Eimskipafélag Íslands hf.
Sundabakka 2 | 104 Reykjavík | Iceland
Reg. no. 690409-0460
Eimskipafélag Íslands hf.
Consolidated Financial
Statements for the year ended
31 December 2023 | EUR
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Appendices - Unaudited:
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EU Taxonomy ...............................................................................................................................................................................
ESG Statement .............................................................................................................................................................................
Contents
Endorsement and Statement by the Board of Directors and the CEO .....................................................................................
Independent Auditors' Report .....................................................................................................................................................
Consolidated Statement of Comprehensive Income .................................................................................................................
Consolidated Statement of Financial Position ..........................................................................................................................
Consolidated Income Statement ................................................................................................................................................
Quarterly Statements .................................................................................................................................................................
Non-Financial Reporting ..............................................................................................................................................................
Consolidated Statement of Changes in Equity .........................................................................................................................
Consolidated Statement of Cash Flows .....................................................................................................................................
Notes to the Consolidated Financial Statements ......................................................................................................................
Corporate Governance Statement ..............................................................................................................................................
Key figures by quarter .................................................................................................................................................................
Consolidated Financial Statements of Eimskipafélag Íslands hf. 2023
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Highlights & Operations in 2023
Endorsement and Statement by the Board
of Directors and the CEO
Eimskip is a leading transportation company in the North Atlantic providing container and reefer liner services with connections to
international markets and is specialized in worldwide freight forwarding with focus on frozen and chilled commodities. Eimskip
offers its customers a broad range of services related to shipping, logistics and supply chain management solutions on land, sea and
air. Eimskip currently operates 56 offices in 20 countries. The Consolidated Financial Statement of the Group includes the financials
of the parent company and its subsidiaries. The Group consists of a total of 64 companies in addition to five foreign branches. The
Company operates branch offices in Norway, Denmark, UK, Netherland and Germany.
The Consolidated Financial Statements of Eimskipafélag Íslands hf. and its subsidiaries (together referred to as "Eimskip", "the
Group" or "the Company") are prepared and presented in accordance with IFRS accounting standars (IFRS) as adopted by the EU and
additional requirements for listed Icelandic companies. The Financial Statements are presented in thousands of EUR.
Revenue in 2023 amounted to EUR 827.5 million and decreased by 243.1 million from the previous year while operating expenses
decreased by EUR 203.4 million and amounted to EUR 704.2 million. EBITDA for the financial year 2023 amounted to EUR 123.4
million compared to EUR 163.1 million in 2022, which was a record year for the company. Net earnings as reported for the year 2023
are a total of EUR 54.5 million (2022: EUR 85.3 million) according to the Consolidated Income Statement.
Property, vessels and equipment increased by EUR 13.1 million in 2023 and amounted to a total of EUR 246.3 million by year-end.
Interest-bearing debt decreased by EUR 14.6 million in the period and amounted to EUR 119.2 million at the end of the year. Total
equity at 31 December 2023 amounted to EUR 312.1 million (2022: EUR 309.2 million) according to the Statement of Financial
Position.
Cash flow from operations amounted to EUR 97.9 million, a decrease by EUR 50.6 million from 2022. The Company’s liquidity
position is strong, with cash and cash equivalents equal to EUR 32.5 million on 31 December 2023 and available undrawn revolving
credit facilities in the amount of EUR 36.6 million. Capital expenditure in 2023 amounted to EUR 44.5 million, an increase of EUR
12.9 million from the previous year which was mainly driven by large investment projects in Eimskip’s terminal in the Faroe Islands
and Sundahöfn Terminal in Iceland.
Eimskip’s financial performance for 2023 remains solid, with both business segments demonstrating resilience amid swift changes
in global market conditions compared to the previous year. The international freight forwarding business generated an EBITDA of
EUR 32.1 million in 2023, a decrease from EUR 43.6 million in 2022. This decline can be attributed primarily to the shift in market
dynamics, with global freight rates significantly lower than the year before, especially compared to the first half of 2022 when rates
were still highly elevated. As the freight forwarding business primarily serves as an intermediary between shippers and ocean
carriers, managing sea freight and other services on behalf of customers and selling with a margin, global freight rates exert a
substantial impact on the financial performance of this segment. Handled forwarding volume remained on same level in 2023 as in
the preceding year but with a 7.2% growth in the last quarter of the year compared to same quarter the year before.
Eimskip’s liner services, encompassing ocean transportation in the North-Atlantic along with ancillary services like terminal
operations, inland trucking, warehousing, customs agency, and related activities, delivered robust results in 2023 with EBITDA
amounting to EUR 91.3 million and EBIT of EUR 36.4 million, down by 24% and 44% respectively from the extraordinary 2022
results. The transported liner volume in 2023 was 204,400 TEUs and decreased marginally from 208,500 TEUs from the previous
year. Revenue in liner services decreased by EUR 73.6 million, or 11%, from the prior year. This reduction was mainly driven by lower
freight rates in the Trans-Atlantic trade lane and in third-party pre-and on-carriage rates that fell in 2023 from highly elevated levels
in 2022. Revenue and expenses in the liner segment are also significantly influenced by bunker prices, impacting both operating
costs of vessels and liner revenue through floating bunker surcharges. In 2023, bunker expenses were EUR 18.5 million lower than in
2022, attributed both to lower oil prices and reduced consumption, with a similar effect on the revenue side.
Consolidated Financial Statements of Eimskipafélag Íslands hf. 2023
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Highlights in 2023, continued
Corporate Governance
The outlook for the beginning of the year 2024 is again marked by uncertainty, with rising political conflicts causing disturbance in
the world economy and negatively impacting expectations of an economic rebound alongside declining inflation. The Suez Canal, a
vital trade corridor between Asia and Europe, has since mid-December experienced a major blow by militant attacks on commercial
vessels. This has effectively closed the canal for commercial sea traffic, increasing transit times and negatively affecting turnaround
times of vessels and containers. The freight rates on Asia connected trade lanes have subsequently risen sharply. Higher rates
might positively affect Eimskip’s international freight forwarding business, while the risk of prolonged economic downturn, with
increased shipping costs negatively impacting global trade, might have the opposite effect. In that respect, Eimskip’s specialization
in reefer logistics provides an advantage as frozen and refrigerated goods are generally more resistant to economic cycles.
In the liner segment, Eimskip is strongly positioned as a shipping line mainly servicing wealthy economies in the North-Atlantic.
Eimskip’s home market covers Northern Norway, Faroe Islands, Iceland, Greenland, Newfoundland, and the New England area in the
United States. This area is rich in natural resources with a strong fishing heritage, a highly skilled labor force, and economies that are
heavily reliant on import and export. At the start of 2024, demand for Eimskip’s shipping services in this region remains on a good
and stable level, while demand for Trans-Atlantic transportation of goods from Europe to North-America via Iceland, which softened
over the course of 2023 with lower rates and less volume, affected by changed market landscape, is likely to remain on a similar or
somewhat better level than the latter half of last year during the next few months.
Despite the mixed global macro-economic outlook, Eimskip is well positioned in its home market in the North Atlantic, with focus on
transportation of frozen and chilled commodities. The Company remains operationally focused and cost conscious while also
committed to business development to support sustainable growth that is built on strong relationships with all stakeholders. The
Company is not immune to the effects of the economic slowdown that impacts global trade and demand for shipping and
transportation but the Company has sound financial position enabling the Company to weather economic cycles with greater
resilience.
The Company has maintained a strong focus on customer service, reliability, and operational efficiency in the liner services, essential
for sustaining a healthy profitability in this asset-heavy segment and enabling a sustainable level of investment. Recognizing the
evolving external environment amid an economic slowdown, the management initiated efforts to streamline and optimize the
sailing system in the beginning of 2023, resulting in material changes to the system that were announced in November and are to
be implemented in the first quarter of 2024. These changes are intended to enhance reliability, reduce costs, and, notably, reduce
carbon emissions. Furthermore, the Company emphasizes providing its customers holistic logistics solutions, offering a broad range
of value-added services which are under constant development. In the international forwarding business, the primary focus is on
proactive sales to support volume growth, agile procurement to ensure competitive rates and enhanced productivity by
implementing smart solutions and best practice processes.
Eimskip's management is of the opinion that practicing good Corporate Governance is vital for Eimskip and is in the best interests of
the shareholders, employees and other stakeholders. The framework for Corporate Governance practices within Eimskip consists of
the provisions of law, the parent company's Articles of Association, Rules of Procedures for the Board of Directors and Board's
subcommittee and various company policies, Rules for Issuers of Financial Instruments listed at Nasdaq Iceland and the 6th edition
of Corporate Governance Guidelines issued by the Iceland Chamber of Commerce, SA – Confederation of Iceland Enterprise and
Nasdaq Iceland.
On 10 October 2023 the board of directors initiated a share-buy-back program in accordance with the approval of Eimskip
shareholders' meeting on 9 March 2023. The number of shares to be aquired under the buy back program is up to 2,150,000. The
main purpose of the share-buy-back is to reduce the Company's share capital. During the fourth quarter Eimskip purchased shares
with a purchase price of ISK 804.1 million or EUR 5.4 million. The share buy-back was completed on 16. January 2024.
The Board of Directors proposes a dividend payment to shareholders in 2024 in the amount of ISK 22.53 per share. The proposed
dividend payment is ISK 3.7 billion, or approximately EUR 25 million, which represents 45.9% of net earnings for the year 2023.
Endorsement and Statement by the Board
of Directors and the CEO
The Annual General Meeting approved a dividend payment to shareholders equal to EUR 22.7 million as well as a share capital
reduction in the amount of EUR 12.7 million with a cash payment to shareholders. Please refer to note 17 for further information.
Outlook and uncertainties
Consolidated Financial Statements of Eimskipafélag Íslands hf. 2023
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Corporate Governance, continued
Share capital and articles of association
Corporate Governance practices are designed to ensure open and transparent relationship between the Company's management, its
Board of Directors, its shareholders, and other stakeholders. Management has emphasized and increased level of information shared
with investors and other stakeholders in quarterly reporting as well as communication with customers on current affairs. The
Corporate Governance in Eimskip is also designed to ensure sound and effective control of the Company's affairs and a high level of
business ethics. Further information is provided in the Corporate Governance Statement which is an appendix to these Financial
Statements.
The Company is defined as a large Public Interest Entity according to the Icelandic Financial Statement Act. The Act states that
these companies should disclose as an attachment to the Endorsement of the Board of Directors and the CEO relevant and useful
information on their policies, main risks and outcomes relating to environmental, social and employee matters, their human rights
policy and how they counteract corruption and bribery, in addition to a short description of the Company's business model. The
Company's policies and outcome of these matters are further discussed in the Non-Financial Reporting which is an appendix to
these Consolidated Financial Statements.
Endorsement and Statement by the Board
In 2023, Eimskip reports EU Taxonomy for the first time. According to Icelandic laws, 25/2023 on sustainability-related disclosures in
the financial services sector and a classification system for sustainable investments, companies that fulfill specific requirements are
required to publish non-financial information based on Article 8(1) of the Taxonomy regulation (EU 2020/852) as from 2023.
Eimskip's EU Taxonomy is presented in an appendix to these Consolidated Financial Statements.
In November 2020 Eimskip conducted an ESG risk assessment (Environmental, Social, and Governance) and is finalizing the
Company‘s double materiality analysis according to CSRD. Eimskip introduced a new ESG strategy in 2023 with accelerated targets
connected to Environmental, Social, and Governance factors. Eimskip has now published its Sustainability Statement for 2023 that
reflects the ESG guidelines issued by Nasdaq Iceland and the Nordic countries in March 2017. Please refer to the Company's website.
The Company's Board of Directors consists of five Directors and two alternate Directors, all elected at the annual general meeting in
March 2023. Those who intend to run for the Board of Directors shall notify the Board of Directors of their candidacy at least ten
days before a shareholders' meeting. The Company's articles of association may only be amended by a lawful shareholders' meeting,
as long as the proposal for the amendment is described in the invitation to the meeting. The decision to amend the articles of
association will only be valid if it is approved by 2/3 of the votes and approved by shareholders controlling at least 2/3 of the votes
represented at the shareholders' meeting.
Active risk management plays an important role at Eimskip ensuring stable operations and earnings. The Company’s Treasury Policy
aims to minimize potential negative effects on operations and earnings from financial activities and to keep risk at acceptable
levels. Information on matters related to financial risk management is disclosed in note 21. Furthermore, the Company has an active
risk management program to map and manage the Company’s main risk exposure, both operational and financial.
Non-Financial Reporting and EU Taxonomy
The Company complies with Article 63 of Act no. 2/1995 on Limited Liability Companies (Company Act), as the Company's Board of
Directors currently consists of three females and two males. The Executive Management and the CEO consists of six males and
three females. The Company's gender ratio is 69% males, 31% females and 0% other genders. Further information on the number of
full-time equivalents is provided in note 6.
of Directors and the CEO
Consolidated Financial Statements of Eimskipafélag Íslands hf. 2023
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Share capital and articles of association, continued
Shareholder:
1.
Seley ehf ….................................................................................................
55,589,385 33.82% 56,748,532 33.46%
2.
Gildi - lífeyrissjódur
1)
…................................................................................
21,310,161 12.96% 21,781,520 12.84%
3.
Lífeyrissjódur verzlunarmanna
2)
…...............................................................................................................................
20,482,040 12.46% 21,244,276 12.53%
4.
Stefnir hf.
3)
…..................................................................................................
11,770,676 7.16% 7,379,087 4.35%
5.
Lífeyrissjódur starfsmanna ríkisins A-deild and B-deild …............................
8,214,613 5.00% 8,200,000 4.84%
6.
Birta lífeyrissjódur …........................................................................................
8,079,481 4.92% 8,105,035 4.78%
7.
Stapi lífeyrissjódur …....................................................................................
6,546,073 3.98% 6,997,710 4.13%
8.
Sjóvá-Almennar tryggingar hf. …..................................................................
3,294,886 2.00% 4,152,687 2.45%
9.
Lífsverk lífeyrissjóður ….............................................................................
2,966,656 1.80% 2,722,551 1.61%
10.
Landsbréf
4)
…................................................................................................
2,603,929 1.58% 3,120,862 1.84%
23,517,780 14.31% 29,136,433 17.18%
164,375,680
100.00%
169,588,693
100.00%
3,474,320 3,461,307
167,850,000 173,050,000
Total issued shares ….........................................................................................
Total outstanding shares …................................................................................
Treasury shares …..............................................................................................
Other shareholders …........................................................................................
Endorsement and Statement by the Board
of Directors and the CEO
Shares in
%
2023
2022
Number of
shares
Number of
shares
Shares in
%
The number of shareholders at year-end 2023 was 942 which was a decrease of 42 from the beginning of year. The Company's ten
largest shareholders at the year-end are the following:
Statement by the Board of Directors and the CEO
According to the best of our knowledge, it is our opinion that these annual Consolidated Financial Statements give a true and fair
view of the consolidated financial performance of Eimskip for the year 2023, its assets, liabilities and consolidated financial position
as at 31 December 2023 and its consolidated cash flows for the year 2023.
Further, in our opinion the Consolidated Financial Statements and the Endorsement by the Board of Directors and the CEO give a fair
view of the development and performance of Eimskip's operations and its position and describe the principal risks and uncertainties
faced by Eimskip.
In our opinion, the Consolidated Financial Statements of Eimskipafélag Íslands hf. for the year 2023 identified as
“549300IUR8Q7Y44KBL02-2023-12-31-en.zip” are prepared in all material respects, in compliance with the ESEF Regulation.
The Board of Directors and the CEO have today discussed the Consolidated Financial Statements of Eimskipafélag Íslands hf. for the
year 2023 and confirm them by means of their signatures. The Board of Directors and the CEO recommend that the Consolidated
Financial Statements will be approved at the Annual General Meeting of Eimskipafélag Íslands hf.
