Festi hf.: Financial results for Q2 2021
Main results
- Margin from sales of goods and services was ISK 6,106 million compared to ISK 5,224 million in Q2 2020.
- EBITDA was ISK 2,458 million compared to ISK 1,703 million in Q2 2020, increase of 44.3%.
- Gross margin from sales was 25.1% compared to 35.2% in Q2 2020.
- Operating expenses relating to COVID-19 was ISK 26 million compared to ISK 115 million in Q2 2020.
- Equity was ISK 29,206 million and equity ratio 35.2% compared to 35.7% at the end of 2020.
- Net interest-bearing debt without lease liabilities ISK 29,206 million in Q2 2021 compared to ISK 29,986 million at year-end 2020.
- Sale of 4 properties to Reitir at the end of the quarter. All conditions of the sale are expected to be fulfilled in Q3 2021. Estimated gain from the sale is ISK 469 million.
- EBITDA forecast for 2021 was increased July 15th by ISK 900 million and is now ISK 8,800– 9,200 million excluding estimated gain from the sale to Reitir.
Eggert Þór Kristófersson, CEO of Festi:
,,We are very pleased with the result of Q2 as all our companies showed better results compared to same period last year and higher than we expected for the quarter. The cashflow and financial position of Festi is very strong.
Our employees have performed very well as usual and shown great determination in demanding circumstances. We managed to finish the last salescondition set by the Competition Authority with sale of our store Kjarval in Hella where the COVID-19 pandemic played part in the delay. Agreement was made with the City of Reykjavík on reduction of petrol station within city limits at the end of June after many years of negotations. It is the management opinion that the contract is favourable for Festi and important in the energy transition we are facing. Festi‘s goal is to be leading when it comes to enviromental issues and social responsibility." says Eggert Þór Kristófersson, CEO of Festi.
Further information is found in the Company announcement attached.
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