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Bakkavör Group

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Our Mission
Bakkavör’s mission is to become an
international leader in the production,
sale and distribution of fresh and chilled
food products under its own brand
names and under the private labels of
retail chains.
Business Objectives
Bakkavör is an integrated food
production company, specialising in
chilled prepared food. We intend to
expand substantially through organic
growth and strategic acquisitions. The
critical success factor for Bakkavör´s
operation is commitment to excellence in
our service to the major European
supermarket chains which we maintain
through high quality customer
relationships. These relationships are
maintained through close co-operation
on distribution, new product
development and support for their ownlabel
strategies.
General Strategy
Our focus is on the chilled prepared food
market, one of the fastest growing
segments of the food industry in Europe.
We aim to create an influential group of
independent companies in different
regional markets, maximising synergy
effects in key areas and thereby creating
competitive advantages.
We will provide quality service to our
customers in all their regional markets by
offering a broad but specialised product
range, continuous new product
development, guaranteed quality and
efficient distribution at competitive
prices.

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The Group
Bakkavör Group was founded in 1986 in Iceland
by two brothers, Ágúst and L‡dur Gudmundsson.
Today, the Company comprises a parent company
and eight subsidiaries in Europe, together with an
associated company in Chile. The Group operates
sales and production enterprises in four European
Countries, Iceland, France, Sweden and the United
Kingdom, in addition to a plant in Chile. The
Group also has sales and distribution companies
in Germany, Finland and Poland. Each of these
subsidiaries is operated as an independent
company.
The principal customers of the Group are the
major supermarket chains of Europe. We do not
normally enter into contracts to supply our
customers. Our business relations are based on
the combination of service, quality, innovation
and value that we offer.
We make nearly 350 different products. Most of
them are freshly prepared every day, and will
typically be comsumed within days of leaving us.
Products
The principal products of Bakkavör are high-quality
chilled prepared foods and chilled value-added
seafood. The chilled prepared foods market is a fastgrowing
market in which the vast majority of the
products carry the brand names of major food
retailers. These retailers are our customers.
Prepared Chilled Food
• Ready Meals
• Meal Accompaniments
• Ethnic Snacks
Dips, Dressings and Sauces
• Dips
• Fresh salad dressings
• Spreads in tubes
• Sauces
Chilled, Value-Added Seafood
• Roe and Caviar Products
• Herring Products
• Shellfish
• Smoked Salmon

Board Agenda
The Board of Directors of the Group has
defined five areas which are closely
monitored. These areas give an indication of
the direction of the Group and the priorities
of the Board of Directors.
They are:
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Growth
The Group has been characterised by
substantial growth in recent years, both
through organic growth and through
acqusitions, and this trend will continue.
It is important to sustain productivity
levels, secure access to raw materials and
maintain adequate production capacity.
Customers
The Group focuses on a small number of
key customer relationships. Our products
are manufactured under the names of
these customers and we work closely
with them. It is therefore extremely
important to maintain our services to
them at the highest possible level of
quality.
Innovation and Product
Development
We attach great importance to innovation
and new product development, which
enables us to offer a wide range of
products and a steady flow of new
products for consumers who are constantly
demanding improved quality and
convenience.
Safety
Every day, vast numbers of people consume
our products. The safety of our products for
consumers is therefore of critical importance.
Shareholder Value
The principal goal of Bakkavör is to ensure
good returns to shareholders. The key to
attaining this goal is a clear vision and talented
management.

Delivering Results in Growing Markets
Chairman’s and Managing Director’s Address
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The year 2001 was a good year for the Bakkavör Group. The
Company showed record profits, expansion and growth. The
most important event of the year was the acquisition of the
U.K. food manufacturer, Katsouris Fresh Foods Ltd. (KFF),
which substantially enlarged Bakkavör.
The Year’s Results
The profit for the year amounted to £ 3.6 million before
taxes, which represents an increase of 117% between years,
and the EBITDA was £ 6.3 million. Return on equity was in
line with goals, and in the operation of all subsidiaries
either met or surpassed expectations. Bakkavör’s turnover
was £ 41 million, and at year-end the Company employed
1900 people.
However, these figures give a limited picture of the operation
of the Company, as the KFF acquisition did not take
effect until 1 December, so that Bakkavör’s accounts include
only one month’s turnover figures from KFF. If we look at
the projected turnover of Bakkavör for the year 2002, it rises
to £ 130 million and the projected EBITDA will be close to
£ 26 million. These figures give a much better picture of the
current operation and strength of Bakkavör.
Fresh Food
The take-over of KFF was in line with our strategy of increasing
the weight of fresh foods in the company’s line of
products. The two Bakkavör U.K. subsidiaries account for
78% of the production value of the Company. This value
derives from fresh food, such as Ready Meals, Dips and
Dressings. Two years ago a strategic decision was made to
increase the weight of this production line within the
Company, and for this purpose the Company took over the
U.K. dips and dressings manufacturer Wine & Dine, now
Bakkavör Birmingham. These two acquisitions have radically
changed Bakkavör’s position in the United Kingdom, and the
U.K. market, the most developed in Europe for fresh, readymade
meals, is now Bakkavör’s principal market.
The fresh food sector has been experiencing the
greatest growth in Europe and is projected to
have the highest growth rate in the foreseeable
future. Consumers appreciate fresh, ready-made
products for their convenience, quality and
diversity, not to mention the time saved in cooking.
The organic growth of this part of Bakkavör’s
activities was 19% over the year, which is in line
with the Company’s expectations.
Chilled, Value-Added Seafood
Chilled seafood accounts for approximately 15% of
the Company’s turnover. These products are made
in our plants in Iceland, Sweden, France and Chile.
Chilled seafood includes, for example, caviar and
herring in jars. Apart from chilled seafood, our
plants also produce dips such as tarama and
spreads in tubes. These products are mostly sold
in Scandinavia and Continental Europe. The
Company’s principal markets for chilled seafood are
Sweden and France. Sales of chilled seafood were
according to plan during the year; performance in
this area of the Company’s business was good and
in line with projections. The organic growth of this
part of the Company’s activities was 17%.
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In addition to five sales and manufacturing
companies, the Group has sales and distribution
companies in Poland, Germany and Finland.

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Our Customers
Since Bakkavör primarily manufactures
under the brand names of supermarket
chains, as most other companies in
our line of work do, we concentrate on
few, large customers. Our products carry
these customers’ names, which means that
our work does not simply involve serving
customers, but working closely with them.
It is extremely important to us for all
relations with customers and all services
to be of the highest achievable quality.
In recent years, supermarket chains have
become fewer and larger, but although
this trend can entail risks for companies
like Bakkavör, it can also create
opportunities. We already operate in eight
European countries, where we pursue a
strategy of catering to local tastes and
needs. This places us in an excellent
position to draw on our core expertise,
adaptability to local markets and close
customer relationships with international
supermarket chains to establish footholds
in new and emerging markets. We believe
that our strength in the future will lie in
our ability to serve the supermarket chains
in the countries where their outlets are
located.
Innovation and Product
Development
We attach great importance to product
development and innovation, which is
mostly conducted in close co-operation
with our main customers. In a normal year,
the Company develops over 200 new varieties
of fresh foods, but less than a quarter
of these products are launched. It is
extremely important for us to be at the
forefront in product development in order
to serve our customers better. Consumers
are expecting new products and new varieties
on a regular basis. There are now 25
people working on product development in
the Company, and our strategy is to keep
this aspect of our work localised by closely
monitoring local market tastes and
customer response.
Quality and Food Safety
In the operation of a food manufacturing
company like Bakkavör, product quality
and safety are of paramount importance.
In order to guarantee the safety of our
products, we employ stringent quality
systems. The food industry imposes particularly
strict quality requirements, which
Bakkavör meets in every respect. It is of
the utmost importance for us to be able,
at all times, to offer safe, high-quality
products, made from the best raw materials.
Our People
The good performance of Bakkavör, and
its substantial growth in recent years, is
largely owed to the excellence of our
employees and on behalf of the Board of
Directors we would like to thank them
for their important contribution to the
Company’s operations. There are now
seven members of the Board of Directors
of Bakkavör, as two new seats were added
during the year. The Board of Directors
was joined by Antonios Yerolemou,
Managing Director of KFF, and Panikos
Katsouris, Financial Director of KFF. They
were among the founders of KFF two
decades ago, and played a key role in
the development and success of KFF. It
gives us great pleasure to welcome such
qualified and experienced men to the Board
of Directors, and the Group will
benefit greatly from their participation.
Dividends
The Board of Directors has decided not
to recommend payment of any dividends
in 2001, due to the recent acquisition of
KFF. Last year, Bakkavör paid a dividend
of ISK 0.2 per share and the general
policy of the Company is to pay
dividends to shareholders.
Shareholders
The principal objective of the operation
of Bakkavör is to maximise shareholder
value. We have over four thousand
shareholders. The return on shares for
the year 2001, taking account of
dividends, came to 37.6%. The price of
the Company’s stock rose 33.9% over
the year, which is an excellent result
considering the fact that the general
stock price index fell 11.3% during the
same period. The stocks rose steeply
following the announcement of the
acquisition of KFF. We are pleased with
these good results, as they reflect the
principal objective of the Company to
give shareholders a good return on their
investment.
The Company launched two public offerings
during the year. The first offering,
amounting to £ 6.6 million, had the
result that some of the main institutional
and professional investors in Iceland
placed their trust in the Company and
joined us as shareholders. In the second
offering, amounting to £ 24.2 million,
Bakkavör’s shareholders were joined by
the former owners of KFF, who now own
19% of the Company’s shares. A total of
44% of the shares in the Company are
now held by directors and key
employees, including the 29% held by
the founding brothers of Bakkavör. About
27% of the Company’s stock is held by
investors outside Iceland, mostly as a
result of the offering in connection with
the acquisition of KFF.
Following the acquisition of KFF, the
Company underwent refinancing with the
assistance of three banks, the Halifax
Bank of Scotland, the Royal Bank of
Scotland and HSBC. The loans taken to
finance the acquisition have a term of
seven years, and, in addition, the
Company now has access to a revolving
credit facility of £ 10 million.
We are now in the process of exploring
the potential advantages of listing the
Company on a stock exchange outside
Iceland. We will report on this in further
detail as the decision process moves
forward.