Lárus L. Blöndal, Board Member
Ólöf Hildur Pálsdóttir, Board Member
CEO:
Vilhelm Már Thorsteinsson
Reykjavík, 13 February 2024
Board of Directors:
Óskar Magnússon, Chairman
Margrét Guðmundsdóttir, Vice-Chairman
Guðrún Ó. Blöndal, Board Member
1)
Gildi lífeyrissjódur, Gildi lífeyrissjódur/Framtídarsýn 1 and 2
2)
Lífeyrissjódur verzlunarmanna, Lífeyrissjódur verzlunarmanna/Ævileid 1 and 2
3)
The shareholders are Stefnir - Innlend hlutabréf, Stefnir- ÍS-5, Stefnir - Ardgreidslusjodur and Stefnir Sustainable Artic
4)
The shareholders are Landsbréf - Úrvalsbréf, Landsbréf - Öndvegisbréf, Landsbréf - LEQ-UCITS ETF and Landsbréf - LEQ150 ETF.
Further information on matters related to the share capital is disclosed in note 17. Additional information on shareholders is
provided on the Company's website, www.eimskip.is/investors.
Consolidated Financial Statements of Eimskipafélag Íslands hf. 2023
6
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To the Board of Directors and the shareholders of Eimskipafélag Íslands hf.
Opinion
Our opinion is consistent with our additional report to the audit committee and the board of directors.
The consolidated financial statements comprise
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Basis for Opinion
Independence
Key Audit Matters
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
The endorsement and statement by the board of directors and the CEO and appendices to the financial statements are excluded
from the audit, refer to section reporting on other information.
The non-audit services that we have provided to the group and its subsidiaries, in the period from January 1, 2023 to December 31,
2023, are disclosed in note 24 to the consolidated financial statements.
To the best of our knowledge and belief, we declare that non-audit services that we have provided to the group and its
subsidiaries are in accordance with the applicable law and regulations in Iceland and that we have not provided non-audit services
that are prohibited under Article 5.1. of Regulation (EU) No. 537/2014.
Independent Auditors' Report
We have audited the accompanying consolidated financial statements of Eimskipafélag Íslands hf. and its subsidiaries (the group)
for the year 2023, excluding the endorsement and statement by the board of directors and the CEO.
In our opinion, the consolidated financial statements give a true and fair view of the consolidated financial position of the group
as at December 31, 2023, and of its consolidated financial performance and its consolidated cash flows for the year then ended in
accordance with IFRS accounting standards as adopted by the European Union (EU), and applicable articles in Icelandic law on
annual accounts.
We conducted our audit in accordance with International Standards on Auditing. Our responsibilities under those standards are
further described in the auditor’s responsibilities for the audit of the consolidated financial statements section of our report.
Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the
consolidated financial statements of the current period. These matters were addressed in the context of our audit of the
consolidated financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on
these matters.
We are independent of the group in accordance with Icelandic laws on auditors and auditing and the code of ethics that apply to
auditors in Iceland and relate to our audit of the group's consolidated financial statements. We have fulfilled our other ethical
responsibilities in accordance with these requirements.
Notes to the consolidated financial statements, which include material accounting policies and other explanatory information.
Consolidated statement of changes in equity for the year ended December 2023.
Consolidated statement of financial position as at 31 December 2023.
Consolidated statement of cash flows for the year 2023.
Consolidated statement of comprehensive income for the year 2023.
Consolidated income statement for the year 2023.
Endorsement and statement by the Board of Directors and the CEO.
Consolidated Financial Statements of Eimskipafélag Íslands hf. 2023
7
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Key Audit Matters How the matter was addressed in our audit
Revenue recognition
Our audit procedures included:
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- Testing the accounting treatment and principles applied.
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- Accounts receivable confirmations.
Reporting on other information, including the endorsement and statement by the board of directors and the CEO
Responsibilities of the Board of Directors and the Chief Executive Officer
Our opinion on the consolidated financial statements does not cover the other information, including the endorsement and
statement by the board of directors and the CEO.
In connection with our audit of the consolidated financial statements, our responsibility is to read the other information identified
above and, in doing so, consider whether the other information is materially inconsistent with the consolidated financial
statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated. In addition, in light of the
knowledge and understanding of the entity and its environment obtained in the course of the audit, we are required to report if
we have identified material misstatements in other information that we obtained prior to the date of this auditor’s report. We
have nothing to report in this respect.
With respect to the endorsement and statement by the board of directors and the CEO we have, in accordance with article 104, of
the Icelandic law on annual accounts reviewed that to the best of our knowledge, the endorsement and statement by the board of
directors and the CEO accompanying the consolidated financial statements includes applicable information in accordance with
Icelandic law on annual accounts if not presented elsewhere in the consolidated financial statements.
The board of directors and the chief executive officer are responsible for the preparation and fair presentation of the consolidated
financial statements in accordance with IFRS accounting standards as adopted by the EU, and applicable articles in Icelandic law
on annual accounts, and for such internal control as determined necessary to enable the preparation of financial statements that
are free from material misstatement, whether due to fraud or error.
Operating revenue amounts to EUR 827.531 thousand in the
year 2023.
Recognition of revenue consists of high volume of
transactions and different types of logistic contracts with
individually negotiated terms.
We focused on this area due to the significance of amounts
involved and because recognition of revenue involves
accounting policy decisions and judgements made by
management.
Further, the volume of transactions and extent of different
contracts require various IT setups to ensure correct
revenue recognition.
Considering the appropriateness of the revenue recognition
accounting policies and assessing compliance with applicable
accounting standards
Obtaining understanding of the revenue and accounts
receivable accounting process.
Data analytics on selected revenue streams and testing
journal entries on revenue.
Reference is made to notes 5 and 28.k. in the consolidated
financial statements.
Independent Auditors' Report
Relevant notes have been reviewed.
The board of directors and chief executive officer are responsible for other information. The other information comprises of the
endorsement and statement by the board of directors and the CEO and appendices to the consolidated financial statements,
including quarterly statements, key figures by quarter, corporate governance statement, non-financial reporting, ESG statement
and EU taxonomy, which we obtained prior to the date of this auditor’s report.
Substantive procedures over invoicing, contracts and other
supporting documents.
Detailed testing on timing to ensure that the revenue is
recognised in the correct financial year.
Consolidated Financial Statements of Eimskipafélag Íslands hf. 2023
8
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Auditor’s Responsibilities for the Audit of the Consolidated Financial Statements
Independent Auditors' Report
Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the
group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and
performance of the group audit. We remain solely responsible for our audit opinion.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit
and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
We also provide those charged with governance with a statement that we have complied with relevant ethical requirements
regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to
bear on our independence, and where applicable, related safeguards.
Identify and assess the risks of material misstatement of the consolidated financial statements, whether due to fraud or error,
design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to
provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one
resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of
internal control.
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the
circumstances, but not for the purpose of expressing an opinion on the effectiveness of the group’s internal control.
Conclude on the appropriateness of management’s use of the going concern basis of accounting and, based on the audit
evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the
group’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw
attention in our auditor’s report to the related disclosures in the consolidated financial statements or, if such disclosures are
inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s
report. However, future events or conditions may cause the group to cease to continue as a going concern.
Evaluate the overall presentation, structure and content of the consolidated financial statements, including the disclosures,
and whether the consolidated financial statements represent the underlying transactions and events in a manner that
achieves fair presentation.
In preparing the consolidated financial statements, management is responsible for assessing the groups' ability to continue as a
going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless
management either intends to liquidate the group or to cease operations, or has no realistic alternative but to do so. The Group's
management must provide appropriate explanations regarding its ability to continue as going concern, if applicable, and why
management applies the presumption of going concern in the preparation and presentation of the consolidated financial
statements
Those charged with governance are responsible for overseeing the group's financial reporting process.
Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as a whole are free from
material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable
assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with International Standards
on Auditing will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are
considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of
users taken on the basis of these consolidated financial statements.
As part of an audit in accordance with International Standards on Auditing, we exercise professional judgement and maintain
professional scepticism throughout the audit. We also:
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related
disclosures made by management.
Consolidated Financial Statements of Eimskipafélag Íslands hf. 2023
9
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Report on Other Legal and Regulatory Requirements
Report on European single electronic format (ESEF Regulation)
Appointment
Reykjavík, 13 February 2024
PricewaterhouseCoopers ehf.
Bryndís Björk Guðjónsdóttir
certified public accountant
Sara Henný H. Arnbjörnsdóttir
certified public accountant
We were first appointed as auditors at the company's annual general meeting on March 25, 2021. Our appointment has been
renewed at the company's annual general meeting representing a total period of uninterrupted engagement appointment of three
years.
The board of directors and chief executive officer are responsible for preparing the consolidated financial statements in accordance
with law no. 20/2021. This responsibility includes preparing the consolidated financial statements in a XHTML format in
accordance to EU regulation no. 2019/815 on the european single electronic format (ESEF regulation).
Our responsibility is to obtain reasonable assurance, based on evidence that we have obtained, on whether the consolidated
financial statements are prepared in all material respects, in accordance with the ESEF Regulation, and to issue a report that
includes our opinion. The nature, timing and extent of procedures selected depend on the auditor's judgement, including the
assessment of the risks of material departures from the requirements set out in the ESEF regulation, whether due to fraud or
error.
In our opinion, the consolidated financial statements of Eimskipafélag Íslands hf. for the year 2023 with the file name
549300IUR8Q7Y44KBL02-2023-12-31-en.zip is prepared, in all material respects, in accordance with the European single electronic
format regulation EU no. 2019/815.
Independent Auditors' Report
From the matters communicated with those charged with governance, we determine those matters that were of most
significance in the audit of the consolidated financial statements of the current period and are therefore the key audit matters.
We describe these matters in our auditor’s report unless law or regulation precludes public disclosure about the matter or when, in
extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse
consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.
As part of our audit of the consolidated financial statements of Eimskipafélag Íslands hf. we performed procedures to be able to
issue an opinion on whether the consolidated financial statements of Eimskipafélag Íslands hf. for the year 2023 with the file
name 549300IUR8Q7Y44KBL02-2023-12-31-en.zip is prepared, in all material respects, in accordance with law no. 20/2021 Act on
securities issuer obligations to issue information and self-report relating to requirements under the European single electronic
format regulation EU no. 2019/815, which include requirements concerning preparation of the consolidated financial statements in
XHTML format and iXBRL markup.
Consolidated Financial Statements of Eimskipafélag Íslands hf. 2023
10
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Notes 2023 2022
5
6
5
10-12
(
(
(
(
7 8,041 )( 8,900 )(
13
8
(
(
9
9
The notes on pages 16 to 45 are an integral part of these Consolidated Financial Statements.
Diluted earnings per share (EUR per share) .........................................................................
Equity holders of the Company ............................................................................................
Earnings per share:
Finance income ......................................................................................................................
Income tax .............................................................................................................................
Finance expense ....................................................................................................................
Net earnings before income tax
..................................................................................
Net earnings for the year
...............................................................................................
Non-controlling interest ........................................................................................................
Net earnings for the year attributable to:
Share of earnings of equity-accounted investees ..............................................................
Net finance expense ..............................................................................................................
Net foreign currency exchange gain (loss) ...........................................................................
Basic earnings per share (EUR per share) ............................................................................
Operating expenses ...............................................................................................................
Salaries and related expenses ..............................................................................................
Operating profit, EBITDA
.................................................................................................
Depreciation, amortization and impairment .......................................................................
Results from operating activities, EBIT
.....................................................................................
Consolidated Income Statement
for the year 2023
Revenue
Expenses
Operating revenue .................................................................................................................
Consolidated Financial Statements of Eimskipafélag Íslands hf. 2023
11
Amounts are in thousands of EUR
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Notes 2023 2022
Items that are or may subsequently be reclassified to the income statement
(
8,21 994 )( 2,064
The notes on pages 16 to 45 are an integral part of these Consolidated Financial Statements.
Total comprehensive income for the year attributable to:
Equity holders of the Company ...................................................................................................
Non-controlling interest ...............................................................................................................
Total comprehensive income for the year
..........................................................................................
Consolidated Statement of Comprehensive Income
for the year 2023
Total comprehensive income for the year
..........................................................................................
Net earnings for the year ..........................................................................................................................................
Other comprehensive income:
Foreign currency translation difference of foreign operations ..................................................
Effective portion of changes in fair value of cash flow hedges, net of income tax .................
Fair value changes of minority put option liability .....................................................................
Total other comprehensive income for the year
............................................................................
Consolidated Financial Statements of Eimskipafélag Íslands hf. 2023
12
Amounts are in thousands of EUR
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Notes
2023
2022
Assets:
10
11
12
13
14
15,21
16
Equity:
Total equity attributable to equity holders of the parent company
17
Liabilities:
18
19
25
14
18
19
20
The notes on pages 16 to 45 are an integral part of these Consolidated Financial Statements.
Consolidated Statement of Financial Position
as at 31 December 2023
Total liabilities
Total current liabilities
Share capital ......................................................................................................................
Total assets
Total current assets
Inventories ........................................................................................................................
Trade and other receivables ............................................................................................
Cash and cash equivalents ...............................................................................................
Total equity and liabilities
Share premium .................................................................................................................
Reserves ............................................................................................................................
Retained earnings .............................................................................................................
Non-controlling interest ...................................................................................................
Loans and borrowings ......................................................................................................
Loans and borrowings ......................................................................................................
Trade and other payables .................................................................................................
Income tax payable ...........................................................................................................
Total equity
Total non-current liabilities
Deferred tax liability .........................................................................................................
Other long-term liabilities ................................................................................................
Lease liabilities .................................................................................................................
Lease liabilities .................................................................................................................
Total non-current assets
Property, vessels and equipment ....................................................................................
Intangible assets ..............................................................................................................
Equity accounted investees .............................................................................................
Finance assets ..................................................................................................................
Deferred tax assets ..........................................................................................................
Right-of-use assets ..........................................................................................................
Consolidated Financial Statements of Eimskipafélag Íslands hf. 2023
13
Amounts are in thousands of EUR
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Trans- Un- Non-
Share Share lation Other distributed Retained controlling Total
capital premium reserve reserves* profits earnings Total interest equity
(
(
(
(
(
(
(
(
(
(
* Other reserves include hedging reserve, share option reserve and reserve for fair value changes of minority put options. Please refer to note 17 for further information.
The notes on pages 16 to 45 are an integral part of these Consolidated Financial Statements.
Reserves ..................................................................................................................
Equity at 31 December 2022 ...................................................................................
Equity at 31 December 2023 ...................................................................................
Share capital reduction ...........................................................................................
Share capital reduction ...........................................................................................
Changes in share options reserve
Profit of subsidiaries net of dividend received ......................................................
Other changes in non-controlling interest ............................................................
Dividend paid (0.0998 EUR per share) ...................................................................
Dividend paid (0.1340 EUR per share) ...................................................................
Other changes in non-controlling interest ............................................................
Total comprehensive income for the year .............................................................
Purchased treasury shares .....................................................................................
Equity at 1 January 2023 ..........................................................................................
Total comprehensive income for the period ..........................................................
Profit of subsidiaries net of dividend received ......................................................
Changes in share options reserve ..........................................................................
Reserves ..................................................................................................................
Consolidated Statement of Changes in Equity
Changes in Equity 2023:
Minority put option excercised ...............................................................................
for the year ended 31 December 2023
Reserves
Attributable to equity holders of the Company
Purchased treasury shares .....................................................................................
Changes in Equity 2022:
Equity at 1 January 2022 ..........................................................................................
Consolidated Financial Statements of Eimskipafélag Íslands hf. 2023
14
Amounts are in thousands of EUR
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Notes 2023 2022
Cash flows from operating activities:
10-12
7
13
(
(
8,14
(
(
(
(
Change in current assets and liabilities
(
(
(
(
Net cash from operating activities
Cash flows from investing activities:
10
(
(
12
(
(
11
(
(
(
(
(
Net cash used in investing activities
(
(
Cash flows from financing activities:
(
(
(
(
(
(
(
(
18
18
(
(
19
(
(
(
Net cash used in financing activities
(
(
(
(
(
Investing and financing activities not affecting cash flows:
11
(
19
(
10
The notes on pages 16 to 45 are an integral part of these Consolidated Financial Statements.
Short term borrowings, change .......................................................................................
Acquisition of right-of-use assets ..................................................................................
Aquisition of right-of-use assets ....................................................................................
Minority put options exercised ........................................................................................
Receivables, change ......................................................................................................
Changes in finance assets ................................................................................................
Payables, change ...........................................................................................................
