Eimskipafélag Íslands — Interim / Quarterly Report 2012

Nov 29, 2012

Eimskipafélag Íslands hf.

Condensed Consolidated Interim Financial Statements EURO 1 January to 30 September 2012

Korngardar 2 104 Reykjavík Iceland Eimskipafélag Íslands hf.

Reg. no. 690409-0460

Endorsement by the Board of Directors and the CEO	3
Consolidated Statement of Comprehensive Income	5
Consolidated Statement of Financial Position	7
Consolidated Statement of Changes in Equity	8
Consolidated Statement of Cash Flows	9
Notes to the Consolidated Financial Statements	10
Quarterly statements	15

Endorsement and Statement by the Board of Directors and the CEO

The Condensed Consolidated Financial Statements of Eimskipafélag Íslands hf. and its subsidiaries ("Eimskip") are prepared and presented in accordance with International Financial Reporting Standards (IFRS) as adopted by the EU. The financial statements are presented in thousands of EUR. Eimskip specializes in shipping, logistics and supply chain management and offers its customers solutions on both land and sea with special emphasis on the handling and storing of any type of temperature-controlled cargo, frozen or chilled.

During the first nine months of the year 2012 three reefer vessels, that were previously chartered, have been purchased. The building of two new container vessels in China has continued during the period with scheduled delivery in the year 2013.

Net earnings for the nine months ended 30 September 2012 amounted to EUR 13.7 million in the consolidated income statement. Total equity at 30 September 2012 amounted to EUR 190.4 million. At year-end 2011 the total number of shares in Eimskipafélag Íslands hf. was 20 million. During the period the number of shares was increased to 200 million by a stock split. The stock split has no effect on the Company's equity. The Company holds 6% of issued shares. Four shareholders owned more than 10% share in the Company at period-end, Landsbanki Íslands hf. with 30.3%, Yucaipa American Alliance Fund II LP. with 15.3% and Yucaipa American Alliance (Parallel) Fund II LP. with 10.0% and Lífeyrissjódur verzlunarmanna with 14.6%. Following the listing of the Company on the NASDAQ OMX Iceland stock exchange in November the ownership of the largest shareholders has changed.

In December 2011 the board of directors decided to commence necessary preparation for the Company's shares to be registered and traded on the NASDAQ OMX Iceland stock exchange in late 2012. During the first nine months of the year 2012 necessary steps were taken to prepare for the listing. The process was finalized on 16 November 2012 when trading of the Company´s shares commenced. As a part of the listing process the Company sold 6,000,000 shares of its treasury shares. The net proceeds from the sale amounted to EUR 7.5 million which strengthens the Company's financial positon considerably.

Corporate Governance

Eimskip's management is of the opinion that practicing good Corporate Governance is vital for Eimskip and is in the best interests of the shareholders, Group companies, employees and other stakeholders.

The framework for Corporate Governance practices within Eimskip consists of the provisions of law, the parent company's Articles of Association, general securities regulations and the Icelandic Corporate Governance guidelines issued in 2009 and revised in 2012 by the Iceland Chamber of Commerce, NASDAQ OMX Iceland and the Confederations of Icelandic Employers. Corporate Governance practices ensure open and transparent relationship between the Company´s management, its Board of Directors, its shareholders and other stakeholders.

The Corporate Governance in Eimskip ensures sound and effective control of the Company´s affairs and a high level of business ethics.

It is the opinion of the Board of Directors that Eimskipafélag Íslands hf. complies with the Icelandic guidelines for Corporate Governance.

Statement by the Board of Directors and the CEO

According to the best of our knowledge, it is our opinion that the condensed consolidated interim financial statements give a true and fair view of the consolidated financial performance of Eimskip for the nine months ended 30 September 2012, its assets, liabilities and consolidated financial position as at 30 September 2012 and its consolidated cash flows for the nine month period ended 30 September 2012.

Further, in our opinion the condensed consolidated financial statements and the Endorsement by the Board of Directors and the CEO give a fair view of the development and performance of Eimskip's operations and its position and describes the principal risks and uncertainties faced by Eimskip.

Endorsement and Statement by the Board of Directors and the CEO continued

The Board of Directors and the CEO have today discussed the condensed consolidated financial statements of Eimskipafélag Íslands hf. for the period 1 January to 30 September 2012 and confirm them by means of their signatures.

