Operating profit (EBITDA) for the first quarter was EUR 6.8 million

Friday, May 25, 2012

Operating profit (EBITDA) for the first quarter was EUR 6.8 million

Eimskip's gross turnover for the first quarter of 2012 was EUR 93.7 million compared to EUR 90.2 million in the first quarter of 2011. The EBITDA was EUR 6.8 million compared to EUR 12.9 million for the same period in 2011. The variation in the EBITDA is due to collection of an outstanding claim in the amount of EUR 6.4 million in Q1 2011, but the claim had previously been fully written off. The profit after taxes was EUR 0.6 million compared to EUR 5.8 million in Q1 2011.

Eimskip's total assets at the end of March 2012 amounted to EUR 285 million with an equity ratio of 62.1%. Interest bearing debts were EUR 62 million. The company's total liner transport volume in Q1 2012 increased by 9.7% from the same period last year, while at the same time Eimskip's international reefer forwarding services increased by 4.3% between years.

Gylfi Sigfússon, President/CEO:

The operating profit in the first quarter of the year is according to our expectations. There are slow improvements in volume both to and from Iceland but on the other hand various cost items have increased, such as salaries and fuel expenses. Operations in Eimskip's other market regions have been strong, both in the North-Atlantic and in the worldwide reefer logistics. The new sailing route between Northern Norway and America has been successful.

Eimskip has strengthened its position in the reefer services by investing in three reefer vessels in February and started operation in Thailand in March.

Eimskip is preparing its potential listing on NASDAQ OMX Iceland before the end of the year.

About Eimskip:

Eimskip runs a network of 49 operational bases in 17 countries and operates 17 vessels. Total number of employees is around 1,300, whereof around 740 are located in Iceland. About half of Eimskip's income comes from operations outside Iceland.

The company's vision is to offer total transportation services in the North-Atlantic, as well as offering extensive and effective reefer logistics services worldwide.