Key Financial Highlights
KEY FIGURES
| Consolidated Income Statement | 2016 | 2015 | Change | 2014 | 2013 | 2012 | ||||||
| Revenue | 513,922 | 499,581 | 2.9% | 451,555 | 433,824 | 423,653 | ||||||
| Expenses | 460,447 | 454,384 | 1.3% | 413,013 | 396,770 | 387,485 | ||||||
| Operating profit - EBITDA | 53,475 | 45,197 | 18.3% | 38,542 | 37,054 | 36,168 | ||||||
| Depreciation and amortization | (28,077) | (24,729) | (13.5%) | (23,195) | (21,143) | (22,436) | ||||||
| Results from operating activities - EBIT | 25,398 | 20,468 | 24.1% | 15,347 | 15,911 | 13,732 | ||||||
| Net finance (expense) income | (345) | 419 | - | 591 | (3,234) | (2,983) | ||||||
| Share of earnings of associated companies | 210 | 331 | (36.6%) | 229 | 2 | 0 | ||||||
| Net earnings before income tax | 25,263 | 21,218 | 19.1% | 16,167 | 12,679 | 10,749 | ||||||
| Income tax | (3,368) | (3,416) | 1.4% | (2,560) | (1,862) | 1,982 | ||||||
| Net earnings for the year | 21,895 | 17,802 | 23.0% | 13,607 | 10,817 | 12,731 | ||||||
| Adjusted for one-off items in 2012: | ||||||||||||
| Earnings per share in EUR | 0.1148 | 0.0929 | 23.5% | 0.0722 | 0.0554 | 0.0645 | ||||||
| Revenue change | 2.9% | 10.6% | 4.1% | 2.4% | 12.0% | |||||||
| EBITDA ratio | 10.4% | 9.0% | 8.5% | 8.5% | 9.6% | |||||||
| EBIT ratio | 4.9% | 4.1% | 3.4% | 3.7% | 4.3% | |||||||
| Net debt / EBITDA | 0.78 | 0.78 | 0.65 | 0.89 | 0.54 | |||||||
| Consolidated Statement of Financial Position | 31.12.2016 | 31.12.2015 | Change | 31.12.2014 | 31.12.2013 | 31.12.2012 | ||||||
| Assets | 391,691 | 355,157 | 10.3% | 332,040 | 314,365 | 313,281 | ||||||
| Non-current assets | 253,256 | 233,280 | 8.6% | 214,278 | 216,096 | 209,723 | ||||||
| Current assets | 138,435 | 121,877 | 13.6% | 117,762 | 98,269 | 103,558 | ||||||
| Equity | 243,775 | 228,124 | 6.9% | 216,472 | 205,771 | 199,599 | ||||||
| Liabilities | 147,916 | 127,033 | 16.4% | 115,568 | 108,594 | 113,682 | ||||||
| Interest-bearing debt | 81,149 | 71,401 | 13.7% | 64,432 | 59,398 | 59,254 | ||||||
| Net debt | 41,606 | 35,418 | 17.5% | 24,893 | 33,028 | 21,950 | ||||||
| Tangible assets / Total assets | 89.4% | 92.6% | 94.2% | 93.5% | 93.7% | |||||||
| Equity ratio | 62.2% | 64.2% | 65.2% | 65.5% | 63.7% | |||||||
| Consolidated Statement of Cash Flows | 2016 | 2015 | Change | 2014 | 2013 | 2012 | ||||||
| Net cash from operating activities | 48,667 | 37,357 | 30.3% | 31,603 | 20,537 | 36,872 | ||||||
| Net cash used in investing activities | (39,907) | (35,206) | (13.4%) | (18,311) | (26,601) | (39,188) | ||||||
| Net cash used in financing activities | (4,761) | (5,173) | 8.0% | (572) | (3,558) | (4,369) | ||||||
| Changes in cash and cash equivalents | 3,999 | (3,022) | - | 12,720 | (9,622) | (6,685) | ||||||
| Effects of exchange rate fluctuations on cash held | (439) | (534) | 17.8% | 449 | (1,312) | 472 | ||||||
| Cash and cash equivalents at year-end | 39,543 | 35,983 | 9.9% | 39,539 | 26,370 | 37,304 |
Revenue
EUR million
EBITDA
Adjusted for one-off items in 2012*
EUR million
NET DEBT / EBITDA
Adjusted for one-off items in 2012*
Revenue by quarter
EUR million
EBITDA BY QUARTER
Adjusted for one-off items in 2012*
