandinavia and plans to enter the
European market this fall.
On March 29, Orkan acquired a 42% stake in
Lyfjaval and subsequently owns the entire share capital of the
company. Lyfjaval operates seven pharmacies, including four
drive-in outlets.
ÁSGEIR HELGI REYKFJÖRD GYLFASON,
CEO:
"The year 2023 is off to a good start and the
results of the operating companies in the first quarter are
pleasing. It must be taken into account that strikes and other
events posed challenges for the companies – which were resolved in
a good way.
In the strategy phase for the operating
companies last year, the focus was on creating independent,
sales-driven companies with a clear strategy and differentiation in
their respective markets. It is gratifying that this work is
resulting in the companies’ performance exceeding our plans for the
first three months of the year.
Completing the acquisition of Klettur during the
quarter was an important step. The acquisition represents a
strategic transaction that forms a part of building up a strong
universal service company for the Icelandic economy. We have
acquired a strong company that we believe can grow even stronger
alongside Skeljungur. We have used the time well and had
discussions with interested parties to join us on our journey
ahead.
Ahead are the months that have historically been
the largest in terms of sales for the operating companies. The
outlook for the summer is good.
We have announced preparation of a new force in
the retail market during the first quarter and the appointment of
Gréta María Grétarsdóttir as CEO of Heimkaup. We want to increase
competition in retail and thus creating value for our
shareholders.
Overall, we are pleased with the results and the
development of the portfolio. Our strategy is to continue unabated
on the path that has been set and advance in the markets in which
our companies operate."
DISCLAIMER:It should be noted
that the aim of this press release is mainly to give investors and
others an insight into the operation of unlisted companies owned by
SKEL, as well as to report on other significant matters related to
SKEL’s operations. This is not a quarterly statement, as SKEL has
informed that it will not publish quarterly statements for the
first and third quarters. An announcement comparable to this one
will be published on Q3. Furthermore, information on the
performance of the operating companies is based on information from
the management that has not been audited or reviewed. All operating
figures in this press release are without effects of IFRS16.
Financial results for 1H will be published
16 August. For further information, fjarfestar@skel.is
Skeljungur (LSE:0RL0)
Gráfico Histórico do Ativo
De Abr 2024 até Mai 2024
Skeljungur (LSE:0RL0)
Gráfico Histórico do Ativo
De Mai 2023 até Mai 2024