A 1.030 million ISK profit expected in the year 2003
The budget, was finalized at the end of the year but has been updated in regard to the strengthening of the Icelandic Krona in the beginning of this year, expect profit before taxes in the year 2003 to be 1.255 Million ISK. Taxes are expected to be 225 million ISK and net profit of the year therefore 1.030 million ISK. Net cash provided by operations activities is expected to be 1.700 million ISK.
Thorsteinn said it was clear that the strengthening of the Icelandic Krona had a substancial effect on the outcome and as an example he said that the change of the currency from last November means a 700 million ISK reduction in the forcasted contribution margin for the year 2003.
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The meeting agreed on paying a 20% dividend to the shareholders on the 21st of May 2003. The meeting also agreed to grant authorization to the Board of Directors, for the Company to buy own shares, up to 166.000.000 in the next 18 months, according the Law of Limited Companies. The buying price can not exceed 10% over market price, registered in the last two weeks before the purchase, on the Icelandic Stock excange. Up to ISK 1.660.000.000.- can be allocated for this purpose.
The Board of Directors was elected as follows :
Finnbogi Jónsson, Chairman
Jóhannes Geir Sigurgeirsson, Óskar Magnússon, Jón Sigurðsson and Gunnar Felixson who was elected for the first time.
Elected in reserve were Eiríkur Jóhannsson and Kristján Jóhannsson.
The Auditor of Samherji Ltd. was elected Endurskoðun Akureyri KPMG, Arnar Árnason
The royalty payment to the board of Directors was approved ISK 650.000.- p.a.