Interest paid ..................................................................................................................
Interest received ...........................................................................................................
Taxes paid ......................................................................................................................
Acquisition of property, vessels and equipment ............................................................
Acquisition of intangible assets ......................................................................................
Proceeds from the sale of property, vessels and equipment ........................................
Repayment of lease liabilities .........................................................................................
Purchased treasury shares ...............................................................................................
Consolidated Statement of Cash Flows
for the year 2023
Changes in current assets and liabilities:
Adjustments for:
Depreciation, amortization and impairment ...............................................................
Net earnings for the year .................................................................................................
Share of earnings of equity-accounted investees ......................................................
Net finance expense .....................................................................................................
Change in deferred taxes ..............................................................................................
Other changes ...............................................................................................................
Reclassified fixed asset ....................................................................................................
Inventory, change .............................................................................................................
Share capital reduction .....................................................................................................
Dividend from equity accounted investee ......................................................................
Investment in equity accounted investee .......................................................................
Proceed from sale of equity accounted investee ...........................................................
New or renewed leases .....................................................................................................
Inventories, change .......................................................................................................
Effects of exchange rate fluctuations on cash held ........................................................................................
Proceeds from non-current loans and borrowings .........................................................
Repayment of non-current loans and borrowings .........................................................
Cash and cash equivalents at year-end
..................................................................................
Changes in cash and cash equivalents ......................................................................................................
Cash and cash equivalents at the beginning of the year ............................................................................
Dividend paid to equity holders of the company ............................................................
Dividend paid to non-controlling interest and other changes .......................................
Consolidated Financial Statements of Eimskipafélag Íslands hf. 2023
15
Amounts are in thousands of EUR
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General presentation Page
1
Reporting entity ..............................................................................................................................................................
17
2
Basis of accounting .........................................................................................................................................................
17
3
Measurement of fair values ...........................................................................................................................................
17
4
Changes in significant accounting policies ....................................................................................................................
17
28
Significant accounting policies .......................................................................................................................................
38
29
Standards issued but not yet effective .........................................................................................................................
45
Notes to the Consolidated Income Statement
5
Segment reporting ..........................................................................................................................................................
18
6
Salaries and related expenses ........................................................................................................................................
20
7
Finance income and expense ..........................................................................................................................................
20
8
Income tax .......................................................................................................................................................................
21
9
Earnings per share ...........................................................................................................................................................
21
Notes to the Consolidated Statement of Financial Position
10
Property, vessels and equipment ...................................................................................................................................
22
11
Right-of-use assets ........................................................................................................................................................
23
12
Intangible assets .............................................................................................................................................................
24
13
Investment in equity-accounted investees ...................................................................................................................
25
14
Deferred tax assets and liabilities ..................................................................................................................................
26
15
Trade and other receivables ...........................................................................................................................................
27
16
Cash and cash equivalents ..............................................................................................................................................
27
17
Capital and reserves ........................................................................................................................................................
27
18
Loans and borrowings .....................................................................................................................................................
29
19
Lease liabilities ................................................................................................................................................................
30
20
Trade and other payables ................................................................................................................................................
30
21
Financial risk management .............................................................................................................................................
30
Other information
22
Leases ..............................................................................................................................................................................
35
23
Related parties ................................................................................................................................................................
35
24
Auditor's fees ..................................................................................................................................................................
36
25
Group entities ..................................................................................................................................................................
36
26
Other matters ..................................................................................................................................................................
36
27
Subsequent events .........................................................................................................................................................
37
Notes to the Consolidated Financial Statements
Consolidated Financial Statements of Eimskipafélag Íslands hf. 2023
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Consolidated Financial Statements of Eimskipafélag Íslands hf. 2023
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Amounts are in thousands of EUR
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Notes
Consolidated Financial Statements of Eimskipafélag Íslands hf. 2023
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Amounts are in thousands of EUR
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Notes
Consolidated Financial Statements of Eimskipafélag Íslands hf. 2023
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Amounts are in thousands of EUR
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Consolidated Financial Statements of Eimskipafélag Íslands hf. 2023
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Amounts are in thousands of EUR
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Consolidated Financial Statements of Eimskipafélag Íslands hf. 2023
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Amounts are in thousands of EUR
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Consolidated Financial Statements of Eimskipafélag Íslands hf. 2023
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Amounts are in thousands of EUR
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Consolidated Financial Statements of Eimskipafélag Íslands hf. 2023
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Amounts are in thousands of EUR
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Consolidated Financial Statements of Eimskipafélag Íslands hf. 2023
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Amounts are in thousands of EUR
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Consolidated Financial Statements of Eimskipafélag Íslands hf. 2023
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Amounts are in thousands of EUR
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Consolidated Financial Statements of Eimskipafélag Íslands hf. 2023
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Amounts are in thousands of EUR
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Consolidated Financial Statements of Eimskipafélag Íslands hf. 2023
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Amounts are in thousands of EUR
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Consolidated Financial Statements of Eimskipafélag Íslands hf. 2023
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Amounts are in thousands of EUR
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Consolidated Financial Statements of Eimskipafélag Íslands hf. 2023
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Amounts are in thousands of EUR
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Consolidated Financial Statements of Eimskipafélag Íslands hf. 2023
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Amounts are in thousands of EUR
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Consolidated Financial Statements of Eimskipafélag Íslands hf. 2023
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Amounts are in thousands of EUR
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Consolidated Financial Statements of Eimskipafélag Íslands hf. 2023
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Amounts are in thousands of EUR
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Consolidated Financial Statements of Eimskipafélag Íslands hf. 2023
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Amounts are in thousands of EUR
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Consolidated Financial Statements of Eimskipafélag Íslands hf. 2023
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Amounts are in thousands of EUR
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Consolidated Financial Statements of Eimskipafélag Íslands hf. 2023
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Amounts are in thousands of EUR
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Notes
Consolidated Financial Statements of Eimskipafélag Íslands hf. 2023
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Amounts are in thousands of EUR
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Notes
Consolidated Financial Statements of Eimskipafélag Íslands hf. 2023
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Amounts are in thousands of EUR
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Notes
Consolidated Financial Statements of Eimskipafélag Íslands hf. 2023
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Consolidated Financial Statements of Eimskipafélag Íslands hf. 2023
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Consolidated Financial Statements of Eimskipafélag Íslands hf. 2023
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Consolidated Financial Statements of Eimskipafélag Íslands hf. 2023
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Consolidated Financial Statements of Eimskipafélag Íslands hf. 2023
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Consolidated Financial Statements of Eimskipafélag Íslands hf. 2023
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Notes
Consolidated Financial Statements of Eimskipafélag Íslands hf. 2023
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Notes
Consolidated Financial Statements of Eimskipafélag Íslands hf. 2023
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Year 2023 Q1 2023 Q2 2023 Q3 2023 Q4 2023 2023
214,569 209,516 201,967 201,479 827,531
182,731 175,191 167,469 178,779 704,170
31,838 34,325 34,498 22,700 123,361
16,053)( 14,914)( 15,626)( 15,773)( 62,366)(
15,785 19,411 18,872 6,927 60,995
1,857)( 1,893)( 2,186)( 2,105)( 8,041)(
1,860 3,827 4,383 3,329 13,399
15,788 21,345 21,069 8,151 66,353
3,307)( 4,368)( 4,463)( 291 11,847)(
12,481 16,977 16,606 8,442 54,506
Year 2022 Q1 2022 Q2 2022 Q3 2022 Q4 2022 2022
239,684 283,115 292,173 255,654 1,070,626
209,298
238,362
242,595
217,285
907,540
30,386 44,753 49,578 38,369 163,086
15,298)( 14,928)( 15,501)( 15,891)( 61,618)(
15,088 29,825 34,077 22,478 101,468
2,060)( 2,376)( 2,664)( 1,800)( 8,900)(
803 3,658 3,866 4,823 13,150
13,831 31,107 35,279 25,501 105,718
3,376)( 6,203)( 7,142)( 3,702)( 20,423)(
10,455 24,904 28,137 21,799 85,295
Net earnings ..........................................................................................
Income tax ..........................................................................................
Quarterly statements - unaudited
Revenue ..................................................................................
Operating profit, EBITDA ..........................................................................................
Depreciation, amortization and impairment .....................
Expenses ..........................................................................................
Results from operating activities, EBIT ..........................................................................................
Net finance expense ..........................................................................................
Net earnings before income tax ..........................................................................................
Share of profit of equity accounted investees ...................
Income tax ............................................................................
Net earnings ..........................................................................................
Expenses ..........................................................................................
Revenue ..................................................................................
Net earnings before income tax ..........................................................................................
Operating profit, EBITDA ..........................................................................................
Depreciation and amortization ............................................
Results from operating activities, EBIT ..........................................................................................
Share of loss of equity accounted investees ....................
Net finance expense .....................................................................................................
Consolidated Financial Statements of Eimskipafélag Íslands hf. 2023
46
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OPERATING RESULTS Q4 2023 Q3 2023 Q2 2023 Q1 2023 Q4 2022 Q3 2022 Q2 2022
Revenue 201,479 201,967 209,516 214,569 255,654 292,173 283,115 239,684
Expenses 178,779 167,469 175,191 182,731 217,285 242,595 238,362 209,298
Salaries and
related expense 36,850 35,118 36,801 35,003 35,296 33,425 34,943 32,306
EBITDA 22,700 34,498 34,325 31,838 38,369 49,578 44,753 30,386
EBIT 6,927 18,872 19,411 15,785 22,478 34,077 29,825 15,088
Net earnings for the period 8,442 16,606 16,977 12,481 21,799 28,137 24,904 10,455
EBITDA ratio 11.3% 17.1% 16.4% 14.8% 15.0% 17.00% 15.8% 12.7%
EBIT ratio 3.4% 9.3% 9.3% 7.4% 8.8% 11.70% 10.5% 6.3%
Profit ratio 4.2% 8.2% 8.1% 5.8% 8.5% 9.6% 8.8% 4.4%
Basic earning per
share (in EUR) 0.0510 0.0999 0.1006 0.0731 0.1275 0.1622 0.1395 0.0567
Diluted earning per
share (in EUR) 0.0510 0.0999 0.1006 0.0730 0.1275 0.1622 0.1395 0.0567
Average FTE's 1,719 1,709 1,732 1,719 1,717 1,681 1,660 1,634
BALANCE SHEET 31.12.2023 30.09.2023 30.06.2023 31.03.2023 31.12.2022 30.09.2022 30.6.2022
Assets 618,839 651,390 638,496 668,436 666,659 677,125 663,618 655,891
Equity 312,072 314,569 297,942 282,485 309,165 296,189 270,090 251,032
Liabilities 306,767 336,821 340,554 385,951 357,494 380,936 393,528 404,859
Interest-bearing debt 211,172 222,285 228,265 229,329 237,903 243,932 252,790 260,767
Loans and borrowings 119,164 122,814 124,893 131,237 133,741 138,164 140,608 144,061
Lease liabilities 92,008 99,471 103,372 98,092 104,162 105,768 112,182 116,706
Net debt 176,610 172,801 179,385 139,768 164,900 192,436 212,325 205,891
Equity ratio 50.4% 48.3% 46.7% 42.3% 46.4% 43.7% 40.7% 38.3%
Leverage ratio 1.43 1.24 1.16 0.85 1.01 1.23 1.48 1.60
Current ratio 1.39 1.40 1.39 1.32 1.53 1.48 1.38 1.27
CASH FLOW Q4 2023 Q3 2023 Q2 2023 Q1 2023 Q4 2022 Q3 2022 Q2 2022
Net cash from
operating activities 12,091 29,330 22,199 34,278 51,174 37,204 31,298 28,779
Net cash used in
investing activities (8,948) (16,711) (12,109) (5,337) (11,873) (10,996) (4,528) (3,260)
Net cash used in
financing activities (17,816) (11,388) (50,095) (12,766) (14,412) (17,432) (41,570) (11,154)
Cash and cash equivalents
at the end of the period 32,502 47,096 46,336 86,767 69,937 46,554 36,852 51,234
New investments 5,547 6,021 5,130 1,107 2,873 6,103 498 255
Maintenance capex 3,609 10,916 4,777 6,088 10,465 5,016 4,616 4,100
Distribution to shareholders 0 0 35,393
0 0 0 25,068 0
Share buy back 5,363 0 0 0 1,417 5,674 5,548 0
Key figures by quarter
Q1 2022
31.3.2022
Q1 2022
Consolidated Financial Statements of Eimskipafélag Íslands hf. 2023 47 Amounts are in thousands of EUR
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About Eimskip
Corporate Governance
Laws and regulations
Eimskip's Financial Statements
Shareholder Relations
The Board of Directors of Eimskip
With this statement on the Corporate Governance of Eimskip it is declared that the Company is complying with the accepted
practices in the 6th edition of Corporate Governance Guidelines, issued by the Iceland Chamber of Commerce, SA - Business
Iceland and Nasdaq Iceland.
Company news that are considered to affect Eimskip’s share price are published through the company news release distribution
network of Nasdaq Iceland and on the Company’s IR website, www.eimskip.com/investors. Other news is published on the
Company’s website, www.eimskip.com.
Proposals or questions from shareholders to the Board of Directors shall be sent to investors@eimskip.com and
complianceofficer@eimskip.com.
Corporate Governance Statement
The Company is a leading transportation company in the North Atlantic providing container and reefer liner services with
connections to international markets and is specialized in worldwide freight forwarding services with focus on frozen and chilled
commodities.
Corporate Governance practices are designed to ensure open and transparent relationship between the Company's management,
its Board of Directors, its shareholders, and other stakeholders. The Corporate Governance in Eimskip is also designed to ensure
sound and effective control of the Company’s affairs and a high level of business ethics.
The Corporate Governance Statement of Eimskip is accessible on the Company’s website, www.eimskip.com/investors, and is
published in a special chapter in the Company’s Financial Statements.
The Corporate Governance Guidelines are accessible on https://leidbeiningar.is/english/
Eimskip is a limited liability company and has its shares listed on Nasdaq Iceland and is therefore governed by Act no. 2/1995 on
Limited Liability Companies (Company Act), Act no. 3/2006 on Annual Accounts, laws and regulations that apply to listed
companies, along with its Articles of Association, Rules of Procedures for the Board of Directors and Board’s subcommittees and
various Company policies. Acts are accessible on the Parliament’s website, www.althingi.is and rules and policies on the
Company’s investor website.
The supreme authority of the Company is in the hands of the shareholders who attend shareholders’ meetings at least once a
year. Share register is held at the Company’s headquarters where it is available to shareholders.
The Board of Directors holds supreme authority between shareholders’ meetings. It shall ensure that the Company’s organization
and operations are in good order. It shall promote the development and long-term performance of the Company and supervise its
operations. The Board of Directors has statutory role which it is responsible for, unless the Board grants permission by law to
transfer authority by delegation.
Eimskip’s financial year is the calendar year. The Company’s Financial Statements are accessible on the Company’s website,
www.eimskip.com.
Board meetings are called with one-week notice. A meeting schedule is made for the financial year in advance. The invitation
contains the agenda for the meeting. The CEO and the CFO attend Board meetings and other members of the Executive
Management attend as required. The General Counsel serves as secretary to the Board. In 2023, the total number of Board
meetings was 14, all members attended all meetings and the Board was competent to make decisions in all meetings.
The Board consists of five Directors and two alternate Directors and they are all elected annually at the Annual General Meeting.
Those who intend to run for the Board of Directors shall notify the Board of Directors of their candidacy at least ten days before a
shareholders’ meeting. The majority of the Directors of the Board are independent of the Company and its day-to-day
management, and four Directors are independent of the Company’s significant shareholders. The alternate members of the Board
are either independent or not independent of the Company or its significant shareholders. The Board evaluates whether Directors
are independent of the Company and its significant shareholders. Moreover, the Board evaluates the independence of new
Directors before the Company’s Annual General Meeting and makes available to shareholders the result of its evaluation.
Consolidated Financial Statements of Eimskipafélag Íslands hf. 2023
48
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Main responsibilities of the Board of Directors
-
-
-
-
-
Rules of Procedure for the Board of Directors
Members of the Audit Committee are Lárus L. Blöndal, Chairman, Ólöf Pálsdóttir and Alexander G. Edvardsson. In 2023, the Audit
Committee held a total of six meetings, all members attended all meetings and and the Committee was competent to make
decisions in all meetings.