Reykjavík, 29 November 2012.

Board of Directors:

Bragi Ragnarsson Chairman

Ólafur Helgi Ólafsson Tómas Kristjánsson

Richard Winston Mark d'Abo Marc Jason Smernoff

CEO:

Gylfi Sigfússon

Consolidated Statement of Comprehensive Income

1 January to 30 September 2012

	Notes		2012 1.7 - 30.9	2011 1.7 - 30.9		2012 1.1 - 30.9	2011 1.1 - 30.9
Operating revenue: Sales	6		110,744	98,053		308,822	284,590
Expenses: Operating expenses Salaries and related expenses	12		82,440 17,465 99,905	72,075 14,999 87,074		227,114 51,827 278,941	204,453 45,575 250,028
Operating profit (EBITDA) Depreciation and amortization		(	10,839 5,026)	10,979 ( 6,143)	(	29,881 16,318)	34,562 ( 17,996)
Results from operating activities			5,813	4,836		13,563	16,566
Finance income Finance expense Net finance expense	7	(	541 437) 104	51 839 890	( (	846 2,780) 1,934)	597 ( 3,149) ( 2,552)
Net earnings before income tax Income tax	5	(	5,917 169)	5,726 ( 655)		11,629 2,095	14,014 ( 1,484)
Net earnings for the period			5,748	5,071		13,724	12,530
Income for the period attributable to: Equity holders of the Company Non-controlling interest Income for the period			5,723 25 5,748	4,735 336 5,071		13,598 126 13,724	12,452 78 12,530
Earnings per share: Basic earnings per share (EUR) Diluted earnings per share (EUR)	8 8		0.030 0.029	0.025 0.025		0.072 0.070	0.066 0.066

The notes on pages 10 to 14 are an integral part of these Condensed Interim Consolidated Financial Statements.

Consolidated Statement of Comprehensive Income 1 January to 30 September 2012

	Notes	2012 1.7 - 30.9	2011 1.7 - 30.9	2012 1.1 - 30.9	2011 1.1 - 30.9
Net earnings for the period		5,748	5,071	13,724	12,530
Other comprehensive income: Foreign currency translation difference of foreign operations	(	585)	465	( 390)	( 613)
Total comprehensive income for the year		5,163	5,536	13,334	11,917
Total comprehensive income for the period attributable to:
Equity holders of the Company		5,340	5,200	13,263	11,839
Non-controlling interest	(	177)	336	71	78
Total comprehensive income for the period		5,163	5,536	13,334	11,917

The notes on pages 10 to 14 are an integral part of these Condensed Interim Consolidated Financial Statements.

Consolidated Statement of Financial Position as at 30 September 2012

	Notes	30.9.2012	31.12.2011
Assets:
Property, vessels and equipment		175,988	152,679
Intangible assets		19,226	18,382
Finance assets		978	1,716
Deferred tax assets		8,244	4,169
Total non-current assets		204,436	176,946
Inventories		3,987	3,682
Trade and other receivables		65,838	58,141
Cash and cash equivalents		28,816	43,517
Assets classified as held for sale		0	938
Total current assets		98,641	106,278
Total assets		303,077	283,224
Equity:
Share capital		1,174	104
Share premium		147,109	148,179
Share option reserve		698	425
Translation reserve		( 247)	88
Retained earnings		38,675	25,077
Total equity attributable to equity holders of the parent		187,409	173,873
Non-controlling interest		3,006	2,636
Total equity		190,415	176,509
Liabilities:
Loans and borrowings	9	52,117	50,791
Total non-current liabilities		52,117	50,791
Loans and borrowings	9	9,944	11,415
Trade and other payables		50,601	44,509
Total current liabilities		60,545	55,924
Total liabilities		112,662	106,715
Total equity and liabilities		303,077	283,224

The notes on pages 10 to 14 are an integral part of these Condensed Interim Consolidated Financial Statements.

