Eimskipafélag Íslands hf. - Financial Statement Release

Eimskip’s financial results 2012 are in line with the company’s expectations

  -- Operating revenue was EUR 414.3 million
  -- Adjusted operating profit (EBITDA) was EUR 40.8 million
  -- Net earnings amounted to EUR 12.7 million
  -- Equity ratio was 63.7% at year-end
  -- Transported volume of the company's liner services increased by 3.4% from
     2011



Gylfi Sigfússon, CEO

“Operational results of 2012 are in line with our expectations. Operating
profit (EBITDA) in 2012 was EUR 40.8 million and has increased by 8.8% from
previous year, taking into consideration one-off items. Net earnings for the
year amounted to EUR 12.7 million. EBITDA in fourth quarter was 10.2 million,
showing an 18.7% increase from fourth quarter 2011, taking into consideration
the cost of listing and the forfeited share option agreements. 

Transported volume in the company's liner services in the North-Atlantic
increased by 3.4% from previous year. The transported volume in the company's
reefer forwarding services decreased by 0.6% from 2011 after considerable
increase in 2010 and 2011. The outlook for transport in the North-Atlantic is
positive in the coming months. The company has experienced significant growth
in transported volume from Norway and Faroe Islands and in volume between
Europe and North-America. 

Eimskip invested in three reefer vessels in 2012 that had been on charter since
2005. This investment further strengthens and secures the company's liner
services in the North-Atlantic, especially in the vessels' services for the
seafood industry in Norway. We expect that the two new container vessels that
are currently being built in China will be delivered in second half of 2013,
and they will strengthen the company's sailing system and its services in the
coming years. 

Beginning in late March 2013, Eimskip's America route will start calling
Portland, Maine instead of Norfolk and Everett on the US east coast. The main
objective of this change is to shorten transit time between North-America and
Europe and to offer bi-weekly port calls. This change further supports
increased transportation between Northern Norway and North-America and improves
the connection between USA and Newfoundland. This new sailing schedule offers a
bi-weekly schedule with a three day transit time, besides shortening the
transit time between North-America and Iceland. 

In 2012, Eimskip opened an office in Thailand and in March 2013 the company
will open an office in Gdynia in Poland, further strengthening its reefer
forwarding services in the Baltic. 

The company continues to focus on strengthening and expanding its operations in
the North-Atlantic, especially related to possible sailings in the Arctic and
projects related to heavy industry, oil and mining as well as terminal services
and other related services. 

Eimskip implemented a new and advanced App which gives customers the
opportunity to retrieve real time information about shipments through
smartphones. The App is user friendly and also gives information about vessel
locations, sailing schedule and liner routes, as well as information about the
company's main services. This App complements the company's web ePort, where
customers can track and trace their shipments, look up information and send in
their shipment instructions. Since January 2013 Eimskip launched a new online
service called eBOX, a special product for smaller shipments from Europe to
Iceland with simplified pricing. 

Eimskip will continue to focus on providing its customers excellent services
which was, among other, done by strengthening its vessel, container and
equipment fleet during the year. 

Eimskip completed its initial public offering on NASDAQ OMX Iceland in November
2012. The main objective of the listing was to ensure a diverse and strong
shareholder base, now numbering around 2,300 shareholders. The shares of
Eimskip started trading on 16 November 2012. 

Eimskip is excited about its future and growth prospects in the North-Atlantic
and around the globe. On 17 January 2014 the company will be proudly
celebrating its 100 years anniversary.” 



Further information

  -- 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: investors@eimskip.is

Attachments:

Eimskip - Financial results 2012.pdf

Eimskip - Consolidated Financial Statements 2012.pdf