EUR million
NET DEBT AND EQUITY RATIO
EUR million
* In the graphs above, EBITDA has been adjusted for one-off items in 2012. EBITDA for the third quarter was increased by EUR 0.7 million and by EUR 1.0 million for the fourth quarter due to expenses related to the Company’s listing at Nasdaq Iceland. EBITDA in fourth quarter was further increased by EUR 2.9 million due to non-cash expenses related to forfeiture of stock options
KEY HIGHLIGHTS
| EUR million | 2016 | 2015 | Change | ||
| Revenue | 513.9 | 499.6 | 2.9% | ||
| EBITDA | 53.5 | 45.2 | 18.3% | ||
| EBIT | 25.4 | 20.5 | 24.1% | ||
| Net earnings | 21.9 | 17.8 | 23.0% | ||
| CAPEX | 34.4 | 48.3 | (28.8%) | ||
| Net cash from operating activities | 48.7 | 37.4 | 30.3% | ||
| Total assets | 391.7 | 355.2 | 10.3% | ||
| Equity ratio | 62.2% | 64.2% |
Transported Volume
There was a 5.9% growth in the Company’s North Atlantic liner services from 2015 to 2016, mainly due to good growth related to Iceland and Norway. Transported volume in the Company’s forwarding services grew by 4.8% from the previous year.
Operational Results
Eimskip’s net earnings amounted to EUR 21.9 million in 2016, increasing by EUR 4.1 million, or 23.0%, from 2015.
Revenue amounted to EUR 513.9 million, compared to EUR 499.6 million in 2015. Normalized revenue growth was 3.3%, taking into account a EUR 2.0 million gain on disposal of a vessel under construction which was included in the 2015 revenue. Total revenue for the year 2016 was affected by lower freight rates in the international freight markets. Of the 2016 revenue, 74.0% came from the liner services segment while 26.0% were related to forwarding services.
Expenses for the year amounted to EUR 460.4 million, up by 1.3%. Thereof, salaries and related expenses amounted to EUR 119.8 million, up by 24.7%, mainly affected by general wage increase in Iceland and currency exchange difference. Cost related to merger and acquisition projects was EUR 1.1 million in 2016.
Operating profit, or EBITDA, amounted to EUR 53.5 million compared to EUR 45.2 million in 2015, up by 18.3%, but normalized EBITDA growth was 23.7%. The EBITDA ratio for the year was 10.4% compared to 9.0% in 2015.
Financial Position and Capital Expenditure
Eimskip’s balance sheet at year-end 2016 remained solid, with assets amounting to EUR 391.7 million and 62.2% equity ratio. Interest-bearing debt amounted to EUR 81.1 million at year-end, up by EUR 9.7 million, and net debt was EUR 41.6 million, up by EUR 6.2 million from the previous year.
Cash flow remained strong and net cash from operating activities amounted to EUR 48.7 million and grew by EUR 11.3 million or 30.3% from the previous year. Dividend in the amount of EUR 8.6 million, or ISK 1,213.2 million, was paid to shareholders in April 2016. Cash and cash equivalents were in the amount of EUR 39.5 million at year-end.
Total capital expenditure, or CAPEX, amounted to EUR 34.4 million in 2016 and the largest investments were containers and a harbor crane. For comparison, CAPEX amounted to EUR 48.3 million in 2015. Net acquisitions in new companies amounted to EUR 11.3 million.