WPCD ^$X$~ZenaS!7^iY1r'!SVNHMlC9`(ގ^sX_~1f6ĄZҵfy-Īdvz&MU^֐DbHg# tQ2I]3Zb[ ܯ3|w&>َt@elrV?LnS-|ɢ}F:V։~6˛Sa25u M#̜驡n MPZ?+X6]ݨxgp؏ OqZ 䳻@r-c58Ϸ슉4Iϰ>{)1Y]z؏X 3yN(G㟓4Hc++q=_uyl ]UWlK zKP~8ܢg 4aTgáи֩;>x¹{5 ?Pa*[")r LW=U'NV % 04# 4> mw246^ JV 0Ue 0 0 0 0W 0" 0 0 0_ 0! 0! 0" 0# 0P$ 0 % 0% 0i& 0' 0' 0( 0c) 0%* 0* 0+ 0G, 0, 0-E 1.3. D-I.I.I.I.I.I.I.I.I.I.I.I.I.I.I.I.I.I.I.I.I.I.I.I.I.I.I.I.I.I.I.I.I.I.I.I.I.I.I.I.I.I.I.I.I.I.I.I.Nv.v.v.v.v. 1x.x. 0Q / / / / 0QZ3Z3 0]77 0u<< 0w}<}< 0<< 0== 1uV>V>:>> B @@@@@@@@@@@@@@@@ 72"@"@"@"@ 1T@T@T@T@T@T@T@T@T@T@T@T@T@T@T@T@T@T@T@T@T@U:@@@@M/A/A/A/AV3A3A3A3A3A3A(BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB ABBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB\C\C\C\C\C\C@ "Doo,D&d9 Z6Times New Roman RegularX( Z$ IS , .\R6&A4\XħXXXTRW<6&A4W<6&A4 6&A4 6&A4T ? XXħ0?vvbX0#ggdd  8dXXd8ISUS.,    \\loki.althingi.is\Austurstr 8-10 3h lp41yy0W:\WP2000\SKJRI~IZ.WPTW:\WP2000\SkjritunY2k-nytt.wpthUy?rirs?g|? 3|x*+ (_2623  ..*P+P (_25   8.4 <DL!T$823  ..8.4 <DL!T$8   *A+A (_24  5+4 4 <DL!T$523  ..5+4 4 <DL!T$5  *>+> (_23 ` 2( <DL!T$223  ..2( <DL!T$2 ` *;+; (_22  /% <DL!T$/23  ../% <DL!T$/  *8+8 (_21  ,"< <DL!T$,23  ..,"< <DL!T$,  *5+5 (_20 h ) DL!T$)23  ..) DL!T$) h *2+2 (_19  &DL!T$&23  ..&DL!T$&  */+/ (_18  #DDL!T$#23  ..#DDL!T$#  *JJ (_17  >4,,4 <DL!T$>23  Ԁ>4,,4 <DL!T$>  *PP (_16   8.4 <DL!T$823  Ԁ8.4 <DL!T$8   *AA (_15  5+4 4 <DL!T$523  Ԁ5+4 4 <DL!T$5  *>> (_14 ` 2( <DL!T$223  Ԁ2( <DL!T$2 ` *;; (_13  /% <DL!T$/23  Ԁ/% <DL!T$/  *88 (_12  ,"< <DL!T$,23  Ԁ,"< <DL!T$,  *55 (_11 h ) DL!T$)23  Ԁ) DL!T$) h *22 (_10  &DL!T$&23  Ԁ&DL!T$&  (// &_9  #DDL!T$#23  Ԁ#DDL!T$#  (JJ &_8  >4,,4 <DL!T$>23  >4,,4 <DL!T$>  (PP &_7   8.4 <DL!T$823  8.4 <DL!T$8   (AA &_6  5+4 4 <DL!T$523  5+4 4 <DL!T$5  (>> &_5 ` 2( <DL!T$223  2( <DL!T$2 ` (;; &_4  /% <DL!T$/23  /% <DL!T$/  (88 &_3  ,"< <DL!T$,23  ,"< <DL!T$,  (55 &_2 h ) DL!T$)23  ) DL!T$) h (22 &_1  &DL!T$&23  &DL!T$&  &// $_  #DDL!T$#23  #DDL!T$#     )!dxdxikmo %Eu{}1. a. 1.StafliWir undir t?luliW1.a.1.()3=$ Z!ISUS.,,,..TRW6&A4X3' Letter 6&A4\XħX3'LetterTXXXXTRW6&A4W6&A4 6&A4 6&A4\XħXT ? ;XX0?vvbX0#ggdd  8@%dXXd8ISIS,.     ()3=$ Z!ISUS.,,,..TRW6&A4X3' Letter 6&A4\XħX3'LetterTXXXXTRW6&A4W6&A4 6&A4 6&A4\XħXT ? ;XX0?vvbX0#ggdd  8@%dXXd8ISIS,.     (53$ Z!ISUS.,,,..TRW6&A4X3' Letter 6&A4\XħX3'LetterTXXXXTRW6&A4W6&A4 6&A4 6&A4\XħXT ? ;XX0?vvbX0#ggdd  8@%dXXd8ISIS,.      d (M0J$2  0  .3  0 ` (O;$0  2#  a  .3  0` (#(#(u$0  0` (#(#` `  2  a  .3  0` (#` (#(`$0  0` (#(#0 ` (#` (#0 (# (#"h2  0  .3  0(#(#3#37=CIQYag1.a.i.(1)(a)(i)1)a) 0 a='ISUS.,,,..XXXX? +pXX0?vvbX0#ggdd  ISIS,.   ݀_ dqi) gEu{}a. 1. a.T?luliWur undir stafliWa.1.a.1)a)4cp Z "Times Regular L e=)ISUS.,,,..XXXX? +pXX0?vvbX0#ggdd  ISIS,.   _>? Ҁ5*&Draw Object =8C HKKKKLevel 1Level 2Level 3Level 4Level 5< WPC*j L51351  L Z!ISUS.,,,..TRW6&A4X3' Letter 6&A4\XħX3'LetterTXXXXTRW6&A4W6&A4 6&A4 6&A4\XħXT ? +pXX0?vvbX0#ggdd  8@%dd8ISIS,.     _ >?  _ikmo(%03qs 140.lggjafarYing2011!2012. ( Xingskjal390"1.ml.    2.umrWa.     t+p@XXNefndarlit#+p t#     umfrumvarptilfjrlagafyrirriW2012.   Frmeirihlutafjrlaganefndar. K #  %  Nefndinh;fstrf5.okt;bersl.FrYvaWnefndinh;fstrfviWafgreiWslufrumvarpsins    hefurhnhaldiW24fundiogttviWtlviWfjlmargaaWila,m.a.fulltrarWuneyta,Rkisend   urskoWunar,stofnanaogsveitarflaga. wO    Nefndin;skaWibrflegaeftirlitumfastanefndaYingsinsumYYttifrumvarpsinssem B  varWamlefnasviWhverrarumsig.NefndirnarhafaskilaWlitumogeruYaubirtsemfylgi    skjlmeWnefndarlitinu.     FjrlaganefndhefurunniWsamvinnuviWfagrWuneytiaWbreyttufyrirkomulagiviWt {  hlutunstyrkveitingasemkynntvarfrumvarpinu.MarkmiWiWmeWYessumbreytingumeraW nF gerathlutunfjrmunavegumrkisinsgagnsrrienveriWhefur,ogaukaYannigtraust 9 YvferlisemligguraWbakiYvhvernigfjrmunumrkisinserskipteinstkverkefni.Gert  errWfyriraWAlYingihttithlutunumstyrkjumtilUmissaverkefnavegumflaga,sam  takaogeinstaklingaenthlutuninmunflytjasttillgbundinnasj;Wa,menningarrWalands r hluta,rWuneytaeWaannarrasemsjumeWaberabyrgWfjrveitingumtilviWkomandi e= mlaflokka.XessibreytingerliWurYvaWstuWlaaWskilvirkaraverklagiviWfjrlagagerW 0 YingsinsYannigaWvinnafjrlaganefndarogumrWurYinginugetibeinstmeiraaWmark  miWumrkisfjrmla,heildarstrWum,forgangsrWogherslummlaflokkum.    NefndinhefurlokiWafgreiWsluflestraYeirraerindasemhennibrust.Breytingartillgur i YrsemerutilumfjllunarviW2.umrWunemasamtals4.084,6m.kr.tilhkkunar \4 sundurliWun2,Y.e.fjrmlumrkisaWilaAhluta. '   Tekjutlunfrumvarpsinshlj;WaWiupp521,4milljarWakr.,enstlunhefurnveriW  lkkuWumrmar35m.kr.    MeWbreytingum5.gr.erannarsvegarlgWtil1.600m.kr.lkkunlnveitingumtil `  hlutaflagaumvegaframkvmdirlj;sinUrrartlunarumlnsfjrYrf,oghinsvegar S+! 10.000m.kr.hkkunheimildtilveitingarrkisbyrgWarlntkumLandsvirkjunartilaW " mtaauknumfjrfestingumogauWveldaendurfjrmgnuneldriskuldaflagsinsfyrir # gjalddaga,gefisthagstWtkifritilYess.  $   NokkurmlbWa3.umrWu. !W%   HreftirfaraskUringarbreytingartillgummeirihlutansviWsundurliWun2. J""& ;ok$j~1 LpH@@@., L dd*j@E># L L#   $ ) I)p.  MeirihlutinnleggurtilaWfrumvarpiWverWi samYykkt meWbreytingumYeimsemskUrWar ( hafaveriWoggerWertillagaumsrstkumYingskjlum.  @ AlYingi,25.n;vember2011. a .UUUUUU@>>.@YY|SigrWurIngibjrgIngad;ttir,  @ |form.,frsm. d @ BjrnValurGslason.  @ll)xSigmundurErnirRnarsson.  .UUUUUU@> > . "  r_ 7 (@>>(@.. BjrgvinG.SigurWsson. _ 7 @__'XrniX;rSigurWsson. _ 7 (@>>(    FylgiskjalI.  c   V. Au() dE> A^V.   V.     t+plit    #+p tn#umfrumvarptilfjrlagafyrirriW2012(02innanrkisrWuneyti Z  og06menntaogmenningarmlarWuneyti). M% _@ Frmeirihlutaallsherjarogmenntamlanefndar.    NefndinhefurfjallaWumYhlutafrumvarpstilfjrlagafyrirriW2012semerumlefna yQ sviWihennar,sbr.beiWnifjrlaganefndarfr4.n;vember2011YaraWltandi.fundnefnd D arinnarkomuBryndsHelgad;ttir,J;nMagnssonogX;runnJ.HafsteinfrinnanrkisrWu  neytiogArn;rGuWmundsson,AuWurBjrgrnad;ttir,GsliX;rMagnsson,JennUBra  Jensd;ttirogMartaGuWrnSklad;ttirfrmenntaogmenningarmlarWuneyti. }  InnanrkisrWuneyti.  ;   NefndinfjallaWiumYmlaflokkainnanrkisrWuneytissemheyraundirnefndina,Y.e.  d;msoglggsluml,mannrttindaml,rkisborgarartt,neytendamlogmlefniYj;Wkirkj  unnarogannarratrflaga.HeildargjldinnanrkisrWuneytisriW2012erutluWum t 70.075millj.kr.rekstrargrunnienYarundirheyraeinnigmlaflokkarsemeruekki g? mlefnasviWinefndarinnar,Y.e.vegaogumferWarml,siglingaml,p;stogfjarskiptaml 2  ogsveitastj;rnarml.FramkemurathugasemdumviWfrumvarpiWaWfjrveitingartilverk  efnarWuneytisinsmarkistnokkuWafframhaldandiaWhaldsrWstfunumsamrmiviWtl   unrkisstj;rnarinnarumjfnuWrkisfjrmlum.  k!   HagrWingarkrafatilvelferWarmla,sk;laoglggslushinsvegarnlgthelmingi ^!6" lgrienhvaWaWramlaflokkavarWar. )"#   Heildarfjrveitingtild;mst;lahkkarum23millj.kr.YegaralmennarverWlagsbreytingar "$ erufrtaldarenaWYeimmeWtldumhkkatgjldinum219millj.kr.millira. #%   0frumvarpinuergertrWfyrirYvaWdregiWverWirtgjldumtilmlaflokksinssem $b & nemur17millj.kr.eWa0,8%verWlagigildandifjrlaga. U%-!'   Heildarfjrveitingtillggslustofnanaogryggismlalkkarum837millj.kr.frgild  &!( andifjrlgumYegaralmennarverWlagsbreytingarerufrtaldarenaWYeimmeWtldumlkka &") tgjldinum51millj.kr.millira.GerterrWfyrirYvaWdregiWverWirtgjldummla '#* flokksinssemnemur292millj.kr.eWa2,2%verWlagigildandifjrlaga.GerWertillagaum (Y$+ 58millj.kr.lkkunfjrheimildaembttisrkislgreglustj;raaWraungildiogvegurYar ( YyngstsameiningefnahagsbrotadeildarYessembttisviWembttisrstakssaks;knara.Sam  eininginleiWirtil124millj.kr.millifrslutilhinssameinaWaembttis.    HeildarfjrveitingtilsUslumannalkkarum89millj.kr.frgildandifjrlgumaWverW a lagsbreytingumfrtldumenaWYeimmeWtldumhkkatgjldinum221millj.kr.milli T, ra.GerterrWfyrirYvfrumvarpinuaWdregiWverWirtgjldumtilsUslumannasemnem  ur78millj.kr.eWa2%verWlagigildandifjrlaga.kveWiWhefurveriWaWumsUslameW  Yj;Wlendum,semsUslumaWurSnfellingahefurfariWmeWgrundvelliYj;nustusamnings,   fristtilforstisrWuneytisins.XvergertrWfyrirYvaWframlagtilYessembttislkki  X um10millj.kr. K #    Heildarfjrveitingtilfangelsismlalkkarum37millj.kr.frgildandifjrlgumaWfr    tldumverWlagsbreytingumenaWYeimmeWtldumhkkatgjldtilmlaflokksinsum73    millj.kr.     Heildarfjrveitingtilkirkjumlalkkarum153millj.kr.frgildandifjrlgumYegarfr wO  erutaldaralmennarverWlagsbreytingarenaWYeimmeWtldumhkkatgjldinum4millj. B  kr.millira.GerterrWfyrirYvaWdregiWverWirtgjldumtilmlaflokksinsum3%    verWlagigildandifjrlaga.     Heildarfjrveitingtilneytendamlahkkarum29millj.kr.frgildandifjrlgumYegar {  verWlagsbreytingarerufrtaldarenaWYeimmeWtldumhkkatgjldinum42millj.kr. nF UndirYennanmlaflokkheyrirNeytendastofaogtalsmaWurneytenda.GerterrWfyrirYv 9 aWaWhaldsmarkmiWumlkkuntgjaldarkisinstakiYvsemnstekkerttilYessamlaflokks  eWaaWeins0,8millj.kr.verWlagigildandifjrlaga.    Heildarfjrveitingtillandsskrahkkarum9millj.kr.frgildandifjrlgumYegaral r mennarverWlagsbreytingarerufrtaldarenaWYeimmeWtldumhkkatgjldinum66millj. e= kr.millira.UndirYennanmlaflokkheyrirXj;Wskr0slandssemersameinaWembttiXj;W 0 skrrogFasteignaskrr0slands.    NefndinkallaWieftirggnumumkostnaWarmatbyggingunUsfangelsisogtrekaWiYaW  viWhorfaWstefnabriaWYvaWendurnUjagsluvarWhaldsrUmihfuWborgarsvWinuen i byggjanUjaryggislmuviWLitlaHraun.:skaWvarformlegaeftirggnumumkostnaWviW \4 Yessakosti.MiklarefasemdirkomuframnefndinniumYfyrirtlunaWbyggtverWiannaW ' ryggisfangelsiH;lmsheiWi,nokkratugikl;metrafrLitlaHrauniEyrarbakka,ogkomu  framefasemdirumhagkvmniYess.MeirihlutinnbeinirYeimtilmlumtilrkisstj;rnarinnar  aWYessiformverWiendurskoWuWogaWstaWinnverWibyggtkomuoggsluvarWahaldsrUmi `  ReykjavkstaWfangelsisinsSk;lavrWustgogKvennafangelsisinsK;pavogiogbtt S+! verWiviWnUrriryggislmuviWLitlaHraunogYvsemhennifylgir.HagkvmniYessaW " rekatvryggisfangelsisamaatvinnusvWiblasirekkiviWogYvermikilvgtaWYessi # formverWiendurmetinhiWfyrsta.  $  MenntaogmenningarmlarWuneyti.  J""&   HeildargjldmenntaogmenningarmlarWuneytisinserutluWum69.813,3millj.kr. #' rekstrargrunnienfrdragastsrtekjuraWfjrhW8.032,6millj.kr.Samkvmtfrumvarpinu #( hkkatgjldrWuneytisinsum1.324,2millj.kr.verWlagigildandifjrlagaenaWmeWtld $ ) umalmennumverWlagsoggengisbreytingumhkkatgjldinum4.646,4millj.kr.millira v%N!* eWasemsvarar8,1%.FjrveitingartilmlaflokksinsmarkastnokkuWafframhaldandiaW A&"+ haldisamrmiviWtlunrkisstj;rnarinnarumjfnuWrkisfjrmlumenhagrWingar  '", krafatilvelferWarmla,sk;la&  oglggsluernrhelmingilgrienframlgtilannarramla '#- flokkaeins''f8ogWursegir. (z$.   Heildarfjrveitingtilhsk;laogranns;knalkkarum41,6millj.kr.frfjrlgumgild ( andirsYegarfrertalin1.178,3millj.kr.hkkunvegnakjarasamningaogalmennraverW  lagsbreytinga.UndirYennanmlaflokkheyrirHsk;li0slandsogtengdarstofnanir,aWrirh  sk;laroghsk;lastofnanir,Yj;nustuogranns;knarstofnanir,ranns;knarsj;WirogaWrirliWir a semtengjasthsk;laogranns;knarstarfsemi. T,   Heildarfjrveitingtilframhaldssk;lahkkarum1.988,6millj.kr.frgildandifjrlgum  aWfrtldumalmennumverWlagsbreytingumsemnema1.380,2millj.kr.GerterrWfyrirYv  aWdregiWverWirtgjldummlefnaflokksinsum369,4millj.kr.verWlagigildandifjrlaga   tilaWmtamarkmiWumumsamdrttrkistgjalda.Ssamdrtturjafngildir2%lkkunfr  X gildandifjrlgum.Hinn19.aprl2011samYykktirkisstj;rninvinnumarkaWsaWgerWir,Y.m.t. K #  menntunartak,ogskUrastbreytingarframlgumtilYessamlaflokksafYeim.Lagtertil    aW1.790millj.kr.framlagverWiveitttiltaksinsogerueftirfarandiatriWiYaWhelstasemfell    urYarnaundir:KennslukostnaWurviWnmstkifrifyriratvinnuleitendur,sk;lavistfram   haldssk;lumfyrirnemendurundir25ra,skilinmilliframhaldssk;laogframhaldsfrWslu wO  gerWsveigjanlegri,aukiWframboWraunfrnimatiognmsogstarfsrWgjfinnanfram B  haldsfrWslunnar,nUrYr;unarsj;WurtileflingarstarfstengdunmiognUrvinnustaWanms    sj;WursemertlaWaWmtakostnaWivegnastarfsnmsvinnustWum.     Heildarfjrveitingtilmlefnagrunnsk;lanslkkarum34,7millj.kr.frgildandifjrlg {  umaWfrtldumalmennumverWlagsbreytingum. nF   HeildarfjrveitingtilnmsaWstoWarlkkarum585millj.kr.frgildandifjrlgumaWfr 9 tldumalmennumverWlagsbreytingumenhrundirheyrirLnasj;Wurslenskranmsmanna  ogjfnunnmskostnaWi.    