Prospects
Bakkavör’s growth in recent years has been
rapid, and we believe that this growth will continue
as the market for the Company’s products
is steadily growing. As the Company starts to
outgrow its current production capacity, we have
invested in a new plant on the Company’s operating
location in the London area with a floor
space of 60,000 square feet. The plant, which
will increase the Company’s production capability
in London by 30-40%, will come next autumn,
generating 300 new jobs. A total investment of
£ 12.8 million is planned for the current operating
year.
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Ahead is a future of continued growth in rapidly
growing markets. As before, our long-term goals
are clear. We intend to grow at an average annual
rate of 20-30% without sacrificing profits. We
will work on enlarging the Company at the same
time that we work on further co-ordination of
the operations of KFF with other Bakkavör subsidiaries.
This year has begun well, and operations are in
line with our expectations. The Company has
never been better prepared for future growth
than it is right now.
Ágúst Gudmundsson & L‡dur Gudmundsson

Market Report
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The purpose of this section is to describe
briefly the markets in which Bakkavör
operates and their structure. Also, the section
will explore the substantial growth of these
markets and look at some of the drivers of
growth in this sector.
Regional Segmentation
General Market
Description
The chilled prepared food market has a strong
competitive position in the European retail
food market, which reflects the increasing
demand for convenience, the drive to mass
merchandising and a new pattern of social
trends, due to changing society, the evolution
towards a larger number of small households
and the growing participation by women in
the workforce. The increasing demand for
ready-prepared, portion-controlled, easy-toserve
convenience foods, particularly chilled
prepared foods, is, at least in part, driven by
the diminishing availability of time to spend
preparing and cooking food.
U.K. 38%
France 24%
Others 13%
Spain 3%
Netherlands 4%
Germany 18%
Over 90% of Bakkavör’s products are sold on
the European chilled prepared foods market.
The total market in Europe may not easily be
quantified, owing to the undeveloped nature
of some markets. The U.K. chilled food market
is a good benchmark as it is well developed
and its description illustrates what many
analysts expect to be the future segmentation
of the European food market.

The bold sectors in the chart for chilled prepared food are
sectors in which Bakkavör is delivering products today.
Despite the difficulty of quantifying the total market in
Europe, the world-wide food market analyst, Leatherhead
Food RA, has estimated that the Western European market
for chilled prepared foods had a volume of around 3
million tonnes in 2000. U.K., France and Germany are by
far the largest regional markets in Europe. The chart to
the left shows the share of each country in the total
volume of 3 million tonnes.
Retail Food Market
2000
Frozen 11%
Fresh/Chilled 45%
Ambient 30%
The European market was valued at over EUR 10.6 billion
(excluding prepared sandwiches) in 2000, having grown
by 9.8% from EUR 9.7 billion in 1999. The market growth
is projected at just under 15% p.a. over the next 3 years
and the value should reach EUR 16.0 billion by 2003.
Fresh/Chilled Foods
2000
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Chilled Prepared 17%
Meat 23%
Fish 3%
Fresh Bread 7%
Dairy 23%
Fresh Produce 27%
Chilled Prepared Food
2000
Ready Meals & Meal Accompaniments 17%
Value-added Poultry & Sliced Meats 17%
Value Added Seafood 5%
Fresh Sauce 1%
Dips 1%
Other 9%
Sandwiches
(multiple retailers & stores) 16%
Cold Eating Desserts, Cake & Breads 8%
Prepared Salads 11%
Quiche, Flan & Pies 15%
Source: TNS, The U.K. Chilled Food Association.

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Market Trends
A number of market reports indicate that the
requirement for convenience has boosted
demand for pre-packed and prepared products,
with these foods increasingly chosen over their
delicatessen counterparts. In comparison with
ambient and frozen food, chilled prepared
foods have the advantage of being fresher,
better and quicker to prepare and therefore
more convenient. Chilled prepared food also
benefits from stronger retail support.
The overall European chilled prepared foods
industry can be described as very fragmented,
with a number of different manufacturers
supplying the markets in individual countries,
ranging from multinationals to regional and
national companies. Branding remains strong in
the Continental European market, unlike the U.K.
market, where the market is dominated by
retailer own-labels and very few branded
products.
Some of these trends have yet to make a
significant impact on countries in Continental
Europe and the Nordic Region. However,
market analysts, including Leatherhead Food
RA, believe that habits are beginning to change
in these regions, with convenience foods such
as ready meals now gaining wider acceptance,
especially among the younger generation,
following trends similar to those already
evident in the U.K. and some other northern
European countries, such as France.
Many chilled food products have been developed
in the wake of maturity and stagnation in the
frozen, dried and ambient food sectors. Most of
the chilled prepared food products supplied in
the U.K. are premium lines, featuring high-quality
and luxury ingredients. The range of flavours and
fillings is increasing constantly, with ethnic,
American and Continental styles being
particularly popular. This trend is mainly due to
relatively affluent and more adventurous
consumers demanding a greater variety.
In the U.K., chilled prepared food producers
have also sought diversification into the snack
food and lunch box markets, as consumers
demand more convenience food for
consumption on the move. A similar trend is
emerging in other Continental European
markets, albeit at a slower pace.

Bakkavör sees good potential for growth in Europe,
but actual growth rates are likely to vary widely by
country and product category. In the more
developed markets, such as the U.K. and France,
there is still good potential for growth, especially in
new, innovative products and in the niche market
segments. Nevertheless, despite continuing growth,
chilled prepared food is still in its infancy in some
markets. In southern Europe, where formal family
eating habits remain strong, chilled prepared foods
manufacturers are struggling to gain recognition and
acceptance. However, as convenience foods in
general and chilled foods in particular become
increasingly accepted, the market is likely to follow
similar trends as in the U.K. and France, showing
higher growth rates, but from a comparatively small
base. Even some countries with food consumption
habits similar to those of France and the U.K., like
Sweden, do not seem to have developed a market
for chilled food yet. The Swedish ready meals
market, for example, was estimated at approximately
EUR 556 million in 2000, with chilled products
accounting for only about 10% of that figure, about
EUR 55.6 million. In comparison, about half of the
U.K. ready meals market, totalling about EUR 2.8
billion in 2000, is chilled foods.
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Growth Categories
Over 8% per year
Over 4%
Under 4%
Cheese Snacks
Sauces
Ready Meals
Soup
Pasta
Sandwiches (in retailers)
Dips and Dressings
Meal Accompaniments
Ethnic Snacks
Non-diary desserts
Quiches
Dressed salads
Dairy salads
Pre-packed pizzas
Pies, pasties

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Retail Market
Supermarkets have been dominant players in
many segments of the chilled prepared food
market in the U.K., and almost exclusive
players in the case of Bakkavör products.
The industry structure and trends are
therefore of great importance to the
Company. The European retail market is
characterised by ever fewer and larger
chains, trend which is likely to continue. At
the same time the retail chains are becoming
increasingly international. Concentration in
the industry is justified by the need to
develop economies of scale in purchasing
and other operations, a decisive factor in
future competitiveness.
The main reason for this consolidation of
food retail chains is that further growth is
limited in their local markets. This may be
because of tough competition and/or
because planning regulations prevent retail
chains from increasing their number of
outlets. The latter applies, for instance, in
most countries in Western Europe. Size is
becoming increasingly important in
purchasing, and in order to expand,
supermarket chains have to look across
borders. Consolidation in the industry also
calls for a change in the way purchasing is
organised, and most market participants
have set up purchasing entities, either in cooperation
with other retail chains or on their
own. This has led to new supplier business
models and strategies. To be competitive,
the suppliers must offer new products,
competitive prices, reliable service and
constant quality.
Bakkavör’s Addressable
Market
Bakkavör divides its market into three
regional markets: the U.K., the Nordic Region
(Sweden, Finland, Norway, Denmark and
Iceland) and Continental Europe. The
Company generates over 99% of all its sales
in these three regional markets. Sales
outside these three markets are marginal and
include North America and Oceania.
The largest proportion of Bakkavör’s sales
derives from the U.K. market, with
approximately 78% of sales. Today, Bakkavör
mainly serves two product segments in the
U.K.: first, fresh dips, dressings and sauces,
and second, ready meals, ethnic snacks, and
meal accompaniments. In the Nordic Region,
generating approximately 13% of sales, the
Company has mainly focused its efforts on
the chilled value-added seafood and chilled
dips. 8% of sales are generated in
Continental Europe, where the Company has
been supplying products in several marginal
chilled value-added seafood and chilled dips
segments.
Sales by Region
UK 78%
Others 1%
Nordic Religion 13%
Continental Europe 8%

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Competitive Position of
Chilled Prepared Foods
In comparison with ambient and frozen food,
chilled prepared food has the advantage of
being fresher, of higher quality and quicker
to prepare, therefore more convenient. For
this reason, owing to strong retailer support,
chilled dips and ready meals have outgrown
their ambient and frozen rivals significantly.
From 1994 to 1999, chilled-dip sales
increased by 16.8% annually and ambient
dips sales by 9.2%. From 1995 to 2000
chilled ready meals sales increased by 10.7%
annually, while frozen meals sales increased
by 1.4%.
Market Drivers
Chilled prepared food is convenience food
and, as such, competes with other
convenience food, such as restaurant food
and frozen foods. Increased purchasing
power and greater convenience should
benefit the restaurant alternative, but the
convenience of eating at home and the
inconvenience of having to bring food home
before it gets cold is benefiting chilled
convenience food over takeaway food
products. In the period from 1995 to 1999,
the eating-out market showed a compound
annual growth rate of 4.7%, while chilled
ready meals showed a compound annual
growth rate of 10.9%, according to Mintel.
Chilled and frozen ready
meals sales
Ambient and chilled
dips sales
800
700
600
500
400
300
200
100
0
1995 1996 1997
1998
1999
2000
Chilled
Frozen
Source: TNS, The U.K. Chilled Food Association.

