Samherji´s profit 1.755 million kronur (ISK)
The group´s operating revenue the first six months of the year was 7.174,8 million ISK and expences were 5.154 million and profit before depreciation and financial expences amounted to barely 2.021 million ISK. Depreciation was 505 million ISK and financial expenses were positive by 614,4 million ISK, which is of big part exchange rate profit by 762 million ISK, which is mainly due to strengthening of the Icelandic Krona during the period.
Profit before taxes was 2.130 million ISK and profit after taxes and other expenses, during the period, amounted to 1.755 million ISK Net cash provided by operating activities was 1.624 million ISK and working capital from operations totalled up to 2.668 million ISK
According to the board´s decision a value rectification is not used in the settlement. If the same settlement method had been used as in previous years the company´s profit would have been 58 million ISK higher besides the organization´s equity would have been 175 million ISK higer than this settlement shows.
Assets
The groups assets were put down at 21.075 million ISK by June 30th . Fixed assets were barely 15.1 milliard ISK and current assets barely 6 milliards. The organization´s total liabilities were just over 13.252 million ISK and stockholders equity was 7.823 million ISK. Stockholders equity ratio was 37,1% compared to 34,3 in the beginning of the year and floating capital ratio was 1,2.
Investments in other companies were considerable during the first six months but Samherji hf invested in 30,4% in Hraðfrystistöð Þórshafnar hf. , 16,3% in Síldarvinnslan hf. and 12.9% in SR-mjöl hf. besides other investments. Total net investments in stock during the period was 3.073 million ISK.
The outcome
"We are very satisfied with this outcome. The contribution margin is in spite of the strengthening of the Krona, according to our plans, which is due to a better return in some fields than our plans anticipated." says Þorsteinn Már Baldvinsson, Director of Samherji hf. "The contribution margin will, on the other hand, be lower in the second half of the year, assuming unchanged circumstances. We have reacted to this development of the exchange rate, and are making changes in the management to meet the contraction in earnings" says Þorsteinn Már. "We are moderately optimistic for the operations in the second half of the year and our plans expect the profit to be 2.200 million ISK for the year assuming unchanged circumstances" says Þorsteinn Már.
A News release Monday August 19th 2002