Heildarfjrveitingtilsafnaoglistastofnanalkkarum148,3millj.kr.frgildandifjrlg r umaWfrtldumlaunaogverWlagsbreytingumenaWYeimmeWtldumhkkatgjldtil e= mlaflokksinsum367,1millj.kr.millira. 0   RWuneytiWeraWiliaWsamningumviWsamtk,einkaaWilaogsveitarflgumUmisverk  efni.FramkemurfrumvarpinuaWunniWhafiveriWaWYvaWendurbtasamningaogeftirlit  meWYeimm.a.meWYvaWnotasrstakanhugbnaWtilaWhaldautanumeftirlit. i   MeirihlutinntelurmikilvgtaWendurskoWaforgangsrWunfjrveitingamenntamlum \4 ogaukaframlgtilhsk;laogframhaldssk;lasemnj;talgrihlutdeildarfjrveitingaenal ' menntgeristhjOECDrkjunum.SamhliWaerbrUntaWaukagWihsk;lastarfsogbtanUt  ingufjrmunameWauknusamstarfiog/eWasamrunahsk;laogbeinirnefndinYvtilrWherra  aWhraWaYeirrivinnusemkosturer. `    MeirihlutinnminnirnUlegakortlagninguhagrnumhrifumskapandigreinaogtrek S+! armikilvgiYessaWtekiWverWitillittilniWurstaWnahennarviWkvarWanatkuframtWinni. " XtrekarnefndinmikilvgiYessaWframlgtilkvikmyndagerWarfjrlgumverWiaukin # endaerufjrfestingargreininnihagkvmarenmikillsamdrtturhefurorWiWframlgum  $ tilgreinarinnar.MinnteraWafhlfusamrWsvettvangsumskapandigreinarhefurveriW !W% lgWherslaranns;knirogframhaldsmenntunskapandigreinumListahsk;lanumog J""& leggurnefndinhersluaWListahsk;lanumverWiveittframlagtilaWYr;aslktnm. #'   MeirihlutinnstyWurformumaWnUttverknmshs,Hamar,verWibyggtviWFjlbrauta #( sk;laSuWurlandsogleggurtilaWfjrlgumfyrirriW2012verWifyrstuframlgintilYess $ ) veitt,samrmiviWtlanirsk;lansumframkvmdina.BenteraWYgetisveitarflgin v%N!* svWinuleystt140millj.kr.semYauhafasafnaWsj;WtilverksinsoghafisthandaviW A&"+ undirbningoghnnunhssinsstraxnstari.MeirihlutinnleggurhersluaWmennta  '", ogmenningarmlarWuneytiWleggitilfyrstaframlagtilverknmshssinsfyrir2.umrWu '#- frumvarpsinsogaWundirritaWurverWisamningurviWviWkomandihraWsnefndirumfram (z$. kvmdina.BygginghssinsermikilvgtskrefYttaWeflastarfsnmlandinuogvinna ( Yanniggegnmiklubrottfalliframhaldssk;lanema.    MeirihlutinntelurmikilvgtaWtryggtsfjrlgumfyrirriW2012aWjfnunarstyrkir  tilframhaldssk;lanemendalkkiekki.EinnigleggurnefndintilaWfariWverWiyfirfjrfram a lgtilYekkingarsetrameWYaWhugaaWsemmestjafnrWirkimillilandssvWaaWteknu T, tillititilhlutverkaogstarfsemiYeirra.    BjrgvinG.SigurWssonskrifarundirlitYettameWfyrirvaravegnasetufjrlaganefnd  semogXurWurBackmansemervaramaWurfjrlaganefnd.     AlYingi,19.n;vember2011. K #  BjrgvinG.SigurWsson,formaWur,meWfyrirvara.    SkliHelgason,   XrinnBertelsson, wO  OddnUG.HarWard;ttir, B  XurWurBackman,meWfyrirvara.    HR FylgiskjalII. 9 ~Au() dE>5 A^~      t+plit#+p tdT#  r umfrumvarptilfjrlagafyrirriW2012 0 (04SjvartvegsoglandbnaWarrWuneytiog11IWnaWarrWuneyti).  Frmeirihlutaatvinnuveganefndar. i UT Inngangur.  '   AtvinnuveganefndhefuraWbeiWnifjrlaganefndarfjallaWumYYttifjrlagafrumvarps  inssemerumlefnasviWihennar,sbr.brffjrlaganefndardags.4.n;vember2011.Xarsem  sWustubreytingarYingskapalgumgerWurWfyrirYvaWfalliWyrWifrYeirriframkvmd `  aWfjrlaganefndvsieinstkumYttumfrumvarpstilfjrlagatilfagnefndaverWuraWganga S+! tfrYvaWlitsbeiWninstyWjistviW3.mgr.10.gr.brWabirgWastarfsreglnaumfastanefndir " AlYingis. #  ViWmiWfjrlagafrumvarpsins.  !W%   AlmennviWmiWviWgerWfjrlagafrumvarpsinsumsamdrtttgjldum2012voruaW J""& dragasamanum3%almennristj;rnsUsluogYj;nustuog1,5%velferWarmlum,svosem #' heilbrigWisYj;nustu,sk;lamlum,lggslu,b;takerfumogsjkratryggingum.Gerirfrum #( varpiWrWfyrirYvaWtgjldrkissj;Wslkkium6,6mia.kr.vegnaframangreindraal $ ) mennraaWgerWaenYvtilviWb;tarlkkitgjldum2,2mia.kr.vegnasrtkraaWhaldsaW v%N!* gerWa,Y.e.samanlagtum2,1%lkkunveltufjrlaga2011Yegarundanskilineruvaxtagjld A&"+ og;reglulegirliWir.SparnaWaraWgerWirrekstrinemasamtalsum4,4mia.kr.ogeru2,3%af  '", veltugildandifjrlaga.XermisjafnthvernigrWuneytitfrasparnaWaraWgerWirrekstri '#- enleitastvarviWaWbyggjaforgangsrWunogfaglegumativerkefnumsamrmiviWtil (z$. lgurrkisstj;rnar.MarkmiWumsamdrttrekstrartgjldum2012eruaWnfram1,5!3% ( lkkunrekstrarkostnaWar.XannigergertrWfyrir3,2%lkkunrekstrartgjaldarekstrar  grunnisjvartvegsoglandbnaWarrWuneytinuen1,9%iWnaWarrWuneytinu.   FunduratvinnuveganefndarumviWfangsefniW.  T,   NefndinfkksinnfundSigurgeirXorgeirssonogArndsi.SteinY;rsd;tturfrsjvar  tvegsoglandbnaWarrWuneyti,KristjnSkarphWinssonogJ;n:skarHallgrmssonfr  iWnaWarrWuneyti,:lafS.stY;rssonogVigniThoroddsenfrHafranns;knastofnuninniog   SigurWrnHanssonogStefnGuWmundssonfrMatvlastofnun.  X   fundinefndarinnarkomframaWheildartgjldsjvartvegsoglandbnaWarrWuneytis K #  riW2012erutluW21.133m.kr.rekstrargrunni.FrdragastsrtekjuraWfjrhW1.755    m.kr.enYrnema8,3%afheildargjldumrWuneytisins.Gjldumframtekjureru19.378    m.kr.ogafYeirrifjrhWeru16.640m.kr.fjrmagnaWarmeWbeinuframlagirrkissj;Wiog   2.738m.kr.innheimtarafrkistekjum.RekstrargjldrWuneytisinsaWfrdregnumsrtekjum wO  erutluW4.144m.kr.oghkkaYvum258m.kr.millira.Rekstrarfjrveitingarflestra B  stofnanaogverkefnasemheyraundirrWuneytiWerulkkaWarallsum124,7m.kr.vegna    formaumhagrWingurekstrarkostnaWirkissj;Ws.Neysluogrekstrartilfrslurhkkaum   491,8m.kr.ogverWa15.094m.kr.ViWhaldsogstofnkostnaWurertlaWur140,5m.kr.og {  lkkarum3,9m.kr.milliravegnaaWhaldsaWgerWarkistgjldum.LoksergertrWfyrir nF aWskuldbindandisamningarsemsjvartvegsoglandbnaWarrWuneytiWhefurgertnemium 9 11.547m.kr.yfirstandandiri,samtalsmunusamningarnirYvnemaum60%afheildar  tgjldumrWuneytisinsrinu2012.    HeildartgjldiWnaWarrWuneytisinsriW2012erutluW6.127m.kr.rekstrargrunni.Fr r dragastsrtekjuraWfjrhW806m.kr.enYrnema13,2%afheildargjldumrWuneytisins. e= Gjldumframtekjureru5.320m.kr.ogafYeirrifjrhWeru5.319m.kr.fjrmagnaWarmeW 0 beinuframlagirrkissj;Wiog1m.kr.innheimtafrkistekjum.RekstrargjldrWuneytisins  aWfrdregnumsrtekjumerutluW1.474,4m.kr.oghkkaYvum98,9m.kr.millira.  RekstrarfjrveitingarflestrastofnanaogverkefnasemheyraundirrWuneytiWerulkkaWar i allsum26m.kr.vegnaformaumhagrWingurekstrarkostnaWirkissj;Ws.Neysluog \4 rekstrartilfrslurhkkaum267,3m.kr.ogverWa3.530,4m.kr.ViWhaldsogstofnkostnaWur ' ertlaWur48m.kr.ogerYaW;breyttfjrhWmillira.LoksergertrWfyriraWskuldbind  andisamningarsemiWnaWarrWuneytiWhefurgertnemium410m.kr.yfirstandandiri,  samtalsmunusamningarnirYvnemaum6,7%afheildartgjldumrWuneytisinsrinu `  2012. S+!   SrstkathyglivarvakinafhlfubeggjarWuneytaformumumaWgerabreytingar " fyrirkomulagisemveriWhefurthlutunumstyrkjumaftilteknum;skiptumfjrheimilda # liWumogsambrilegumsrgreindumviWfangsefnumfjrlagatilmargvslegrasamtaka,safna,  $ listaogmenningarverkefna,Yr;ttaviWburWaogatvinnuYr;unar.EinnigkomframaWYarsem !W% vinnuaWtfrslubreyttrarframsetningarYessarafjrheimildavarekkiaWfullulokiWviWlok J""& untalnablksfjrlagafrumvarpsinsYsframsetningYeirra;breyttfrumvarpinu.AfYessum #' skumvrigertrWfyriraWfluttarverWibreytingartillgurumframsetningufjrheimildanna #( samrmiviWnUttfyrirkomulagviW2.umrWufrumvarpsins. $ )  Matv& a lastofnun.  A&"+   0frumvarpinukemurframaWheildarfjrveitingtilMatvlastofnunar2012vritluW  '", 1.054m.kr.ogYaWjafngildi40,8'aA&om.kr.raunhkkunfrgildandifjrlgum.Erubreytingar '#- fjrheimildarskUrWarmeWa)hagrWingarkrfuupp28,2m.kr.,b)niWurfallitmabundins (z$. framlagsaWfjrhW1,5m.kr.vegnareglugerWar,c)upptkutmabundinsframlagsaWfjr ( hW2,5m.kr.vegnasmureglugerWar,d)breytingumverkefnumaWfjrhW51m.kr.,e)  aukinnatgjaldavegnasalmonelluranns;knaaWfjrhW6m.kr.,f)tryggingarvelferWardUra  ogveitingardUralknaYj;nustuaWfjrhW17m.kr.ogg)launaogverWlagsb;tasemnemi a samtals68,9m.kr.fundinefndarinnarkomframsskUringafhlfufulltrastofnunarinnar T, aWkostnaWaraukninginskv.dliWhraWframantskUristafyfirtkueftirlitsverkefnameW  framleiWslusjvarafurWaogaWraunflistYvaWveriWvriaWbatilrttangrunnfyrir  stofnuninaaWvinnaeftir.XkomframaWgertvrirWfyrirYvaWstofnuninyrWirekinmeW   tapiriW2012enhntti67m.kr.sj;WisemhnmundinUtatilaWmildahagrWingarkrfu  X frumvarpsins.EinnigkomframaWsamsfnuWhagrWingarkrafastofnuninarin2009til K #  ogmeWrinu2012nmium210m.kr.BentufulltrarniraWgripiWhefWiveriWtilUmissa    sparnaWaraWgerWa,svosemlkkunlauna,minnkunranns;knum,minniprentunogminnkun    erlendrihagsmunagsluaukYesssemstofnuninhefWitekiWnotkunUmsanUjatkniYv   skyniaWsparaviWsigmannauW.AWaukihefWistofnuninYurftaWrWastUmsarskuldbind wO  ingar,m.a.vegnaaukinnarstarfsemiumdmisskrifstofumhennar. B   Hafranns;knastofnunin.      HvaWHafranns;knastofnuninavarWarkemurframfrumvarpinuaWfjrheimildtilhennar {  riW2012verWi1.332m.kr.ogaWrekstrartgjldhennardragistYvsamanum38,7m.kr.aW nF raungildifrgildandifjrlgum.ErlkkuninskUrWmeWvsuntilsparnaWaraWgerWatilaWn 9 markmiWumumlkkunrkistgjalda.fundinefndarinnarkomframaWniWurskurWurtil  stofnunarinnarfr2009vrium22%ogaWrsverkumhefWiYvfkkaWhjhenni.Srstak  legavarrttumvktunnytjastofnaendaerhnmeWalstrstuogdUrustuverkefnastofnun r arinnarogfaraum70!80%afrWstfunarfhennarYauverkefni.Rddufulltrarstofnun e= arinnarmikilvgiYessaraverkefnaognefnduaWundanfrnumrumhafistofnuninskoriW 0 niWurumhverfisranns;kniroglffrWiranns;knirtilYessaWgetahaldiWst;rumvktunarverk  efnumtiendavruYauforsendafyrirrWgjfsemYyrftiaWhafaforgang.HvaWraunhfar  leiWirtilsparnaWarnefndufulltrarstofnunarinnarfkkunthaldsdagaranns;knarskipum i umu.Y.b.tudagaskip,Y.e.r190dgum180dagaogr150dgum140daga.Ekki \4 vrigertrWfyrirYvaWsegjauppstarfsf;lkienekkiyrWirWiWYrstWursemlosnuWu. ' XvarYaWmatfulltrannaaWmeWYeimniWurskurWisemkmiframfrumvarpinuvri  stofnuninkominaWneWrimrkumvarWandiYaWaWhaldatirekstritveggjaranns;knarskipa.  BentuYeiraWumhverfisaWstWurviW0slandhafibreystnokkuWsWastliWinrsemaftur `  hefWihaftfrmeWsraukiWthaldranns;knarskipavegnakomunUrranytjastofna S+! 0slandsmiW,svosemmakrlsogkolmunna.XannighefWikostnaWurvegnaranns;knamakrl " t.d.numiWum70m.kr.Yessuri.XrddufulltrarnirognefndarmennstWuVerkefna # sj;WssjvartvegsinsogmguleghrifbreytingafjrhagsstWuhansHafranns;knastofn  $ uninaYarsemhnhefurYegiWrlegframlgrsj;Wnum.ViWYaWtilefnikomframaWstofn !W% uninvriduglegaWskjafsamkeppnissj;Wi.AWlokumkomframaWhkkaniroluverWi J""& hefWuveruleghrifrekstrarkostnaWenoluverWhefurhkkaWum53%frrinu2009eWa #' semnmi80m.kr.hkkunrekstrarkostnaWarranns;knarskipa.KomframaWslkhkkun #( vrilangtumframverWlagsbreytingar. $ )  EndurgreiWslurvegnakvikmyndagerWar.  A&"+   fundinefndarinnarvarrttumendurgreiWslurvegnakvikmyndagerWar0slandi.Sam  '", kvmtfrumvarpinuergertrWfyrirfjrheimildtilYessliWaraWfjrhW153,5m.kr.semer '#- lkkunum3,5m.kr.aWraungildifrgilandifjrlgum.0mlifulltraiWnaWarrWuneytisins (z$. komframaWframangreindlkkunvrivegnaformaumtgjaldaaWhald.XkomframaW ( fjrYrfinvegnaslkrarendurgreiWslugtiYessuriorWiWtluverth.XkomframaW  YessarhuendurgreiWslufjrhWirvrutilkomnarvegnaYessaWum10kvikmyndirhafiver  iWframleiddarYessurienYrhafiflestarveriWundirbningifrrinu2008envinnuviW a YrhafiveriWfrestaWYeimtma.Xhafitvrst;rarkvikmyndir,Yarafnnurerlend,tekiW T, tilsnmestfjrmagn.VarfyrirsjanlegumhumendurgreiWslumlUstsemsnj;hengju.ViW  YettatilefnilUstunokkrirnefndarmenntluverWumhyggjumafYvaWekkivriYakYeim  kostnaWisemgtifalliWrkissj;WvegnaendurgreiWslnatilkvikmyndagerWar.    AWildarums;knaWESB.  K #    KostnaWurrkissj;WsvegnaaWildarums;knar0slandsaWESBvarrddursrstaklega    fundumnefndarinnar.Einsogframkemurfrumvarpinu;skarsjvartvegsoglandbnaWar    rWuneytiWeftir35m.kr.fjrveitingu,m.a.vegnaYtttkuaWildarviWrWum0slandsviWESB   YeimgrundvelliaWsamningarumsjvartvegsmloglandbnaWarmlverWimeWalYeirra wO  kaflasemerfiWastyrWiaWnsamningumumogaWverkefnalagaukisttmabundiWvegna B  Yess.XerfjrveitingunnitlaWaWstandaundirtgjldumvegnaverkefnistengslumviW    innleiWinguhundruWumESBgerWa.KomframhjfulltrumrWuneytisinsaWfjrveitingin   nmium3%afrekstrarkostnaWirWuneytisins.EinnigkomframaWvinnulagstarfsmanna {  rWuneytisinshefuraukistvegnaaWildarums;knarinnar.XereinnigmikiWvinnulag nF starfsmnnumHafranns;knastofnunarinnar,FiskistofuogrWuneytisinsvegnaYessa.Xkom 9 framaWmikilvinnahefWisamatmalentstarfsmnnumMatvlastofnunarviWinnleiW  ingunUrrarmatvlalggjafarogaWildarums;knar0slands.AWaukikomframaWsjvart  vegsoglandbnaWarrWuneytiWhefWiekkiYegiWgreiWslurfrYriWjaaWilavegnaESBum r s;knarinnarutanYesssemutanrkisrWuneytiWhefWigreittfyrirnokkrarferWirstarfsmanna e= rWuneytisinstiltlanda.HvaWiWnaWarrWuneytiWvarWarkemurm.a.framfrumvarpinuaW 0 gertsrWfyriraWfjrheimildfjrlagaliWarins11599hkkium304m.kr.aWraungildifr  gildandifjrlgumm.a.vegna37m.kr.tmabundinsframlagstilviWfangsins1.52,tilaWrW  stafastyrkfrESB.XannigergertrWfyrirYvaWtillaganhafiltilhrifrkissj;Wvegna i YessaWstyrkurinnkomiYarm;tifrWurtekjuhliWrkissj;Ws.ErtluninaWnUtafjrmagn \4 iWtilYessaWmgulegtverWiaWvinnaaWverkefninuKatla,jarWvangur.Ekkikomframhj ' fulltrumiWnaWarrWuneytisinsaWYaWyrWifyrirsrstkumkostnaWieWastarfsmennYessfyrir  auknuvinnulagivegnaESBums;knarinnar.   