Financial Press Release 23 May 2017

Tuesday, May 23, 2017

REVENUE GROWTH 29.7% IN FIRST QUARTER 2017
EBITDA EUR 9.3 million, good organic growth and strong performance of new acquisitions but negative effect of fishermen strike

  • Revenue EUR 146.9 million, up by EUR 33.7 million or 29.7% from Q1 2016
    • Volume in liner up 3.0%; liner revenue up EUR 8.9 million or 10.7%
    • Volume in forwarding up 28.9%; forwarding revenue up EUR 24.8 million or 82.6%, majority coming from new acquisitions
  • EBITDA EUR 9.3 million, down by EUR 0.3 million or 3.3% from Q1 2016
    • Adjusted EBITDA EUR 11.6 million, up 20.5%, taking into account the strike in Iceland (EUR 1.5 million) and other non-recurring items (EUR 0.8 million)
  • Net earnings EUR 0.2 million compared to net earnings of EUR 1.8 million in Q1 2016
  • Equity ratio 56.6% and net debt EUR 50.4 million at the end of March
  • EBITDA forecast for the year 2017 unchanged, in the range of EUR 57 to 63 million

Gylfi Sigfússon, President and CEO

Open here First Quarter 2017 Financial Results

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