EIMSKIP 159 0 Kommentare RESULTS FOR THE FIRST QUARTER 2020

HIGHLIGHTS OF Q1 2020 RESULTS

Revenues amounted to EUR 161.7 million, a decrease of EUR 2.3 million or 1.4% when compared with the same quarter in 2019.
- Revenues affected by 5.0% lower volume in liner services and discontinued operation of ferry Herjólfur.
- Forwarding volume was down by 7.4% however revenues increased due to higher market prices.
Total expenses amounted to EUR 152.3 million, an increase of EUR 1.6 million driven by 3rd party expenses. However, salary expenses decreased by EUR 3.0 million or 9.1%.
EBITDA amounted to EUR 9.3 million in the first quarter of 2020 compared to EUR 13.2 million in the same quarter last year, a decrease of 29.4%. Mainly attributed to decreased volume in liner services.
Net loss for the period amounted to EUR 4.9 million, compared to EUR 2.5 million for the for the same quarter of 2019.
Total CAPEX for the period amounted to EUR 4.9 million compared to EUR 8.3 million for the same period 2019 but maintenance CAPEX remained at similar level.
- Third of planned maintenance CAPEX for the year put on hold due to COVID-19 uncertainty.
Net cash from operating activities decreased and amounted to EUR 1.2 million compared to EUR 13.1 million for the same quarter 2019, mainly attributed to changes in working capital between quarters.
- Proceeds from sale of vessels and other assets amounting to EUR 9.8 million.
- Current cash balance is good and installments amounting to EUR 7 million have been made to a revolving credit facility.
Total equity amounted to EUR 217.0 million at the end of the first quarter of 2020, an equity ratio of 41.4% compared to 44.0% at year-end 2019.
- Share buyback program which was initiated in Q4 2019 was finalized in January 2020 with this year’s purchase amounting to EUR 1.5 million.
Leverage ratio was 3.6 in the first quarter 2020, compared to 3.0 at the end of 2019.
- Above the long-term target leverage ratio which is in the range of 2-3x net debt to EBITDA.
Tremendous effort in securing safety & health of employees, maintaining the logistic chain and customer service due to COVID-19.
EBITDA guidance for 2020 was withdrawn in March due to uncertainty related to COVID-19 pandemic and it is premature to publish a new guidance.