Highlights of 2008 results
• Sales of goods and services totalled ISK 14,650 million (m), a YoY increase
of 30%.
• The loss for the year amounts to ISK 1,201m compared with a profit of ISK
420m in 2007.
• Revenue from operations abroad was ISK 3,517m, or 24% of total operating
revenue.
• A new business model for the Nýherji Group was introduced in Q4 2008.
• The hosting and managed services of TM Software hf. were merged with
Nýherji's technical service departments as Skyggnir ehf.
Publication of annual financial statements
According to the new rules of OMX Nordic Exchange in Iceland, the company now
publishes the principal results of its income statement and balance sheet. The
2008 annual results were discussed at meeting of the Board of Directors of
Nýherji hf. on 23 January 2009 but, in accordance with the new rules, have not
yet been endorsed by the Board and the company's auditors. The final 2008
annual financial statements will be submitted to the Board of Directors and
auditors for endorsement on 30 January and published that same day. The annual
results have been prepared in accordance with International Financial Reporting
Standards (IFRS).
Þórður Sverrisson, CEO:
“Nýherji's operations and performance in Q4 reflect the sudden tumultuous
changes to the operating environment of Icelandic companies after the collapse
of the Icelandic financial sector and the massive depreciation of the Icelandic
krona (ISK). The abrupt transformation of the economic environment had a major
impact on operations, resulting in a Q4 loss of ISK 507m and losses for the
year amounting to ISK 1,201m.
In October, Nýherji introduced a variety of cost-cutting measures to improve
the operations of the parent company and subsidiaries, including employee wage
reductions of 10% from 1 February and postponement of further software
development projects both in Iceland and abroad. The actions announced are
estimated to result in operating cost reductions of over ISK 600m in 2009 for
the Group in Iceland.”
