Samherji´s profit 603 million kronur (ISK)
The operations of Samherji hf. were profitable by 603 million ISK the first six months of the year 2003. Profit before depreciation and financial expenses (EBITDA) was 1.201 million ISK which is 19,2% of the revenue. Net cash provided by operating activities was 834 million ISK.
he group´s operating revenue the first six months of the year was 6.237 million ISK and expenses were 5.036 million ISK. Profit before depreciation and financial expenses amounted to 1.201 million ISK which is just over 19% of the revenue. Depreciation was 546 million ISK and financial expenses were positive by 57million ISK.
Profit before taxes was 685 million ISK and profit after taxes and other expenses, during the period, amounted to 603 million ISK Net cash provided by operating activities was 834 million ISK and working capital from operations totalled up to 1.113 million ISK
Assets
The groups assets were put down at 22,2 milliards ISK by June 30th . Fixed assets were just over 16.4 milliards ISK and current assets 5,8 milliards. The organization´s total liabilities were 13,6 milliards ISK and stockholders equity was 8,5 milliards ISK. Stockholders equity ratio was 38% and floating capital ratio was 0,89. Samherji paid during the period 20% dividend to stockholders which amounted to 332 million ISK.
Ownership changes in fish farming
Samherji´s shares in the daughter companies, Íslandslax ehf., Sæsilfur ehf., Silfurstjarnan ehf., and Fiskeldi Eyjafjarðar were, transferred to Oddeyrin ehf. in the end of June. Oddeyrin ehf. is in full owned by Samherji hf.and this transaction will not have any affect on the operations or economy of Samherji. Oddeyri´s loss before depreciation and financial expenses was 52 million ISK and total loss was during the period barely 104 million ISK.
Unfavourable outside conditions
"The contribution margin was severly affected by the strengthening of the Icelandic Krona and the Capelin catch was less than anticipated during the period. In spite of unfavourable outside conditions in addition to the negative outcome of the fishfarming we are fairly satisfied with the outcome in the second quarter" says Þorsteinn Már Baldvinsson, Director of Samherji hf. "The development of the exchange rate of the Icelandic Krona in the last few weeks however, good catching of the Norwegian-Icelandic herring, in addition to our reactions in the operations of Samherji hf., makes us optimistic and we expect the year in whole to be according to plan " says Þorsteinn Már.
