Icelandic Group hf.
– 1st Quarter 2008
Icelandic Group hf. / News Release of a Corporate News, transmitted by DGAP - a company of EquityStory AG. The issuer / publisher is solely responsible for the content of this announcement. ---------------------------------------------------------------------- Operation on budget - Cost reduction 17% Strengthening of the Euro results in a currency exchange loss of ɽ.5 million. First Quarter Financial Highlights 2008 ? Sales ? 321.1 million ? 11% reduction in revenues considering effects from changes in currency ? Earnings before interest, taxes and depreciation, (EBITDA) amounted to ? 11.8 million ? Operating profit (EBIT) ? 7.3 million ? Net earnings amounted to a loss of ? 7.3 million ? Interest bearing liabilities decrease by ? 37 million ? Cash provided by operation before taxes and interest amounted to ? 32.9 million ? Total assets amounted to ? 723 million - equity ratio 16.1% ? Inventories decrease by ? 43.7 million in the quarter ? The Group's total debts reduce by ? 57.1 million in the quarter Icelandic Group CEO Finnbogi A. Baldvinsson, commented: Icelandic Group?s operation was in line with management?s expectations in the first quarter of 2008. This is certainly a positive sign, however the variance is due to financial items. Icelandic Group currently operates in many different markets and currency exchange development has a substantial effect on its financial results. Currency loss in the quarter amounted to ? 7.5 million compared to ? 55,000 in the first quarter of 2007, however interest bearing liabilities decrease by ? 37 million, which is partly due to the strengthening of the Euro. We have achieved to decrease the operational cost of the group substantially or by 17% in the quarter compared to first quarter last year. The convertible loan, which has been granted to the company, makes us ready for the large projects which awaits us. I´m assure that the operation will deliver better results later in the year. News Source: NASDAQ OMX 15.05.2008 Financial News transmitted by DGAP ----------------------------------------------------------------------
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