EIMSKIP: Further information regarding Q1 results

Eimskipafelag Islands hf.
·1 min read

According to management accounts for first quarter of 2021, which is now available, EBITDA for the first quarter will be higher than announced last week. It is now estimated that EBITDA will be in the range of EUR 15.9 to 16.6 million, instead of EUR 13.9 to 14.9 million, compared to EUR 9.3 million in the same quarter last year. This translates into EBIT in the range of EUR 4.2 to 4.9 million, instead of EUR 2.2 to 3.2 million, considering expected depreciation in the first quarter, compared to negative EBIT of EUR 1.6 million for the same period last year.

The main reason for better results than previously announced, is too cautious estimate of expected revenue in March and a greater impact was also expected on the Company’s Forwarding operations because of the challenging conditions in international markets. In addition, the impact of IFRS 16 was underestimated due to renewal of lease agreements of chartered vessels and real estate.

Even though the expected results in the first quarter are considerably above the same period last year the Company’s EBITDA Guidance for 2021 remains unaltered and is in the range of EUR 68 to 77 million. Additionally, EBITDA for the first quarter last year was below expectations as has been presented.

The results are subject to change until work on financial closing is completed.

The Company will publish its first quarter 2021 results after market closing on Tuesday 11 May.

For further information please contact Edda Rut Björnsdóttir, Executive Vice President of Human Resources & Communications via phone (+354) 825-3399 or investors@eimskip.is.