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 €7.5 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 Groups operation was in line with managements 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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