Published: 2016-02-25 20:08:49 CET
Eimskipafélag Íslands hf.
Financial Statement Release

Eimskip’s net earnings grew by 30.8% from previous year

  • Revenue EUR 499.6 million, up by EUR 48.0 million or 10.6% from 2014
  • EBITDA EUR 45.2 million compared to EUR 38.5 million or up by 17.3% from 2014
  • Net earnings EUR 17.8 million compared to EUR 13.6 million or up by 30.8% from 2014
  • Transported volume in North Atlantic liner services up by 4.2% from 2014
  • Transported volume in reefer forwarding services up by 7.5% from 2014
  • Equity ratio 64.2% and net debt EUR 35.4 million at the end of the year
  • The Board proposes a dividend payment of ISK 6.50 per share, up by 30% from 2015
  • EBITDA forecast for the year 2016 in the range of EUR 46 to 50 million

Gylfi Sigfússon, President and CEO

“The results of 2015 were in line with our expectations, showing 10.6% growth in revenue and 17.3% growth in EBITDA from the previous year. The year was the best in terms of revenue and EBITDA since the year 2009. Transported volume in the North Atlantic liner services grew by 4.2% from 2014. There was substantial growth in Iceland-related transport while there was a slight volume reduction in the Faroe Islands related to a change of transport routing of pelagic fish. Norway was back on track again after difficulties in the first quarter of the year. Transported volume in the company’s reefer forwarding services grew by 7.5% from 2014.

Revenue in the fourth quarter amounted to EUR 130.6 million and was up by 9.9% compared to the fourth quarter 2014. EBITDA amounted to EUR 9.7 million in the quarter and was up by 10.2% compared to the fourth quarter the year before, but excluding an extraordinary item, EBITDA increased by 20.4% Transported volume in the North Atlantic liner services grew by 10.1% and the reefer forwarding volume was up by 6.6% compared to the fourth quarter 2014.

During the year 2015 the company completed five add-on acquisitions which have been integrated into the group and are contributing positive results. The company continues to evaluate strategic acquisitions and growth investment opportunities. Based on Eimskip’s strong financial position and current industry dynamics, the company is well positioned to execute this, in line with Eimskip’s growth strategy.

Eimskip has chartered the 880 TEU gearless container vessel Ceres as from March. The vessel is a sister vessel of the Lagarfoss which Eimskip built and took into operation in 2014. The name of Ceres will be changed to Bakkafoss and the vessel will be serving on the Yellow Line, replacing the 724 TEU Brúarfoss that will be transferred to serve on other lines or in other projects. A new mobile harbor crane will be taken into operation in Sundahöfn in March and the current mobile crane from Sundahöfn will be moved to the Westman Islands. This change allows Eimskip to operate gearless vessels on the Blue and the Yellow Line.

In the second quarter, vessels on the Yellow Line will start regular calls at Helguvík in Iceland to serve the operations of United Silicon’s plant and potential others in the area.

The Board of Directors proposes a dividend payment to shareholders in 2016 in the amount of ISK 6.50 per share, up by 30% from last year when the dividend amounted to ISK 5.00 per share. The proposed dividend payment amounts to a total of ISK 1,213.2 million, equivalent of EUR 8.5 million.

The first weeks of the year look favorable compared to last year, both in terms of volume and results. The EBITDA forecast for the year 2016 is in the range of EUR 46 to 50 million. Estimated EBITDA related to new acquisitions and strategic investments is not included in the current EBITDA forecast for the year.”

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 - Consolidated Financial Statements 2015.pdf
Eimskip - Financial Results 2015.pdf