Progress Report
16 Bakkavör’s profits before taxes for the
year 2001 amounted to £ 3.6 million,
which represents an increase of 117% in
profits from 2000, when earnings before
taxes came to £ 1.7 million. Operating
revenues increased by 82% between
years, from £ 22.5 million to £ 41.0 million.
Earnings before depreciation and financial
activities (EBITDA) amounted to £
6.3 million, as compared to £ 3.5 million
in 2000. The increase between years was
80%, the best operating result returned
by the Company since its foundation.
The impact of Bakkavör’s acquisition of
the U.K. food production company
Katsouris Fresh Foods Ltd. (KFF) is now
felt for the first time in the Group’s
accounts, although since the acquisition
only took effect on 1 December, only a
single month is represented in Bakkavör’s
consolidated financial statement.
Bakkavör’s entire product line can be
divided into two principal categories. On
the one hand, we produce fresh prepared
convenience foods (ready meals, meal
accompaniments, ethnic snacks, dips,
salad dressings, and sauces) in two U.K.
subsidiaries, and, on the other hand, we
produce chilled value-added seafood and
dips (marinated herring, roe and caviar
products, smoked salmon, spreads and
shellfish) in the Company’s subsidiaries
in Iceland, Sweden, France and an
associated company in Chile. In addition,
the Group has sales and logistics subsidiaries
in Finland, Germany and Poland.
The operation of all Bakkavör subsidiaries
either met or surpassed projections
in 2001. The greatest proportional increase
in sales was in Iceland, at almost
93%. Bakkavör Sweden‘s turnover increased
by 16%, Bakkavör France’s by
almost 12%, Bakkavör Birmingham’s by
over 25%, and Bakkavör Poland’s by
10%. KFF’s turnover increased by over
19% from December 2000 to December
2001. These increases in the turnover of
the subsidiaries are calculated in the currencies
of their respective countries of
operation.
The most important event of the year
2001 for Bakkavör was the acquisition of
KFF, which completely transformed the
Company’s scope of activities. Bakkavör
now ranks among the largest companies
on the Iceland Stock Exchange.

United Kingdom
The acquisition of KFF was in line with
our strategy of increasing the share of
fresh prepared convenience foods in
Bakkavör’s product line. The acquisition
has completely changed Bakkavör’s
market position in the United Kingdom,
which now represents the Company’s
principal market area, with the Bakkavör
subsidiaries in the United Kingdom, KFF
and Bakkavör Birmingham, accounting for
78% of the Company’s production value.
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The Company’s U.K. fresh prepared convenience
foods production falls into four
sub-categories: ready meals, dips,
dressings and sauces, ethnic snacks, and
meal accompaniment. In 2001, we outperformed
the market in all our subcategories.
Our growth in ready meals
was 30%, in dips, dressings, and sauces,
15%, in ethnic snacks, 9.5%, and in meal
accompaniments, 9.6%.
The market analysts Burlington Consultants
have projected the compound
growth of the market segments in which
Bakkavör operates for the years 2002-
2004. They predict growth in the sales of
ready meals at 6-12% annually, dips,
dressings and sauces at 12-15%, ethnic
snacks at 10-14% and, finally, meal
accompaniments at 15-25%.

The Nordic Region
2001 was a good year for Bakkavör in the Nordic
countries. Bakkavör Iceland almost doubled its sales
and the increase in Bakkavör Sweden’s sales was just
over 16%. These two companies account for most of the
Company’s production of chilled value-added seafood,
and the Nordic Region now accounts for 13% of our
total sales following the acquisition of KFF.
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Bakkavör Iceland’s main product categories are cod roe,
lumpfish roe and capelin roe, in addition to herring. The
Icelandic plant processes a substantial quantity of raw
material for export and further processing in the
Company’s plants in Sweden and France. Bakkavör
Iceland has also become one of the major buyers of
herring in Iceland, with thousands of tons bought and
processed for shipment to Bakkavör Sweden where
further processing takes place.
Bakkavör Sweden maintained its position as Sweden’s
second largest manufacturer of chilled value-added
seafood. The principal products of Bakkavör Sweden are
marinated herring, spreads in tubes and roe-products.
All of the main product categories showed a healthy
growth in the year.
In the course of the year, a subsidiary was established
in Finland, Bakkavör Finland, which will be responsible
for distribution and logistics relating to Bakkavör’s products
in Finland. Bakkavör has been selling its products
in Finland for years, but sales and marketing were previously
handled mostly by Finnish agents.

Continental Europe
As before, continental Europe remains Bakkavör’s
smallest market area, accounting for approximately
8% of the Company’s revenues following the
acquisition of KFF. Bakkavör operates three subsidiaries
in continental Europe: Bakkavör France,
Bakkavör Polska and Bakkavör Germany, with
Bakkavör France as the largest of the three.
Bakkavör France’s performance was in line with
forecasts. The company’s sales value increased by
12% between years. The principal products of the
Company are roe-products, tarama, shellfish and
smoked salmon. In the course of the year, preparations
were begun for enlargement of the Company’s plant,
which is scheduled for 2002. Bakkavör France’s subsidiary,
Bakkavör Chile, owns a 42% interest in Pesquera
Isla Del Rey (PIDR), which also had a successful year.
PIDR owns four fishing vessels and operates a production
plant in Chile. Its principal products are smoked
scallops, king crab and salmon, which is processed for
consumer packaging in the Bakkavör plant in France.
Bakkavör Poland is responsible for sales and
logistics of Bakkavör’s products in Poland. The
company increased its sales value by 10% and
continued to strengthen its relations with
international supermarket chains operating in
Poland. The company primarily sells products
from Bakkavör Iceland and Bakkavör Sweden.
Bakkavör Germany, established in 2000,
made its first sales contracts with German
supermarkets last year. There is much at
stake in the marketing of Bakkavör’s products
in Germany, as the German market for
chilled value-added seafood is significant in
both size and value.
19

Board of Directors
20
BRYNJÓLFUR BJARNASON (55)
Brynjolfur is Vice-Chairman of the
Board. He has been Managing
Director of Grandi, one of Iceland's
largest fishing companies, since
1985. Brynjólfur has a B.Sc. degree
in business studies and an MBA.
Brynjólfur took a seat on the
board of Bakkavör in 1995. He has
been a board member of various
companies in Iceland, Chile,
Mexico, U.S.A and France.
ANTONIOS YEROLEMOU (59)
Antonios is Managing Director
of KFF. He was one of the
founders of Katsouris Fresh
Foods Ltd. and has been
Managing Director since the
beginning. He took a seat on
the board of Bakkavör in the
year 2001. Antonios came to
England from Cyprus, where
he was born, in 1960.
L†DUR GUDMUNDSSON (34)
L‡dur is the Managing
Director of Bakkavör. He
founded Bakkavör with his
brother, Ágúst, at the age of
19 and has devoted his
energy to the company since
then. Together with Ágúst,
L‡dur has successfully
managed the Group’s growth
from its inception.

21
PANIKOS KATSOURIS (51)
Panikos is Finance Director of
KFF. After graduating in
Economics in 1974, he joined
the family business, Katsouris
Brothers Ltd. Panikos was one
of the founders of Katsouris
Fresh Foods Ltd. in 1982 and
has served the company as
Finance Director from the
beginning. He took a seat on
the board of Bakkavör in
2001. Panikos is also
Managing Director of Katsouris
Brothers Ltd.
HREINN JAKOBSSON (40)
Hreinn has been Managing
Director of Sk‡rr hf., one of
Iceland's largest IT
companies, since 1997.
Hreinn has a B.Sc. degree in
business studies. He took a
seat on the board of
Bakkavör in the year 2000.
He has been a board member
of various companies,
including companies in
information technology and
other industries.
ÁGÚST GUDMUNDSSON (37)
Ágúst is Chairman of the
Board. He founded Bakkavör,
with his brother, L‡dur, at the
age of 22. Since then, he has
dedicated himself to the
company and is the acting
Chairman of the Board of
Bakkavör Group. In the 15
years that Bakkavör has been
in existence, Ágúst, has
played a key role in the rapid
but secure growth of the
Company.
ÁSGEIR THORODDSEN (59)
Ásgeir is a lawyer and has
been a partner in Reykjavík
Law Firm since 1977. Ásgeir
took a seat on the board of
Bakkavör in the year 2000.
He has been a board member
of various companies and is
currently Chairman of the
Icelandic Bar Association.

Innovation and
Product Development
22
We attach great importance to innovation and
product development, which enables us to offer
a wide range of products and a steady flow of
new products for consumers who are constantly
demanding improved quality and convenience.
We have adopted the strategy of conducting
new product development within each subsidiary.
Each subsidiary has its own new product
development strategy, designed in the context
of its own regional market. A total of 25
employees are currently engaged in new product
development at Bakkavör.
More than 200 new products are developed in our
development kitchens each year. These products are
often prepared in response to an approach from a
supermarket customer, although many products are
tested on the Company’s own initiative. Frequent visits
from supermarket chain representatives are scheduled to
taste new products and decide which ones should be
taken forward into full production and supply. Historically,
approximately 30-40 new products have passed this stage
each year and moved forward. The time from conception
to launch of a new product varies between the companies
in the Group, but in the U.K., Bakkavör’s largest market,
the entire process normally takes 3-4 months.

