EBITDA for 2010 EUR 38,6 million
Profit after taxes EUR 12.2 million
Eimskip's gross turnover 2010 was EUR 365 million and the EBITDA EUR 38.6 million. Profit after taxes were EUR 12.2 million. Total assets at the end of the year are EUR 285 million and the equity ratio was 57%. Interest bearing debts were EUR 72 million. The total liner transport volume of the Group decreased by 0,4 % between 2009 and 2010, while at the same time, Eimskip's reefer forwarding services saw an increase of 14 % between years.
EBITDA for 4Q 2010 was EUR 8.6 million, which is the same result as for the year 2009. The profits after taxes were EUR 2.8 million, compared to EUR 2.3 million in 2009. The result in 4Q 2010 is in line with expectations, despite a decrease in liner transport volume of 2.3 % from 4Q 2009.
Gylfi Sigfússon, President/CEO:
We have reached our objectives in our first whole operational year since our restructuring, and it's also good to see that Eimskip is showing profits in all quarters of the year. Our main concern are that the total transport volume in the liner services is not growing between 2009 and 2010, and is decreasing in the last months of 2010 and the first months of 2011. On the other hand, it is good to see that the total transport volume in Eimskip's reefer forwarding is growing by 14% between years. The outlook for 2011 does not show much growth in volume in the liner services, neither in Iceland nor in the Faroe Islands. The situation in the Faroes has caused us concerns, although it seems to be developing in the right direction.
Eimskip's main challenges in the year 2010 were to tailor the operations to the changes in market conditions, increasing the efficiency and work on fortifying the infrastructure, organizing the fixed assets and future development and strategy and to make Eimskip a better workplace. Eimskip has also worked on increasing its service level by opening new webpages as well as a customer service portal named e-Port, that was developed in co-operation with some of the Group's largest customers.
Hopefully, we will soon see better times towards the economic growth in Iceland and Faroe Islands. Despite of this uncertainty Eimskip's management is positive towards the future.
Eimskip has operations in 16 countries, with 19 vessels and around 1.250 employees, of which around 730 are working in Iceland. About half of Eimskip's income is from operations outside Iceland.
The company's vision is to offer its clients total transport services in the North-Atlantic, as well as an extensive and effective reefer logistics services worldwide.