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Eimskipafélag Íslands Investor Presentation 2021
2194_rns_2021-08-19_64d12e53-8928-40b7-bdb2-46f9e9ca899c.pdf
Investor Presentation
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PRESENTATION OF Q2 2021 RESULTS
Vilhelm Már Thorsteinsson, CEO
EIMSKIP
THIS IS EIMSKIP
Eimskip is a leading transportation company in the North-Atlantic providing container and reefer liner services with connections to international markets and is specialized in worldwide freight forwarding services with focus on frozen and chilled commodities
ABOUT
| 🔄 | 55 OFFICES | 🔄 | 17 VESSELS |
|---|---|---|---|
| 🔄 | 20 COUNTRIES | 🔄 | CONTAINERS |
| Reefer 8.092 teus | |||
| Dry & other 22.502 teus | |||
| 🔄 | 1619 EMPLOYEES | ||
| ☑ 30% Female | |||
| ☐ 70% Male | 🔄 | 160 TRUCKS | |
| 🔄 | 42 NATIONALITIES | 🔄 | 31 WAREHOUSES |
| 14 COLD STORAGES |
SUSTAINABILITY KPI'S
| 🟢 | GREENHOUSE
GAS EMISSION ¹ | 🌡️ 1% |
| --- | --- | --- |
| 🟡 | SHARE OF
SORTED WASTE ² | 82% |
| 🔄 | BOARD OF DIRECTORS
☑ 60% Female
☐ 40% Male | |
| 🔄 | EXECUTIVE MANAGEMENT
☑ 29% Female
☐ 71% Male | |
KEY FIGURES 6M 2021
| REVENUES: | EUR 391 m | GEOGRAPHICAL
SPLIT OF REVENUE |
| --- | --- | --- |
| EBITDA: | EUR 46.0 m | |
| TOTAL ASSETS: | EUR 568 m | |
| EQUITY: | EUR 226 m (39.7%) | - Iceland
• Asia
• Europe
- Norway
• Faroe Islands
• N-America |
- Operations in Iceland, Faroe Ship and Shipping department in Norway QoQ. Excluding VSA sailings from Reykjavik to Nuuk
- Q2 Iceland
EIMSKIP
Q2
STRONG OPERATIONAL RESULTS
- Container liner performing well in the quarter
- Leveraging on revenue management, more favorable volume mix and conditions in global transportation markets
- Overall good volume with substantial growth in Trans-Atlantic services benefitting e.g. from global capacity & equipment shortage
- Good performance in International forwarding operation
- 3rd party expenses increasing due to disruption in global shipping markets which affects revenue accordingly
- Leveraging on lower cost base following streamlining measures and integration
- Domestic Iceland with good results and increased activity
- Settlement made with the Icelandic Competition Authority (ICA) in the old competition case. The settlement amount of EUR 10.2 million expensed in the quarter
EIMSKIP
CURRENT TRENDS IN GLOBAL CONTAINER SHIPPING MARKETS
ElbFeeder Inc. realizing the benefit of improved charter rates
- International freight rates continue to increase and are currently at a record high level
- This situation is expected to last at least into 2022 e.g. due to;
- Lack of vessel capacity
- Shortage of containers
- Covid still has a negative impact both on sailing schedules and terminal productivity
-
Negative impact due to Brexit on productivity and trade
-
Vessel charter markets continue to be steep with substantial charter rates increase and lack of available tonnage
- Prolonged situation might eventually affect cost of chartered vessels
-
Significant increase in new orders, but will take some time to come into operation
-
ElbFeeder Inc.
- Eimskip holds 47.9% shares in the vessel holding company ElbFeeder Inc.
