Consolidated Financial
Statements for the year ended
31 December 2024 | EUR
Eimskipafélag Íslands hf.
___________________________________________________________________________________________________________________________________________
3
7
11
12
13
14
15
16
Appendices - Unaudited:
49
50
51
57
63
75
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. 2024
2
Endorsement and Statement by the Board
of Directors and the CEO
Eimskipafélag Íslands hf. and its subsidiaries (together referred to as "Eimskip", "the Group" or "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 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 58 offices in 20 countries. The Consolidated Financial Statements of the Group includes the financials of the parent
company and its subsidiaries. The Group consists of a total of 63 companies in addition to five foreign branches. The Company
operates branch offices in Norway, Denmark, UK, Netherland and Germany.
The Consolidated Financial Statements for the Group is 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.
Highlights & Operations in 2024
Revenue in 2024 amounted to EUR 847.1 million and increased by 29.2 million from the previous year while operating expenses
increased by EUR 54.7 million and amounted to EUR 749.3 million. EBITDA for the financial year 2024 amounted to EUR 97.8 million
compared to EUR 123.4 million in 2023. Net earnings as reported for the year 2024 are a total of EUR 30.0 million compared to EUR
54.5 million in 2023 according to the Consolidated Income Statement.
Property, vessels and equipment increased by EUR 2.8 million in 2024 and amounted to a total of EUR 249.1 million by year-end.
Interest-bearing debt increased by EUR 20.7 million in the period and amounted to EUR 139.9 million at the end of the year. Total
equity on 31 December 2024 amounted to EUR 316.9 million (2023: EUR 312.1 million) according to the Statement of Financial
Position.
Cash flow from operations amounted to EUR 63.5 million, a decrease by EUR 34.4 million from 2023, the decrease can mainly be
explained by less net earnings in 2024. The Company’s liquidity position is strong, with cash and cash equivalents equal to EUR 28.7
million on 31 December 2024 and available undrawn revolving credit facilities in the amount of EUR 33.4 million. Capital expenditure
in 2024 amounted to EUR 38.2 million, a decrease of EUR 5.0 million from the previous year. The main new investments in 2024
were investment projects in Eimskip’s terminal in the Faroe Islands and Sundahöfn Terminal in Iceland.
Eimskip’s financial performance of 2024 was satisfactory, especially after a slow start of the year. The result of the first quarter was
disappointing but a gradual improvement was seen throughout the year, with over sixty percent of EBITDA generated in the second
half of the year. Eimskip’s liner services, encompasses of ocean transportation in the North-Atlantic along with ancillary services like
terminal operations, inland trucking, warehousing, customs agency, and related activities. The transported liner volume in 2024 was
206,700 TEUs and increased slightly from 204,400 TEUs from the previous year. Revenue in liner services decreased by EUR 29.6
million, or 4,9%, from the prior year, EBITDA amounted to EUR 64.7 million and EBIT amounted to EUR 9.8 million, down by 29%
and 73% respectively from 2023. The performance of the liner segment was challenging in the first half of 2024 and the biggest
contributor to the improved results was the rebound of the container liner in the latter half of the year with rising momentum in the
Trans-Atlantic services with higher volume and rates, partly due to imminent strikes in at US east coast harbors, and good volume
and cargo-mix in export Iceland. Import to Iceland softened compared to 2023, especially import of vehicles as was expected.
The global shipping market was extremely dynamic in 2024 with high volatility in rates, and rise in global freight rates during the
year, affecting our revenue and customers freight cost. The international freight forwarding business generated an EBITDA of EUR
33.1 million in 2024, an increase from EUR 32.1 million in 2023. 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 at the same level in 2024 as in the preceding year.
Eimskip experienced a slow start of the year, combined with challenging market conditions and broad-based cost increases,
including sizable wage increases and general inflationary pressure on various operating expenses. This was met with various
streamlining and cost avoidance initiatives across the group, including focused FTE reduction and renegotiating with key suppliers.
The Company 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. Eimskip made
changes to the container sailing system at the start of 2024 with the aim of increase customer service and reduce cost and
successfully managed to reduce sailed miles and bunker consumption and at the same time increase reliability.
___________________________________________________________________________________________________________________________________________
Consolidated Financial Statements of Eimskipafélag Íslands hf. 2024
3
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Corporate Governance
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.
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 2025, demand for Eimskip’s shipping services in this region remains on a
good and stable level, demand for Trans-Atlantic transportation of goods from Europe to North America via Iceland, is likely to
remain on a similar level as 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 global development and uncertainties 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.
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 22. 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 68% males, 32% females and 0% other genders. Further information on the number
of full-time equivalents is provided in note 7.
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.
Endorsement and Statement by the Board
of Directors and the CEO
The outlook for the beginning of the year 2025 is again marked by uncertainty, there is some looming uncertainty regarding the
imminent US tariffs and ongoing Red Sea diversion on volume and international freight rates. The Suez Canal, a vital trade corridor
between Asia and Europe, has since December 2023 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 subsequently rose sharply in early 2024 although rates have
decreased in the beginning of 2025 compared to same period in 2024. Eimskip’s specialization in reefer logistics provides an
advantage as frozen and refrigerated goods are generally more resistant to economic cycles and volume.
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.
Outlook and uncertainties
Consolidated Financial Statements of Eimskipafélag Íslands hf. 2024
4
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Share capital and articles of association
Shareholder:
1.
Seley ehf …......................................................................................
55,589,385 33.90% 55,589,385 33.82%
2.
Gildi - lífeyrissjódur
1)
…....................................................................
22,986,223 14.02% 21,310,161 12.96%
3.
Lífeyrissjódur verzlunarmanna
2)
….................................................
21,266,907 12.97% 20,482,040 12.46%
4.
Birta lífeyrissjódur …........................................................................
8,554,231 5.22% 8,079,481 4.92%
5.
Lífeyrissjódur starfsmanna ríkisins A-deild and B-deild …...........
8,214,613 5.01% 8,214,613 5.00%
6.
Stapi lífeyrissjódur ….......................................................................
7,045,454 4.30% 6,546,073 3.98%
7.
Vanguard funds
3)
….........................................................................
4,253,133 2.59% 4,026,525 2.45%
8.
Festa Lífeyrissjóður …......................................................................
3,213,500 1.96% 0 0.00%
9.
Sjóvá-Almennar tryggingar hf. …...................................................
3,114,869 1.90% 3,294,886 2.00%
10.
Lífsverk lífeyrissjóður …...................................................................
3,018,656 1.84% 2,966,656 1.80%
26,717,709 16.29% 33,865,860 20.60%
163,974,680 100.00% 164,375,680 100.00%
1,725,320 3,474,320
165,700,000 167,850,000
of Directors and the CEO
Shares in
%
2024 2023
Number of
shares
The Company last updated the ESG strategy in 2023 with accelerated targets connected to Environmental, Social, and Governance.
This year's Eimskip took a step towards the implementation of the Corporate Sustainability Reporting Directive (CSRD) through
double materiality assessment. The Sustainability Statement for 2024 reflects however the ESG guidelines issued by Nasdaq
Iceland and the Nordic. Eimskip's Sustainability Statement is presented in an appendix to these Consolidated Financial Statements,
and in more detail in the Annual Report
Endorsement and Statement by the Board
Non-Financial Reporting and EU Taxonomy, continued
3)
The shareholders are Vanguard Total International, Vanguard Emerging Market Stock, Vanguard Fiduciary Trust Company, Vanguard FTSE All-World ex-US, Vanguard
Total World Stock, Vanguard Funds PLC, Vanguard Investment Series PLC, Vanguard ESG International
Number of
shares
Shares in
%
Eimskip reports on 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. Eimskip's EU Taxonomy is
presented in an appendix to these Consolidated Financial Statements.
The number of shareholders at year-end 2024 was 982 which was an increase of 40 from the beginning of year. The Company's ten
largest shareholders at the year-end are the following:
The Company's Board of Directors consists of five Directors and one alternate Director, all elected at the annual general meeting in
March 2024. 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.
Total issued shares …............................................................................
Total outstanding shares ….................................................................
Treasury shares ….................................................................................
The Annual General Meeting approved a dividend payment to shareholders equal to ISK 22.53 per share to shareholders. The
dividend payment amounted to ISK 3,7 billion or EUR 24.8 million. The payment date was 17 April 2024. Please refer to note 18 for
further information.
Other shareholders …...........................................................................
1)
Gildi lífeyrissjódur, Gildi lífeyrissjódur/Framtídarsýn 1 and 2
2)
Lífeyrissjódur verzlunarmanna, Lífeyrissjódur verzlunarmanna/Ævileid 1 and 2
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 aquired under the buy back program was up to 2,150,000. The main
purpose of the share-buy-back was to reduce the Company's share capital. During the first quarter Eimskip purchased 401,000
shares with a purchase price of ISK 194.7 or EUR 1.3 million. The share buy-back was completed on 16. January 2024.
Consolidated Financial Statements of Eimskipafélag Íslands hf. 2024
5
Share capital and articles of association, continued
A long-term incentive program for key employees, in form of a share option plan, which was approved at the Annual General
Meeting on 17 March 2022. The Board of Directors has since allocated share options to certain key employees. The shares allocated
in November 2024 under the Share Option Plan amounted to 1.018.350 shares which constitutes 0.61% of the Company's share
capital, thereof 453.330 shares were allocated to the CEO and Executive Management. Please refer to note 18 for further
information.
The Board of Directors proposes a dividend payment to shareholders in 2025 in the amount of ISK 13.33 per share. The proposed
dividend payment is ISK 2.2 billion, or approximately EUR 15 million, which represents 50.0% of net earnings for the year 2024.
