Eignarhaldsfélagið Farice ehf. - Financial Statement Release

Interim Financial Statement for the period January-June 2011

Farice ehf. interim Financial Statement for the period January-June 2011



Main results: (amounts are in EUR)


  -- Revenues for the period amounted to 3.5 million (6m 2010: 3.3 million)
  -- Operational & Administrative expenses amounted to 2.8 million (6m 2010:
     2.7 million)
  -- Loss for the period, before financial expenses, amounted to 3.2 million (6m
     2010: 3.3. million)



The financial restructuring of Farice ehf. is now finished. At shareholders
meetings held in March and May 2011, the shareholders approved to increase the
Company‘s equity by EUR 8 million. Two shareholders; The Icelandic State and
Landsvirkjun, have committed to buy the new equity, to be paid in early
September this year. 



Operating environment and finances

The new 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. 

For further information, contact:

Gudmundur Gunnarsson, CEO of Farice ehf
Tel: (+354) 893 4840
e-mail: gg@farice.is

Attachments:

Farice árshlutareikningur janúar til júni 2011.pdf

Farice ehf - Press Release 31 August 2011.pdf