- Majority shareholder is the international shipping company Ernst Russ AG in Germany which is listed on the Frankfurt stock exchange [Scale segment]
- ElbFeeder owns 7 container vessels in the size range of 700-3,000 teus which are all on charter to various operators
- The increased charter rates in global vessel markets are positively affecting the results of ElbFeeder
WORLD CONTAINER INDEX
SHANGHAI CONTAINERISED FREIGHT INDEX
LONG-TERM DEV. (GEARED) – CHARTER RATES USD
CONTAINER VESSEL ORDER BOOK / NEW BUILDS
E EIMSKIP
SUSTAINABILITY KPI'S – QoQ DEVELOPMENT
Continued progress towards less environmental impact
GHG EMISSIONS PER TRANSPORTED TON
* Excluding VSA sailings from Reykjavik to Nuuk
SHARE OF SORTED WASTE
Operations in Iceland, Faroe Ship and Shipping depart. in Norway
ENERGY FROM ELECTRICITY
Electricity in Iceland
CO₂ Radical changes in energy source needed to reach target before 2030
Share of sorted waste increasing from 68% to 82% sorted waste as a result of great teamwork in waste management from many units of the Company
Electricity consumption is 15% higher due to increased transport of temperature-controlled containers and the fact that all harbor cranes in Reykjavik now work on electricity instead of fossil fuel
E.IEIMSRIP
FINANCIAL RESULTS
E EIMSKIP
INCOME STATEMENT
Strong operating performance in Q2 adjusted for settlement with ICA
| EUR thousand | Q2 2021* | Q2 2020 | Change | % |
|---|---|---|---|---|
| Revenue | 211,134 | 160,615 | 50,519 | 31.5% |
| Adjusted Expenses | 181,420 | 144,614 | 36,806 | 25.5% |
| Salary and related expenses | 30,613 | 29,802 | 811 | 2.7% |
| Adjusted EBITDA | 29,714 | 16,001 | 13,713 | 85.7% |
| Depreciation and amortization | (12,243) | (10,966) | (1,277) | 11.6% |
| Adjusted EBIT | 17,471 | 5,035 | 12,436 | 247.0% |
| Net finance expense | (2,060) | (2,402) | 342 | (14.2%) |
| Share of profit of equity accounted investees | 957 | 473 | 484 | 102.3% |
| Adjusted Net earnings before income tax | 16,368 | 3,106 | 13,262 | 427.0% |
| Income tax | (3,031) | (651) | (2,380) | 365.6% |
| Adjusted Net earnings for the period | 13,337 | 2,455 | 10,882 | 443.3% |
| Key ratios * | ||||
| --- | --- | --- | ||
| EBITDA ratio | 14.1% | 10.0% | ||
| EBIT ratio | 8.3% | 3.1% | ||
| Profit margin | 6.3% | 1.5% | ||
| Return on equity | 23.4% | 4.3% |
*Q2 2021 adjusted for settlement with the Icelandic Competition Authority (ICA) in the amount of EUR 10.2 m expensed in the quarter. Results as reported for the quarter can be seen on slide 27 in the appendix.