litmeirihlutans.  S+!   MeirihlutinntekurframaWhannersammlaYeimalmennuviWmiWumogforsendumsem " frumvarptilfjrlagafyrirriW2012byggjast.XerYaWmathansaWekkisannaWaWsj # enaWsjvartvegsoglandbnaWarrWuneytiogiWnaWarrWuneytihafitekistnokkuWvelaW  $ uppfyllaYessiviWmiW.AWsjlfsgWuverWuraWtakameWreikninginnaWeftirYvsemlengra !W% lWurfrrinu2008ogfleiriniWurskurWarrbtastsafniWYverWurallurniWurskurWur J""& rekstrirkisinssrsaukafyllriogerfiWari.XannigmalmenntgerarWfyrirYvaWniWurskurW #' urtillengritmareynistyrkrWuneytaogstofnanaframkvmdarvaldsinsogaukilag #( starfsmennYeirra. $ )   Xrttfyrirframangreinthefur&  meirihlutinnkveWnarhyggjurafnokkrumYeimYttum v%N!* semhrhafakomiWfram.0fyrstalagi'v%LvirWistlagmargastarfsmennMatvlastofnunarorW A&"+ iWnokkuWmikiWendavirWiststofnuninhafatekiWviWnokkuWmrgumverkefnumsama  '", tmaogniWurskurWurfjrframlagatilhennarslagarhttaWnemaYvfjrframlagisemhenni '#- erutluWvegnaaukinsverkefnalags.0WrulagivirWistniWurskurWurframlagatilHafrann (z$. s;knastofnunarinnarverafarinnaWnlgasthttumrk.FramhefurkomiWaWverkefnistofn ( unarinnarsuaWaukastogsamatmakunni;vissaumfjrmgnunhennaraWveraaWauk  astvegnatakmarkanamguleikumtilaWnlgastfrsamkeppnissj;Wum.0YriWjaogsW  astalagihefurmeirihlutinnnokkrarhyggjurafYvtmabundnalagisemvirWistvera a stj;rnsUslunnivegnaaWildarums;knar0slandsaWESB. T,   ErYaWlitmeirihlutansaWYrttfyriraWfrumvarptilfjrlagafyrirriW2012eigieflaust  eftiraWfrafjrmlrkisinsennnrYeimnauWsynlegabatasemhagkerfilandsinsYarfaW  nYverWiekkihjYvkomistaWhafaframangreindatriWihugaviWvinnsluYess.     BjrnValurGslasonskrifarundirlitiWmeWfyrirvaravegnasetufjrlaganefnd.  X   AlYingi,22.n;vember2011.    KristjnL.Mller,formaWur,   LiljaRafneyMagnsd;ttir, wO  MagnsOrriSchram, B  :lnaXorvarWard;ttir,    BjrnValurGslason,meWfyrirvara.     FylgiskjalIII.  qIAu() 5dE> 5A^qI      t+plit e= #+p t# umfrumvarptilfjrlagafyrirriW2012  (04SjvartvegsoglandbnaWarrWuneytiog11IWnaWarrWuneyti).  Fr1.minnihlutaatvinnuveganefndar. \4  Inngangur.     VinnaatvinnuveganefndarviWundirbninglitstilfjrlaganefndareinskorWaWistviWfundi  meWfulltrumsjvartvegsoglandbnaWarrWuneytisogiWnaWarrWuneytis.Einnigmttu `  fundnefndarinnarfulltrartveggjast;rrastofnanafyrrgreindarWuneytisins,Matvla S+! stofnunar(MAST)ogHafranns;knastofnunarinnar.lit1.minnihlutaerYvYeimtakmrk " unumhWsemleiWirafYvaWhafaeinvrWungunlgastupplUsingarumYessimltfrYess # umforsendum.  $   XaWersammerktmeWbWumYessumrWuneytumaWfjrlagatillgurnarsemliggjafyrir !W% fjrlagafrumvarpifyrirriW2012ltaalmennumkrfumumhagrWingusembirtistfrum J""& varpinu,meWundantekningumY;semnnarverWurvikiWaWhreftir. #'  Sjvartvegs& a oglandbnaWarWuneyti.  $ )   SrstaWasjvartvegsoglandbnaWarrWuneytisinsviWfjrlagagerWfelstYvaWtveir v%N!* YttirerurWanditgjldumYess,'a$annarsvegarbvrusamningarniroghinsvegarum A&"+ fangsmikilranns;knarogYr;unarstarfsemi.SkvrWunvarlgWtilgrundvallarviWfjr  '", lagagerWinaaWhvaWbvrusamninganahrriryrWifylgtYeimsamningumsemgerWirhafa '#- veriWafhlfurkisvaldsinsviWbndur.BtgjldvegnaYeirranemaumhelmingiafheildar (z$. tgjldumrWuneytisins.AfYvleiWiraWheildarniWurskurWurrWuneytisinsverWurheild ( minniaWhlutfalliensemnemurhagrWingarkrfunni.    NUirbvrusamningarvorugerWirviWbndur2009.Samningarnireruvsitlubundniren  meWsamYykktfjrlagaYaWrvarkveWiWaWskerWaYrgreiWslurYannigaWbndurnutu a ekkifullraverWlagsb;ta.SamningarnirgerWurWfyrirverWlagsb;tumenmeWtakmrkunum T, Y;,YannigaWverWlagsbturnaryrWualdreimeirien5%.VegnaverWlagsYr;unartmabilinu  fr2009hefurYettaleitttilskerWingarhvaWmj;lkursamninganahrrirum7,2!9,6%og  hvaWvarWarsauWfjrframleiWsluna6,4!8,6%.     JafnframtYessuvarkveWiWaWlkkagreiWslurvegnasvokallaWrabnaWarlagasamninga  X verulegaogfjrlgumyfirstandandirsvoruframlgvegnaFramleiWnisj;WsskorinniWur K #  um90%.Inneignsj;WsinsgerWihonumkleyftaWhaldaframstarfsemisinni,Y;mjg    skertrimyndYessuri.SegjamaWYessaristefnushaldiWframmeWYvaWframlgtil    sj;Wsinsnemaum25millj.kr.nstarisamkvmtfrumvarpinu,semerhkkunfrgild   andifjrlgumum10millj.kr.Lj;steraWYettaskerWirmjgstarfsgetusj;Wsins.Einnig wO  verWuraWvekjaathygliYvaWlandbnaWarhsk;larnir,einkanlegaHvanneyri,hafafengiW B  umtalsvertfrsj;WnumgegnumtWina.XessistefnumrkunveldurYvaWranns;knarf    sk;lannamunminnkasemYessunemur.XverWurekkinstari,fremurenyfirstandandi   ri,gertrWfyrirfjrmunumrrkissj;WitilLfeyrissj;WsbndasemWurhafWitWkast. {  XessikvrWunhefurekkihrifLfeyrissj;WbndaheldurmunkomaframlkkandirW nF stfunartekjumbndaYarsemYeirYurfaaWreiWaframYettam;tframlagsemgreitthefur 9 veriWrrkissj;WiframtilYessa.ErannarsvegarumaWrWa8%skerWinguvegnagreiWslu  m;tframlagsoghinsvegarkemurtilviWb;tar0,7%YyngingviWtreikningtryggingagjalds  ins. r   rinu2007varkveWiWaWverkefniSk;grktarogLandgrWsluyrWufluttundirum e= hverfisrWuneytiWrlandbnaWarrWuneytinuogt;kskvrWungildirsbyrjun2008.Jafn 0 framtvarkveWiWaWeyrnamerkjasrstaklegaranns;knarftilYessaramlaflokkasemrynnu  tilLandbnaWarhsk;lansHvanneyri.TilgangurinnvarsaWtryggjaaWsk;linngtifram  sinntlandbnaWartengdumranns;knumYessusviWi.SamkvmtYeimupplUsingumsem i rWuneytiWltnefndinniterlj;staWYessarfjrveitingarhafalkkaWumtalsvertaWraun \4 gildiogverWursvoeinnig,samkvmtfjrlagafrumvarpinu.FramreiknuWtilverWlagshvers ' rsmsjaWYauhefWuttaWnemaum230millj.kr.enfjrlagafrumvarpiWgerirrWfyrir  aWYessiupphWnemium180millj.kr.XettahefursamtskerWinguFramleiWnisj;Wihrif  getusk;lanstilYessaWstandaundirformuWumranns;knum. `   Hafranns;knastofnunin.  "   Hafranns;knastofnuninhefurlotiWalmennrihagrWingarkrfu.Stofnuninhefurhinsvegar # notiWumtalsverWrafjrveitingarsvoklluWumVSsj;Wi,Verkefnasj;Wisjvartvegsins.  $ Tekjugrunnursj;Wsinserhinsvegar;vissuhWur.SamkvmtupplUsingumrWuneytisins !W% virWistYr;uninverasnumstundiraWtekjursj;Wsinshafadregistsaman.MYvtlaaW J""& fjrmunirsemYaWanrennatilHafranns;knastofnunarinnarmunidragastsaman.AfWrum #' brtt;tekjumstofnunarinnarerhelstaWnefnatekjurvegnatogaraognetarallso.fl.um250 #( millj.kr.Um80%kostnaWarstofnunarinnarfaratilsvokallaWravktunarverkefna,Y.e.verk $ ) efnasemltaaWvinnuviWstofnstrWarmlingarogskyldrahluta.UndanYeimverkefnum v%N!* verWurekkivikist.XvblasirviWaWskoriWverWiniWurWrumverkefnum,svosemverkefn A&"+ umsviWiumhverfismlinga,t.d.vegnalotlagsbreytinga,ogUmissaannarraverkefna.  '",  StofnuninglmireWlimlsinssamkvmtlkaviWaWhkkunoluverWskemurillaviWrekstur '#- inn.OluverWhefurhkkaWum&   53%frrinu2009ogveiWarfrakostnaWurfylgirmjgYeirri ( verWYr;un.Xessumvanda'(hefurekkiveriWmttmeWsrstkumfjrveitingum.   Matvlastofnun.  a   MatvlastofnunhefursamkvmtupplUsingumstofnunarinnartekiWsighagrWingar T, krfuuppum210millj.kr.frrinu2009tilogmeWfjrlagafrumvarpsnstars.sama  tmahefurstofnuninaxlaWnUverkefni,einkanlegavegnanUrrarmatvlalggjafar.Vargert  rWfyrirYeirrikostnaWaraukningufjrlgum2007,2009,2010og2011.InnleiWingulg   gjafarinnarerlokiWogskostnaWurfellurYvniWur.Hinsvegarkallarlggjfinaukinn  X rekstrarkostnaW.HonumverWuraWhlutaa.m.k.mttmeWY;knunarframlgum,svosem K #  vegnaeftirlitssemskoWunarstofurnnuWustWurenstofnuninhefurnyfirtekiWYstarf    semi.AfYeimupplUsingumsemframkomufundimeWfulltrumstofnunarinnar,mtla    aWeftiraWtekiWhefurveriWtillittilhagrWingarkrfunnarogYeirrafjrmunasemstofnunin   fkkvegnamatvlalggjafarinnarsufjrveitingartilhennarnokkurnveginnpari.Stofn wO  uninttium76millj.kr.varasj;WupphafirsvegnaYessaWgreiWslurtilhennarvegnainn B  leiWingarmatvlalggjafarbrusthraWarinnennamfllnumkostnaWi.GengiWhefur    Yennansj;WYessurivegnatapreksturshennar.    IWnaWarrWuneyti.  nF   0umfjllunumfjrlagaliWiYessarWuneytisverWagerWiraWumtalsefniYrrfjrlagaliWir: 9 NiWurgreiWslurvegnahshitunarkostnaWar,ByggWastofnunogendurgreiWslurvegnakvik  myndagerWar.   NiWurgreiWslurvegnahshitunarkostnaWar.  e=   NiWurgreiWslurvegnahshitunarkostnaWarhafafariWlkkandisWusturum.ErtlaW 0 aWYrmuninematpum1,2milljrWumkr.nstari.XessifjrlagaliWurhefurtekiWsig  hlutfallslegarskerWingar.InnanhanserstrstatgjaldatalanbeinarniWurgreiWslurtilYess  aWlkkahshitunarkostnaWkldumsvWum.EinnigervariWfjrmunumafYessumfjr i lagaliWtil;beinnarWstafanasemeigaaWstuWlaaWlkkunhshitunarkostnaWar.Sstefna \4 hefurveriWmrkuWaWltaYrskerWingarsemYessifjrlagaliWurhefurtekiWsigbitnasem ' minnstbeinumniWurgreiWslum.    FramkomaWnsaWstrfumnefndsemvinniaWtillgumumfrekariaWgerWir.Lj;stm  veraaWslktkallarfjrveitingarrkisinsstraxnstari. `   StaWaByggWastofnunar.  "   ByggWastofnunerYeirristWuaWeiginfjrhlutfallhennarerfyrirneWanlgbundiWlg # markogstarfarhnntmabundinniundanYgufrFjrmlaeftirlitinu.Fvarveittfjr  $ lgumYessarstilYessaWstyrkjaeiginfjrgrunninnogfyrirliggurYaWmatstofnunarinnar !W% ogiWnaWarrWuneytisinsaW2milljarWakr.vantitilYessaWstyrkjaeigiWfhennar.Lj;ster J""& aWYessistaWatorveldarmjgstofnuninniaWveravirkurgerandilnveitingumsvWum #' YarsemrWugthefurveriWumtvegunlnsfjrtilfjrfestinga.:hjkvmilegterYvaWtaka #( afstWutilYesshvernigYessum&  mlumverWiskipaW.StarfsemistofnunarinnarundanYgu $ ) erekkilklegtilYess'$aWskilarangribyggWalegutilliti. v%N!*  EndurgreiWslurvegnakvikmyndagerWar.   '",   UpplUstvarfundiatvinnuveganefndarmeWfulltrumiWnaWarrWuneytisinsaWverulegt '#- fvantitilYessaWstandaviWskuldbindingarvarWandiendurgreiWslurkostnaWivegnakvik (z$. myndagerWar.LginfelasraWslkarendurgreiWslurgetinumiWalltaW20%afkostnaWi ( hverrarkvikmyndaraukstyrkjafrKvikmyndasj;Wi,samtalsalltaW50%afheildarkostnaWi.  Auglj;sterhinsvegaraWfjrlghlj;taaWrWaYvhversuhraWarslkartgreiWslurrrkis  sj;WigetiorWiW.XaWer;tktverklagaWtlafjrmunitilviWfangsefnisinsenkallasWan a eftirmargfldunfjrveitingarinnargegnumfjraukalg,einsognsrstaW.Xettafyrir T, komulagverWurYvaWtakatilendurmats.LeggjaYarfmatrangurYessararaWferWar,  hverjuhnhefurskilaWaukinniatvinnuskpunogskatttekjum,skiptinguYessararendur  greiWslumilliinnlendrarogerlendrarkvikmyndagerWarogmeWhvaWahttihnhafistuWl   aWaWeflinguslenskrarkvikmyndagerWar.  X  LokaorW.       FyrstiminnihlutirttaraWumfjllunhansumfjrlagafrumvarpiWerhWYeimannmrk    umsembentvarupphafiYessalits.1.minnihlutiteluraWfyrirfjrlagagerWnstari   verWifariWyfirYaWhvereigiaWveraaWkomaeinstakrafagnefndaaWvinnuviWfjrlagagerW wO  ina.XarYarfaWhafahugaaWekkiverWiumtvverknaWaWrWaoghvorthgtsaWleggja B  skUrarilnurumverkaskiptingufagnefndannaogfjrlaganefndartilYessaWtryggjaaWfjr    lagavinnanverWisemmarkvissustogskilisembestumrangri.     AlYingi,17.n;vember2011. nF EinarK.GuWfinnsson,  J;nGunnarsson.  ) FylgiskjalIV.  h@Au() 'dE> 'A^h@      t+p lit #+p t# \4 umfrumvarptilfjrlagafyrirriW2012  (04SjvartvegsoglandbnaWarrWuneytiog11IWnaWarrWuneyti)  Fr2.minnihlutaatvinnuveganefndar. S+! } Inngangur.  #   FrumvarptilfjrlagafyrirriW2012varlagtframAlYingi1.okt;bersWastliWinn.Hinn  $ 7.n;vemberbarstatvinnuveganefndbrffrformannifjrlaganefndar,dags.4.n;vember, !W% YarsemYessvar;skaWaWveittvrilitfjrlagafrumvarpinueigisWaren17.n;vember. J""& Lj;sterYvaWfagnefndumYingsinsvartlaWurskammurtmitilYessaWkynnasrYYtti #' frumvarpsinsersnaaWmlefnasviWiYeirraogkallatilYgestisemnauWsynlegtvriaW #( rWaviWvegnamlsins.samatmast;WuyfirumrWurumfjraukalg2011.XfundaWi $ ) nefndinsamatmaumUmisYrfen;tengdml.Vegnatmaskortst;kstnefndinniaWeins v%N!