Eimskipafelag Islands Hf. · OMXICE:EIM
Eimskipafelag Islands Hf — Q1 2013 Earnings Presentation
35 slides from Eimskipafelag Islands Hf's earnings presentation, May 24, 2013
Slide 1: First quarter 2013 financial results
24 May 2013 First quarter 2013 financial results
Slide 2: Agenda
Agenda 1. Highlights 2. First quarter 2013 financial results 3. Outlook 4. Q&A
Slide 3: Key highlights Q1 2013
Key highlights Q1 2013 EUR million Q1 2013 Q1 2012 Change Operating revenue 105.3 93.7 12.4% EBITDA 7.2 6.8 6.5% EBIT 2.1 1.3 58.5% CAPEX 8.6 22.7 (62.1%) Net cash (to) from operating activities (2.4) 3.7 (162.9%) Total assets 307.2 284.7 7.9% Equity ratio 65.8% 62.1% 5.9% 3
Slide 4: Transported volume
Transported volume Liner services and reefer forwarding Liner services Reefer forwarding 20% 20% 15% 15% 14.1% 13.1% 10% 5.1% 10% 5% 3.4% 0.3% 4.4% 0% 5% -0.6% -5% 0% -10% -0.6% -5% -15% -15.0% -7.4% -20% -10% 2009 2010 2011 2012 Q1 2013 2009 2010 2011 2012 Q1 2013 4
Slide 5: Operating revenue by segments
Operating revenue by segments Liner services and forwarding services Q1 2013 Q1 2012 29% 26% 71% 74% Liner services Forwarding services Liner services Forwarding services 5
Slide 6: Operating profit, EBITDA, by segments
Operating profit, EBITDA, by segments Liner services and forwarding services Q1 2013 Q1 2012 12% 19% 88% 81% Liner services Forwarding services Liner services Forwarding services 6
Slide 7: Geographical split of operating revenue
Geographical split of operating revenue Less than half of the operating revenue is related to Iceland Q1 2013 12M 2012 4% 4% 15% 14% 12% 46% 12% 49% 13% 10% 10% 12% Iceland Faroe Islands Norway Europe Asia Other Iceland Faroe Islands Norway Europe Asia Other 7
Slide 8: Freight index China - Europe
Freight index China - Europe Fluctuations in pricing from the deep sea carriers 2000 1648 1652 1500 1392 1294 1296 1258 1283 1239 1217 1191 1221 1188 1177 1100 1079 1087 1010 991 1000 893 872 773 580 500 0 Source: www.shippingchina.com 8
Slide 9: International carriers
International carriers Source: Alphaliner 9
Slide 10: Development after restructuring
Development after restructuring 2009 to 2013 New Sailing Schedule Listing of Eimskip New Norway Route Strategic Planning Restructuring 10
Slide 11: Significant changes in Eimskip's sailing schedule
Significant changes in Eimskip’s sailing schedule Introduced 6 March 2013 • The main changes are – Increased capacity in the liner system by 7.7% – Weekly coastal services around Iceland connecting Faroe Islands with direct connection to the UK and mainland Europe and new services for fresh salmon f
Slide 12: Eimskip sailing network map
NI, E EIMSsKIP ve COOL CHOICE IN LOGISTICS BLUE LINE Grundarfjordur Iceland, Farce Islands, The Netherlands, Poland, Sweden, Norway, Denmark, Farce islands, Iceland ‘cand Bildudalur VELLOW LINE Grundartangi \safjordur Iceland, Farce Islands, England, TheNetherlands, Germany. England, iceland - ae Sa
Slide 13: Blue Line
BLUE LINE Iceland, Faroe Islands, The Netherlands, Poland, Sweden, Norway, Denmark, Faroe Islands, Iceland Godafoss & Built 1995 TEUS 1,457 CT 14,664 Dettifoss Built 1995 TEUS 1,457 CT 14,664 Owned 606 @ OPTIONALPORT/ SEASONAL ROUTES 9) MAJOR TRANSIT HUB O -orr (e) (e) TRANSIT HUB E EIMSKIP COOL CHO
Slide 14: Yellow Line
YELLOW LINE Iceland, Faroe Islands, England, The Netherla: 3 Owned 9 MAJOR TRANSIT HUB (eo) (@) TRANSIT HUB © -orr , Germany, England, Iceland Grundartangi REYKJAVIK Brdarfoss @ iris Built 1992 Westman Islands TEUS 724 a GT 7.676 \ Vagur Faroe islands a THORSHAVN Selfoss & Foe io Built 1991 TEUS 724
Slide 15: Red Line
E EIMSKIP Grundarfjérdur HorstB « Bildudatur Built 1994 Grundartangi isafjérdur TEUS 703 Saudarkrékur GT 6,297 REYKJAVIK £4 Arey 'e OF asavik S. Rafael «< o Nordfjérdur Built 2000 Reydarfjérdur TEUS 501 tela GT 4,454 Vagur THORSHAVN Farce blends Farce sland © Chartered Aberdeen Scatlond 9 MAJOR TRAN
Slide 16: Red Line
RED LINE Iceland, Faroe Islands, Scotland, The Netherlands, Iceland © Chartered OD eve mere HorstB < Built 1994 TEUS 703 GT 6,297 S. Rafael Built 2000 TEUS 501 GT 4,454 c & EIMsKIp
Slide 17: Green Line
GREEN LINE Norway, Iceland, Newfoundland, Nova Scotia, United States, Newfoundland, Iceland Skogafoss < Built 2007 TEUS 698 T7545 Reykjafoss « Built 1999 TEUS 712 GT 7,589 ¢ Chartered 9 MAJOR TRANSIT HUB © port (e) a ‘TRANSIT HUB eee @ OPTIONAL PORT / SEASONAL ROUTES E EIMSKIP COOL CHOICE IN LOGISTI
Slide 18: Brown Line
