Skeljungur hf.

Skeljungur hf. publishes extract from the 2021 budget of P/F Magn, Skeljungur hf.’s subsidiary in the Faroe Islands

Following an announcement by Skeljungur hf. last 24 March of the decision of the company’s board of directors to assess the advantages of future ownership of P/F Magn, Skeljungur’s subsidiary in the Faroe Islands, Kvika Bank’s corporate advisory team has been approached by interested buyers.

In light of the above, and in consideration of the interest shown by investors in P/F Magn, Skeljungur has decided to disclose P/F Magn’s budget for 2021 in order to ensure equal access for investors to the above information.

Below is a summarised statement from the budgets of P/F Magn and P/F Demich in the Faroe Islands for the operating year 2021, with a comparison to 2020. All amounts are in million Danish krone and in accordance with International Financial Reporting Standards (IFRS) as they appear in Skeljungur’s consolidated financial statement:

Budget 2021					Actual 2020
	Magn	Demich	Adjustment	Total	Magn	Demich	Adjustment	Total
Gross margin	133.2	27.2		160.4	139.4	48.6		188.0
EBITDA	63.8	6.3		70.1	61.9	10.6	0.3	72.8
EBIT	51.0	4.9		55.9	49.8	9.1		58.9
Profit	37.8	3.2	-0.1	40.9	37.8	7.2	- 0.1	44.9

P/F Magn’s total income in the operating year 2020 amounted to ISK 15,560 million, while the Group total income amounted to ISK 41,203 million. P/F Magn’s EBITDA in 2020 amounted to ISK 1,509 million, while the Group EBITDA amounted to ISK 2,676 million.

Further news may be expected in the near future.

For further information please contact Árni Pétur Jónsson, CEO, at [e-mail].

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