Exista Breaks Icelandic Record in Deficit Skip to content

Exista Breaks Icelandic Record in Deficit

By Iceland Review

Icelandic investment company Exista yesterday reported a loss of ISK 206 billion (USD 1.7 billion, EUR 1 billion) in 2008—an all time record in operational losses in Iceland. Exista’s equity was EUR 200 million (USD 299 million) at the end of 2008, which is a 90 percent decrease between years.

Photo by Páll Stefánsson.

Exista’s assets amounted to EUR 2.3 billion (USD 3.4 billion) at the end of 2008, which is a devaluation of 70 percent compared to 2007, Morgunbladid reports.

According to Exista’s annual report, the fall of Kaupthing and the sale of Exista’s assets in Sampo had an extensive negative impact on the company last year. It states that Exista is negotiating with lenders on financial reorganization.

Exista is the mother company of telecommunication company Skipti (Síminn), insurance company VÍS, Lífís life insurance and financial company Lýsing. It used to be Kaupthing’s largest shareholder.

The resolution committee of Kaupthing has filed a lawsuit against Exista, demanding a payment of ISK 20.1 billion (USD 160 million, EUR 100 million) because of currency swap agreements.

In May this year, domestic claimants expressed their intent to take over the company and change its board.

Click here to read more about Exista.

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