Further information on matters related to the share capital is disclosed in note 18. Additional information on shareholders is
provided on the Company's website, www.eimskip.is/investors.
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 2024, its assets, liabilities and consolidated financial position
as at 31 December 2024 and its consolidated cash flows for the year 2024.
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 2024 identified as
“549300IUR8Q7Y44KBL02-2024-12-31-0-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 2024 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.
Reykjavík, 4 March 2025
Board of Directors:
Óskar Magnússon, Chairman
Margrét Guðmundsdóttir, Vice-Chairman
Guðrún Ó. Blöndal, Board Member
Lárus L. Blöndal, Board Member
Ólöf Hildur Pálsdóttir, Board Member
CEO:
Vilhelm Már Thorsteinsson
___________________________________________________________________________________________________________________________________________
Endorsement and Statement by the Board
of Directors and the CEO
Consolidated Financial Statements of Eimskipafélag Íslands hf. 2024
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
-
-
-
-
-
-
-
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 non-audit services that we have provided to the group and its subsidiaries, in the period from January 1, 2024 to December 31,
2024, are disclosed in note 26 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 2024, 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, 2024, 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 2024.
Consolidated statement of financial position as at 31 December 2024.
Consolidated statement of cash flows for the year 2024.
Consolidated statement of comprehensive income for the year 2024.
Consolidated income statement for the year 2024.
Endorsement and statement by the board of directors and the CEO.
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.
Consolidated Financial Statements of Eimskipafélag Íslands hf. 2024
7
___________________________________________________________________________________________________________________________________________
Key Audit Matters How the matter was addressed in our audit
Revenue recognition
Our audit procedures included:
-
-
- Testing the accounting treatment and principles applied.
-
-
-
- Accounts receivable confirmations.
Relevant notes have been reviewed.
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 847.111 thousand in the
year 2024.
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 6 and 30.k. in the consolidated
financial statements.
Independent Auditors' Report
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. 2024
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.
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.
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
Consolidated Financial Statements of Eimskipafélag Íslands hf. 2024
9
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Report on Other Legal and Regulatory Requirements
Report on European single electronic format (ESEF Regulation)
Appointment
Reykjavík, 4 March 2025
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 four
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 2024 with the file name
549300IUR8Q7Y44KBL02-2024-12-31-0-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 2024 with the file
name 549300IUR8Q7Y44KBL02-2024-12-31-0-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. 2024
10
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Notes 2024 2023
5-6 847,111 817,916
7 150,421 143,772
5 749,302 694,555
11-13 62,921 )( 62,366 )(
8 13,745 )( 8,041 )(
14 15,706 13,399
9 6,823 )( 11,847 )(
10 0.1838 0.3249
10 0.1837 0.3249
The notes on pages 16 to 48 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 (loss) gain ...........................................................................
Basic earnings per share (EUR per share) ............................................................................
Expenses ................................................................................................................................
Salaries and related expenses ..............................................................................................
Operating profit, EBITDA ...............................................................................................
Depreciation, amortization and impairment ........................................................................
Results from operating activities, EBIT .......................................................................
Consolidated Income Statement
for the year 2024
Revenue
Expenses
Revenue ..................................................................................................................................
Consolidated Financial Statements of Eimskipafélag Íslands hf. 2024
11
Amounts are in thousands of EUR
___________________________________________________________________________________________________________________________________________
Notes 2024 2023
Items that are or may subsequently be reclassified to the income statement
22 988 )( 994 )(
The notes on pages 16 to 48 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 2024
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. 2024
12
Amounts are in thousands of EUR
___________________________________________________________________________________________________________________________________________
Notes 2024 2023
Assets:
11 249,054 246,269
12 107,654 89,373
13 60,304 62,057
14 59,078 43,898
15
16,22 143,237 129,906
17
Equity:
18 313,643 307,679
Liabilities:
19 80,478 107,551
20 86,518 64,636
15 7,848 6,953
19 59,383 11,613
20 26,752 27,372
21
The notes on pages 16 to 48 are an integral part of these Consolidated Financial Statements.
Consolidated Statement of Financial Position
as at 31 December 2024
Total liabilities
Total current liabilities
Share capital ......................................................................................................................
Total assets
Total current assets
Inventories .........................................................................................................................
Trade and other receivables .............................................................................................
Cash and cash equivalents ...............................................................................................
Total equity attributable to equity holders of the parent company
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 ..............................................................................................
Financial assets .................................................................................................................
Deferred tax assets ...........................................................................................................
Right-of-use assets ..........................................................................................................
Consolidated Financial Statements of Eimskipafélag Íslands hf. 2024
13
Amounts are in thousands of EUR
__________________________________________________________________________________________________________________________________________________________________________________________________________________
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 18 for further information.
The notes on pages 16 to 48 are an integral part of these Consolidated Financial Statements.
Reserves ..................................................................................................................
Equity at 31 December 2023 ...................................................................................
Equity at 31 December 2024 ...................................................................................
Share capital reduction ...........................................................................................
Purchased treasury shares .....................................................................................
Changes in share options reserve ..........................................................................
Profit of subsidiaries net of dividend received .....................................................
Other changes in non-controlling interest ............................................................
Dividend paid (0.1340 EUR per share) ...................................................................
Dividend paid (0.1515 EUR per share) ....................................................................
Other changes in non-controlling interest ............................................................
Total comprehensive income for the year .............................................................
Equity at 1 January 2024 .........................................................................................
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 2024:
Minority put option excercised ...............................................................................
for the year ended 31 December 2024
Reserves
Attributable to equity holders of the Company
Purchased treasury shares .....................................................................................
Changes in Equity 2023:
Equity at 1 January 2023 .........................................................................................
Minority put option excercised ...............................................................................
Consolidated Financial Statements of Eimskipafélag Íslands hf. 2024
14
Amounts are in thousands of EUR
___________________________________________________________________________________________________________________________________________
Notes 2024 2023
Cash flows from operating activities:
11-13 62,921 62,366
8 13,745 8,041
14 15,706 )( 13,399 )(
9,15 223 )( 448
Change in current assets and liabilities 359 )( 14,473
Net cash from operating activities 63,517 97,897
Cash flows from investing activities:
11 24,416 )( 38,191 )(
13 4,369 )( 5,854 )(
12 702 )( 432 )(
Net cash used in investing activities
Cash flows from financing activities:
19 27,213 0
19 1,093 0
19
20 31,809 )( 34,119 )(
Net cash used in financing activities
Investing and financing activities not affecting cash flows:
12 53,569 23,934
20 53,569 )( 23,934 )(
19 13,696 )( 0
The notes on pages 16 to 48 are an integral part of these Consolidated Financial Statements.
Acquisition of intangible assets .......................................................................................
Proceeds from the sale of property, vessels and equipment .........................................
Aquisition of right-of-use assets .....................................................................................
Payables, change ...........................................................................................................
Interest paid ...................................................................................................................
Interest received ............................................................................................................
Taxes paid ......................................................................................................................
Acquisition of property, vessels and equipment ............................................................
Acquisition of right-of-use assets ...................................................................................
Consolidated Statement of Cash Flows
for the year 2024
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 ................................................................................................................
Repayment of lease liabilities ..........................................................................................
Purchased treasury shares ................................................................................................
Proceeds from current loans and borrowings ..................................................................
Minority put options exercised .........................................................................................
Receivables, change ......................................................................................................
Current loans and borrowings ...........................................................................................
Short term borrowings, change ........................................................................................
Non-current loans and borrowings ...................................................................................
Share capital reduction .....................................................................................................
Dividend from equity accounted investee .......................................................................
Investment in equity accounted investee .......................................................................
Proceed from sale of equity accounted investee ............................................................
Changes in finance assets ................................................................................................
Fixed assets .......................................................................................................................
