Samherji´s profit 1.1 milliard ISK

Samherji Ltd. was run profitable by 1.098 million ISK in the first six months of 2004 but profit in the first quarter was 459.820. 

 

·         The operating revenue of the group the first six months totaled 7.236 million ISK and operating expenditure was 6.116 million ISK. Profit before depreciation and financial expenses (EBITDA) was 1.120 million ISK, depreciation was 554 million ISK and financial expenses were 40 million ISK. Samherji´s share in the return of the subsidiaries was 573 million ISK, profit before taxes was 1.099 million ISK and profit after taxes, including minority shares was as afore said 1.098 million ISK.  Net cash provided by operating activities the first six months was 747 million ISK.

·         The groups total assets were put down at 22,5  milliards ISK at the end of June 2004. Fixed assets were just over 15,4  milliards and current assets just over 7,1 milliards ISK. Net liabilities were 13,4 milliards ISK, stockholders equity was just over 9 milliards and stockholders equity ratio was 40%

·         Samherji´s two daughtercompanies are; Onward Fishing Company Ltd. and Oddeyri ehf. Oddeyri was run by a loss of 241 million ISK in the first half of the year but Onward returned a 74 million ISK profit.

·         Samherji and daughtercompany own shares in 14 subsidiaries.  The effect of the subsidiaries was positive by 573 million ISK in the first half of the year, mainly due to Kaldbakurs impact of  470 million ISK.

·         Samherji sold during the period all shares in Hraðfrystistöd Thórshafnar hf. with 307,8 milllion ISK profit.

·         The company paid a 25% dividend to shareholders which totalled 397,5 million ISK.

·         Activities in the Sales and export department have increased substancially and sales for a third party increased by almost a milliard ISK from same period last year.

·         Samherji´s plans for the year 2004 which were introduced in the company´s General meeting expected the outcome to be in line with last years figures.  The return in the first half is according to those plans.  It is clear though, that external matters such as selling price, rising international oil prices and a possible strike by seamen, will have effect on the company´s return throughout the year.  The Management does not believe there is cause to review the plans at this time.