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Festi Hf.: 2023 Annual Report
Festi hf.
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.
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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.
Attachments
Landsbankinn Hf.: 2023 Financial Results Of Landsbankinn
Landsbankinn's after-tax profit in 2023 was ISK 33.2 billion and return on equity was 11.6%.
The Board of Directors intends to propose to the Bank's AGM that the Bank pay a dividend in the amount of ISK 16.6 billion in 2024.
The interest margin of domestic households is 2% and remains stable between years.
Operating expenses rise in line with a general price increase, but the Bank's cost-income ratio has never been lower, or 33.7%.
Profit in the fourth quarter of 2023 was ISK 10.8 billion and return on equity 14.5%.
Rising prices of equities and non-domestic bonds in the Bank's asset portfolio in 2023 amounted to ISK 15.3 billion.
For the fifth year in a row, customers in the banking market are most satisfied with Landsbankinn's services, according to the Icelandic Performance Satisfaction Index 2023.
The Bank's green bond issuance was very successful and green funding now makes up 46.5% of its non-domestic funding profile and 26.6% of total borrowing.
The Bank publishes detailed sustainability information today, including calculation of the carbon footprint of its credit portfolio, which has decreased by 8% compared to the reference year, 2019.
The Pillar III risk report for 2023 is published alongside the annual financial statements.
Landsbankinn's Annual & Sustainability Report will be published 15 February 2024.
Landsbankinn's after-tax profit in 2023 was ISK 33.2 billion (2022: ISK 17.0 billion). Return on equity (ROE) was 11.6% in 2023 after tax (2022: 6.3%). Net interest income was ISK 57.6 billion in 2023 (2022: ISK 46.5 billion). The net interest margin on average total asset position was 3.0% in 2023 (2022: 2.7%). Net fee and commission income amounted to ISK 11.2 billion in 2023 (2022: 10.6 billion). Other operating income was positive by ISK 5.1 billion (2022: negative by ISK 3.8 billion). Net gain on financial assets and liabilities at fair value was ISK 6,719 million (2022: ISK 7,936 million loss). Fair value changes to bonds are positive by over ISK 6 billion. Non-domestic base interest rates have increased in 2023 compared with negative interest in 2022. The fair value increase of an unlisted shareholding in Eyrir Invest hf. Is ISK 9.3 billion in 2023 (2022: ISK 10,500 million decrease). Net credit impairment was ISK 3.1 billion in 2023 (2022: net release of ISK 2.5 billion), with ISK 1,670 million thereof being a collective provision against uncertainty concerning the financial impact of the seismic and volcanic activity on the Reykjanes peninsula. The change between years is mainly from loans past due and the aforementioned natural disaster, in addition to a credit release from the reversal of a collective provision for Covid-19.
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The Bank's operating income in 2023 was ISK 73.8 billion (2022: ISK 53.3 billion). Operating expenses were ISK 28.2 billion in 2023 (2022: ISK 25.9 billion). Of that amount, salaries and related expenses were ISK 15.9 billion (2022: ISK 14.5 billion). Other operating expenses were ISK 10.1 billion in 2023 (2022: ISK 9.3 billion). Pre-tax profit in 2023 amounted to ISK 45.6 billion (2022: ISK 27.4 billion). Imputed taxes, including a special tax on the total liabilities of financial undertakings and a special financial management tax on wages, amount to ISK 15.5 billion in 2023, compared with ISK 2022 billion in 2020. ISK 13.2 billion The cost/income ratio in 2023 was 33.7% in 2022, down from 43.2% in 2021. 46.8% Total assets grew by ISK 173.8 billion between years and amounted to ISK 1,961 billion at year-end 2023. Lending increased by 5.6% between years, or by ISK 86.5 billion. At year-end 2023, deposits from customers amounted to ISK 1,048.5 billion (2022: ISK 967.9 billion) up by ISK 80.7 billion. Equity at year-end 2023 amounted to ISK 303.8 billion (2022: ISK 279.1 billion). In 2023, Landsbankinn paid ISK 8.5 bn in dividend to shareholders. The Bank's CAR at year-end 2023 was 23.6% (2022: 24.7%). The Financial Supervisory Authority of the Central Bank of Iceland (FSA) sets Landsbankinn's total capital requirement at 20.2%. The Board of Directors of Landsbankinn intends to propose to the AGM, scheduled to be held on 20 March 2024, that shareholders be paid a dividend amounting to ISK 0.70 per share for the year 2023, a total amount of ISK 16.6 billion. The dividend is equivalent to 50% of the Group's 2023 profit. Should this proposal be approved, dividend paid by Landsbankinn in 2013-2024 will amount to ISK 191.7 billion.
