Atlantica - 01.06.2001, Qupperneq 82

In 2000, Pharmaco’s share price
increased by 94%, which was the
largest increase ever for a com-
pany listed on the Icelandic
Stock Exchange. Pharmaco’s
core business has, since the
founding of the company in
1956, been the distribution and
production of pharmaceuticals.
Last year, Pharmaco merged with
the company Balkanpharma, a
Bulgarian pharmaceutical com-
pany, after being directly
involved in the activities and
operations of Balkanpharma for
a year and a half. Balkanpharma
was established through a merg-
er of three pharmaceutical pro-
duction plants in a privatisation
process in 1999. The total rev-
enues of the Pharmaco Group
for 2000 were ISK 11,002 million
(USD 139.9 million) compared
with ISK 3,605 million (USD
49.9 million) in 1999. After-tax
profit was ISK 893 million
(USD 11.4 million) compared
with ISK 331 million (USD 4.6
million) in 1999. At the end of
2000, 4,650 employees worked
for the company, 150 of which
were working in Iceland.
Bakkavör Group is a leading
producer and distributer of
fresh, chilled food products.
The group operates eight sub-
sidiaries in seven countries. The
year 2000 was an eventful one
for the company, since it was
registered on the Icelandic
Stock Exchange and also
received the Export Award from
the President of Iceland, in
recognition of its success in
building its opeations abroad.
A subsidiary company was estab-
lished in Germany that acquired
the British food production
company Wine & Dine plc., as
well as a 75% interest in a Polish
sales and distribution firm, and
a 42% share in Pesquera Isla Del
Ray in Chile. In order to be a
leading international company
in its field, Bakkavör Group
focuses on NPD and organic
growth, as well as aquiring com-
panies in good standing that fit
its operations and its vision for
the future. Total revenue of the
group rose 61% to EUR 46,311
million and pre-tax earnings
rose 35% to EUR 3,395 million.
Landsbanki Íslands hf. (The
National Bank of Iceland Ltd),
the country’s oldest full-service
financial institution, has played
a leading role in the successful
economic progress of Iceland
since its inception in 1885.
Landsbanki, with total assets
2001
August
First Icelandic
HKD bond issue
September
Financing and strategic
alliance with Íslandssími
September
Global Finance Best
Bank award
September
State holdings in Land sbanki
reduced to 68%
December
Number of customers using
Internet bank passes 30%
October
Electronic registration
of Landsbanki shares
The National Bank of Iceland Ltd.
Annual report
2 0 0 0
exceeding ISK 239 billion (USD
2.83 billion), has positioned itself
as Iceland’s primary source of
general and specialised financial
services to individuals, corporate
entities and institutions.
Landsbanki has an extensive
domestic branch system and
offers Internet banking, as well
as Internet securities trading of
both domestic and foreign secu-
rities. Landsbanki also offers a
wide-ranging network of inter-
national correspondent banks.
In addition to its own domestic
brokerage and venture capital
subsidiaries, an offshore unit in
Guernsey, Channel Islands, and
a majority stake in Heritable
Bank in London (which speci-
alises in private banking, asset
management and international
investment services), Landsbanki
has formed strategic alliances in
the fields of insurance, leasing
and real estate financing.
From its
inception in
1906, Iceland
Telecom
(Siminn) has
provided
reliable telecommunication
services. Iceland Telecom oper-
ates nationwide communications
systems, both fixed and wireless,
with secure international con-
nections through ocean cables
and satellite links.The first phase
of Iceland Telecom’s privatisation
begins this autumn.This year, the
plan is to sell 49% of the compa-
ny’s stock: 14% to staff and the
general public, 10% to institu-
tional investors and 25% to a
single foreign in-vestor. In 2000,
operating revenues were ISK
16,253 million (USD 155 million)
with EBITDA at 40% of turnover.
Equity at year’s end 2000 was ISK
13,316 million (USD 127 million)
and the equity ratio was 47%.
Recent liberalisation of the Ice-
landic telecommunications in-
dustry has had profound effects
on Iceland Telecom, sharpening
its focus on customer service
and market orientation. The
fundamental objective of Iceland
Telecom, however, remains the
same: to develop and maintain
reliable, high-capacity communi-
cations networks, quality service
to our customers and value to
our shareholders.
LANDSBANKI
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