Eimskip's EBITDA for the first half of the year EUR 23.6 million

Wednesday, August 31, 2011

Eimskip's profit after taxes during the first half of 2011 was EUR 7.5m, and EBITDA was positive by EUR 23.6m. The company's total assets at the end of June were EUR 288m with an equity ratio of 58.7%. Interest bearing debts were EUR 66m.

EBITDA during Q2 was positive by EUR 10.7m and profit after taxes was EUR 1.7m. Total transport volumes in the company's liner systems increased by 2% between years.

Gylfi Sigfússon, President/CEO
Eimskip is fortunate to stand on extremely solid foundations. Operations outside Iceland have been successful, with approximately half the company's turnover coming from overseas operations. Domestic operating results have been reasonable despite cost increases and general limitations on new construction and investment in Iceland. Eimskip's operation requires extensive fixed assets, and it is vital that the company's performance is able to cover their renewal. The company has recently invested in new containers, transport vehicles and other equipment. The company's cash position continues to remain strong, and work is underway on the further renewal of other assets. Maintaining the company's core transport system is of great importance to Eimskip as it continues to ensure high quality and secure services to its customers.
In July, a new vessel was added to the company's fleet to further strengthen Eimskip's transport services. The vessel, Skógafoss, will join Reykjafoss in servicing the company's US and Canadian routes and thereby strengthen the transport system in the marketing area.

About Eimskip
At present, Eimskip has operations in 16 countries, with 19 vessels and approximately 1240 employees, 720 of whom work in Iceland. The company's vision is to offer comprehensive transport services in the North Atlantic, as well as extensive and effective reefer logistics services worldwide.