Lilja Björk Einarsdóttir, CEO of Landsbankinn: "Landsbankinn delivered robust results in 2023. The Bank is well funded, its cost-income ratio is low by international standards and its dividend capacity is strong. All aspects of the Bank's operation returned good results and return on equity was 11.6%, higher than the Bank's long-term profitability target. Higher returns on liquid assets, a turnaround in the stock market, lending growth and altered balance sheet composition are the main drivers of increased profit between years. It is good to see that the household interest margin remains stable despite high interest rate levels.
Landsbankinn's app and other digital solutions are very popular. Our customers also appreciate being able to get advice and assistance in our 35 branches and outlets throughout Iceland, in addition to access to our extremely capable Customer Service Centre. As visits to branches grow fewer, we have involved employees in rural Iceland in consultations and other service provided over the phone, email and remote meetings; service that doesn't depend on physical location. This bolsters our operation in all parts of the country, allows us to mitigate pressure and boost service. In 2023, branches in rural Iceland handled 80% of all advisory service in remote meetings and 70% of phone consultations.
Landsbankinn has provided firm support for the people of Grindavík in the uncertainty that continues about seismic and volcanic activity. Our trusted network of fantastic advisors certainly proved their mettle when the Bank contacted all Grindavík customers who have mortgages with the Bank and helped them take advantage of the payment deferral and cancellation of interest and indexation.
The Bank is strongly placed in the corporate market and leading in many sectors, such as seafood and fisheries, and in construction. Around 3,600 apartments currently under construction are financed by the Bank which corresponds to around half of all current construction projects. Landsbankinn Corporate Finance had a very good year and the Bank's Acquiring Service has been extremely well received since the service was launched in 2022. We will continue to grow Landsbankinn's service platform and diversify income sources.
The Bank is a leader in open banking as provided for in PSD2, legislation that is intended to support competition in the financial market. Customers reap the benefit of this technological lead, including in Landsbankinn's app, which now includes features that no other banking app has. This development will continue and we will soon launch new features that will simplify borrowing and refinancing of housing mortgages even simpler.
Successful bond issuance in 2023 is a testament to confidence in the Bank in both domestic and international credit markets. The Bank's most recent green issuance, which was oversubscribed five times over, was extremely successful and, as a result, now almost 50% of the Bank's international funding is green.
Economic uncertainty has certainly not lessened in recent months. We all feel the effect of persistent inflation and high interest rates which are increasingly hampering business activities. With that in mind, it is positive to see that even despite more stringent demands made of financial undertakings, the cost of banking service has not increased. To the contrary - concerted efforts spanning several years to achieve simpler and more efficient operations has resulted in one of the lowers cost-income ratio in banking anywhere in the world. This has contributed to a lower interest margin for households. It should also be noted that the Bank's growing balance sheet allows us to offer the country's largest companies competitive terms and services. In so doing we contribute to a flourishing domestic economy and continued value creation that forms the foundation for welfare in Iceland. Landsbankinn's purpose is to ensure trusted banking for the future and we intend to continue to be a leader in Icelandic banking service."
