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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%.
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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