News

Samherji Ltd. has finalized a sale of its fishmeal plant in Grindavík to Síldarvinnslan Ltd.  The factory was damaged  by fire last February and has not been in operation since then.

Samherji Ltd. was run profitable by 676 million ISK in the first quarter of 2005.  The operating revenue of the group the first three months totalled 5.697 million ISK and operating expenditure was 5.008 million ISK. Profit before depreciation and financial expenses (EBITDA) was 689 million ISK, depreciation was 334 million ISK and financial expenses were positive by 145 million ISK. Samherji´s share in the return of the subsidiaries was 361 million ISK  Profit before taxes was 861 million ISK and profit after taxes, including minority shares was as afore said 676 million ISK.  Net cash provided by operating activities the first three months was 260 million ISK.

According to Samherji´s annual report for the year 2004, endorsed by the company’s board of directors today, Samherji´s profit was 2.914 million ISK compared to 1.067 million ISK last year.

A fire broke out in Samherji´s fishmeal plant in Grindavík yesterday afternoon, workers were not in danger.  The housing suffered considerable damage but a part of the machinery seems to be undamaged.

Are good wages, a secure working environment and good morale something you would desire?

Samherji hf. has, due to a an increase in the Capelin quota, bought the purse seiner/trawler Högaberg from E.M. Shipping in the Faero Islands.  A clause in the purchase agreement allowes the ship to be sold back to the former owner within 3 months from the date of signing.

Today sentence was passed in the Gulating court in Norway where Samherji hf, was sentenced to pay compensation to the Norwegian state to the amount of NOK 14 million.  This court decision was very unexpected both by the management of Samherji and their Norwegian lawyers since the representatives of the Norwegian shipyard Th. Hellesöy were acquitted in this same case last April and the  Norwegian public prosecutor did not see a reason to appeal.  Samherji has, having consulted with the Norwegian lawyers, decided to appeal against this sentence to the High court in Norway and a statement will be issued next week when the judgement has been reviewed.

Samherji Ltd. was run profitable by 1.675 million ISK in the first nine months of 2004 but profit at the same time in the year 2003 was 622 million ISK.

The board of Samherji Ltd. has agreed to take part in an issue of new shares in the German company FAB GmbH for up to EUR 4.000.000.-  The issue of new shares in FAB is to finance a purchase of 58% share in the German seafood company Pickenpack-Hussman & Hahn Seafood GmbH from Orlando.  FAB already owned 40% shares in Pickenpack- Hussmann & Hahn.  KB bank finances the purchase.

A board meeting today in Samherji Ltd. endorsed an agreement to buy a 65% share in the German fishery CR Cuxhaven Reederei GmbH. in which Samherji already owns a 35% share. The board also endorsed a purchase by the daughter company Onward Fishing Company Ltd. of a 50% share in Boyd Line Ltd in Hull.  The quota allowances of the four companies in the European Union, Samherji owns shares in, sum up to 80% of Samherji´s fishing permits in Icelandic waters.