Key financial indicators for the Group:
• Atorka Group's consolidated loss before taxes for the first six months of the
year totalled ISK 226 million.
• Loss for the second quarter totalled ISK 685 million.
• Earnings for the first six months of the year totalled ISK 39, 1 billion.
• The Group's total assets for the first six months of the year were ISK 99
billion.
• Equity was ISK 9,6 billion at the end of June.
• The profit from selling Jardboranir totalled about ISK 5 billion will appear
in the Group´s consolidated accounts in the third quarter.
• EBITDA for companies in the plastics sector, including Promens, was ISK 3,253
million during the first six months of the year.
• EBITDA for companies in the energy and construction sector, including
Jardboranir, was ISK 874 million for the first six months of the year.
Key financial indicators for the parent company:
• After-tax profit totalled ISK 6 billion for the first six months of the year,
an increase of 24% over the same period in the prior year.
• After-tax profit totalled ISK 3 billion for the second quarter.
• Total assets at the end of June amounted to ISK 54,7 billion.
• Equity totalled ISK 21,5 billion at the end of June.
• Annualised return on equity was 70%.
• The equity ratio is 39%.
• Earnings per share the first six months of the year 1,91
Chief events
• Atorka Group concluded the sale of its entire holding in Jardboranir to
Geysir Green Energy. The Enterprise Value of the sale is ISK 17,7 billion.
Atorka's total gain since the beginning of its investment amounts to ISK 11
billion before taxes. The effect on the parent company accounts in the
second quarter is upwards ISK 4 billion.
• Atorka purchased a 32% stake in GGE and is therefore a primary investor in
the company. The total purchase price of Atorka's stake in Geysir is just
over ISK 7 billion.
• Jardboranir founded Hekla Energy in Germany to give the company an even
greater competitive edge during the expanding process. Hekla energy will
oversee drilling projects in Germany and other European locations.
• Jardboranir signed a contract to purchase of and the purchase right to 3 high
tech rigs for over ISK 6 billion to support expansion and growth abroad.
• Promens new organisation chart Introduced in July to support further
integration and growth.
• Promens acqired Dekoplast in France which produces packaging for cosmetics
and medical use.
• Holding in Amiad increased to 20%. Amiad Filtration Systems is one of the
world's most significant producers of water filtration solutions. Through
strategic acquisitions, international expansions and substantial research and
development investments, Amiad continues to strengthen its technology and
market base.
• Three companies in the healthcare sector sold, Icepharma, Parlogis and
IIsanta
Magnús Jónsson, CEO of Atorka:
“The Group´s earnings for the first six months of the year were very good.
Successful sale of Jardboranir is a testament to effective implementation of
the Group´s investment policies. Atorka redeemed substantial profit by selling
Jardboranir which appears in the strong financial standing of Atorka Group. We
are primary investors in Geysir Green Energy and believe it to be an exciting
investment option and believe that participation in developing the company
offers us the opportunity to create considerable value. Atorka´s other
investments are lucrative and the development of Promens is highly successful
as is Promens aim at security exchange listing under way. Our financial
position is strong, we have immense investment capacity. Atorka is in a
positive position and there are number of profitable growth opportunities that
Atorka will take advantage of in the future.”
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.
