Key Figures

2.618 m

EBITDA

1.143 m

Profit

1.104 m

Cash from operations

15,0%

Return on equity

Endorsement by the Board and the CEO

The right to vote in Skeljungur hf. is such that a share of ISK 1 is equal to 1 vote. On 31 October 2017 the Company's share capital was increased by the nominal value of ISK 52 million in order to fulfill stock option agreements, after the increase the total share capital amounts to ISK 2,152 million.

Internal supervision and risk management

Internal control and risk management is an important part of Skeljungur’s business. The goal is to manage risk effectively, and to ensure transparency and awareness of risk management at all levels, from the board down to the employees. The company’s actions in the field of risk management aim to identify, assess, measure and manage risk in the company’s activities in accordance with its risk appetite.

Annual Report 2017

Financial performance was strong in 2017. The Group’s profit amounted to 1.143 million and equity ratio at year end was 38%. Changes were made during the year in the Group's organisation and executive management. The aim of these changes was to ensure better integration of the operations of Skeljungur in Iceland and the Faroe Islands, increase efficiency of the operations and support sales to foreign vessels in the North-Atlantic area. A part of the Group's strategy on simplifying the operations was also to decide to decrease the Company's brand names and transfer nine fuel stations in Iceland which had been operating under the Skeljungur brand name to the Orkan brand name.