Stodir's financial restructuring completed
Stodir‘s Annual General Meeting was held today. The financial restructuring of Stodir has been completed. The Company‘s total assets amounted to ISK 32.1 billion (EUR 175 million) at the end of June 2009 and the equity ratio was 69%. The Company‘s long term financing has been secured.
Earlier this year Stodir‘s creditors acquired all the shares in Stodir. The Company‘s largest assets are TM and Refresco. The financial restructuring of Stodir was based on three key elements. First of all, the Company‘s creditors agreed to write off all of their shareholdings in the Company. Secondly, the Company reached an agreement with secured creditors regarding debt set-off in return of pledged assets, refinancing of part of their secured debt and payment of a part of the secured debt with preferred shares in Stodir. Thirdly, unsecured claims were settled with cash and common shares in Stodir in accordance with the composition agreement with Stodir‘s creditors which was approved by all votes casted. Stodir‘s creditors therefore acquired all the shares in the Company and the Company‘s long term financing was secured.
Overall the recovery of Stodir‘s creditors was estimated approximately 27% last spring, considering the value of Stodir‘s asset portfolio at the time of the composition agreement. The main reason for Stodir‘s financial restructuring was that the interest of the Company‘s reditors was best served by continuing the operations of Stodir, on the grounds that the value of the Company‘s asset portfolio would increase in the future. The final recovery of Stodir‘s creditors will therefore be determined by the future value of Stodir‘s assets.
Stodir‘s main assets are a 99.9% stake in Tryggingamidstodin (TM) and a 51% stake in the European private-label fruit juice and soft drinks producer Refresco. Among other assets are shareholdings in Royal Unibrew, Nordicom, Glacier Renewable Energy Fund and Inspired Gaming.
The Company‘s shareholder base now consists of 112 shareholders. Three shareholders have more than 10% voting rights : Glitnir, NBI and Arion Bank. Stodir‘s current Board of Directors, first elected at a shareholders‘ meeting on 17 July 2009 and re-elected at the Company‘s Annual General Meeting today, is composed of Eirikur Elis Thorlaksson (Chairman of the Board), Sigurjon Palsson and Sigurdur Jon Bjornsson. Stodir´s CEO is Jon Sigurdsson.
Stodir‘s Condensed Interim Financial Statements at 30 June 2009 was presented at the Company‘s Annual General Meeting, as well as the Group´s Consolidated Financial Statements for the year ending 31 December 2008.
The book value of Stodir‘s assets following the settlement with the Company‘s creditors amounted to ISK 32.1 billion. Stodir‘s debt at 30 June 2009 amounted to ISK 10.1 billion. The Company‘s equity at the end of June 2009 amounted to ISK 22 billion and the equity ratio was 69%.
In the six month interim statement for 30 June 2009 there was a profit recognition due to amortisation of debt as a result of the Company‘s composition agreement with its creditors. Stodir‘s profit recognition for the period 1 of January to 30 of June therefore amounted to ISK 205 billion.
The value of assets and claims declared in relation to Stodir‘s composition agreement with its creditors were taken into account in Stodir‘s financial statement for the year 2008. Total loss from 1 of July 2008 to 31 December 2008 amounted to ISK 291.2 billion. The total loss of the Group in the year 2008 amounted to ISK 350.6 billion.
The largest part in the Company‘s loss in the year 2008, around ISK 208 billion, is because of losses related to Stodir´s former three main assets: Glitnir, Landic Property and TM. Loss realised due to other listed and unlisted assets (such as Commerzbank, Inspired Gaming, Royal Unibrew, Nordicom, Atorka, Alfesca, Glacier Renewable Energy Fund, Unity, Thyrping, Bayrock and Finnair) amounted to approximately ISK 45 billion. Interest expenses and negative foreign exchange loss amounted to approximately ISK 79 billion for this period.
Stodir‘s operating expenses for the year 2008 amounted to ISK 2.1 billion and was 59% lower than in the previous year. In comparison, Stodir‘s operating expenses for the first six months of 2009 amounted to ISK 133 million.
Telephone: (+354) 591 4400