Samherji´s profit 1.065 million ISK
The operating revenue of the group the first six months totalled 11.627 million ISK and operating expenditure was 9.648 million ISK. Profit, before depreciation and financial expenses (EBITDA), was 1.979 million ISK, depreciation was 674 million ISK and financial expenses were negative by 245 million ISK. Samherji´s share in the return of subsidiaries was 312 million ISK, profit before taxes was 1.372 million ISK and profit after taxes, including minority shares was as afore said 1.065 million ISK. Working capital from operation the first six months of 2005 was 1.038 million ISK and net cash provided by operating activities was 415 million ISK.
A 560 million ISK profit from the following sales was included in the first six months revenue. The Fishmeal factory in Grindavík, which was damaged in a fire in February, was sold and the ships Margrét EA and Oddeyri EA were also sold during the period.
The group’s total assets were put down at 29.296 million ISK at the end of June 2005. Fixed assets were 20.595 million and current assets 8.700 million ISK. Net liabilities were 16.958 million ISK and stockholders equity was 12.035 million. Stockholders equity ratio was 41% and current ratio was 1,08 at the end of June 2005.
Shares in Burðarás hf., Íslandsbanki hf. and Kaupthing banki were sold in the beginning of August besides buying and selling shares in Burðarás hf. based on previously made contracts. Profit from these transactions was 1.446 million ISK before taxes.
Looking at the prospects for the second half of the year, it is clear that the company’s return will be affected by the high exchange rate of the Icelandic Krona. A wage drift in the wake of a tension in the labour market is also expected to have a negative impact on the operations of Icelandic export companies.
Key figures June 30th 2005 here (Excel 19kb)
