Atlantica - 01.06.2002, Qupperneq 66

ANNUAL REPORT CARDANNUAL REPORT CARD
IPC - ICELAND PRIME CONTRACTOR
IPC (ÍAV - Íslenskir adalverktakar hf.)
is one of Iceland’s oldest construc-
tion companies, originally established
as a sole-source military construction
contractor in 1954. In 1997, the com-
pany was reorganised into a limited
liability company and subsequently
listed on the Iceland Stock Exchange
where it is still the only listed con-
struction company. With acquisitions
and internal growth, it is now one of
the two biggest construction compa-
nies in Iceland, basing its operations
on its long history and experienced
workforce which has done various
building projects large and small for
nearly 50 years. IPC is actively partic-
ipating in every sphere of the con-
struction industry, such as residential
housing, commercial buildings, offi-
cial buildings and other special
buildings, earth moving, airfield and
road construction, as well as hydro-
electric power projects and such
complicated projects as radar stations
on mountain tops in remote areas. A
growing proportion of turnover is
linked to the company’s own devel-
oped projects and creations. IPC’s
operations involve all relevant activi-
ties related to building processes
including turnkey projects of any
nature from design to completion
involving financing and leasing activi-
ties through its subsidiary companies
and associates. IPC’s total turnover in
2001 was ISK 8.559 million and net
profit was ISK 182 million.
ICELAND TELECOM
Since its founding in 1906, Iceland
Telecom has become one of the
largest companies in Iceland. The
company makes use of all the latest
innovations in the world of telecom-
munications to establish and main-
tain a complete telephone network.
Iceland Telecom has outlets through-
out Iceland, providing the traveller
with easy and convenient access to
telephone and telecommunications
services.
With increased competition on the
telecommunications market, the com-
pany’s aims have become more clear-
ly marked and defined. The role of
Iceland Telecom is to make life and
work easier for the customer by mak-
ing communicating as simple and
easy as possible. To achieve this aim,
the company always seeks to put the
customer’s needs first and strives to
be at the forefront of innovation and
development. During the year 2001,
many new developments in service
were introduced, with the aim of ful-
filling these objectives.
In 2001, operating revenues were ISK
18,263 million with EBITDA at 37.7%
of turnover. Equity at year’s end 2001
was ISK 14,812 million and the equi-
ty ratio was 46%.
PHARMACO
In 2001, Pharmaco’s share price
increased by 75%. Pharmaco’s core
business has, since the founding of
the company in 1956, been the distri-
bution and production of pharma-
ceuticals. Two years ago, Pharmaco
merged with the company
Balkanpharma, a Bulgarian pharma-
ceutical company, after being directly
involved in the activities and opera-
tions of Balkanpharma for a year and
a half. Balkanpharma was established
through a merger of three pharma-
ceutical production plants in a pri-
vatisation process in 1999. The total
revenues of the Pharmaco Group for
2001 were USD 151.4 million com-
pared with USD 139.9 million in
2000. After-tax profit was USD 16.4
million compared with USD 11.4 mil-
lion in 2000. At the end of 2001, 4,713
employees worked for the company,
140 of which were working in
Iceland.
To strengthen Pharmaco’s focus and
commitment on the company’s
Central and Eastern European opera-
tions, Pharmaco sold 80% of its
shares in its Icelandic operation in
May 2002.
THE NATIONAL BANK OF ICELAND
LTD
Landsbanki Íslands hf. (The National
Bank of Iceland Ltd), the country’s
oldest full-service financial institu-
tion, has played a leading role in
Iceland’s successful economic devel-
opment since the Bank’s inception in
1885. Landsbanki, with total assets
exceeding ISK 277 billion (USD 2.8
billion) and being the second largest
corporation on Iceland Stock
Exchange, 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 network
and offers Internet banking, as well
as Internet securities trading of both
domestic and foreign securities. In
addition to its own domestic broker-
age, an offshore unit in Guernsey, the
Channel Islands, and a 95% stake in
Heritable Bank in London (which
specialises in residential housing
development, asset management and
private banking), Landsbanki has
formed strategic alliances in the
fields of insurance. Landsbanki has
an A3/P-2 rating with a positive out-
look from Moody’s Investors Service,
and an A/F1/C rating with a stable
outlook from Fitch IBCA.
Landsbanki has a USD 1,000 million
EMTN-Programme which is listed on
the Luxembourg Stock Exchange.
Atlantica 401 annual reports-rm 21.6.2002 14:39 Page 64