Samherji´s profit 638 million ISK

·     The operating revenue of the group the first three months totalled 3.492 million ISK and operating expenditure was 2.800 million ISK. Profit before depreciation and financial expenses (EBITDA) was 692 million ISK, depreciation was 276 million ISK and financial expenses were 244 million ISK. Samherji´s share in the return of the subsidiaries was 489 million ISK  Profit before taxes was 661 million ISK and profit after taxes, including minority shares was as afore said 638 million ISK.  Net cash provided by operating activities the first three months was 485 million ISK.

·     The groups total assets were put down at 23,4 milliards ISK at the end of March 2004. Fixed assets were just over 16,3 milliards and current assets just over 7,1 milliards ISK. Net liabilities were 14,5 milliards ISK, stockholders equity was just over 8,9 milliards and stockholders equity ratio was 38,2. 

·     Samherji´s two daughtercompanies are; Onward Fishing Company Ltd. and Oddeyri ehf. Oddeyri was run by a loss in the first quarter but Onward´s operations were level. The daughtercompanies negative effect was total 52 million ISK in the first quarter of 2004.

·     The effect of the subsidiaries was positive by 489 million ISK in the first quarter, mainly due to Kaldbakur hf. impact of  351 million ISK.

·     Samherji bought own shares in the first quarter of 2004 valued at 70,1 million ISK for  663 million ISK.

·     Samherji´s plans for the year 2004 were introduced in the companys General meeting and the outcome in the first quarter is according to those plans.  It is clear that external matters such as price reductions, price of oil and the exchange rate will have an effect on the operations through out the year.  The Management does not, in spite of this, think it is neccessary to review the plans.