Samherji´s profit nearly 1, 7 milliard ISK

The operating revenue of the group the first nine months totaled 12.340 million ISK and operating expenditure was 10.528 million ISK. Profit before depreciation and financial expenses (EBITDA) were 1.812 million ISK, depreciation was 949 million ISK and financial expenses were 137 million ISK. Samherji´s share in the return of the subsidiaries was 1.006 million ISK, profit before taxes was 1.731 million ISK and profit after taxes, including minority shares was as afore said 1.675 million ISK.  Net cash provided by operating activities the first six months was 1.076 million ISK.

·         There have been some ownership changes in the group in the last months and at the end of September, Samherji´s daughter companies were five.  In the third quarter all shares were bought in Cuxhavener Reederei GmbH in Germany which subsequently increased ownership to a majority in Seagold Ltd. in the UK.  Samherji´s daughter company Onward Fishing Ltd. bought a 50% share in UK Fisheries Ltd. which bought all shares in Boyd Line Management Ltd.  Snæfugl ehf., previously a subsidiary is also included in the group for the first time as a daughter company.

·         The groups total assets were put down at 28, 6 milliards ISK at the end of September 2004. Fixed assets were just over 20, 8 milliards and current assets just over 7, 7 milliards ISK. Net liabilities were 17,4 milliards ISK, stockholders equity was just over  10,4 milliards and stockholders equity ratio was 36,5%

·         Net effect by daughter companies was negative by 226 million ISK, Oddeyri´s part in that was biggest with a loss of 399 million ISK.  CR returned a 130 million ISK profit, Onward 17 million, Seagold 8 million and Snæfugl 18 million ISK.

·         The outcome of Oddeyri is unacceptable but external conditions such as low selling prices and unfavorable rate of exchange have had a major impact on its fish farming companies.  A disease in Silfurstjarnan was also a major factor in the outcome.  In view of this, the concern will be reorganized hopefully with positive results in the next semesters. It is however clear that external conditions will have to change somewhat to improve the running of Oddeyri.

·         Samherji and daughter companies owned shares in 9 subsidiaries at the end of September.  The effect of the subsidiaries was positive by 1.005 million ISK in the first three quarters of the year, mainly due to Kaldbakurs impact of 904 million ISK.  At the end of September an agreement was made to sell all shares in Kaldbakur.  The agreement took effect in October and the profit of 850 million ISK will appear in the fourth quarter.