Shareholders
A total of 44% of the shares in Bakkavör are now
held by directors and key employees, including the
29% held by the two founders of Bakkavör, Ágúst
and L‡dur Gudmundsson. About 27% of the
Company’s stock is held by investors outside Iceland,
mostly as a result of the offering in connection with
the acquisition of KFF. Below is a list of the 20
largest shareholders as at 22 February, 2002.
Others 20%
Mutual funds 10%
Investment banks 8%
Pension funds 18%
Managers 44%
23
Princpal Shareholders
Name No. of Shares %
1 Bakkabræ›ur S.a.r.l. 434.424.954 28,66%
2 Bankastræti 7 Pension Funds 75.858.824 5,00%
3 Antonios Prodromou Yerolemou 74.534.353 4,92%
4 Kaupthing Luxembourg S.A. 66.084.038 4,36%
5 Eleni Pishiris 52.336.471 3,45%
6 Panikos Joannou Katsouris 52.336.471 3,45%
7 Stella Andreou 52.336.470 3,45%
8 Demos Habeshis 52.336.470 3,45%
9 Íslandsbanki-FBA hf. 38.222.626 2,52%
10 Mills DA 37.956.868 2,50%
11 Commerce Pension Fund 35.705.882 2,36%
12 Kaupthing Bank hf. 29.895.785 1,97%
13 Frams‡n Pension Fund 29.586.146 1,95%
14 Seamen's Pension Fund 28.884.779 1,91%
15 Landssjó›ur hf. Investment Fund 23.997.270 1,58%
16 Landsbanki Íslands hf. 23.109.069 1,52%
17 Au›lind hf. Equity Fund 20.086.620 1,33%
18 Austurland Pension Fund 15.668.263 1,03%
19 VVÍB hf, Investment Fund 6 14.965.343 0,99%
20 Straumur Investment hf. 14.487.152 0,96%
4345 other shareholders 343.016.148 22,63%
Total 1.515.830.002 100,00%

Product Quality
All of Bakkavör’s production facilities have
received quality standard certifications, in most
cases ISO certification or compliance with the
British Retail Consortium Standards, in order to
audit production. The Company complies with
the technical and regulatory food production
standards in each of the countries in which it
operates. It is of the utmost importance for us
to be able, at all times, to offer safe, highquality
products, made from the best raw
materials.
Our People
Motivated and committed management
represents Bakkavör’s strongest asset, and
these employees will form the foundation for
the Company’s further development. With
the significant expansion process that
Bakkavör has gone through in the last
couple of years, it has been of strategic
importance that management and owners
of acquired companies have maintained their
ties with the Company through
employment contracts and bonus schemes.
25
Number of Employees
2000
1800
1600
1400
1200
1000
800
600
400
200
0
1998
1999
2000
2001

Corporate Information
26 Head Office:
Bakkavör Group hf.
Hamraborg 10
200 Kópavogur
Iceland
Copenhagen Office:
Bakkavör Group hf.
Linnésgade 14
1361 Köbenhavn K
Denmark
Principal bankers:
Halifax Bank of Scotland
HSBC
The Royal Bank of Scotland
Investment bankers:
Kaupthing Bank
Ármúli 13
108 Reykjavík
Iceland
Auditor:
Deloitte & Touche hf.
Stórhöfdi 23
110 Reykjavík
Iceland
General Annual Meeting:
8 March 2002
Annual Report:
www.bakkavor.com

Bakkavör Group hf.
Financial Highlights & Review

Bakkavör Group's Progress
Profit and Loss Account 2001 2000 Change %
Operating revenues 41,036,093 22,496,462 82.41%
Operating expenses 34,750,436 18,996,086 82.93%
EBITDA 6,285,657 3,500,375 79.57%
28
Depreciation and amortisation 2,024,105 1,089,257 85.82%
Financial items 684,091 761,677 -10.19%
Net income from regular operating activities 3,577,460 1,649,442 116.89%
Taxes 1,016,590 494,660 105.51%
Net Profit 2,560,870 1,154,782 121.76%
Working capital from operating activities 4,140,485 2,515,936 64.57%
Balance Sheet
Fixed assets 124,139,411 17,147,166 623.96%
Current assets 36,207,536 18,360,606 97.20%
Total assets 160,346,947 35,507,772 351.58%
Equity 46,974,823 8,419,576 457.92%
Subordinated convertible loan 15,944,450
Tax liability 720,786 522,412 37.97%
Long-term Liabilities 71,031,704 9,855,282 620.75%
Short-term liabilities 25,675,183 16,710,502 53.65%
Liabilities 113,372,124 27,088,196 318.53%
Total liabilities and Equity 160,346,947 35,507,772 351.58%
Key ratios
Current ratio 1.41 1.10
Equity ratio 29.30% 23.71%
Equity ratio incl. subordinated bond 39.24%
Figures in GBP

Financial Highlights
Bakkavör’s profits before taxes amounted to £ 3.6 million, an
increase of 117% in profits between years.
The ratio of EBITDA to operating income was 15.3%.
The operating income of the Company increased by 82% between years.
Equity rose from £ 8.4 million to £ 62.9 million, including a
convertible subordinated bond in the amount of £ 15.9 million.
29
The Bakkavör’s plans for 2002 assume a turnover of £ 130 million
and earnings before financial items and depreciation (EBITDA) of
£ 26 million. Earnings after taxes are projected at £ 11 million.
Turnover EBITDA EBITDA% Net Profit
Million GBP
Million GBP
Million GBP
Million GBP
140
30
25
15
120
25
20
100
20
10
80
15
15
60
10
10
5
40
20
5
5
0
1999 2000 2001
0
0
0
2002(F) 1999 2000 2001 2002(F) 1999 2000 2001 2002 (F) 1999 2000 2001 2002 (F)

Financial Review
30
Summary
This section summarises our financial policies and
practices. The Chairman’s and Managing Directors
statement and the Operating Review outline our overall
business performance.
Earnings before interest, tax, depreciation and
amortization (EBITDA) amounted to £6.3 million, as
compared to £3.5 million in 2000. This represents an
increase of 80% between years. The ratio of EBITDA to
operating income was 15.3%, which is similar to last
year when the ratio was 15.5%. Our earnings before
financial items (EBIT) increased by 77%, from £2.4
million to £4.3 million. Financial costs amounted to £0.7
million over the year. Taxes for the year came to £1.0
million, as compared to £0.5 million in the preceding
year, bringing the bottom line of the profit and loss
account to £2.6 million after taxes, as compared to £1.2
million in the preceding year, an increase of 122%. With
a strong cash inflow from operating activities and
increased committed banking facilities, Bakkavör is in an
good position to finance its future investment plans and
take advantage of opportunities that become available.

Cash flow and
capital investment
Net debt and funding
The group has consolidated and is
Earnings per share
and dividend
31
Cash flow for the year was strongly
looking to decrease debt. Net debt at
Earnings per share stood at 50.3%
positive and the group met all of its
the year-end stood at £60.4 million.
for the year. Due to the recent
announced goals, in line with market
Bakkavör has secured a £10 million
acquisition of KFF, no dividends will
expectation. Net income for 2001 was
revolving credit facility for 7 years
be allocated from operations in 2001.
£2.6 million, up 122% on the
and a 7 year term loan with a group
However it is the company’s policy to
previous year’s figure of £1.2 million.
of banks: Halifax Bank of Scotland,
pay dividends and in 2000 dividends
Working capital from operating
HSBC and Royal Bank of Scotland.
were 20% of nominal value,
activities in 2001 amounted to £4.1
This ensures that medium-long term
significantly above expectations.
million, representing a 64% rise over
funding is in place to support our
£2.5 million generated in 2000.
continued growth requirements. Net
Capital expenditure for the year was
at £1.6 million, the same as in 2000.
interest for the year was £0.7 million
falling from £0.8 million in 2000.
Accounting standards
Group accounts are in Icelandic
Excluded is the cost of the
acquisitions of KFF and FPL in
December 2001, in total an
investment of £101.8 million. Net
funds outflow for 2001 was £116.1
million and financing activities
generated a net inflow of £116.4
million, raised by debt financing and
equity offering used to finance the
above acquisitions. Tax and dividend
Tax
Tax charges for the year were £1.0
million resulting in an effective rate
of tax of 28.4% compared to
standard U.K. corporation tax of 30%.
The group has been active in tax
planning and in the U.K. effective use
has been made of offset losses. In
Krónur but are also available in Euro
and Sterling. Group accounting is
based around the principal of
transparency of business and all
subsidiaries are included in group
accounts. For the year 2001, 17.5% of
Group business is in eurozone
countries so the group is well
prepared for future conversion of
accounts in the U.K.
payments totaled £1.0 million
Iceland effects of changing tax rates
have been minimised with the
effective tax rate remaining relatively
constant. In 2002 the corporation tax
rate will fall from 30% down to 18%
and efficient use of this low rate will
be part of our future tax initiatives.

32
Treasury policies
Liquidity risk
Risk management
Internal treasury uses global cash
pooling to centralise cash control.
Group treasury activities are carefully
monitored by the Group Finance
Controller, part of a five-strong team
based in Copenhagen. The purpose
of the treasury policies is to ensure
that adequate cost effective funding
is secured for Bakkavör and that
exposure to financial risk is
minimized. All foreign exchange risk
is hedged through the purchase of
forward contracts however no
speculative trading is permitted
within the group.
The treasury group has a tightly
controlled reporting structure and
clearly defined policies. Internal
audits are conducted on a regular
basis.
Interest rate
management
Bakkavör manages exposure to
interest rate fluctuations though
capped rate agreements for 80% of
debt with floating rates. At year end
2001 Bakkavör’s borrowings were at
£71.2 million, and from January 2002,
interest rates on 80% of our
borrowings are capped for 3 years.
Liquidity is good and the group
currently has sufficient headroom with
7 year funding of loans. Committed
bank facilities include a convertible
loan of £15.9 million.
Foreign currency
risk
Revenue generated within the UK is
expected to comprise 78% of Group
revenue for 2002. Our currency
management strategy is to control
risk within set parameters and
therefore full hedging of currencies
through forwards is exploited. In
order to protect our U.K. balance
sheet from the effect of currency
fluctuations on our European assets,
an appropriate level of borrowings
are denominated in Euros. Foreign
currency payment risks are eliminated
through the use of forward exchange
contracts.
We annually review our insurance
requirements and risks. Business
continuity contingencies include
assessment of our ability to maintain
production capabilities. Information
systems are maintained and
protected as fail-safe facilities at a
secure location.