The role of the Nomination Committee is to assist the Board with the process and oversight of Board succession planning and
identification and nomination of Board candidates as well as member of the Board’s committees. The Board is responsible for the
appointment and activities of the Nomination Committee, and it operates under the Board’s authority. The role and main
responsibilities of the Nomination Committee are set out in its rules of procedure.
Annually, the Board of Directors conducts an assessment of its work, size, composition and procedures and also evaluates the
work of the Company’s CEO, the Company’s operations and development and whether it is in line with the Company’s objectives.
The assessment entails e.g. evaluation of the strengths and weaknesses of the Board’s work and practices and takes into
consideration the work components the Board believes may be improved. The evaluation is built on self-assessment, but the
assistance of outside parties may be sought as appropriate. The evaluation includes an examination of whether the Board has
operated in accordance with its Rules of Procedure and how the Board operates in general. Examination must be made whether
important matters relating to the Company have been adequately prepared and if enough time is provided for discussions within
the Board. Additionally, individual Directors must be considered with respect to both attendance and participation in meetings.
The assessment for the financial year 2023 was concluded in February 2024.
The principal duties of the Audit Committee are to review all financial information and procedures regarding information
disclosure from day-to-day management and the Company’s independent auditors and to ensure the independence of the
Company’s independent auditors. The role and main responsibilities of the Audit Committee are set out in its rules of procedure.
Corporate Governance Statement
The Board of Directors has established its Rules of Procedure which were amended and approved at a Board meeting on 26 April
2019. A copy can be obtained from the Company’s investor website.
The role of the Remuneration Committee includes preparing the Company’s remuneration policy and ensuring its enforcement
and negotiating with the CEO on wages and other employment terms. The role and main responsibilities of the Remuneration
Committee are set out in its rules of procedure.
The Board of Directors has appointed three subcommittees, Audit Committee, Remuneration Committee and Nomination
Committee.
Members of the Nomination Committee are Margrét Guðmundsdóttir, Chairman, Lárus L. Blöndal and Óskar Magnússon. In 2023,
the Nomination Committee held a total of three meetings and all members attended all meetings.
Members of the Remuneration Committee are, Óskar Magnússon, Chairman, Gudrún Blöndal and Baldvin Thorsteinsson. In 2023,
the Remuneration Committee held one meeting, all members attended the meeting and the Committee was competent to make
decisions in the meeting.
To handle the recruitment and dismissal of the Company’s CEO.
Extraordinary or major matters which require the approval of four out of five Directors and are therefore not a part of the CEO’s
day-to-day operations are defined in the Rules of Procedure for the Board of Directors.
To take the initiative, together with the CEO, on formulating policies and setting goals and risk parameters for the Company,
both in the short and long term.
To establish an active system of internal controls. This means, among other things, that the arrangement of the internal
controls system shall be formalized, documented and its functionality verified regularly.
To ensure that the Company’s operations are in conformity with existing laws and regulations.
To hold supreme authority between shareholders’ meetings, promote the development and long-term performance of the
Company and supervise its operations. The Board shall regularly assess the performance of the Company’s executive
directors and how the Company’s policies are implemented.
Consolidated Financial Statements of Eimskipafélag Íslands hf. 2023
49
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The Board of Directors
Óskar Magnússon, Chairman of the Board
Margrét Guðmundsdóttir, Vice-Chairman of the Board
Guðrún Ó.Blöndal
Corporate Governance Statement
Óskar was born in 1954 and lives in Iceland. He is a well-known writer and has published eight books in recent years; two
collections, of short stories and four novels.. He is a farmer in the south coast of Iceland. Óskar has been a board member of
Samherji hf. since 1998 and is currently the vice-chairman of the board, as well as a board member of Seley ehf. and board
member of several other companies within the Samherji group. He is the chairman of the Icelandic landowners Association.
He has previously been a vice-chairman of the Icelandic Bar Association and served on various boards of retail companies.
Óskar was Publisher/CEO and a major shareholder of Árvakur hf. from 2009 to 2015, President/CEO of Tryggingamiðstöðin
hf. and TM Life Insurance hf. from 2004 to 2007, President/CEO of Vodafone Iceland from 2001 to 2004, Executive Chairman
of Baugur from 1998 to 1999 and President/CEO of Hagkaup hf. supermarkets, that later became part of Baugur Corporation,
from 1993 to 1998. Óskar has served on the city council in his community as well as being the parish chairman since 2004. He
is a member of the church parliament in Iceland. Óskar has been a Supreme Court Attorney since 1993. He graduated with an
LL.M. degree in International Business Law from George Washington University Law School in 1986, and with a Cand.jur.
degree from the University of Iceland in 1983. He owns 14,056 shares in the Company, but no share options. Óskar was a
board member in 2019, an alternate member of the Board from 2020 to 2022 and is currently the Chairman of the Board of
Eimskipafélag Íslands, Chairman of the Remuneration Committee and a member of the Nomination Committee. Óskar is not
independent of Seley ehf., which holds, in total, 55.6 million shares in the Company, at the year-end 2023.
Margrét was born in 1954 and lives in Iceland. She is a member of the board of Festi, board member of Eignarhaldsfélagið
Lyng ehf, Hekla hf., Hekla Fasteignir ehf. and Paradís ehf. Margrét was the Chairman of the European Surgical Trade
Association from 2011 to 2013 and a member of its Board from 2009 to 2015. She was the Chairman of Félag atvinnurekenda
from 2009 to 2013, a member of the Board of Reiknistofa bankanna from 2010 to 2011 and 2016 to 2018, the Board of Isavia
from 2017 to 2018 and the Board of SPRON from 2008 to 2009. Margrét was the CEO of Icepharma hf., from 2005 to 2016.
Prior to that she was the Retail Manager of Skeljungur from 1995 to 2005, Director of various business segments of Kuwait
Petroleum (Denmark) A/S from 1986 to 1995 and HR Development Manager at Dansk ESSO (later Statoil) from 1982 to 1986.
Margrét was Assistant Secretary General of AIESEC International in Brussels from 1978 to 1979. Margrét holds a Cand. oecon.
degree in economics and business administration from the University of Iceland, a Cand. merc. degree from the Copenhagen
Business School and Executive education from CEDEP/Insead in France. Margrét owns 12,772 shares in the Company but no
share options. Margrét has been a member of the Board since 25 March 2021 and is currently the Vice-Chairman of the Board
of Eimskipafélag Íslands hf. and a member of the Nomination Committee. She has no interest links with the Company’s
main clients, competitors, or major shareholders.
Guðrún was born in 1960 and lives in Iceland. Guðrún is a Board Member of Landsbankinn hf. and a member of the bank’s
Audit Committee, Remuneration Committee and Sustainability Committee. From 2013 to 2018 Guðrún was CEO of Nasdaq
CSD Iceland (Nasdaq Central Securities Depository Iceland). In 2012 and 2013 she was a Board Member of The Enterprise
Investment Fund slhf., Reginn hf., Míla ehf., Vörður Insurance Company and Vörður Life Insurance. Previously from 2002 to
2012 Guðrún was CEO of Arion Custody Services, a leading provider in the Icelandic market of fund services, clearing,
settlement, local and global custody services to domestic and foreign financial institution. Prior to this Guðrún held various
positions at Kaupthing hf. from 1984 to 2002 such as Executive Director, Corporate Director of Human Resources, Director of
Marketing and Director in Asset Management. Guðrún holds a Cand. Oecon degree from the University of Iceland. She is an
independent Board member and does neither own shares nor share options in the Company. Guðrún has been a member of
the Board of Directors since 6 September 2018 and is a member of the Remuneration Committee. Apart from being a Board
Member of Landsbankinn hf. she has no interest links with the Company’s main clients, competitors or major shareholders.
Consolidated Financial Statements of Eimskipafélag Íslands hf. 2023
50
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Lárus L. Blöndal
Ólöf Hildur Pálsdóttir
Baldvin Thorsteinsson, Alternate Member of the Board
Jóhanna á Bergi, Alternate Member of the Board
Corporate Governance Statement
Lárus was born in 1961 and lives in Iceland. He is a Supreme Court Attorney and a Partner at Juris Law Offices. Lárus was a
Partner at Almenna lögfrædistofan from 1990 to 2008. Lárus was a board member of Orkusalan hf. from 2007 to 2022 and
the Chairman of the board of ISFI (Icelandic State Financial Investments) from 2015 to 2023. He has been a member of the
Competition Appeals Committee since 2000 and its Vice-Chairman since 2009 and a member of the National Olympics and
Sport Association’s executive committee since 2001, becoming its Vice-President in 2006 and its President from 2013. He
has previously been a board member of the Icelandic Bar Association, the University of Iceland’s Human Rights Institute, the
University of Iceland’s Research Centre in Environmental and Natural Resources law, Hótel Borg ehf., Fastus ehf., the
Housing Financing Fund, Chairman of the National Olympic and Sport Association’s legal committee, and a member of
various other official committees and boards. Lárus has been a Supreme Court Attorney since 1998 and a District Court
Attorney since 1990. He graduated with a Cand.jur. degree from the University of Iceland in 1987. Lárus has been on the
Board of Directors since 27 March 2014 and is the Chairman of the Audit Committee and a member of the Nomination
Committee. He is an independent Board member and owns 2,989 shares in the Company but no share options. He has no
interest links with the Company’s main clients, competitors or major shareholders.
Ólöf was born in 1977 and lives in Iceland. She is a Board Member of SIV eignastýring hf. and SIV Credit Fund slhf. She was
the CFO of atNorth ehf., the largest data center in Iceland, from 2019-2021. Prior to that she worked as an independent
financial advisor and was a board member of Reginn hf. and a board member and alternate board member of VÍS hf. in 2018-
2019. Ólöf worked at Arion bank and its predecessors from 1997 to 2017 in various roles e.g. as Head of Credit Structuring and
Analysis, Deputy Head of IR, Investment strategist and in Asset Management as a fund manager. Ólöf was also member of
the bank’s credit committees and asset and liability committee (ALCO). Ólöf holds a cand. oecon degree in economics and
business administration with emphasis on finance from the University of Iceland.
Ólöf Hildur has been a member of the Board since 25 March 2021 and is currently a member of the Audit Committee. Ólöf
Hildur indirectly owns 29,027 shares in the Company through her holding company but no share options. She has no interest
links with the Company’s main clients, competitors, or major shareholders.
Jóhanna was born in 1970 and lives in the Faroe Islands. Jóhanna is the CEO of Atlantic Airways Ltd. and has been since 2015.
Jóhanna was the CEO of P/f Faroe Ship, Eimskip’s subsidiary in the Faroe Islands, from 2006 to 2015, Sales Director of JFK
and Kósin Seafood from 1998 to 2006 and Sales Manager of Faroe Seafood France from 1994 to 1998. She is currently a
board member of the Faroese Confederation of Sports and Olympic Committees, Føroya Grunnurin, Norðoyatunnilin, House
of Industry, Visit Faroe Islands and European Regions Airline Association. Jóhanna has a master’s degree in Management
from Robert Gordon University in the UK. She further holds a degree from the Danish School of International Marketing and
Export. Jóhanna has been an alternate member of the Board since 3. April 2013, is an independent Board member and does
neither own shares nor share options in the Company. She has no interest links with the Company’s main clients,
competitors or major shareholders.
Baldvin was born in 1983 and lives in Norway. Baldvin was the Chairman of the Board of Eimskipafélag Íslands hf. from 2018
to 2022. Previously he was the CEO of Iceland Drilling hf. from 2013 to 2016. He is currently a chairman of the board of
Samherji hf and the chairman of the Supervisory Board of Alda Seafood Holding B.V. He earned a BS degree in Industrial
Engineering from the University of Iceland in 2007. Baldvin has been an alternate member of the Board since 17 March 2022
and is currently a member of the Remuneration Committee. Baldvin owns 227,336 shares in the Company but does not have
a share options agreement. He is not independent of Seley ehf., which holds 55.6 million shares in the Company at the year-
end of 2023.
Consolidated Financial Statements of Eimskipafélag Íslands hf. 2023
51
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The Chief Executive Officer and the Executive Management
Vilhelm Már Thorsteinsson, Chief Executive Officer
Diversity
Internal Control and Risk Management
The Company issued a policy on diversity, as part of the company's Human Resource Policy, in connection with the Board of
Directors, Executive Management and Senior Management on 27 January 2022. The policy can be found on the Company’s investor
website.
Further information on the Executive Management is on the Company’s Investor website.
Risk management is the process of analyzing and assessing the risk factors that could prevent the Company from achieving its
set goals. It also includes that remedial action is taken to minimize the anticipated effects of such risk factors.
Eimskip’s internal control and risk management procedures regarding financial processes is designed to minimize the risk of
material misstatements. The Company does not have an internal audit function, but it uses internal control systems that are
monitored by the Audit Committee.
The role of internal control is to facilitate the management of an operation and it has been defined as a process which is shaped
by a company’s Board of Directors, the management team, and other employees. The purpose of internal control is to build a
foundation for the company to reach success and efficiency in its operations, reliability of financial information and consistency
with laws and regulations.
The Executive Management of Eimskip consists of the Chief Executive Officer, Chief Financial Officer, Chief Operating Officer,
Chief Information Officer and the Executive Vice Presidents of International Operations, Human Resources and Communication,
Iceland Sales and Business Management, Iceland Domestic Operations and the General Counsel and Compliance Officer.
María Björk Einarsdóttir is the Chief Financial Officer, Hilmar Pétur Valgardsson is the Chief Operating Officer, Hilmar Karlsson is
the Chief Information Officer, Bragi Thór Marinósson is the Executive Vice President of International Operations, Edda Rut
Björnsdóttir is the Executive Vice President of Human Resources and Communication, Björn Einarsson is the Executive Vice
President of Sales and Business Management, Böðvar Örn Kristinsson was the Executive Vice President of Iceland Domestic
Operations until November 2023 and Jónína Guðný Magnúsdóttir was appointed Executive Vice President of Iceland Domestic as
of February 2024 and Davíd Ingi Jónsson is the General Counsel and Compliance Officer.
The Company’s CEO is responsible for the day-to-day operations, in accordance with law, regulations and the Company’s Articles
of Association and follows the policies and instructions laid down by the Board. The CEO must at all times conduct his work with
integrity and take account of the Company’s interests. Day-to-day operations do not include matters which are unusual or of
great significance. The CEO shall make sure that the Company’s accounts are kept in accordance with law and practice and that
the Company’s assets are kept in a secure manner. The CEO is obligated to abide by all instructions of the Board of Directors and
shall give the auditor any information requested. The CEO does not have the authority to make decisions concerning any matters
that are assigned to others by law or are reserved to the Board under its Rules of Procedure. The CEO shall ensure that Directors
of the Board are regularly provided with accurate information on the Company’s finances, development and operations to enable
them to perform their duties and the information shall be in the form and of the quality determined by the Board. The
information shall be available when needed and as up-to-date and accurate as possible. The CEO is to acquaint the Board with all
major issues involving the operations of the Company or its subsidiaries and is to attend the Board meetings. He participates in
the Boards of the subsidiaries within the group.
Vilhelm was born in 1971. He was appointed as CEO in January 2019. For over 20 years, he held various positions at
Íslandsbanki. He was Managing Director of Corporate & Investment Banking at Íslandsbanki from 2017 to 2019 and Managing
Director of Corporate Banking from 2008 to 2017. He was a member of the board of Chamber of Commerce in Iceland and a
Board Member and/or CEO of various Eimskip Group subsidiaries. Vilhelm earned an MBA Degree from Pace University in
New York; a BSc degree in Business Management, Majoring in Logistics, from Reykjavík University; and is a licensed
Securities broker. Vilhelm owns shares in the Company through his holding company Sjávarlind ehf., a total of 232,380
shares. Vilhelm holds share options of 197,100 shares in the company.
Corporate Governance Statement
Consolidated Financial Statements of Eimskipafélag Íslands hf. 2023
52
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Information on violation of rules determined by the applicable authority
Sustainability
Code of Conduct
The Company’s risk exposure is discussed at Board meetings and its risk management and risk factors are discussed in the
Annual Report where further information regarding the ERM program can be found.
