Chief results from the interim financial statements of Atorka Group hf.:
Key financial indicators for the Consolidated accounts:
• Atorka Group's consolidated earnings before taxes for the first three months
of the year totalled ISK 459 million.
• Earnings for the first quarter totalled ISK 20.1 billion.
• The Group's total assets at the end of the period were ISK 100.5 billion.
• Equity was ISK 10.3 billion at the end of the quarter.
• EBITDA for companies in the energy and construction sector, including
Jardboranir, was ISK 392 million during the period, an increase of 31% over the
same period in the prior year.
• EBITDA for companies in the plastics sector, including Promens, was ISK 1,726
million during the first quarter.
Key financial indicators for the Parent company:
• After-tax profit totalled ISK 3 billion during the period.
• Total assets at the end of March amounted to ISK 51.1 billion.
• Equity totalled ISK 18.5 billion at the end of the period.
• Annualised return on equity was 70%.
• The equity ratio is 36%.
• Earnings per share during the period were ISK 0.96.
Chief events in the first quarter of 2007
• Promens completed the refinancing of its subsidiary Polimoon with syndicated
bank facilities from DnB NOR, Nordea and LBNord. The financing guarantees that
the company can continue to grow through further acquisitions.
• Atorka increased its share in InterBulk to 40% in connection with a increase
in share capital and the acquisition of UTI, a leading containerised bulk
transport company focusing largely on the chemical industry in Europe.
• Atorka acquired a 30% stake in Clyde Process Solutions (CPS). The purchase
allows Atorka to support the company in its acquisition of MAC Equipment, a
leading provider of pneumatic conveying systems in North America.
• The stake in Romag was sold to Renewable Energy Resources (RER), which then
increased its holding in Romag to 22% during the quarter. Renewable Energy
Resources, which is owned by Atorka Group, specialises in investments in
renewable energy.
• Atorka decided to sell its companies in the healthcare sector.
Events after the end of the period
Jardboranir took a decisive step in its expansion strategy and purchased three
high-tech German drill rigs for over ISK 6 billion. With this purchase,
Jardboranir's drilling fleet has been expanded substantially and now comprises
nearly twice the drilling capacity that it had previously. The addition of this
equipment marks a technological watershed for the company's operations.
Atorka has been increasing its stake in Amiad Filtration and now has a holding
of over 19%. Amiad is a leader in the international market for the production
of water filtration equipment. This market is expanding considerably, and the
demand for clean water is likewise growing. Amiad is listed on the London Stock
Exchange's AIM market.
Atorka has sold Icepharma and Parlogis.
Magnús Jónsson, CEO of Atorka:
"The year has begun very well for Atorka Group, and the Company is developing
in line with the emphases of the past several quarters. Changes in our
investment policy have begun to bear fruit, and our investment projects have
performed well. We foresee substantial growth at Jardboranir, and in June the
company will receive a new drill that will be included in operations during the
latter half of the year. Promens has begun the year well, emphasising internal
integration in order to build the foundation for further growth. Atorka now has
representatives on the Boards of InterBulk and Clyde Process Solutions and will
actively promote the continued growth of those companies."
Further information can be obtained from:
Magnús Jónsson
Chief Executive Officer, tel: +354 840 6240
Valdís Arnardóttir
PR & Communication Manager, tel: +354 840 6217
Atorka Group's interim financial statements can be found on the Company's
website: www.atorka.is.
About Atorka Group
Atorka is an investment company that supports progressive enterprises that take
advantage of worldwide developments, assisting those companies in becoming
global leaders. In its investments, Atorka seeks out companies that have sound
operations and strong management and possess the potential for substantial
internal and external growth. The Company targets projects with considerable
potential for growth and value enhancement, aiming at investments for periods
of 3-5 years.