Financial Statement, Summary GBP
Consolidated profit and loss account 2001
2001 2000
Turnover 41,036,093 22,496,462
Cost of sales (29,924,749) (14,842,485)
Depreciation (2,024,105) (1,089,257)
Other operating expenses (4,825,687) (4,153,601)
33
Operating profit before financial items 4,261,551 2,411,119
Net financial expenses (684,091) (761,677)
Income before taxes 3,577,460 1,649,442
Income tax (1,016,590) (494,660)
Profit on ordinary activities after taxation 2,560,870 1,154,782
Dividends paid (668,880) (300,883)
Retained profit carried forward 1,891,990 853,898
Figures in GBP

Balance Sheet as at December 31 2001
31.12. 2001 31.12. 2000
34
Fixed assets
Intangible assets 103,294,649 8,685,014
Tangible assets 20,283,043 7,838,380
Investments 561,719 623,772
124,139,411 17,147,166
Current assets
Stocks 9,521,420 8,761,328
Debtors due within one year 18,428,753 7,415,357
Cash 8,257,364 2,183,921
36,207,536 18,360,606
Creditors
Due within one year (25,675,183) (16,710,502)
(25,675,183) (16,710,502)
Net current assets 10,532,353 1,650,104
Total assets less current liabilities 134,671,764 18,797,270
Creditors: due after one year
Borrowings (71,031,704) (9,855,282)
(71,031,704) (9,855,282)
Provisions for liabilities and charges (720,786) (522,412)
Net assets 62,919,273 8,419,576
Capital and reserves
Called up share capital 10,165,611 3,344,403
Share premium 35,805,065 3,369,559
Other equity 1,004,147 1,705,615
Equity shareholders funds 46,974,823 8,419,576
Subordinated convertible loan 15,944,450
62,919,273 8,419,576
Figures in GBP

Consolidated cash flow statement 2001
2001 2000
Cash inflow from operating activities
Group operating profit 3,244,961 1,916,458
Depreciation 2,024,105 1,089,257
Loss on sale of assets 28,226 5,922
Deferred income tax liability (169,237) 200,368
Affiliated companies (39,574) (131,115)
Stocks, change 1,908,684 (2,128,577)
Current receivables, change (4,134,761) (1,285,123)
Current liabilities, change (1,362,739) 487,590
Cash inflow from operating activities 1,499,667 154,780
35
Net financial expenses (947,997) (564,954)
Purchase of tangible assets (1,651,828) (1,623,147)
Purchase of shares (114,629,942) (6,902,393)
Dividends paid (668,880) (300,883)
Cash flow before use of liquid resources and financing (116,398,981) (9,236,598)
Financing
Issue of ordinary share capital 39,256,714 1,993,071
Increase in debt 77,991,999 8,321,435
Increase in cash in the period 849,733 1,077,908
Cash from acquired companies 5,223,709 399
Cash at beginning of year 2,183,921 1,105,615
Cash at end of year 8,257,364 2,183,921

Bakkavör Group hf.
Financial Statement 2001

Director´s Endorsement
The board and director of Bakkavör Group hf. are of the opinion that the annual accounts contain all the information
necessary to form a clear picture of the company’s standing at the year end, the year’s operating results and the year’s
financial developments.
Operating profits amounted to roughly EUR 4.1 million. The board of the company proposes that no dividend will be paid
out to shareholders in the year 2002, but otherwise refers to the annual accounts regarding changes in the company’s net
worth and disposal of profits.
At the year end number of shareholders were 4,549 but at the beginning of year they were 4,942. One shareholder holds
more than 10% of stock, Bakkabræ›ur with 28.66%.
38
The board and director of Bakkavör Group hf. hereby confirm with their signature, the company´s annual accounts for the
year 2001.
Reykjavík, 25 February 2002
Members of the board
L‡dur Gudmundsson
Managing Director
Ásgeir Thoroddsen
Ágúst Gudmundsson
Chairman
Brynjólfur Bjarnason
Hreinn Jakobsson
Antonios P. Yerolemou
Panikos Joannou Katsouris
Auditor´s Report
To the board of directors and shareholders of Bakkavör Group hf.
We have audited the accompanying balance sheet of Bakkavör Group hf. as of 31 December 2001, and the related statement
of income for the year then ended. These financial statements are the responsibility of the Company’s management. Our
responsibility is to express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing standards. Those standards require that we plan
and perform the audit to obtain reasonable assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
In our opinion, the financial statements give a true and fair view of the financial position of Bakkavör Group hf. as of 31
December 2001 and of the results of its operations and its cash flows for the year then ended in accordance with generally
accepted accounting principles applied on a consistent basis.
Reykjavík, 25 February 2002
Deloitte & Touche hf.
Hilmar A. Alfredsson
State Authorized Accountant
Gudlaugur Gudmundsson
State Authorized Accountant

Statement of Income 2001
Operating income
Notes 2001 2000
Sold production 67,033,807 45,495,268
Other operating income 98,141 815,492
67,131,948 46,310,760
39
Operating expenses
Production cost 48,954,629 30,554,439
Other operating expenses 7,894,459 8,550,520
Depreciation 4 3,311,283 2,242,321
60,160,371 41,347,280
Operating profit before financial items 6,971,576 4,963,480
Financial expenses
Net financial expenses 21 (1,119,122) (1,567,972)
Income before taxes 5,852,455 3,395,508
Income tax
Income tax (1,663,065) (1,018,298)
Net income 4,189,390 2,377,210
Figures in EUR

Balance Sheet
Assets
Fixed assets
Notes 31.12. 2001 31. 12. 2000
40
Intangible assets 3
Capitalised development expenses 925,657 1,355,401
Goodwill 168,056,585 16,523,392
168,982,243 17,878,794
Tangible assets 4
Real estate 12,074,069 8,408,063
Vehicles 620,862 266,133
Equipments 20,486,594 7,461,734
33,181,526 16,135,930
Shareholdings 6
Shareholdings in affiliated companies 917,150 1,281,843
Shareholdings in other companies 1,781 2,241
918,931 1,284,084
Total fixed assets 203,082,699 35,298,808
Current assets
Stocks 7
Raw material and packaging 12,837,384 12,605,748
Goods 2,738,939 5,430,143
15,576,323 18,035,891
Current receivables 8
Accounts receivables 25,283,890 14,107,824
Other current receivables 4,864,158 1,157,279
30,148,047 15,265,103
Cash
Bank deposits 13,508,423 4,495,776
13,508,423 4,495,776
Total current assets 59,232,794 37,796,771
Total assets 262,315,493 73,095,579
Figures in EUR

December 31 2001
Equity and liabilities
Equity 9,10
Notes 31.12. 2001 31. 12. 2000
Common stock 16,630,171 6,884,720
Reserve fund 58,574,381 6,936,505
Other equity 1,642,709 3,511,144
Total equity 76,847,262 17,332,369
41
Subordinated convertible loan 11 26,083,916 0
Obligations
Deferred income tax liability 12 1,179,152 1,075,427
Obligations 1,179,152 1,075,427
Liabilities
Long-term liabilities 13
Loans in foreign currencies 124,079,427 21,125,247
Other loans 0 219,551
124,079,427 21,344,799
Current maturities (7,876,924) (1,056,915)
116,202,503 20,287,883
Current liabilities
Current maturities of long-term debt 7,876,924 1,056,915
Bank loans 504,955 17,891,909
Accrued taxes 4,791,574 513,033
Other current liabilities 28,829,206 14,938,043
42,002,660 34,399,900
Liabilities and obligations 159,384,314 55,763,210
Total equity and liabilities 262,315,493 73,095,579

Statement of Cash flow 2001
Cash flow from operating activities
2001 2000
42
Net income 4,189,390 2,377,210
Items not affecting working capital
Depreciation 3,311,283 2,242,321
Calculated inflation adjustments (680,328) (601,627)
Indexation on long term debt 248,598 1,006,597
Loss on sale of assets 46,176 12,190
Deferred income tax liability, change (276,858) 412,473
Affiliated companies (64,740) (269,911)
Working capital from operations 6,773,521 5,179,254
Change in current assets and liabilities
Stocks 3,122,463 (4,381,846)
Current receivables (6,764,156) (2,645,528)
Current liabilities (2,229,338) 1,003,744
Total 902,490 (844,376)
Investing activities
Tangible assets (2,702,265) (3,341,378)
Shareholdings (187,525,927) (14,209,127)
Investing activities (190,228,192) (17,550,505)
Financing activities
Bank loans (12,509,516) 16,203,844
New long term-debt 126,968,008 1,548,450
Subordinated loan 26,083,916 0
Payments of long-term debt (12,953,388) (621,957)
Dividends paid (1,094,238) (619,392)
Proceeds from issue of capital stock 64,221,019 4,102,895
Financing activities 190,715,801 20,613,840
Net increase in cash 1,390,099 2,218,960
Cash from acquired companies 8,545,594 821
Cash at beginning of year 3,572,731 2,275,996
Cash at end of year 13,508,423 4,495,776
Figures in EUR