Eimskip is a registered participant of the UN Global Compact, the United Nation’s initiative for social responsibility with respect to
human rights, labor, environment, and anti-corruption. With its participation, the Company has committed to managing its
business operations so that the UN Global Compact and its Ten Principles become a part of the Company’s strategy, culture, and
day-to-day operations.
Eimskip’s Sustainability Policy is based on the Nasdaq ESG Reporting Guide. The policy was reviewed in 2023, Further information
on Sustainability at Eimskip can be found in the Non-Financial information in the annual financial statement and on the
Company’s website,
The Board of Directors regularly communicates with the CEO regarding the identification of, description of and response to
business risks which the Company may be faced with. Risk management within Eimskip is governed by the Board of Directors,
while the Audit Committee is responsible for its review on a regular basis. The Executive Management is responsible for
identifying material risks and developing the Company’s risk management strategy.
Eimskip monitors its financial risk factors and the Board of Directors has approved a Treasury policy which, among others, sets
acceptable risk limits and stipulates how to identify, measure and manage financial risk exposure. The Company has in place a
financial reporting and internal control manual to which the group reporting entities must adhere.
Corporate Governance Statement
Please find information on main legal cases that relate to Eimskip under other matters in the notes to the annual financial
statement.
An independent auditing firm is elected at the Annual General Meeting each year. The auditors are to review the Company’s
accounting records and material related to the Company’s operations and financial position and they are always to have access to
the Company’s books and documents. They must examine the Company’s Consolidated Financial Statements in accordance with
International Standards on Auditing. Significant findings regarding accounting and internal control deficiencies are reported to the
Board of Directors through the Audit Committee. Independent auditors are not allowed to own shares in the Company.
The Company goes through a detailed strategic and budgeting process each year and a strategy and budget report are prepared.
The Board of Directors approves the Company’s strategy and budget each year. Deviations from the strategy and budget are
carefully monitored on a monthly basis.
In 2023 the company has implemented a holistic Enterprise Risk Management (ERM) program to monitor and mitigate risks that
face the company on a group level. All risks are assessed according to likelihood and impact and risk owner is assigned to ensure
accountability. The ERM program is aimed at minimizing potential negative effects on operations and earnings from marketing,
operational and financial activities and to keep risks at acceptable levels.
The Board of Directors approved a revision of the Company’s Code of Conduct in February 2023. The Code of Conduct closely links
to the Company’s values: Achievement, Cooperation and Trust. The Code is also based on Eimskip’s aim to secure good return for
shareholders with profitable growth, create value for customers with outstanding solutions and services, be an outstanding
workplace for employees with great team spirit and ambition and show concern for society with social responsibility and reduced
ecological footprint.
The purpose of this Code of Conduct is to support Eimskip’s mission and vision. It applies to the Board of Directors and all
employees of Eimskip and its subsidiaries and guides them in conducting the Company’s daily activities in an honest, responsible,
and ethical way, based on its values, and generally accepted professional standards of conduct. Suppliers and subcontractors are
also required to conform to high standards. The Code of Conduct is accessible on the Company’s website, www.eimskip.com.
Consolidated Financial Statements of Eimskipafélag Íslands hf. 2023
53
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Sustainability
Sustainability Structure
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The risk identified in the double materiality assessment will be monitored and mitigated as part of Eimskip’s holistic Enterprise
Risk Management approach. These risks will be assessed according to the potential impact and likelihood, and following relevant
controls will be identified to mitigate the effect of the risks. Most importantly, a clear ownership of these risks will be established
ensuring accountability throughout the process.
Highlights from 2023:
Eimskip is one of 500 companies that entered the Financial Times 2023 list as a climate leader.
Faroese Sustainable Business Initiative (Burðardygt Vinnulív) received the Edie Awards 2023 for the Partnership and
Collaboration of the Year (UK’s largest sustainability awards), but Eimskip‘s subsidiary Faroe ship is a part of the Burðardykt
Vinnulív.
Eimskip and Landsbjörg (Icelandic Association for Search, Rescue & Injury Prevention) signed a cooperation agreement that
makes Eimskips one of Landsbjörg’s main sponsors.
Eimskip introduced a new ESG strategy with accelerated targets connected to the Environmental, Social and Governance
factors.
Preparing the EU Taxonomy report to be published for the first time for financial year 2023.
Double materiality analysis was conducted.
Three new electric trucks and one methane truck were delivered. With the delivery of the electric trucks, Eimskip was one of
the first companies in Iceland to use larger electric trucks with a cooling system.
Changes in the Eimskip sailing system with the goal of reducing the environmental impact of vessel operation. The total
number of sailed miles reduced by approximately 5%, and bunker consumption reduced about 14% when compared with the
system in 2022.
Continued analyzing and evaluating options in renewing the container vessel fleet, focusing on the next generation of
vessels using alternative, greener fuel.
Preparation for the Emission Trading System.
A new digital learning platform for employees, Eimskip Academy, was implemented.
Project to support increased employee engagement, e.g., leadership training, more access to training material for all
employees, and projects to support health and wellbeing.
Eimskip is the first company in Iceland to sign a ship management internship with an Icelandic student.
The Code of Conduct underwent a review in 2023 and was subsequently reintroduced to all employees. Currently, 74% of our
employees have undergone training and affirmed their understanding and compliance with the Code of Conduct.
Supplier Code of Conduct and supplier self-assessment were sent to vendors accounting for 80% of the Company’s spend.
Non-Financial Reporting
Eimskip’s sustainability work is managed through the Sustainability Policy, last updated in 2023. The Company has a governance
structure for sustainability-related matters where the CEO is responsible for a strategic sustainability framework, and the issues
are regularly reported to the Board of Directors, who also participates in strategic work. Executive Vice Presidents are responsible
for specific categories within the sustainability framework: environment (E), social (S), and governance (G). The Sustainability
Manager holds the day-to-day responsibility and coordination of the sustainability strategy.
In 2023, Eimskip introduced a new ESG strategy with accelerated targets connected to environmental, Social, and Governance
factors. Furthermore, the Company is finalizing the double materiality assessment of critical issues based on interviews with
internal and external stakeholders. Focus areas for 2023 were Climate change, Safety and wellness, Gender equality, and Code of
Conduct. All the focus areas are linked to one or more of the UN Sustainability Development Goals and are reported to the UN
Global Compact annually.
Eimskip strives to provide its customers with the most efficient and sustainable transportation solutions with excellent services
while securing a good return for its shareholders. As a company, Eimskip aims to contribute to a better and safer society
wherever it operates, and responsibility towards the community is an integral part of the Company’s sustainability policy.
Consolidated Financial Statements of Eimskipafélag Íslands hf. 2023
54
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Environment
In early 2024, Eimskip intends to implement changes to its container sailing system, aimed at reducing greenhouse gas
emissions. These changes include streamlining the sailing system, reducing harbor time, and shortening sailing routes. The new
system is expected to reduce sailed miles by 5% and bunker consumption by approximately 14%, as compared to the 2022 sailing
system.
The Company’s largest vessels, Brúarfoss and Dettifoss, undertook regular shipyard work where, among other things, the vessel
hull was painted with a special paint that reduces the vessel’s resistance while sailing, reducing fuel consumption estimated to
be approximately 6%. NOx emission reduction equipment has also been installed in the Company’s reefer vessels fleet operating
out of Norway, significantly reducing NOx pollution from the vessels.
Eimskip added three new electric trucks with refrigerators and one methane truck to the fleet in 2023. Eimskip is among the first
companies to distribute temperature-controlled goods with electric trucks. Distributing temperature-controlled goods in electric
vehicles is an additional challenge, as considerable energy is needed to cool food during distribution. Simultaneously with the
reception of the cars, a powerful 150 kwh charging station was installed, and the Company added charging stations for passenger
cars. Now, there are 28 charging stations available.
In 1991, Eimskip became one of the first companies in Iceland to establish an environmental policy as the main driver for an
improved ecological footprint.
Non-Financial Reporting
For Iceland, which bases a large part of its economic foundation on harvesting natural resources from the ocean in a sustainable
way, the changes associated with global warming and pollution of the ocean leave all the critical components of its modern
economy utterly exposed, in addition to threatening the quality of life for future generations. To support global and local
environmental initiatives, Eimskip signed the Reykjavík Declaration on Climate Issues in November 2015. In 2023, Eimskip
introduced an accelerated target regarding reducing greenhouse gas emissions and aims to achieve net zero greenhouse gas
emissions in 2040.
Climate change is one of the main ESG risks in the Company´s operation. The Company respects the environment and recognizes
the effects of climate change on society, its business activities, and the need for a low-carbon economy. Minimizing the
environmental impact of the Company’s operations is crucial. The focus is on achieving complete clarity regarding emissions and
waste from each of the emitting sources in the supply chain. Development in data and analytics gives Eimskip a better overview
of its ecological footprint and reduction opportunities.
Eimskip looks to the future and recognizes the need for greener investments to lower emissions. The Company has started to
analyze and evaluate its options for renewing the container vessel fleet, focusing on the next generation of vessels using
alternative, greener fuels.
The Company manages and monitors the environmental impact of the operation. The Company uses an environmental
management system linked to all significant assets in the supply chain, streaming reliable and transparent information on its
environmental matters into the system. Digitization of emission and waste-registration data from the supply chain enables
continuous measurements and provides reliable and transparent communication. The data is regularly reviewed and evaluated.
The environmental statement is published quarterly and is presented to the executive team for review and discussion.
For the first time in 2023, Eimskip reports EU Taxonomy. According to Icelandic laws, 25/2023 on sustainability-related
disclosures in the financial services sector and a classification system for sustainable investments, companies that fulfill specific
requirements are required to publish non-financial information based on Article 8(1) of the Taxonomy regulation (EU 2020/852)
as from 2023. The report is displayed separately in the annual statement.
Starting from January 1st, 2024, all vessels over 5,000 gross tonnage are required to comply with the EU Emission Trading
System (ETS) by purchasing and returning emission allowances to the authorities. The objective is to reduce the shipping
industry's greenhouse gas emissions. Eimskip, being a responsible organization, has implemented an ETS surcharge, and has
taken various measures to minimize the number of allowances needed, with a long-term goal of reaching net zero emissions.
Consolidated Financial Statements of Eimskipafélag Íslands hf. 2023
55
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Emission
Social
Employees
Non-Financial Reporting
In 2023, Eimskip achieved a milestone as the first Icelandic company to launch a vessel management internship. This program
provides hands-on training for students following the Standard of Training, Certification, and Watchkeeping for Seafarers. It
aligns with Eimskip’s commitment to investing in employee growth and development while promoting diversification.
Waste generation has gone down by 3% from 1289 tonn to 1257 tonn. Percentage of sorted waste 75% and recycled 74%.
Eimskip is dedicated to creating a workplace culture characterized by dynamic communication, information sharing, and diverse
development opportunities, fostering a sense of belonging, loyalty, and high employee engagement.
The Company conducts annual engagement surveys to monitor and improve employee satisfaction and engagement, a key
performance indicator (KPI) for Eimskip, to monitor and enhance employee satisfaction. In the 2023 survey, the overall
engagement and satisfaction improved compared to 2022, with scores surpassing the True benchmark® set for international
companies in similar sectors (e.g. Satisfaction = 8,1, Equality = 8,5, Meaningful Work = 8,4, Management Support = 8,3). the
results are in line with previous trends, where the scores continue to improve year by year. These positive outcomes are
attributed to the Company’s continued focus on employee wellness and engagement.
In the environmental statement for 2023, the Company has registered scope 1&2 for all vessels and offices in Iceland. Eimskip
operates in 20 countries, and as of 2023, all the countries are part of environmental reporting compared to 17 countries in 2022. In
the Company’s ongoing commitment to sustainable and environmentally responsible practices, Eimskip discloses environmental
data for the subsidiary Sæferdir and the utilization of non-combustible gases in cold storage facilities and temperature-controlled
containers. The data from Sæferdir was estimated for 2015-2022, but data from the supplier was available for 2023. The
information regarding non-combustible gases was available from 2016. The Company decided to maintain the data line as much
as possible from the base year 2015. The Company has an outstanding overview of Scope 1 and 2.
Eimskip’s total emissions were 284.124 tCO2e in 2023 compared to 305.802 tCO2e in 2022 that is 7% reduction. Scope 1 is
281.890 tCO2e, where the vessel fleet is responsible for most emissions. Scope 2 has gone up from 1,517 tCO2e in 2022 up to
2.027 tCO2e in 2023, reason behind this is Eimskip is registering data on electricity from 3 countries that did not register data last
year. Scope 3 is down 45%, from 377 tCO2e in 2022 to 207 tCO2e in 2023. Wrong flight distance was entered in 2022 and than
can explain the difference.
The Company´s energy mix is 96% fossil fuel, with most of the emission coming from the vessels.
Eimskip’s values of achievement, cooperation, and trust form the cornerstone of the Company’s actions and decisions, shaping
its internal and external culture and reputation. 31% of Eimskip employees are women and the number of citizenships is 46.
The Company’s employee rights and welfare policies reflect Eimskip’s dedication to human rights. The Company’s principal
policies are the Employee Code of Conduct, Human Resource Policy, Salary Policy, Equal Opportunities Policy, Policy against
Bullying and Harassment, Health Policy, and Occupational Safety and Security Policy. These apply to all employees of Eimskip and
its subsidiaries.
Eimskip acknowledges its responsibility to partner with the communities in which it operates. This partnership extends to all
stakeholders, including employees, customers, and society, guided by the Company’s values of achievement, cooperation, and
trust.
Eimskip employs about 1.700 people across four continents and 20 countries. The employee group is diverse, with varied
backgrounds and perspectives, bringing a wide range of talents, ideas, and views to the table that inspire creativity and
innovation in the workplace. They get a positive and energetic atmosphere in the workplace, promoting a dynamic work culture
characterized by teamwork, communication, and ambition.
Consolidated Financial Statements of Eimskipafélag Íslands hf. 2023
56
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Safety
Human Rights
Moreover, the Company has implemented a digital learning platform, Eimskip Academy. The academy contributes to the
Company’s efforts in building a diverse and inclusive work environment, providing equal access to learning resources and
development opportunities for individuals to excel in their roles and contribute to the Company’s ongoing success.
Eimskip continues to provide IMDG training for global offices in dangerous goods transported by sea. The IMDG training aims to
strengthen existing knowledge of dangerous goods further and ensure professional and safe transport of dangerous goods in
Eimskip´s transport chain. In 2023, the Eimskip´s offices in the Faroe Islands, the United Kingdom, the United States, and Canada
received IMDG training.
Furthermore, the Company’s Loss Prevention Team meets regularly to investigate losses, damages, and accidents and follows up
on necessary changes, training and improvements.
Eimskip focuses on increasing safety awareness and building a strong safety culture within the Company operations to be a safe
workplace and prevent all accidents.
The Company continued strengthening its cybersecurity posture with a stronger partnership with key IT security partners. A
newly implemented learning platform is in place to raise security awareness, and an enterprise risk management program is
active.
Eimskip has a clear human rights policy that states everyone should enjoy equal rights. The policy is accessible on the Company´s
website. Eimskip is a registered participant of the UN Global Compact, the United Nation’s initiative for social responsibility for
human rights, labor, environment, and anti-corruption. With its participation, the Company has committed to managing its
business operations so that the UN Global Compact and its Ten Principles are a part of the Company’s strategy, culture, and day-
to-day operations.
Human rights touch almost every aspect of the Company’s activities, both its own workforce and workers in the value chain.
Several policies support human rights issues. Human resources, human rights, equal opportunities, bullying and harassment,
well-
being and safety are covered through the Human Resources Policy, Code of Conduct, Supplier Code of Conduct, Anti-Money
Laundering and Sanction Policy, and Whistleblower procedure.
Eimskip has a First Response Team, whose duty is to respond to various incidents on sea and land. The team’s purpose is to
ensure and assist on proper first response and limit accidents to people and damages to properties, cargo, and the environment.
Also, it is the team’s responsibility to respond to cyber incidents.
