Statetement of Assets and Liabilities as at 31 December 2011

Glitnir is pleased to announce the release of its Statement of Assets and Liabilities as at 31 December 2011.  The Statement is presented on a consolidated basis for the first time this reporting period as it is Glitnir’s opinion that this provides a more accurate representation of the financial position following the full repayment of Glitnir’s debt to the Central Bank of Luxembourg in November 2011 when Glitnir gained full control of its Luxembourg operations and associated SPVs.   A summary of key financial highlights are:

• Total consolidated assets have increased by ISK71.2bn from ISK814.3bn as at 31 December 2010 to ISK885.5bn as at 31 December 2011. The key drivers for this were:
  • a positive net impact of ISK24bn due to movements in FX rates, principally the weakening of the ISK against various currencies (USD, EUR, NOK and GBP);
  • an increase in the value of the loan portfolio of ISK27bn;
  • an increase in the value of bonds, debt instruments, shares and equity investments of ISK21bn; and
  • an increase in the value of derivative claims of ISK3bn.
• Total consolidated assets in EUR have increased by EUR280m from EUR 5,295m to EUR5,575m over the period.
• Glitnir’s cash balance has increased by ISK77bn from ISK269bn as at 31 December 2010 to ISK346bn as at 31 December 2011. This was driven by principal and interest repayments received from the portfolio of loans to customers.