Farice ehf.
Release of Financial Statements for year 2009
Eignarhaldsfélagið Farice ehf. / 30.04.2010 18:23 Dissemination of a Corporate News, transmitted by DGAP - a company of EquityStory AG. The issuer / publisher is solely responsible for the content of this announcement. --------------------------------------------------------------------------- April 30 - 2010 Press Release from Eignarhaldsfelagid Farice ehf Release of Financial Statements for year 2009 The Consolidated Financial Statements of Eignarhaldsfelagid Farice ehf covers the operation of the FARICE and DANICE submarine cables and associated systems, and the new investments of the company. The company's operating currency is the EURO (EUR) and has been since the company's foundation. The company's revenues are from sale of bandwidth capacity through its own submarine cable systems between Iceland and neighboring countries, and resale of bandwidth capacity through the Greenland Connect submarine cable system. The customers are domestic and foreign telecommunication companies. In 2009 the company's income amounted to EUR 5.8 million, compared to EUR 8.6 million in 2008. This lower income compared to the year 2008 is due to general market difficulties. EBITDA-margin shows a positive result of EUR 1.3 million. The loss for the year amounted to EUR 14.6 million, primarily explained by high financial costs and depreciation. Total equity amounted to EUR 11.8 million at year-end 2009. The new DANICE submarine cable system between Iceland and Denmark was operational in 2009, now being used together with the FARICE submarine cable system as one of the two main routes between Iceland and other European countries. The company's previous plans assumed a considerable income from data center facilities in Iceland; these plans were not realized in the year. In the current plans revenues from this source are assumed to begin in 2010 and increase in the coming years. In November 2009 the company's board approved to initiate a restructuring process aimed at the long term financing of the company, by renegotiating with the company's main creditors. With the participation of the company's major creditors this process is expected to be finished in the second quarter of 2010. For further information; see the 2009 Consolidated Financial Statements, approved by the company's board today. Contact: Gudmundur Gunnarsson, CEO, tel. +354 893 4840 News Source: NASDAQ OMX 30.04.2010 Ad hoc announcement, Financial News and Media Release distributed by DGAP. Media archive at www.dgap-medientreff.de and www.dgap.de --------------------------------------------------------------------------- Language: English Company: Eignarhaldsfélagið Farice ehf. Iceland Phone: Fax: E-mail: Internet: ISIN: IS0000019230 WKN: End of News DGAP News-Service ---------------------------------------------------------------------------
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