According to management accounts for April and May, which are now available, along with a forecast for June, it is estimated that EBITDA from the operation in second quarter 2021 will be considerably higher than results for the same quarter last year and better than management expectations. However, the settlement made with the Icelandic Competition Authority, announced earlier today, will have a negative impact on the results.
The operation so far this quarter has been generally good despite challenging market conditions. Volume in the liner services has been strong, the utilization in the container liner system has been high and the performance in forwarding services has been good. Furthermore, revenue management program already initiated and streamlining measures from last year are strengthening the performance.
The estimated adjusted EBITDA (without the impact of the settlement) for the second quarter will be in the range of EUR 26 to 29 million compared to EUR 16.0 million for the same quarter last year. Adjusted EBIT for the quarter is estimated in the range of EUR 14 to 17 million compared to EUR 5.0 million for the same quarter last year. Considering the settlement with the Icelandic Competition Authority which amounts to approx. EUR 10 million, actual EBITDA for Q2 will be in the range of EUR 16 to 19 million and EBIT in the range of EUR 4 to 7 million.
It is expected that adjusted EBITDA for the first half of the year will be in the range of EUR 42 to 45 million compared to EUR 25.3 million for the first half of last year and adjusted EBIT in the range of EUR 18 to 21 million compared to EUR 3.4 million for the first six months last year.
Eimskip will for the remainder of the year publish its guidance according to adjusted EBITDA without the effect of the settlement with the Icelandic Competition Authority for better comparison of actual operational results. Considering the operational results of the first quarter and the estimate for the second quarter the guidance for adjusted EBITDA for the year 2021 is in the range of EUR 77 to 86 million compared to EUR 68 to 77 million originally published in December 2020. The new guidance is subject to various risk and uncertainty factors which can lead to different results.
The results are subject to change until the quarter has ended and work on financial closing is completed.
The Company will publish its second quarter 2021 results after market closing on Thursday 19 August.
For further information please contact Edda Rut Björnsdóttir, Executive Vice President of Human Resources & Communications via phone (+354) 825-3399 or [email protected]