Festi hf.: Financial results for Q2 2020
Main results
- Margin from sales of goods and services was ISK 5,244 million compared to ISK 5,048 million in Q2 2019, an increase of 3.9%
- EBITDA ISK 1,703 million compared to ISK 1,892 million in Q2 2019, a decrease of 10%
- Decline in performance as a result of Covid-19 restrictions
- Equity ISK 29,274 million and equity ratio 35.5% compared to 35.3% at the end of year 2019.
- Net interest-bearing debt without lease liabilities ISK 28,569 million compared to ISK 28,011 million at end of year 2019.
- EBITDA guidance for 2020 is unchanged at ISK 7,100 – 7,700 million
Eggert Þór Kristófersson, CEO of Festi:
,,We have been fighting through a world epidemic and in light of this situation we are very pleased with the 2020 second quarter result, which is in line with our expectations. I want specially to praise our employees for their dedication and hard work, which had a large effect on our good results in the second quarter. Krónan and ELKO increased their sales by close to 15% YoY and N1 operation did well despite low traffic, decrease in number of tourists and less activity in the fishing industry. The acquisition of Íslensk orkumiðlun and Ísey Skyr Bar will give a boost to the operations going forward. The company has an equity ratio of 35.5% and a strong cash flow position. The business outlook is good, and the company is well equipped to handle the projects that lie ahead” says Eggert Þór Kristófersson, CEO of Festi.
Further information is found in the Company announcement attached.
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