SHMEC Financial Report 30 June 06

SHMEC FINANCIAL REPORT 30 JUNE 06

Income

• EMFi share sold: 7 100 000 isk
• EMFI dividend : 5 112 000 isk
• Bank account interest: 5 609 564 isk
• Ship sold: 9 396 375 isk
• Minerals sold: 72 772 021 isk

Total Income: 99 989 960 isk

Expenditure

• Office rental: 50 000 isk
• Alliance Fee: 2 000 000 isk
• Wage: 100 500 isk
• Dividend: 35 000 000 isk

Total Expenditure : 37 150 500 isk

NET INCOME : 62 839 460 isk

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ASSET

Wallet : 37 014 511.04 isk
Bank Account: 123 088 664 isk
Shares: 129 130 000 isk
BluePrint: 47 210 000 isk
Ship: 45 270 000 isk
Minerals : 69 067 836 isk
Property: 1 375 000 isk

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NEW NET ASSET VALUE (NAV) : 452 156 011 isk
NEW NAV Per Share: 22 607.80 isk ( +32.32%)

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This month was good for us, our mineral extraction increase allot since we got our first mining Barge. We also start produced and sold our first ships and we will increase the production in July. We also planning to increase our mining barge squadron that will have for effect to increase minerals extraction.

Tolmar
VCEO and Financial EO