Q2
- Strong operational performance exceeding management expectations
- Revenue increase by 31%
- Significant price increases from 3rd party transportation suppliers, from which Eimskip purchases on behalf of its customers, are resulting in corresponding increase in sales revenue
- Revenue management, more favorable product mix and increased share of Trans-Atlantic services contributing to increased revenue in liner
- Positive volume effect in both liner and forwarding services
- Adjusted expenses up by 25%
- 3rd party transportation expenses increasing substantially due to COVID related global disruptions
- Salaries expense increase by EUR 0.8m or 2.7%
- Effect of FTE changes EUR -0.8m, currency effect of EUR +0.8m and other including general wage increases +0.8m
- Adjusted EBITDA increases by EUR 13.7m or 86%
- Improved results in Container Liner main driver for increased EBITDA
- Continued strong performance in international forwarding benefitting from e.g. higher general price levels
- Adjusted EBIT increases by EUR 12.4m up to EUR 17.5m
- New vessels and renewed charter agreements increase depreciation
- Share of profit from equity accounted investees increases through ownership in ElbFeeder due to higher vessel charter income
- Continued positive contribution expected, given current market conditions
EIMSKIP
GEOGRAPHICAL SPLIT OF REVENUE
Share of Iceland related revenue decreasing
REVENUE SPLIT
REVENUE SHARE OF ICELAND RELATED BUSINESS
EIMSKIP
EXPENSE BRIDGE
International freight rates increase resulting in significantly higher 3rd party expenses
Q2
- Significant price increases from 3rd party transportation suppliers, from which Eimskip purchases on behalf of its customers, due to COVID related global disruptions
- Largest 3rd party expense items are purchase of pre- and on-carriage, sea-transportation and terminal handling
- 3rd party expenses mainly variable expenses charged with margin to customers with corresponding increase in revenue and sales
- Higher bunker expenses mainly due to increased consumption
- Increased capacity in container liner compared to same quarter last year when capacity was reduced due to COVID
- Sailing to Greenland under vessel sharing agreement with Royal Arctic Line
- Higher liner and equipment expenses increase due to increased activity
EIMSKIP
EBITDA BRIDGE
Strong performance of the container liner services compared to low results same quarter last year
BY BUSINESS ACTIVITY
CONTAINER LINER SYSTEM
- Volume effect due to increased economic activities in main liner business areas, conditions in global transportation markets and focus on business origination
- Price effect due to revenue management, more favorable volume mix, increased share of Trans-Atlantic and conditions in global transportation markets
E EIMSRIP
EBIT BRIDGE
Strong performance of the container liner services compared to low results same quarter last year
BY BUSINESS ACTIVITY
CONTAINER LINER SYSTEM
- Network cost affected by increased depreciation due to new vessels Dettifoss and Bruarfoss and higher charter leases increasing IFRS16 depreciation
E EIMSRIP
INCOME STATEMENT AND BRIDGE ANALYSIS 6M
Operating performance adjusted for settlement with ICA exceeding management expectations
| EUR thousand | 6M 2021* | 6M 2020 | Change | % |
|---|---|---|---|---|
| Revenue | 391,362 | 322,285 | 69,077 | 21.4% |
| Expenses | 345,339 | 296,946 | 48,393 | 16.3% |
| Salary and related expenses | 59,844 | 59,555 | 289 | 0.5% |
| Adjusted EBITDA | 46,023 | 25,339 | 20,684 | 81.6% |
| Depreciation and amortization | (24,040) | (21,898) | (2,142) | 9.8% |
| Adjusted EBIT | 21,983 | 3,441 | 18,542 | 538.9% |
| Net finance expense | (3,256) | (5,042) | 1,786 | (35.4%) |
| Share of profit of equity accounted investees | 1,178 | 156 | 1,022 | 655.1% |
| Adjusted Net earnings (loss) before income tax | 19,905 | (1,445) | 21,350 | - |
| Income tax | (3,734) | (1,051) | (2,683) | 255.3% |
| Adjusted Net earnings (loss) for the period | 16,171 | (2,496) | 18,667 | - |
| Key ratios* | ||||
| --- | --- | --- | ||
| EBITDA ratio | 11.8% | 7.9% | ||
| EBIT ratio | 5.6% | 1.1% | ||
| Profit margin | 4.1% | (0.8%) | ||
| Return on equity | 14.2% | (2.2%) |
*6M 2021 adjusted for settlement with the Icelandic Competition Authority (ICA) in the amount of EUR 10.2 m expensed in Q2. Results as reported quarter by quarter can be seen on slide 27 in the appendix.
