Scandic’s interim report Q1 2020 – Substantial cost reductions & secured financing
First quarter in summary · Net sales dropped 17.8% to 3,343 MSEK (4,066). · Net sales grew in January and February but fell dramatically in March due to extremely low levels of activity as a result of the spread of the coronavirus. · Extensive measures taken to lower cost levels including furlough and terminations of employees. · Adjusted EBITDA amounted to -174 MSEK (160). Implemented cost reductions helped mitigate the negative effect of low occupancy levels in March. · Expenses affecting comparability, mainly related to staffing reductions in the company’s Swedish