Today the financial services group Exista hf. published its interim financial
statements for the first six months of 2008.
Performance in the second quarter:
• After-tax loss EUR 38.4 million
• Total revenues EUR 89.6 million
Performance in the first half of 2008:
• After-tax loss EUR 82.2 million
• Net profit from financial services EUR 66.4 million
• Net loss from investments EUR 148.6 million
Key Balance Sheet figures:
• Total assets EUR 6.9 billion, down 13.6% from beginning of year
• Total equity EUR 2.3 billion, down 3.6% from beginning of year
• Total liabilities reduced by EUR 1.0 billion, or 17.7%, from year-end 2007
• Cash EUR 303.4 million and committed liquidity to meet refinancing
obligations until December 2009
• Equity ratio 37% (including hybrid securities)
Lýdur Gudmundsson, Executive Chairman:
“Given current market conditions we are satisfied with Exista's result for the
quarter. Through challenging times in global markets we have concentrated on
preserving the Group's solid fundamentals. Our companies' operations are sound
and we have strong faith in their future potential despite ongoing weakness in
equity markets. We continue to carry out our operations, cost control and risk
management in such a way that the foundations of the Group remain robust. With
our excellent group of companies and strong presence in the Nordic financial
services sector we are able to withstand fragile markets and look forward to
future opportunities.”
For further information on the interim accounts, please contact:
Sigurdur Nordal
Managing Director
Group Communications
Tel: +354 550 8620 (ir@exista.com)
About Exista
Exista is a financial services group with core operations in insurance
underwriting and other financial services activities, coupled with
international investments. The company is a leading insurance underwriter in
Iceland, as well as the country's largest provider of asset finance products.
As an international investor, Exista has strategic holdings in several
companies, including Sampo Group, Kaupthing Bank, Bakkavör Group, Storebrand
and Skipti (Iceland Telecom). Exista is listed on the OMX Nordic Exchange in
Iceland, and its shareholders number around 30,000. Information on Exista hf.
and its financial statements can be found on the Group's website:
www.exista.com.
