Landsvirkjun

Consolidated Financial Statements 2014

25. February 2015
Shared headquarters of Landsvirkjun and Landsvirkjun Power in Reykjavik, Iceland

Profit for the year amounted to USD 78.4 million

  • Net debt decreased by USD 238.7 million from the previous year

Key figures from the consolidated financial statements:

  • Operating revenues amounted to USD 438.3 million which is an increase of 3.6% compared to the previous year.
  • EBITDA amounted to USD 332.2 million which is an increase of 0.9% compared to the previous year. EBITDA ratio is 75.8% of revenues, compared to 77.8% in the previous year.
  • Profit before unrealized financial items amounted to USD 146.9 million, compared to USD 121.8 million in the previous year, which is an increase of 20.5% from the previous year.
  • Profit for the year amounted to USD 78.4 million compared to a loss of USD 38.5 million in the previous year.
  • Net debt decreased by USD 238.7 million from the previous year and amounted to USD 2,190.5 million at the year end.
  • Cash flow from operating activities amounted to USD 233.8 million which is a decrease of 9.5% compared to the previous year.
  • Investing activities amounted to USD 88.3 million. Net cash from operating activities less investing activities amounted to USD 145.5 million which was used to reduce debt and to pay dividend to owners. 

Hordur Arnarson, CEO:

“The operations of Landsvirkjun went well during the year 2014, despite demanding business environment, especially due to low aluminium prices and limitations in the delivery of electricity due to low levels in water reservoirs. Profit before unrealized financial items amounted to USD 146.9 million, which is an increase of 20% from the previous year and has never been higher.

The Company is built on a solid foundation by its employees in power generation all over the country on its 50th anniversary year and the success of a robust financial management along with increased efforts in marketing and research have already delivered results.

Net debt continues to decrease and has decreased by roughly USD 633 million from year end 2009. By increased cash flow generation due to an increase in sale of electricity, higher electricity prices and lower leverage, opportunities for dividend payments in the coming years will increase significantly.” 

Full Press release

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