Profits total ISK 271 million after calculated taxes

The Annual Financial Statements of Iceland Prime Contractor for the year 2002 were ratified at a meeting of the Board of Directors on 27 February 2003. The Annual Financial Statements of Iceland Prime Contractor contain the consolidated financial statements of the company and its subsidiaries. They were prepared according to the same accounting methods as those used for the prior year.

Operating income for the Iceland Prime Contractor Group totalled ISK 7.947 billion for the year 2002, as opposed to ISK 8.559 billion for the year 2001. Profits before financial items, taxes, and depreciation and amortization (EBIDTA) amounted to ISK 522 million, as compared with ISK 1.016 billion for 2001. Profits before financial items and taxes totalled ISK 221 million, as opposed to ISK 706 million for the prior year. The Companys profits before taxes, including the income from an associated company, amounted to ISK 347 million, as compared with ISK 102 million for 2001. After calculated taxes, the Companys profits for the year 2002 totalled ISK 271 million, as opposed to ISK 182 million for the prior year.