Eskja has been in operation for over 60 years.   Starting from scratch the build up was slow and the company experienced some setbacks through the years - in line with problems within the fisheries system in Iceland.   For the past 3-4 years we have managed to stabilize our operations by focusing on key profit centres and laying off or selling side units that don't fit our core business.

The years 2001 and 2002 where successful in terms of strong cash flow and strong margins.  The company purchased additional quotas, mainly in the whitefish sector - to strengthen the basis for our whitefish processing.

The companies stock where listed on the ICEX in 1997, the purpose being to raise additional capital for further investments.   Key shareholder bought up stocks in the company in early 2004, the company was then taken private again.  The company then merged with its key holder (Hólmi ehf).  This affected the financial structure of the company considerably - with increased debts and lower equity.   Eskja has grounds for strong cash flow and will soon regain former financial strength.

By selecting the links (PDF) operating figures for the past five years can be viewed in ISK (Icelandic krona) or in USD.  The exchange rate between ISK and USD in the PDF is 64, which is close to what we are experiencing at the moment.

Over 90% of our revenues are in foreign currencies, NOK, USD, GPB being the most important currencies for Eskja.   The strengthening of the ISK has hit our revenue base, resulting in lower operating margins.  Over 90% of our long term debts are also in foreign currencies.  The following graph shows ISK development since 2000.

Finacial overview ISK   Finacial overview USD