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2011-04-29 17:02:18 CEST 2011-04-29 17:03:20 CEST REGULATED INFORMATION Eignarhaldsfélagið Farice ehf. - Financial Statement ReleaseFarice ehf. 2010 resultsFarice ehf. 2010 results (All amounts in EUR) -- Revenues for 2010 amounted to 6.7 million (2009: 5.8 million) -- Operational & Administrative expenses amounted to 5.8 million (2009: 4.5 million) -- Loss of the year amounted to 17.0 million ( 2009: 14.6 million) Key events during the period Eignarhaldsfélagið Farice ehf. and its subsidiary, Farice hf., in cooperation with their largest creditors and shareholders, went through financial restructuring of the companies in 2010. At shareholders‘ meetings of both companies in December 2010 the merger of Farice hf. with its parent company, Eignarhaldsfélagið Farice ehf. was approved. Eignarhaldsfélagið Farice ehf.‘s shareholders‘ meeting also approved a subsequent increase of share capital after the company's share capital had been reduced to adjust for accumulated losses. Furthermore, the name of the merged company was changed to Farice ehf. Operating environment and finances The new and strong capital structure of the Company is aimed at supporting the sustainability and growth of the Company in years to come. The agreements the Company has with its customers in the public telecommunications sector and the current and future agreements with the data center industry are the two main sources of revenue for the Company. Although the annual increase in international bandwidth demand from the public telecommunication sector is very high, the Company‘s future prospects are very much depending on the data center industry in Iceland, which is growing. The new debt repayment profile agreed with the Company‘s creditors is an important factor in the Company‘s future. For further information, contact: Gudmundur Gunnarsson, CEO of Farice ehf Tel: (+354) 893 4840 e-mail: gg@farice.is |
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