Published: 2013-11-21 19:06:22 CET
Eimskipafélag Íslands hf.
Financial Statement Release

Eimskip announces third quarter results 2013

  • Operating revenue EUR 113.5 million, up by 0.8% from 2012
  • Operating profit, EBITDA, EUR 12.1 million, up by 5.2% from 2012
  • Equity ratio was 63.9% at the end of September
  • Transported volume in North Atlantic liner services up by 4.1% from 2012
  • Transported volume in reefer forwarding services up by 7.6% from 2012
  • Forecasted EBITDA for the year 2013 in the range of EUR 37 to 40 million

  Gylfi Sigfússon, President and CEO

“Results in the third quarter are in line with our expectations. The transported volume to and from Iceland grew compared to last year, reversing the volume trend during the first half of the year. Transported volume in our North Atlantic liner services grew by 4.1% in the third quarter, with growth in all our market areas. Volume in the company’s reefer forwarding services increased by 7.6% compared to third quarter last year.

Revenues in the third quarter grew by 0.8% compared to 2012 and amounted to EUR 113.5 million. EBITDA amounted to EUR 12.1 million which equals 5.2% growth from previous year taking into account the one-off expenses related to the IPO last year. As presented before, Eimskip introduced substantial changes in its sailing schedule in March which increased system capacity by 7.7%. The changes to our sailing schedule have been well received by the market. Still, the recent performance of our operations in Iceland remains under our expectations although consistent with Iceland’s macro-economic activity related to import volumes and the shortage of capital investment projects in the country. Eimskip’s operations outside Iceland, both liner services and international forwarding, continue to grow. Eimskip benefits from the diversity of its operations. We continue to evaluate internal growth opportunities and strategic acquisitions throughout the markets we serve.

Consistent with its strategy, Eimskip’s subsidiary TVG-Zimsen entered in October into a cooperation with the shipping company Royal Arctic Line. With the cooperation TVG-Zimsen is taking an important strategic step in the North Atlantic, where we believe that valuable future opportunities exist.

Eimskip has continued strengthening its infrastructure in Iceland with the addition of two new buildings to its operations. The first is a new and advanced workshop in Reykjavík port, Sundahöfn, which will serve as the repair facility for the company’s specialized transportation equipment, resulting in lower maintenance cost. The second building is a new distribution center in Reydarfjördur on the east coast of Iceland, which will strengthen significantly Eimskip’s services in the area.

Overall, we are pleased with the favorable market reaction to the steps Eimskip has taken to better serve its customers throughout Iceland, the North Atlantic and our global forwarding network. Our third quarter results have begun to reflect the benefits of our long term vision. Accordingly we are refining our EBITDA guidance for fiscal year 2013 to be in the range of EUR 37 to 40 million.”

  Further information

  • Gylfi Sigfússon, President and 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:

Eimskip - Financial Statements Q3 2013.pdf
Eimskip - Third quarter 2013 financial results.pdf