The Enterprise Investment Fund returned ISK 700 million in profit in 2010. The Fund’s total assets at year-end amounted to ISK 5.6 billion.
The year 2010 was the Enterprise Investment Fund’s first full business year, with operations returning a profit of ISK 700 million. Total assets at year-end amounted to ISK 5.6 billion, and equity at the end of the year was ISK 4.9 billion. At the turn of the year, the Fund’s share in Icelandair Group represented its only equity holding. In January 2011 the Competition Authority approved the Fund’s acquisition of Vestia, which added Icelandic Group, Skýrr, Vodafone, Húsasmidjan and Plastprent to the Fund’s portfolio. With these additions the total turnover of the companies in the Fund’s portfolio now amounts to ISK 300 billion, and the combined number of employees is approximately eight thousand, of which about a half are employed in Iceland.
Finnbogi Jónsson, CEO of the Enterprise Investment Fund: “It is extremely satisfying to see the results of this first full year of operation of the Fund, which are explained by the performance achieved by Icelandair last year. The business activities of the Fund consisted to a significant extent in the development of its asset portfolio, with five companies added in January 2011. The challenge ahead is to continue the development of the investment portfolio, to work on selling assets which have been slated for divestment and continue the development of other companies owned by the Fund.”
The Enterprise Investment Fund’s annual financial report can be accessed here.