Icefresh

Icefresh GmbH is a subsidiary of Samherji, located in Cuxhaven in Germany and established six years ago. Samherji owns 85% of the company's stock and 15% is in the ownership of company management. Icefresh GmbH is a production enterprise which only sells its own products. This company must not be mixed up with Samherji's Icelandic sales concern, which is named Ice Fresh Seafood , with its domicile at 30 Glerárgata, Akureyri, and which is in charge of selling fish products. The turnover of Icefresh GmbH last year was 40 million euro, or over six thousand million ISK. Out of this turnover, 61% originated from salmon products resulting from the company's processing of Norwegian salmon. The total raw material for processing during 2011 comprised 11,500 tonnes, based on ungutted fish. Out of this quantity, redfish was about 2,200 tonnes, thereof 470 tonnes from vessels owned by Samherji hf. This quantity constitutes approximately 4.1% of the raw material processed by Icefresh GmbH during the year and 3.4% of the company's turnover. The company's profit was 1.3 million euro, or approximately 200 million ISK. This amounted to 3.3% of turnover after the company had paid 28.5% income tax in Germany. In the year 2011 the company paid a dividend to shareholders of 200 thousand euro or 30 million ISK. Samherji received 85% of this amount into its accounts in Iceland. In 2010 the company's profit amounted to 740 thousand euro. Those figures clearly indicate that Samherji in Iceland is not transferring monetary assets out of Iceland to Icefresh GmbH and assertions to that effect are ridiculous and completely out of step with reality.