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Eimskipafelag Islands - Annual Results   27.1.2006 10:39:22
Flokkur: Afkomufréttir   Skuldabréfafréttir      Íslenska  English
 Eimskipafélag Íslands 12 2005.pdf
Eimskip’s EBITDA profit 2

Eimskip’s EBITDA profit 2.615 million ISK in the first 10 months of 2005



·          Profit 985 million ISK, an increase of 35% compared to last year

·          Turnover increase of 24% compared to last year

·          A new accounting year



Eimskip’s EBITDA during the first 10 months of 2005 was 2.615 million ISK, which is an increase of 551 million ISK compared to last year.  The increase in profits can be traced to the organisational changes which were introduced last year; changes such as a simpler management structure, utilization of inland transportation services instead of coastal sailings and an increased number of lucrative projects abroad.  Eimskip also had more transportation volume in 2005 compared to 2004.  High oil-prices and unfavourable exchange rates, as well as a substantial setback in the beginning of 2005, all had a negative effect on the company’s return.


A new accounting year

After Avion Group’s purchase of Eimskip last spring, a decision was made to change the accounting year in accordance with the accounting year of the parent company Avion Group.  The new accounting year period is from November 1st to October 31st.  Because of this change, this accounting year is only ten months and ranges from January 1st to October 31st.  Comparison figures from previous year are based on the calendar year 2004.


Main financial figures

Eimskip’s profit for the first 10 months of 2005 was 985 million ISK which is an increase of 35% compared to same period last year.  Depreciation was 1.338 million ISK.  Financial expenses were approximately 70 million ISK.  Taxes were 212 million ISK which returns profits to increase equity up to 985 million ISK.  Floating capital from operations was 1.788 million ISK.


Eimskip’s turnover was just over 24 billion ISK for the first 10 months of the year which was an increase of over 4.680 million ISK compared to the first 10 months of 2004.  This increase in turnover can be traced to Eimskip’s purchase of Faroe Ship in the Faroe Islands along with increased operations in China and in many other foreign projects


Total equity on October 31st were 25.9 billion ISK.  Equity ratio was 28.8% and current ratio was 1,42



Outlook for 2006 is good.  Higher income margins on all revenue sectors are expected.



About Eimskip

Eimskip offers total transportation services. Eimskip’s service network is comprised of 54 offices in Europe, N-America, S-America and Asia, approximately 30 vessels and 15 coldstores in Europe, N-America and Asia, along with various subsidiaries and partners.


About Avion Group

Avion Group has operations at 85 bases worldwide and employs nearly 5.000 people.  The company offers it’s customers reliable, fast and practical transportation solutions.


Further details available from Baldur Gudnason, CEO, Eimskip by phone: (+354) 525 7202





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