Annual Report 2019-2020

40 ENDORSEMENT BY THE BOARD OF DIRECTORS The Financial Statements of Efling trade union 2019 have been prepared in accordance with Financial Statement act no. 3/2006 in Iceland with the exception of the requirements for presentation of equity account which consists of unrealised share in profit of associates because Efling trade union is an organization. Profit for the year 2019 was 539,562,453 ISK. According to the balance sheet, the company’s assets amount to 13,535,598,458 ISK, book value of equity at year end is 13,167,317,659 ISK and the company’s equity ratio is 97.28%. The Board of Directors refers to the Consolidated Financial Statements regarding changes in the Company’s equity and disposal of the year. The main role of Efling trade union is to work on collective wage agreements, interpret them in favor of the members, to build up rights in funds for members and to defend their rights in collective agreements and labor disputes, against accident and sickness benefits, recreational and in educational matters. Efling trade union provides its members with diverse services in these areas. It is the opinion of the Board of Directors of Efling trade union that these Financial Statements present all the information necessary to show the position at year end, the operating result for the year and the financial developments during the year. The Board of Directors of Efling trade union hereby confirm the Consolidated Financial Statements for 2019 with their signature. Reykjavík, May 7, 2020 BOARD OF DIRECTORS Sólveig Anna Jónsdóttir chairman Agnieszka Ewa Ziólkowska Aðalgeir Björnsson Anna Marta Marjankowska Daníel Örn Arnarsson Guðmundur J. Baldursson Jamie McQuilkin Jóna Sveinsdóttir Kolbrún Valvesdóttir Magdalena Kwiatkowska Ólöf Helga Adolfsdóttir Stefán E. Sigurðsson Úlfar Snæbjörn Magnússon Zsófia Sidlovits Þorsteinn M. Kristjánsson E F L I N G A N N U A L R E P O R T 2 0 1 9 – 2 0 2 0