EBITDA for the first 9 months of 2010 is EUR 30 million

Friday, November 19, 2010

EBITDA for the first 9 months of 2010 is EUR 30 million
Profit after taxes is EUR 9,4 million
Transport volumes are stable between years

Eimskip's profits for the first 9 months of the year 2010 exceeds expectations despite difficult operational environment. Total turnover of the group is EUR 278 million and EBITDA is positive of EUR 30 million. Profit after taxes is EUR 9,4 million. Total assets at the end of September are EUR 289 million and the equity ratio is 54,3%. Interest bearing debt is EUR 74 millions.

3rd quarter 2010:
The EBITDA for 3rd quarter is positive of EUR 10,2 million and the profit after taxes is EUR 1,9 million. The profit in the quarter exceeds expectations despite transport volumes not showing growth between years. Seasonal changes in transport in Iceland are changing, with the volumes in the third and first quarters being the same, a change from the trends in recent years.

Gylfi Sigfússon President/CEO:
It is good to see that 3rd quarter 2010 is the fourth quarter in a row after our financial restructuring showing profits. The transport volume is stable between quarters and the seasonal changes are smaller than in recent history. The outlook for import and export in Iceland remain flat. We believe that we have reached the bottom, and there is no predictable growth in the year 2011.

Operations in other market areas on the North-Atlantic are also marked by considerable uncertainty, for example in the Faroe Islands where part of the banking system collapsed and some companies are going through difficulties. Markets in Norway and in Newfoundland are on the other hand growing because of more business investments and increased fishing quotas. Eimskip is nevertheless ready to take on these uncertain times. To secure agreeable organic growth, the company is working on expansion of its service network in USA and Canada as well as strengthening the services in worldwide reefer logistics.

About Eimskip:
Eimskip has operations in 16 countries, operating 18 vessels and employing 1250 employees, with 730 of them working in Iceland. About half of the company's revenues comes from operations outside Iceland. Eimskip strategy is to offer its customers a total transportation services in the North-Atlantic, as well as an extensive and reliable reefer freight forwarding services worldwide.