Festi hf.: Financial results for Q1 2022
Main results
- Margin from sale of goods and services was ISK 5,734 million. Gross margin from sales was 23.3% and decreases by 1.3 bps. between years.
- EBITDA was ISK 1,749 million compared to ISK 1,505 million in Q1 2021, increase of 16.2% YoY.
- Rising prices in commodity markets following Russia’s invasion of Ukraine and increase in inflation cause for concern.
- Equity was ISK 31,879 million and equity ratio 36.6% at the end of Q1 2022 compared to 39.4% at year-end 2021.
- Net interest-bearing debt without lease liabilities ISK 25,035 million at the end of Q1 2022 compared to ISK 23,309 million at year-end 2021.
- The company’s EBITDA forecast for 2022 is raised by ISK 400 million and is now ISK 9,400 – 9,800 million.
Eggert Þór Kristófersson, CEO of Festi:
“The year is off to a good start and we are pleased with the results of the first quarter. Our expectations were that the consequences of the pandemic on the supply chain over the last 2 years would rebound this year but the first war in Europe since 1945 completely changed that picture. It is clear that Russia’s invasion of Ukraine has had a major impact on prices in commodity markets and further increased uncertainty in the supply chain. We will continue to strive to serve our customers as best as possible and look for ways to increase efficiency and thereby counteract the current price increases from vendors that we are facing.” says Eggert Þór Kristófersson, CEO of Festi.
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