Samherji´s profit nearly 3 milliards

• The annual report of Samherji group includes the mother company and daughter companies Oddeyri ehf., Snæfugl ehf., Krossanes Investment Company Ltd., CR Cuxhavener Reederei GmbH in Germany, Onward Fishing Company Ltd. in Great Britain and Seagold Ltd. also in Great Britain. The annual report is according to law and regulations that apply to both consolidated and individual annual reports and by same methods as in previous year’s report.
• The group’s operating revenue was 16.760 million ISK with over 35% increase from the previous year. Operation expenditure was 14.494 million ISK and profit before depreciation and financial expenses (EBITDA) was 2.266 million ISK. Depreciation was 1.380 million ISK including a special depreciation on ships, 124 million ISK. Financial expenses were positive by 1.140 million ISK. Share in the subsidiaries´ profit was 1.212 million ISK, profit before tax was 3.238 million ISK and profit after tax and minorities share was as afore said 2.914 million ISK.
• The groups total assets were 26, 8 milliards ISK at the year end with fixed assets at 20,1 milliards ISK. The Company’s liabilities were 15 milliards ISK, stockholders equity was 11,6 milliards ISK and stockholders equity ratio was 43%. Net liabilities were 8,2 milliards at the year end and current ratio was 1,12.
• The group encountered some changes in the year 2004 and with six daughter companies at the end of last year. The company acquired all shares in CR Cuxhavener Reederei GmbH in Germany and consequently acquired a majority share in Seagold Ltd. In Great Britain. The daughter companies Snæfugl ehf. and Krossanes Investment Company ehf. also became a part of the group having been among subsidiaries in the previous year.
• The daughter companies´ net effect on Samherji´s operations was negative by 308 million ISK in 2004, largest part due to Oddeyri´s 496 million ISK loss. CR Cuxhavener Reederei´s outcome was positive by 121 million, Onward Fishing Company Ltd. 2 million, Seagold Ltd. 7 million, Snæfugl ehf. 58 million but effect by Krossanes Investment company outcome was immaterial.
• The mother company’s operations were not affected greatly by difficult external conditions. Operating revenue increased by 3, 5 milliards ISK mainly due to a substantial expansion in the Sales Department which increased by nearly 4 milliards ISK between years. The revenue from land based productions decreased by 676 million ISK, greatest part due to a decrease in pelagic production in the fishmeal factory in Grindavík caused by a failed Capelin fishing season. The company’s fishing operations were successful, especially the multifishing vessel Vilhelm Þorsteinsson EA-11 with an income of over 1,6 milliards ISK. The mother company’s EBITDA as a share of operations revenue decreased between years from 19,6% to 14,8% but excluding sales for other companies, the percentage goes up from 20,8% to 21,3%.
• Samherji sold all shares in Hraðfrystistöð Þórshafnar hf. and Kaldbakur Investment Company Ltd. in 2004 with a profit of 1.337 million ISK, counted for among financial items. A few assets have been depreciated totaling 116 million ISK.
• Samherji Ltd. and daughter company own 9 subsidiaries with a positive impact of 1.211 million ISK from 2004, including Kaldbakur Investment Company 904 million ISK and Síldarvinnslan 274 million ISK.
• A special one off depreciation on Margrét EA and Oddeyrin EA totaling 124 million ISK is included in the depreciations since these ships are no longer in operation.
• The outlook for the Seafood industry is not bright at the moment. The high value of the Icelandic Krona is severely affecting the outcome of companies in the sector, especially land based productions. It is likely that the Krona remains strong, and a rise in sales prizes is not to be expected in the next semesters. The company has already taken measures to minimize the effect from these factors. A fire in Samherji´s fishmeal plant in Grindavík in the beginning of February will have an effect on the outcome in the first months of the year 2005. The company was covered by property- and business interruption insurance. The operation of the multifishing vessels Baldvin Þorsteinsson EA and Vilhelm Þorsteinsson EA has however been very successful the first months of this year with total revenue around 500 million ISK in the first two months. The plans for the year 2005 will as in previous years be presented in the company’s Annual Meeting held on April 7th.
• Samherji Ltd. will publish its financial statements fully according to international standards from and including the year 2005 and has already started to make the necessary adjustments. The extent of the effect from these changes has not come to light yet but a announcement will be published regarding this matter before the 1st quarter report.

Samherji´s Annual Shareholders meeting will be held in Ketilhúsið in Akureyri Thursday April 7th at 15:30. The Company’s Board of Directors will propose a 30% dividend to stockholders for the year 2004. Those who are stockholders at the end of the day of the General meeting are eligible for the dividend payment which will be paid on May 12th.

• Financial Calendar 2005
  • Financial Report 2004 07.03.2005
  • General Meeting in Ketilhúsið, Akureyri kl. 15:30 07.04.2005
  • Dividend payment12.05.2005
  • 1^st quarter report 2005 Week 21 2005
  • 2^nd quarter report 2005 Week 34 2005
  • 3^rd quarter report 2005 Week 47 2005
  • Financial Report 2005 Week 10 2006