Notes
Accounting policies
1. The consolidated financial statements are prepared in accordance with the law and generally accepted accounting
principles. In all material respects, the same accounting policies have been used in financial statements as in the
previous year, except that a change is made in the entry of exchange rate difference. With reference to IAS 21 and
39, the exchange rate difference on foreign loans taken to finance the takeover of foreign subsidiaries is entered in
the equity section against the exchange rate calculations relating to the subisidiaries operations and assets. Foreign
exchange losses, after taxes and the effects of price-level changes, amount to EUR 2.2 million.
The financial statements for the Icelandic subsidiaries are prepared according to the cost method, taking into account
the effects of general price level changes. The income statement is intended to present the year's earnings at average
price level, while the figures in the balance sheet are based on the price level at the end of the year. Calculation
is based on the changes in the consumer price index, which rose by 8.61% in 2001. The book value of intangible
and tangible assets are revalued to 2001 year-end prices. The effects of general price-level changes on monetary
assets and liabilities at the beginning of the year and their changes within the year have been calculated and are
accounted for in the financial statements, with the resulting inflation adjustments amounting to EURO 680,330.
The increase in book value of fixed assets and revenue entry due to price level changes are credited to the
revaluation account under the equity section of the balance sheet.
43
Assets and liabilities linked to an index or denominated in foreign currencies are entered into accounts at the yearend
price level or exchange rate.
The accounts for the other subsidiaries are prepared according to the cost method. The income statement is calculated
at the year's average price level, while the balance sheet is based on the price level at the end of the year.
Other accounting methods used for individual items in the accounts are noted below.
For the convenience of the reader the annual accounts have been translated from Icelandic krónur to EUR based on
the historic ISK/EUR exchange rate at the end of 2000 and 2001.
Subsidiaries
2. The consolidated financial statements of Bakkavör Group hf. include these subsidiaries.
Interest
Bakkavör Ísland hf. 100%
Bakkavör ITC ehf. av 100%
Bakkavör Holding ApS 100%
Bakkavör UK Ltd 100%
Bakkavör Birmingham Ltd 100%
Bakkavör Sweden AB 100%
Bakkavör Germany GmbH 100%
Bakkavör London Ltd 100%
Katsouris Fresh Foods Ltd 100%
Fillo Pastry Ltd 100%
Bakkavör Finland oy 100%
Bakkavör France SA 100%
Bakkavör Chile SA 100%
Bakkavör Polska s.p.a. 75%
The consolidated financial statements are prepared according to equity method.

Notes
Intangible assets
3. Intangible assets consist of capitalised development cost and goodwill resulting from from premiums paid for shares in
subsidiaries. Product development costs entered as assets during the year amounted to EUR 95,520.
44
Intangible assets are revalued and depreciated as follows
Restated cost 1/1 14,208,027
Additions in 2001 153,675,157
Revaluation 2001 2,373,917
Depreciation in 2001 (1,274,859)
Book value 31/12 168,982,243
Fixed assets and depreciation
4. Fixed assets are revalued and depreciated as follows:
Real estate Transport Equipments Total
equipments
Restated cost 1/1 16,139,405 1,081,871 49,301,693 66,522,969
Depreciation 1/1 (4,527,115) (503,513) (30,403,634) (35,434,261)
Book value 1/1 11,612,291 578,358 18,898,059 31,088,708
Restatement in 2001 746,913 29,964 793,755 1,570,632
Purchased in 2001 262,455 154,717 2,688,930 3,106,101
Sold in 2001 (221,298) (59,642) (266,551) (547,491)
Depreciated 2001 (326,290) (82,535) (1,627,599) (2,036,424)
Book value 31/12 12,074,069 620,862 20,486,594 33,181,526
Depreciation rates 4% 15% 8-20%
Depreciation of fixed assets is calculated on a straight-line basis (at a fixed rate), for the period of ownership over the
year, based on the restated original cost. Depreciation is recorded at the average price level for the year. Depreciation
according to the income statement is as follows.
Depreciation of fixed tangible assets 2,036,425
Depreciation of intangible assets note 3. 1,274,859
3,311,283
5. The insurance value of tangible assets at the end of year is EUR 78.3 million.
Figures in EUR

Notes
Shareholdings
6. The company's shares in subsidiaries and affiliated companies (where it holds more than a 20% share) are accounted
for according to the equity method. Shares in other companies are accounted for by the cost method.
Par value Book value
Shares in affiliated companies:
Pesquera Isla Del Rey in Chile 42.07% share 917,150
917,150
Shareholdings in other companies:
Búna›arbanki Íslands 41 89
SÍF hf. 739 739
Frumherji hf. 299 299
Fiskmarka›ur Su›urnesja hf. 231 231
Fiskmarka›ur Íslands hf. 662 423
1,973 1,781
45
Stocks
7. Goods are valued at cost. Raw materials and packaging are valued at cost.
Insurance value of goods at the end of year is EUR 20.9 million.
Current receivables
8. Current receivables are valued at face value and allowance is made for doubtful receivables.
Equity
9. Total capital stock is EURO 16,642,841 as required by the articles of association. At the end of year, the company's own
shares amounted to EUR 12,670.
Total capital stock at end of year according to the annual accounts was EUR 16,642,841 as follows.
Total capital stock under articles of association 16,642,841
Own shares (12,670)
16,630,171

Notes
10. Equity is further differentiated as follows:
Capital stock Reserve Other Total
fund
equity
46
Balance brought forward 5,471,190 5,512,343 2,790,257 13,773,791
New capital stock 11,158,981 53,062,038 64,221,019
Revaluation of fixed assets 424,348 424,348
Exchange differences of foreign shares (3,884,939) (3,884,939)
Gain on net montary assets (782,109) (782,109)
Net profit 4,189,390 4,189,390
Dividend (1,094,238) (1,094,238)
16,630,171 58,574,381 1,642,709 76,847,262
Subordinated convertible loan
11. A subordinated convertible loan is owed to financing institutions. The loan is in GBP, with the balance amounting to EUR
26,083,916 at year-end 2001. The loan is payable in 2009. In 2001-2005, the lenders can convert the loan to share
capital, at a rate of 20% of the loan's principal each year.
Obligations
12. Deferred income tax liability is calculated and entered in the annual accounts. The liability is calculated from the
difference in accounting items according to tax returns, on the one hand, and the company's annual accounts, on
the other.
Changes in the tax liability during the year are as follows
Income tax liability at the beginning of 2001 1,454,473
Computed indexation 103,544
Tax effect of exchange rate difference entry in equity section (788,452)
Income tax payable in 2002 (1,253,479)
Computed income tax for the year 2001 1,663,065
Income tax liability at the end of year 1,179,152
Long term liabilities
13. Long-term liabilities are as follows:
Indexation and denomination
GBP 119,118,166
EUR 4,547,303
USD 202,367
SEK 157,161
JPY 54,431
124,079,427
Figures in EUR

Notes
14. Annual maturities on the company's long-term liabilities were as follows
2002 7,876,926
2003 14,631,511
2004 18,556,698
2005 18,336,644
2006 20,594,451
Subsequent 124,079,427
47
Taxes
15. Taxes on taxable income to be paid in 2002 have been calculated and entered in the annual accounts and amount to
EUR 4.8 million. Pre-paid taxes have been deducted in the balance sheet.
Mortages and commitments
16. According to a loan agreement with Bank of Scotland, all the company's fixed assets, including shares in subsidiaries, and
the company's liquid assets, including stocks and receivables, are put up as security for the company's debts to the bank
at any given time. The balance of the debt amounted to EUR 123,404,795 at year end.
Other matters
17. The company has purchased a work stoppage insurance to the amount of EUR 137.9 million.
18. Assets bought by a lease contract are capitalized and depreciated as other assets and a liability amounting to EUR 0.93
million at the end of year is recorded in the balance sheet.
19. The company has made rental agreements in Iceland, United Kingdom and Danmark, with the reamaining period being
up to 25 years.
20. Payroll and related expenses
Payroll 8,057,368
Related expenses 1,606,536
9,663,903
Average number of employees 408
21. Financial expenses are as follows:
2001 2000
Interest income 637,067 252,630
Interest expenses and currency difference (2,436,519) (2,422,229)
Calculated inflation adjustment 680,331 601,627
(1,119,122) (1,567,972)

Bakkavör Group hf.
Ársreikningur 2001

Skýrsla stjórnar
A› áliti stjórnar og forstjóra Bakkavarar Group hf. koma fram í ársreikningi flessum allar uppl‡singar sem
nau›synlegar eru til a› glöggva sig á stö›u félagsins í árslok, rekstrarárangri ársins og fjárhagslegri flróun á árinu.
Hagna›ur af rekstri félagsins var rúmar 381,5 milljónir króna. Stjórn félagsins leggur til a› ekki ver›i greiddur
ar›ur til hluthafa á árinu 2002 en vísar a› ö›ru leyti í ársreikninginn um breytingar á eigin fé félagsins og
rá›stöfun hagna›ar.
Í lok ársins voru hluthafar í félaginu 4.549 en voru 4.942 í upphafi árs. Einn hluthafi á meira en 10% hlutafjárins
en fla› eru Bakkabræ›ur sem eiga 28,66%.
50
Stjórn og forstjóri Bakkavarar Group hf. sta›festa hér me› ársreikning félagsins fyrir ári› 2001 me› undirritun
sinni.
Reykjavík, 25. febrúar 2002
Í stjórn
Ágúst Gu›mundsson
Stjórnarforma›ur
L‡›ur Gu›mundsson
Forstjóri
Ásgeir Thoroddsen
Brynjólfur Bjarnason
Hreinn Jakobsson
Antonios P. Yerolemou
Panikos Joannou Katsouris
Áritun endurskoðenda
Til stjórnar og hluthafa í Bakkavör Group hf.
Vi› höfum endursko›a› ársreikning Bakkavarar Group hf. fyrir ári› 2001. Ársreikningurinn hefur a› geyma sk‡rslu
stjórnar, rekstrarreikning, efnahagsreikning, sjó›streymi og sk‡ringar. Ársreikningurinn er lag›ur fram af
stjórnendum félagsins og á ábyrg› fleirra í samræmi vi› lög og reglur. Ábyrg› okkar felst í flví áliti sem vi› látum
í ljós á ársreikningnum á grundvelli endursko›unarinnar.
Endursko›a› var í samræmi vi› gó›a endursko›unarvenju en samkvæmt henni skal skipuleggja og haga
endursko›uninni flannig a› nægjanleg vissa fáist um a› ársreikningurinn sé í meginatri›um annmarkalaus.
Endursko›unin felur í sér greiningara›ger›ir, úrtakskannanir og athuganir á gögnum til a› sannreyna fjárhæ›ir og
a›rar uppl‡singar sem koma fram í ársreikningnum. Endursko›unin felur einnig í sér athugun á fleim
reikningsskilaa›fer›um og matsreglum sem nota›ar eru vi› ger› ársreikningsins og mat á framsetningu hans í
heild. Vi› teljum a› endursko›unin sé nægjanlega traustur grunnur til a› byggja álit okkar á.
fia› er álit okkar a› ársreikningurinn gefi glögga mynd af afkomu félagsins á árinu 2001, efnahag fless 31.
desember 2001, og breytingu á handbæru fé á árinu 2001, í samræmi vi› lög, samflykktir félagsins og gó›a
reikningsskilavenju.
Reykjavík, 25. febrúar 2002
Deloitte & Touche hf.
Hilmar A. Alfre›sson
endursko›andi
Gu›laugur Gu›mundsson
endursko›andi