EBITDA BY BUSINESS ACTIVITY
EBIT BY BUSINESS ACTIVITY
E EIMSKIP
SEGMENTS ANALYSIS
EIMSKIP
DEVELOPMENT IN LINER SERVICES
Strong performance on back of revenue management, volume development and supported by favorable market conditions
| EUR thousand | Q2 2021 | Q2 2020 | Change | % | 6M 2021 | 6M 2020 | Change | % |
|---|---|---|---|---|---|---|---|---|
| Revenue | 132,741 | 103,452 | 29,289 | 28.3% | 237,773 | 203,813 | 33,960 | 16.7% |
| Expenses | 111,333 | 93,993 | 17,340 | 18.4% | 206,750 | 189,960 | 16,790 | 8.8% |
| Salary and related | 22,626 | 22,506 | 120 | 0.5% | 44,284 | 44,969 | (685) | (1.5%) |
| EBITDA | 21,408 | 9,459 | 11,949 | 126.3% | 31,023 | 13,853 | 17,170 | 123.9% |
| EBIT | 10,884 | 208 | 10,676 | - | 10,386 | (4,621) | 15,007 | - |
| Net earnings | 8,957 | (526) | 9,483 | - | 8,480 | (7,773) | 16,253 | - |
| Key ratios | ||||||||
| EBITDA ratio | 16.1% | 9.1% | 13.0% | 6.8% | ||||
| EBIT ratio | 8.2% | 0.2% | 4.4% | (2.3%) | ||||
| Revenue per ton | 252 | 220 | 33 | 14.8% | 244 | 214 | 30 | 13.8% |
| EBITDA per ton | 41 | 20 | 21 | 102.5% | 32 | 15 | 17 | 118.5% |
| Return on allocated equity | 19.3% | (1.1%) | 9.1% | (8.2%) |
Revenue and expenses include inter-segment revenue and expenses
PERFORMANCE Q2
- Strong focus for the past quarters on improving performance in container liner services is now yielding positively
- The disruption in the global transportation market environment is leading to higher pricing and increased revenue but negatively affecting expenses e.g. chartering of vessels and liner equipment
- Leveraging on revenue management, volume growth and more favorable volume mix
- Improved performance ratios and strong return on allocated equity
VOLUME Q2
- Good activity in main markets resulting in increased volume, but coming from a low-level last year due to COVID
- Trans-Atlantic services main driver for volume increase in Q2
- Good export from Iceland following a slow first quarter mainly as a result of increased fresh fish transport and capelin season
- Import to Iceland continues to improve with increased economic activity and tourism
- Good growth in Faroe Islands but same quarter last year was significantly affected by COVID
E EIMSRIP
LINER VOLUME BRIDGE
Strong volume growth in Trans-Atlantic services
Q2
6M
EIMSRIP
CONTAINER LINER ANALYSIS
Strong vessel utilization and number of empty containers in Sundahöfn terminal shows good balance
VESSEL UTILIZATION
NUMBER OF EMPTY CONTAINERS IN SUNDAHÖFN TERMINAL
E EIMSRIP
DEVELOPMENT IN FORWARDING SERVICES
Strong performance in a market characterized by very high global prices and capacity constraints
| EUR thousand | Q2 2021 | Q2 2020 | Change | % | 6M 2021 | 6M 2020 | Change | % |
|---|---|---|---|---|---|---|---|---|
| Revenue | 94,069 | 69,970 | 24,099 | 34.4% | 179,047 | 141,301 | 37,746 | 26.7% |
| Expenses | 85,763 | 63,428 | 22,335 | 35.2% | 164,047 | 129,815 | 34,232 | 26.4% |
| Salary and related | 7,988 | 7,803 | 185 | 2.4% | 15,561 | 14,586 | 975 | 6.7% |
| EBITDA | 8,306 | 6,542 | 1,764 | 27.0% | 15,000 | 11,486 | 3,514 | 30.6% |
| EBIT | 6,587 | 4,827 | 1,760 | 36.5% | 11,597 | 8,062 | 3,535 | 43.8% |
| Net earnings | 4,380 | 2,981 | 1,399 | 46.9% | 7,691 | 5,277 | 2,414 | 45.7% |
| Key ratios | ||||||||
| EBITDA ratio | 8.8% | 9.3% | 8.4% | 8.1% | ||||
