Íþaka fasteignir ehf. releases 2023 annual financial report
Icelandic property firm Íþaka fasteignir ehf. has published its 2023 financial results, reporting investment property assets valued at 32.5 billion Icelandic króna.
Íþaka fasteignir ehf. has released its annual report for the 2023 financial year. Independent auditors have verified the accounts, confirming they comply with International Financial Reporting Standards (IFRS) as adopted by the European Union.
The report indicates that investment properties account for 95% of the company's total assets, with a total valuation of 32.5 billion ISK. The company recorded a 1.366 billion ISK increase in the fair value of these assets throughout the year.
Auditors identified the valuation of investment properties as a key audit matter due to the inherent reliance on management estimates. The audit process involved verifying the reliability of valuation models, assessing management's assumptions against market data, and confirming that rental income was accounted for in accordance with lease agreements.
The 2023 financial statements were digitally signed by the board and the CEO in late March 2024. The company maintains its operations from its headquarters in Reykjavík.