Consolidated Statement of Changes in Equity1 January to 30 September 2012

	A i bu b le i ho l de f he Co t tr ta to ty t eq u rs o mp an y
	S ha re i l ta ca p	S ha re ium p re m	S ha re ion t op res er ve		Tr an s- la ion t res er ve	Re ine d ta ing ea rn s	To l ta	No n l l ing tro co n in te t res	To l ta i ty eq u
C ha in Eq i 2 0 1 2: ty ng es u
Eq i 1 Ja 2 0 1 2 . ty t a nu ary u	1 0 4	1 4 8, 1 7 9	4 2 5		8 8	2 5, 0 7 7	1 7 3, 8 7 3	2, 6 3 6	1 7 6, 5 0 9
E f fec f s ha ba d p ts ts ts o re se ay me n ag ree me n			2 7 3				2 7 3		2 7 3
S k s l i toc t p	1, 0 7 0	( 1, 0 7 0 )					0		0
O he ha in l l ing in t tro ter t r c ng es no n c on es							0	2 9 9	2 9 9
Fo ig la ion d i f fer f for ig ion tra t t re n c urr en cy ns en ce o e n o p era s .				(	3 3 5 )		( 3 3 5 )	( 5 5 )	( 3 9 0 )
Ne ing for he io d . t e t arn s p er						1 3, 5 9 8	1 3, 5 9 8	1 2 6	1 3, 7 2 4
Eq i Se be 3 0 2 0 1 2 . ty t tem u a p r	1, 1 7 4	1 4 7, 1 0 9	6 9 8	(	) 2 4 7	3 8, 6 7 5	1 8 7, 4 0 9	3, 0 0 6	1 9 0, 4 1 5
C ha in Eq i 2 0 1 1: ty ng es u
Eq i 1 Ja 2 0 1 1 . ty t a nu ary u	1 0 4	1 4 8, 1 7 9	1 0 6		2 4 2	1 2, 2 3 7	1 6 0, 8 6 8	1, 6 0 0	1 6 2, 4 6 8
Fo ig la ion d i f fer f for ig ion tra t t re n c urr en cy ns en ce o e n o p era s .				(	6 1 3 )		( 6 1 3 )		( 6 1 3 )
Ne ing for he io d . t e t arn s p er						1 2, 4 5 2	1 2, 4 5 2	7 8	1 2, 5 3 0
Eq i 3 0 Se be 2 0 1 1 . ty t tem a p r u	1 0 4	1 4 8, 1 7 9	1 0 6	(	3 7 1 )	2 4, 6 8 9	1 7 2, 7 0 7	1, 6 7 8	1 7 4, 3 8 5
T he 1 0 1 4 a in l p f he Co de d In im tes to teg t o t ter no on p ag es re an ra ar se n ns e	Co l i da te ns o	d F ina ia l S nc	ta tem ts. en
__	__	__	__	__		__	__		__

Consolidated Statement of Cash Flows 1 January to 30 September 2012

	Notes		2012 1.7 - 30.9		2011 1.7 - 30.9	2012 1.1 - 30.9		2011 1.1 - 30.9
Cash flows from operating activities:
Net earnings for the period			5,748		5,071	13,724		12,530
Adjustments for:
Depreciation and amortization			5,026		6,143	16,318		17,996
Net finance expense		(	104)	(	890)	1,934		2,552
Change in deferred taxes		(	34)		138	( 2,438)		745
Other changes		(	183)	(	278)	( 443)	(	753)
			10,453		10,184	29,095		33,070
Changes in current assets and liabilities:
Inventories, increase		(	160)	(	477)	( 257)	(	1,665)
Receivables, increase		(	1,142)	(	3,798)	( 5,230)	(	11,539)
Payables, increase (decrease)		(	995)	(	170)	3,110	(	4,136)
Change in current assets and liabilities		(	2,297)	(	4,445)	( 2,377)	(	17,340)
Interest paid		(	1,191)	(	523)	( 3,182)	(	2,370)
Interest received			368		55	774		609
Taxes paid			0		0	( 187)		0
Net cash from operating activities			7,333		5,271	24,123		13,969
Cash flows used in investing activities:
Investment in non-current assets		(	6,667)	(	11,364)	( 40,316)	(	20,163)
Proceeds from sale of non-current assets			359		476	1,532		1,269
Net cash used in investing activities		(	6,308)	(	10,888)	( 38,784)	(	18,894)
Cash flows from (used in) financing activities: Changes in minority interest			0		0	( 156)		0
Proceeds from long-term borrowings	9		3,498		0	8,668		102
Repayment of long-term borrowings	9	(	2,984)	(	2,471)	( 8,962)	(	8,179)
Net cash from (used in) financing activities			514	(	2,471)	( 450)	(	8,077)
Increase (decrease) in cash and cash equivalents			1,539	(	8,088)	( 15,111)	(	13,002)
Cash and cash equivalents at the beginning
of the period			27,201		44,970	43,517		50,333
Effects of exchange rate fluctuations on cash held			76		150	410	(	299)
Cash and cash equivalents at the end
of the period			28,816		37,032	28,816		37,032

The notes on pages 10 to 14 are an integral part of these Condensed Interim Consolidated Financial Statements.