Landsbankinn's financial calendar
Annual General Meeting, 20 March 2024
Q1 2024 results 2 May 2024
Q2 2024 results 18 July 2024
Q3 2024 results 23 October 2024
2024 results 6 February 2025
For further information contact:
Public Relations, pr@landsbankinn.Is
Investor Relations, ir@landsbankinn.Is
Attachments
Síminn Hf. - Results For The Fourth Quarter Of 2023 And For The Year 2023
Financial highlights Q4 2023
Orri Hauksson, CEO:
"The year 2023 went well for Síminn, the first full year after the sale of Míla. The transformation of Síminn's group into an asset-light service company is the biggest change that has taken place in the company's 118-year history. Revenue growth was mainly in the second half of the year, especially in the mobile and TV segments, while internet revenues showed moderate growth. One of the main projects of this year will be to strengthen this company's largest revenue source.
Inflation during the year put pressure on service contracts with Síminn's suppliers, but most of these contracts are indexed directly or indirectly. Síminn got through this crisis well and it is clear that with stable prices going forward, the company has good tools to manage operating costs.
The efforts of recent years in investments resulted in improved customer service and record utilization of the company's products. Multiple reforms were undertaken in Síminn's operations, such as the updating of various internal systems and the continued development of the 5G system in collaboration with Míla. According to a recent study by a German measurement company commissioned by the Telecommunications Agency, Síminn offers the best mobile network in Iceland. Internet quality was also improved in homes and companies, as well as investing heavily in TV content that Icelandic consumers appreciate. Síminn also recently acquired three companies that work in the field of environmental advertising, which will greatly strengthen the company's product offering in the field of advertising.
Investments are now rapidly decreasing again and will be significantly lower than depreciation in the years 2023 and 2024. That development strengthens cash flows and capital formation. Low leverage has allowed Síminn to direct funds to the purchase of its own shares, while there is a lack of external growth opportunities. Despite the high level of interest rates in Iceland, Síminn has been able to finance itself with methods that are well suited to the development of the company's operations. We use bonds, notes and bank loans on terms that are among the best available in Iceland.
Síminn continued to increase its lending to individuals through the revolving card Léttkort. Loans amounted to three billion ISK at the end of the year and they continue to grow. An electronic order book for purchasing authorization is now offered for purchases between companies, which customers have received very well. This service is based on the issuance of a new credit card for businesses, which is expected shortly.
Popularity of Síminn's TV service has never been higher and over million orders were made each week throughout last year. In particular, we are proud to support Icelandic productions, but Síminn premiered four national TV series of the six that were produced nationwide. This year, six of the eleven seriesin Iceland will be produced by Síminn. It should be noted that Síminn itself does not benefit from any state subsidies, but the company's main competitors in this field are state-owned companies on the one hand and state-subsidized private companies on the other.
Development project with two of the biggest sport associations of Iceland,HSÍ and KSÍ, on live broadcasts from sport games, both domestically and abroad, began this winter and will increase in quality in the near future. Next Saturday, a record will be set in the field of AI-controlled television broadcasts in Iceland, when Síminn conducts 17 live broadcasts on the same day.
The person who has one of the greatest honors for this leadership role of Síminn in the field of Icelandic media in recent years, Magnús Ragnarsson the CMO, will leave Síminn shortly. In addition to his key role in the transformation and remarkable growth of Síminn's media in recent years, Magnús has led the company's product development and innovation in many other areas. Magnús will be regretted, and it will be our remaining task to take over the good development he has carried out."
Investor meeting 21 February 2024
An investor presentation will be held on Wednesday 21 February 2024 at 8:30 am at Síminn's headquarters in Ármúli 25, Reykjavík. During the meeting, Orri Hauksson CEO and Óskar Hauksson CFO will present the financial results. The meeting will be held in Icelandic. Documents for the meeting are available in Nasdaq's Iceland company news and on the company's investor relations website https://www.Siminn.Is/fjarfestar/quarterly-results.
The meeting is webcasted on: https://www.Siminn.Is/fjarfestar/fjarfestakynning.
The English version of the consolidated financial statements will be available at https://www.Siminn.Is/fjarfestar/quarterly-results later this month.
Further information:
Orri Hauksson, CEO (orri@siminn.Is)Óskar Hauksson, CFO (oskarh@siminn.Is)
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