Samherjis profit 1.915 million ISK
The operating revenue of the group in the year 2006 totalled 23.704 million ISK an increase of 11% from the year 2005. Operating expenditure was 18.298 million ISK and profit, before depreciation and financial expenses (EBITDA), was 5.406 million ISK. Depreciation was 1.729 million ISK and financial expenses were negative by 1.423 million ISK. Samherji´s share in the return of subsidiaries was 16 million ISK, profit before taxes was 2.270 million ISK and profit after taxes, including minority shares was as afore said 1.915 million ISK. Working capital from operations in the year 2006 was 2.115 million ISK and net cash provided by operating activities was 1.866 million ISK.
The group’s total assets were put down at 41.971 million ISK at the end of 2006. Debts and liabilities were 32.144 million ISK and stockholders equity was 9.205 million. The group’s total assets increased by 13.283 million, largely due to investments by Kaldbakur, Samherji´s subsidiary, which amounted to 9.435 million ISK in the year 2006. This enlargement of the group’s balance sheet lowers the stockholders equity ratio from 25% to 22% when Samherji´s equity increases by 2.110 million ISK.
The effect from Samherji´s subsidiaries was positive by 900 million ISK. All the subsidiaries abroad returned profit and so did Oddeyri ehf., Samherji´s fish farming concern.
Last year was good for Samherji´s operations and the prospects for 2007 are in general good. Continuing strong value of the Icelandic Krona and high interest rates will however have a negative effect on the return in Iceland.