1. Reporting entity

Eimskipafélag Íslands hf. (the "Company") is a public limited liability company domiciled in Iceland. The address of the Company's registered office is Korngardar 2, 104 Reykjavík. The condensed consolidated financial statements of the Company for the period from 1 January to 30 September 2012 comprise the Company and its subsidiaries (together referred to as the "Eimskip") and Eimskip's interest in associated companies. The parent company is an investment company focused on investments in shipping and logistics services.

2. Statement of compliance

The condensed consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (IFRSs) as adopted by the EU.

The condensed consolidated financial statements do not include all of the information required for a complete set of consolidated annual financial statements and should be read in conjunction with the consolidated financial statements of the Company as at and for the year ended 31 December 2011 and the consolidated financial interim statements of the Company as at and for the period ended 30 June 2012, which are available on the Company's website, www.eimskip.is

The condensed consolidated interim financial statements were approved and authorised for issue by the Board of Directors on 29 November 2012.

3. Significant accounting policies

The accounting policies have been applied consistently to all periods presented in these condensed consolidated interim financial statements for the period ended 30 September 2012, and have been applied consistently by Group entities.

These consolidated financial statements are presented in Euro (EUR), which is the Company's functional currency. All financial information presented in EUR has been rounded to the nearest thousand.

4. Estimates

The preparation of financial statements requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities, income and expense. Actual results may differ from these estimates.

In preparing these condensed consolidated financial statements, the significant judgements made by management in applying the Group's accounting policies and the key sources of estimation uncertainty were the same as those that applied to the consolidated financial statements as at and for the year ended 31 December 2011.

5. Income tax

(i) The net taxes for the nine month period is income despite earnings before taxes

One of the Company's subsidiaries has taxable losses that were not recognized due to uncertainty. Following the purchase of the three vessels in 2012 this company now has operating income which will offset the previously unrecognized tax losses. As a result tax losses amounting to EUR 2.8 million were recognized.

Further the fluctuations in effective income tax rates in profit or loss is explained by different geographical composition of profit or loss before taxes in individual companies.

Notes, continued

6. Segment reporting

		Liner		Forwarding		Consoli
1 January to 30 September 2012		services		services		dated
Revenue, external		223,580		85,242		308,822
Inter-segment revenue		18,083		19,986		38,069
Total		241,663		105,228		346,891
Expenses, external	(	195,749)	(	83,192)	(	278,941)
Inter-segment expense	(	19,986)	(	18,083)	(	38,069)
EBITDA		25,928		3,953		29,881
Depreciation and amortization	(	15,366)	(	952)	(	16,318)
EBIT		10,562		3,001		13,563
Net finance expense	(	1,400)	(	534)	(	1,934)
Income tax		2,784	(	689)		2,095
Minority interest		0	(	126)	(	126)
Net earnings for the period		11,946		1,652		13,598
1 January to 30 September 2011
Revenue, external		198,150		80,050		278,200
Other revenue		6,390		0		6,390
Inter-segment revenue		12,936		15,054		27,990
Total		217,476		95,104		312,580
Expenses, external	(	172,224)	(	77,804)	(	250,028)
Inter-segment expense	(	15,054)	(	12,936)	(	27,990)
EBITDA		30,198		4,364		34,562
Depreciation and amortization	(	17,063)	(	933)	(	17,996)
EBIT		13,135		3,431		16,566
Net finance expense	(	1,709)	(	843)	(	2,552)
Income tax	(	740)	(	744)	(	1,484)
Minority interest		0	(	78)	(	78)
Net earnings for the period		10,686		1,766		12,452

Other revenue 2011 consist of payment of claims received against former companies that made up the aviation sector of the Avion Group in excess of their carrying amounts.

