Key figures from the interim financial statements
Hordur Arnarson, the CEO:
Landsvirkjun's operations during the first six months of the year have been successful, energy power sales agreements were concluded with two new customers, electric generation has gone according to plan and the project at Budarhals power station is for the most part on schedule.
The profit for the first six months of the year is acceptable taking the world's economic conditions into account. Revenue decreases by 6.9% partly due to lower aluminium prices and its influence on price according to power sales agreements. Realised aluminium hedges had a positive influence during the period and in these circumstances we benefit from the renegotiation with Rio Tinto Alcan where energy price was higher and not linked to aluminium price.
Net debt of the Company continues to decrease, now by USD 74 million despite the fact that the Company paid dividends and increased investments compared to previous year. It is important to continue to decrease debt because of the high leverage of the Company.”