Eimskips’s EBITDA guidance for 2020 withdrawn

Wednesday, March 25, 2020

Eimskip has decided to withdraw its guidance for 2020 due to uncertainty surrounding the COVID-19 pandemic. The increasing negative impact on global economies, including in the North-Atlantic Region which is the Company’s core market area, is likely to affect sales and profitability in coming weeks and months.

Considering the rapid day-to-day changes, the Company is currently unable to assess the length of the period or the level of the impact. Eimskip continues to monitor the development of the COVID-19 and is working on various contingency planning measures to limit the effect on the operation. The focus has been on the safety and health of the employees and to maintain and secure the Company’s logistic chain and customer services.

The operating results in the first quarter have been somewhat mixed. Following a reasonable start of the year in January, the operation in February was considerably underperforming, but so far March has been in line with expectations.

Eimskip is financially strong with strong equity ratio and liquidity position, has diverse operations and a broad customer base which is an important foundation.

An updated guidance will be published to the market once there becomes more visibility and it will be possible to assess the impact of the COVID-19.

 

For further information - Edda Rut Björnsdóttir, Head of Marketing & Communications tel: +354 825-3399 email: investors@eimskip.is

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