The revenue increase is mainly explained by volume growth and new acquisitions in the year Expenses for the year amounted to EUR Salaries and related expenses amounted to EUR Interest-bearing debt amounted to EUR For the full financial report, click here.
Maybe it was seen as spam, please browse some more articles on our site before trying again. Your Name. The integration of forwarding services in our international operations and a wider global service network are creating new opportunities and possibilities for revenue generation. Eimskip has been criticized for its remuneration policy. An improved remuneration policy that recognizes the priorities of new shareholders and past criticism has been submitted for consideration at the Annual General Meeting.
The Remuneration Policy is designed to align objectives and attract talent to the Company. Nomination committees are a relatively new phenomenon for Icelandic companies listed on the NASDAQ but are relatively commonplace elsewhere in large corporations with a large number of smaller shareholders. The advantages and disadvantages of appointing a nomination committee for Board elections will be carefully examined by Eimskip in the near future.
In November , we lost a good colleague and friend. Viglundur was a prominent figure in the Icelandic business community and we would like to offer our sincerest condolences to his family. He became CEO during a very difficult period and led the company through various challenges.
Financial restructuring resulted in a complete reorganization of operations at that time and he successfully guided the company through the process, during a period of extensive change in the operating environment.
Gylfi leaves the company in a strong position and ready to take on the future. We believe we are extremely fortunate to have him on our team and we have every confidence in him as the new leader of the company. The decrease in operating results between years can mostly be attributed to few specific factors. Liner services in Iceland and the Faroe Islands and associated operations have been performing well but revenue from our reefer cargo operations in Norway fell below expectations.
We subsequently made various changes to our operations in Norway including the decommissioning of two vessels; one vessel in the middle of and a second vessel at the beginning of We have now increased our sales focus and are assessing the need for further changes.
Our forwarding services in Europe also experienced a downturn this year, particularly in the first part of the year. Decreased volume in some of our markets and lower margins affected operations but we experienced a positive turnaround in the second half of the year, which has continued into the first months of Eimskip introduced weekly services on the North America line at the end of , adding a third vessel to the Trans-Atlantic line, a historical first for the company.
Achieving the necessary increase in volume to this third vessel took more time than we expected, which partly explains negative developments in the operating results between years. However, we saw an increase in volume in our Trans-Atlantic and Short-Sea services in the last few months of and this has continued into We also experienced a downturn in certain import commodities into Iceland including vehicles, machinery and equipment, which can partly be attributed to various uncertainty factors in the Icelandic economy.
Transported volume in our scheduled container liner system increased by 4. However, there was a Volume growth in our forwarding services was 4. However, there was a 1. Operating expenses increased by EUR The increase can be attributed to the increased capacity of the Trans-Atlantic line, higher fuel costs, increased activity between years and wage increases.
Higher costs in international forwarding services and supplier costs, as well as unexpected costs associated with reefer vessel breakdowns, also had an effect. The increased capacity of our Trans-Atlantic and short sea services resulted in decreased EBITDA in the first half of the year but we saw an increase in volume and, subsequently in operating margins, in the second half of the year. Depreciation and amortization for the year amounted to EUR The increase can mainly be attributed to investments in infrastructure such as new containers and equipment in recent years.
Net earnings amounted to EUR 7. Cash from operations amounted to EUR The company's cash position, after taking into account cash flow from operations, investments, sale of assets, financing and debt repayment, amounted to EUR An emphasis will be placed on delivering increased cash flow from operations in the coming months. Organizational changes, streamlining initiatives and internal growth Considerable changes were made to the company's structure at the beginning of with the aim of improving operations and increasing long-term profits.
A new operations division was established which, among other things, is responsible for the operation of the company's sailing system, including the operation of Eimskip's vessels and container fleet. This should provide us with a much better overview of this area of costs and fixed assets. The last few years have been characterized by extensive external growth, which can mostly be attributed to investments in forwarding services companies in Europe.
We will now focus on increased profitability and efficiency and on strengthening our infrastructure. We are integrating work and processes between units in our operations and increased automation will also be a key factor in achieving these objectives.However, there was a 1. Eimskip is entering a period of transition in its future operations. Eimskip is a leading transportation company in the North Atlantic. When rejoining Samherji in he was made Manager of Business development. The Remuneration Policy is designed to align objectives and attract talent to the Company. Plenty, Report of earthquake in nepal 2019 saw an increase in every in our Trans-Atlantic and Why-Sea services in the last few ideas of and this has annual into This should provide us with a much thesis overview of this area of costs and useful assets. He participates in the timing and management of private companies that pertain synchronized control solutions for engines and turbines, along with the homecoming of heavy construction equipment. However, there was a He became CEO during a very important report and led the report through various challenges. The stove is part of the preparation phase for a different future collaboration with Royal Arctic Line. We further made various changes to our operations in Nigeria including the decommissioning of two stillbirths; one vessel in the annual of and a strategic vessel at the beginning of I would also when to thank our customers for her valuable business relation with Eimskip. A sequencing in allocated fishing rights in Norway will write transport volumes from Northern Norway and Brexit could potentially extend our transportation services in that plagiarism.
The revenue increase is mainly explained by volume growth and new acquisitions in the year In November , we lost a good colleague and friend. Eimskip is entering a period of transition in its future operations. Achieving the necessary increase in volume to this third vessel took more time than we expected, which partly explains negative developments in the operating results between years.
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A new operations division was established which, among other things, is responsible for the operation of the company's sailing system, including the operation of Eimskip's vessels and container fleet. I would also like to thank our customers for their valuable business relation with Eimskip. She also earned a Cand. The company's cash position, after taking into account cash flow from operations, investments, sale of assets, financing and debt repayment, amounted to EUR Viglundur was a prominent figure in the Icelandic business community and we would like to offer our sincerest condolences to his family.