A safe and healthy work environment is one of Eimskip’s top priorities. The objective is that everyone can work safely at Eimskip;
therefore, the Company has a zero-accident policy, which is one of the Company’s main sustainability KPIs. To achieve this
objective, the Company emphasizes prevention projects, safety training, and working proactively to enhance safe work protocol
and create a safe work environment.
Terminal Safety Days were held in Reykjavik operations, focusing on enhancing safety awareness and strengthening the safety
culture. The focus was on safety in the terminal operations, personal protective equipment, safe work protocol, dangerous goods,
and first aid training.
Eimskip is committed to promoting diversity and gender equality within the organization, focusing on women’s representation in
leadership roles but woman in senior management has gone from 30% in 2020 to 33% in 2023. The Company has highly
emphasized employee growth and development, with thirty capable employees successfully navigating its leadership program in
2023. Eimskip launched the leadership program in 2022 and strategically prioritizes the development of modern skills crucial in
today’s dynamic business environment. These skills include building connections and trust, adaptability to change, two-way
feedback, and divergent thinking, empowering leaders with a strong sense of agency and confidence, enabling them to
independently identify and address opportunities for themselves and their customers while highlighting individual growth. This
strategic focus ensures that participants gain valuable insights into the operations and cross-company knowledge and expertise,
fostering a comprehensive approach to leadership development and preparing them for new responsibilities and roles. 105
participants from 14 countries have graduated from the program, with 53% of the participants being women. Following two years
of broad leadership development, the impact is evident in the success of numerous participants (28 individuals, F=16, M=12)
taking on new roles and responsibilities. This quantifiable success underlines the effectiveness of Eimskip’s leadership initiatives.
Non-Financial Reporting
Consolidated Financial Statements of Eimskipafélag Íslands hf. 2023
57
___________________________________________________________________________________________________________________________________________
Customer
Projects for the society
Governance
The digitalization and automation of processes are key elements in the continued development of Eimskip’s services. The
Company continues to adapt to customers’ needs in a fast-changing technical environment where self-service elements are
increasingly important. A strong focus on information technology and potential synergies between systems and teams plays a
vital role in Eimskip’s proactive commitment to service excellence.
As a company, Eimskip wants to contribute to a better and safer society wherever it operates, and responsibility towards the
community is an integral part of the sustainability policy.
Eimskip strives to ensure open and transparent relationship between the Company´s management, its Board of Directors, its
shareholders, and other stakeholders.
Non-Financial Reporting
Eimskip has taken significant steps to identify the risks to human rights in its own workforce, and the risks are monitored and
mitigated as part of Eimskip’s holistic enterprise risk management. The Company has also identified potential human rights risks
for workers in the supply chain by asking suppliers to confirm the Supplier Code of Conduct and by asking suppliers to go over a
self-assessment checklist based on the ten principles of the UN Global Compact. However, further actions are needed to
complete the mitigation actions.
Eimskip is renowned for its excellent service. The Company has a broad customer base and provides various solutions to meet
diverse requirements. A global team with local expertise provides customers with holistic services designed specifically for their
needs.
The changes to container sailing in Eimskip will, in the first quarter of 2024, implement essential changes to container sailing to
further increase the service level and reliability. The changes include improved services with shorter transit time from the UK,
Monday arrivals in Reykjavík for import from Denmark and Sweden, and weekly coastal service in Iceland with increased service.
Sailings at North America route are simplified and support the fresh fish services. Also, there is increased service from northern
and western Norway to the Faroe Islands and to North America and provides a direct connection from the Faroe Islands to
Germany.
The Company has a Global Service Policy. The Global Service Policy aims to align the service approach, goal setting, and
measurements between different units within Eimskip to ensure that the Company is offering e its customer base's strong
satisfaction and loyalty lent customer service. The Global Service Policy contains three pillars: Global Team, Proactive, and
Simplify. Eimskip sends out a Net Promoter Score (NPS) customer survey each year to measure and monitor customer
satisfaction for customers globally. Eimskips NPS continues to be strong at 29,2, reflecting the strong satisfaction and loyalty of
its customer base.
Eimskip continues to invest in technology platforms to support customer service strategically better. This includes Microsoft
Customer Engagement solution, new liner and forwarding operation systems, container management system, global financial
reporting, planning platform, and more.
The Company supports various projects, charities, sports activities, culture, innovation, and, finally, projects centered on
preventive measures for children and young adults. The Company is incredibly proud of the bicycle helmet project, which began in
2004. Ever since, Eimskip, In cooperation with Kiwanis, has given all six-year-old children in Iceland bicycle helmets and safety
reflectors to contribute to youth safety. Around 80,000 children have received a helmet.
Eimskip and Landsbjörg (Icelandic association for search, rescue & injury prevention) signed a cooperation agreement making
Eimskip one of Landsbjörg main sponsors. Eimskip is very proud to take part in Landsbjörg critical Association, but through the
years, the Company has often relied on their service and therefore knows firsthand the importance of their work. This agreement
focuses on supporting rescue work and prevention at sea and on land, as Eimskip places great emphasis on safety and prevention
in daily activities. Eimskip and Landsbjörg held a family event in Sundahöfn to encourage increased helmet use. Many cheerful
kids and their families came to the event where they, for example, tried on helmets and learned how to adjust them correctly.
Eimskip also supported transportation of the Rescue ship, Sigurvin” to the destination in Siglufjördur, a small town in the north
of Iceland.
Consolidated Financial Statements of Eimskipafélag Íslands hf. 2023
58
___________________________________________________________________________________________________________________________________________
Anti-corruption and bribery
Supplier code of cunduct
Data privacy
The Company conducted the yearly training regarding competition law. All employees globally with direct contact with customers
and suppliers must complete the training. The training is also available through the Eimskip digital learning platform.
Good partnerships with suppliers are beneficial, and risk management of the value chain is essential. The Company reviewed and
updated the Supplier Code of Conduct and Procurement Policy in 2023. The Company has designed a self-assessment tool based
on ten principles of the UN Global Compact.
Eimskip is committed to processing the personal data of customers, employees, business partners, and other stakeholders
legally, fairly, and securely. Eimskip strives to comply with applicable data protection laws. All personal data used in business
operation must be handled following global privacy and internal policies. The Company has identified suppliers that process data
on behalf of Eimskip, and the first group of suppliers has been sent self-assessments. Eimskip has defined Data Security
Classification to identify, categorize, and protect content according to its sensitivity or impact level to protect the data from
unauthorized disclosure, alteration, or destruction. Eimskip is now working on informing employees of this classification and
marking selected content with appropriate classification levels. There will be focus on this in 2024.
Eimskip has in place a Speak up program e.g. through the Whistleblower procedure. The Speak up program aims to handle reports
of alleged misconduct concerning the Company’s operations and the protection of whistleblowers. Furthermore, Eimskip’s Anti-
Money Laundering & Sanction Policy prohibits anyone employed by Eimskip from participating in money laundering, terrorist
financing, and sanction breaches.
Non-Financial Reporting
The Code of Conduct underwent a thorough review in 2023 and was subsequently reintroduced to all employees. 74% of the
employees has undergone training and affirmed their understanding and compliance with the Code of Conduct. The Companies
Code of Conduct is available in four languages: Icelandic, English, Danish, and Swedish.
Suppliers with 80% spend globally received the Companies Supplier Code of Conduct and a self-assessment based on the ten
principles of UN Global Compact. Furthermore, the largest suppliers in Norway have gone through the same process as Norway,
which has already confirmed the Transparency Act for Human Rights.
39% of the target group, with 80% Spent, has complied with the Supplier Code of Conduct and confirmed supplier self-
assessment.
Eimskip has taken significant steps to identify risks in the value chain by putting forward a policy, identify target group and
begun evaluation of suppliers. In 2024 the work will continue, and more focus will be put on identifying, assessing, monitor and
mitigate potential risk.
Eimskip is committed to combating corruption and bribery. The Company’s management and employees strive to always comply
with applicable laws and regulations. The Company has rules and general standards of business ethics and corporate governance
to avoid conflict of interest and maintain confidentiality. The Company’s internal control and risk management are intended to
spot abnormalities, including the risk of corruption and bribery. Eimskip’s policy on Anti-corruption and bribery can be found in the
Company’s Code of Conduct,
www.eimskip.com.
Consolidated Financial Statements of Eimskipafélag Íslands hf. 2023
59
___________________________________________________________________________________________________________________________________________
Assessment Statement by Klappir Green Solutions hf.
Responsibility of the board of directors and CEO for the sustainability statement
Confirmation by Klappir
Klappir Green Solutions hf.
The board of directors and CEO are responsible for reporting non-financial information, including information on environmental,
social and governance matters, in accordance with Article 66 d of Act no. 3/2006 (Icelandic companies).
We have planned and conducted our work in accordance with the principles of the Greenhouse Gas Protocol standards: Relevance,
Accuracy, Completeness, Consistency and Transparency.
By signing below, I hereby confirm that the data provided by Eimskip and its suppliers for the company’s sustainability statement
has been reviewed and assessed by Klappir‘s sustainability specialists. Information relating to social and governance matters was
not reviewed by Klappir.
Klappir is not responsible and bears no liability for any investment decisions made by any party based on the information
presented in this statement.
ESG Statement 2023
Klappir Green Solutions hf. (Klappir) has assisted Eimskipafélag Íslands hf. (""Eimskip""), with its sustainability statement. The
sustainability statement contains information on environment, social and governance Eimskipafélag Íslands hf.
Eimskip’s sustainability statement for the year 2023 reflects the ESG guidelines issued by Nasdaq Iceland and Nasdaq Nordic in
2019. These guidelines are based on recommendations made in 2015 by the United Nations, the Sustainable Stock Exchange
Initiative, and the World Federation of Exchange. Reference is also made to the GRI Standard (Global Reporting Initiative, GRI100-
400) and the Ten Reporting Principles of the UN Global Compact.
Eimskip uses the Klappir Sustainability Platform to ensure the traceability, transparency, and efficiency in data collection and
processing and dissemination of environmental information.
Consolidated Financial Statements of Eimskipafélag Íslands hf. 2023
60
________________________________________________________________________________________________________________________________________________________________________________________________________________
Operational Parameters
Operational Parameters Unit 2023 2022 Notes
Tonne
2,544,281 2,767,362
EUR m 1,050 1,040
FTEs 1,758 1,550
Environmental
GhG emission intensity
kgCO
₂
e/MWh
256 255
kgCO₂e/FTEs 161,618 198,845
kgCO₂e/EUR m 270,588 296,317
GhG emissions per megawatt-hour consumed ............................
GhG emissions per full-time equivalent (FTEe) employee ...........
ESG Statement 2023
Environmental registration is now available from all Eimskip offices. All
revenue is included in 2023 but 3 offices were excluded in 2022 since no
environmental data was available.
Environmental registration is now available from all Eimskip offices. All
employees are included in 2023 but the employees from 3 offices were
excluded in 2022 since no environmental data was available.
Environmental registration is now available from all Eimskip offices. All
employees are included in 2023 but the employees from 3 offices were
excluded in 2022 since no environmental data was available. Therefore
the 2022 and 2023 are not fully comperable.
Environmental registration is now available from all Eimskip offices. All
revenue are included in 2023 but the revenue from 3 offices were
excluded in 2022 since no environmental data was available. Therefore
the 2022 and 2023 are not fully comperable.
Nasdaq: E2|UNGC: P7, P8|GRI: 305-4 |SDG: 13|SASB: General Issue / GHG Emissions, Energy
Management
Transported cargo ..........................................................................
Total Revenue ................................................................................
Number of full time equivalents employees ................................
GhG emissions per unit of revenue ...............................................
Consolidated Financial Statements of Eimskipafélag Íslands hf. 2023
61
________________________________________________________________________________________________________________________________________________________________________________________________________________
Energy intensity
Unit
2023
2022
Notes
kWh/FTEs 630,722 778,460
kWh/EUR m 1,055,986 1,160,055
Carbon offset
tCO₂e 277 400
tCO₂e 277 400
Greenhouse Gas Emissions
tCO₂e 281,890 306,316
tCO₂e
2,027 1,517
tCO₂e
283,917 307,833
tCO₂e
207 377
tCO
₂
e
284,124 308,210
Nasdaq: E4|UNGC: P7, P8|GRI: 302-3|SDG: 12|SASB: General Issue / Energy Management
Total emissions offset ...................................................................
Emissions offset by afforestation ................................................
ESG Statement 2023
Environmental registration is now available from all Eimskip offices. All
employees are included in 2023 but the employees from 3 offices were
excluded in 2022 since no environmental data was available. Therefore
the 2022 and 2023 are not fully comperable.
Environmental registration is now available from all Eimskip offices. All
revenue are included in 2023 but the revenue from 3 offices were
excluded in 2022 since no environmental data was available. Therefore
the 2022 and 2023 are not fully comperable.
Energy per full-time equivalent (FTEe) employee ........................
Energy per unit of revenue ............................................................
Follwing information have been added to the environmental report in
2023. Fuel from Sæferðir (2015-2023), combustion gases from
operation in Iceland (2016-2023) and combustion gases from operation
in Norway and the Faroe Islands (2021-2023). Effect is 1,4% increase in
tCO2e.
Following information have been added to the environmental report in
2023. Electricity from Canada, China and USA.
Scope 3 data reflects waste in Iceland and business flight in Iceland,
Norway, and Germany.
Nasdaq: E1|UNGC: P7|GRI: 305-1,305-2,305-3|SASB: General Issue / GHG Emissions|TCFD:
Metrics & Targets
Scope 1 ...........................................................................................
Scope 2 (location-based) ...............................................................
Scope 1 and 2 ..................................................................................
Scope 3 ...........................................................................................
Total operational GhG emissions ..................................................
Consolidated Financial Statements of Eimskipafélag Íslands hf. 2023
62
________________________________________________________________________________________________________________________________________________________________________________________________________________
Greenhouse Gas Emissions, continued Unit 2023 2022 Notes
Scope 1 - Details
tCO₂e 281,890 306,316
Scope 2 - Details
tCO₂e 2,027 1,517
tCO₂e 1,884 1,377
tCO₂e 143 139
Scope 3 - Upstream emissions
Category 5: Waste generated in operations
tCO₂e 82 81
tCO₂e 82 81
Category 6: Business travel
tCO₂e 126 297
tCO₂e 126 297
Energy consumption
kWh 1,108,810,001 1,206,612,550
kWh 1,063,919,376 1,166,846,458
kWh 119,394 97,443
kWh 29,523,227 24,339,478
kWh 15,248,004 15,329,171
kWh 1,064,038,770 1,166,943,901
kWh 44,771,231 39,668,648
Nasdaq: E3|UNGC: P7, P8|GRI: 302-1, 302-2|SDG: 12|SASB: General Issue / Energy Management
Heating .........................................................................................
Direct energy consumption ...........................................................
Air travel ........................................................................................
Total emissions ..............................................................................
Total emissions ..............................................................................
Heating ...........................................................................................
Electricity .......................................................................................
Electricity ......................................................................................
Fossil fuels ...................................................................................
Bio fuels .......................................................................................
Total emissions ..............................................................................
Transport, disposal and treatment of waste ................................
Total emissions ............................................................................
ESG Statement 2023
Indirect energy consumption .........................................................
Total energy consumption .............................................................
Consolidated Financial Statements of Eimskipafélag Íslands hf. 2023
63
________________________________________________________________________________________________________________________________________________________________________________________________________________
Unit 2023 2022 Notes
Energy mix
Kwh 1,108,810,001 1,206,612,550
% 96.2% 96.9%
% 3.8% 3.1%
% 0% 0%
Fuel consumption
kg 86,441,504 93,879,169
kg 106,928 51,770
kg 706 2,168
kg 4,126,165 4,047,357
Fugitive emissions
kg 1,149 1,215
kg 10 255
kg 885 960
kg 254 -
Water consumption
m³ 299,760 298,037
m³ 42,009 34,627
m³ 257,751 263,410
Waste treatment
kg 1,256,820 1,289,050
kg 936,021 990,061
kg 320,799 284,379
kg 932,014 924,432
kg 324,806 350,008
% 75% 77%
% 74% 72%
Disposed waste ............................................................................
Hot water .....................................................................................
Total waste generation .................................................................
Sorted waste ................................................................................
Unsorted waste ............................................................................