BROWN E Russia, Norway, The Netherlands, England, Scotland, Norway Ice Bird Built 1990 « ae Reefer (bulk) GT 3,625 Hélmfoss & \ Built 2007 = = = Reefer (bulk/TEUS 24) nan GT 3,538 Polfoss a Built 2008 Reefer (bulk/TEUS 24) CT 3,578 Svartfoss & Built 2005 Reefer (bulk/TEUS 48) CT 2,930 Owned 9 MAJOR
Slide 19: Other operations
Other operations In the North Atlantic 19
Slide 20: Agenda
Agenda 1. Highlights 2. First quarter 2013 financial results 3. Outlook 4. Q&A
Slide 21: Income statement
Income statement Improvements from previous year EUR thousand Q1 2013 Q1 2012 Change % • Revenue increased by 12.4% from Q1 2012 mainly explained by volume increase in Operating revenue 105,313 93,726 11,587 12.4% forwarding and freight increases on international shipping markets Operating expenses
Slide 22: Operating revenue and EBITDA by quarters
Operating revenue and EBITDA by quarters Adjusted for one-off items in 2011 and 2012 Operating revenue by quarters EBITDA by quarters 120 14 100 12 10 80 8 60 6 40 4 20 2 0 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2010 2011 2012 2013 2010 2011 2012 2013 22
Slide 23: Balance sheet
Balance sheet Solid with low leverage EUR thousand 31.3.2013 31.12.2012 Change % • Increase in non-current assets due to investments in vessels and other operating Non-current assets 213,135 209,723 3,412 1.6% assets Current assets 94,058 103,558 (9,500) (9.2%) • Reduction in cash and cash equivalen
Slide 24: Financial ratios
Financial ratios Net debt / EBITDA Net debt and equity ratio EUR thousand 01 50.000 100% Net debt 01 Equtiy ratio 90% 01 40.000 80% 01 70% 01 30.000 60% 00 50% 0.77 44,361 00 0.61 20.000 40% 0.57 00 0.43 21,895 31,598 30% 18,689 21,950 00 10.000 20% 00 10% 2010 2011 2012 Q1 2013 0 0% LTM 2009 2010 2
Slide 25: Strong cash flow and cash position
Strong cash flow and cash position Decreased cash mainly due to investments Cash flow bridge 2013 EUR million EUR thousand Q1 2013 Q1 2012 Change % 40 35 (2.4) Cash flows (to) from operations (2,357) 3,745 (6,102) (162.9%) (5.6) 30 (2.4) Investing activities (8,045) (21,981) 13,936 63.4% 25 (2.6) (0
Slide 26: CAPEX 2010 to 2013
CAPEX 2010 to 2013 CAPEX affected by vessel investments 25 Total investments Maintenance investments 20 15 10 5 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2010 2010 2010 2010 2011 2011 2011 2011 2012 2012 2012 2012 2013 26
Slide 27: Agenda
Agenda 1. Highlights 2. First quarter 2013 financial results 3. Outlook 4. Q&A
Slide 28: New vessel building project in China
New vessel building project in China Delay of delivery and reduction of purchase price • In 2011 Eimskip and the shipyard Rongcheng Shenfei in China made an agreement of building two container vessels – Each vessel’s size is 875 TEU with container plugs for 230 reefer containers – Deadweight is abou
Slide 29: New companies and projects: E.T.S. B.V.
New companies and projects E.T.S. B.V. • Eimskip has acquired a 52.5% share in the Dutch trucking company E.T.S. B.V., European Transport Services, which is located in Rotterdam • The company was established to provide trucking services for Eimskip within the Benelux and neighboring countries • E.T.
Slide 30: New companies and projects: Gára ehf.
New companies and projects Gára ehf. • In April 2013, TVG-Zimsen, an Iceland based subsidiary of Eimskip, acquired the ship agency Gára ehf. • Gára is a 20 year old company, located in Hafnarfjördur in Iceland • Gára will be operated as a separate unit under TVG-Zimsen and the former owners will con
Slide 31: New companies and projects: Dysnes in Akureyri
New companies and projects Development in Dysnes in Akureyri • Eimskip has joined several other parties in founding a development company, Dysnes Þróunarfélag ehf. • Dysnes is founded to develop and promote new port facility to serve oil, mining and other industries in the North Atlantic as well as
Slide 32: Future opportunities
Future opportunities Growth opportunities in the home market • Continuing optimization and development of the liner • Growth opportunities in the home market in the North services Atlantic, including projects in relation to oil, aluminum and other industries • Marketing and sale of the new sailing s
Slide 33: Eimskip
E EIMSKIP
Slide 34: Disclaimer
Disclaimer Information contained in this presentation is based on sources that Eimskipafélag Íslands hf. (“Eimskip“ or the ”Company“) considers reliable at each time. Its accuracy or completeness can however not be guaranteed. Copyright of information contained in this presentation is owned by Eimsk
Slide 35: Cool choice in logistics
COOL CHOICE IN LOGISTICS
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