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Image: Brim / FIS

Release of Financial Statements 2023 for Brim hf.

Click on the flag for more information about Iceland ICELAND
Monday, February 26, 2024, 01:00 (GMT + 9)

Good operations and strong financial position

Fourth Quarter (4F)

  • Operating income in 4Q 2022 was 101.7 m€ compared to 97.1 m€ in 4Q 2022.
  • EBITDA amounted to 18.5 m€ in 4Q compared to 15.4 m€ in the same period of 2022.
  • Profit in 4Q was 8.8 m€ compared to 7.2 m€ in 4Q 2022
  • The year 2023
  • Operating income for the year 2023 was 437.2 m€ compared to 450.9 m€ in 2022.
  • EBITDA in 2023 was €97.2 m (22.2%), but was €117.7 m (26.1%) in 2022.
  • The profit for the year 2023 was 62.9 m€, but was 79.3 m€ the previous year.
  • Earnings per share were €0.033 but were €0.041 in 2022.
  • Total assets at the end of the year were 949.7 m€ compared to 942.9 m€ at the end of 2022.
  • At the end of the year, the equity ratio was 50% and equity totaled €472.8m.

Source: Brim

Main points from the activity

The operation of the demersal fish division during the year produced a lower margin than in the previous two years, mainly due to conditions in the markets where there was pressure on product prices. The price of frozen sea cod products fell the most, while the price of land-based products remained relatively stable. There were some changes in the allocation of catch authorizations for the quota year 2023/2024.

Fishing and processing of pelagic fish went well during the year. It was good to sell capelin roe, but the sales of capelin roe slowed down considerably, and there was also a considerable drop in the price of capelin roe due to high production. The sale of fur coats was slower than expected due to the situation on the border between Poland and Ukraine. Sales of mackerel products went well and prices were comparable between 2022 and 2023. There was a high demand for herring products and prices were higher than the previous year. The markets for flour and fish oil products were very strong and product prices were good.

In 2023, the catch of the company's vessels was 44 thousand tons of bottom fish and 165 thousand tons of pelagic fish, compared to almost 43 thousand tons of bottom fish the previous year and almost 164 thousand tons of pelagic fish. The fleet of the group was 10 ships at the end of the year.

In April, the transaction regarding Brim's purchase of a 50% share in the Danish company Polar Seafood Denmark A/S (PSD) was finalized. PSD is a sales company, processor and exporter of high quality seafood products from the North Atlantic.


Operating income of Brims hf. in 2023 amounted to 437.2 m€ compared to 450.9 m€ the previous year. Operating profit before depreciation (EBITDA) was 97.2 m€ or 22.2% of operating income, but was 117.7 m€ or 26.1% the previous year. Net financial expenses were 14.3 m€ compared to 4.2 m€ the previous year.

The effect of affiliates was positive by 9.7 m€, but was 2.0 m€ the previous year. Profit before income tax was 75.0 m€, compared to 99.1 m€ the previous year. Paid income tax amounted to 12.1 m€, but was 19.8 m€ the previous year. The profit for the year was therefore 62.9 m€, compared to 79.3 m€ the previous year.

Source: Brim -->

The average number of annual works in 2023 was 694, but was 713 in 2022. Salaries and salary-related expenses totaled 94.7 m€, compared to 93.5 m€ the previous year (14.1 billion ISK at the average exchange rate for the year compared to 13.3 billion the previous year ).


The company's total assets amounted to 949.7 m€ at the end of 2023. Of this, 779.4 m€ were fixed assets and 170.2 m€ were current assets. The company's financial position is strong and its equity amounted to €472.8m and the equity ratio was 50.0%, but was 48.0% at the end of 2022. The company's total debt at the end of 2023 was €476.9m.

Cash flow

Cash from operations amounted to 46.4 m€ in 2023, but was 79.0 m€ the previous year. Investment movements were 138.6 m€. Financing movements were negative by €35.6m. Cash therefore decreased by €127.8 m during the period and was €34.2 m at the end of the year.

Source: Brim

Main results transferred to Icelandic krónur

If the results of the profit and loss account are calculated in ISK at the average exchange rate of the year 2023 (1 euro = 149.14 ISK), the income was 65.2 billion ISK, EBITDA 14.5 billion and profit 9.4 billion. If the results of the balance sheet are calculated in Icelandic króna at the closing exchange rate of the year 2023 (1 euro = 150.5 isk), assets totaled 142.9 billion ISK, liabilities 71.8 billion and equity 71.1 billion.

Guðmundur Kristjánsson, CEO:

"Brim's operations were solid in 2023, although there were ups and downs in the company's operations. Permits for fishing increased for some fish species, but decreased for others and even disappeared like for deep-sea bass, but that fishing was suddenly banned like a thunderbolt out of the blue. In our foreign markets, the situation is different. In some places there is a war and the government is insecure and inflation is raging in many places, which has many effects on our customers.

During the year, the strength inherent in diversified operations was clearly evident, as the performance of the pelagic sector was good, while the operation of the demersal fish sector was more difficult. The operation was therefore excellent as a whole, the company's income was 65.2 billion ISK and profit amounted to 9.4 billion ISK or 14.4% of the year's operating income.

Brim's economy is as solid as ever, total assets are around ISK 143 billion and equity is ISK 71.1 billion, which is half of the assets.

The uncertainty in the operation of a fishing company is manifold, not least when wars are raging close to our markets in Europe and the rest of the world is struggling with price increases and inflation. In this country, uncertainty is added when the administration and the government repeatedly announce changes to the conditions in the operation of the industry and the framework that the companies have adapted to for decades. Any exploitation of resources calls for long-term thinking and investments that pay off in decades. Stability creates conditions for increased profitability.

The basic prerequisites for the operation of industries such as the fishing industry are clear rules of the game and foresight, and that is what Iceland needs to emphasize."

General meeting

General meeting of Brims hf. will be held on Thursday, March 21, 2024 at 4:00 p.m. More information will be provided on the company's website www.brim.is.

Proposal of the board of directors at the general meeting on dividend payment

According to the company's policy that was presented in the company's registration prospectus in 2014, the company's board proposes that the dividend payment in 2024 for the operating year 2023 will be ISK 2.0. per share, or 3,851 million ISK (about 25.6 million euros at the closing exchange rate of 2023, or 25.9 million euros incl. the exchange rate of the euro on February 21), or 2.39% of the market value of the shares at the end of 2023. The dividend will be paid on April 30, 2024. The last trading day on which dividends are attached to the bonds is March 21, 2024, and the dividend-free date is therefore March 22, 2024.

The dividend rights day is March 25, 2024. Dividends are paid to those registered in the company's share register at the end of the dividend rights day.

Source: Brim

Approval of annual accounts

The financial statements were approved at the board meeting of Brims hf. 22 February 2024. The financial statements are in accordance with International Financial Reporting Standards (IFRS) and have been audited by the company's auditors.

Brim hf.

Brim is a powerful fishing company that works in harmony with society and the environment. We contribute to value creation through product development, technical solutions and powerful staff. Through responsible fishing and processing, where the emphasis is on sustainability and innovation, we ensure that the fishing industry will continue to be a pillar of Icelandic society. We look for all possible ways to minimize the impact of our activities on the environment, whether at sea or on land.

Financial calendar

  • General meeting on March 21, 2024
  • Dividend payment date April 30, 2024
  • First quarter May 23, 2024
  • Second quarter August 29, 2024
  • Third quarter 21 . November 2024
  • Fourth quarter February 27, 2025

Source: Brim (Translated from the original in Icelandic)



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