Rekstrarreikningur ársins 2001
Sk‡r. 2001 2000
Rekstrartekjur
Seldar afur›ir 6.105.439.102 3.292.947.465
A›rar rekstrartekjur 8.938.704 59.025.311
6.114.377.806 3.351.972.776
51
Rekstrargjöld
Framlei›slukostna›ur 4.458.787.646 2.211.530.268
Annar rekstrarkostna›ur 719.027.305 618.886.611
Afskriftir 4 301.591.685 162.299.226
5.479.406.636 2.992.716.105
Hagna›ur fyrir fjármagnsli›i 634.971.170 359.256.671
Fjármunatekjur og (fjármagnsgjöld)
Fjármunatekjur og (fjármagnsgjöld) samtals 21 (101.929.599) (113.489.828)
Hagna›ur fyrir skatta 533.041.571 245.766.843
Tekjuskattur
Tekjuskattur (151.471.930) (73.704.397)
Hagna›ur 381.569.641 172.062.446
Fjárhæ›ir í íslenskum krónum

Efnahagsreikningur
Eignir
Fastafjármunir
Sk‡r. 31. 12. 2001 31. 12. 2000
52
Óefnislegar eignir 3
Langtímakostna›ur 84.308.881 98.103.955
Vi›skiptavild 15.306.593.784 1.195.963.138
15.390.902.665 1.294.067.093
Varanlegir rekstrarfjármunir 4
Fasteignir 1.099.706.239 608.575.600
Flutningatæki 56.548.143 19.262.699
Vélar og áhöld 1.865.918.968 540.080.339
3.022.173.350 1.167.918.638
Áhættufjármunir og langtímakröfur 6
Eignarhlutar í hlutdeildarfélögum 83.534.022 92.779.802
Eignarhlutar í ö›rum félögum 162.183 162.183
83.696.205 92.941.985
Fastafjármunir 18.496.772.220 2.554.927.716
Veltufjármunir
Vörubirg›ir 7
Hráefni og umbú›ir 1.169.228.966 912.404.043
Afur›ir 249.462.540 393.033.776
1.418.691.506 1.305.437.819
Skammtímakröfur 8
Vi›skiptakröfur 2.302.856.661 1.021.124.325
A›rar skammtímakröfur 443.027.485 83.763.835
2.745.884.146 1.104.888.160
Handbært fé
Bankainnstæ›ur 1.230.347.209 325.404.298
1.230.347.209 325.404.298
Veltufjármunir 5.394.922.861 2.735.730.277
Eignir 23.891.695.081 5.290.657.993
Fjárhæ›ir í íslenskum krónum

31. desember 2001
Eigið fé og skuldir
Sk‡r. 31.12. 2001 31.12. 2000
Eigið fé 9,10
Hlutafé 1.514.676.002 498.316.002
Varasjó›ur 5.334.954.663 502.064.218
Anna› eigi› fé 149.617.972 254.136.626
Eigi› fé 6.999.248.637 1.254.516.846
53
Víkjandi breytanlegt lán 11 2.375.723.088 0
Skuldbindingar
Tekjuskattsskuldbinding 12 107.397.130 77.839.388
Skuldbindingar 107.397.130 77.839.388
Skuldir
Langtímaskuldir 13
Lán í erlendum gjaldmi›lum 11.301.154.195 1.529.045.397
Lán í íslenskum krónum 0 15.891.125
11.301.154.195 1.544.936.522
Næsta árs afborganir (717.430.267) (76.499.533)
10.583.723.928 1.468.436.989
Skammtímaskuldir
Næsta árs afborganir langtímaskulda 717.430.267 76.499.533
Skuldir vi› lánastofnanir 45.991.344 1.295.016.396
Reikna›ir skattar ársins 436.416.575 37.133.294
A›rar skammtímaskuldir 2.625.764.112 1.081.215.547
3.825.602.298 2.489.864.770
Skuldir og skuldbindingar 14.516.723.356 4.036.141.147
Eigi› fé og skuldir 23.891.695.081 5.290.657.993

Sjóðstreymi ársins 2001
54
Sk‡r. 2001 2000
Rekstrarhreyfingar
Hagna›ur ársins 381.569.641 172.062.446
Rekstrarli›ir sem ekki hafa áhrif á fjárstreymi
Afskriftir 301.591.685 162.299.226
Ver›breytingarfærsla (61.964.255) (43.545.764)
Ver›bætur og gengismunur 22.642.329 72.857.496
Sölutap 4.205.696 882.344
Tekjuskattsskuldbinding breyting (25.216.249) 29.854.819
Hlutdeild í hagna›i hlutdeildarfélaga (5.896.552) (19.536.144)
Veltufé frá rekstri 616.932.295 374.874.423
Breyting á rekstrartengdum eignum og skuldum
Vörubirg›ir, lækkun (hækkun) 284.393.968 (317.158.004)
Skammtímakröfur, hækkun (616.079.364) (191.483.322)
Skammtímaskuldir, (lækkun) hækkun (203.048.081) 72.650.970
Handbært fé frá (til) rekstri 82.198.818 (61.115.933)
Fjárfestingarhreyfingar
Fastafjármunir (246.122.326) (241.848.945)
Hlutabréf (17.079.861.430) (1.028.456.585)
Fjárfestingarhreyfingar (17.325.983.756) (1.270.305.530)
Fjármögnunarhreyfingar
Skuldir vi› lánastofnanir (1.139.366.713) 1.172.834.217
N‡jar langtímaskuldir 11.564.246.136 112.076.807
Víkjandi lán 2.375.723.088
Afborganir langtímaskulda (1.179.794.604) (45.017.215)
Greiddur ar›ur (99.663.182) (44.831.600)
Innborga› hlutafé 5.849.250.445 296.967.559
Fjármögnunarhreyfingar 17.370.395.170 1.492.029.768
Hækkun handbærs fjár 126.610.232 160.608.305
Handbært fé frá keyptum félögum 778.332.679 59.410
Handbært fé í upphafi árs 325.404.298 164.736.583
Handbært fé í lok tímabils 1.230.347.209 325.404.298
Fjárhæ›ir í íslenskum krónum

Skýringar
Reikningsskilaa›fer›ir
1. Ársreikningur samstæ›u Bakkavarar Group hf. er í samræmi vi› lög og gó›a reikningsskilavenju. Vi› ger› ársreikningsins
er í öllum meginatri›um fylgt sömu reikningsskilaa›fer›um og á fyrra ári a› flví undanskyldu a› ger› er breyting á færslu
gengismunar. Me› vísan til IAS 21 og 39 er gengismunur á erlendum lánum sem tekin voru til fjármögnunar á kaupum á
erlendum dótturfélögum fær›ur yfir eigi› fé til mótvægis vi› gengisumreikning af rekstri og eignum dótturfélaganna.
Gengistapi› a› teknu tilliti til skattáhrifa og áhrifa ver›lagsbreytinga er kr. 207,5 milljónir.
55
Ársreikningurinn er ger›ur eftir kostna›arver›sa›fer› a› teknu tilliti til áhrifa ver›lagsbreytinga.
Í íslenskum félögum samstæ›unnar er notu› kostna›arver›sa›fer› a› teknu tilliti til áhrifa ver›lagsbreytinga. fiannig er
rekstrarreikningi ætla› a› s‡na afkomu á me›alver›lagi en fjárhæ›ir í efnahagsreikningi eru á ver›lagi í lok ársins. Mi›a›
er vi› breytingu á neysluver›svísitölu en hún hækka›i um 8,61% á árinu. Varanlegir rekstrarfjármunir og óefnislegar eignir
eru endurmetnar me› flví a› framreikna upphaflegt stofnver› fleirra og afskriftir til ársloka 2001. fieir varanlegu rekstrarfjármunir
og flær óefnislegu eignir sem vi› bættust e›a voru seld eru endurmetin mi›a› vi› eignarhaldstíma. Áhrif ver›-
lagsbreytinga á peningalegar eignir og skuldir eins og flær voru í byrjun reikningsársins og á breytingu fleirra á árinu eru
reiknu› og mynda reikna›ar tekjur vegna ver›lagsbreytinga a› fjárhæ› kr. 61.964.255. Endurmatshækkun varanlegra
rekstrarfjármuna og reikna›ar tekjur vegna ver›lagsbreytinga er fær› á endurmatsreikning me›al eiginfjárli›a í
efnahagsreikningi.
Eignir og skuldir sem bundnar eru vísitölu e›a gengi erlendra gjaldmi›la eru fær›ar upp mi›a› vi› ver›lag e›a gengi í árslok.
Í ö›rum félögum samstæ›unnar er notu› kostna›arver›sa›fer›. Rekstrarli›ir eru reikna›ir í íslenskar krónur á me›algengi
tímabilsins en efnahagsli›ir eru reikna›ir í íslenskar krónur á árslokagengi.
A›rar reikningsskilaa›fer›ir sem snerta einstök efnisatri›i ársreikningsins eru tilgreindar í sk‡ringum hér á eftir.
Samstæ›a
2. Samstæ›ureikningsskil Bakkavarar Group hf. taka til flessara dótturfélaga:
Eignarhluti
Bakkavör Ísland hf. 100%
Bakkavör ITC ehf. av 100%
Bakkavör Holding ApS 100%
Bakkavör UK Ltd 100%
Bakkavör Birmingham Ltd 100%
Bakkavör Sweden AB 100%
Bakkavör Germany GmbH 100%
Bakkavör London Ltd 100%
Katsouris Fresh Foods Ltd 100%
Fillo Pastry Ltd 100%
Bakkavör Finland oy 100%
Bakkavör France SA 100%
Bakkavör Chile SA 100%
Bakkavör Polska s.p.a 75%
Samstæ›an er samin í samræmi vi› kaupver›sreglu.

