Samherji´s profit before income tax 3.884 million ISK

The operating revenue of the group the first six months totalled 21.291 million ISK an increase of 27% from the previous year. The increase is by largest part due to a full years impact of the Daughter companies as well as sales of fixed assets. Operating expenditure was 17.370 million ISK and profit, before depreciation and financial expenses (EBITDA), was 3.921 million ISK. Depreciation was 1.459 million ISK and financial expenses were positive by 1.227 million ISK. Samherji´s share in the return of subsidiaries was 195 million ISK, profit before taxes was 3.884 million ISK and profit after taxes, including minority shares was as afore said 3.104 million ISK. Working capital from operations in the year 2005 was 1.416 million ISK and net cash provided by operating activities was 1.012 million ISK.

The group’s total assets were put down at 28.687 million ISK at the end of 2005. Debts and liabilities were 21.233 million ISK and stockholders equity was 7.094 million. Stockholders equity ratio was 25% but was 43% in 2004. The reduction is due to Samherji and Investment Company Fylkir merging, which lowers Samherji´s equity by 6.885 million ISK.

The prospects for 2006 are fair in spite of the capelin quota being less than expected. That is due to sales prices being high in Samherji´s main markets and the value of the Icelandic Krona moving closer to what can be regarded as acceptable for Icelandic export companies.