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