Landsvirkjun

Landsvirkjun’s performance in 2004

10. March 2005

Landsvirkjun’s annual accounts are based on historical cost accounting and are in general compiled in accordance with the same accounting practices as for the previous year.

The main items in the annual statement for 2004 are (ISK millions):

Group

Parent Company

 

2004

2003

2004

2003

Operating revenues

13.701

12.863

13.624

12.822

Operating expenses:

 

 

 

 

Operating and maintenance expenses

4.691

4.498

4.750

4.544

Depreciation

5.347

5.274

5.249

5.226

Financial costs

-3.532

1.540

-3.570

1.500

Total operating expenses

6.506

11.312

6.429

11.270

Profit

7.195

1.551

7.195

1.551

 

 

 

 

 

Total assets

154.684

134.528

153.614

133.997

Liabilities

103.308

93.348

102.237

92.816

Equity

51.377

41.180

51.377

41.180

 

 

 

 

 

Net cash provided by operations

4.622

5.601

4.487

5.541

Investments

20.897

16.877

20.865

16.824

EBITDA

9.010

8.366

8.875

8.278

Equity ratio

33,21%

30,61%

33,45%

30,68%


The success of 2004 operations can be explained above all by exchange rate gains on long-term liabilities. However, these exchange rate gains are still to be realised, so that this must be kept in mind when assessing company performance. The exchange rate gains on long-term loans are mostly due to changes in the rates of the euro and dollar in relation to the Icelandic krona.

At the beginning of 2005, a new, autonomous company, IceGrid hf., took over the Landsvirkjun assets which were related to electricity transmission. These assets were taken over at their assessed value, as determined by a special committee from the Ministry of Industry and Commerce.

Landsvirkjun’s annual financial statement will be submitted to the company’s Annual General Meeting on 8 April 2005.

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