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. 2024
15
Amounts are in thousands of EUR
___________________________________________________________________________________________________________________________________________
General presentation Page
1 Reporting entity ............................................................................................................................................................... 17
2 Basis of accounting ......................................................................................................................................................... 17
3
Measurement of fair values ............................................................................................................................................ 17
4 Changes in significant accounting policies .................................................................................................................... 18
30 Significant accounting policies ....................................................................................................................................... 41
31 Standards issued but not yet effective ......................................................................................................................... 48
Notes to the Consolidated Income Statement
5 Segment reporting .......................................................................................................................................................... 18
6 Revenue ............................................................................................................................................................................ 20
7 Salaries and related expenses ........................................................................................................................................ 20
8 Finance income and expense .......................................................................................................................................... 21
9 Income tax ........................................................................................................................................................................ 21
10 Earnings per share ........................................................................................................................................................... 22
Notes to the Consolidated Statement of Financial Position
11 Property, vessels and equipment ................................................................................................................................... 22
12
Right-of-use assets ........................................................................................................................................................ 23
13 Intangible assets ............................................................................................................................................................. 24
14
Investment in equity-accounted investees ................................................................................................................... 26
15 Deferred tax assets and liabilities .................................................................................................................................. 28
16
Trade and other receivables ........................................................................................................................................... 28
17 Cash and cash equivalents .............................................................................................................................................. 29
18 Capital and reserves ........................................................................................................................................................ 29
19 Loans and borrowings ..................................................................................................................................................... 30
20 Lease liabilities ................................................................................................................................................................ 31
21 Trade and other payables ................................................................................................................................................ 32
22 Financial risk management ............................................................................................................................................. 32
23 Financial instruments ...................................................................................................................................................... 37
Other information
24 Leases ............................................................................................................................................................................... 38
25 Related parties ................................................................................................................................................................ 38
26 Auditor's fees ................................................................................................................................................................... 39
27 Group entities .................................................................................................................................................................. 39
28 Other matters .................................................................................................................................................................. 40
29 Subsequent events .......................................................................................................................................................... 40
Notes to the Consolidated Financial Statements
Consolidated Financial Statements of Eimskipafélag Íslands hf. 2024
16
__________________________________________________________________________________________________________________________________________
Consolidated Financial Statements of Eimskipafélag Íslands hf. 2024
17
Amounts are in thousands of EUR
__________________________________________________________________________________________________________________________________________
Notes
Consolidated Financial Statements of Eimskipafélag Íslands hf. 2024
18
Amounts are in thousands of EUR
__________________________________________________________________________________________________________________________________________
Notes
Consolidated Financial Statements of Eimskipafélag Íslands hf. 2024
19
Amounts are in thousands of EUR
__________________________________________________________________________________________________________________________________________
Notes
Consolidated Financial Statements of Eimskipafélag Íslands hf. 2024
20
Amounts are in thousands of EUR
__________________________________________________________________________________________________________________________________________
Notes
Consolidated Financial Statements of Eimskipafélag Íslands hf. 2024
21
Amounts are in thousands of EUR
__________________________________________________________________________________________________________________________________________
Notes
Consolidated Financial Statements of Eimskipafélag Íslands hf. 2024
22
Amounts are in thousands of EUR
__________________________________________________________________________________________________________________________________________
Notes
Consolidated Financial Statements of Eimskipafélag Íslands hf. 2024
23
Amounts are in thousands of EUR
Notes
Consolidated Financial Statements of Eimskipafélag Íslands hf. 2024
24
Amounts are in thousands of EUR
__________________________________________________________________________________________________________________________________________
Notes
Consolidated Financial Statements of Eimskipafélag Íslands hf. 2024
25
Amounts are in thousands of EUR
__________________________________________________________________________________________________________________________________________
Notes
Consolidated Financial Statements of Eimskipafélag Íslands hf. 2024
26
Amounts are in thousands of EUR
__________________________________________________________________________________________________________________________________________
Notes
Consolidated Financial Statements of Eimskipafélag Íslands hf. 2024
27
Amounts are in thousands of EUR
__________________________________________________________________________________________________________________________________________
Notes
Consolidated Financial Statements of Eimskipafélag Íslands hf. 2024
28
Amounts are in thousands of EUR
__________________________________________________________________________________________________________________________________________
Notes
Consolidated Financial Statements of Eimskipafélag Íslands hf. 2024
29
Amounts are in thousands of EUR
Notes
Consolidated Financial Statements of Eimskipafélag Íslands hf. 2024
30
Amounts are in thousands of EUR
__________________________________________________________________________________________________________________________________________
Notes
Consolidated Financial Statements of Eimskipafélag Íslands hf. 2024
31
Amounts are in thousands of EUR
__________________________________________________________________________________________________________________________________________
Notes
Consolidated Financial Statements of Eimskipafélag Íslands hf. 2024
32
Amounts are in thousands of EUR
__________________________________________________________________________________________________________________________________________
Notes
86,855 1,293)(
Consolidated Financial Statements of Eimskipafélag Íslands hf. 2024
33
Amounts are in thousands of EUR
__________________________________________________________________________________________________________________________________________
Notes
Consolidated Financial Statements of Eimskipafélag Íslands hf. 2024
34
Amounts are in thousands of EUR
__________________________________________________________________________________________________________________________________________
Notes
Consolidated Financial Statements of Eimskipafélag Íslands hf. 2024
35
Amounts are in thousands of EUR
__________________________________________________________________________________________________________________________________________
Notes
Consolidated Financial Statements of Eimskipafélag Íslands hf. 2024
36
Amounts are in thousands of EUR
__________________________________________________________________________________________________________________________________________
Notes
Consolidated Financial Statements of Eimskipafélag Íslands hf. 2024
37
Amounts are in thousands of EUR
__________________________________________________________________________________________________________________________________________
Notes
Consolidated Financial Statements of Eimskipafélag Íslands hf. 2024
38
Amounts are in thousands of EUR
__________________________________________________________________________________________________________________________________________
Notes
Consolidated Financial Statements of Eimskipafélag Íslands hf. 2024
39
Amounts are in thousands of EUR
__________________________________________________________________________________________________________________________________________
Notes
Consolidated Financial Statements of Eimskipafélag Íslands hf. 2024
40
Amounts are in thousands of EUR
___________________________________________________________________________________________________________________________________________
Notes
Consolidated Financial Statements of Eimskipafélag Íslands hf. 2024
41
___________________________________________________________________________________________________________________________________________
Notes
Consolidated Financial Statements of Eimskipafélag Íslands hf. 2024
42
___________________________________________________________________________________________________________________________________________
Notes
Consolidated Financial Statements of Eimskipafélag Íslands hf. 2024
43
___________________________________________________________________________________________________________________________________________
Notes
Consolidated Financial Statements of Eimskipafélag Íslands hf. 2024
44
___________________________________________________________________________________________________________________________________________
Notes
Consolidated Financial Statements of Eimskipafélag Íslands hf. 2024
45
___________________________________________________________________________________________________________________________________________
Notes
Consolidated Financial Statements of Eimskipafélag Íslands hf. 2024
46
___________________________________________________________________________________________________________________________________________
Notes
Consolidated Financial Statements of Eimskipafélag Íslands hf. 2024
47
___________________________________________________________________________________________________________________________________________
Notes
Consolidated Financial Statements of Eimskipafélag Íslands hf. 2024
48
___________________________________________________________________________________________________________________________________________
Year 2024 Q1 2024 Q2 2024 Q3 2024 Q4 2024 2024
193,785 207,138 219,034 227,154 847,111
179,542 183,643 186,091 200,026 749,302
14,243 23,495 32,943 27,128 97,809
15,136)( 14,938)( 14,276)( 18,571)( 62,921)(
893)( 8,557 18,667 8,557 34,888
3,192)( 2,592)( 3,623)( 4,338)( 13,745)(
4,232 3,333 2,673 5,468 15,706
147 9,298 17,717 9,687 36,849
344 1,379)( 3,414)( 2,374)( 6,823)(
491 7,919 14,303 7,313 30,026
Year 2023 Q1 2023 Q2 2023 Q3 2023 Q4 2023 2023
212,112 206,834 199,842 199,129 817,916
180,274 172,509 165,344 176,429 694,555
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 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. 2024
49
_______________________________________________________________________________________
OPERATING RESULTS Q4 2024 Q3 2024 Q2 2024 Q1 2024 Q4 2023 Q3 2023 Q2 2023
Revenue 227,154 219,034 207,138 193,785 199,129 199,842 206,834 212,112
Expenses 200,026 186,091 183,643 179,542 176,429 165,344 172,509 180,274
Salaries and
related expense 39,238 35,852 37,851 37,480 36,850 35,118 36,801 35,003
EBITDA 27,128 32,943 23,495 14,243 22,700 34,498 34,325 31,838
EBIT 8,557 18,667 8,557 (893) 6,927 18,872 19,411 15,785
Net earnings for the period 7,313 14,303 7,919 491 8,442 16,606 16,977 12,481
EBITDA ratio 11.9% 15.0% 11.3% 7.3% 11.4% 17.30% 16.6% 15.0%
EBIT ratio 3.8% 8.5% 4.1% (0.5%) 3.5% 9.40% 9.4% 7.4%
Profit ratio 3.2% 6.5% 3.8% 0.3% 4.2% 8.3% 8.2% 5.9%
Basic earning per
share (in EUR) 0.0446 0.0881 0.0470 0.0028 0.0510 0.0999 0.1006 0.0731
Diluted earning per
share (in EUR) 0.0446 0.0881 0.0471 0.0028 0.0510 0.0999 0.1006 0.0730
Average FTE's 1,704 1,698 1,708 1,720 1,719 1,709 1,732 1,719
BALANCE SHEET 31.12.2024 30.9.2024 30.6.2024 31.3.2024 31.12.2023 30.9.2023 30.6.2023
Assets 664,014 655,317 648,082 631,386 618,839 651,390
638,496 668,436
Equity 316,891 306,243 293,468 285,680 312,072 314,569 297,942 282,485
Liabilities 347,123 349,074 354,614 345,706 306,767 336,821 340,554 385,951
Interest-bearing debt 253,131 241,352 248,644 225,025 211,172 222,285 228,265 229,329
Loans and borrowings 139,861 144,059 143,549 127,071 119,164 122,814 124,893 131,237
Lease liabilities 113,270 97,293 105,095 97,954 92,008 99,471 103,372 98,092
Net debt 223,231 215,612 221,287 196,164 176,610 172,801 179,385 139,768
Equity ratio 47.7% 46.7% 45.3% 45.2% 50.4% 48.3% 46.7% 42.3%
Leverage ratio 2.28 2.31 2.33 1.85 1.43 1.24 1.16 0.85
Current ratio 1.07 1.15 1.07 1.09 1.39 1.40 1.39 1.32
CASH FLOW Q4 2024 Q3 2024 Q2 2024 Q1 2024 Q4 2023 Q3 2023 Q2 2023
Net cash from
operating activities 24,121 13,227 21,334 5,064 12,091 29,330 22,199 34,278
Net cash used in
investing activities (4,726) (7,333) (6,413) (7,478) (8,948) (16,711) (12,109) (5,337)
Net cash used in
financing activities (15,847) (7,613) (16,291) (2,354) (17,816) (11,388) (50,095) (12,766)
Cash and cash equivalents
at the end of the period 28,681 24,380 25,707 26,990 32,502 47,096 46,336 86,767
New investments 3,014 2,670
4,647 1,036 5,547 6,021 5,130 1,107
Maintenance capex 7,969 6,526 7,045 5,328 3,609 10,916 4,777 6,088
Distribution to shareholders 0 0 24,844 0 0 0 35,393 0
Share buy back 0 0 0 1,291 5,363 0 0 0
Key figures by quarter
Q1 2023
31.3.2023
Q1 2023
Consolidated Financial Statements of Eimskipafélag Íslands hf. 2024 50 Amounts are in thousands of EUR
___________________________________________________________________________________________________________________________________________
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.
