CONSOLIDATED FINANCIAL STATEMENTS
The consolidated financial statements for the year 2020 are prepared in accordance with International Financial Reporting Standards (IFRS), as adopted by the European Union. The consolidated financial statements include the financial statements of Brims hf. and its subsidiaries.
OPERATIONS FOR THE YEAR 2020
The operating revenue of Brim hf. in 2020 amounted to €292.4 million, compared to €261.3 million the previous year. Operating income before depreciation (EBITDA) was €57.4 million or 19.6% of operating revenue, compared to €63.3 million or 24.2% the previous year. Financial expenses were €6.8 million, compared to €4.6 million the previous year. The effect of affiliates was positive by €0.8 million, compared to a negative effect of €1.6 million the previous year. Profit before income tax was €36.4 million, compared to €43.0 million the previous year. Income tax charged amounted to €7.5 million, compared to €9.3 million the previous year. Profit for the year was therefore €29.4 million, compared to €34.0 million the year before.
The average number of man-years in 2020 was 769 but was 798 in 2019. Wages and wage-related expenses amounted to a total of €66.9 million, compared to €76.6 million the previous year (ISK 10.3 billion at the average exchange rate for the year, compared to ISK 10.5 billion the previous year).
INCOME STATEMENT 2020
| Clear. | 2020 | 2019 | |
|---|---|---|---|
| Sales | 4 | 292.438 | 261.322 |
| Cost of sales | (233.023) | (188.969) | |
| Gross profit | 59.415 | 72.353 | |
| Other income | 6 | 0 | 214 |
| Export expenses | (7.071) | (10.420) | |
| Other expenses | 10 | (9.975) | (12.964) |
| Profit from operation | 42.369 | 49.183 | |
| Finance income | 1.967 | 448 | |
| Finance expenses | (7.611) | (6.372) | |
| Net foreign exchange difference | (1.135) | 1.306 | |
| Net finance expenses | 12 | (6.779) | (4.618) |
| Share of profit of associated companies | 17 | 819 | (1.552) |
| Profit before income tax | 36.409 | 43.013 | |
| Income tax | 13 | (7.516) | (9.283) |
| Profit from ongoing operations | 28.893 | 33.730 | |
| Discontinued operations | 5 | 472 | 228 |
| Profiit for the year | 29.365 | 33.958 | |
| EBITDA | 57.401 | 63.333 | |
| Earnings per share | |||
| Basic and diluted earnings per share (ISK) | 23 | 0,015 | 0,019 |
All amounts are in thousands of euros. To go to the financial statements click here
OVERVIEW OF THE OVERALL PERFORMANCE OF THE YEAR 2020
| Clear. | 2020 | 2019 | |
|---|---|---|---|
| Net earnings for the year | 29.365 | 33.958 | |
| Other comprehensive income: | |||
| Items that may be reclassified subsequently to profit or loss: | |||
| Translation difference | (2.699) | 466 | |
| Hedges for long-term liabilities | 22 | 89 | (335) |
| Total comprehensive income for the year | 26.755 | 34.089 |
All amounts are in thousands of euros. To go to the financial statements click here
FINANCIAL POSITION
The Group's total assets amounted to €765.0 million at the end of 2020. Whereof, fixed assets amounted to €647.9 million and current assets to €117.1 million. At the end of the year, the Group's total liabilities amounted to €427.5 million and equity amounted to €337.5 million. The equity ratio was 44.1% but was 45.3% at the end of 2019.