Recycled waste ............................................................................
Total fuel consumption .................................................................
Petrol ............................................................................................
Natural gas ...................................................................................
Diesel ............................................................................................
Total water consumption ..............................................................
Cold water ....................................................................................
Total fugitive emissions ................................................................
Carbon dioxide (CO2) ....................................................................
F-gases .........................................................................................
Ammonium ...................................................................................
Total fuel consumption .................................................................
Percentage of waste sorted ..........................................................
Percentage of waste recycled ........................................................
ESG Statement 2023
Nasdaq: E5|GRI: 302-1|SDG: 7|SASB: General Issue / Energy Management
Nasdaq: E6|GRI: 303-5|SDG: 6|SASB: General Issue / Water & Wastewater Management
Fossil fuel .......................................................................................
Renewables ....................................................................................
Nuclear ...........................................................................................
Consolidated Financial Statements of Eimskipafélag Íslands hf. 2023
64
________________________________________________________________________________________________________________________________________________________________________________________________________________
Paper management Unit 2023 2022 Notes
kg 5,667 6,285
pages 940,980 1,036,337
pages 194,687 223,324
pages 746,293 813,013
Environmental management
yes/no Yes Yes
yes/no Yes Yes
yes/no Yes Yes
Climate oversight
yes/no Yes Yes
yes/no - -
Climate risk mitigation
EUR m 2.6 2.5
Nasdaq: E8, E9|GRI: 102-19, 102-20, 102-29, 102-30, 102-31|SASB: General Issue / Business
Model Resilience, Systematic Risk Management|TCFD: Governance (Disclosure A/B)
Nasdaq: E10|UNGC: P9|SASB: General Issue / Physical Impacts of Climate Change, Business
Model Resilience|TCFD: Strategy (Disclosure A)
Total annual investment in climate-related infrastructure,
resilience, and product development ........................................
of which black/white print ...........................................................
Does your company follow a formal Environmental Policy? .........
and/or recycling policies?
system? .....................................................................................
climate-related risks? ...............................................................
climate-related risk? .................................................................
Does your company follow specific waste, water, energy,
Does your company use a recognized energy management
Total weight of printed papers ......................................................
Total amount of printed paper ......................................................
of which color print ......................................................................
Nasdaq: E7|GRI: 103-2|SASB: General Issue / Waste & Hazardous Materials Management
Does your Board of Directors oversee and/or manage
Does your Senior Management Team oversee and/or manage
ESG Statement 2023
Consolidated Financial Statements of Eimskipafélag Íslands hf. 2023
65
________________________________________________________________________________________________________________________________________________________________________________________________________________
Social
CEO Pay Ratio Unit 2023 2022 Notes
X:1 - 4.7
S1|UNGC: P6|GRI 102-38
Gender Pay Ratio
X:1 - -
% - 1.1%
Employee Turnover
Full-time Employees
% 23% 22%
% 2.4% 0.6%
% 1.0% 2.3%
Gender
% 24% 22%
% 20% 22%
S2|UNGC: P6|GRI: 405-2 | SASB: General Issue / Employee Engagement, Diversity & Inclusion
Retirement ...................................................................................
Men ..............................................................................................
Women .........................................................................................
Median total compensation for men (X) to median total
Compensation for women .........................................................
Outcome of equal pay certification ...........................................
Year-over-year change for full-time employees .........................
Dismissal ......................................................................................
CEO Salary & Bonus (X) to median FTE Salary ..............................
ESG Statement 2023
Comparison to FTE Salary in Iceland will be added in April 2024.
Outcome of equal pay crtification will be available in April 2024. This
number will represents the outcome of the equal pay re-certification for
Eimskip Iceland, TVG, Gára and Sæferdir.
New HR Dashboard was launched in 2023 and data cleaning followed.
Therefore employee turnover for 2022 is updated.
Consolidated Financial Statements of Eimskipafélag Íslands hf. 2023
66
________________________________________________________________________________________________________________________________________________________________________________________________________________
Employee Turnover, continued.
Age
Unit 2023 2022 Notes
% 80% 90%
% 39% 41%
% 25% 23%
% 18% 14%
% 10% 9%
% 23% 18%
% 72% 0%
Gender Diversity
Enterprise Headcount
% 31% 30%
no. 541 518
no. 1,217 1,205
Senior- and Executive-level Positions
% 33% 30%
no. 59 55
no. 122 126
Non-Discrimination
yes/no Yes Yes
60-69 ............................................................................................
70+ ................................................................................................
Percentage of women in enterprise ............................................
Women .........................................................................................
Men ..............................................................................................
Employee Engagement, Diversity & Inclusion
S3|UNGC: P6|GRI: 401-1b|SDG: 12|SASB: General Issue / Labor Practices
Employee Engagement, Diversity & Inclusion
non-discriminatory policy? ........................................................
Does your company follow a sexual harrassment and/or
positions ....................................................................................
Women ......................................................................................
Men ...........................................................................................
Percentage of women in senior- and executive-level
<20 ...............................................................................................
20-29 ............................................................................................
30-39 ............................................................................................
40-49 ............................................................................................
50-59 ............................................................................................
ESG Statement 2023
Consolidated Financial Statements of Eimskipafélag Íslands hf. 2023
67
________________________________________________________________________________________________________________________________________________________________________________________________________________
Injury Rate Unit 2023 2022 Notes
% 4.0% 6.6%
Global Health & Safety
yes/no Yes Yes
Child & Forced Labor
yes/no Yes Yes
yes/no Yes Yes
yes/no Yes Yes
Human Rights
yes/no Yes Yes
yes/no Yes Yes
Does your company follow a child labor policy? ............................
Does your company follow a forced labor policy? .........................
and vendors? .............................................................................
rights policy? .............................................................................
and vendors? .............................................................................
Does your company publish and follow a human
If yes, does your human rights policy cover suppliers
If yes, do your child and/or forced labor policy cover suppliers
health & safety policy ................................................................
S9|GRI: 103-2 (See also: GRI 408: Child Labor 2016, GRI 409: Forced or Compulsory Labor, and
GRI 414: Supplier Social Assessment 2016)|UNGC: P4, P5|SDG: 8|SASB: General Issue / Labor
Practices
S10|GRI: 103-2 (See also: GRI 412: Human Rights Assessment 2016 & GRI 414: Supplier Social
Assessment 2016)|UNGC: P1, P2|SDG: 4, 10, 16| SASB: General Issue / Human Rights &
Community Relations
Does your Company publish and follow an occupational
workforce ...................................................................................
Total number of injuries and fatalities, relative to the total
ESG Statement 2023
Injury Rate in 2022 is based on employees in Iceland and employees on
vessels. Injure rate in 2023 is based on 86% of employees globally. Injure
rate is not fully comparable between 2022 and 2023
S7|GRI: 403-9|SDG: 3|SASB: General Issue / Employee Health & Safety
Consolidated Financial Statements of Eimskipafélag Íslands hf. 2023
68
________________________________________________________________________________________________________________________________________________________________________________________________________________
Governance
Board Diversity Unit 2023 2022 Note
% 60% 60%
% 33% 33%
Board Independence
yes/no Yes Yes
% 80% 80%
G2|GRI: 102-23, 102-22
Incentivized Pay
yes/no No No
G3|GRI: 102-35
Collective Bargaining
% 100% 100%
Supplier Code of Conduct
yes/no Yes Yes
% 39% -
on sustainability ........................................................................
Total enterprise headcount covered by collective bargaining
Are executives formally incentivized to perform
Total board seats occupied by women (as compared to men) .....
Committee chairs occupied by women (as compared to men) .....
Does the company prohibit CEO from serving as board chair? .....
Total board seats occupied by independents ................................
G4|UNGC: P3|SDG: 8|GRI: 102-41|SASB: General Issue / Labor Practices (See also: SASB
Industry Standards)
G5|UNGC: P2, P3, P4, P8|GRI: 102-16, 103-2 (See also: GRI 308: Supplier Environmental
Assessment 2016 & GRI 414: Supplier Social Assessment 2016|SDG: 12|SASB General Issue /
Supply Chain Management (See also: SASB Industry Standards)
ESG Statement 2023
Applies to employees in Iceland, 50% of no. employees
Policy published at Company’s website www.eimskip.com
agreements (X) to the total employee population ...................
Code of Conduct ........................................................................
Are your vendors or suppliers required to follow a
If yes, what percentage of your suppliers have formally
certified their compliance with the code ..................................
G1|GRI 405-1|SDG: 10|SASB: General Issue / Employee Engagement, Diversity & Inclusion (See
also: SASB Industry Standards)
Suppliers with 80% spend
Consolidated Financial Statements of Eimskipafélag Íslands hf. 2023
69
________________________________________________________________________________________________________________________________________________________________________________________________________________
Ethics & Anti-Corruption Unit 2023 2022 Note
yes/no Yes Yes
% 74% 50%
G6|UNGC: P10|SDG: 16|GRI: 102-16, 103-2 (See also: GRI 205: Anti-Corruption 2016)
Data Privacy
yes/no Yes Yes
yes/no Yes Yes
ESG Reporting
yes/no Yes Yes
yes/no Yes Yes
Disclosure Practices
yes/no Yes Yes
yes/no Yes Yes
yes/no Yes Yes
G9|UNGC: P8
External Assurance
yes/no Yes Yes
G10|UNGC: P8|GRI: 102-56
Does your company focus on specific UN Sustainable
G7|GRI: 418 Customer Privacy 2016|SASB: General Issue / Customer Privacy, Data Security (See
also: SASB Industry Standards)
G8|UNGC: P8
ESG Statement 2023
on the UN SDGs? .......................................................................
Are your sustainability disclosures assured or validated by a
third party? ................................................................................
Does your company follow a Data Privacy policy? .........................
Has your company taken steps to comply with GDPR rules? .......
Does your organization publish a sustainability report? ..............
Is sustainability data included in your regulatory filings? ............
Does your company set targets and report progress
If yes, what percentage of your workforce has formally
Does your company follow an Ethics and/or
sustainability reporting frameworks? ......................................
Development Goals (SDGs)? .....................................................
Anti-Corruption policy? .............................................................
certified its compliance with the policy? ..................................
Does your company provide sustainability data to
Verifavia validates the energy use of the vessels. Vessels are
responsible for majority of the Eimskip energy use. Validation process in
ongoing until April
Consolidated Financial Statements of Eimskipafélag Íslands hf. 2023
70
___________________________________________________________________________________________________________________________________________
Organizational Boundaries
Company Land
Iceland
Iceland
Belgium
Brazil
Turkey
Canada
China
Denmark
Germany
Greenland
Italy
Netherland
Norway
Poland
Spain
Sweden
Thailand
United States
Vietnam
Faroe Island
Scope 1
Fully included
Mostly included
Fugitive emissions Not applicable
Industrial processes Not applicable
Scope 2
Electricity Fully included
Heating Fully included
Cooling Not applicable
Steam Not applicable
Scope 3
Partially included
Partially included
ESG Statement - Notes
The “Operational Control” methodology has been chosen to define the organizational scope of Eimskip's emission accounting.
According to the "Operational Control" methodology, companies should account for 100 percent of greenhouse gas emissions
from operations under their control. They should not account for greenhouse gas emissions from operations that it has no control
over, even though it has a vested interest in their operations. The following companies are covered in the statement:
Eimskipafélag Íslands hf.
Eimskip Ísland ehf.
Mareco South America Ltd
Mareco Turkey (office)
Eimskip UK Ltd.
Eimskip Denmark A/S
Unided Kingdom
Mareco Integrated Logistics N.V:
Eimskip Canada Inc
Eimskip Logistics (Qingdao) Co. Ltd.
Eimskip USA Inc.
Eimskip Transport GmbH
Eimskip Greenland A/S
Eimskip Italy S.r.l.
Eimskip Netherland B.V.
Eimskip Norway AS
Eimskip Poland Sp. z.o.o.
Eimskip Logistics Spain SL
EImskip Logistics AB
Eimskip Thailand Ltd.
Category 6: Business travel
Stationary fuel combustion
Eimskip Vietnam Ltd
P/f Skipafelagið Foroyar
Operational Boundaries
Mobile fuel consumption
Category 5: Waste from operations
Consolidated Financial Statements of Eimskipafélag Íslands hf. 2023
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Introduction
EU Taxonomy Accounting Policies
1
Companies are required to disclose the ratio of revenue, capital expenditure (CAPEX), and operating expenses (OPEX) for eligible
economic activity, that is, activity covered by the EU Taxonomy regulation for the reporting period, that is operations that fall under the
classification regulation. At the same time, the same KPI’s for operations that meet all the criteria of the regulation and therefore are
aligned operations or environmentally sustainable should be published. The KPI’s are calculated based on the Group’s Consolidated
Financial Statements that are prepared in accordance with IFRS accounting standards.
The EU Taxonomy regulation is maturing and evolving, as such reporting against the taxonomy is currently subject to interpretation. In
the subsequent years Eimskip will adapt and expand the reporting according to the developments in the regulation.
The EU has put out rules on the calculation of KPI’s in delegated regulation (EU) 2021/2178. Turnover, CAPEX and OPEX is calculated in
accordance with Article 8 of the Taxonomy Regulation.
The taxonomy-eligible KPI's have been calculated as:
- taxonomy-eligible revenue KPI = eligible revenue/ total revenue
EU Taxonomy
In 2023 Eimskip reports EU Taxonomy for the first time. According to Icelandic laws, 25/2023 on sustainability-related disclosures in
the financial services sector and a classification system for sustainable investments, companies that fulfill specific requirements are
required to publish non-financial information based on Article 8(1) of the Taxonomy regulation (EU 2020/852) as from 2023.
EU Taxonomy has the stated objective of classifying which economic activity is considered environmentally sustainable, based on the
technical screening criteria established in delegated regulations, thereby facilitating transparency in sustainability reporting. In Iceland,
delegated regulation (EU) 2021/2139 on climate change mitigation and adaptation (Climate Delegated Act) has been implemented, but
delegated regulation (EU) 2023/2485 amending the Climate Delegated Act and delegated regulation (EU) 2023/2486 (Environmental
Delegated Act) have not been implemented as they have in the EU. As a classification system, it provides a needed common
denominator for individuals, authorities, and investors, for which economic activity is considered environmentally sustainable.
For companies to be considered environmentally sustainable they are required to fulfil criteria set in the regulation. An economic
activity must contribute to one or more stated environmental goals while simultaneously it may not do significant harm to others
(DNSH). Furthermore, it must be conducted in compliance with minimum safeguards as well as fulfilling relevant technical criteria.
The environmental goals are six: climate change mitigation , climate change adaptation , sustainable use and protection of water and
marine resources , transition to a circular economy , pollution prevention and control , and protection and restoration of biodiversity and
ecosystems . The technical criteria for climate change mitigation and climate change adaptation have been implemented in Iceland.
3. Allocating revenues, CAPEX (additions) and OPEX (repair and maintenance) according to the Group’s overall assessment of
whether an economic activity is eligible or not.
Firstly, the determination of the share of economic activities in Eimskip that are taxonomy-eligible is based on profit centers in the
finance and consolidation systems Eimskip utilizes, which also forms the basis for Eimskip’s external financial reporting. As such, each
profit center has been analyzed and segregated into sub-activities where applicable.
Secondly, based on the descriptions of what is registered on Eimskip’s profit centers an assessment has been conducted on whether
these activities are covered by the activity descriptions that are included in the EU Taxonomy Climate Delegated Act.
- taxonomy-eligible CAPEX KPI (additions) = eligible CAPEX/total CAPEX
- taxonomy-eligible OPEX KPI (repair and maintenance ) = eligible OPEX/ total OPEX
Eimskip's process for determining taxonomy-eligible activities (the nominator of the taxonomy-eligibility KPI’s) was a three-step
approach:
1. Defining the economic activities that Eimskip is engaged in within each of the segments across the Group.
2. Assessing whether said activities are covered by the economic activity descriptions included in the EU Taxonomy Climate
Delegated Act.
Thirdly, depending on whether the registrations are related to assets or processes associated with taxonomy-eligible economic
activities, the revenues, CAPEX and OPEX registered on these profit centers is assessed to be eligible or non-eligible and allocated
accordingly.
