Eyrir Invest ehf. reports an after tax profit of 11.5 million Euros for H1 2009. Equity is 195 million Euros at June 30th 2009. In August Eyrir finalised an extension of bond issue EYRI 07 2, the new final due date is April 20th 2011. Previously, Eyrir had extended final principal payments for all bank loans to 2011 or later. 

  • As of January 1st the functional currency is Euros.
  • Equity is 195 million Euros and the equity ratio is 44%
  • Cash and bank deposits amount to 29 million Euros
  • Average maturity of debt is over 3 years
  • The core assets Marel, Össur and Stork all delivered strong cash flow during the period and the outlook in their operations is good

Vast majority of Eyrir Invests’ assets are in three leading industrial companies; Marel, Ossur and Stork. Eyrir Invest has step by step, since mid year 2006, reduced general investments in the financial markets and today Eyrir Invest has no investments in its trading book. 

Árni Oddur Þórðarson, CEO: 
„We are pleased to report positive results at this time. Our results primarily reflect the operations of our core assets, after our financing costs. Marel, Össur and Stork have shown their strength in a demanding economic environment. They have all managed to drive their cost base to sustainable lower levels and maintained strong cash flow. 

We appreciate the trust we receive from creditors. Eyrir has always emphasised on a clear strategy, transparency in operations and long term financing both regarding Eyrir’s own operations and its key holdings. Marel, Össur and Stork have stable, long term financing and they are well positioned for good value creation looking forward.“ 

Eyrir is a long term investor 
Eyrir Invest’s key holdings are a 38% share in Marel Food Systems hf., a 20% share in Össur hf. and 17% share in the Dutch industrial conglomerate Stork. Eyrir has been a shareholder in Marel and Össur since 2004 and in Stork since 2006. Eyrir´s key holdings are market leaders in their respective industries. In recent years they have built up their current strong positions and looking forward they are in position to harvest well. Long term financing has been secured for all of Eyrir’s holdings; Össur and Marel do not have any significant debt repayments until late 2011 and Stork has stable long term financing. In the coming years the companies’ strong market position is expected to enable them to deliver strong cash flow from operations. 


Marel and Össur are the largest listed companies in Iceland 
Marel and Össur are the largest companies registered on Nasdaq OMX in Iceland, they are as well among the largest export companies in Iceland. If Marel and Össur holdings were booked at last trading prices the equity ratio of Eyrir Invest would be calculated as 28% now compared to slightly above 25% in Eyrir´s H1 accounts. The Icelandic foreign exchange and equity markets have been temporarily dysfunctional since the collapse of the Icelandic banks. 

It is Eyrir Invest‘s view that a dual listing of the shares will better reflect Marel‘s and Össur‘s real value. Marel has been listed on the Icelandic Stock Exchange since 1992 and Össur since 1999. During that time both companies have enjoyed good growth; today Marel has approximately 3.600 employees world-wide and Össur about 1.600 employees in total. Össur has already applied for a listing on Nasdaq OMX Copenhagen in addition to the current listing on Nasdaq OMX Iceland. 

The global economic downturn has both been faster and more severe than anticipated. Marel, Össur and Stork have shown flexibility and strength in the last year and maintained strong cash flows. Looking forward the industries of Eyrir Invests core holdings; food processing, healthcare, oil & gas services and aerospace are expected to enjoy healthy growth in coming years. 

For further information please contact, 
Arni Oddur Thordarson, CEO of Eyrir Invest 

Tel: +354 525-0200 


 Interim accounts (pdf – 111 kb)

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