Sales increased 5% from first half 2008. EBITDA increased slightly.

• Sales increased by ISK 1.0 billion from the first half of 2008, or 5%. Sales amounted to ISK 19.8 billion as compared to ISK 18.8 billion in the preceding year.
• Earnings before depreciation and financial items (EBITDA) amounted to ISK 4.2 billion as compared to ISK 4.1 billion for the corresponding half of 2008. EBITDA margin was 21.1%.
• Cash from operations amounted to ISK 4.2 billion as compared to ISK 7.9 billion in the first half of 2008. After tax and interest, cash from operations came to ISK 3.6 billion.
• Loss over the period came to ISK 2.1 billion, mainly due to the devaluation of the Icelandic krona as compared to loss of ISK 4.0 billion for the corresponding half of 2008.
• Exchange loss came to ISK 1.2 billion of the total of ISK 3.6 billion finance cost for the period.
• 39% of Skipti’s sales derived from international operations.
• Net interest bearing debts (interest bearing debts, minus deposits) amounted to ISK 53.6 billion at the end of the period, as compared to ISK 58.7 billion for the corresponding half of 2008.
• Equity stood at ISK 34.3 billion at the end of 2Q 2009, and the equity ratio was 26%.

More: Skipti hf. results in first half 2009