Eimskip acquires a 100% share in one of the largest cold store companies in Europe

1/11/2007 - Eimskip is pleased to announce the acquisition of an additional 60% equity stake in the Dutch cold store company Daalimpex beheer B.V. in the Netherlands. Eimskip previously held 40% of Daalimpex’s equity interest.

Daalimpex is one of the largest cold store companies in Europe and operates six cold stores in the Netherlands. This acquisition significantly strengthens Eimskip’s reefer logistics in Europe and is a good platform for further development of reefer service in Europe. This acquisition is part of Eimskip’s strategy to be a key international player in temperature-controlled cargo globally. Daalimpex is the biggest cold store company in the Neatherlands and one of the biggest in Europe. With the acquisition of a majority stake in Innovate and Corby and now the acquisition of 100% share in Daalimpex, Eimskip has become a leading European cold store company and a leading cold store company globally with the acquisition of Atlas Cold Storage in Canada.

Daalimpex’s projected turnover for the current financial year is 30 million Euros or approximately 2.8 billion ISK. Projected EBITDA for the current financial year is approximately 20% of turnover which is 6 million Euros or approximately 560 million ISK. Daalimpex will form a part of the financial statements of Eimskip as of 1. January 2007. The purchase price is undisclosed and the purchase is financed with cash.

Eimskip acquired 40% approximately 12 months ago. Daalimpex has been managed and owned by Piet Blankendaal since its establishment in 1976. On 1. of January Mr. Blankendaal left the post as a managing director and Erica van der Ham replaced him. Erica will continue to work as a managing director of the company. Daalimpex has a strong and experienced management team that has developed with the business and will continue to work for Daalimpex with new owners.

Daalimpex has a total storage capacity of approximately 250.000 tons or 1.7 million cubic meters. Aditionally Daalimpex offers stevedoring, shipping, transportation and order picking with a customer network located all over the world.
All properties are included in the acquisition and an estimated market value of the properties is 70 million Euros.

Baldur Gudnason, CEO of Eimskip:
“Eimskip has had very good relationship with Daalimpex’s management since we entered the company. This step further strengthens Eimskip’s strong position in continental Europe. We aim to develop service around coldstores in continental Europe and since Daalimpex is one of the biggest coldstore companies in Europe we think this acquisition is a great achievement.”

Projected turnover for Eimskip ehf. in 2007 is 1,150 million euros which is more than double the projected turnover for 2006. Projected EBITDA for 2007 is 115 million euros which is also more than double the projected EBITDA for 2006. Daalimpex financials are not included in these projections.

About Eimskip
Eimskip offers total transportation solutions to its customers, including ocean freight, reefer logistics, air freight and inland transportation, with particular expertise in temperature controlled logistics and storage. Eimskip operates at 163 operational bases in Europe, North America, South America and Asia. The company operates between 40 and 50 vessels, 1,350 trucks and trailers and over 100 cold stores. Employees are approximately 8,500.

Contact Information

Dögg Hjaltalín

Director - Investor Relations

Avion Group

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