Stodir (previously FL Group) reported a loss of ISK 11.6 billion (EUR 97
million) after tax in Q2 2008. Before tax, the loss amounted to ISK 10.2
billion (EUR 86 million) for the period, mostly due to an increased cost of
capital and a decrease in the market value of the Company's stake in Glitnir
Bank. Over the past months, Stodir has divested a number of assets in order to
streamline the Company's asset portfolio. The Company's shares were delisted
from the OMX Nordic Exchange Iceland in June. In July, the Company changed its
name to Stodir and announced the acquisition of a substantial stake in Baugur
Group.
At the end of Q2, Stodir's shareholders' equity was ISK 87 billion (EUR 694
million), with total assets of ISK 352 billion (EUR 2.8 billion). The Company's
equity ratio in investment operations amounted to 29.2%. Following the
acquisition of the stake in Baugur Group, the proforma equity ratio in
investment operations will rise to approximately 35%.
Jon Sigurdsson, CEO of Stodir:
“Over the second quarter we have focused on stabilising the company and have
made progress with the corporate restructuring process. The decrease in market
value of assets and an increase in cost of capital are the main factors in this
quarter's loss. We have divested assets which were no longer a logical fit to
our revised investment strategy, delisted, and changed the Company's name to
better reflect current operations. The acquisition of the stake in Baugur Group
results in Stodir's equity increasing by ISK 25 billion. Baugur Group will be
joining the Company's core investments which include; Glitnir, TM and Landic
Property. Stodir's aim is to support these companies on a long-term basis as a
leading shareholder.”
Full press release available as an attachment, along with the group's
consolidated financial statement
