Financial results in the third quarter 2007 in line with expectations

Hf. Eimskipafélag Íslands - Financial Overview of first nine months of 2007

•	Operating revenues of EUR 1,184 million
•	Operating expenses of EUR 1,128 million
•	EBITDA EUR 100 million - EBIT EUR 31 million 
•	Net gain EUR 9 million 
•	Total assets EUR 1,946 million
•	Working capital from operating activities EUR 40 million
•	Total equity at 31 of July EUR 569 million  - equity ratio 29%
•	Current ratio 1

Baldur Gudnason, CEO of Eimskip:

“Eimskip's financial performance in the first nine months, ended 31 of July
2007, was in line with management's expectations. Turnover for the first nine
months of the year is approximately EUR 1,184 million and EBITDA was EUR 100
million. Thereof EUR 92 million are generated from the shipping and logistics
activities while the avation units generated EUR 8 million. Operations continue
to be characterised by steady growth, both in revenues and profits. EBITDA
margin was 6,2% in 2006 and has increased to 9% in third quarter 2007. Much
effort has been put into integration and restructuring of new units within the
Group. 

Eimskip has become the largest coldstore company in the world with
approximately 200 coldstores in five continents. Eimskip aims to grow further
in transportation, shipping and coldstores globally and focuses on further
opportunities in that area. 

Our long term strategy is to build a worldwide network of temperature
controlled transportation and warehousing services.  We have simplified our
operations and focus on further growth in temperature controlled transportation
and storage. We are currently a key international player in this field and we
strive to seize an increased share in the upcoming growth of the industry.”