Financial Statements

The consolidated financial statements for the year 2023 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.

• Financial Statement 2023

The operating revenue of Brim hf. in 2023 amounted to €437.2 million, compared to €450.9 million the previous year. Operating income before depreciation (EBITDA) was €97.2 million or 22.2% of operating revenue, compared to €117.7 million or 26.1% the previous year. Financial expenses were €14,3 million, compared to €4.2 million the previous year. The effect of affiliates was positive by €9.7 million compared to €2.0 million the previous year. Profit before income tax was €75.0million, compared to €99.1 million the previous year. Income tax charged amounted to €12.1 million, compared to €19.8 million the previous year. Profit for the year was therefore €62.9 million, compared to €79.3 million the year before.

The average number of full-time equivalents dureing the year 2023 was 694 but was 713 in 2022. Wages and wage-related expenses amounted to a total of €94.7 million, compared to €93.5 million the previous year (ISK 14.1 billion at the average exchange rate for the year, compared to ISK 13.3 billion the previous year).

The Group's total assets amounted to €949.7 million at the end of the year 2023. Whereof, fixed assets amounted to €779.4 million and current assets to €170.2 million. At the end of the year, the Group's total liabilities amounted to €472.8 million and equity amounted to €472.8 million. The equity ratio was 50.0% but was 48.1% at the end of 2022.

Net cash from operating activities amounted to €46.4 million in 2023, compared to €79.0 million the year before. Investments amounted to negative €138.6 million. Financing activities were negative by €35.6 million. Net cash from operating activities therefore decreased by €127.8million and was €34.2 million at the end of the year.

If the results of the income statement are converted to Icelandic krónur at the average exchange rate for the year 2023 (EUR 1 = ISK 149.14), revenue will be ISK 65.2 billion, EBITDA ISK 14.5 billion and profit ISK 9.4 billion. If the results of the balance sheet are converted to Icelandic krónur at the closing exchange rate of the year 2023 (EUR 1 = ISK 150.5), assets will total ISK 142.9 billion, liabilities ISK 71.8 billion and equity ISK 71.1 billion.

Value creation from the Group's operations in 2023 amounted to ISK 49.5 million. The amount was distributed to the community in a variety of ways, such as through wage payments to employees, payments of wage-related charges, purchases of supplies from suppliers, the payment of other public charges, etc.

The tax burden of the consolidated group in 2023 amounted to ISK 6.7 million, or 14% of its value creation. Approximately 35% of the amount is statutory dues relating to employees and 35% is income tax.

In addition to the taxes, recognised by the companies as an expense, the companies collected and paid taxes and dues not considered charges but which related, nevertheless, to their operation and the direct value they create. Such taxes collected amounted to ISK 4.6 million in 2023.

The Group's tax footprint in 2023 amounted to a total of ISK 11.4 million.