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: investors@eimskip.is

Attachments:

Eimskip - Third quarter 2013 financial results.pdf

Eimskip - Financial Statements Q3 2013.pdf