BALANCE SHEET 2020
| Clear. | 2020 | 2019 | |
|---|---|---|---|
| Assets | |||
| Operating assets | 14 | 188.475 | 169.224 |
| Operating assets under construction | 15 | 0 | 51.045 |
| Intangible assets | 16 | 329.689 | 297.997 |
| Investments in equity-accounted investees | 17 | 36.322 | 28.839 |
| Long-term receivables from related parties | 18 | 91.883 | 0 |
| Other investments, change | 19 | 1.493 | 2.399 |
| Total non-current assets | 647.862 | 549.504 | |
| Inventories | 20 | 56.898 | 59.768 |
| Trade and other receivables | 21 | 28.059 | 37.931 |
| Receivables from related parties | 33 | 10.573 | 0 |
| Cash and cash equivalents | 21.596 | 53.497 | |
| Total current assets | 117.126 | 151.196 | |
| Total assets | 764.988 | 700.700 | |
| Equity | |||
| Share capital | 20.052 | 19.913 | |
| Statutory reserve and share premium | 59.431 | 54.298 | |
| Translation reserve | 118 | 2.817 | |
| Other restricted earnings | 49.019 | 36.230 | |
| Retained earnings | 208.850 | 204.106 | |
| Total equity | 22 | 337.470 | 317.364 |
| Liabilities | |||
| Loans and borrowings | 24 | 256.469 | 249.780 |
| Deferred tax liability | 25 | 69.383 | 71.465 |
| Total non-current liabilities | 325.852 | 321.245 | |
| Loans and borrowings | 24 | 63.715 | 28.504 |
| Trade and other payables | 26 | 21.373 | 22.688 |
| Payables to related parties | 33 | 5.973 | 2.232 |
| Current tax liabilities | 25 | 10.605 | 8.667 |
| Total current liabilities | 101.666 | 62.091 | |
| Liabilities | 427.518 | 383.336 | |
| Total equity and liabilities | 764.988 | 700.700 |
All amounts are in thousands of euros. To go to the financial statements click here
CASH FLOWS
Net cash from operating activities amounted to €43.1 million in 2020, compared to €56.7 million the year before. Investments amounted to €83.0 million. Financing activities were positive by €8.0 million. Net cash from operating activities therefore decreased by €31.9 million and was €21.6 million at the end of the year.
CASH FLOWS 2020
| Clear. | 2020 | 2019 | |
|---|---|---|---|
| Operating activities | |||
| Rekstrarhagnaður ársins | 42.369 | 49.183 | |
| Profit from operations | |||
| Adjustments for: | 15.046 | 14.364 | |
| Depreciation and amortisation | (14) | (214) | |
| Profit from sale of operational assets | 57.401 | 63.333 | |
| Changes in current assets | (11.499) | 2.450 | |
| Changes in current liabilities | 11.572 | (2.353) | |
| Changes in current assets and liabilities | 73 | 97 | |
| Interest received | 951 | 466 | |
| Interest paid | (7.610) | (6.459) | |
| Paid taxes | (7.666) | (717) | |
| Net cash from operating activities | 43.149 | 56.720 | |
| Cash flows used in investing activities | |||
| Acquisition of operating assets | 14 | (23.963) | (7.080) |
| Acquisition of operating assets under construction | 15 | (12.401) | (11.702) |
| Proceeds from sale of operating assets | 1.840 | 21.993 | |
| Proceeds from sale of intangible assets | 0 | 12.329 | |
| Investment in subsidiaries less received cash | (17.286) | 11.631 | |
| Sale of subsidiaries less cash | 138 | 0 | |
| Long-term receivables from related parties | 18 | (29.763) | 0 |
| Proceeds from long-term receivables | 304 | 0 | |
| Other investments, change | (1.917) | (35) | |
| Net cash (used in) from investing activities | (83.048) | 27.136 | |
| Cash flows from financing activities | |||
| Dividends paid | (11.921) | (13.353) | |
| Purchase of own shares | 0 | (13.963) | |
| Proceeds from current loans and borrowings | 37.035 | (101.582) | |
| Proceeds from non-current loans | 5.375 | 103.345 | |
| Repayment of non-current loans and borrowings | (22.491) | (43.085) | |
| Net cash (used in) from financing activities | 7.998 | (68.638) | |
| Changes in cash and cash equivalents | (31.901) | 15.218 | |
| Cash and cash equivalents at the beginning of the year | 53.497 | 38.279 | |
| Cash and cash equivalents at year-end | 21.596 | 53.497 | |
| Investing and financing activities not affecting cash flows | |||
| Proceeds from sale of operating assets under construction | 64.155 | 0 | |
| Long-term receivables from related parties | (64.155) | 0 | |
| Investment in subsidiaries | (5.272) | 0 | |
| Sale of own shares | 5.272 | 0 | |
| Proceeds from sale of subsidiaries | 562 | 0 | |
| Long-term receivables | (562) | 0 | |
| Investment in subsidiaries | 0 | (31.105) | |
| Proceeds from increase in share capital | 0 | 31.105 |
All amounts are in thousands of euros. To go to the financial statements click here
MAIN RESULTS CONVERTED TO ISK
If the results of the income statement are converted to Icelandic krónur at the average exchange rate for the year 2020 (EUR 1 = ISK 154.52), revenue will be ISK 45.2 billion, EBITDA ISK 8.9 billion and profit ISK 4.5 billion. If the results of the balance sheet are converted to Icelandic krónur at the closing exchange rate of the year 2020 (EUR 1 = ISK 156.1), assets will total ISK 119.4 billion, liabilities ISK 66.7 billion and equity ISK 52.7 billion.