| EBIT ratio | 7.0% | 6.9% | 6.5% | 5.7% | ||||
| Revenue per teus | 1,872 | 1,515 | 357 | 23.5% | 1,813 | 1,518 | 295 | 19.4% |
| EBITDA per teus | 165 | 142 | 24 | 16.7% | 152 | 123 | 28 | 23.1% |
| Return on allocated equity | 43.5% | 35.4% | 38.2% | 31.3% |
Revenue and expenses include inter-segment revenue and expenses
PERFORMANCE Q2
- Challenging market conditions with capacity constraints and equipment shortage disrupting global volume flow and increasing prices
- Affecting both revenue and expenses
- Increased EBITDA per teus and strong return on allocated equity as a result of good volume and increased prices
- Leveraging on lower cost base following streamlining measures and integration
VOLUME Q2
- Reefer forwarding volume up by 1.0% QoQ which is very good in the challenging market environment with capacity constraints and equipment shortage
- Strong growth in dry volume QoQ mainly driven by increase in China, The Netherlands and Poland
E EIMSRIP
FORWARDING VOLUME
Share of reefer volume decreasing QoQ due to market conditions
VOLUME SPLIT Q2
■ Europe ■ Asia ■ Scandinavia ■ N-America
VOLUME BRIDGE Q2
■ Reefer ■ Dry
E-EIMSRIP
CASHFLOW AND BALANCE SHEET
EIMSKIP
CASH FLOW
Meaningful distribution to shareholders
| Million EUR | Q2 2021 | Q2 2020 | Change | 6M 2021 | 6M 2020 | Change |
|---|---|---|---|---|---|---|
| EBITDA reported | 19.5 | 16.0 | 3.5 | 35.8 | 25.3 | 10.5 |
| Working capital changes & EBITDA adjustments | (4.7) | 7.6 | (12.4) | (11.6) | 2.4 | (13.9) |
| Paid taxes | (0.5) | (0.5) | 0.0 | (1.1) | (1.2) | 0.1 |
| Maintenance CAPEX | (3.3) | (2.4) | (0.9) | (4.9) | (5.7) | 0.8 |
| Cash flow before debt/lease service | 10.9 | 20.7 | (9.8) | 18.2 | 20.8 | (2.5) |
| Debt repayment and interests | (5.7) | (3.8) | (1.9) | (10.4) | (8.0) | (2.4) |
| Repayment of lease liabilities | (3.1) | (3.7) | 0.7 | (6.4) | (8.1) | 1.6 |
| Cash flow before Investments | 2.2 | 13.1 | (11.0) | 1.4 | 4.7 | (3.3) |
| Net investments | 0.8 | (18.1) | 18.9 | 2.6 | (10.0) | 12.7 |
| Debt funding | 9.4 | 24.7 | (15.2) | 10.1 | 24.7 | (14.5) |
| Change in revolver facilities (down payments) | 0.0 | (14.0) | 14.0 | 0.0 | (14.0) | 14.0 |
| Dividend to minority | (0.1) | (0.2) | 0.1 | (0.5) | (0.8) | 0.3 |
| Shareholder Contribution | (14.2) | 0.0 | (14.2) | (14.2) | 0.0 | (14.2) |
| Change in Cash | (1.9) | 5.5 | (7.4) | (0.5) | 3.0 | (3.5) |
| Cash position at end of period | 15.4 | 23.9 | (8.5) | 15.4 | 23.9 | (8.5) |
Q2
- Considerable increase in activity and revenue lead to seasonal high outstanding receivables and negative cash flow from working capital
- Positive working capital development in July already
- Current cash position and headroom good and installments being made on revolver credit facilities
- Maintenance capex in line with plan for the quarter
- High net investments and debt funding in 2020 due to vessel Dettifoss being delivered to Eimskip
- A total of EUR 14.2m distributed to shareholders in April
- Dividend payment amounting to EUR 3.0m
- Equity capital reduction amounting to EUR 11.2m
E EIMSRIP
DEVELOPMENT IN CAPEX
Low maintenance CAPEX in the first six months but full year expected to be on budget
6M
- Maintenance CAPEX EUR 4.9m compared to EUR 5.7m in 6M 2020
- Longer delivery times of ordered equipment from suppliers
- Full year maintenance CAPEX estimated to be on budget or approx. EUR 15m
