Today the financial services group Exista hf. published its interim statements
for the first quarter of 2008.
Key figures from the income statement:
• After-tax loss EUR 43.8 million
• Net profit from financial services EUR 67.2 million
• Net loss from investments EUR 111.0 million
Key figures from the balance sheet:
• Total assets EUR 7.4 billion, down 8.1% during the quarter
• Total equity EUR 2.3 billion, down 1.5% during the quarter
• Total liabilities reduced by 10.9% during the quarter
• Cash EUR 485 million as of 31 March, and committed liquidity to meet
refinancing obligations until December 2009
• Equity ratio 35.2% (including hybrid securities)
Lýdur Gudmundsson, Executive Chairman:
“We are content with Exista's performance in what has been an exceptionally
tough quarter for the financial services sector. Despite incurring some loss,
Exista continues to maintaining its strong financial foundations, excellent
cash position and outstanding assets. We continue to carry out our operations,
cost control and risk management successfully, safeguarding the Group's
fundamentals and liquidity position during the current turbulence in the global
financial markets. At the same time, we have made strategic moves, such as
acquiring Skipti, which will present new opportunities in the future. Exista's
growing presence in the Nordic financial services sector can be felt clearly,
and it opens up exciting possibilities for the Group.”
For further information on the interim accounts, please contact:
Sigurdur Nordal
Managing Director
Group Communications
tel: +354 550 8620 (ir@exista.com)
About Exista
Exista is a financial services group with operations in the areas of insurance,
asset finance and investments. The company is a leading insurance underwriter
in Iceland, as well as the country's largest provider of asset finance
products. As an international investor, Exista has strategic holdings in
several companies, including Sampo Group, Kaupthing Bank, Bakkavör Group,
Storebrand and Skipti (Iceland Telecom). Exista is listed on the OMX Nordic
Exchange in Iceland, and its shareholders number around 30,000. Information on
Exista hf. and its financial statements can be found on the Group's website:
www.exista.com.
