Creditinfo announces Iceland’s Strongest Companies of 2013

Creditinfo Iceland has recently published “Iceland‘s Strongest Companies 2013”.

Creditinfo annually carries out detailed analysis, highlighting Icelandic companies that have achieved top marks for their strength and stability in the market place.  Of the 33,000 publicly and privately owned companies registered in the Icelandic Company Directory, only 462 (1.4%) of these organizations passed the conditions, set out by Creditinfo, in order to receive the coveted award of being one of ‘Iceland’s Strongest Companies’.

Creditinfo believes that in smaller economies, it is more important to assess a company’s strength through the stability of their operational performance over time, as opposed to reviewing only one fiscal year.  This long-term assessment prevents the inclusion of companies that cannot withstand market fluctuations, such as was the case for a number of businesses in the economic collapse of 2008.

Mr. Bjarni Benediktsson, Finance Minister for Iceland

Mr. Bjarni Benediktsson, Finance Minister – Iceland

Approximately 600 representatives from 225 companies attended an impressive and inspiring event on 13 February 2014 at the Hilton Nordica Hotel to celebrate and acknowledge the prestigious status of being named as one of Iceland’s strongest companies.  The awards were given in three categories based on Total Assets: 80-200 ISK millions, 200-1,000 ISK millions and 1,000+ ISK millions. (Approx. 0.5 – 1 millions euros, 1 million to 6.5 million euros and 6.5 million euros plus).   Icelandic Finance Minister, Mr. Bjarni Benediktsson (pictured) and Creditinfo Iceland‘s CEO, Mr. Hákon Stefánsson were pleased to present the awards to the leading organisations during the ceremony.

Over the last four years, this award has become of key importance to Icelandic businesses.   Mr. Stefánsson advised “those companies named as the “Strongest in Iceland” are being recognized by their suppliers and clients, both in Iceland and abroad, as quality and trustworthy organizations to do business with. Those named are proven to be financially sound, reliable partners and to have a track record of fulfilling their financial obligations in a timely manner.  Many of the award winners have seen additional benefits, by strengthening their position as a reliable employer and in some cases it has given them a competitive advantage when seeking new business.”

Oddný Anna Björnsdóttir, Director of Yggdrasill, importing organic food and supplements, commented: “In recent years, we have as many other companies have, become aware of the caution among foreign suppliers and their commercial banks in doing business with Icelandic companies. Creditinfo’s recognition of Yggdrasill as one of the strongest companies in Iceland, has contributed to our company the confidence in purchasing from abroad and in improving our negotiating position. This has had a positive effect on the operation, image and status of Yggdrasill.”

Creditinfo also provide a similar list each year for “Strongest in Lithuania”. The company will be carrying out further detailed analysis and publish such lists in many of their other operational locations in the near future.

See more about Strongest in Iceland at:  and for Lithuania