Festi hf.: Financial results for Q1 2021

Kopavogi, ICELAND

Main results

  • Margin from sales of goods and services was ISK 5,144 million compared to ISK 4,304 million in Q1 2020.
  • EBITDA was ISK 1,505 million compared to ISK 1,021 million in Q1 2020, increase of 47.5%.
  • Gross margin from sales was 24.6% compared to 22.9% in Q1 2020.
  • Operating expenses relating to COVID-19 was 37 million compared to 48 million in Q1 2020.
  • Equity was ISK 29,227 million and equity ratio 34.8% compared to 35.7% at the end of 2020.
  • Net interest-bearing debt without lease liabilities ISK 30,276 million compared to ISK 29,986 million at year-end 2020.
  • EBITDA forecast for 2021 increased by ISK 400 million and is now ISK 7,900 – 8,300 million.

Eggert Þór Kristófersson, CEO of Festi:
„The financial result of Q1 2021 is very good taken into consideration the congration ban during the quarter.  All companies in the Group showed better results compared to 1Q 2020.  Our employees have as usual performed outstandingly under these conditions and I would like to thank them for their good work.  We should be seeing the end of the pandemic by mid of the year with more vaccination.  ELKO has shown great adoptability with constant increase of sales through it‘s web store.  Krónan has continually been looking for new ways to add fresh and healthy options which our customers value.  Because of the congration ban, N1 has fewer employees but business has improved with new Ísey Skyr Bar locations.“ says Eggert Þór Kristófersson, CEO of Festi.

Further information is found in the Company announcement attached.



Festi hf - Company announcement Q1 2021 Festi hf - Consolidated Statements for 2021 Q1 - signed