SKEL fjárfestingafélag hf.: Positive profit warning

According to preliminary results for SKEL fjárfestingafélag hf. (“SKEL”) annual financial statement for 2022 the Company’s after-tax profit will amount to ISK 14.5 – 15.0 billion. This is above the earnings estimate for 2022, published with the financial statement for the first quarter of 2022, where profit after taxes was projected in the range of ISK 7.6 – 8.3 billion. The change is primarily the result of profit from the adjusted valuation of unlisted investment assets of the Company amounting to a total of ISK 9.8 billion. SKEL’s total equity is estimated to amount to ISK 33.0 – 33.5 billion at year end. For further information see attached document. 

All unlisted assets with a book value in excess of ISK 1 billion have been valued by an independent third party. The valuation was conducted by Erlendur Davíðsson, CFA. A mandate was originally concluded with Birtir Capital Partners but was subsequently transferred to Kvika Bank when Erlendur was appointed the Head of Kvika’s Corporate Finance division. The valuations are based on preliminary operating results for the year 2022 and managements’ operating and investment budget for the operating years of 2023-2025, together with other information and comps.

It should be noted that the information in this announcement represents a preliminary assessment and is not based on finalised financial statements or audited financial results. Assumptions and circumstances may change, and for this reason the results of the Company may diverge from the current outlook.

For further information please contact Ásgeir Helgi Reykfjörð Gylfason, CEO:      

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