Eimskipafélag Íslands hf.
Financial Statement Release
Eimskip’s third quarter results 2012 in line with expectations
Operating revenue in third quarter was EUR 110.7 million
Operating profit (EBITDA) was EUR 10.8 million
Net earnings for the period amounted to EUR 5.7 million
Equity ratio was 62.8% at the end of third quarter
Gylfi Sigfússon, CEO
„Eimskip‘s operating results in third quarter 2012 are in line with to the company’s expectations and has been increasing from previous year when taking into consideration expenses amounting to EUR 0.7 million related to preparation of the company’s listing at NASDAQ OMX Iceland. Eimskip’s shares started trading at the Main Market of NASDAQ OMX Iceland 16 November 2012.
Transported volume in the company’s liner services in the North-Atlantic increased by 6.3% the first nine months of the year compared to the same period 2011, which is a positive development. In 2011 it was decided to add another vessel to the America route connecting North-America and North-Norway. The new vessel has gradually been building volume and revenue. Transported volume in the company’s reefer forwarding services in third quarter decreased by 12.7% from previous year, which reflects from development of markets in Asia, despite volume decrease net profits have not reduced by same measure. The main reason for decreased volume is not related to transport of frozen seafood but rather to transport of other products from Asia to Europe.
The outlook for transport in the North-Atlantic is good, significant growth has been in transport from Norway and Faroe Islands and in transport between Europe and North America. Transport to and from Iceland has been growing but there is some uncertainty regarding export of seafood due to stock accumulating and price reduction in certain markets. There remains uncertainty regarding investments in power intensive industry in Iceland that can affect transport volumes in coming years. Eimskip continues to emphasize on providing its customers excellent services by, among other, strengthening its vessel, container and equipment fleet with new investments in the amount of EUR 38.8 million year to date. It is expected that the two new container vessels that are currently being built in China will be delivered in the year 2013 and will strengthen the company’s sailing system and services.”
Gylfi Sigfússon, CEO, tel.: +354 525 7202
Hilmar Pétur Valgardsson, CFO, tel.: +354 525 7202
Erna Eiríksdóttir, Senior Manager of Investor Relations, tel.: +354 825 7220, email: email@example.com