Landsvirkjun

Landsvirkjun‘s Financial Statements 2015

19. February 2016
Shared headquarters of Landsvirkjun and Landsvirkjun Power in Reykjavik, Iceland

Net debt decreased by USD 205 million from the previous year

  • Record sold volume of electricity in the history of the Company 13.9 TWh

Key figures from the consolidated financial statements:

  • Operating revenues amounted to USD 421.5 million which is a decrease of 3.8% compared to the previous year.
  • EBITDA amounted to USD 321.5 million. EBITDA ratio is 76.3% of revenues, compared to 75.8% in the previous year.
  • Profit before unrealized financial items amounted to USD 130.6 million, compared to USD 146.9 million in the previous year, which is a decrease of 11.1% from the previous year.
  • Profit for the year amounted to USD 84.2 million compared to USD 78.4 million in the previous year.
  • Net debt decreased by USD 205.0 million from the previous year and amounted to USD 1,985.4 million at year end.
  • Cash flow from operating activities amounted to USD 249.0 million which is an increase of 6.5% compared to the previous year.

Hordur Arnarson, CEO:

“The operations of Landsvirkjun performed well during the year 2015, in a demanding business environment. EBITDA ratio increased between years, despite decreasing aluminum prices and market uncertainty. Profit before unrealized financial items amounted to USD 130.6 million, and sold volume of electricity was 13.9 TWh, a record in the history of the Company.

Strong cash flow enabled us to work further towards lowering debt, and net debt has not been lower since 2005 and decreased by USD 205 million during the year. Since 2009 the debt has decreased by USD 838 million. The debt ratio of the Group, compared to operating profit before depreciations, significantly decreased and the equity ratio is now higher than it has been since the first years of the Company.

As a result of positive operating results in the previous years, the pleasant news arrived at the beginning of the year 2016 that Landsvirkjun’s credit rating had been transferred to investment grade. Despite a challenging environment in most commodity and energy markets, demand for energy from Landsvirkjun is high from various industries. The Company is now working, within its scope, to meet the demand and is currently in the process of building a geothermal power plant at Theistareykir and will commence construction of an expansion of Burfell hydro power plant in the spring of 2016.“

Full press release.

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