Eimskip announces positive earnings following restructuring

May 17, 2010 09:21

- Positive net earnings following restructuring -
- Considerable decrease in cargo volume -
- Emphasis on transportation services -

Eimskip undertook a complete restructuring in the year 2009. As a part of the restructuring process, creditors and new investors took over the transportation operation on October 1st 2009 and appointed a new Board of Directors, reports www.megafishnet.com with reference to Eimskip.

Shareholders in the company are today 74; the old Landsbanki owns a 37% stake and the U.S. investment fund Yucaipa owns 32%. Yucaipa became involved in the company's restructuring through its investment in the cold storage operations in North America and also by contributing new share capital to the restructured company.

Eimskip is operating in 16 countries with about 1.250 employees whereof 730 are located in Iceland.  The objective of Eimskip is to offer total transportation services in the North Atlantic and an extensive service in reefer forwarding.  About 50% of the company's income is generated outside Iceland. 

Results for the year 2009
The net earnings of Eimskipafélag Íslands hf., were positive by EUR 2,3 million during the period between October 1st and December 31st 2009. Operational results (EBITDA) were positive by EUR 8,5 million. The company's total assets amounted to EUR 279 million and its equity ratio at year-end 2009 was 53.7%. The company's interest-bearing debts amounted to EUR 81 million.

Q1 2010
The first quarter of 2010 is in line with budget and shows positive results before taxes amounting to EUR 1,9 million. Operational results (EBITDA) are positive by EUR 7,7 million.

Gylfi Sigfuson, CEO/President:
"Eimskip undertook considerable organizational and restructural changes in the year 2009 that have now led to positive operational results. The company's external environment, is however difficult and there has been a considerable drop in cargo volumes in the North Atlantic. Eimskip works systematically on defining the company strategy in transportation services and we are now seeing the rewards of these efforts.

It's important for the Icelandic economy that the wheels of commerce begin turning in the right direction and look to the future ahead.   It's extremely important that the way to recovery is led by a company like Eimskip with positive operational results. Companies that are built on old and solid foundations must look back to their roots and rebuild according to tried and tested values. Eimskip is one of the companies that were badly damaged through over-investments, debt accumulation, ineffective policies and lack of discipline. Eimskip's transportation operations are built on solid foundations with highly skilled employees who have decades of experience. This will smooth the way towards our future development as the company nears its 100th anniversary."

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