Festi hf.: 2023 Annual report
08 2월 2024 - 2:34AM
UK Regulatory
Festi hf.: 2023 Annual report
Net profit of ISK 975 million in Q4 and 3,438 million in
12M 2023
Main results
- Sale of goods
amounted to ISK 35,235 million, compared to ISK 31,744 million in
the previous year, an increase of 11.0% between years.
- Gross profit from
sales of goods and services amounted to ISK 8,109 million, an
increase of 1,238 million or 18.0% between years.
- Profit Margins from
sales of goods and services were ISK 23.0%, unchanged from last
quarter and increases by 1.4 p.p. from Q4 2022.
- Salaries and other
personnel expenses increase by 5.9% and full-time equivalents by
4.0%.
- EBITDA amounted to
ISK 3,148 million compared to ISK 2,293 million in Q4 2022,
increase of 37.3% between years.
- Profit for the
quarter amounted to ISK 975 million, or 12.0% of margin and
increased by 37.7% from the year before.
- Equity at the end of
Q4 amounted to ISK 35,842 million with an equity ratio of
37.3%.
- Net cash from
operating activities was ISK 1,933 million or 23.8% of margin,
compared to ISK 1,830 million last year.
- Net interest-bearing
liabilities decreased by ISK 2,550 million in 2023.
- Profit for the year
amounted to ISK 3,438 million and earnings per share ISK 11.3. The
company’s board proposes to pay a dividend share of ISK 3 per share
or a total of ISK 904 million, which is 26.3% of the year’s
profit.
Ásta S. Fjeldsted, CEO of Festi:
"The operating results for the year were
good, despite a challenging operating environment. High global
commodity prices continued to have major impact on margins,
especially in the fuel part of the business. The effects of high
inflation and general wage increases negotiated in the labor market
had significant impact on all operating costs. In this environment,
focus is on finding ways to prevent price increases from suppliers
and on ways to cut operating costs. Commodity prices are expected
to remain high while conflict is ongoing in Ukraine and the
Mediterranean region, but hopes are that local inflation will
decrease as the year 2024 progresses.
Operating profit before depreciation and
amortisation in 2023 amounted to ISK 11,015 million (2022: ISK
10,020 million), increase of 9.9% between years. Net profit for the
year was ISK 3,438 million (2022: ISK 4,082 million), as high
interest rates increased the company‘s financial costs by ISK 1,127
million or 47.2% YoY. Increased business in all retail companies of
Festi resulted in improved EBITDA performance, especially in the
grocery sector, where turnover increased more than expected.There
was an increase in sales in all segments of the business, including
number of store visits. The management team continued to focus on
lowering operating costs through numerous actions, which also led
to better operational results than anticipated.
New executives took on key positions
within the group as part of organisational changes earlier in the
year: Ýmir Örn Finnbogason took over as Managing Director of N1,
Óðinn Árnason as Managing Director of Festi fasteignir and Eva
Guðrún Torfadóttir was appointed Managing Director of Bakkinn
vöruhótel (due from maternity leave, end of Q1).
Development and expansion of stores
continues. The Krónan store at Fiskislóð, Reykjavík, was opened
this autumn after major refurbishment, ELKO opened a new larger
store in Keflavik Airport, in November and N1 opened a new large
service station at Flugvellir 27, Reykjanesbær, at the end of the
year.
Digital services are continously being
improved, with the recent indroduction of new services in
the N1 app, where you can charge your car, order oil changes and
tire replacements, and book slots for changing and leasing tires
for short term periods, which is a novelty in Iceland as well as an
environmentally friendly solution. Krónan has significantly
expanded its services to areas where Krónan has no local store,
through the Krónan online store and started offering home delivery
in Northeast Iceland at the end of the year. It now serves
Akureyri, Dalvík, Ólafsfjörður, Siglufjörður, and Húsavík. This
expansion is expected to continue in the new year. ELKO‘s new B2B
website continues to grow, with B2B sales increasing year on
year.
On July 13, 2023 an agreement was reached
for the acquisition of all shares in Lyfja hf. which was
subsequantely approved at Festi‘s shareholder meeting at the end of
the summer. The investigation is in phase II with the Competition
Authority, which includes estimating the competitive effects of the
merger.
At year-end 2023, the Company is financially
strong with a strong equity position and overall is
well-equipped to tackle the tasks ahead. Management focus will
continue on efficiency and optimisation in 2024, as well as on
gaining more synergies within the Group to reduce unit costs and
price increases from suppliers.
We are proud of the results achieved in a challenging operating
environment, for which we first and foremost thank our loyal
customers and dedicated employees across Iceland.", says Ásta S.
Fjeldsted, CEO of Festi.
Investor meeting on 8 February at 8:30 GMT.
An investor meeting will be held on Thursday 8 February 2024, at
8:30 am GMT, at the Company´s headquarters at Dalvegur 10 – 14,
Kópavogur. Ásta S. Fjeldsted, CEO of Festi, and Magnús Kr. Ingason,
CFO of Festi, will present the results and answer questions.
The meeting will be streamed live on the Company´s website where
registration for the webcast will also take
place: https://www.festi.is/en/cc/results-q4-2023.
Participants attending virtually will be able to ask questions
during the meeting via the email fjarfestatengsl@festi.is.
Answers will be provided at the end of the presentation.
The presentation will be held in Icelandic though all material
will be available in English as well.
The presentation material will be available online after the
meeting on the Company’s
website: https://www.festi.is/en/r/reports-and-presentations.
- Festi hf - Company announcement Q4 2023
- Festi hf - Consolidated Financial Statements 2023 - signed
- 5493005OLOCYXGTC7E83-2023-12-31-en
N1 Hf (LSE:0QIS)
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N1 Hf (LSE:0QIS)
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