The group´s operating revenue the first six months of the year was 9,389 million ISK, expenses were 7,589 million.  Profit before depreciation and financial expenses amounted to 1.800 million ISK which is 19% of the revenue.  Depreciation was 841 million ISK and financial expenses were negative by 350 million ISK.  Profit before taxes was 701 million ISK and profit after taxes and other expenses  amounted to 622 million ISK.  Net cash provided by operating activities was 1,286 million ISK.

Assets
The groups assets were put down at 22,5 milliards ISK by September 30^th .  Fixed assets were almost 16,4 milliards ISK and current assets 6,1 milliards.  The organization´s total liabilities were 13,9 milliards ISK and stockholders equity was 8,5 milliards ISK.  Stockholders equity ratio was 38% and floating capital ratio was 0,99.  Samherji owns two daughter Companies; Onward Fishing Company and Oddeyri ehf., which covers Samherji´s ownership in Fishfarming Companies.  Onward Fishing Company profited by 94 million ISK but Oddeyri was run at a loss of 138 million ISK.

The outcome
“We are satisfied with the outcome and the measures that have been taken are being successful.  As a way of dealing with increased competition we have emphasised on producing fresh fish.  The prawn production has been prosporous this year so far and the production has increased by 31% from the same time last year” says Þorsteinn Már Baldvinsson, Director of Samherji hf.  The contribution margin in the third quarter is higher than planned and we are still optimistic that the year will be according to our plans”says Thorsteinn Már.

Changes in ownership
Some ownership changes have taken place in the Company from end September.  The ship Thorsteinn  EA810 along with its quota, has been sold to Hraðfrystistöð Þórshafnar hf.  The ship will be delivered to its new owners at the end of this month.  Samherji bought 12% share in Kaldbakur Investment Company in the beginning of October and last week a sale of all the Company´s shares in Fjord Seafood Company ASA in Norway was finalized.  Total profit from that sale was 78 million ISK.

“We bought the shares in a tender but Fjord is one of the largest fishfarming Companies in the world.  The purpose of the purchase was to take part in the reorganizing of Norwegian fish farming, that we expected was on the way.  That reorganizing has been slower than anticipated.  The shares in Fjord have on the other hand started moving and we thought it was not necessary for Samherji to hold on to the shares any longer.  The sale will not have an affect on the good relationship between the two companies and has no affect on Samherji´s plans in fish farming.  It is even likely that we will invest in Norwegian fish farming in the near future” says Þorsteinn Már Baldvinsson, Director of Samherji hf.