The Financial Statements of the Housing Financing Fund for the year 2007 have
been prepared in accordance with International Financial Reporting Standards
(IFRSs)., as adopted by the EU. These are the Fund's first IFRS Financial
Statements. The transition resulted in an increase of equity of ISK 1,286
million as at the transition date 1 January 2007. Further information regarding
the impact of transition to IFRSs is provided in not no. 16 to the Financial
Statements.
The Fund's operating profit amounted to ISK 2,528 million according to the
income statement. Equity at year end amounted to ISK 20,189 million according
to the balance sheet. The Fund's equity ratio, which is calculated on the basis
of Regulation no. 544/2004 on the Housing Financing Fund, is 7,0%. The ratio is
calculated on the basis of the same method as for financial companies. The
Fund's long term goal is to have an equity ratio of over 5,0%.
At the year end loans amounted to ISK 467,084 million and increased by ISK
60,535 million during the year. The Fund's borrowings amounted to ISK 583,185
million and increased by ISK 59,646 million during the year.
For the major facts of the Statements for 2007 and a comparison with previous
years where 2006 is portrayed both according to IFRS and also the previous
account standards see the enclosed Newsrelease.
For further information please phone Guðmundur Bjarnason og Ásta H. Bragadóttir
and the number is +354 569 6900.