For the purpose of EU Taxonomy reporting, OPEX has been defined as all repair and maintainance expenses, short-term lease and any other direct expenditure relating
to the day-to-day servicing of assets.
Consolidated Financial Statements of Eimskipafélag Íslands hf. 2023
72
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Eligibility assessment
- 6.16. Infrastructure and enabling low-carbon water transport – Terminal operation in Iceland and vessel to shore connection.
Alignment assessment
Summarized results from eligibility and alignment assessment
Operating
revenue CAPEX OPEX
0% 0% 0%
54% 80% 71%
46% 20% 29%
100% 100% 100%
6.6. Freight Transport service by road
The denominator for the eligibility KPI’s has been defined as:
- Total operating revenue as stated in the Consolidated Income Statement.
- Total OPEX related to repair and maintenance of eligible and non-eligible assets.
The taxonomy-aligned KPI's are to be calculated as:
- taxonomy-aligned revenue KPI = aligned revenue / total consolidated revenue
EU Taxonomy
- taxonomy-aligned CAPEX KPI (additions) = aligned CAPEX/ total CAPEX
- taxonomy-aligned OPEX KPI (repair and maintenance) = aligned OPEX/total OPEX
Eimskip's process for determining taxonomy-aligned activities (the nominator of the taxonomy KPI’s) has been based on screening the
identified eligible activities within each of the segments against the technical screening criteria for climate change mitigation.
Several activities of the Group’s operations are eligible according to the EU Taxonomy classification system. These classification and
activities are:
- 6.6. Freight Transport service by road – Domestic Land Transport
- 6.6. Freight Transport service by road – Domestic Land Transport
It should be noted that even if the other eligible activities could not be aligned with climate change mitigation, they passed “Do No
Significant Harm” criteria on many accounts.
Activity 6.6. Freight Transport service by road is the operation of inland transport in several countries. Zero-emission heavy-duty
vehicles were estimated in the process. The Company is, currently operating 7 trucks running on green energy (electric and methane).
Those trucks meet the substantial contribution criteria on climate change mitigation. However, the trucks proved unable to meet
pollution criteria due to tire specification.
Eimskip has selected tires based on both wet grip and fuel efficiency but due to EU Taxonomy requirements tires must rank in two
most populated classes for fuel efficiency. This requirement led to most tires currently in use by Eimskip’s electric vehicles failing the
technical requirements for fuel efficiency and the activities under Transport Services not being considered aligned. It should be noted
that in all cases the highest populated class contained relatively few tire types that were not widely available. Furthermore, tires with
high wet grip attributes commonly score low on road noise class potentially creating additional challenges in aligning Taxonomy goals
and road safety. Eimskip will always adhere to and aim for utmost road safety and prioritize that when selecting vehicle equipment.
- 6.10. Sea and coastal freight water transport, vessels for port operations and auxiliary activities – Vessel operation
- 6.11. Sea and coastal passenger water transport – Ferry operation
These activities can contribute to at least one goal of the EU Taxonomy and were assessed based on the EU environmental objective
“climate change mitigation”. Buildings were excluded this year since Iceland has not implemented EU (2010/31), that describes energy
class of buildings.
Aligned ..............................................................................................................................
Eligible ...............................................................................................................................
Non-eligible .......................................................................................................................
Please find further segregation in the attached tables to the EU Taxonomy.
The following table summarizes the eligibility and aligment assessment:
- Total CAPEX (additions) as stated in Note 10 Property, vessels and equipment , Note 11 Right-of-Use assets and Note 12
Intangible assets in the Consolidated Financial Statements.
- 6.16. Infrastructure and enabling low-carbon water transport – Terminal operation in Iceland and vessel to shore connection.
Eimskip assessed the eligible activities identified against the climate change mitigation criteria. The two following activities passed the
criteria of substantial contribution.
Consolidated Financial Statements of Eimskipafélag Íslands hf. 2023
73
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6.16 Infrastructure and enabling low-carbon water transport.
Do No Significant Harm (DNSH)
Minimum Safeguards
Human rights
Corruption
Taxation
Fair competition
2
Eimskip has a Human Rights policy, identified risks and reporting process in place but due to uncertainty regarding requirements of OECD Guidelines for MNE, and
criteria laid by the upcoming EU CSDDD directive, full compliance with the Minimum Safeguards is not disclosed and therefore the full alignment is not possible at this
time. The Company has completed a GAP analysis for Human Rights Due Diligence and outlined a roadmap for necessary actions for full compliance.
The Company is committed to upholding human rights across various facets of its operations, encompassing both its internal
workforce and those within the broader value chain. Our commitment is reflected in multiple policies addressing crucial human rights
aspects. The Human Resources Policy comprehensively addresses topics such as human resources, equal opportunities, bullying and
harassment, as well as employee wellbeing and safety.
Additionally, human rights considerations are embedded in the Code of Conduct, Supplier Code of Conduct, Anti-Money Laundering
and Sanction Policy, and Whistleblower procedure, further underscoring our dedication to ensuring ethical practices and safeguarding
human rights throughout our business activities.
In 2024 the focus will be to improve the Human Rights due diligence process to meet the Minimum Due Diligence Standards.
2
Eimskip has implemented Anti Money Laundering and Sanction Policy and Anti-bribery and corruption Policy is integrated in Code of
Conduct. Relevant internal processes and awareness are in place to comply with the policy. The Whistleblower channel is in place to
support the Whistleblower policy. These policies are part of employee regular training. Neither the Company nor any senior managers
of any subsidiary have been convicted of corruption or bribery.
Tax is treated as an important topic of oversight and the company has put in place adequate tax risk management processes. The
company is in the process of aligning to the OECD MNE Guidelines covering tax and has the aim to set itself a board approved tax policy
during the year 2024. Furthermore, the company has not been found guilty of tax evasion.
Regular training sessions are conducted to cover the key aspects of competition law. The management team has not been convicted of
breach of competition laws.
EU Taxonomy
Activity 6.16 Infrastructure and enabling low-carbon water transport, is the infrastructure in the terminals in Reykjavík and
Reydarfjördur meets the alignment criteria. This includes the Electric Container Cranes in both terminals and the Vessel to Shore
power connection for container vessels that mainly services Bruarfoss and Dettifoss. This operation meets the substantial contribution
criteria on climate change mitigation and the eligible activities within the terminals also fulfill the DNSH criteria.
For the qualifying activities covered by the Taxonomy reporting the Company has evaluated and confirmed compliance to the DNSH
criteria for the aligned activity that is Activity 6.16 Infrastructure and enabling low-carbon water transport. The following criteria were
addressed, Climate change adaptation, Sustainable use and protection of water and marine resources, Transition to a circular
economy, Pollution prevention and control and Protection and restoration of biodiversity and ecosystems.
Eimskip and its subsidiaries are committed to conducting business in lawful, honest, and ethical manners. The Company has
implemented a Code of Conduct which is mandatory for all employees to read and confirm. Supplier Code of Conduct applies to all
suppliers and larger suppliers undergo supplier assessment.
Eimskip has a clear human rights policy that states everyone should enjoy equal rights. Eimskip is a registered participant of the UN
Global Compact, the United Nation’s initiative for social responsibility for human rights, labor, environment, and anti-corruption. With
its participation, the Company has committed to managing its business operations so that the UN Global Compact and its Ten
Principles are a part of the Company’s strategy, culture, and day-to-day operations.
Consolidated Financial Statements of Eimskipafélag Íslands hf. 2023
74
________________________________________________________________________________________________________________________________________________________________________________________________________________
Economic Activities
NACE
Codes
Absolute revenue
(EUR '000)
Proportion of
Turnover
Climate Change
Mitigation
Climate Change
Adaptation
Water
Pollution
Circular Economy
Biodiversity and
ecosystems
Climate Change
Mitigation
Climate Change
Adaptation
Water
Pollution
Circular Economy
Biodiversity
Minimum
Safeguards
Taxonomy
aligned
proportion
of total
turnover
2023
Taxonomy
aligned
proportion
of total
turnover
year 2022
Enabling activity
Transitional activity
% % % % % % %
Y/N Y/N Y/N Y/N Y/N Y/N Y/N
% % E T
54%
6.6. Freigth Transport service by road H49.4.1 0 0% 0% 0% 0% 0% 0% 0% N/A N/A N/A N/A N/A N/A N/A 0% N/A N/A N/A
6.10 Sea and coastal freight water transport, vessels
for port operations and auxiliary activities
H50.2
H52.22
0 0% 0% 0% 0% 0% 0% 0% N/A N/A N/A N/A N/A N/A N/A 0% N/A N/A N/A
6.11 Sea and coastal passenger water transport H50.10 0 0% 0% 0% 0% 0% 0% 0% N/A N/A N/A N/A N/A N/A N/A 0% N/A N/A N/A
6.16 Infrastructure and enabling low-carbon water
transport
H52.22 0 0% 0% 0% 0% 0% 0% 0% N/A N/A N/A N/A N/A N/A N/A 0% N/A N/A N/A
Turnover of environmentally sustainable
activities (Taxonomy-aligned) (A.1)
0 0% 0% 0% 0% 0% 0% 0% N/A N/A N/A N/A N/A N/A N/A 0% N/A 0% 0%
6.6. Freigth Transport service by road H49.4.1 94,184 11%
6.10 Sea and coastal freight water transport, vessels
for port operations and auxiliary activities
H50.2
H52.22
345,876 42%
6.11 Sea and coastal passenger water transport H50.10 5,765 1%
6.16 Infrastructure and enabling low-carbon water
transport
H52.22 0 0%
Turnover of Taxonomy-eligible but not
environmentally sustainable activities (not
Taxonomy-aligned activities) (A.2)
445,825 54%
445,825 54%
381,706 46%
827,531 100%
Turnover of Taxonomy-non-eligible activities
Total (A+B)
Proportion of revenues from services associated with taxonomy-aligned economic activities 2023
Substantial Contribution Criteria DNSH criteria ('Do No Significantly Harm')
A. TAXONOMY-ELIGIBLE ACTIVITIES
A.1. Environmentally sustainable activities (Taxonomy-aligned)
A.2 Taxonomy-Eligible but not environmentally sustainable
activities (not Taxonomy-aligned activities)
Total (A.1+A.2)
B. TAXONOMY-NON-ELIGIBLE ACTIVITIES
Consolidated Financial Statements of Eimskipafélag Íslands hf. 2023
75
________________________________________________________________________________________________________________________________________________________________________________________________________________
Economic Activities
NACE
Codes
Absolute CAPEX
(EUR '000)
Proportion of
CAPEX
Climate Change
Mitigation
Climate Change
Adaptation
Water
Pollution
Circular Economy
Biodiversity and
ecosystems
Climate Change
Mitigation
Climate Change
Adaptation
Water
Pollution
Circular Economy
Biodiversity
Minimum
Safeguards
Taxonomy
aligned
proportion
of total
CAPEX
2023
Taxonomy
aligned
proportion
of total
CAPEX year
2022
Enabling activity
Transitional activity
% % % % % % %
Y/N Y/N Y/N Y/N Y/N Y/N Y/N
% % E T
80%
6.6. Freigth Transport service by road H49.4.1 0 0% 0% 0% 0% 0% 0% 0% N/A N/A N/A N/A N/A N/A N/A 0% N/A N/A N/A
6.10 Sea and coastal freight water transport, vessels
for port operations and auxiliary activities
H50.2
H52.22
0 0% 0% 0% 0% 0% 0% 0% N/A N/A N/A N/A N/A N/A N/A 0% N/A N/A N/A
6.11 Sea and coastal passenger water transport H50.10 0 0% 0% 0% 0% 0% 0% 0% N/A N/A N/A N/A N/A N/A N/A 0% N/A N/A N/A
6.16 Infrastructure and enabling low-carbon water
transport
H52.22 0 0% 0% 0% 0% 0% 0% 0% N/A N/A N/A N/A N/A N/A N/A 0% N/A N/A N/A
CAPEX of environmentally sustainable
activities (Taxonomy-aligned) (A.1)
0 0% 0% 0% 0% 0% 0% 0% N/A N/A N/A N/A N/A N/A N/A 0% N/A 0% 0%
6.6. Freigth Transport service by road H49.4.1 6,059 9%
6.10 Sea and coastal freight water transport, vessels
for port operations and auxiliary activities
H50.2
H52.22
49,257 71%
6.11 Sea and coastal passenger water transport H50.10 0 0%
6.16 Infrastructure and enabling low-carbon water
transport
H52.22 0 0%
CAPEX of Taxonomy-eligible but not
environmentally sustainable activities (not
Taxonomy-aligned activities) (A.2)
55,316 80%
55,316 80%
13,527 20%
68,843 100%
B. TAXONOMY-NON-ELIGIBLE ACTIVITIES
CAPEX of Taxonomy-non-eligible activities
Total (A+B)
Proportion of CAPEX from services associated with taxonomy-aligned economic activities 2023
DNSH criteria ('Do No Significantly Harm')
A. TAXONOMY-ELIGIBLE ACTIVITIES
A.1. Environmentally sustainable activities (Taxonomy-aligned)
A.2 Taxonomy-Eligible but not environmentally sustainable
activities (not Taxonomy-aligned activities)
Substantial Contribution Criteria
Total (A.1+A.2)
Consolidated Financial Statements of Eimskipafélag Íslands hf. 2023
76
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Economic Activities
NACE
Codes
Absolute OPEX
(EUR '000)
Proportion of OPEX
Climate Change
Mitigation
Climate Change
Adaptation
Water
Pollution
Circular Economy
Biodiversity and
ecosystems
Climate Change
Mitigation
Climate Change
Adaptation
Water
Pollution
Circular Economy
Biodiversity
Minimum Safeguards
Taxonomy
aligned
proportion
of total
OPEX 2023
Taxonomy
aligned
proportion
of total
OPEX year
2022
Enabling activity
Transitional activity
% % % % % % %
Y/N Y/N Y/N Y/N Y/N Y/N Y/N
% % E T
71%
6.6. Freigth Transport service by road H49.4.1 0 0% 0% 0% 0% 0% 0% 0% N/A N/A N/A N/A N/A N/A N/A 0% N/A N/A N/A
6.10 Sea and coastal freight water transport, vessels
for port operations and auxiliary activities
H50.2
H52.22
0 0% 0% 0% 0% 0% 0% 0% N/A N/A N/A N/A N/A N/A N/A 0% N/A N/A N/A
6.11 Sea and coastal passenger water transport H50.10 0 0% 0% 0% 0% 0% 0% 0% N/A N/A N/A N/A N/A N/A N/A 0% N/A N/A N/A
6.16 Infrastructure and enabling low-carbon water
transport
H52.22 0 0% 0% 0% 0% 0% 0% 0% N/A N/A N/A N/A N/A N/A N/A 0% N/A N/A N/A
OPEX of environmentally sustainable
activities (Taxonomy-aligned) (A.1)
0 0% 0% 0% 0% 0% 0% 0% N/A N/A N/A N/A N/A N/A N/A 0% N/A 0% 0%
6.6. Freigth Transport service by road H49.4.1 13,606 12%
6.10 Sea and coastal freight water transport, vessels
for port operations and auxiliary activities
H50.2
H52.22
65,705 58%
6.11 Sea and coastal passenger water transport H50.10 730 1%
6.16 Infrastructure and enabling low-carbon water
transport
H52.22 0 0%
Turnover of Taxonomy-eligible but not
environmentally sustainable activities (not
Taxonomy-aligned activities) (A.2)
80,041 71%
80,041 71%
33,227 29%
113,268 100%
Substantial Contribution Criteria DNSH criteria ('Do No Significantly Harm')
Proportion of OPEX from services associated with taxonomy-aligned economic activities 2023
Total (A+B)
A. TAXONOMY-ELIGIBLE ACTIVITIES
A.1. Environmentally sustainable activities (Taxonomy-aligned)
OPEX of Taxonomy-non-eligible activities
A.2 Taxonomy-Eligible but not environmentally sustainable
activities (not Taxonomy-aligned activities)
Total (A.1+A.2)
B. TAXONOMY-NON-ELIGIBLE ACTIVITIES
Consolidated Financial Statements of Eimskipafélag Íslands hf. 2023
77
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Consolidated Financial Statements of Eimskipafélag Íslands hf. 2023
78