Published: 2015-08-27 20:07:19 CEST
Eimskipafélag Íslands hf.
Financial Statement Release

Eimskip announces Q2 2015 financial results

  • Operating revenue EUR 126.6 million, up by EUR 17.6 million or 16.2% from Q2 2014
  • EBITDA, EUR 13.3 million compared to EUR 11.0 million or up by 20.4% from Q2 2014
  • Net earnings EUR 5.5 million compared to EUR 4.6 million or up by 20.1% from Q2 2014
  • Transported volume in North Atlantic liner services up by 6.9% from Q2 2014
  • Transported volume in reefer forwarding services up by 20.5% from Q2 2014
  • Equity ratio 61.3% and net debt EUR 40.0 million at the end of June
  • EBITDA forecast for the year 2015 has been changed to the range of EUR 41 to 45 million

Gylfi Sigfússon, President and CEO

“Operating revenue and EBITDA in the second quarter are the highest in one single quarter since the company’s restructuring in 2009. Operating revenue was up by 16.2% from the second quarter last year and EBITDA amounted to EUR 13.3 million, up by 20.4% from 2014. Net earnings of the quarter amounted to EUR 5.5 million compared to EUR 4.6 million in the same period last year, up by 20.1%.

Transported volume in the North Atlantic liner services increased by 6.9% in the second quarter with good volume growth to and from Iceland. There was also growth in Norway in the second quarter, like we expected after a very difficult first quarter which was affected by adverse weather conditions and catch failure. Transport to and from the Faroe Islands decreased slightly compared to last year. Transported volume in the company’s reefer forwarding services grew by 20.5%, mostly because of increased activities in Newfoundland and the Netherlands.

The company’s operating revenue for the first six months amounted to EUR 239.3 million compared to EUR 213.2 million for the same period last year, representing a growth of 12.2%. EBITDA for the first six months amounted to EUR 19.1 million, up by 11.9% from last year, and net earnings amounted to EUR 7.0 million compared to EUR 3.8 million, up by 85.2%. Transported volume in the North Atlantic liner services was up by 1.9% from the same period last year and transported volume in the reefer forwarding services grew by 11.9%.

Eimskip is considering its position regarding the building of the second vessel in China which is not proceeding on schedule. As earlier disclosed, latest delivery was planned in the fourth quarter this year and a final decision on the issue will be made in the next few days.

Eimskip’s acquisition of all shares in Seatours (Sæferdir ehf.) has been approved by the Icelandic Competition Authority. Conditions were set for the merger which Eimskip has agreed to comply with. The conditions are intended to ensure that Seatours’ business is run independently and Seatours shall objectively ensure that customers are treated equally. The operation of Seatours will therefore be affecting the Consolidated Financial Statements of the company as of 1 August 2015.

The construction of the 10,000 ton cold storage facility in Hafnarfjördur, Iceland is proceeding and the company expects the first phase of the storage to be in operation this October.

Eimskip’s Board of Directors and management continue evaluating potential investment projects and M&A targets in order to grow the company, in line with its vision.

Transported volumes in the company’s liner system in the third quarter have so far been growing beyond expectations. The Iceland related operation has been doing fine this year and is expected to continue growing. The results of Eimskip’s operation in Norway was below expectations in the first quarter due to adverse weather conditions and catch failure, but improved in the second quarter and growth is expected to continue. Russia’s embargo on import from Iceland as from August this year creates uncertainty, but its impact on Eimskip’s operations is expected to be immaterial because the company only transports insubstantial part of the total volume of pelagic fish to Russia since the pelagic fish has mainly been transported by foreign reefer vessels directly to Russia. The company has decided to change the range of its EBITDA forecast for the year 2015 to EUR 41 to 45 million, from the range of EUR 39 to 44 million as presented in February 2015.”

  Further information

  • Gylfi Sigfússon, President and CEO, tel.: +354 525 7202
  • Hilmar Pétur Valgardsson, CFO,  tel.: +354 525 7202
  • Erna Eiríksdóttir, Senior Manager of Investor Relations, tel.: +354 825 7220, email:

Eimskip - Financial Statements Q2 2015.pdf
Eimskip - Second Quarter 2015 Financial Results.pdf