-
Maintenance CAPEX plan for 2022 – 2023 already published at EUR 18m per year
-
New investments EUR 0.6m compared to EUR 20.4m in 6M 2020
- Investment budget for the full year 2021 of approx. EUR 5m likely to be lower than budget and delayed into 2022
- EUR 18.5m investment in the vessels Dettifoss and Bruarfoss in 2020
- Investment plan for 2022 – 2023 already published in the range of EUR 5 - 10m per year
E EIMSRIP
BALANCE SHEET
Affected by changes in working capital items due to higher activity and seasonality
ASSETS
| EUR thousand | 30.06.2021 | 31.12.2020 | Change | % |
|---|---|---|---|---|
| Non-current assets | 394,399 | 400,433 | (6,034) | (1.5%) |
| Fixed assets | 300,311 | 311,310 | (10,999) | (3.5%) |
| Right-of-use assets | 72,061 | 67,376 | 4,685 | 7.0% |
| Other non-current assets | 22,027 | 21,747 | 280 | 1.3% |
| Current assets | 173,531 | 135,698 | 37,833 | 27.9% |
| Trade receivables | 151,273 | 115,452 | 35,821 | 31.0% |
| Other current assets | 6,873 | 4,606 | 2,267 | 49.2% |
| Cash and cash equivalents | 15,385 | 15,640 | (255) | (1.6%) |
| Assets | 567,930 | 536,131 | 31,799 | 5.9% |
- Fixed assets decreasing due to lower CAPEX level compared to last years
- Increase in trade receivables and payable due to higher activity and seasonality
- Unpaid settlement with ICA paid in July
- Equity ratio in line with long-term target of 40%
- Adjusted leverage ratio at 2.61 which is within target of 2-3x Net debt/EBITDA
EQUITY AND LIABILITIES
| EUR thousand | 30.06.2021 | 31.12.2020 | Change | % |
|---|---|---|---|---|
| Equity | 225,669 | 230,657 | (4,988) | (2.2%) |
| Non-current liabilities | 217,595 | 208,486 | 9,109 | 4.4% |
| Loans and borrowings | 151,099 | 145,781 | 5,318 | 3.6% |
| Lease liabilities | 57,088 | 53,292 | 3,796 | 7.1% |
| Other non-current liabilities | 9,408 | 9,413 | (5) | (0.1%) |
| Current liabilities | 124,666 | 96,988 | 27,678 | 28.5% |
| Loans and borrowings | 13,343 | 15,236 | (1,893) | (12.4%) |
| Lease liabilities | 13,114 | 10,861 | 2,253 | 20.7% |
| Trade and other payables | 87,990 | 70,891 | 17,099 | 24.1% |
| Unpaid settlement with the ICA | 10,219 | 0 | 10,219 | - |
| Liabilities | 342,261 | 305,474 | 36,787 | 12.0% |
| Equity and liabilities | 567,930 | 536,131 | 31,799 | 5.9% |
Key ratios
| Equity ratio | 39.7% | 43.0% | ||
|---|---|---|---|---|
| Net debt | 215,253 | 205,168 | 10,085 | 4.9% |
| - excl. operational leases | 149,722 | 145,712 | 4,010 | 2.8% |
| Net debt / LTM-EBITDA adjusted* | 2.61 | 3.54 | ||
| - excl. operational leases | 2.27 | 3.15 |
*Adjusted for settlement with the Icelandic Competition Authority (ICA) in the amount of EUR 10.2 m
E EIMSKIP
OUTLOOK
E EIMSKIP
OUTLOOK
HIGHLIGHTS OF CURRENT QUARTER
- Strong results in July and outlook for August is promising although slower than previous months due to seasonality
- Export from Iceland and Faroe Islands lacking mackerel volume compared to same time last year
- Volume continues to be strong in Trans-Atlantic services with average higher freight rates than previous quarters
- Overall good performance in Forwarding services
- Effects of disruption in global transportation markets increasing, if anything, affecting both revenue and expenses
- Rates increasing in both Forwarding and Liner services
- Pressure on vessel charter markets driving up charter rates and market value of vessels
