• Sales increased by ISK 6.3 billion from 2007, or 19%. Sales amounted to ISK 39.0 billion as compared to ISK 32.7 billion in the preceding year.
• Earnings before depreciation and financial items (EBITDA) amounted to ISK 9.0 billion as compared to ISK 9.5 billion for 2007. EBITDA margin was 23%.
• Cash from operations amounted to ISK 10.1 billion as compared to ISK 9.0 billion in 2007. After tax and interest, cash from operations came to ISK 8.4 billion.
• Loss over the period came to ISK 6.4 billion, mainly due to the devaluation of the Icelandic krona and impairment of intangible assets.
• Exhange loss came to ISK 3.2 billion of the total of ISK 9.5 billion finance cost for the year.
• 32% of Skipti’s sales derived from international operations.
• Net interest bearing debts (interest bearing debts, minus deposits) amounted to ISK 51.1 billion at the turn of the year, as compared to 50.0 billion in the preceding year.
• Skipti’s equity ratio is 28%.
  

Highlights of  2008

• Significant changes occurred in the Company’s operating environment in the second half of the year, as the economic crisis impacted its operations. Various actions were taken to secure the Company's results; however, a fall in demand is anticipated in the Company's largest markets in the coming months.
• Síminn continued the development of its long-range GSM system, which will offer users a strong high-speed connection throughout the country and on the fishing grounds around Iceland. Síminn also participated in the Telecommunications Fund’s tender for the development of a countrywide high-speed network, and a contract has now been signed between the parties. The contract ensures a high-speed network for all Icelanders before the end of 2010. Almost 1800 households are involved, with the first households already being  linked-up. 
• Skipti´s foreign operations showed strong results in the year. The operation of the IT company Sirius IT showed great success in the year and the project backlog was good. Síminn’s companies in Denmark were merged in early March under a new name – Síminn Danmark A/S.
• On 19 March 2008, Exista announced a voluntary offer for all shares in Skipti hf. The offer amounted to ISK 6.64 per share, which was paid with new Exista shares. The offer was valid from 27 March through 26 May, by which time Exista had acquired 99.22% of Skipti shares. Following the offer and the delisting of the company, outstanding shares were called in. Skipti is now 100% owned by Exista.
  

Brynjólfur Bjarnason, CEO of Skipti hf.
“The past year was an eventful one for Skipti, as it was for other Icelandic enterprises. The results of the Company's regular operations were favourable, considering the circumstances. The Company's subsidiaries have been working on adapting to the changed operating environment created by the events of last autumn, and it is clear that there are challenging times ahead. The price trend of the Icelandic króna was extremely unfavourable over the year which explains a large portion of the Company's losses, notwithstanding hedging measures. Skipti’s income showed good growth, largely from the Company’s overseas operations. The financial position at the turn of the year is good, partly as a result of the strong cash flow from operations and partly as a result of sales of assets in the second half of the year. The Company is therefore in good position to address the challenges ahead.”