Atlantica - 01.07.2004, Page 82

Íslandsbanki (ISB) is a leading finan-
cial group in Iceland. Its wide range
of services for households, business-
es and institutional investors
includes commercial banking, invest-
ment banking, asset management
and insurance. ISB’s roots go back a
full century, to the early days of the
modernisation of the Icelandic econ-
omy. These 100 years of service are
commemorated in the group's 2003
annual report.
For Iceland’s leading corporations,
ISB is the prime choice for financial
services, based on its reputation and
long-standing relationship with major
industries. The group's strong mar-
ket position among households and
small to medium-sized enterprises
was further reinforced in 2003 with
the acquisition of Sjóvá-Almennar,
Iceland’s leading insurance compa-
ny. International activities have also
grown rapidly in recent years, with
ISB operating branches in London
and Luxembourg.
In 2003, ISB's net earnings amount-
ed to ISK 5.5 billion (USD 77 million)
and return on equity was 30.1%. At
the end of 2003, ISB’s total assets
amounted to ISK 444 billion (USD 6.2
billion) and capital ratio (CAD) stood
at 11.4%. ISB is rated A1 and A by
the international rating agencies
Moody’s and Fitch, respectively.
Now a fully privatised bank,
Landsbanki Íslands hf. (The National
Bank of Iceland Ltd) is the country’s
oldest full-service financial institu-
tion and has played a leading role in
Iceland’s successful economic
development since the Bank’s incep-
tion in 1885. Landsbanki, with total
assets exceeding ISK 511 billion
(EUR 5,8 billion) and being the fourth
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 system
and offers Internet banking, as well
as Internet securities trading of both
domestic and foreign securities.
Landsbanki’s international operations
include Heritable Bank in London,
which specialises in residential
housing development, and
Landsbanki Luxembourg S.A. an
asset management and private bank-
ing unit. Landsbanki has formed
strategic alliances in the fields of
insurance, leasing and real estate
financing. Landsbanki has an A3/P-1
rating with a positive outlook from
Moody´s Investors Service and an
A/F1/C rating with a stable outlook
from Fitch IBCA. Landsbanki’s for-
eign funding sources include a USD
2,500 million EMTN programme and a
EUR 500m ECP programme.
Íslandsbanki (ISB) is a leading finan-
cial group in Iceland. Its wide range
of services for households, business-
es and institutional investors
includes commercial banking, invest-
ment banking, asset management
and insurance. ISB’s roots go back a

Straumur
Fjárfestingarbanki hf.

Interim Accounts
January - March 2004
ISK

Straumur Fjárfestingarbanki hf.
Borgartún 30
105 Reykjavík
Iceland

Reg. no. 701086-1399
full century, to the early days of the
modernisation of the Icelandic econ-
omy. These 100 years of service are
commemorated in the group's 2003
annual report.
For Iceland’s leading corporations,
ISB is the prime choice for financial
services, based on its reputation and
long-standing relationship with major
industries. The group's strong mar-
ket position among households and
small to medium-sized enterprises
was further reinforced in 2003 with
the acquisition of Sjóvá-Almennar,
Iceland’s leading insurance compa-
ny. International activities have also
grown rapidly in recent years, with
ISB operating branches in London
and Luxembourg.
In 2003, ISB's net earnings amount-
ed to ISK 5.5 billion (USD 77 million)
and return on equity was 30.1%. At
the end of 2003, ISB’s total assets
amounted to ISK 444 billion (USD 6.2
billion) and capital ratio (CAD) stood
at 11.4%. ISB is rated A1 and A by
the international rating agencies
Moody’s and Fitch, respectively.
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Bakkavör Group is a leading food
manufacturing company specialising
in the manufacturing of chilled con-
venience food for major UK retailers.
Bakkavör operates in a market
which is characterised by rapid
growth in chilled convenience foods
where retailers have a strong market
position. Bakkavör manufactures
mainly under the retailer’s labels but
also under it’s own brand where
applicable. Strong customer rela-
tions is the cornerstone of the opera-
tions, which are maintained through
close co-operation in new product
development and support for the
retailer's own label strategies. In the
past few years the company has
grown rapidly and continues to aim
for rapid growth both organically and
through strategic acquisitions. The
Group’s turnover amounted to £138
million in 2003 with pre-tax profits
amounting to £17.4 million.
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