Statistics Iceland has now compiled information on income statement and balance sheet of Icelandic companies for the years 2002-2014. This is the first time that Statistics Iceland publishes this time series data for such a long time period classified by economic activity and adjusted for inflation. This is based on data from yearly tax statements and the enterprise accounts register, covering the total business economy including fisheries and excluding pharmaceuticals, financial and insurance activities. Furthermore data for public administration, compulsory social security and education; Human health and social work activities; Arts, entertainment, recreation and other service activities that is available from our data sources is included. The information is presented in the standard format of income statements and balance sheets and should therefore be familiar and easily understood. In the dataset we also include data on the number of employees from 2003 onwards. Statistics Iceland aims to update the dataset later this year when 2015 data is available.
Equity of the total business economy including fisheries and excluding pharmaceuticals, financial and insurance activities was 2,091 billion ISK at the end of 2014, an increase of 1,434 billion ISK from year end 2008, adjusted for 2014 prices. In 2014 operating income was 3,474 billion ISK and combined profits of 249 billion ISK, which translates into an average return on equity of 13%. At year end 2014 we have an equity ratio around 37%, up from its lowest of 10% in 2008.
| Total business economy including fisheries and excluding pharmaceuticals, financial and insurance activities in 2014 prices | ||||||||||
| 2005 | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | |
| 0 General | ||||||||||
| 0-1-0 Number of companies | 31.180 | 32.499 | 34.163 | 34.084 | 34.095 | 34.601 | 34.731 | 34.857 | 35.270 | 36.109 |
| 0-2-0 Number of employees | 98.777 | 106.546 | 111.210 | 105.242 | 93.917 | 95.083 | 97.845 | 99.749 | 103.836 | 107.753 |
| 1 Income statement | ||||||||||
| 1-1-0 Operating income | 2.850,3 | 3.287,1 | 3.547,7 | 3.570,7 | 3.048,7 | 3.111,3 | 3.287,7 | 3.356,8 | 3.390,6 | 3.473,8 |
| 1-2-1 Goods and raw material | -1.554,2 | -1.761,7 | -1.866,4 | -1.926,8 | -1.599,8 | -1.659,7 | -1.769,2 | -1.825,2 | -1.822,2 | -1.891,9 |
| 1-2-2 Labour costs | -581,5 | -655,3 | -717,4 | -654,1 | -533,0 | -546,8 | -581,3 | -595,5 | -618,4 | -650,8 |
| 1-2-3 Other operating expenses | -373,8 | -421,1 | -472,4 | -538,2 | -555,5 | -535,1 | -499,9 | -519,4 | -546,3 | -490,5 |
| 1-2-4 Depreciation | -107,6 | -120,2 | -128,6 | -157,8 | -141,0 | -123,1 | -120,3 | -122,1 | -136,7 | -142,3 |
| 1-3-0 Earnings before interests and tax (EBIT) | 233,2 | 328,8 | 362,9 | 293,8 | 219,3 | 246,5 | 317,0 | 294,5 | 267,1 | 298,3 |
| 1-4-0 Financial items | 24,6 | -231,4 | 15,6 | -1.612,3 | -285,5 | -57,6 | 26,8 | -73,7 | -89,7 | -46,1 |
| 1-5-1 Extraordinary items | 7,8 | -4,5 | 0,7 | -131,8 | -16,8 | -26,6 | 24,3 | -0,6 | 2,8 | -0,4 |
| 1-5-2 Share in profit of subsidiaries | 0,7 | 14,9 | -356,3 | -17,9 | 8,7 | 46,9 | 20,9 | 52,0 | 47,6 | |
| 1-6-0 Earnings before tax | 265,6 | 93,6 | 394,1 | -1.806,6 | -100,8 | 171,1 | 415,1 | 241,1 | 232,2 | 299,3 |
| 1-7-0 Income tax | -36,2 | 21,3 | -69,8 | 103,6 | -16,9 | -41,3 | -42,3 | -47,3 | -47,0 | -50,3 |
| 1-8-0 Net profit | 229,4 | 114,9 | 324,3 | -1.703,0 | -117,7 | 129,8 | 372,8 | 193,8 | 185,1 | 249,0 |
| 2 Balance sheet | ||||||||||
| 2-1-0 Fixed assets | 1.296,3 | 2.306,9 | 2.695,5 | 3.095,3 | 2.939,2 | 2.740,6 | 2.654,1 | 2.665,1 | 2.559,8 | 2.703,2 |
| 2-1-1 Intangible assets | 423,9 | 499,1 | 550,5 | 527,4 | 495,5 | 458,0 | 448,1 | 443,0 | 410,5 | 425,0 |
| 2-1-2 Shares in other companies | 557,8 | 688,8 | 938,8 | 679,7 | 584,5 | 526,3 | 617,2 | 552,4 | 539,5 | 732,0 |
| 2-2-2 Stock | 287,8 | 361,3 | 392,1 | 366,0 | 282,3 | 262,9 | 268,5 | 280,1 | 279,9 | 294,0 |
| 2-2-3 Trade and other receivables | 713,5 | 1.045,1 | 1.309,5 | 1.336,9 | 1.179,7 | 1.107,9 | 977,9 | 904,3 | 851,2 | 1.080,8 |
| 2-2-4 Cash and securities | 237,1 | 259,1 | 364,8 | 342,1 | 397,6 | 365,9 | 332,8 | 344,1 | 326,4 | 325,0 |
| 2-2-5 Other assets | 42,6 | 46,5 | 67,7 | 82,2 | 77,3 | 82,3 | 98,0 | 103,3 | 68,4 | 59,9 |
| 2-3-1 Long-term liabilities | 1.449,4 | 2.415,5 | 2.979,3 | 4.037,6 | 3.573,1 | 3.136,5 | 2.838,6 | 2.656,1 | 2.387,7 | 2.580,1 |
| 2-3-2 Short-term liabilities | 1.013,8 | 1.215,9 | 1.423,2 | 1.735,0 | 1.426,3 | 1.349,0 | 1.032,2 | 1.024,3 | 957,2 | 948,4 |
| 2-4-0 Equity | 1.095,9 | 1.575,3 | 1.916,4 | 657,1 | 956,9 | 1.058,5 | 1.525,9 | 1.611,9 | 1.690,7 | 2.091,3 |
Between 2002 and 2014 income in tourism industries, e.g. transport, accommodation, food and beverage service activities, increased by 122%, equal to an average growth of 6.9% each year. During this time period there was only one year of decrease in income, in 2009 when it was 4.2% lower than the year before.
Between 2002 and 2007 long term debt of the fisheries industry increased by 165 billion ISK and intangible assets increased by 161 billion ISK, intangible assets mainly being capitalized fishing quotas. Since then intangible assets have remained fairly stable. Long term debt increased by 174 billion ISK in 2008 and at the end of the year the fisheries industry had negative equity of about 83 billion ISK. After that debts decreased, and from 2008-2014 equity in the industry increased by nearly 300 billion ISK and was around 216 billion ISK at the end of 2014.
