Teymi hf. - Financial Statement Release

Q2 2008 Results

Teymi hf. Q2 Results

Reykjavík, 30 July 2008


Sales amounted to ISK 6, 4 billion in Q2 constituting 24% growth from previous
year (13% pro-forma) 
EBITDA ISK 1,045 million
Loss after tax ISK 610 million 
Conversion of long term liabilities of ISK 5 billion into foreign currency at
exchange rate index 164 

Sales of the Teymi Group amounted to ISK 12, 4 billion in the first six months
of 2008 which constitutes a growth of 24% from the previous year (11% pro
forma).  EBITDA amounted to ISK 2,048 million increasing by 4% from the
previous year (pro forma).  Loss after calculated income tax amounted to ISK
5,509 million.  Teymi's current ratio is 0, 82 and the equity ratio is 18%. 
Cash generated by operations before interests and taxes amounted to ISK 1,656
million. 


Main results of Q2 2008:

•	Sales amounted to ISK 6,4 billion compared to ISK 5,2 billion in the same
period in the previous year; inner growth of 24% between years (13% pro-forma). 
•	EBITDA amounted to ISK 1,045 million compared to ISK 1,027 million in the
same period in the previous year; increase of 2% between years (- 2%
pro-forma). 
•	EBIT amounted to ISK 551 million.  
•	Finance expenses exceeded finance earnings by ISK 1,296 million in the
period. Net foreign exchange difference related to long-term liabilities was
negative in the amount of ISK 95 million. 
•	Loss before calculated income tax amounted to ISK 745 million and the loss of
the period was ISK 610 million. 
•	Cash generated by operations before interests and taxes amounted to ISK 797
million. 


Main results of the first half of 2008:

•	Sales amounted to ISK 12,391 million compared to ISK 11,188 million the
previous year, increasing by 11% (pro-forma) 
•	EBITDA amounted to ISK 2,048 million compared to ISK 1,974 million the
previous year (pro-forma) 
•	EBIT amounted to ISK 1,074 million.  
•	Negative foreign exchange difference related to long-term liabilities
amounted to ISK 5, 3 billion. 
•	Loss before calculated income tax amounted to ISK 6,329 million and the loss
of the period was ISK 5,509 million. 
•	Cash generated by operations before interests and taxes amounted to ISK 1,656
million. 
Árni Pétur Jónsson, CEO 
„The results of the quarter are in our opinion satisfactory in light of the
current economic situation. The inner growth of the company is still robust as
are the EBITDA results and cash flow. The fall of the Icelandic Krona has
however resulted in increased long-term liabilities and lower EBITDA results
compared to previous year. At the end of Q2 we decided to make use of a
permission to convert some of our long-term liabilities in ISK to foreign
currencies and thus lighten the interest payments of the company. Furthermore,
we have been working on several ways to cut costs and streamline the
operations. The benefits of these actions are already evident and reflected in
the results of the second quarter.“ 

Attachments:

teymi_q2_results_fin.pdf