Eimskip in rougher seas
The Icelandic carrier Eimskip reports a flat year of 2019, with a lower result also due to regulatory and one-time effects. Container volumes, especially in imports to Iceland, went down, thus the revenues amounted to EUR 679.6 million, a decrease of EUR 9.6 million or 1.4% less.
Expenses also fell to EUR 630.2 million (excluding IFRS 16), a decrease of EUR 9.7 million. Ebitda remained at EUR 60.5 million or EUR 49.4 million (excluding IFRS 16) compared to EUR 49.2 million last year.
Net earnings went down to just EUR 1.0 million, compared to EUR 7.4 million for 2018. A one-off tax expense in the amount of EUR 3.4 million and an impairment expense of EUR 2.6 million due to the sale of vessels negatively affected the results.
Normalised earnings of EUR 7.0 million were therefore in line with 2018. Planned investments in 2019 amounting to EUR 36 million were postponed to 2020, mostly due to delayed delivery of the two new vessels. A share buy-back programme was initiated. Ebitda guidance for 2020 is in the range of EUR 51-58 million. (mw)