Information on assets and liabilities
Segment assets as at 30 September 2012	256,479	46,598	303,077
Segment assets as at 31 December 2011	235,711	47,513	283,224
Segment liabilities as at 30 September 2012	87,717	24,945	112,662
Segment liabilities as at 31 December 2011	87,203	19,512	106,715
Capital expenditure for the period 1 Jan. to 30 September 2012	39,656	660	40,316
Capital expenditure for the period 1 Jan. to 30 September 2011	19,812	351	20,163
	North	Other	Consoli
Geographical information	Atlantic	territories	dated
Revenue, external for the period 1 Jan. to 30 September 2012	269,341	39,481	308,822
Revenue, external for the period 1 Jan. to 30 September 2011	244,311	40,279	284,590
Segment assets as at 30 September 2012	286,320	16,758	303,078
Segment assets as at 31 December 2011	264,350	18,874	283,224
Capital expenditure for the period 1 Jan. to 30 September 2012	40,260	56	40,316
Capital expenditure for the period 1 Jan. to 30 September 2011	20,155	8	20,163

Notes, continued

7. Finance income and expense

Finance income is specified as follows:		30.9.2012		30.9.2011
Interest income		277		491
Dividend received		53		106
Fair value changes of financial instruments		42		0
Net foreign exchange gain		474		0
		846		597
Finance expense is specified as follows:
Interest on long-term loans	(	2,157)	(	2,365)
Other finance expenses	(	623)	(	241)
Net foreign exchange loss		0	(	543)
	(	2,780)	(	3,149)
Net finance expense	(	1,934)	(	2,552)

8. Earnings per share

Basic earnings per share

The calculation of basic earnings per share at 30 September 2012 was based on earnings attributable to shareholders and a weighted average number of shares outstanding during the period taking into effect the stock split in 2012. Calculations are as follows:

	30.9.2012	30.9.2011
Net earnings attributable to ordinary shareholders	13,598	12,452
Number of outstanding shares at the beginning of the year	18,808	18,808
Effect of stock split issued in 2012	169,272	169,272
Weighted average number of ordinary shares	188,080	188,080
Basic earnings per share (EUR)	0.072	0.066

Diluted earnings per share

The calculation of diluted earnings per share at 30 September 2012 was based on profit attributable to shareholders and a weighted average number of shares outstanding after adjustments for the effects of all dilutive potential shares and also taking into consideration the effects of the stock split in 2012. Calculations are as follows:

	30.9.2012	30.9.2011
Net earnings attributable to ordinary shareholders	13,598	12,452
Effect of shares issued	20,000	20,000
Effect of stock split issue	180,000	180,000
Effect of share options on issue	7,000	1,896
Effect of treasury shares held	( 11,920)	( 11,920)
Weighted average number of ordinary shares	195,080	189,976
Diluted earnings per share (EUR)	0.070	0.066

Other revenue in 2011 affected earnings per share by 0.0269 for the year and diluted earnings per share by 0.0266 net of taxes.

Notes, continued

9. Loans and borrowings

This note provides information on the contractual terms of Eimskip's interest bearing loans and borrowings.

Non-current loans and borrowings consist of the following:

	30.9.2012	31.12.2011
Finance lease liabilities	8,891	10,074
Loans and borrowings	53,170	52,132
	62,061	62,206

	30.9.2012		31.12.2011
	Nominal	Carrying	Nominal	Carrying
	interest	amount	interest	amount
Loans in EUR	3.8%-4.4%	43,204	5.0-5.8%	39,705
Loans in USD	0.7-1.9%	6,134	0.7-2.0%	8,086
Loans in CHF	0.2%	551	0.1%	1,097
Loans in DKK	4.4%	960	5-9.2%	1,055
Loans in other currencies	-	2,321	-	2,189
		53,170		52,132
Current maturities		( 7,057)		( 7,324)
		46,113		44,808

Aggregated annual maturities are as follows:

	30.9.2012	31.12.2011
On demand or within 12 months	7,057	7,324
Within 24 months	10,973	5,450
Within 36 months	4,736	5,469
Within 48 months	3,120	4,447
Within 60 months	3,120	3,138
After 60 months	24,164	26,304
	53,170	52,132

