Earnings of farms engaged in fur farming as a main economic activity were negative in 2014-2017. There were 30 farms in 2017, 13 less than in 2013. Their income amounted to 726 million ISK where 86% of the income originated from sales of fur products. Expenses were 873 million ISK, of which goods and raw materials were 376 million ISK (43.1%), labour costs 208 million ISK (23.9%), other expenses 202 million ISK (23.2%) and depreciation 87 million ISK (9.9%). The figure below shows income and expenses in 2008-2017, as well as the number of farms.
Assets of fur farms were 1,461 million ISK in 2017 and equity was 161 million ISK. The figure below shows the economic status of fur farms 2008-2017.
About income statements and balance sheets for agriculture
Income statements and balance sheet for agriculture are now published for fur farming. The statistics are based on data from annual tax statements and agriculture tax documents and presented in the standard format of income statements and balance sheets. Farms are classified according to the NACE standard for statistical classification of economic activities by sources of income from agriculture as stated in tax returns. Each farm is thereby assigned a classification number associated with the type of farming that yields the most income from agriculture.