2007

Profit for the half year € 2.2 million


Half year and Q2 financial highlights

  Sales € 729.2 million in half year and € 344.0 million in Q2

  Decrease in income was 2%.

  Earnings before interest, taxes and depreciation, (EBITDA) amounted to €
   18.5 million in half year and € 4.3 million in Q2 

  Operating profit (EBIT) € 9.0 million in half year and operating loss € 0.5
   million in Q2
 
  Net earnings amounted to € 2.2 million in half year and net loss € 0.1
   million in Q2
 
  Cash provided by operation before taxes and interest amounted to € 29.7
   million
 
  Total assets amounted to € 892.7 million - equity ratio 19.8%

  Return on equity 2.5%


Icelandic Group CEO Björgólfur Jóhannsson, commented:  
“The operations of the second quarter 2007 were not up to expectations. The
main deviations are due to the delay in the transfer of production between
companies in Europe. Improvements in operations due to the transfer will not
have an effect until in the second half of the year. 

The operations of the Group are stonger during the latter half of the year and
if the estimated sales hold the EBITDA is calculated at € 35 million for the
latter half and the total EBITDA for the year therefore € 54 million. “
2007

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