- The Executive Management is extremely pleased with employee resilience and resourcefulness during challenging times which results in good operational results
OUTLOOK AND UPDATED GUIDANCE
- Optimistic about the volume and margins for the remainder of the year
- Current situation in global transportation markets expected to last at least into 2022 affecting both revenue and expenses
- Prolonged situation will eventually negatively affect cost of the sailing system
- Updated Guidance for adjusted EBITDA* for the year 2021 is in the range of EUR 90 - 100m compared to EUR 77 - 86m as previously published
- Translates to adjusted EBIT of EUR 41 - 51m
- Based on actual operational results for 6M 2021, management accounts for July now available, current outlook for August and updated forecast for the remainder of the year
- The broad range in the guidance represents the uncertainty and volatility in the global transportation markets
- Eimskip's guidance for the year depends on several factors and is subject to uncertainties related to COVID-19, development of freight rates, bunker prices, currency exchange rates, macroeconomic conditions in the countries Eimskip operates in and other external factors
*Guidance for adjusted EBITDA and EBIT does not include the financial impact of the settlement with the Icelandic Competition Authority (ICA) in the amount of EUR 10.2 million
E EIMSRIP
EINSKIP
THANK YOU
APPENDIX I
EIMSKIP
RESULTS BY QUARTER AS REPORTED
EUR thousand
| OPERATING RESULTS | Q2 2021 | Q1 2021 | Q4 2020 | Q3 2020 | Q2 2020 |
|---|---|---|---|---|---|
| Revenue | 211,134 | 180,228 | 175,653 | 170,378 | 160,615 |
| Expenses | 191,639 | 163,919 | 160,724 | 148,968 | 144,614 |
| Settlement with ICA | 10,219 | 0 | 0 | 0 | 0 |
| EBITDA | 19,495 | 16,309 | 14,929 | 21,410 | 16,001 |
| EBIT | 7,252 | 4,512 | 3,201 | 10,446 | 5,035 |
| Net earnings (loss) earnings for the period | 3,118 | 2,834 | 783 | 6,164 | 2,455 |
| EBITDA ratio | 9.2% | 9.0% | 8.5% | 12.6% | 10.0% |
| EBIT ratio | 3.4% | 2.5% | 1.8% | 6.1% | 3.1% |
| BALANCE SHEET | 30.06.2021 | 31.3.2021 | 31.12.2020 | 30.9.2020 | 30.6.2020 |
| Assets | 567,930 | 552,539 | 536,131 | 535,780 | 540,602 |
| Equity | 225,669 | 222,022 | 230,657 | 228,126 | 222,408 |
| Liabilities | 342,261 | 330,517 | 305,474 | 307,654 | 318,194 |
| Interest-bearing debt | 234,644 | 225,176 | 217,877 | 217,877 | 229,917 |
| Net debt | 215,253 | 203,649 | 191,907 | 191,907 | 201,457 |
| Equity ratio | 39.7% | 40.2% | 43.0% | 41.1% | 41.1% |
| Return on equity | 5.6% | 5.0% | 1.4% | 1.4% | 4.3% |
| CASH FLOW | Q2 2021 | Q1 2021 | Q4 2020 | Q3 2020 | Q2 2020 |
| Net cash from operating activities | 12,336 | 7,770 | 12,549 | 15,487 | 21,965 |
| Net cash (used in) provided by investing activities | (2,522) | (162) | (19,540) | (3,452) | (20,470) |
| Net cash (used in) provided by financing activities | (11,709) | (6,224) | 432 | (13,431) | 4,033 |
| Cash and cash equivalents at the end of the period | 15,385 | 17,212 | 15,640 | 21,895 | 23,904 |
E EIMSKIP
LEASE LIABILITIES (IFRS 16)
Higher charter rates and land lease agreements affecting lease liabilities during the year
IFRS 16 LEASE LIABILITIES BRIDGE ANALYSIS
Lease liabilities
IFRS 16 - Impact on EBITDA
6M