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.
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 2024, the total number of Board
meetings was 14, all members attended all meetings, and the Board was competent to make decisions in all meetings.
Consolidated Financial Statements of Eimskipafélag Íslands hf. 2024
51
___________________________________________________________________________________________________________________________________________
Main responsibilities of the Board of Directors
-
-
-
-
-
Rules of Procedure for the Board of Directors
Members of the Audit Committee are Ólöf Pálsdóttir, Chairman, Guðrún Ó Blöndal, and Alexander G. Edvardsson. In 2024, the
Audit Committee held a total of eight meetings, all members attended all meetings, and the Committee was competent to make
decisions in all meetings.
The Annual General Meeting of Eimskip resolved to appoint a nomination committee that should be a Board committee with
three members of the Company’s Board of Directors. 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 members 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 2024 was concluded in February 2025.
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 and 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 and issued Rules of Procedure for each committee which governs its appointment, purpose, competence and
responsibility.
Members of the Nomination Committee are Margrét Guðmundsdóttir, Chairman, Lárus L. Blöndal and Óskar Magnússon. In 2024,
the Nomination Committee held several meetings and all members attended all meetings.
Members of the Remuneration Committee are, Óskar Magnússon, Chairman, Lárus L. Blöndal and Baldvin Thorsteinsson. In
2024, the Remuneration Committee held a total of three meetings, all members attended all meetings and the Committee was
competent to make decisions in all meetings.
To handle the recruitment and dismissal of the Company’s CEO.
A simple majority of votes determines results at Board of Directors meetings. If there is an equal number of votes, the
Chairman’s vote decides the outcome.
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. 2024
52
___________________________________________________________________________________________________________________________________________
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 other companies within the Samherji group. He has previously been the chairman of the Icelandic Landowners
Association, 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 2024.
Margrét was born in 1954 and lives in Iceland. She is a member of the board of Festi, board member of Eignarhaldsfélagið
Lyng 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 Chairman 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. She served as a Board Member of Landsbankinn hf. from 2018 to 2024, initially
as an alternate member and later as a full member. During her tenure at Landsbankinn, Guðrún also contributed as a
member of the bank’s Audit Committee, Remuneration Committee, and Sustainability Committee.
From 2013 to 2018, Guðrún was the CEO of Nasdaq CSD Iceland (Nasdaq Central Securities Depository Iceland). She also
served on the boards of various organizations between 2012 and 2013, including The Enterprise Investment Fund slhf.,
Reginn hf., Míla ehf., Vörður Insurance Company, and Vörður Life Insurance.
Prior to these roles, from 2002 to 2012, Guðrún was the CEO of Arion Custody Services, a leading provider of fund services,
clearing, settlement and custody services for domestic and international financial institutions. Guðrún's professional career
began at Kaupthing hf., where she held multiple key positions from 1984 to 2002, including 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 has been an independent Board member of the
Company since September, 2018, and is currently a member of the Audit Committee. Guðrún does not own any shares or
share options in the Company, nor does she have any personal or financial interests in the Company’s main clients,
competitors, or major shareholders.
Consolidated Financial Statements of Eimskipafélag Íslands hf. 2024
53
___________________________________________________________________________________________________________________________________________
Lárus L. Blöndal
Ólöf Hildur Pálsdóttir
Baldvin Thorsteinsson, Alternate Member of the Board
Jóhanna á Bergi, was Alternate Member of the Board until second quarter of 2024
The Chief Executive Officer and the Executive Management
Corporate Governance Statement
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.
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 a member of the Audit Committee and 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 Chairman 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.
Baldvin was born in 1983 and lives in Iceland. 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 2024
Consolidated Financial Statements of Eimskipafélag Íslands hf. 2024
54
___________________________________________________________________________________________________________________________________________
Vilhelm Már Thorsteinsson, Chief Executive Officer
Diversity
Internal Control and Risk Management
The Company updated a diversity policy as part of its Human Resource Policy in 2022. This policy applies to the Board of Directors,
Executive Management, and Senior Management. The Nomination Committee is to make sure that the Company‘s Board is
diverse in terms of skills, knowledge, experience, education, gender and independence. Further details about the policy are
available on the Company’s website.
Further details about the Executive Management team are available on the company’s Investor Relations 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.
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.
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.
In 2024, the Company underwent changes within its Executive Management team. In September Rósa Guðmundsdóttir was
appointed as Chief Financial Officer when María Björk Einarsdóttir resigned. In November, Edda Rut Björnsdóttir, previously
serving as Executive Vice President of Human Resources and Communication, was appointed Executive Vice President of Iceland
Domestic and Harpa Hödd Sigurðardóttir took over as Executive Vice President of Human Resources and Communication. At the
same time Jónína Guðný Magnúsdóttir which has served as Executive Vice President of Iceland Domestic, stepped down.
Vilhelm was born in 1971. He was appointed as CEO in January 2019. For over 20 years, he held various positions at bank
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 262,800 shares in the company.
The rest of the Executive Management team includes Hilmar Pétur Valgardsson as Chief Operating Officer, Hilmar Karlsson as
Chief Information Officer, Bragi Thór Marinósson as Executive Vice President of International Operations, Björn Einarsson as
Executive Vice President of Sales and Business Management, and Davíd Ingi Jónsson as General Counsel and Compliance Officer.
Corporate Governance Statement
Consolidated Financial Statements of Eimskipafélag Íslands hf. 2024
55
___________________________________________________________________________________________________________________________________________
Information on violation of rules determined by the applicable authority
Sustainability
Code of Conduct
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, https://www.eimskip.com/about-eimskip/sustainability.
The Board of Directors maintains regular communication with the CEO to identify, assess, and address risks facing the Company.
While the Board oversees risk management, the Audit Committee conducts regular reviews to ensure its effectiveness. Executive
Management is responsible for identifying material risks and developing the Company’s risk management strategy. The Board
discusses the Company’s risk exposure in its meetings, ensuring a proactive approach to risk management.
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.
The Company has implemented a holistic Enterprise Risk Management (ERM) framework to systematically identify, assess, and
mitigate risks at the group level. All risks are evaluated using standardized criteria based on their likelihood of occurrence and
potential impact on the business. Each identified risk is assigned a dedicated risk owner, ensuring clear accountability and
consistent oversight. The ERM framework is specifically designed to address risks across marketing, operational, and financial
activities, with the objective of minimizing disruptions to operations and safeguarding earnings. By maintaining risks within
defined and acceptable thresholds, the ERM framework ensures the organization’s resilience and long-term sustainability. ERM is
managed in alignment with an Annual Wheel framework, which ensures a structured and systematic approach to risk
management activities throughout the year.
The Board of Directors approved a revision of the Company’s Code of Conduct in March 2025. 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 returns 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.
Consolidated Financial Statements of Eimskipafélag Íslands hf. 2024
56
___________________________________________________________________________________________________________________________________________
Sustainability
Sustainability Structure
Double materilaity assessement
-
ESRS E1 Climate
-
ESRS E2 Pollution
-
-
-
ESRS S2 Workers in
-
ESRS G1 Business
-
-
-
-
-
Non-Financial Reporting
Highlights from 2024:
EU Emission Trading System (ETS) was implemented for all vessels over 5,000 gross tonnage
Lagarfoss underwent maintenance, including applying special paint to the ship's keel, which reduces resistance during
voyages and contributes to environmentally friendly operations by lowering oil consumption
Two methane truck that run on green energy were delivered.
A new electric container crane, named Bára, has been installed—similar to the electric cranes in Sundahöfn, where all
container cranes are powered by electricity. This investment is designed to improve customer service by increasing loading
and unloading capacity, optimizing the sailing schedule, and reducing vessel turnaround time in port. Additionally, an electric
crane has been installed in the Faroe Islands
Eimskipafélag Íslands hf. (Eimskip) is a leading transportation company in the North Atlantic providing container and reefer liner
services with connections to international markets and specializing in worldwide freight forwarding services focusing on frozen
and chilled commodities.
Eimskip strives to provide its customers with the most efficient and sustainable transportation solutions combined with
outstanding services, all while securing a good return for its shareholders and being responsible for its employees, society, and
the environment. 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. The sustainability policy is based on the tree
pillar of sustainability Environment, Social and Governance.
Eimskip’s sustainability efforts are guided by its Sustainability Policy. The Company has established a governance framework for
sustainability, with the CEO overseeing the strategic sustainability initiatives. Sustainability matters are regularly reported to the
Board of Directors, which also plays an active role in shaping the strategy.
Sustainability is implemented in close collaboration with relevant departments across the organization. Each Executive Vice
President is responsible for specific areas within the sustainability framework. The Sustainability Manager is responsible for the
day-to-day management and coordination of the sustainability strategy. Quarterly updates are provided to the Executive
Management and at least annually to the Audit Committee and Board of Directors. The sustainability strategy is supported
through governance framework, Code of conduct and other policies.