* aWkallasinnfundfulltrafrsjvartvegsoglandbnaWarrWuneytinu,iWnaWarrWuneyt A&"+ inu,Hafranns;knastofnuninniogMatvlastofnun.KannaWveraaWlitYettainnihaldiYv  '",  umfjllunumfrriYttieneWlilegtmttiannarstelja. '#-   FrumvarpiWbyggistsams&   konarforsendumogfjrlagafrumvarpiW2011.framerstefnt ( aWjfnuWirekstrarafkomur'(kisins,Y.e.aWfrumjfnuWiverWinWtilteknuriogheildar  jfnuWiumtveimurrumseinna.X;svoaWframkomiaWrkisfjrmlastefnanhafiveriWend  urskoWunfelstsendurskoWunaWallegaYvaWtmasetningumhelstufangahennarhefur a veriWfrestaW.XvarfrumvarpifyrirriW2011stefntaW9%samdrttirekstrartgjldum T, stj;rnsUsluogeftirlitsstofnana,7,5%hjhsk;lumog5%hjframhaldssk;lum,heilbrigWis  stofnunum,stofnunumfyrirfatlaWaoglgregluembttum.FyrirriW2012erstefntaW3%  samdrttihjstj;rnsUsluogeftirlitsstofnunum,en1,5%hjWrum.BenthefurveriWaW   harkalegurniWurskurWurgildandifjrlagahafimrgumtilvikumristinnaWbeini.NvirWist  X rkisstj;rnintlasraWristadltiWdUpra. K #   ViWrWurumaWild0slandsaWESB.       fundumnefndarinnarvargestumtWrttumhvemikiWlagvristarfsmnnumstj;rn   sUslunnarYessadagana.0llumtilvikumvirWastviWrWurumaWild0slandsaWESBhafatlu wO  vertmeWYaWaWgera.Varm.a.rifjaWuppaWfyrirumrihafikomiWframYaWmataWtilYess B  aWtryggjaeWlilegangangvinnusjvartvegsoglandbnaWarrWuneytisinsvegnaaWildar    viWrWnannaYannigaWekkikminiWurannarristarfsemieWastarfsmnnumYyrftiYaWaW   fjlgastarfsmnnumum2!3.AWsamaskapiYyrftistarfsmnnumFiskistofuaWfjlgaum {  1!2ogstarfsmnnumMatvlastofnunarum4!5.NliggurfyriraWstarfsmnnumrWuneyt nF isinsogframangreindrastofnanavarekkifjlgaWendafkkstekkifjrveitingtilYess.Xv 9 erlj;staWvinnakringumaWildarviWrWurnarhefurtekiWmikinntollafstarfseminni.  fundinefndarinnarkomframaWstarfsmennrWuneytaogstofnanahafaoftogtWumunniW  vinnutengdaaWildarviWrWunumkvldinogumhelgarnYessaWY;knunvrigreiddfyrir. r X;svoaWsjvartvegsoglandbnaWarrWuneytiWhafifariWframaukinfjrframlgvegna e= vinnuviWsamningskaflaumlandbnaWogsjvartvegYvirWistsbeiWnirkstuddsr 0 staklegameWvsantilvinnuseminnaYarfafhendisrstaklegavegnastigserfiWleikakveW  innaYttaaWildarviWrWnanna.AffrumvarpinuerekkiaWsjaWgertsrWfyrirYvaWltta  lagiafstarfsmnnumriW2012.VirWist2.minnihlutasemvinnatengdaWildarviWrWum i 0slandsogESBaukiverulegaYannvandasemstofnanirframkvmdarvaldsinsstanda \4 frammifyrirlj;sihagrWingarkrfuvegnaniWurskurWarrkisrekstri. '  SjvartvegsoglandbnaWarrWuneyti.   Matvlastofnun. `    0mlifulltraMatvlastofnunarfundinefndarinnarkomframaWstofnuninhefWifengiW S+! aukinframlgfjrlgumfrrinu2007tilaWstandastraumafinnleiWingumatvlalggjaf " arEvr;pusambandsins.HefWuuppsafnaWarfjrheimildirfrYeimtmanumiWum156millj. # kr.m;tikmiaWuppsfnuWhagrWingarkrafafrrinu2009tilogmeWfjrlagarinu2012  $ nmium210millj.kr.nYessaWdregiWhefWiveriWrkrfumtilinnleiWingarferlisstofnun !W% arinnar.XannighefWistofnuninundanfarinrm.a.YurftaWtakasigUmsankostnaWeinsog J""& t.d.opnunumdmisskrifstofavWaumland.XkomframaWhlutiafviWbrgWumstofnunar #' innarvriaWdragarranns;knum. #(   Annarminnihlutitelur&  aWsvonaskulistaWiWaWmlum.samatmaogMatvlastofnun $ ) erfaliWaWinnleiWafl;'$knarreglursemhafamiklaogmikilvgaYUWingufyrirmatvlafram v%N!* leiWslulandinuogstaWiWerumtalsverWumniWurskurWierslensktstj;rnkerfiyfirkeyrtmeW A&"+ vinnuvegnaaWildarviWrWnaviWESB.  '",   SamkvmtathugasemdumviWfrumvarptilfjrlagaerfariWframaWMatvlastofnunfi '#- 17millj.kr.fjrveitinguYvskyniaWtryggjavelferWdUraogveitadreifWumbyggWum (z$. landsinsreglubundnadUralknaYj;nustuogbrWaYj;nustu.fundinefndarinnarkomm.a. ( frammlifulltrastofnunarinnaraWmjghafidregistaWfdUralknakveWinYj;nustu  svWi,m.a.Yarsemfjrmgnunhafiskort.XstandifjrmgnunsamningaumvaktsvWi  dUralknaennyfir.AWmati2.minnihlutaerauWsttaWYeirfjrmunirsemerutlaWirtil a YessaWkomaframangreindumverkefnumafstaWeruekkingjanlegir.ErverulegagagnrUni T, verthveYessiverkefnihafadregist,m.a.vegna;n;grarfjrmgnunar.BentskalaWenner  eftiraWgerasamningaumnokkursvWi.  Bvrusamningar.  X   HeildarfjrveitingarvegnabvruframleiWslueru;breyttarfrgildandifjrlgumaWnafn K #  virWi.ErumYaWfrumvarpinum.a.vsaWtilsamkomulagssemgertvarmillirkisogbnda    samtakannariW2009ensamkvmtYvverWaframlg;breyttfrYessufjrlagariogverW    lagsbturverWa5%.AfupplUsingumsemsjvartvegsoglandbnaWarrWuneytiWkom   framfriviWnefndinaeftirfundYessmeWhennimsjaWframangreintsamkomulaghefur wO  haftfrmeWsrumtalsverWarskerWingarframlgumtilbnda.VirWistskerWinginhafa B  legiWbilinu6,5!9,6%,mismunandimillira.AWmati2.minnihlutaermeWYessum;tiver    iWaWhggvamargsinnissamaknrunnendaerYegarbiWaWafleggjaeinhliWagreiWslurtil   Lfeyrissj;Wsbnda.BndureruYvbniraWtakasigennmeiriraunskerWinguenlesam {  rskUringumfrumvarpsinsskerWingumbvrusamningum. nF NUskpunogranns;knirlandbnaWi.    SamkvmtskUringumfrumvarpsinsergertrWfyrir9,7millj.kr.hkkunframlagstil  FramleiWnisj;WslandbnaWarins.MYareinnigsjaWlkkunfjrframlagatilsj;Wsinsfr r rkisreikningi2010nemur82,4%Yrttfyrirframangreindahkkun.SamkvmtskUringum e= viWfjrlagafrumvarpiW2011vorufjrframlgtilsj;WsinsYaWrlkkuWum133millj.kr. 0 vegnaaWhaldsaWgerWarkistgjldum.fundisjvartvegsoglandbnaWarnefndarriW  2010komframmlifulltrasj;WsinsaWniWurskurWurinnfliraunsraWsj;Wurinnvri  lagWurniWur.TiljafnaWarfkksj;Wurinn185millj.kr.riframtilYesstmagrundvelli i lagaogsamningaviWrkisvaldiW.Hefursj;WurinnstundaWstyrkveitingartilverkefnasem \4 hafafrmeWsratvinnuuppbygginguognUskpun.0lj;sifyrriniWurskurWarerYaWmat2. ' minnihlutaaWhkkunframlagstilFramleiWnisj;WslandbnaWarinssYaWsmaWhnskipti  ekkihfuWmlihvaWrekstursj;WsinsvarWar.MYvsegjaaWmeWYvaWekkierumfrekari  hkkunaWrWasamtYvsemaWWruleytihefurveriWskoriWniWurYegarkemuraWnU `  skpunarogranns;knastyrkjumtillandbnaWarsniWurskurWurYessusviWist;rfelldur. S+! EraWminnstakosti;httaWfullyrWaaWsniWurskurWurerkominnlangtumframYannniWur " skurWsemhefurttsrstaWWrumsviWumnUskpunarogranns;kna. # Hafranns;knastofnunin. !W%   fundinefndarinnarkomframaWfjrframlgtilHafranns;knastofnunarinnarhafalkk J""& aWum22!25%frrinu2009.HefurframangreindlkkunleitttilYessaWrsverkumhefur #' fkkaWverulegam.a.vegnaYessaWthaldsdgumranns;knaskipahefurfkkaWst;rlega. #( AlltYettakemurbeintniWurranns;knumogvktunogrUrirYannigframtWarmguleikatil $ ) aWskjaframsviWisjvartvegsogskapameWYvmeirivxtinnangreinarinnar.Stefnu v%N!* mrkunrkisstj;rnarvirWisteinblnakostiYessaWveitafjrmunumtilranns;knasam A&"+ keppnissj;Wi.HrskalekkiefastumaWslktvelviWYegarkemuraWranns;knumhsk;la  '", semekkihafatilgreindumogreglubundnumranns;knaverkefnumaWsinna.Mesturhluti '#- starfsemiHafranns;knastofnunarinnarerhinsvegarvktunauWlindarYj;Warinnar.Afrakstur (z$. tWrarvktunarergrundvllurveiWirWgjafarogbyrgrarnUtingarfiskstofnatillangstma ( litiW.XvernauWsynlegtaWstarfsemistofnunarinnarstryggWmeWbeinumfjrframlgum  enhennisekkigertaWeltastviWfjrmagntilskyldubundinnaverkefnasamkeppnissj;Wum.  XmbendaaWkostnaWurstofnunarinnarviWranns;knirhefuraukistverulegasWustur a vegnahkkunaroluverWiumu.Y.b.53%frrinu2009,eWaum80millj.kr.ri.Ekki T, hefurveriWtekiWtillittilYesshlutaoluverWshkkunarsemerumframverWlagfjrlgum  sWustur.   IWnaWarrWuneyti.   X ByggWastofnun. K #    :umdeilteraWByggWastofnunhefurveigamikluhlutverkiaWgegnaYegarkemuraWfjr    mgnunnUskpunarverkefnalandsbyggWinni.fundinefndarinnarkomframaWstaWa    sj;Wsinsvri;lj;s,hannYyrftiverulegrifjrinnspUtinguaWhaldaYarsemeiginfjrhlutfall   (CADhlutfall)sundirviWmiWunarmrkumoghannrekinngrundvelliundanYguheimild wO  ar.2.minnihlutitelurkaflegamikilvgtaWByggWastofnunverWigertfrtaWsinnaYv B  mikilvgahlutverkiaWstyWjaviWnUskpunlandsbyggWinni.EnnvirWiststefnarkisstj;rn    arinnarmlefnumsj;WsinsekkifelasrsvrumYaWhvernighgtsaWtryggjaeWlilega   starfsemisj;Wsins. {  NiWurgreiWslurhshitunarkostnaWar. 9   SamkvmtskUringumfrumvarpsinsergertrWfyriraWfjrveitingartilniWurgreiWsluhs  hitunarverWi1.172millj.kr.riW2012.fundinefndarinnarkomframaWframtWarfyrir  komulagniWurgreiWslnavritilskoWunarnefndvegumrWuneytisins.2.minnihlutibend r iraWniWurgreiWslurvegnahshitunarogauknargreiWslurvegnanotendautansamveitna e= erutiltlulegast;rhlutifjrframlagamlefnasviWiiWnaWarrWuneytisins.AWmati2.minni 0 hlutaerlngutmabrtaWfaratarlegaofanYessimlogmarkakjlfariWskUrastefnaum  jfnuWhshitunarkostnaWi.    XerfullttilefnitilaWtakatilverulegrarskoWunarYYttiraforkulagasemsnertadreif i inguraforkutilannarrast;rnotendaenst;riWju.HefurnefndinnitrekaWveriWbentaWgarW \4 yrkjubndurgreiWi;eWlilegahttverWfyrirraforkuogaWhiWsamakunniaWeigaviWum ' UmsaaWraaWila.    AnnarminnihlutihveturtilYessaWframangreindirYttirverWiteknirtilskoWunarhiW  fyrstaYannigaWskapaWverWimeiragagnsiogeinfaldaraogsanngjarnarakerfiumniWur `  greiWsluhshitunarkostnaWarumraforkuverWtilst;rnotenda. S+! FerWamlogmarkaWsstarf. #   AfskUringumviWfrumvarpiWmsjaWtlunineraWverjaumtalsverWumfjrmunum  $ ferWamlaogmarkaWsstarf.XannigertlaWaWveita300millj.kr.tmabundiWferWaYj;n !W% ustutakiW0slandalltriW.UmverulegafjrhWeraWrWaoghafaheyrstefasemdaraddir J""& umaWfjrmunumtilferWamlahafivalltveriWrWstafaWafskynsemi.AWmati2.minni #' hlutaersrstaklega&  mikilvgtaWvelsmeWYettaffariWogaWmarkaWsstarfinuverWi #( YannighttaWaWYaWnUtisttilaWbyggjauppheilsrsferWaYj;nustulandinullu. $ )   AlYingi,21.n;vember2011. A&"+ SigurWurIngi'#\J;hannsson. '#- [ (z$. Ї FylgiskjalV. ( mAu() dE>$ A^m      t+p lit a  #+p t#umfrumvarptilfjrlagafyrirriW2012(12EfnahagsogviWskiptarWuneyti).  FrmeirihlutaefnahagsogviWskiptanefndar.     Fjrlaganefnd;skaWieftirlitiefnahagsogviWskiptanefndarYeimhlutafjrlagafrum K #  varpsinsfyrirriW2012semermlefnasviWinefndarinnarfyrir17.n;vember,sbr.erindi    semsentvarnefndarmnnumefnahagsogviWskiptanefndtlvup;sti7.n;vembersl.      NefndinhefurfjallaWummliWogfengiWsinnfundPlGunnarPlsson,Rgnvald   J;hannSmundsson,BenediktrnasonogSonjuBjarnad;tturfrSamkeppniseftirlitinuog wO  GunnarAndersen,IngibjrguStefnsd;ttur,LinduKolbrnuBjrgvinsd;ttur,HjlmNordal, B  BrynjarHarWarson,T;masBrynj;lfssonogGslaKjartanssonfrFjrmlaeftirlitinu.      HeildartgjldefnahagsogviWskiptarWuneytisinsriW2012erutluW3.833millj.kr.   rekstrargrunni.FrdragastsrtekjuraWfjrhW112millj.kr.semnema2,9%afheildar {  tgjldumrWuneytisins.Gjldumframtekjureru3.721millj.kr.ogafYeirrifjrhWeru nF 1.696millj.kr.fjrmagnaWarmeWbeinuframlagirrkissj;Wiog2.025millj.kr.innheimtar 9 afrkistekjum.    FjrlagafrumvarpiWgerirrWfyriraWrkistgjldnstarsverWidreginsamanum8,6  milljarWakr.ogYarafskerWistframlgtilalmennrarstj;rnsUsluogYj;nustuum3%entil r velferWarmlaum1,5%.EfnahagsogviWskiptarWuneytiWogundirstofnanirsemundirYaW e= heyrakomasamkvmtYvtilmeWaWsparasemnemur3%afveltufjrlaga2011.Helstu 0 stofnanirsemheyraundirrWuneytiWeruFjrmlaeftirlitiW,Hagstofa0slands,Samkeppnis  eftirlitiWogEinkaleyfastofaenfyrstnefndastofnuninogssWasttaldafjrmagnastarfsemi  snaafmrkuWumtekjum. i   FulltrarFjrmlaeftirlitsinsogSamkeppniseftirlitsinskomufundnefndarinnartilaW \4 rWafjrhagsrammasinnastofnanafyrirnstarensamkvmtfjrlagafrumvarpinufjr ' veitingtilFjrmlaeftirlitsinsaWnema1.387millj.kr.nstari,semerhkkunum60  millj.kr.frfyrrari,og325,8millj.tilSamkeppniseftirlitsins,semerhkkunum11,5  millj.kr.frfyrrari.HkkanirskUrastaWallegaaflaunaogverWlagsbreytingum.HagrW `  ingarformrkisstj;rnarinnargerarWfyriraWrekstrartgjldFjrmlaeftirlitsinsskerWistum S+! 40millj.kr.en9,4millj.kr.tilvikiSamkeppniseftirlitsins.Afhlfufulltraumrddra " stofnanavarYaWbentaWsrstakaraWstWuratvinnulfinukjlfarhrunsinshefWuhaft # frmeWsraukiWverkefnalag.  $   FulltrarSamkeppniseftirlitsinsvsuWutil&  fjrlagaerindisstofnunarinnarfrmarsYessu !W% riYarsemlagtvartilaWframlgykjustum10'!-5millj.kr.lj;siYessaWalmenntverkefna J""& laghefWiaukistum30%.XarafstWitilaW30millj.kr.yrWirWstafaWsrstakaraWgerWir #' tilaWhraWaendurreisnatvinnulfsins,35millj.kr.aWgerWirtilaWhraWamikilvgusturann #( s;knumeftirlitsinsog40millj.kr.vegnaaukningaralmennusamkeppniseftirlitiaWWru $ ) leytiframhaldiafbankahruninu.FulltrarFjrmlaeftirlitsinsafhentuyfirlityfirrekstrar v%N!* tlun2012Yarsemm.a.komframaWfjldistarfsmannavri117ogaWtilskemmritma A&"+ vriYrfaWfjlgaYeimum26enaW;breyttuyrWitlaWurfjldistarfsmannarslok  '",  2015kominnniWur104. '#- )p. ) )    Meirihlutinngerirekkiathugasemdir&   viWtillgurfjrlagafrumvarpsinsumfjrveitingar ( tilmlaflokkaefnahagsogviWskiptarWu'(<2neytisins.BentskalaWsamkvmtfjrlgumrs  ins2011namfjrveitingtilFjrmlaeftirlitsinstplega1.330millj.kr.,semvarrmlega300  millj.kr.hkkunfrfyrrari,ogfjraukalgum2011komu310millj.kr.tilviWb;tar.Fjr a heimildirSamkeppniseftirlitsinssamkvmtfjrlgumYessarsnmutpum315millj.kr., T, semvartplega30millj.kr.hkkunfrfyrrari.    