Goods and services sold
Goods and services sold totaled ISK 17,062 million in 2020 (14.9% revenue growth from 2019) versus ISK 14,845 million in 2019. Gross profit was ISK 4,288 million (25.1%) in 2020 versus ISK 3,845 million (25.9%) in 2019. Strong revenue growth in end-user equipment and good growth in revenue from software products.
* The goods and services sold figure excludes Tempo ehf.
EBITDA* totaled ISK 1,245 million (7.3%) for the year 2020 versus ISK 1,006 million (6.8%) in 2019. EBITDA* is adjusted for one-time costs that was ISK 167 million. Major turnaround in EBITDA from End-User Equipment. EBITDA from Managed Services and Infrastructure is down YoY. The profitability of software divisions is regaining its former strength.
* EBITDA excludes Tempo ehf. and includes the impact from IFRS 16 in 2019.
Net profit of ISK 408 million for the year 2020 versus ISK 456 million in 2019. In 2018, the sum of ISK 5 billion was recorded under financial income due to the sale of a 55% stake in Tempo ehf.
Equity ratio of 56.5%, versus 57.1% at year-end 2019.The equity ratio has been strong for the past three years and in line with the Company's target.
Working capital ratio
Working capital ratio of 1.27, versus 1.34 at year-end 2019. The working capital ratio continues to be within the Company's targeted range.
Net debt/EBITDA is -0,6 versus -0.3 in 2019. Company target range is a net debt/EBITDA ratio between 0.5 and 2.
Investment in fixed assets totalled ISK 334 million 2020, which is similar to 2019. Investment in intangible assets increased by ISK 105 million in 2020. In 2019 investment in intangible assets declined significantly due to Tempo's removal from the Company's consolidated figures. No new operating units or businesses were acquired in 2021.
Cash from operations
Cash from operations stood at ISK 1.493 million at the end of 2020, as compared to ISK 629 million at year-end 2019. Inventory increased by ISK 98 million with payables declining by 332 million and liabilities increasing by ISK 279 million during the year.