Collateral of loans and borrowings is specified as follows:
Loans with collateral in fixed assets	53,170	52,132
Finance leases	8,891	10,074
Total	62,061	62,206

Finance lease liabilities

Finance lease liabilities are payable as follows:

	30.9.2012		31.12.2011
	Minimum		Minimum lease
	lease
	payments	Principal	payments	Principal
Less than one year	2,887	2,880	4,091	4,087
Between one and five years	4,724	4,712	4,826	4,824
More than five years	1,301	1,299	1,164	1,163
	8,912	8,891	10,081	10,074

10. Capital commitments

In 2011 Eimskip entered into an agreement with a Chinese shipbuilding company for the building of two new container vessels which are to be delivered in 2013. The total value of the agreement is USD 50.4 million or EUR 38.9 million. The remaining obligation as at 30 September 2012 is EUR 24.3 million and is to be paid 2012 and 2013.

11. Group entities

At period-end the Company owned directly nine subsidiaries that are all included in the consolidation. The subsidiaries further owned 39 subsidiaries at 30 September 2012. The Company's subsidiaries are as follows at period-end:

		Ownership	Ownership
	Country of	Interest	Interest
	incorporation	30.9.2012	2011
Eimskip Ísland ehf.	Iceland	100%	100%
Eimskip Holding BV	Holland	100%	100%
P/F Faroe Ship	Faroe Islands	100%	100%
Eimskip UK Ltd.	England	100%	100%
Eimskip USA Inc.	USA	100%	100%
TVG - Zimsen ehf.	Iceland	100%	100%
Harbour Grace CS Inc.,	Canada	51%	51%
Avia Technical Services Ltd.	England	100%	100%
Eimskip REIT ehf.	Iceland	100%	100%

12. Subsequent events

In December 2011 the board of directors decided to commence necessary preparation for the Company's shares to be registered and traded on the NASDAQ OMX Iceland stock exchange in late 2012. During the first nine months of the year 2012 necessary steps were taken to prepare for the listing. The process was finalized on 16 November 2012 when trading of the Company´s shares commenced. Total expenses incurred during the period relating to the listing of the Company amounted to EUR 0.7 million at period-end.

As a part of the listing process the Company sold 6,000,000 shares of its treasury shares. The net proceeds from the sale amounted to EUR 7.5 million which strengthens the Company's financial positon considerably.

In 2010, 2011 and 2012 share option programs that entitled executive management personnel to purchase shares in the Company were established and unanimously ratified at each annual shareholders meeting. The share options were to be settled by the sale of shares to key management at a specific exercise price against payment in cash or so called equity-settled-share-based-payments. The cost of such agreements is recognized in the financial statements during the option period which was 10 years for these agreements.

In connection with the Company's listing on the NASDAQ OMX Iceland the executive management decided to forfeit their share options. The stock option programs were put in place by resolutions at shareholders´meetings and changes to the program needs to be approved by a shareholders' meeting. Cancellation of the program will have the effect that the total value of the agreements will be expensed in full.

The derived value of the share options is EUR 3.6 million according to the Black-Scholes Option Pricing Model of which EUR 0.7 million has been recognized as expenses at 30 September 2012 and therefore EUR 2.9 million may be expensed in the fourth quarter of 2012. Even though such expenses will have direct affect on net income and EPS it will have no effect on the Company's cash flows or the amount of net equity.

Quarterly statements

	Q3 2012		Q2 2012		Q1 2012		Q4 2011		Q3 2011
Sales	110,744		104,352		93,726		100,137		98,053
Expenses	( 99,905)	(	92,086)	(	86,950)	(	91,544)	(	87,074)
Operating profit (EBITDA)	10,839		12,266		6,776		8,593		10,979
Depreciation and amortization	( 5,026)	(	5,830)	(	5,462)	(	5,227)	(	6,143)
Results from operating activities	5,813		6,436		1,314		3,366		4,836
Finance income	541		110		195		682		51
Finance expense	( 437)	(	1,131)	(	1,212)	(	1,839)		839
Net finance expense	104	(	1,021)	(	1,017)	(	1,157)		890
Net earnings before income tax	5,917		5,415		297		2,209		5,726
Income tax	( 169)		1,979		285	(	1,594)	(	655)
Net earnings	5,748		7,394		582		615		5,071