• The Fund’s assets are valued at ISK 47.1 billion, ISK 15.2 billion in excess of their book value
  • The acquisition of an interest in N1 was completed in the course of the period and the EIF now holds a 45% share in N1
  • Work is in progress on listing Vodafone in the stock market in the second half of the year
  • The EIF’s operating profit resulted from the increase in the market value of the Fund’s holdings in Icelandair Group

The Enterprise Investment Fund returned ISK 1,470 million in profit in the first six months of 2012. The operating profit resulted from the increase in the market price of the Fund’s holdings in Icelandair Group.  The Fund’s equity at the end of the period amounted to ISK 32.3 billion.

The fund’s holdings in undertakings are entered at cost price, apart from holdings in listed companies, which are recognised at their market value. For this reason, increases in the value of unlisted assets are not reflected in the Fund’s performance until the sale of assets or their listing in a stock exchange. The only listed company in the Fund’s current investment portfolio is Icelandair Group. The price per share of Icelandair Group was ISK 6.61 at the end of the period. Vodafone is scheduled for listing in the stock exchange this year, and further companies held by the Fund will be listed in 2013 and 2014. 

In co-operation with its auditors, the Fund has assessed the probable market value of its investments at a minimum of ISK 47.1 billion, as compared to a book value of ISK 31.9 billion. The estimated value is based on the conclusions of impairment reviews of the underlying assets. 

The results of the Fund’s operations in the first six months of the year were revealed in an interim financial statement which has been submitted to the Fund’s board of directors. An audited annual financial report for 2012 will be posted on the EIF website in the first quarter of 2013.