Skýringar
Óefnislegar eignir
3. Óefnislegar eignir samanstanda annars vegar af langtímakostna›i vegna vöruflróunar frá fyrri árum og hins vegar af
vi›skiptavild sem er vegna yfirver›s af kaupum á hlutabréfum í dótturfélögum. Eignfær› vöruflróun á árinu var 8,7
milljónir króna.
56
Nánar greinast óefnislegar eignir flannig:
Stofnver› í ársbyrjun 1.294.067.093
Vi›bót á árinu, stofnver› 13.996.733.315
Endurmat og gengismunur á árinu 216.216.380
Afskrifa› á árinu (116.114.123)
Bókfært ver› í árslok 15.390.902.665
Varanlegir rekstrarfjármunir og afskriftir
4. Varanlegir rekstrarfjármunir greinast flannig:
Fasteignir Flutninga- Vélar og Samtals
tæki
áhöld
Stofnver› 1.1. og vi›bót á árinu 1.469.977.033 98.536.811 4.490.398.174 6.058.912.018
Afskrifa› á›ur og vi›bót á árinu (412.329.600) (45.859.952) (2.769.162.945) (3.227.352.497)
Bókfært ver› 1/1 1.057.647.433 52.676.859 1.721.235.229 2.831.559.521
Endurmat á árinu 68.028.796 2.729.152 72.295.207 143.053.155
Keypt á árinu 23.904.372 14.091.583 244.907.767 282.903.722
Selt á árinu (20.155.856) (5.432.177) (24.277.487) (49.865.520)
Afskrifa› á árinu (29.718.506) (7.517.274) (148.241.748) (185.477.528)
Bókfært ver› í árslok 1.099.706.239 56.548.143 1.865.918.968 3.022.173.350
Afskriftarhlutföll 4% 15% 8-20%
Afskriftir eru reikna›ar sem fastur árlegur hundra›shluti af framreiknu›u kostna›arver›i mi›a› vi› eignarhaldstíma á
árinu og fær›ar til gjalda á me›alver›lagi ársins. Afskriftir samkvæmt rekstrarreikningi greinast flannig:
Afskrift varanlegra rekstrarfjármuna 185.477.562
Afskriftir óefnislegra eigna sbr. sk‡ringu 3 116.114.123
301.591.685
5. Vátryggingamat
Vátryggingamat fastafjármuna nam í árslok um 7.135 milljónum króna.
Fjárhæ›ir í íslenskum krónum

Skýringar
Eignarhlutar í félögum
6. Eignarhlutar félagsins í fleim félögum flar sem eignarhlutdeildin er umfram 20% eru fær›ir samkvæmt hlutdeildara›fer›.
Eignarhlutar í ö›rum félögum eru bókfær›ir á kostna›arver›i.
Nafnver› Bókfært ver›
Eignarhlutar í hlutdeildarfélögum:
Pesquera Isla Del Rey í Chile, 42,07% hlutdeild 83.534.022
83.534.022
Eignarhlutar í ö›rum félögum:
Búna›arbanki Íslands 3.760 8.084
SÍF hf. 67.326 67.326
Frumherji hf. 27.273 27.273
Fiskmarka›ur Su›urnesja hf. 21.000 21.000
Fiskmarka›ur Íslands hf. 60.300 38.500
179.659 162.183
57
Birg›ir
7. Afur›ir eru metnar vi› kostna›arver›i.
Hráefni og rekstrarvörur eru metnar á kostna›arver›i.
Vátryggingamat birg›a nemur í árslok um 1.903 milljónir króna.
Skammtímakröfur
8. Skammtímakröfur eru fær›ar á nafnver›i a› teknu tilliti til ni›urfærslu krafna sem kunna a› tapast.
Eigi› fé
9. Heildarhlutafé félagsins er kr. 1.515.830.002 eins og kve›i› er á um í samflykktum fless. Í lok tímabils voru í eigu
félagsins hlutir a› nafnver›i kr. 1.154.000.
Hlutafé samkvæmt ársreikningi nemur kr. 1.514.676.002 og greinist fla› flannig:
Heildarhlutafé samkvæmt samflykktum félagsins 1.515.830.002
Eigin hlutir (1.154.000)
1.514.676.002

Skýringar
10. Yfirlit yfir eiginfjárreikninga:
58
Hlutafé Varasjó›ur Anna› Samtals
eigi› fé
eigi› fé
Yfirfært frá fyrra ári 498.316.002 502.064.218 254.136.626 1.254.516.846
N‡tt hlutafé 1.016.360.000 4.832.890.445 5.849.250.445
Endurmat fastafjármuna 38.649.656 38.649.656
fi‡›ingarmismunur á erlendum eignarhlutum (353.840.252) (353.840.252)
Reikna›ar tekjur vegna ver›lagsbreytinga (71.234.517) (71.234.517)
Hagna›ur ársins 381.569.641 381.569.641
Greiddur ar›ur (99.663.182) (99.663.182)
1.514.676.002 5.334.954.663 149.617.972 6.999.248.637
Víkjandi breytanlegt lán
11. Víkjandi breytanlegt lán er vi› lánastofnanir. Láni› er í breskum pundum. og a› eftirstö›vum kr. 2.375.723.088 í árslok
2001 Láni› er til grei›slu á árinu 2009. Á árunum 2001 til 2005 geta lánveitendur breytt láninu í hlutafé, 20% árlega af
höfu›stól láns.
Skuldbindingar
12. Tekjuskattsskuldbinding er reiknu› og fær› í ársreikninginn. Tekjuskattsskuldbindingin stafar af mismun efnahagsli›a í
skattauppgjöri annars vegar og ársreikningi hins vegar. Mismunurinn stafar af flví a› tekjuskattsstofn félagins er mi›a›ur
vi› a›rar forsendur en reikningsskil fless.
Breyting tekjuskattskuldbindingarinnar á árinu greinist flannig:
Tekjuskattskuldbinding í ársbyrjun og vi›bót 132.473.444
Ver›bætur og gengismunur 9.430.800
Skattaáhrif af færslu gengismunar yfir eigi› fé (71.812.191)
Tekjuskattur til grei›slu á árinu 2002 (114.166.853)
Tekjuskattur vegna ársins 2001 151.471.930
Tekjuskattsskuldbinding í árslok 107.397.130
Langtímaskuldir
13. Yfirlit um langtímaskuldir
Gengis- og ver›trygging
GBP 10.849.282.526
EUR 414.168.314
USD 18.431.559
SEK 14.314.252
JPY 4.957.544
11.301.154.195
Fjárhæ›ir í íslenskum krónum

Skýringar
14. Afborganir af langtímaskuldum félagsins í lok ársins greinast flannig á næstu ár:
Næsta árs afborganir 717.430.416
Afborganir 2003 1.332.638.035
Afborganir 2004 1.690.144.035
Afborganir 2005 1.670.101.555
Afborganir 2006 1.875.742.617
Afborganir sí›ar 4.015.097.537
11.301.154.195
59
Skattamál
15. Skattar á hagna› ársins og eignir sem ver›a lag›ir á félagi› á árinu 2002 hafa veri› reikna›ir og fær›ir í ársreikninginn
og nema fleir kr. 436,4 milljónum. Til frádráttar reiknu›um sköttum ársins í efnahagsreikningi hafa veri› fær›ar
fyrirframgrei›slur.
Ábyrg›ir og ve›setningar
16. Samkvæmt lánasamningi vi› Bank of Scotland eru allir fastafjármunir félagsins, flar me› talin hlutabréf í dótturfélögum
og lausafé félagsins, flar me› taldar vörubirg›ir og almennar kröfur ve›settar til tryggingar skuldum félagsins vi›
bankann hverju sinni. Eftirstö›var skulda árslok voru kr. 11.239.982.000.
Önnur mál
17. Félagi› hefur keypt rekstrarstö›vunartryggingu vegna bruna- og vatnstjóns og nemur bótafjárhæ›in allt a› 12.559
milljónum króna.
18. Ger›ir hafa veri› nokkrir fjármögnunarleigusamningar vegna kaupa á vélum og vélbúna›i. firátt fyrir eignarréttarfyrirvara
leigusala eru flessir leigufjármunir fær›ir til eignar í ársreikningi me›al varanlegra rekstrarfjármuna og endurmetnir og
afskrifa›ir á sama hátt. Skuld vi› leigusala er fær› me›al langtímaskulda og eru eftirstö›var um 84,8 milljónir króna í
árslok 2001.
19. Félagi› hefur gert samninga um húsaleigu á Íslandi, Bretlandi og Danmörku og er leigutími allt a› 25 árum.
20. Laun og tengd gjöld greinast flannig:
Laun 733.865.033
Launatengd gjöld 146.323.260
880.188.293
Me›alfjöldi starfa 408
Heildarlaun og flóknanir til helstu stjórnenda félagsins á árinu 2001 námu 132,3 milljónum króna.
21. Fjármunatekjur og (fjármagnsgjöld) greinast flannig:
2001 2000
Vaxtatekjur 58.024.020 18.285.328
Vaxtagjöld og gengismunur (221.918.126) (175.320.950)
Reikna›ar tekjur vegna áhrifa ver›lagsbreytinga 61.964.507 43.545.794
(101.929.599) (113.489.828)