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2022-08-18 17:54:19 CEST 2022-08-18 17:54:23 CEST REGULATED INFORMATION Eimskipafélag Íslands hf. - Half Year financial reportEimskip: Results for Q2 2022HIGHLIGHTS OF Q2 2022 RESULTS
HIGHLIGHTS OF 6M 2022 RESULTS
VILHELM MÁR THORSTEINSSON, CEO “I am pleased with our results in the second quarter where we had good contribution from main business activities. For a long time, especially since the beginning of Covid, the operational environment has been very challenging and ever changing which has repeatedly tested our ability to adapt and adjust to new conditions. I am proud of our experienced and qualified group of employees worldwide who have again and again proven to be committed and resourceful in the operation and in servicing our customers. Both revenue and expenses increase substantially in the quarter mainly driven by 3rd party expenses, bunker prices and high activity. Share of revenue originated outside of Iceland is still growing and is now accounting for around 60% of total revenue. We continued to perform well in our liner services where our strong sailing system is the backbone of our operations. We saw import volumes to Iceland on a very high level this quarter while export volume decreased year on year due to e.g. the war in Ukraine and less salmon harvesting. Our Trans-Atlantic services continues to strengthen and have become an important pillar in our container liner. EBITDA in the quarter amounted to EUR 44.8 million and increased by 51% from same quarter last year with large part of the improvement attributed to the liner services. Net earnings amounted to EUR 24.9 million and it is good to see that our business is generating a healthy cash flow from operations amounting to EUR 31.3 million in the quarter. Global freight rates have been coming down while vessel charter rates in Eimskip's category are remaining at a high level. Looking forward, there are still disruptive factors and congestion affecting the global transportation markets e.g. trucking capacity and rising inflation in the global economy that may affect international trade and demand. Import volume to Iceland remains high, export volume from Iceland is expected to pick up in the fall and volume remains high in Trans-Atlantic services where capacity is a constraint. The outlook for third quarter and the remainder of the year is generally positive.” INVESTOR MEETING 19 AUGUST 2022 The Board of Directors of Eimskipafélag Íslands hf. approved the Company’s Condensed Consolidated Interim Financial Statements for 1 January to 30 June 2022 at its meeting on 18 August 2022. Investors and market participants are invited to a meeting on Friday 19 August 2022 at 8:30 a.m. at the Company’s headquarters, Sundabakki 2, second floor. The meeting will also be webcasted live in Icelandic at www.eimskip.com/investors. Vilhelm Már Thorsteinsson, CEO and María Björk Einarsdóttir, CFO, will present the Company’s financial results for Q2 2022. Investor presentation and a recording of the meeting will be available on the Company’s investor relations website. FURTHER INFORMATION Edda Rut Björnsdóttir, Executive Vice President of Human Resources & Communication, tel.: +354 825 3399, email: investors@eimskip.com. FORWARD-LOOKING STATEMENTS Statements contained in this financial press release 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 press release. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. All forward-looking statements are qualified in their entirety by this cautionary statement. |
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