Eimskip's sustainability strategy adopts a comprehensive approach, with clear targets to drive a green transition, promote a safe,
equal, and inclusive workplace, and strengthen the value chain through responsible and sustainable practices. The target are
linked to one or more of the UN Sustainability Development Goals and are reported to the UN Global Compact annually.
Eimskip has long been dedicated to sustainability, and the adoption of double materiality further reinforces this commitment.
The Company focused on developing and implementing a comprehensive double materiality assessment in accordance with the
new European Union sustainability reporting requirements (CSRD). Stakeholders within and outside the Company were engaged
to identify and understand the issues that matter most to both the company’s operations and society.
The results of the first double materiality analysis have strengthen Eimskip prioritized actions in sustainability matters, the
analysis is an ongoing project and it will be regularly reevaluated to ensure alignment with evolving priorities and stakeholder
expectations. The main topics identified in the first round are:
ESRS E5 Circular Economy
ESRS S1 Own Workforce
Further explanation of these topics will be provided in the Company’s annual report
First round of double materiality analysis was finalized
Consolidated Financial Statements of Eimskipafélag Íslands hf. 2024
57
___________________________________________________________________________________________________________________________________________
-
-
-
-
-
-
Environment
Focus on diversity and inclusion in Eimskip non-native icelandic speaking employees through language lessons
Non-Financial Reporting
A new waste sorting station was also introduced at Sundahöfn in, improving working conditions for employees and providing
a better overview of valuable materials that can be reused or recycled
Global Employee Engagement Survey was conducted with 82% participation and resulted in an overall engagement and
satisfaction measured 8.0, exceeding the True benchmark®
Employee regular Check-in is part of communication with employees, 76% of employees had check-ins last year
The fourth class of the Company’s International Leadership Program graduated. The program plays an important role in
developing leaders, increasing collaboration, and driving cultural enhancement within the Company
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
Iceland 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 sustainability risks in the Company´s operation and Eimskip has since 1991 had an
environamental policy. 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.
Several legislations play significant roles in the shipping industry; the EU has unveiled the Fit for 55 Package, focusing on more
ambitious climate change targets. Starting from January 1st, 2025, all vessels in Eimskip operation in Europe required to comply
with the FuelEU Maritime in addition to Emission Trading System (ETS) and EU Taxonomy. FuelEU Maritime focuses on reducing
the carbon intensity of fuels used by ships, alongside the existing ETS obligations that seeks to minimize GHG emissions by
establishing a carbon market where businesses may purchase and sell emissions allowances depending on GHG output.
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.
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.
In early 2024, Eimskip implement changes to its container sailing system, aimed at reducing greenhouse gas emissions. These
changes included streamlining the sailing system, reducing harbor time, and shortening sailing routes.
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.
Lagarfoss, 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. 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 two new methan trucks with refrigerators to the fleet in 2023. Eimskip is among the first companies to distribute
temperature-controlled goods with trucks trucks run on green energy.
Consolidated Financial Statements of Eimskipafélag Íslands hf. 2024
58
___________________________________________________________________________________________________________________________________________
Emission
Social
Employees
Non-Financial Reporting
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.
Eimskip has a good overview of the operation’s GHG emissions. The Company has an environmental management system and
gathers its data digitally. The data covers the vessel fleet’s energy and waste management, trucking fleet, terminal assets,
warehouses, and office facilities.
In the environmental statement for 2024, The Company has registered scopes 1 and 2 for all operation in 20 countries were
Eimskip has operational control. Significant changes have been implemented in the calculation of GHG emissions from marine
fuels and gas. In previous years, emissions were measured in CO
₂
, following the methodology outlined in MRV/DCS regulations.
Starting in 2024, GHG emissions from marine fuels and gas are calculated in CO
₂
-equivalent (eCO
₂
), with corresponding
recalculations applied to the data for 2015, 2022, and 2023.
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 43.
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 uses an annual engagement survey to monitor the primary drivers of employee satisfaction, assessing engagement,
satisfaction, and loyalty—core KPIs for The Company. In the 2024 survey, overall engagement and satisfaction measured 8.0,
exceeding the True benchmark®, typically attained by comparable international companies, by 0.5 points. These findings highlight
Eimskip’s belief that greater well-being fosters a higher quality of life and stronger employee satisfaction.
In 2024, the Company strengthened its commitment to a culture of continuous improvement and growth by providing training for
all managers on conducting employee check-ins. This training equips managers to enhance communication, identify skill-
development opportunities, and build stronger rapport and trust with their teams, ultimately leading to improved employee
development and engagement.
Eimskip is also committed to fostering a respectful and inclusive work environment by addressing bullying, harassment, and
discrimination through clear policies and contingency plans. Comprehensive seminars equip managers and employees with the
tools to recognize harmful behavior, understand its impact, and implement effective prevention strategies.
Focus on diversity and inclusion in Eimskip non-native icelandic speaking employees through language lessons but language
barrier is one of the challenges that our employee face and to reinforce inclusion the company is offering online language training
in cooperation with BaraTala.
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 32% in 2024. The Company has highly
emphasized employee growth and development, with thirty capable employees successfully navigating its leadership program in
2024. Launched in 2022, Emskip´s Leadership Development Program aligns with the Company´s leadership model, focusing on
modern and practical competencies such as communication, adaptability, constructive feedback, and innovative thinking. In 2024,
25 participants completed the program, bringing the total to 130 participants from 14 countries, 52% of whom are women. Over
the past three years, 28% of graduates, including 22 women, have advanced their careers, demonstrating the program's
effectiveness in fostering professional growth and leadership development. This long-term impact highlights the program's role
in ensuring that employees are well-equipped to meet future challenges and contribute to our success.
Consolidated Financial Statements of Eimskipafélag Íslands hf. 2024
59
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Safety
Human Rights
Non-Financial Reporting
In 2024, Eimskip conducted a comprehensive learning needs analysis (TNA) with participation from approximately 160 employees.
This analysis identified specific learning and development needs, forming the basis of the Company´s tailored training programs.
The new content will focus on role-specific skills within Eimskip and the essential knowledge employees need, including internal
processes, different roles in various areas of operations, and customer service. It will also take into account what employees say
they need and wish they had, empowering them to achieve their full potential and drive the company's success.
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.
The health and safety of employees is essential to Eimskip. The Company strives to offer a safe and healthy working environment
and focuses on ensuring that employees protect themselves, their colleagues, external parties, goods, equipment, and the
environment from harm. Eimskip upholds a zero-accident policy, with the goal of minimizing risks and preventing harm to
individuals, property, and the company’s assets through continuous preventive efforts.
Regular training programs are a cornerstone of Eimskip’s safety culture, conducted both on-site and through online platforms
such as the Eimskip Academy Learning Platform and Ocean Learning for crew members.
Targeted on-site training sessions and drills were held across all key employee groups in Iceland, including vessel crews, terminal
staff, and truck drivers. Additionally, the company launched a Safety Leadership Awareness Program to strengthen safety
culture, alongside increased promotion of safety awareness days.
To further enhance safety practices, Eimskip introduced the onboard program “Lessons Learned from Incidents, Near Misses, and
Damages,” fostering a culture of continuous learning. Moreover, a new Incident Management System was implemented in
Eimskip has a First Response Team, whose duty is to respond to various incidents on sea and land. The team aims to ensure and
assist with 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. 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 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 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. Actions have also been taken towards employees in the
value chain, and the Eimskip Supplier Code of Conduct and self-assessment for suppliers have been confirmed by 42% of
suppliers in target group .
Consolidated Financial Statements of Eimskipafélag Íslands hf. 2024
60
___________________________________________________________________________________________________________________________________________
Customer
Projects for the society
Governance
Business ethics
Eimskip provides excellent service to a diverse global customer base, delivering tailored solutions through its worldwide team that
applies local expertise. The Company aligns service standards, goal setting, and performance metrics across all units under its
Global Service Policy, ensuring consistent, high-quality support.
In 2024, Eimskip enhanced service reliability by introducing key changes to its container sailing schedules. These improvements
included shorter transit times from the UK, Monday arrivals in Reykjavík for imports from Denmark and Sweden, and an expanded
weekly coastal service within Iceland.
To better accommodate fresh fish shipments, Eimskip streamlined its North American routes, ensuring more efficient and timely
deliveries. Additionally, connections between northern and western Norway, the Faroe Islands, and North America were expanded
to strengthen trade links. The introduction of a direct route from the Faroe Islands to Germany further increased network
flexibility and connectivity.
Digitalization and process automation remain central to Eimskip’s commitment to service excellence. The Company continues to
refine its offerings in response to evolving customer needs by introducing more self-service options and enhancing system and
team collaboration to improve overall service quality.
Non-Financial Reporting
Eimskip’s commitment to customer service is evident in its comprehensive approach, which includes harmonizing service
standards, leveraging local expertise, and continuously optimizing digital solutions. By integrating automation and technology-
driven enhancements, the Company ensures that it adapts to evolving customer expectations, delivering tailored solutions and
maintaining high satisfaction levels.
Eimskip is committed to fostering safer, stronger communities in every region where it operates. It recognizes social
responsibility as a key pillar of its sustainability policy. The Company actively supports charities, sports programs, cultural
initiatives, innovation projects, and safety measures, ensuring a positive and lasting impact on society.
One of Eimskip's most notable community initiatives is the bicycle helmet project, launched in 2004 in partnership with Kiwanis.
Over the past 20 years, this initiative has provided helmets and safety reflectors to every six-year-old in Iceland, benefiting more
than 85,000 children and promoting road safety from an early age.