AlYingi,24.n;vember2011.   HelgiHjrvar,formaWur, K #  XrinnBertelsson,    LiljaRafneyMagnsd;ttir,    OddnUG.HarWard;ttir,   AmalTamimi. wO  4 FylgiskjalVI. {   nFAu() 'dE> 'A^nF   nF    t+p lit   #+p t6#umfrumvarptilfjrlagafyrirriW2012 r (00Wstastj;rnrkisinsog01ForstisrWuneyti). e= Frstj;rnskipunarogeftirlitsnefnd.  6  NefndinhefuraWbeiWnifjrlaganefndardags.12.n;vembersl.fjallaWumYhlutafrum i varpstilfjrlagasemvarWaWstustj;rnrkisinsogforstisrWuneyti. \4   fundnefndarinnarkomu:WinnHelgiJ;nsson,EydsEyj;lfsd;ttirogSigurWurSnvarr ' frforstisrWuneyti.    AthyglinefndarinnarvarvakinYvaWsamkvmtnUjumYingskpumfjallifjrlaganefnd  einumfjrveitingarrkisinsogtaldiskrifstofaAlYingisYvaWhennibriekkiaWmta `  fundnefndarinnar. S+!   0lj;siYessatelurnefndinrttaWvekjaeinungisathyglifjrlagatillgumsemvarWaYr " tvrstofnanirAlYingissemeru;rjfanlegurhlutiafeftirlitshlutverkinefndarinnar,Y.e.um # boWsmannsAlYingisogRkisendurskoWunar.  $  UmboWsmaWur& a AlYingis.  J""&   FramlgtilumboWsmannsAlYingiseru116,3m.kr.semjafngildir3,3m.kr.lkkunaW #' raungildifrgildandifjrlgum'aJ"<<samrmiviWstefnumrkunrkisstj;rnarinnarum3%sam #( drttstj;rnsUsluogalmennriYj;nustu.NefndinttifundmeWumboWsmanniAlYingisYar $ ) semframkomaWstarfsmennhjembttinuvruttaoghefWifkkaWumYrjstWugildifr v%N!* rinu2008,m.a.umstWugildiaWstoWarmannsumboWsmanns.XkomeinnigframaWkvrt A&"+ unumsemberasttilumboWsmannshefWifjlgaWverulegarinu2011miWaWviWsWustur  '", oglokokt;bervorukvartanir41,4%fleiriensamatma2010.0lokdags7.n;vember '#- 2011hfWu456mlveriWskrWrinuensamtals377mlvoruskrWalltriW2010.Xessi (z$. miklaaukningmlahefurorWiWtilYessaWafgreiWslutmihefurlengstogminnitmigefstYv ( tilfrumkvWisathugana.NefndinbendiraWembttiWerltiWogYverniWurskurWur  tilfinnanlegrioghagrWingerfiWariengeristhjstrriembttum.NefndintelureinsUntaW  ekkisunntaWgangalengraniWurskurWitilembttisins,ekkisstYegarlitiWstilsaukins a mlafjlda.EmbttinuersamkvmtlgumfengiWYaWmikilvgahlutverkaWgtarttar T, ryggisborgarannagagnvartstj;rnvldumogtelurnefndinnauWsynlegtaWtryggjaemb  ttinungafjrmunitilYessaWYaWgetirkthlutverksittmeWs;maogveittstj;rnvldum  raunverulegtaWhald.    RkisendurskoWun.  K #    FramlgtilRkisendurskoWunarsamkvmtfrumvarpinueru410,4m.kr.ogerraungildis    lkkunYvum12m.kr.semersamrmiviWstefnumrkunrkisstj;rnarinnarum3%sam    drtthjstj;rnsUslustofnunum.NefndinttifundmeWRkisendurskoWunYarsemframkom   aWYaWstefndiaWstofnuninvrirekinmeWum24m.kr.hallaYessurienttim;tiupp wO  safnaWanrekstrarafgangfrumliWnumrumupptpar70m.kr.StarfsmennRkisendur B  skoWunareru48talsinsoghefursfjldiveriWnnast;breyttursWustufimmr,Y.e.fr47    til49rslok.NefndintelurnauWsynlegtaWstofnuninfiYfjrmunisemhnYarftilaW   sinnaYvrWandieftirlitshlutverkisemhennierfengiWsamkvmtlgum.EngusWurvill {  nefndinvekjaathygliYvaWniWurskurWurkjlfarhrunsinshefurekkigengiWeinsnrri nF stofnuninniogembttiumboWsmannsAlYingisYegarlitiWertilstrWarstofnunarinnar, 9 fjldastarfsmannaogmguleikatilaWaflasrtekna.    AlYingi,21.n;vember2011. r ValgerWurBjarnad;ttir,formaWur, 0 lfheiWurIngad;ttir,  R;bertMarshall,  J;nnaR;sGuWmundsd;ttir, i Birgirrmannsson, \4 VigdsHauksd;ttir, ' MargrtTryggvad;ttir.  iI Fylgiskjal&  VII. " cAu() ndE> nA^c  #    t+plit#+p tK#  !W% umfrumvarptilfjrlagafyrirriW2011 J""& (06innanrkisrWuneytiog14umhverfisrWuneyti) #' Frmeirihlutaumhverfisogsamgngunefndar. $ ) K  UmhverfisogsamgngunefndhefuraWbeiWnifjrlaganefndarfjallaWumYannkaflafjr A&"+ lagafrumvarpsinssemermlefnasviWi'%Khennar,sbr.brffjrlaganefndarfr4.n;vember  '",  2011.NefndinfkksinnfundHrafnhildiXorvaldsd;tturfrumhverfisrWuneytinu,J;n '#- Magnsson,BirnuHreiWarsd;ttur,&   RnarGuWj;nssonogXorsteinHermannsonfrinnan ( rkisrWuneytinuogStefn'(NErlendssonfrVegagerWinni.    MlefnasviWnefndarinnarsnUrannarsvegaraWumhverfisrWuneytinuoghinsvegaraW  innanrkisrWuneytinuenrsbyrjun2011vorusamgnguogsveitarstj;rnarrWuneytiog a d;msmlaogmannrttindarWuneytisameinuWinnanrkisrWuneyti.FyrstverWareifuWYau T, litaefniersnaaWumhverfisrWuneytinu.   UmhverfisrWuneytiW.      HeildartgjldumhverfisrWuneytisinsriW2012erutluWum10.726m.kr.rekstrar  X grunni.FrdragastsrtekjuraWfjrhW2.132m.kr.enYrnemaum20%afheildartgjld K #  umrWuneytisins.Gjldumframtekjureru8.594m.kr.ogafYeirrifjrhWeru4.390m.kr.    fjrmagnaWarmeWbeinuframlagirrkissj;Wiog4.202m.kr.innheimtarafrkistekjum.Bt    gjldrWuneytisinsaukastum1.456,7m.kr.verWlagifjrlaga2011enYegartekiWertillit   tilhrifaalmennraverWlagsoggengisbreytingahkkatgjldinum1.762,7m.kr.millira wO  eWasemsvarartilum20%.RekstrargjldrWuneytisinsaWfrdregnumsrtekjumerutluW B  5.079,4m.kr.oghkkaYauum460,2m.kr.frgildandifjrlgum      NefndinhefurtekiWtilumfjllunarogmeWferWarYannhlutafjrlagafrumvarpsinssem   snUraWnefndinniogkynntsrsamdrttartillgurrWuneytisins.NefndintelursUntaWrWu {  neytiWhefurmttYeimsamdrttarmarkmiWumsemgerWvarkrafaummeWYvaWskeraniWur nF tgjldtileinstakraliWa.X;erskerWinginmismikilsemeinstakarstofnanirogverkefniverWa 9 fyrirendavarhntfrWeftirforgangsrWogherslumrWuneytisins.NefndinvillY;rtta  mikilvgiYessaWefnahagsYrengingumsekkigengiWnrristofnunumogverkefnumog  leitastverWiviWaWforWastfkkunstarfa.EinnigvillnefndinrttanauWsynYessaWrWu r neytiWogrkisstj;rninbeitisrfyrirYvaWeflaumgjrWumogrekstrarskilyrWifrjlsra e= flagasamtakasemstarfasviWiumhverfismla0slandi. 0   MeWlgumnr.130/2011,umrskurWarnefndumhverfisogauWlindamla,varsettf;t  nUrskurWarnefndsemaWrskurWakrumlumvegnastj;rnvaldskvarWanaoggrein  ingsmlumvegnaannarrarlausnaratriWasviWiumhverfisogauWlindamla.NefndinaW i takatilstarfarsbyrjun2012ogtekurYviWhlutverkirskurWarnefndarumskipulagsog \4 byggingarmlogrskurWarnefndarhollustuhttaogmengunarvarnasemjafnframtverWa ' lagWarniWur.SamkvmtfrumvarpitilfjrlagafyrirriW2012ergertrWfyriraWhinnUja  nefndfi13m.kr.fjrveitingufjrlgum.ViWmeWferWfrumvarpsumrskurWarnefndum  hverfisogauWlindamlakomuframgagnrUnisraddirvarWandimlsreksturnverandir `  skurWarnefndum,YeinkummeWhliWsj;nafmlshraWa.MeirihlutinnvillYessusambandi S+! rttaYaWsemframkomnefndarlitimeirihlutaumhverfisnefndaraWmikilvgtsaW " stuWlaWverWiaWYvaWhinnUjarskurWarnefndgetistarfaWhrattogvel.NauWsynlegteraW # leitastviWaWljkamlsmeWferWrskurWarnefndskipulagsogbyggingarmlaWurenhin  $ nUjanefndtekurtilstarfaoghugaverWuraWsrstakrifjrveitinguYessuskyni,enframkom !W% viWmeWferWmlsinsaWnefndineigieftiraWrskurWamlummeiraenrs.Meirihlutinntel J""& ureinsUntaWekkisvariWngilegufjrmagniYettaverkefniogleggurYaWhersluaWYaW #' serfiWleikumbundiWaWfaraafstaWmeWnUjanefndsemsiturundirklyfjumfrstarfsemi #( eldrinefnda. $ )   Nefndinrddisrstaklegaumnttrustofurenskv.9.gr.lagaumNttrufrWistofnun v%N!* 0slandsognttrustofurerrWherraheimiltaWleyfastarfsrkslualltaWttanttrustofasem A&"+ starfivegumsveitarflaga.GerterrWfyrir83,7m.kr.fjrveitingutilYeirraenYaWjafn  '", gildir40,1m.kr.lkkunaWraungildifrgildandifjrlgum.LkkuninskUristafYvaWniWur '#- erufelldsamtals38,4m.kr.framlgsemveitterutmabundiWfjrlgumfyrirriW2011og (z$. YarerumaWrWa6,4m.kr.framlghjhverristofu.MeirihlutinntelurbrUntaWtryggjaaW ( svWisbundnarranns;knirsuruggumhndumhjviWkomandinttrustofu.Mikilvgt  eraWgerabeinasamningaviWhverjastofufyrirsigogvillmeirihlutinnbeinaYvtilfjrlaga  nefndaraWfestaYessiframlgsessifrekarenaWveitaYautmabundiWtileinsrssenn. a EkkierrttmttaWsetjasmuhagrWingarkrfuallarnttrustofurheldurYarfaWsetja T, skUranrammaognauWsynlegteraWltatilsrverkefnahverrarnttrustofufyrirsig.   InnanrkisrWuneytiW.      HeildartgjldinnanrkisrWuneytisinsriW2012erutluWum70.075m.kr.rekstrar  X grunni.FrdragastsrtekjuraWfjrhW8.835m.kr.enYrnema12,6%afheildartgjldum K #  rWuneytisins.Gjldumframtekjureru61.240m.kr.ogafYeirrifjrhWeru44.087m.kr.    fjrmagnaWarmeWbeinuframlagirrkissj;Wiog17.079m.kr.innheimtarafrkistekjum.Bt    gjldrWuneytisinsdragastsamanum931m.kr.verWlagifjrlagafyrirriW2011enYegar   tekiWertillittilhrifaafalmennumverWlagsoggengisbreytingumhkkatgjldum1.335 wO  m.kr.milliraeWasemsvarartil2,2%.RekstrargjldrWuneytisinsaWfrdregnumsrtekjum B  erutluW29.982m.kr.oghkkaYauum1.982m.kr.frgildandifjrlgum.      NefndinhefurtekiWtilumfjllunarogmeWferWarYannhlutafjrlagafrumvarpsinssem   snUraWnefndinniogkynntsrsamdrttartillgurrWuneytisins.EinsoggreintvarfraW {  framan,Yvorusamgnguogsveitarstj;rnarrWuneytiogd;msmlaogmannrttindarWu nF neytisameinuWinnanrkisrWuneytirsbyrjun.FramsetningtgjldumrWuneytisins 9 frumvarpinuhefurveriWaWlguWvegnaflutningsverkefnummillieldrirWuneytannasem  gerWvargildandifjrlgumfyriryfirstandandirtengslumviWbreyttaverkaskiptingu  Stj;rnarrWsins. r   MeirihlutinnvillvekjaathygliYvaWYeirmlaflokkarsemheyraundirinnanrkisrWu e= neytiWogltaaWmlefnasviWinefndarinnarhafasWastliWnumrumYurftaWYolamikinn 0 niWurskurW.NefndinvillYvrttaaWnauWsynlegteraWvandaveltilverkaogtryggjaeins  ogframasterunntaWYj;nustaskerWistsemminnst.0lj;sierfiWrarstWurkissj;Wsliggur  fyriraWekkierbolmagntilaWstandaundirjafnflugriuppbyggingusamgngukerfaoginn i viWaogfyrrirum.XettaleiWirafsraW;hjkvmilegteraWhgjaveruleganUfram \4 kvmdumenmeirihlutinnvillenguaWsWurleggjamiklahersluaWveitaframfjrmagn ' tilaWviWhaldasamgngumannvirkjum.0Yessusambandivillmeirihlutinnbendamikil  vgiYessaWreyntverWiaWrWastverkefnisemlklegerutilaWskapaatvinnuogleggur  hersluUmisviWhaldsverkefniryggismlumogvegagerW. `    FramkemursamstarfsyfirlUsingurkisstj;rnarSamfylkingarinnarogVinstrihreyfingar S+! innar!grnsframboWsaWvinnaeigitlunumsjlfbrarsamgngursamvinnuviWsveit " arflgin,meWYaWaWmarkmiWiaWdragarYrffyrireinkablinn.0slkristefnuverWial # menningssamgngurumalltlandst;refldarogf;lkiauWveldaWaWkomastleiWarsinnargang  $ andieWareiWhj;li.tlaWeraWalmenningssamgngurverWisjlfsagWurhlutisamgngu !W% tlunar.MeirihlutinnfagnarYessumherslumogrttarm.a.YvsamhengiaWskoWaYann J""& mguleikaaWsetjauppsafnstWvarsemyrWustaWsettarthverfumReykjavkurogaWliggj #' andisveitarflgum.BtfrYeimmttihafatWarferWirtilhelstufangastaWa.Starfsh;pur #( umgrunnnetalmenningssamgagnaoghj;lreiWastigavarskipaWurafsamgngurWin;vem $ ) ber2010ogskilaWistarfsh;purinnfyrstutillgumtilumrWumarsYessuri.Xarkemur v%N!* framaWtlaWurkostnaWurviWreksturgrunnnetsalmenningssamgangnahfuWborgarsvW A&"+ inuogsuWvestursvWinumiWaWviWverWlagogtWniferWadesember2010,sum1.070  '", m.kr.ri.0samkomulagiinnanrkisrWherraogfjrmlarWherraviWSamtksveitarflaga '#- hfuWborgarsvWinukemurframaWrkiWtliaWleggjaviWb;tarfjrmunialmenningssam (z$. gngurgegnYvmeWalannarsaWst;rframkvmdumverWifrestaWhfuWborgarsvWinuog ( skipulagsvWisinstakimiWafauknumalmenningssamgngum.0frumvarpitilfjrlaga2012  ergertrWfyrirYvaWveittverWi200m.kr.framlagtilrekstursalmenningssamgangna  hfuWborgarsvWinu.MeirihlutinntelurbrUntaWreynaeftirmegniaWaukaYettafjrframlag a tilalmenningssamgangnaendaerumaWrWaforgangsverkefniuppbyggingusamgngu T, mlatilframtWar.MikilvgteraWYaWminnstaaWfrogmeWrinu2013verWiframlagiW  aukiWsamrmiviWgefinfyrirheit.    RttvarumryggiferWamannafundinefndarinnar22.n;vembersl.0Yvsambandivar   fjallaWumboWunarkerfifyrirferWamennhttusl;WensmaflginsamvinnuviWNeyWar  X lnunaogalmannavarnadeildrkislgreglustj;raeruaWvinnaaWtkallskerfitilaWaWvara K #  ferWamennogaWrasemerumeWgsmsmahttusl;Wumtafarlausahttu.Framkom    fundinumaWverkiWvrikomiWnokkuWleiWisenstaWfestinguskortivarWandifjrheimildir.    TilaWljkamlinumeWYeimhttiaWkerfiWfullngiYeimkrfumsemtilYessergert,Y.e.   aWboWverWisendinnan5mntnaeftiraWtilkynningumhttustandhefurboristNeyWarln wO  unni,Yarfum20m.kr.,annarsvegarvegnakostnaWarhjsmaflgunumoghinsvegar B  vegnahugbnaWartilaWskjaogsendagegnumkerfismaflaganna.NeyWarlnanmunbera    kostnaWsemaWhennisnUr,lgregluogsamhfingarstWinni.ViWstaddirnefndarmennvoru   einhlj;WasammlaumaWbrUntvriaWleggjafjrmagnYettaverkefnilj;simikilvgis {  YessfyrirryggiallraferWamanna0slandi. nF   X;rSaariheyrnarfulltrinefndinni,ersamYykkurlitiYessu. 9   XurWurBackmanskrifarundirmeWfyrirvarasemvaramaWurfjrlaganefnd.    rniJohnsenvarfjarverandiviWafgreiWslumlsins.    