ICEX's financial statement is a consolidated statement for the company and its subsidiary, ICEX Info. Figures from previous years apply to the parent company only, as ICEX Info was established in 2000, but began operations in 2001. Its operations have little bearing on the operations and financial outcome of the consolidated accounts.
The consolidated income statement shows a profit of ISK 19.0 million compared to 19.4 million in 2000. The equity capital at year-end 2001 was 144.7 million and the equity ratio was 82.6% as opposed to 58.6% the previous year. The operating revenues amounted to 267.5 million, rising from 211.3 in 2000. Thus, operating revenues increased by 25.4% between years, although the revenues from core operations, stock exchange activites, increased by 3.6%. The increased revenues are mostly due to the connection fees for members connected to the SAXESS trading system and the gain on sale of assets.
Financial results are slightly better than projected in a revised budget from August of last year. This is mostly due to increased turnover in the last months of 2001.
Prospects for 2002
The budget for 2002 estimates insignificant changes in operating revenues or an increase of 3%. The main uncertainty regarding revenues is the development of the turnover in the market. The budget, therefore, estimates similar turnover as in 2001. An estimated increase of operating expenses is 8.5% and a profit of 11.8 million is projected.
Annual General Meeting
ICEX's Annual General Meeting will be held on 19 March. At the meeting the Board of Directors will propose a dividend payment of 9 million; the issue of bonus shares of 35 million; and that restrictions on sale of the company's shares will be extended until year-end 2004.