Eimskip also plays a vital role in community safety efforts through its collaboration with Landsbjörg, the Icelandic Association for
Search, Rescue, and Injury Prevention. Recognizing the life-saving work of Landsbjörg, Eimskip has become one of its main
sponsors, supporting essential rescue and prevention operations at sea and on land.
Eimskip's commitment to social responsibility is reflected in its comprehensive approach, engaging with local communities and
supporting diverse projects that make a meaningful impact. Through these efforts, the Company continues to build a safer,
healthier, and more connected society.
Eimskip is committed to fostering an open and transparent relationship among its management, Board of Directors, shareholders,
and other stakeholders
The Company must value and maintain trust with coworkers, customers, and suppliers. Eimskip strives to ensure an open and
transparent relationship between its management, Board of Directors, shareholders, and other stakeholders.
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 is integrated into
The Company's Code of Conduct, www.eimskip.com.
Consolidated Financial Statements of Eimskipafélag Íslands hf. 2024
61
___________________________________________________________________________________________________________________________________________
Supplier code of conduct
Data ethics
At the end of 2024 over 81% of the employees have undergone training and affirmed compliance with the Code of Conduct. The
Company's Code of Conduct is available in four languages: Icelandic, English, Danish, and Swedish.
Eimskip has a speak-up program in place, e.g., through the Whistleblower Procedure. The program encourages transparency and
accountability and aims to investigate all reports of alleged misconduct and protect the anonymity of whistleblowers.
Furthermore, Eimskip's Anti-Money Laundering and Sanction Policy prohibits anyone employed by Eimskip from participating in
money laundering, terrorist financing, and sanction breaches.
Eimskip conducts yearly training on competition law. All employees globally with direct contact with customers and suppliers
must complete the training, which is also available through the Eimskip digital learning platform.
Non-Financial Reporting
Eimskip is committed to processing personal and business data legally, fairly, and securely in alignment with data ethics
principles. The Company ensures compliance with the General Data Protection Regulation (GDPR) and other applicable data
protection laws, safeguarding the privacy of customers, employees, business partners, and stakeholders.
To enhance data governance, Eimskip has established a Data Security Classification Framework, which categorizes information
based on sensitivity and potential impact. This framework helps protect data from unauthorized access, alteration, or destruction.
Furthermore, the Company is actively preparing data for responsible AI applications, ensuring that data used in AI-driven
processes is collected, stored, and managed transparently and ethically.
Eimskip is committed to retaining personal and business data only for as long as necessary and ensuring its secure disposal when
no longer needed. Additionally, the company collaborates with third-party suppliers that process data on its behalf, implementing
The company maintains a robust IT security posture. By implementing a comprehensive Information Security Management
System (ISMS), to manage the ISO27001 journey, Eimskip will ensure that the security practices align with international
standards. By embedding data ethics into its operations, Eimskip reinforces its commitment to responsible data management,
security, and regulatory compliance. ethics into its operations, Eimskip reinforces its commitment to responsible data
management, security, and regulatory compliance.
Strong partnerships with suppliers are crucial for sustainable growth, and effective risk management across the value chain is
essential. Eimskip has embedded an ESG-focused approach into its procurement processes through the Supplier Code of Conduct,
which is based on the Ten Principles of the UN Global Compact. This Code emphasizes key areas such as Health and Safety,
Human Rights, Labor Standards, Business Ethics, and Environmental Protection.
As of 2024, 42% of the target group have either confirmed compliance with the Supplier Code of Conduct or both confirmed
compliance and completed an ESG assessment, reflecting ongoing progress toward full alignment. Eimskip’s goal is for 100% of
suppliers within the target group to confirm adherence to the Supplier Code of Conduct.
The ESG assessment is a part of the process to strengthened Eimskip oversight of suppliers, it is a part of due diligence process
as outlined in OECD Guidelines for Multinational Enterprise. The goal of the due diligence framework is to include tailored
assessment forms designed to address the specific risks associated with different supplier types and sizes. The framework is an
ongoing project.
Consolidated Financial Statements of Eimskipafélag Íslands hf. 2024
62
___________________________________________________________________________________________________________________________________________
Assessment Statement by Klappir Green Solutions hf.
Confirmation by Klappir
Klappir Green Solutions hf.
Klappir is not responsible and bears no liability for any investment decisions made by any party based on the information
presented in this statement.
We have planned and conducted our work in accordance with the principles of the Greenhouse Gas Protocol standards: Relevance,
Accuracy, Completeness, Consistency and Transparency.
ESG Statement 2024
Klappir 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.
Eimskip’s sustainability statement for the year 2024 reflects the ESG guidelines issued by Nasdaq Iceland and Nasdaq Nordic.
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.
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).
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. 2024
63
________________________________________________________________________________________________________________________________________________________________________________________________________________
Operational Parameters
Operational Parameters Unit 2024
2023 Notes
Tonne
2,605,996 2,544,281
EUR m 847,111 817,916
FTEs 1,703 1,727
Environmental
GhG emission intensity
kgCO e/MWh
230 328
kgCO
₂
e/FTEs 203,231 198,505
kgCO
₂
e/EUR m 409,568 419,136
ESG Statement 2024
The revenue methodology has been aligned with consolidated revenue,
and the new approach has also been applied to 2023.
Number of employee is based on the average of the previous 12
months, the methodology may not be consistent with
employee
number by end of 2024.
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 ...............................................
GhG emissions per megawatt-hour consumed ............................
GhG emissions per full-time equivalent (FTEe) employee ...........
Consolidated Financial Statements of Eimskipafélag Íslands hf. 2024
64
________________________________________________________________________________________________________________________________________________________________________________________________________________
Energy intensity Unit 2024 2023 Notes
kWh/FTEs 616,790 604,650
kWh/EUR m 1,239,971 1,276,696
Carbon offset
tCO
₂
e 201 277
tCO
₂
e 201 277
Greenhouse Gas Emissions
tCO
₂
e 280,019 277,316
tCO
₂
e 2,251 2,353
tCO
₂
e
17,007 14,982
tCO
₂
e
282,270 279,669
tCO
₂
e
297,026 292,298
tCO
₂
e
63,816 63,150
tCO e
346,086 342,818
tCO e
360,925 355,564
Nasdaq: E4|UNGC: P7, P8|GRI: 302-3|SDG: 12|SASB: General Issue / Energy Management
Total emissions offset ...................................................................
Emissions offset by afforestation ................................................
Scope 2 (market-based) ................................................................
Scope 1 and 2 (market-based) ......................................................
ESG Statement 2024
Energy per full-time equivalent (FTEe) employee ........................
Energy per unit of revenue ............................................................
Significant changes have been implemented in the calculation of GHG
emissions from marine fuels and gas. In previous years, emissions
were
measured in CO
₂
, following the methodology outlined in
MRV/DCS
regulations.
Starting in 2024, GHG emissions from marine fuels and gas
are
calculated in CO
₂
-equivalent (eCO
₂
), with corresponding
recalculations
applied to the data for 2015, 2022, and 2023.
Beginning in 2025, MRV and DCS calculations will also be conducted
in
eCO
₂
, in line with recent regulatory amendments.
Because of a change in methodology by the Environmental Agency of
Iceland, there is a significant decrease in the coefficient between years.
https://ust.is/loft/losun-grodurhusalofttegunda/losunarstudlar/
Scope 1 ...........................................................................................
Scope 2 (location-based) ...............................................................
Scope 1 and 2 (location-based) .....................................................
Calculated based on country-based emissions, after the sales of
Guarantee of origin
Estimation based on Iceland marked-based emissions
Scope 3 ...........................................................................................
Total operational GhG emissions (location-based) .....................
Total operational GhG emissions (market-based) .....................
Nasdaq: E1|UNGC: P7|GRI: 305-1,305-2,305-3|SASB: General Issue / GHG Emissions|TCFD:
Metrics & Targets | EFRAG E1-6
Consolidated Financial Statements of Eimskipafélag Íslands hf. 2024
65
________________________________________________________________________________________________________________________________________________________________________________________________________________
Greenhouse Gas Emissions, continued Unit 2024 2023 Notes
Scope 1 - Details
tCO
₂
e 280,019 277,316
tCO
₂
e 278,403 275,172
tCO
₂
e 1,617 2,143
Scope 2 - Details
tCO
₂
e 2,251 2,353
tCO
₂
e 2,176 2,225
tCO
₂
e 75 128
Scope 3 - Upstream emissions
Category 3: Fuel- and energy related activities
tCO
₂
e 63,695 62,943
Category 5: Waste generated in operations
tCO
₂
e 17 81
tCO
₂
e 17 81
Category 6: Business travel
tCO
₂
e 126 126
tCO
₂
e 126 126
Energy consumption
kWh 1,049,702 1,044,009
kWh 1,010,913 1,063,919
kWh 276 117
kWh 29,108 29,523
kWh 15,248 15,248
kWh 1,010,913 1,001,007
kWh 38,789 43,002
Nasdaq: E3|UNGC: P7, P8|GRI: 302-1, 302-2|SDG: 12|SASB: General Issue / Energy Management | EFRAG E1-5
Electricity ......................................................................................
Fossil fuels ...................................................................................
Bio fuels .......................................................................................
Transport, disposal and treatment of waste ................................
Total emissions ............................................................................
Stationary and mobile fuel combustion ........................................
Fugitive emission ..........................................................................
Total emissions ............................................................................
ESG Statement 2024
Indirect energy consumption .........................................................
Total energy consumption .............................................................
Air travel ........................................................................................
Total emissions ..............................................................................
Total emissions ..............................................................................
Heating ...........................................................................................
Electricity .......................................................................................
Heating .........................................................................................
Total emissions ..............................................................................
