Samherji´s profit 1,067 million ISK in the year 2003

The operating revenue of the group totalled 12.377 million ISK which was 624 million ISK less than last year, mainly due to price reductions and strengthening of the Icelandic Krona.  Operating expenditure was 10.125 million ISK.  Profit before depreciation and financial expenses was 2.252 million ISK which was 18,2% of the revenue.  Depreciation was 1.144 million ISK and financial expenses were 394 million ISK.  Financial expenses consist of reduction of shares in Fiskeldi Eyjafjarðar and Primex hf. total 135 million ISK and profit from the sale of shares in Fjord Seafood total 78 million ISK.  Samherji´s share in the return of its 15 subsidiaries was positive by 499 million ISK.

Profit before taxes was 1.212 million ISK, but income tax was 199 million ISK.  Profit after taxes and including the minority shares was as afore said 1.067 million ISK.  Net cash provided by operating activities was 1.542 million ISK and floating capital ratio was 1,17.  Labour cost was almost 3,5 milliards and   positions were 700 in the year 2003.

Investments
The groups investments in fixed assets amounted to 769 million ISK.  Samherjis daughter company Onward Fishing Company Ltd. invested in fishing allowances for 327 million ISK.  Samherji invested for 1.001 million ISK in daughter- and subsidiary companies, there of 12% in Kaldbakur Investment company for 878 million ISK.   Thorsteinn EA 810 was sold last year with fishing allowances for total 1,3 milliard ISK.

Assets
The groups total assets were put down at 22,2 milliards ISK at the end of the year 2003.  Fixed assets were around 16 milliards ISK and current assets around 6 milliards ISK.  Net liabilities were nearly 13 milliards ISK, stockholders equity was 9 milliards and stockholders equity ratio was 40,4%.  Samherji paid in 2003 a 20% dividend to stockholders or 332 million ISK.

Fish farming important
“I am not totally satisfied with the outcome in spite of Samherji´s return of just over one milliard ISK.  The outcome in fish farming is disappointing especially the last months of the year,” says Thorsteinn Már Baldvinsson, Director of Samherji Ltd.  “The combination of both prize reductions and weakening  of the US dollar has affected the stock value and therefore the outcome of fish farming is not according to our expectations.   We, on the other hand, hold valuable knowledge in the field, have succeeded in reducing cost and believe we are competitive, although the krona´s strong situation is still a concern”sais Thorsteinn Már.  He says also that fish farming is the future and Samherji aims at being in a leading position in fishfarming as well as in fishing.  I am relatively satisfied regarding other parts of the concern.  The development on the markets and increasing competition have marked the outcome.  We have adjusted our fishing to these changes to a degree and have showed that the company is equipped to adapt to the consumers wishes at any time,”says Thorsteinn Már.

Thorsteinn Már is cautious regarding the outlook for 2004. He  thinks that the Icelandic Krona is too strong and if that doesn’t change there is slim hope that companies in the fishing and export business will show any recuperation.   “I am an optimistic person though and believe the prospects are reasonable.  We will, like we have done in the past years, present our plans for the year in the annual general meeting,”says Thorsteinn Már finally.

Stockholders Annual meeting March 25th
Stockholders Annual meeting will be held Thursday 25th March in Ketilhúsid in Akureyri at 15.00.  The Company´s Board of Directors will propose a  25% dividend to stockholders for the year 2003.