AlYingi,24.n;vember2011. e= GuWfrWurLiljaGrtarsd;ttir,formaWur,  :lnaXorvarWard;ttir,  XurWurBackman,meWfyrirvara, i R;bertMarshall, \4 MrWurrnason. ' w Fylgiskjal&  VIII. S+! Au() dE>O A^  "    t+p lit  $  #+p t#umfrumvarptilfjrlagafyrirriW2012(03UtanrkisrWuneyti). J""& Frmeirihlutautanrkismlanefndar. #(   UtanrkismlanefndhefurfjallaWumYannkaflafjrlagafrumvarpsinssemermlefna v%N!* sviWihennar,sbr.brf'Sfjrlaganefndarfr4.n;vembersl.NefndinfkksinnfundEinar A&"+ Gunnarsson,Ptursgeirsson,HermannIng;lfssonogMrtuJ;nsd;tturfrutanrkisrWu  '",  neyti.XbrustnefndinnitlulegarupplUsingarogfrekariggnfrrWuneytinu. '#-   FrumvarpiWgerirrW&   fyriraWfjrveitingtilutanrkisrWuneytisriW2012nemium9.745 ( m.kr.rekstrargrunnise'(ωmsamsvararum2%lkkunfrfjrlgum2011.0frumvarpinusegir  aWtgjaldabreytingummilliramegiskiptaYrjYtti.0fyrstalagiverWagerWarrWstafanir  tilaWlkkatgjldrWuneytisinsum237m.kr.samrmiviWmarkmiWsemrkisstj;rnin a hefursetttlunumjfnuWrkisfjrmlum.0WrulagierumaWrWaUmsarbreytingar T, tgjaldaskuldbindingumsemfallatilrinu2012,enYrnema313m.kr.m;tiYvvega,  YriWjalagi,tmabundinframlgtilUmissaverkefnasemfallaniWurognema191m.kr.  Nett;lkkunvegnabreytingatgjaldaskuldbindingumerYvalls741m.kr.     0frumvarpinuergertrWfyrirverulegrihkkunframlagatilYr;unarmlasamrmiviW  X lyktunAlYingisnr.41/139fr10.jn2011umtlunumalYj;WalegaYr;unarsamvinnu K #  0slands2011!2014.SamkvmttluninnieruframlgtilYr;unarmlarinu2012;breytt    semhlutfallafvergriYj;WarframleiWslufrfyrrarienhagvxturkallarhkkunframlaga.    GerterrWfyriraWheildartgjldtilYr;unarmlaverWi3.115m.kr.FramlgtilXr;unarsam   vinnustofnunar(XSS0)hkkaum61m.kr1.227m.krogframlgtilYr;unarmlaogalYj;W wO  legrarhjlparstarfsemisemfergegnumutanrkisrWuneytiWhkkaum279m.kr.,1.556 B  m.kr.XtelsttilYr;unarhjlparhlutiframlagatilSameinuWuYj;Wanna,AlYj;WaheilbrigWis    mlastofnunarinnarogAlYj;Wavinnumlastofnunarinnar.FramkomviWumfjllunnefndar   innaraWnstariertlaWaWhefjanUreglulegam;ttkufl;ttamannah;pasamvinnu {  viWvelferWarrWuneytiW,RauWakrossinnogfleiriaWila. nF   SamkvmtfrumvarpinuverWaframlgvegnasendiskrifstofaerlendis2.800m.kr.XaWer 9 um113m.kr.hkkunfrfjrlgumfyrrarsenenguaWsWurverulegraunlkkuneftillit  ertekiWtillauna,verWlagsoggengisbreytinga,semnema236m.kr.tilhkkunarenYaraf  eruhrifgengisbreytingaum130m.kr.entgjldsendiskrifstofaeruaWst;rumhlutabundin r erlendrimynt.ViWumfjllunnefndarinnarkomfram,semdmiumhagrWinguYessu e= sviWi,aWriW2005namkostnaWurviWrekstursendiskrifstofa0,57%afrkistgjldumenriW 0 2011errWgertaWhlutfalliWverWi0,52%Yrttfyrirhrunkr;nunnar.runum2009!2010  varsexsendiskrifstofumlokaWogerusendiskrifstofur0slandsn21talsinsenaukYesshafa  YrjrskrifstofurXSS0stWusendirWs.XettaersvipaWurfjldiogrunum2002til2004en i tsendirstarfsmennerunumYaWbilfj;rWungifrrienYeirvoruYvtmabili.Xeirerun \4 50envoru70riW2004. '   FramlgtilYr;unarsj;WsEFTAlkkaum920m.krmiWaWviWfjrlgfyrrars.Sj;Wurinn  ernaWgreiWatstyrkivegnatveggjaframkvmdatmabila,annarsvegarvegnatmabilsins  2004!2009oghinsvegarvegnatmabilsins2012!2014,enlkkuninskUristafYvaW `  greiWslumvegnafyrrat&  mabilsinseraWljkaengreiWslurvegnaseinnatmabilsinskomaekki S+! tilframkvmdaaW'SneinurWifyrreneftirriW2012. "   XrttfyrirhagrWinguogniWurskurWhefurutanrkisrWuneytiWtekiWaWsrnUverkefni # st;rogsmsamkvmtlyktunumAlYingisogngirYvefniaWnefnayfirstandandiaWild  $ arviWrWurviWEvr;pusambandiW,tlunumalYj;WlegaYr;unarsamvinnu0slands2011! !W% 2014,stefnu0slandsmlefnumnorWursl;Waogm;tunYj;Warryggisstefnufyrir0sland. J""& MeirihlutinnteluraWvelhafitekisttilmeWhagrWingurekstriutanrkisrWuneytisinssW #' usturumjafnframtYvsemrWuneytiWhefursinnthlutverkisnualYj;Wasamskiptum0s #( lendingaerfiWumtmum. $ )    BirgittaJ;nsd;ttirerheyrnarfulltriutanrkismlanefndogersamYykklitiYessu. v%N!*   rniX;rSigurWssonogSigmundur&   ErnirRnarssonskrifaundirlitiWmeWfyrirvara ( vegnasetufjrlaganefnd.    AlYingi,24.n;vember2011. a rniX;rSigurWsson,formaWur,meWfyrirvara,  SigmundurErnirRnarsson,meWfyrirvara,  HelgiHjrvar,   lfheiWurIngad;ttir,  X OddnUG.'(ܞHarWard;ttir. K #  p Fylgiskjal&  IX. wO   B Au() 'dE>s 'A^B    B     t+p lit    #+p t#umfrumvarptilfjrlagafyrirriW2012(03UtanrkisrWuneyti). nF Frminnihlutautanrkismlanefndar.    UtanrkismlanefndhefuraWbeiWnifjrlaganefndarfjallaWumYannkaflafjrlagafrum r varpsinssemer'wmlefnasviWihennar. e=   ViWumfjllunnefndarinnarumfrumvarpiWvarfyrirspurnumumkostnaWvegnaums;knar 0 0slandsumaWildaWEvr;pusambandinubeinttilutanrkisrWuneytisins.Minnihlutinefndar  innargagnrUnir;gagnsiYegarkemuraWkostnaWiviWaWildarums;kninaoghefureinkum  YrennskonarathugasemdirviWsvrsembrustfrrWuneytinu. i   0fyrstalagikemurYarframaWrunum2010og2011varveittsamtals400m.kr.fjr \4 heimildvegnakostnaWarviWums;kninaogaWYarafhafatplega188m.krveriWnUttar. ' UppsfnuWfjrheimildYessumliWverWurum200m.krlokrs2011ogstafarafYvaW  kostnaWurvegnasamningaviWrWnahefurfalliWtilsWarentlaWvar.XkemurframaW  auknarfjrveitingartilXUWingamiWstWvarutanrkisrWuneytisinsvegnaaWildarums;knarinn `  arfjrlgumranna2009!2012nema590m.kr.ogYarafhafa202m.krveriWnUttar.XaW S+! skUturYvskkkuviWaWutanrkisrWherrasagWiopnumfundiutanrkismlanefndarog " atvinnuveganefndar23.n;vembersl.aWstrsturhlutikostnaWarvegnaums;knar0slandsum # aWildaWEvr;pusambandinuhefWiYegarfalliWtilogfrminnihlutinnvartsWaWsamrmi  $ smilliskriflegrasvararWuneytisinsogummlarWherra.0lj;siYeirraummlamspyrja !W% hvortekkistilefnitilYessaWfellaniWurhlutaYeirrafjrveitingasemtlaWertilaWildar J""& viWrWnannanstari. #'   0WrulagikemurframsvrumrWuneytisinsaWlaunakostnaWurstarfsmannasemfluttir #( hafaveriWaWmeiraeWaminnaleytitilstarfavegnaaWildarviWrWnannasekkimetinntil $ ) kostnaWarviWaWildarums;knina.RWuneytiWberYvviWaWfl;kiWsaWmetaYannkostnaW. v%N!* MinnihlutinntelurmeWllu;sttanlegtaWekkisalltvinnuframlagtilaWildarferlisins A&"+ metiWtilkostnaWarendahafistj;rnvldhaftuppist;rorWumopiWoggagnsttferliYarsem  '", alltyrWiuppiborWum.Almenningur0slandirttaWvitankvmlegahvemiklufer '#- variWaWildarums;kninaoghrverWurrWuneytiWaWgerabragarb;t. (z$.   0YriWjalagivekurathygliaWsvrumrWuneytisinssegiraWYeirsemstarfaaWaWildar ( ums;kninnisufyrstogfremststarfsmennsemWurunnuaWverkefnumvegnaEESsamn  ingsins.XeirhafaUmistbttviWsigeWaalfariWhorfiWtilstarfavegnaaWildarviWrWnanna.  MinnihlutinntelurYspurningu;neitanlegavaknahvortEESsamningnumsekkisinnt a semskyldimeWanaWildarviWrWumstenduroghvaWaafleiWingarvanrkslaslkrarhags T, munagslugetihaft.    XkemurframgreinargerWumutanrkisrWuneytiWfjrlagafrumvarpinuaWsparnaWar  formrinu2012kallamargvslegarhagrWingaraWgerWirogforgangsrWunverkefna.   RWuneytiWhefurgertskilmerkilegagreinfyrirhagrWingaraWgerWumviWrekstursendiskrif  X stofaerlendisengatekkinefntdmiumforgangsrWuneinstakraverkefnaYrttfyrirspurn K #  ingarYarum.MinnihlutinnteluraWskUrarherslurskortiervarWarforgangsrWunverkefna    innanrWuneytisinsogYarsviWp;litskaforustuYessaWsakast.      AlYingi,24.n;vember2011. wO  RagnheiWurE.rnad;ttir,    SigmundurDavWGunnlaugsson,   GunnarBragiSveinsson. {  y FylgiskjalX.  <rAu() dE> A^r<  r    t+p lit 0  #+p t#umfrumvarptilfjrlagafyrirriW2012(08VelferWarrWuneyti).  FrmeirihlutavelferWarnefndar. \4   VelferWarnefndhefuraWbeiWnifjrlaganefndarfjallaWumYannkaflafjrlagafrumvarpsins  semermlefnasviWihennar,sbr.brffjrlaganefndardagsett4.n;vember2011.Nefndin  fkksinnfundnnuLiljuGunnarsd;ttur,nnuSigrnuBaldursd;ttur,gstX;rSigurWs `  son,DagnUjuBrynj;lfsd;ttur,EinarNjlsson,HnnuSigrWiGunnsteinsd;ttur,Hermann S+! Bjarnason,HrafnhildiGunnarsd;ttur,IngaValJ;hannesson,J;nBaldursson,Sturlaug " T;massonogSveinMagnssonfrvelferWarrWuneyti,nnuXorkelsd;ttur,FriWrikPlsson, # GuWj;nSigurWsson,IngibjrguPlmad;ttur,KristjnLinnetogSigurr;sKristinsd;tturfr  $ rWgjafarnefndLandsptala!hsk;lasjkrahss,BirgiGunnarssonogMagns:lafssonfr !W% ReykjalundiogSigurWErlingsson,SigurWJ;nBjrnssonogGunnhildiGunnarsd;tturfr J""& 0bWalnasj;Wi.XhltnefndinfundmeWGunnariSvavarssyni,HelgaMHalld;rssyni, #' Ing;lfiX;rissyni,J;hannesiM.GunnarssyniogStefniVeturliWasynifrNUjaLandsptalan #( umohf. $ )   HeildargjldvelferWarrWuneytisinsriW2012erutluWum233,9milljarWarkr.rekstr v%N!* argrunni.Gjldumframtekjureruum225,3milljarWarkr.semnemurtpumhelmingiaf A&"+ tluWumheildargjldumfjrlagafrumvarpsinssemeru539,2milljarWarkr.GjldrWuneyt  '", isinseruaWmestufjrmgnuWmeWbeinuframlagirrkissj;WieWaum163,4milljarWarkr.; '#- rmir62milljarWareruinnheimtirafrkistekjumogum329m.kr.frasttillkkunarviW (z$. skiptahreyfingumrkissj;Ws.BtgjldrWuneytisinsdragastsamanum2,3milljarWakr.fstu ( verWlagifjrlaga2011enYegartekiWertillittilalmennraverWlagshrifaoggengisbreytinga  hkkatgjldinum7,6%eWatpa16milljarWakr.millira.    NefndinfjallaWiumYttvelferWarrWuneytisinsfjrlagafrumvarpinu,YarmeWalum a jafnrttisml,semskv.1.mgr.13.gr.laganr.55/1991,umYingskpAlYingis,heyraekki T, undirmlefnasviWnefndarinnarheldurallsherjarogmenntamlanefndar.    AWhaldsmarkmiWrkisstj;rnarinnarfyrirriW2012byggjastYvaWdragartgjldum  semnemur3%almennristj;rnsUsluogYj;nustuog1,5%velferWarmlum.HagrWingar   krafahjaWalskrifstofurWuneytisinsogstj;rnsUsluogeftirlitsstofnunumsemheyraundir  X velferWarrWuneytiWerYv3%samdrtturtgjldum.AlmennhagrWingarkrafatilstofnana K #  semannastheilbrigWisYj;nustu,Yj;nustuviWbrn,fatlaWf;lkogaldraWaerafturm;ti    1,5%.VegnaendurskoWunarkostnaWiviWrekstursjkrarUmarinu2010varekkimgu    legtaWnframhagrWingarhrifumfyrrenliWiWvarriW2011.VarYvkveWiWfjrlgum   fyriryfirstandandiraWfrestalkkun3/12hlutumhagrWingarkrfunokkurraheilbrigWis wO  stofnanaogbtistskrafaofanalmennu1,5%hagrWingarkrfunafrumvarpinu. B   Samantekt.      MeirihlutinnleggurhersluaWtillgurheilbrigWisstofnanaumYaWhvernigYrhyggjast {  mtaaWhaldskrfufjrlgum2012verWirddartarlegaogtryggtsaWstaWinnsvrWur nF umheilbrigWisYj;nustunaogaWhagrWingarkrfurheilbrigWisYj;nustunniverWialdreitil 9 YessaWdUrarileiWirsuvaldarenYrsemskornareruniWur.MeirihlutinntelurmiWuraW  tillguraWendurskipulagiheilbrigWisYj;nustuhafiekkilegiWtilgrundvallarviWvinnuaW  fjrlagafrumvarpiogrttarmikilvgiYessaWsvoverWiviWvinnuviWfjrlgrsins2013. r JafnframtleggurmeirihlutinnrkahersluaWunniWverWiaWYvaWkomaYj;nustustUr e= ingu,tilvsanakerfiogforvakthfuWborgarsvWinu.SkoWaYarfhvernigunnteraWtryggja 0 g;WatannheilsubarnaogbeinirmeirihlutinnYvtilfjrlaganefndarogefnahagsogviW  skiptanefndaraWskoWalagningu?tappagjalds sykraWagosdrykki.AWaukitelurmeiri  hlutinnvertaWfjrlaganefndogefnahagsogviWskiptanefndskoWibreytingufengisgjaldi i samrmiviWtillgurmeirihlutansogaWtluWtekjuaukningrkissj;WsafYvverWinUtt \4 tilaWdragarniWurskurWiheilbrigWisYj;nustu.Vegnaathugasemdasemnefndinnihafabor ' istumYj;nustusamningavelferWarrWuneytisbeinirmeirihlutinnYvtilfjrlaganefndaraW  skoWaYessimlsrstaklegaogtryggjaaWsamrmisogh;fssgttviWniWurskurWtilvel  ferWarmlaendaeralmenntummjgviWkvmamlaflokkaaWrWa.NiWurskurWurvelferW `  armlumverWurjafnframtvalltaWverameWYeimhttiaWhanngangiekkiofnrriYeirri S+! starfsemisemumrWir,aWhgtverWiframaWsinnakjarnaYj;nustuogaWtryggtsaW " YegarrofartilrkisfjrmlumverWiunntaWbyggjaviWkomandiYj;nustuuppnUjanleik # ogaukaviWhana.MeirihlutinnrttarmikilvgiYessaWvrWursstaWinnumvelferWar  $ Yj;nustuumalltland,aWvelferWarkerfiWssemskilvirkastogaWtgjaldasamdrttisuYeir !W% varWirsemminnsthafaogerumestriYrffyrirvelferWarYj;nustuogaWtryggtsaWhag J""& kvmastaleiWinsalltafvalinYegarhgter. #'  HeilbrigWisstofnanirogsjkrahs.  $ )   Nefndinf;ryfirYhagrWingarkrfusemgerWertilhverssjkrahssogheilbrigWisstofn v%N!* unarfyrirsigaukYesssemhnfjallaWiummliWheildsttt.MeirihlutinnlUsiryfirhyggj A&"+ umafYvaWekkiverWigengiWlengrahagrWingunYessaWskerWaYj;nustuogfkka  '", strfum.TelurmeirihlutinnalvarlegtYessulj;siaWekkiliggiYegarfyrirtillgureinstakra '#- stofnana,utanLandsptalans,umhvernigfyrirhuguWumniWurskurWiskulimtt.Meirihlutinn (z$. fkkYrupplUsingarhjvelferWarrWuneytiaWstofnanirnarvruennaWvinnaYessumml ( umoghefWufresttil2.desembertilaWskilainnlokatillgumsnum.Samkvmtstarfstlun  AlYingiser3.umrWafjrlagafyrirhuguW6.desembernk.Telurmeirihlutinnlj;staWWur  enkemuraWlokaafgreiWslufjrlagaYurfiaWliggjafyrirhvaWahrifniWurskurWurinnhefur a einstkumstofnunum,stWumoglandsvWum.MeirihlutinnbeinirYvtilfjrlaganefndar T, aWfjallasrstaklegaumYessiatriWiYegartillgurnarliggjafyrirsvotryggtsaWstaWinns  vrWurumheilbrigWisYj;nustunaogaWheilbrigWisstofnunumlandsbyggWinnisgertmgu  legtaWbj;WaYj;nustusamrmiviWYarfirbahverjuheilsugsluumdmieWaYj;nustu   svWi.  