Fuel and energy related activities are included in the 2024
Sustainability Report for the first time. All years from base year have
recalculated to include these results.
Direct energy consumption ...........................................................
Consolidated Financial Statements of Eimskipafélag Íslands hf. 2024
66
________________________________________________________________________________________________________________________________________________________________________________________________________________
Unit 2024 2023 Notes
Energy mix
Kwh 1,049,702 1,044,009
% 96.5% 96.1%
% 3.4% 3.9%
% 0% 0%
Fuel consumption
kg 87,025,250 86,441,504
kg 20,242 7,895
kg 74,117 108,916
kg 706 706
kg 3,400,708 3,929,130
Fugitive emissions
kg 955 1,149
kg 0 10
kg 955 885
kg 0 254
Water consumption
m³ 200,787 262,372
m³ 35,326 35,161
m³ 165,460 263,409
Waste treatment
kg 1,105,040 1,248,962
kg 268,137 312,982
kg 1,085,349 932,114
% 98% 75%
Ammonium ...................................................................................
Methane .......................................................................................
Recovered waste ..........................................................................
Percentage of waste recovered .....................................................
ESG Statement 2024
Fossil fuel .......................................................................................
Renewables ....................................................................................
Nuclear ...........................................................................................
Total fuel consumption .................................................................
Unsorted waste that was previously used as landfill is now used as an
energy source and is categorized as recovered
Nasdaq: E5|GRI: 302-1|SDG: 7|SASB: General Issue / Energy Management
Increase in methane due to increased number of methane-powered
vehicles in Eimskip's road fleet.
Nasdaq: E6|GRI: 303-5|SDG: 6|SASB: General Issue / Water & Wastewater Management
Hot water .....................................................................................
Total waste generation .................................................................
Unsorted waste ............................................................................
Total fuel consumption .................................................................
Petrol ............................................................................................
Natural gas ...................................................................................
Diesel ............................................................................................
Total water consumption ..............................................................
Cold water ....................................................................................
Total fugitive emissions ................................................................
Carbon dioxide (CO2) ....................................................................
F-gases .........................................................................................
Consolidated Financial Statements of Eimskipafélag Íslands hf. 2024
67
________________________________________________________________________________________________________________________________________________________________________________________________________________
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 4.7 2.6
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 ........................................
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
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 2024
Consolidated Financial Statements of Eimskipafélag Íslands hf. 2024
68
________________________________________________________________________________________________________________________________________________________________________________________________________________
Social
CEO Pay Ratio Unit 2024 2023 Notes
X:1 - 5.0
S1|UNGC: P6|GRI 102-38
Gender Pay Ratio
X:1 - -
% - 0.8%
Employee Turnover
Full-time Employees
% 20% 23%
% 3.3% 2.4%
% 1.0% 1.0%
Gender
% 21% 24%
% 18% 20%
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 2024
Comparison to FTE Salary in Iceland will be added in March 2025
Outcome of equal pay certification will be available in March 2025. This
number will represents the outcome of the equal pay re-certification
for
Eimskip Iceland, TVG, Gára and Sæferdir.
Consolidated Financial Statements of Eimskipafélag Íslands hf. 2024
69
________________________________________________________________________________________________________________________________________________________________________________________________________________
Employee Turnover, continued.
Age Unit 2024 2023 Notes
% 82% 80%
% 35% 39%
% 18% 25%
% 15% 18%
% 15% 10%
% 16% 23%
% 52% 72%
Gender Diversity
Enterprise Headcount
% 31% 31%
no. 535 541
no. 1,168 1,217
Senior- and Executive-level Positions
% 32% 33%
no. 61 59
no. 173 122
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 2024
Consolidated Financial Statements of Eimskipafélag Íslands hf. 2024
70
________________________________________________________________________________________________________________________________________________________________________________________________________________
Injury Rate Unit 2024 2023 Notes
% 3% 4%
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 2024
S7|GRI: 403-9|SDG: 3|SASB: General Issue / Employee Health & Safety
Consolidated Financial Statements of Eimskipafélag Íslands hf. 2024
71
________________________________________________________________________________________________________________________________________________________________________________________________________________
Governance
Board Diversity Unit 2024
2023 Note
% 60% 60%
% 67% 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
% 42% 0
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 2024
Suppliers in target group 2024.
Applies to employees in Iceland
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)
Consolidated Financial Statements of Eimskipafélag Íslands hf. 2024
72
________________________________________________________________________________________________________________________________________________________________________________________________________________
Ethics & Anti-Corruption Unit 2024 2023 Note
yes/no Yes Yes
% 81% 74%
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 2024
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. 2024
73
___________________________________________________________________________________________________________________________________________
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
Fully included
Fugitive emissions Fully included
Industrial processes Not applicable
Scope 2
Electricity Fully included
Heating Fully included
Cooling Not applicable
Steam Not applicable
Scope 3
Fully included
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
Category 3: Fuel and energy related activities
Consolidated Financial Statements of Eimskipafélag Íslands hf. 2024
74
___________________________________________________________________________________________________________________________________________
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 International Financial Reporting 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
Eimskip reports yearly according to 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.
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.
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.
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.
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.
Consolidated Financial Statements of Eimskipafélag Íslands hf. 2024
75
___________________________________________________________________________________________________________________________________________
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 OPEX CAPEX
1% 2% 5%
50% 76% 56%
49%
22% 39%
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.
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.
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 .
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.
- 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 .............................................................................................................................
The following table summarizes the eligibility and alignment assessment:
Eimskip assessed the eligible activities identified against the climate change mitigation criteria. The two following activities passed
the criteria of substantial contribution.
EU Taxonomy
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 10 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.
Non-eligible .....................................................................................................................
Please find further segregation in the attached tables to the EU Taxonomy.
- Total CAPEX (additions) as stated in Note 11 Property, vessels and equipment, Note 12 Right of- use assets
in the Consolidated Financial Statements.
- 6.16. Infrastructure and enabling low-carbon water transport – Terminal operation in Iceland and vessel to shore connection.
- 6.6. Freight Transport service by road – Domestic Land Transport
Consolidated Financial Statements of Eimskipafélag Íslands hf. 2024
76
___________________________________________________________________________________________________________________________________________
6.6. Freight Transport service by road, continued
6.16 Infrastructure and enabling low-carbon water transport.
Do No Significant Harm (DNSH)
Minimum Safeguards
Human rights
In 2024 6.16 Infrastructure and enabling low-carbon water transport is aligned. The operation meets the substantial contribution
criteria on climate change mitigation and the eligible activities within the terminals also fulfill the DNSH criteria and minimum
safeguards.
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.
By following these steps, the Company has strengthened its human rights due diligence, ensuring alignment with global standards
across its workforce and value chain. Moving forward, the Company will continue to enhance these efforts, prioritizing continuous
improvement to meet evolving requirements and strengthen responsible business practices.
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. The Companies 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 the Companies dedication to ensuring ethical practices and
safeguarding human rights throughout the Companies business activities.
In 2024, the focus was on improving the Human Rights due diligence process to meet the Minimum Due Diligence Standards in EU
Taxonomy and to prepare the Company for the EU's Corporate Sustainability Due Diligence Directive. By strengthening its approach,
the Company aims to ensure that human rights are respected and upheld across its operations and value chain. To guide these
efforts, the Company has aligned its approach with the OECD Guidelines for Multinational Enterprises (MNEs), specifically utilizing the
six-step due diligence framework. This structured approach has enabled the Company to systematically identify, prevent, and
mitigate human rights risks in its workforce and the value chain
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.
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. 2024
77
___________________________________________________________________________________________________________________________________________
Corruption
Taxation
Fair competition
EU Taxonomy
Eimskip has implemented Anti Money Laundering and Sanction Policy which was revied in 2024 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, with the company implementing robust tax risk management processes to ensure
compliance and minimize risks. Eimskip has established a Board-approved Tax Policy. The Finance Division, in collaboration with
external tax advisors, is responsible for managing the group’s tax affairs and ensuring adherence to applicable tax regulations across
all jurisdictions in which Eimskip operates. The company is also aligned with the OECD MNE Guidelines on tax to further enhance
transparency and responsible tax practices. Regular reporting to senior management supports ongoing oversight and alignment with
the company’s tax strategy.
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.