- New and renewed long-term land lease agreements account for EUR 5.3m of lease liability increase
- Effects of land leases minimal in EBITDA but high in liability due to long terms
- Material increases in charter rates and longer agreements result in EUR 2.0m increase in lease liability
- Vessel leases have proportionally larger effect on the Income Statement than on the Balance Sheet
- IFRS 16 effect on EBITDA EUR 8.8m compared to EUR 7.9m in the same period last year
- Increase in vessel charter rates main reason for the increase
E EIMSRIP
SHAREHOLDERS INFORMATION
PAYMENTS TO SHAREHOLDERS
SHARE PRICE DEVELOPMENT FROM LISTING
SHAREHOLDERS 18.8.2021
| Shareholder | Country | Shares | % |
|---|---|---|---|
| Samherji Holding ehf. | Iceland | 59,953,585 | 34.22% |
| Gildi - Ilfeyrissjóður | Iceland | 26,530,490 | 15.14% |
| Lifeyrissjóður verslunarmanna | Iceland | 24,924,181 | 14.23% |
| Stapi Ilfeyrissjóður | Iceland | 9,485,253 | 5.41% |
| Birta Ilfeyrissjóður | Iceland | 9,116,259 | 5.20% |
| Lifeyrissj.starfsm.rík. A-deild | Iceland | 8,240,697 | 4.70% |
| Stefnir - Innlend hlutabréf hs. | Iceland | 6,031,159 | 3.44% |
| Almenni Ilfeyrissjóðurinn | Iceland | 3,218,098 | 1.84% |
| Söfnunarsjóður Ilfeyrisréttinda | Iceland | 3,198,754 | 1.83% |
| Stefnir - ÍS 5 | Iceland | 2,833,684 | 1.62% |
| Top 10 shareholders | 153,532,160 | 87.63% | |
| Other 692 shareholders | 21,636,130 | 12.35% | |
| Total outstanding shares | 175,168,290 | 99.98% | |
| Treasury shares | 31,710 | 0.02% | |
| Total shares | 175,200,000 | 100.00% |
- Samherji Holding ehf. (34.22%)
- Icelandic Pension funds (50.52%)
- Foreign funds (1.41%)
- Treasury Shares (0.02%)
- Banks and insurance companies (3.90%)
- Domestic funds (6.61%)
- Other legal entities (1.59%)
- Individuals (1.74%)
E EIMSRIP
DISCLAIMER
Information contained in this presentation is based on sources that Eimskipafélag Íslands hf. ("Eimskip" or the "Company") considers reliable at each time. Its accuracy or completeness can however not be guaranteed.
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This presentation is solely for information purposes and is not intended to form part of or be the basis of any decision making by its recipients. Nothing in this presentation should be construed as a promise or recommendation. Eimskip is not obliged to provide recipients of this presentation any further information on the Company or to make amendments or changes to this publication should inaccuracies or errors be discovered or opinions or information change.
Statements contained in this presentation that refer to the
Company's estimated or anticipated future results or future activities are forward-looking statements which reflect the Company's current analysis of existing trends, information and plans. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results to differ materially depending on factors such as the availability of resources, the timing and effect of regulatory actions and other factors. Eimskip undertakes no obligation and does not intend to update these forward-looking statements to reflect events or circumstances occurring after this presentation. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this presentation. All forward-looking statements are qualified in their entirety by this cautionary statement.
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