X   MeirihlutinnrttarnauWsynYessaWfyrirliggistefnaogtluntillangstmaumfyrir K #  komulagheilbrigWisYj;nustunnaroginnanhvaWafjrhagsrammahnaWstarfa.XarYarft.d.    aWskoWastaWsetningu,samvinnu,sameiningarstofnanaeWaeiningaogskilgreinastarfsemina    hverjumstaWmeWYaWaWmarkmiWiaWhnsfagleg,g;Woghagkvm.Xannigttuallir   aWilaraWvitatilhversertlastafYeimfaglegaogfjrhagslegaoggetalagaWstarfsemisna wO  aWYeimrmmumsemsettireru.MeirihlutinnteluraWbreytingaferliYurfiaWsetjaeWlileg B  tmamrksvollumgefistt;mtilaWlgunar.SamabendingviWumtlunuppbyggingu    hjkrunarrUma,eWlilegteraWfylgjaYeimtlunumsemunnareruumYrffyrirslkrUmi.    Xj;nustasrfrWilknaogtilvsanakerfi.  nF   MeirihlutinnteluraWtryggjaYurfiaWfrekariniWurskurWurheilbrigWisYj;nustuleiWiekki 9 tilst;raukinnatgjaldarrkissj;WitilsrfrWilknaogeinkarekinnalknaogskurWstofa.  BendirmeirihlutinnaWtgjldrkisinstilsrfrWilkningahafaaukistum7%frrinu  2008meWandregiWhefurrtgjldumopinberraheilbrigWisstofnanaum22%.0frumvarpi r tilfjraukalaga2011ergertrWfyrir1.159m.kr.framlagitilaWmtahkkuntgjldum e= vegnasrfrWilknayfirstandandirienaukYesshefurSjkratryggingastofnun;skaWeftir 0 1.700m.kr.magnaukningukaupumsrfrWilknaYj;nustunstari,2012,umframY  hkkunsemframkemurfrumvarpinu.    MeirihlutinntelurmikilvgtaWtryggjaaWYj;nustaheilbrigWisstofnanaogsjkrahsas i ngilegtilaWaukaekkiaW;Yrfus;kntilsrfrWilknasemoftastermundUrarafyrirrk \4 iWaWgreiWaenYj;nustuheilbrigWisstofnun,ogekkitryggtaWYj;nustansbetrillumtil ' vikum.FramkomfyrirnefndinniaWummagnaukninguhefurveriWaWrWagreiWslumtil  srgreinalknaogtilteknarsrgreinar.Nefndinhefur;skaWeftirsundurliWunyfirYennan  tgjaldaliWogYrbreytingarsemhonumhafaorWiWogleggurmeirihlutinntilaWmagn `  aukning(strripottar)rennitilheilbrigWisstofnanatilandisemgetiYsamiWumkaup S+! Yj;nustusrgreinalknaeftirYrfum. "   0tengslumviWvinnusnaviWfjrlagafrumvarpiWkynntinefndinsrnUlegartillgurrW # gjafarh;psvelferWarrWherrafrokt;bersl.umskipulagheilbrigWisYj;nustuogrWstfun  $ fjrmuna.XarkemurframaWmiWaWviWsamanburWarlnd0slandseruheims;knirtilsrfrWi !W% lknahlutfallslegafleirihrog;heftaWgengisYarlklegstWa.MeWYessufyrirkomulagi J""& shttaofnotkunYj;nustunni.MeirihlutinntekurundirtillgurrWgjafarh;psinsum #' nauWsynYessaWkomauppYj;nustustUringu,meWtilvsanakerfi. #(   0litimeirihlutaheilbrigWisnefndarumfjrlgrsins2011komframaWnauWsynlegtvri $ ) aWfaragagngerarskipulagsbreytingarogstefnumrkunumheildstWaframtWarskipanheil v%N!* brigWisYj;nustulandinullu.0litinukomeinnigframaWmeW?slkuendurmatiermgu A&"+ legtaWdragamarkvisstrtgjldummlaflokksinsoghaldajafnframtuppigWumYj;nust  '", unnarogryggisjklinga. TelurmeirihlutinnjkvttaWvinnarWgjafarh;psinsog?Boston '#- ConsultingGroup liggurnfyrirentelurjafnframtmjgmiWuraWtillgurh;psinshafiekki (z$. veriWlagWartilgrundvallarviWfjrlagavinnuna.MeirihlutinnrttarmikilvgiYessaWhag ( rWingrkisrekstrisgrundvlluWg;WumupplUsingumogskUrristefnumrkun.NYarf  framhagkvmniogrttltristUringualmannafjrnYessaWYj;nustaviWsjklingaeWa  ryggiYeirrasskert. a   MeirihlutinnleggurrkahersluaWhorftverWiheilbrigWisYj;nustuheildstttogaW T, Yj;nustunnisbeintrttYj;nustustig.Meirihlutinntelurlj;staWkomaverWiYj;nustu  stUringuheilbrigWiskerfinuYarsemYj;nustuYrfrWistreymisjklingamilliheilsugslu,  srfrWingaogsjkrahsa.MeirihlutinntrekaraWstyrkjaYurfiheilsugslunatilaWtryggja   aWsjklingarleitiviWeigandiYj;nustustig.TelurmeirihlutinnjkvttaWframangreindum  X tillgumumskipulagheilbrigWisYj;nustusm.a.lagttilaWheilsugslanhfuWborgarsvW K #  inuverWiendurskipulgW.     Landsptalinn.      NefndinrddisrstaklegamlefniLandsptalans!hsk;lasjkrahss(LSH).RWgjafar wO  nefndLSHkynntinefndinnim.a.hyggjursnarafhrifumfrekariniWurskurWarstarfsemi B  LSHogstarfsf;lksptalans.LagWihnm.a.tilaWopnuWyrWideildLandakotisemner    lokuW,fyrirYsjklingasemekkivrumikiWveikirenteppadUrarisjkrarmHringbraut   ogFossvogi.HefWiYettaYvhagrWingarhrif.NefndinrddiYettaviWfulltravelferWar {  rWuneytisinssemkynntihenniaWYessiatriWivruskoWun,m.a.hvortunntvriaWkoma nF YessumsjklingumnnurrrWiogaWrarstofnanirsemsinntgtuYrfumYeirra. 9   MeirihlutinnrttarmikilvgiYessaWhafasterkanogtraustanLandsptala,semboWiW  geturdUraogsrhfWaYj;nustusemsjklingarhvaWanvaaflandinuYarfnast.Mikilvgt  eraWhugaaWtkjakostiLSHsemerekkieinungiskominntilrasinnaheldurskortirsptal r annfjrmagntilaWgeraviWbiluWtki.GeraYarfheildstWatlunumhvernigtkjaog e= tknibnaWarsptalansverWurendurnUjaWurallransturumogmeWtillititilYessaWaf 0 byggingarkostnaWinUsLandsptalaeru7milljarWarkr.tlaWirtiltkjakaupa.    0tengslumviWumfjllunumYj;nustustUringutelurmeirihlutinnafarmikilvgtaWhorft  verWitilYessaWkomaforvaktviWbrWadeildirLSH.BrWaYj;nustaermeWdUrustuheil i brigWisYj;nustusemveitterogmikilvgteraWsjklingarsemleitatilslysadeildareneiga \4 erindiannaWfiviWeigandiYj;nustueWasvsaWYangaWsemviW.Xettaminnkarlag ' brWam;ttkuogslysadeild,dregurrkostnaWi,styttirbiWtmaogtryggirjafnframtaWsjk  lingarfiYYj;nustusemYeirYurfa.MeirihlutinnkynntisrvinnuviWfyrirhugaWabygg  ingunUsLandsptalaviWHringbraut.0YeimtillgumsemnerunniWmeWerekkigertrW `  fyrirslkriforvakt.MeirihlutinnrttarmikilvgiYessaWtillgurrWgjafarh;psvelferWar S+! rWherrasunUttarviWvinnunaviWnUjanLandsptalaogrUmifyrirYj;nustustUringuformi " forvaktarverWitryggttengslumviWnUbyggingusjkrahssins. #  Tannlkningar.  !W%   Nefndinrddisrstaklegatannlkningarbarna.NefndinhltnUlegafundYarsemhnf;r J""& yfirstWumlaYessumefnumoglUsirmeirihlutinnyfirmiklumhyggjumaftannheilsu #' barnasemerverulegab;tavant.0fjrlagafrumvarpierlgWtil261m.kr.lkkunframlg #( umtilendurgreiWslutannlkningakostnaWarogfkknefndinYrupplUsingaraWlkkunin $ ) stilkominvegna;nUttrafjrheimildaenfjrveitingYennanliWhefurekkiveriWfullnUtt v%N!* liWnumrum.VsbendingareruumaWYaWsvegnaYessaWforeldrartreystasrekkitilaW A&"+ greiWasinnhlutsvoogvegna;vissuumheildarkostnaWviWtannlkningubarns.Meirihlut  '", innrttarmikilvgiYessaWtannlknarogstj;rnvldnisamningumallranstumnuW '#- umbWiumtannviWgerWirogforvarnir,svosemflorskolun,ogaWkomiWverWisam (z$. rmdrigjaldskr.XtelurmeirihlutinnmikilvgtaWstj;rnvld,svoogfjrlaganefndog ( efnahagsogviWskiptanefndkannimguleikaYvaWleggja?tappagjald sykraWadrykki  tilaWdragarneysluYeirra.0slendingarhafaslegiWmetneyslusykraWragosdrykkjaog  hefurllegtannheilsaunglinga,einkumdrengja,veriWrakintilmikilsgosdrykkjaYambs. a BenthefurveriWaWhrraverW,t.a.m.formi?tappagjalds ,gtidregiWrYessarineyslu T, semmundiafturdragarhttuoffitu.MeirihlutinnbendiraWmeWslkugjaldimtti  styrkjatekjustofnarkissj;WsoggerahannbeturstakkbinntilaWaukafjrframlgtil  niWurgreiWslutannlkningakostnaWiogtilforvarna.    Bturalmannatryggingaogatvinnuleysistrygginga.  K #    BturalmannatryggingaogatvinnuleysistryggingahkkuWurinutilsamrmisviW    kr;nutluhkkunlgstulaunakjarasamningumalmennumvinnumarkaWi.Namshkk    unum8,1%YarsemmiWaWvarviWlgmarkshkkunkjarasamningasemvar12Ys.kr.Stefnt   eraW3,5%hkkunflestrab;taflokkanstaritilsamrmisviWkjarasamninga.XarerY; wO  kvWiumaWlaunhkkiekkiminnaenum11Ys.kr.SamkvmtupplUsingumfrvel B  ferWarrWuneytinureyndistekkiunntaWmiWaviWYlgmarkstluYarsemhkkunhefWiY    numiWum6,8%ogtgjldrkisinsorWiWlangtumframtlun.MeirihlutinnfagnarYvaW   b;taYegumvaryfirstandandiritryggWsambrilegkjarab;togalmennumlaunYegum, {  hannrttarjafnframtmikilvgiYessaWb;taYegardragistekkiafturrhvaWvarWarkjara nF btur. 9   MWraogfeWralaun,umnnunargreiWslur,barnalfeyrirvegnamenntunar,bifreiWakostn  aWurogbarnalfeyrirtakasamkvmtfrumvarpinuekkismuhkkunumogaWrirflokkar.  Nefndin;skaWisrstaklegaupplUsingaumkostnaWviWYaWaWhkkaYessaflokkatilsam r rmisviWaWra,Y.e.um3,5%.KostnaWurviWYaWnmisamtals220m.kr.HagrWingarkrafa e= rWuneytisinstilfrslukerfumer1.739m.kr.ogvarnefndinnikynntYaWmatrWuneytisins 0 aWnauWsynlegtvriaWhagrWingarkrafantkieinnigtilb;takerfisinssemer30,4%af  heildartgjldumrWuneytisinsriW2012.EnnfremuraWYessirb;taflokkarvrualmennt  ekkitaldirtilgrunnframfrsluogaWYeirhefWutekiW8,1%hkkunsWastasumri.Telur i meirihlutinnmikilvgtaWstaWabarnaogbarnafjlskyldnasskoWuWsrstaklegafjrlaga \4 gerWinni,ogtryggtaWherslastj;rnvaldaumaWstandavrWumhagbarnashfWaWleiWar ' lj;sihagrWingaraWgerWum.    XtelurmeirihlutinnjafnframtvertafYessutilefniaWbendamisrmisemgtirb;ta  kerfirkisinsb;tum,lfeyrioguppb;tumtilbarnaf;lks.TilaWmyndaerbarnalfeyrirskatt `  frjlsenuppb;tatvinnuleysisbturvegnabarnaframfrihinsatvinnulausateljasttil S+! teknaogskattlagWarsemslkar.TelurmeirihlutinnmikilvgtaWrttltiogjafnrWis " tryggtb;takerfumrkisinsogleggurhersluaWheildarendurskoWunalmannatrygginga # kerfisinssemn&  erunniWaWverWiflUtt.SlkvinnattiaWstuWlaaWrttltriskiptingual  $ manna' ^fjr. !W%  FWingarorlof.  #'   MeirihlutinntelureinnigrkttilefnitilaWhafahyggjurafstWumtlaWrartgjalda #( lkkunarrFWingarorlofssj;Wi.SamkvmtfrumvarpinuertluWlkkunumrman1 $ ) milljarWkr.vegnaYessaWdregiWhefurrYtttkuforeldrafWingarorlofiaukYesssem v%N!* fWingumhefurfkkaW.0skUrsluvelferWarrWherraumfWingarogforeldraorlof(Yskj. A&"+ 1920,542.ml,139.Ying)komaframupplUsingarsemberameWsraWYrskerWingarsem  '", gerWarvorugreiWslumfWingarorlofirunum2009!2010hafihaftmikilhriftkufor '#- eldrafWingarorlofiogYsrstaklegafeWra.Xarkemurt.d.framaWfeWrumsemfengu (z$. greiWslurrfWingarorlofifkkaWium5,3%milliranna2009og2010YrttfyriraWfleiri ( brnhafifWstYessirenrinundan.0skUrsluvelferWarrWherraumstWuogYr;unjafn  rttismlasemgefinvarttilefnijafnrttisYings2011kemurjafnframtframaWfeWrummeW  yfir400.000kr;nurmnaWartekjursemnUtasrfWingarorloffkkaWium7%millir a anna2009!2010.XaWermatFWingarorlofssj;WsaWstWurYessasulkkunhmarks T, greiWslumrsj;WnumaukYesssemaWstWurvinnumarkaWigetihafahafthrifYar.Meiri  hlutinnrttarmikilvgisj;WsinsogfWingarorlofskerfisins.Meirihlutinntelurmikilvgt  aWsj;WurinnssjlfbrogshlutitryggingagjaldssemhonumermarkaWursngilegurtil   aWmtatgjldumhans.XrskerWingarsemgerWarvorufWingarorlofirunum2009!  X 2010hafaYegarhafthriftkuforeldrafWingarorlofiogYsrstaklegafeWra.UmleiW K #  ogrofartilrkisfjrmlumtelurmeirihlutinnbrUntaWhafistverWihandaviWaWbyggjaaftur    uppfWingarorlofskerfiWogdragaskipulegarYeimskerWingumsemgerWarhafaveriWum    leiWoghorftertilennfrekariuppbyggingarsj;Wsins.    Xj;nustusamningarvelferWarrWuneytisviWsamtk,einkaaWilaogsveitarflg.  B    0upphafirsvarWyfirfrslamlefnumfatlaWsf;lksfrrkitilsveitarflaga.Vegna    YessalkkatgjldvelferWarrWuneytisfryfirstandandiriumtpa11milljarWakr.Starf   semiGreiningarogrWgjafarstWvarrkisins,Xj;nustuogYekkingarmiWstWvarfyrirblinda {  ogsj;nskertaogHeyrnarogtalmeinastWvar0slandsheyrirY;ennundirrkiW.ViWyfir nF frslunavarrkinujafnframtfaliWaWgreiWakostnaWviWverndaWavinnustaWiogannast 9 VinnumlastofnunsamningagerWviWvinnustaWinaogeftirlitmeWYeim.Samkvmtfrum  varpinuerulagWartilum61,9millj.kr.YettaviWfangsefni.Nefndinnivorukynntarhyggjur  afYvaWstarfsemiYessaravinnustaWavrihttuvegnahrrarniWurskurWarkrfu.Sam r kvmtfjrlagafrumvarpiergertrWfyrirhkkunframlagisamkvmtsamningitilvernd e= aWravinnustaWaB0,MlalundarogBlindraflagsins.Lj;steraWlaunstarfsmannaYarhafa 0 hkkaWtilsamrmisviWkjarasamningaogYverkostnaWurviWreksturstaWannameirien  Wur.0frumvarpinukemurekkiframhverbreytingineraWteknutillititillaunaogverWlags  hkkana.NefndinfkkYrupplUsingarfrvelferWarrWuneytiaWalmenntvri3%hagrW i ingarkrafasettYj;nustusamningarWuneytisinsviWsamtk,einkaaWilaogsveitarflgtil \4 samrmisviWaWhaldsmarkmiWrkisstj;rnarinnar.UndirYessasamningaheyrajafnframt ' sjkraflutningarogrttarmeirihlutinnmikilvgiYessaWtryggjaaWYvverkefnissinnt  meWfullngjandihttimeWryggiogYj;nustuviWsjklingaaWleiWarlj;si.Meirihlutinn  beinirYvtilfjrlaganefndaraWskoWasamningaviWvelferWarrWuneytiWsrstaklegaog `  tryggjaaWsamrmisogh;fssgttviWniWurskurWtilvelferWarmlaendaeralmenntum S+! mjgviWkvmamlaflokkaaWrWa.XrttarmeirihlutinnmikilvgirttindagslufatlaWs " f;lkssemvarst;refld&  ԀtengslumviWyfirflutningmlaflokksinstilsveitarflagannaogminn # irfjrlaganefndaW'%gtavelaWfjrheimildumtilYessamlasviWs.  $   MeirihlutinntelurjafnframtrttaWvekjaathyglifjrlaganefndarYvaWReykjalundur !W% hefurekkifengiWendurgreiddankostnaWSmerktumlyfjumyfirstandandiri,en J""& ReykjalundihefurfariWframendurhfinghjartaoglungnaYegasemYurfasrhfWumog #' dUrumSmerktumlyfjumaWhalda.TelurmeirihlutinnmikilvgtaWtryggjajafnrWimilli #( heilbrigWisstofnanaYessumefnum.XhafaforsendurReykjalundarbreystnokkuWenda $ ) hefurhannfrrinu1944veriWundanYeginngreiWslukostnaWarviWnotkunheituvatni. v%N!* XessiundanYgahefurnveriWfelldniWurogYvertilkominnnUrtgjaldaliWurfyrir A&"+ Reykjalund.MeirihlutinnbeinirYvtilfjrlaganefndaraWskoWaYessiatriWisrstaklega  '", tengslumviWsamnin&  grWuneytisinsviWReykjalundfyrirnstafjrlagarogYjafnframt '#- Yessi;vntutgjld''*yfirstandandiri. (z$.   NefndinrddijafnframtnokkuWmlefniSamtakahugaf;lksumfengisogvmuefna ( vandann(S)ennefndinhltfyrirnokkrufundmeWsamtkunumhsnWiYeirra.Xar  komframaWframlgtilShefWuveriWmeiraogminna;breyttfraldam;tumogframtil  rsins2008.SWanYhafiframlgtilsamtakannaveriWskorinniWurumrm20%.Meiri a hlutinnbendiraWhjsamtkunumferllumstarfsstWumframmikilvgvinnasem T, standaYarfvrWum.TryggjaYarfaWsamtkinhafibolmagntilaWinnahanaafhendiogaW  YegarrofartilrkisfjrmlumverWiaukinframlgtilYessamikilvgamlaflokks.NiWur  skurWurvelferWarmlumverWurjafnframtvalltaWverameWYeimhttiaWhanngangiekki   ofnrriYeirristarfsemisemumrWir,aWhgtverWiframaWsinnakjarnaYj;nustuogaW  X tryggtsaWYegarrofartilrkisfjrmlumverWiunntaWbyggjaviWkomandiYj;nustuupp K #  nUjanleikogaukaviWhana.     HsnWisml.      NefndinfjallaWiumhsnWismlog0bWalnasj;W.TelurmeirihlutinnbrUntaWstarfs wO  h;purssemhefurtilumfjllunarnUtthsnWisb;takerfiljkistrfumsemfyrst.Mikilvgt B  eraWendurskoWaviWmiWogreglursemgildaumhsaleigubturogkomanUjuhsnWis    b;takerfi.0bWalnasj;WurerlnastofnunsemheyrirundirChlutafjrlaga.0fjrlgumYessa   rsvarsamYykktalltaW33milljarWakr.viWb;tarframlagtilsj;WsinstilaWmtaafskriftaYrf {  nsturaogtryggjaeiginfjrstWuhans.fundinefndarinnarmeW0bWalnasj;Wiogvel nF ferWarrWuneytikomframaWvarWarniWurfrslareikningumsj;Wsinsvriennum30millj 9 arWarkr.enekkiliggurennfyrirhverafskriftaYrfhanser.s;knsvokallaWa110%leiWvar  ekkieinsmikilogbisthafWiveriWviWenYaWvarmatsj;WsinsaWum1.500lntakarhans  vrumjgmiklumvandaogyrWiekkertaWgertlgilj;stfyriraWsj;WurinnmundiYurfa r aWtakayfirY;nokkuWaffasteignumsemgtiafturleitttilaukinnaafskrifta.Nefndinnivar e= Y;jafnframtkynntaWsj;WurinnynnisamtvelferWarrWuneytiogumboWsmanniskuldaraaW 0 YvaWleitalausnafyrirYessi1.500heimili.MeirihlutinnteluraWskoWaYurfigaumgfilega  hvortheimildirsj;Wsinsvegna110%leiWarinnarsuofYrngarogbregWastviWYvefYrf  krefur. i  TekjuhliWfjrlaga.  '   SamhliWaumfjllunsinniumtgjaldahliWfjrlagafrumvarpsinshefurnefndinfjallaWum  YYttifrumvarpstillagaumrWstafanirrkisfjrmlumsemfallaundirmlefnasviW  hennarogmunskilaefnahagsogviWskiptanefndlitiumYaWml(Yskj.200,195.ml).0 `  Yvfrumvarpierm.a.lgWtilhkkungjaldifengiogt;baksemnefndint;ktilsr S+! stakrarumfjllunarogkynntisrm.a.tillgurfengisogt;baksverslunarrkisins(TVR) " tilbreytingarYeimgjldum.TelurmeirihlutinnvertaWnefnahraWlitimeirihluta # nefndarinnartilefnahagsogviWskiptanefndarerlagttilsamrmiviWtillgurTVRaW  $ t;baksgjaldverWihkkaWum7,5%staWYeirra5,1%semfrumvarpiWgerirrWfyrirogaW !W% lagningsmsalaverWi20%afsluverWifrTVR.lagningsmsalat;bakhefurundan J""& farnaratugihkkaWrrmum16%umogyfir30%.SmsalarhafaYvhagafYvaW #' keppainnbyrWisverWumsemersluhvetjandiogekkisamrmiviWheilbrigWismarkmiW #( stj;rnvalda.BreytinginhefurlUWheilsusj;narmiWtilgrundvallarenttijafnframtaWauka $ ) tekjuraft;baksgjaldium116m.kr.nYessY;aWhafaverWlagshrif.AWaukitekurnefndin v%N!* undirYaWaWgjaldt;baksemreiknaWereftirvigtverWisamrmtYannigaWgjaldneft;bak A&"+ verWihiWsamaogt;bakannaWensgarettur.tluWtekjuaukningafYverum250m.kr.  '", miWaWviW0,9%samdrttsluneft;baki.MeirihlutinntelurmikilvgtaWhiWminnsta '#- verWiskoWaWaWfragjaldneft;bakinrYvgjaldisemlagterannaWt;bakmeWtilheyr (z$. anditekjuaukningufyrirrkissj;W.LeggurnefndinrkahersluaWYessarbreytingarni ( framaWgangaoghorftverWitilYessaWfjrmunirsemnstframmeWYessumhttisunUttir  tilaWdragarniWurskurWiheilbrigWismlum.    AlYingi,21.n;vember2011. T, lfheiWurIngad;ttir,formaWur,  J;nnaR;sGuWmundsd;ttir,   AmalTamimi,  X KristjnL.Mller, K #  ValgerWurBjarnad;ttir.    A FylgiskjalXI. B    Au() 'dE>> 'A^           t+p lit #+p tC# {  umfrumvarptilfjrlagafyrirriW2012(08VelferWarrWuneyti). 9 Fr1.minnihlutavelferWarnefndar.  C HeilbrigWisstofnanir.  e=   0frumvarpinuergertrWfyrir1,5%hagrWingarkrfutilstofnanasemannastheilbrigWis 0 Yj;nustu.XvtilviWb;tarkemurhagrWingarkrafasemfrestaWvarrinu2011.    0mligestasemkomufundnefndarinnarkomframaWennliggjaekkifyrirformlegar  tillgureinstakraheilbrigWisstofnana,fyrirutanLandsptalans,umhvernigfyrirhuguWum i niWurskurWiskulimtt.1.minnihlutigagnrUnirharkalegahvernigstaWiWeraWundirbningi \4 fyrirfjrlagagerWina.llummveralj;staWekkiverWurgengiWlengrahagrWingunYess ' aWdragarYj;nustuogfkkastrfum.XvssrstaklegaalvarlegtaWekkiliggifyrirtillgur  einstakrastofnana,utanLandsptalans,umhvernigfyrirhuguWumniWurskurWiskulimtttil  aWYingmenngetitekiWafstWutilYeirratillagnaogmetiWhrifheilbrigWisYj;nustuviW `  komandilandsvWum. S+!   XaWerlit& a 1.minnihlutaaWnauWsynlegtverWifyrirvelferWarnefndaWfjallaafturumfjr " lagafrumvarpiWYegartillgurstofnanannaliggjafyrirogumhugsanlegarbreytingartillgur # fjrlaganefndar'aJfjrlagarammaheilbrigWismla.  $   0skUrslunniSamanburWurfjrveitingatilheilbrigWisstofnanasemCapacentvannfyrir !W% fjgursveitarflgXingeyjarsUslum,NorWurYing,Tjrneshrepp,SktustaWahreppogXing J""& eyjarsveit,ogsveitarstj;rnSveitarflagsinsSkagafjarWar(Capacent,2011)erstaWfestmeW #' tlulegumggnumaWniWurskurWurhefurkomiWmjgmisjafnlegaviWeinstakarstofnanirog #( viWeinstakaYttiheilbrigWisYj;nustunni.XegarskoWaWerhvernigniWurskurWurhefurveriW $ ) eftirstofnunumkemurframaWhannhefurveriWfr17,4%(Landsptalinn)yfir34,8%hj v%N!* HeilbrigWisstofnunXingeyinga.NstmesturniWurskurWurhefurveriWhjHeilbrigWisstofnun A&"+ inniSauWrkr;ki(34,1%)ogHeilbrigWisstofnunVestmannaeyja(32,8%).  '",   AfleiWingineraWbarYessumsvWumbaviWumtalsvertbreyttaogskertaYj;nustu. '#- fugtviWYr;unfjrveitingatilheilbrigWisstofnanahafafjrveitingartilsrfrWilknahkk (z$. aWfr2008.SYj;nustaermisdreifWumlandiW,ogbarhfuWborgarsvWisinsnUtasrY ( Yj;nustuYrefaltmeiraenbarNorWurlands.    Fyrstiminnihlutim;tmlirharWlegaYvaWniWurskurWurtilheilbrigWisYj;nustukomi  YennanmtaharWarniWurbumeinstakralandsvWa,YsrstaklegadreifWaribyggWum a landsins. T,  Xj;nustustUring.     0skUrslurWgjafarh;psvelferWarrWuneytisinsumskipulagheilbrigWisYj;nustuogrWstf   unfjrmunakemurframaWtgjldrkisinstilheilbrigWisYj;nustuhafaaukistfrrinu2008  X enaWsamatmahefurdregiWrfjrveitingumtilopinberraheilbrigWisstofnana. K #    MikilvgteraWskipuleggjaheilbrigWisYj;nustunaYannigaWfjrmagnnUtistsembest.0    skUrslurWgjafarh;psinsogskUrsluheilbrigWisrWherrafangareflinguheilsugslusegir    aWekkisskorturheilbrigWisstarfsf;lki.riW2008voru3,7lknarhverja1.000ba   0slandienmeWaltalOECDvar3,2lknarhverja1.000ba.Vandinnsfrekarhvernig wO  heilbrigWiskerfiWsskipulagt.XarhefursrstaklegaveriWbent;heftaWgengiaWsrfrWi B  lknumogaWekkisviWlUWiYj;nustustUringborWviWvalfrjlsttilvsanakerfi,t.d.aW    danskrifyrirmynd.1.minnihlutitekurYvundirtillgurrWgjafarh;psvelferWarrWherraum   innleiWinguYj;nustustUringar,Y.m.t.umsamrmdasmsvrun,forvaktbrWam;ttkuog {  valfrjlsttilvsunarkerfi. nF   XgagnrUnir1.minnihlutiaWYrttfyrirfjlmargarskUrslurogvinnuh;pavegumheil 9 brigWisrWherraognvelferWarrWherraumstefnuvarWandiskipulagheilbrigWiskerfisins  skuliekkiliggjafyrirskUrstefnumrkunogYarafleiWandibeiWniumfjrveitingutilaW  undirbaslkaskipulagsbreytinguafkrafti. r  HjkrunarrUmi.  0   AlmennthefurveriWlgWherslaaWaukaheimaYj;nustum;tiYvaWsjkraoghjkr  unarrUmumverWifkkaW.HeimahjkrunrkisinsogflagslegheimaYj;nustasveitarflaga  ermjgmislangtvegkomineftirlandshlutum. i   0skUrslunniSamanburWurfjrveitingatilheilbrigWisstofnanasemWurvarnefnderfjallaW \4 tluvertumhjkrunarrUmi.XarkemurframaWviWmatogtreikningYrfumfyrirslka ' Yj;nusturinu2010notaWivelferWarrWuneytiWupplUsingarumbiWlistaranna2010og  2011,meWaldvalartmaaldraWrahjkrunarheimilumogsamsetninguh;psaldraWraldrun  arheimilum.SsamsetningvarsvoyfirfrWbiWlistana.NiWurstWurYessaratreikninga `  endurspeglastY;ekkifrumvarpitilfjrlagafyrirriW2012.0XingeyjarsUslum,SkagafirWi S+! ogVestfjrWumeruaWeinsum84%afYeimhjkrunarrUmumsemreiknireglangerirrW " fyrirennnursvWihafaeinhverjumtilfellumyfir100%afreiknaWriYrf.XrttfyrirYetta # erekkigertrWfyriraukningu&  SkagafirWieWaXingeyjarsUslum,heldurfrekarhfuWborg  $ arsvWinu,Austurlandi' `ogvWar. !W%   Hvetur1.minnihlutitilaWYettaverWiskoWaWsrstaklega. J""&  0bWalnasj;Wur.  #(   fundivelferWarnefndarmeW0bWalnasj;WikomframaWums;knirum110%leiWina $ ) hefWureynstumhelmingifrriengertvarrWfyrir.XrttfyrirYaWteldisj;Wurinnekki v%N!* stWutilaWbakfrahlutaafsrstakrivarWarfrsluinnafskriftareikningavegna110% A&"+ leiWarinnar.stWanvriaWstarfsmennsj;WsinsteljaennYlkuraWviWskiptavinirsem  '", eruofskuldsettireWaeigaerfiWleikummeWgreiWslubyrWilnasinnamunduekkigetastaWiW '#- skilumviWsj;Winn. (z$.   FyrstiminnihlutitelurYvmjgbrUntaWkomiWverWitilm;tsviWYennanh;pm.a.meW ( breytingulgumum0bWalnasj;WogaWtekiWverWivandaYessh;pssemermeWlns  veW.   SafnliWir.  T,   Fyrstiminnihlutim;tmlirYvhvernigstaWiWhefurveriWaWbreytingumthlutunsvo  kallaWrasafnliWaAlYingis.NauWsynlegtvaraWendurskoWafyrirkomulagthlutunar.LagWi  1.minnihlutihersluviWfjrlagagerWrsins2011aWsbreytingyrWiYannigaWsrfrW   ingarog/eWasj;WirttuaWverafastanefndumAlYingistilrWgjafarogaWstoWarviWaf  X greiWsluums;knannatfrherslumsemfastanefndirkvWu.XannigyrWibeturtryggtaW K #  thlutunfjrmunavribyggWfaglegumforsendum,gttvrigegnsis,hlWaWsvWis    bundnumYrfumogvirkteftirlitviWhaftmeWnUtingufjrmuna.      0staWYesshefurveriWvalinsleiWaWfraYessafjrliWihendurframkvmdarvaldsins.   RWherrarmunuYvskiparWgjafarh;pastaWYessaWAlYingifirWgjfogaWstoWviWt wO  hlutun.0staWYessaWAlYingithlutitilverkefnannasamrmiviWtillgursrfrWinga B  munurWherrarthlutaYeimfjrmunum.1.minnihlutitelurrWherraekkiYurfafrekarafjr    veitingarvaldkostnaWAlYingisoghafnarYvYessufyrirkomulagi.     XarsemskUrviljivirWistY;verahjstj;rnarmeirihlutanumaWveikjaAlYingiennfrekar {  Yleggur1.minnihlutitilaWreglumfjrlaganefndarumthlutunstyrkjaafsafnliWumverWi nF breytt.0fyrstalagiaWtillgurstarfsh;pannaverWigerWaropinberarsamtkvrWunrWherra. 9 0WrulagiaWsettverWiinnkvWiumaWrWherraeWastarfsh;parbirtiherslurogskilyrWi  fyrirstyrkveitinguWurenfariWeryfirums;knir.04.gr.reglnaumthlutunstyrkjafjr  lagaliWummenntaogmenningarmlarWuneytis,sjvartvegsoglandbnaWarrWuneytis, r umhverfisrWuneytisogvelferWarrWuneytiserfjallaWummatums;knumogerYaWmat1. e= minnihlutaaWYaWsalgjrlegavaldiviWkomandistarfsh;paaWleggjamatums;knirnar 0 grundvelliYessarareglna,sbr.tilaWmyndaskilyrWi4.gr.YessefnisaWmatiWskulibyggjast  eftirtldumsj;narmiWum:a)gildiogmikilvgiverkefnisfyrirstarfsemiviWkomandimla  flokks,b)gildiogmikilvgifyrirkynninguogmarkaWssetninguviWkomandimlaflokks,c) i aWumskjandatakistaWnYeimmarkmiWumsemverkefniWmiWaraW,d)starfsferliogfag \4 legumbakgrunniumskjandaogannarraYtttakenda,e)fjrhagsgrundvelliverkefnisog/eWa ' hvortumskjandihafihlotiWaWrastyrkitilsamaverkefnis.    XarnakomaekkiframneinarupplUsingarumYaWtfrhverjuverWurdmt.Ekkiert.d.  horfttilYesshvaWermikilvgtfyrirkrabbameinssjkaeWaMWrastyrksnefnd?Hvorter `  betrafyrirkynninguogmarkaWssetninguviWkomandimlaflokksaWverkefniWsfmenninu S+! SkaftrhreppieWafjldanumReykjavk?SkiptirmliaWviWkomandihafifengiWstyrk " WureWaekki?Skiptirmli&  kyneWastaWsetningverkefnisinstfrp;litskristefnuumstrf # nstaWsetningar'teWakynjaWahagstj;rn?  $   FyrstiminnihlutihveturtilYessaWreglurnarverWiendurskoWaWarWurenthlutunhefst. !W%   AlYingi,25.n;vember2011. #' Eygl;HarWard;ttir.