Consolidated Financial Statements of Eimskipafélag Íslands hf. 2024
78
________________________________________________________________________________________________________________________________________________________________________________________________________________
Financial year 2024
Economic Activities
Codes
Absolute Revenue
(EUR '000)
Proportion of
Revenue
Climate Change
Mitigation
Climate Change
Adaptation
Water and marine
resources
Pollution
Circular Economy
Biodiversity and
ecosystems
Climate Change
Mitigation
Climate Change
Adaptation
Water and marine
resources
Pollution
Circular Economy
Biodiversity and
ecosystems
Minimum
Safeguards
Taxonomy
aligned
proportion
of total
turnover
2023
Enabling activity
Transitional activity
Text Currency
%
Y; N;
N/EL;
(b)(c)
Y; N;
N/EL;
(b)(c)
Y; N;
N/EL;
(b)(c)
Y; N;
N/EL;
(b)(c)
Y; N;
N/EL;
(b)(c)
Y; N;
N/EL;
(b)(c)
Y/N Y/N YN/ Y/N Y/N Y/N Y/N
% E T
Infrastructure and enabling low-carbon water transport
CCM 6.16 7,054,026 1% Y N/EL N/El N/EL N/EL 0% Y Y Y Y Y Y Y 0% E
Turnover of environmentally sustainable activities
(Taxonomy-aligned) (A.1)
7,054,026 1% 100% 0% 0% 0% 0% 0% Y Y Y Y Y Y Y 0%
7,054,026 1% 100% 0% 0% 0% 0% 0% Y Y Y Y Y Y Y 0% E
0 0% 0% 0% 0% 0% 0% 0% - - - - - - - 0%
Freigth Transport service by road CCM 6.6 88,893,350 10%
EL N/EL N/EL N/EL N/EL N/EL
Sea and coastal freight water transport, vessels for port
operations and auxiliary activities
CCM 6.10
317,715,700 38%
EL N/EL N/EL N/EL N/EL N/EL
0%
Sea and coastal passenger water transport CCM 6.11 6,778,876 1%
EL N/EL N/EL N/EL N/EL N/EL
0%
Infrastructure and enabling low-carbon water transport CCM 6.16 9,210,488 1%
EL N/EL N/EL N/EL N/EL N/EL
0%
A.2 Turnover of Taxonomy-eligible but not
environmentally sustainable activities (not
Taxonomy-aligned activities) (A.2)
422,598,414 50%
50% 0% 0% 0% 0% 0% 0%
429,652,440 51%
51% 0% 0% 0% 0% 0% 0%
417,458,167 49%
847,110,607 100%
Revenue of Taxonomy-non-eligible activities
Total (A+B)
Proportion of Revenue from services associated with taxonomy-aligned economic activities 2024
2024
Of which enabling
Of which transitional
A. TAXONOMY-ELIGIBLE ACTIVITIES
A.1. Environmentally sustainable activities (Taxonomy-aligned)
Substantial Contribution Criteria DNSH criteria (Do No Significantly Harm)(h)
A. Turnover of Taxonomy eligible activities (A.1+A.2)
B. TAXONOMY-NON-ELIGIBLE ACTIVITIES
A.2 Taxonomy-Eligible but not environmentally sustainable activities (not Taxonomy-aligned activities)
Consolidated Financial Statements of Eimskipafélag Íslands hf. 2024
79
________________________________________________________________________________________________________________________________________________________________________________________________________________
Financial year 2024
Economic Activities
Codes
Absolute Opex
(EUR '000)
Proportion of
Opex
Climate Change
Mitigation
Climate Change
Adaptation
Water and marine
resources
Pollution
Circular Economy
Biodiversity and
ecosystems
Climate Change
Mitigation
Climate Change
Adaptation
Water and marine
resources
Pollution
Circular Economy
Biodiversity and
ecosystems
Minimum
Safeguards
Taxonomy
aligned
proportion
of total
turnover
2023
Enabling activity
Transitional
activity
Text Currency
%
Y; N;
N/EL;
(b)(c)
Y; N;
N/EL;
(b)(c)
Y; N;
N/EL;
(b)(c)
Y; N;
N/EL;
(b)(c)
Y; N;
N/EL;
(b)(c)
Y; N;
N/EL;
(b)(c)
Y/N Y/N YN/ Y/N Y/N Y/N Y/N
% E T
Infrastructure and enabling low-carbon water transport
CCM 6.16 1,554,166 2% Y N/EL N/El N/EL N/EL 0%
Y Y Y Y Y
Y Y
0%
E
Turnover of environmentally sustainable activities
(Taxonomy-aligned) (A.1)
1,554,166 2% 100% 0% 0% 0% 0% 0% Y Y Y Y Y Y Y 0%
1,554,166 2% 100% 0% 0% 0% 0% 0% Y Y Y Y Y Y Y 0% E
0 0% 0% 0% 0% 0% 0% 0% - - - - - - - 0%
Freigth Transport service by road
CCM 6.6 11,804,072 14%
EL N/EL N/EL N/EL N/EL N/EL
Sea and coastal freight water transport, vessels for port
operations and auxiliary activities
CCM 6.10
47,910,335 59%
EL N/EL N/EL N/EL N/EL N/EL
0%
Sea and coastal passenger water transport
CCM 6.11 741,726 1%
EL N/EL N/EL N/EL N/EL N/EL
0%
Infrastructure and enabling low-carbon water transport
CCM 6.16 2,029,285 2%
EL N/EL N/EL N/EL N/EL N/EL
0%
A.2 Opex of Taxonomy-eligible but not
environmentally sustainable activities (not
Taxonomy-aligned activities) (A.2)
62,485,418 76%
76% 0% 0% 0% 0% 0% 0%
64,039,584 78%
78% 0% 0% 0% 0% 0% 0%
17,405,572 22%
81,445,156 100%
2024
Substantial Contribution Criteria DNSH criteria (Do No Significantly Harm)(h)
Proportion of Opex from services associated with taxonomy-aligned economic activities 2024
A.Opex of Taxonomy eligible activities (A.1+A.2)
B. TAXONOMY-NON-ELIGIBLE ACTIVITIES
Opex of Taxonomy-non-eligible activities
Total (A+B)
A. TAXONOMY-ELIGIBLE ACTIVITIES
A.1. Environmentally sustainable activities (Taxonomy-aligned)
Of which enabling
Of which transitional
A.2 Taxonomy-Eligible but not environmentally sustainable activities (not Taxonomy-aligned activities)
Consolidated Financial Statements of Eimskipafélag Íslands hf. 2024
80
________________________________________________________________________________________________________________________________________________________________________________________________________________
Financial year 2024
Economic Activities
Codes
Absolute Capex
(EUR '000)
Proportion of Capex
Climate Change
Mitigation
Climate Change
Adaptation
Water and marine
resources
Pollution
Circular Economy
Biodiversity and
ecosystems
Climate Change
Mitigation
Climate Change
Adaptation
Water and marine
resources
Pollution
Circular Economy
Biodiversity and
ecosystems
Minimum
Safeguards
Taxonomy
aligned
proportion
of total
turnover
2023
Enabling activity
Transitional activity
Text Currency
%
Y; N;
N/EL;
(b)(c)
Y; N;
N/EL;
(b)(c)
Y; N;
N/EL;
(b)(c)
Y; N;
N/EL;
(b)(c)
Y; N;
N/EL;
(b)(c)
Y; N;
N/EL;
(b)(c)
Y/N Y/N YN/ Y/N Y/N Y/N Y/N
% E T
Infrastructure and enabling low-carbon water transport
CCM 6.16 4,531,721 5% Y N/EL N/El N/EL N/EL 0% Y Y Y Y Y Y Y 0% E
Turnover of environmentally sustainable activities
(Taxonomy-aligned) (A.1)
4,531,721 5% 100% 0% 0% 0% 0% 0% Y Y Y Y Y Y Y 0%
4,531,721 5% 100% 0% 0% 0% 0% 0% Y Y Y Y Y Y Y 0% E
0 0% 0% 0% 0% 0% 0% 0% - - - - - - - 0%
Freigth Transport service by road
CCM 6.6 13,388,138 15%
EL N/EL N/EL N/EL N/EL N/EL
Sea and coastal freight water transport, vessels for port
ti d ili ti iti
CCM 6.10
28,494,812 33%
EL N/EL N/EL N/EL N/EL N/EL
0%
Sea and coastal passenger water transport
CCM 6.11 492,012 1%
EL N/EL N/EL N/EL N/EL N/EL
0%
Infrastructure and enabling low-carbon water transport
CCM 6.16 6,251,000 7%
EL N/EL N/EL N/EL N/EL N/EL
0%
A.2 Opex of Taxonomy-eligible but not
environmentally sustainable activities (not
Taxonomy-aligned activities) (A.2)
48,625,962 56%
56% 0% 0% 0% 0% 0% 0%
53,157,683 61%
61% 0% 0% 0% 0% 0% 0%
33,593,258 39%
86,750,941 100%
A.2 Taxonomy-Eligible but not environmentally sustainable activities (not Taxonomy-aligned activities)
A.Opex of Taxonomy eligible activities (A.1+A.2)
2024
Substantial Contribution Criteria DNSH criteria (Do No Significantly Harm)(h)
A. TAXONOMY-ELIGIBLE ACTIVITIES
Proportion of Capex from services associated with taxonomy-aligned economic activities 2024
B. TAXONOMY-NON-ELIGIBLE ACTIVITIES
Capex of Taxonomy-non-eligible activities
Total (A+B)
A.1. Environmentally sustainable activities (Taxonomy-aligned)
Of which enabling
Of which transitional
Consolidated Financial Statements of Eimskipafélag Íslands hf. 2024
81
________________________________________________________________________________________________________________________________________________________________________________________________________________
Nuclear energy related activities
1.
2.
3.
4.
5.
6.
No
The undertaking carries out, funds or has exposures to research, development, demonstration and deployment of innovative electricity generation facilities that produce energy from nuclear
processes with minimal waste from the fuel cycle.
The undertaking carries out, funds or has exposures to construction and safe operation of new nuclear installations to produce electricity or process heat, including for the purposes of district heating
or industrial processes such as hydrogen production, as well as their safety upgrades, using best available technologies.
The undertaking carries out, funds or has exposures to safe operation of existing nuclear installations that produce electricity or process heat, including for the purposes of district heating or
industrial processes such as hydrogen production from nuclear energy, as well as their safety upgrades.
Fossil gas related activities
The undertaking carries out, funds or has exposures to construction or operation of electricity generation facilities that produce electricity using fossil gaseous fuels.
The undertaking carries out, funds or has exposures to construction, refurbishment, and operation of combined heat/cool and power generation facilities using fossil gaseous fuels.
The undertaking carries out, funds or has exposures to construction, refurbishment, and operation of combined heat/cool and power generation facilities using fossil gaseous fuels.
No
No
No
No
No
EU Taxonomy
Consolidated Financial Statements of Eimskipafélag Íslands hf. 2024
82