Skipti hf. - Financial Statement Release

- Sales amounted to ISK 19.6 billion

•  The loss over the period came to ISK 6 million, as compared to a loss of ISK
   2,088 million in the corresponding half of 2009. 

•  Sales amounted to ISK 19.6 billion, as compared to ISK 19.8 billion in the
   preceding year. 

•  Earnings before depreciation and financial items (EBITDA) amounted to ISK 3.7
   billion, as compared to ISK 4.2 billion in the corresponding half of 2009.
   The EBITDA margin was 18.9%. 

•  Cash from operations amounted to ISK 3.6 billion, as compared to ISK 4.2
   billion in the first half of 2009. After tax and interest, cash from
   operations came to ISK 1.7 billion. 

•  Exchange gain came to ISK 0.6 billion of a total of ISK 1.7 billion in
   finance cost for the period. 

•  Net interest bearing debts (interest bearing debts, net of deposits) amounted
   to ISK 54.2 billion at the end of the period, as compared to ISK 54.4 billion
   at the end of 2009.
•  Equity stood at ISK 24.5 billion at the end of 2Q 2010, and the equity ratio
   was 21.2%. 

•  Skipti hf. entered into an agreement to sell the information technology
   company Sirius IT. The closing of the sale was in July and the impact will be
   reflected in the Company's accounts in the second half of the year, when ISK
   3.3 billion in profit will be entered in the accounts.

Brynjólfur Bjarnason, CEO of Skipti hf.

“It is a very positive sign to see the turnaround in the Company's results
between years, which is primarily due to a better outcome from financial items.
The present results reflect the sound condition of the Company's underlying
business. Skipti has sold Sirius IT and ISK 3.3 billion in profit from the sale
will be entered in the accounts in the second half of the year. Skipti will pay
down a total of ISK 8.5 billion of loans as a result of the sale. At the end of
June, Skipti had ISK 16.6 billion in net cash, which gives it substantial scope
to reduce its debt.”

Attachments:

table - press release 30 06 10.pdf

press release -skipti 1h 2010.pdf

skipti 30 6 2010.pdf