Key Figures
Management's presentation of the operation of Landsvirkjun
Consolidatet Financial Statements 2010.
Amounts are in USD thousand
| 2010 | 2009 | 2008 | 2007 | |
|---|---|---|---|---|
| Operation* |
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| Operating revenues |
383.991 | 299.788 | 452.027 | 368.824 |
| Realised aluminium hedges, income (expenses) |
(6.342) | 42.526 | (54.795) | (59.447) |
| Total operating revenues |
377.649 | 342.314 | 397.268 | 309.377 |
| Operations expenses |
(79.564) | (70.655) | (100.512) | (105.800) |
| EBITDA |
298.085 | 271..659 | 296.756 | 203.577 |
| Depreciation and impairment loss |
(107.258) | (114.321) | (105.532) | (81.960) |
| EBIT |
190.827 | 157.338 | 191.224 | 121.617 |
| Financial items |
(108.258) | 52.602 | (605.804) | 505.085 |
| Income tax |
(9.653) | (16.944) | 70.048 | (167.444) |
| Profit / (loss) of the year |
72.916 | 192.996 | (344.532) | 459.258 |
| Balance Sheet |
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| Total assets |
4.837.486 | 4.803.522 | 4.619.220 | 5.142.303 |
| Equity | 1.644.322 | 1.564.487 | 1.376.792 | 1.600.145 |
| Liabilities | 3.193.164 | 3.239.035 | 3.242.428 | 3.542.158 |
| Net debt ** |
2.673.966 |
2.823.872 |
2.850.276 |
2.903.504 |
| Cash Flow |
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| Funds from operation (FFO) *** | 218.582 | 202.142 | 207.297 | 138.871 |
| Cash flow from operating activities |
229.595 | 197.023 | 184.350 | 138.522 |
| Investing activities |
(53.517) |
(120.533) | (374.797) | (532.526) |
| Financing activities |
(106.294) | (4.572) | 168.586 |
(506.937) |
| Liquidity |
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| Cash and cash equivalents at year end |
265.532 | 194.248 |
124.993 | 179.578 |
| Undrawn revolving credit facilities |
307.676 | 281.600 |
350.000 | 350.000 |
| Total liquidity |
573.208 | 475.848 |
474.993 |
529.578 |
| Key ratios |
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| Return on equity |
4,7% | 14,0% | (21,5%) | 40,2% |
| Equity ratio |
34,0% | 32,6% | 29,8% | 31,1% |
| EBITDA / interest expenses |
3,51x | 2,94x | 1,67x | 2,21x |
| FFO / net debt |
8,2% | 7,2% | 7,3% | 4,8% |
| FFO / interest expenses |
2,58x | 2,19x | 1,17x | 1,51x |
| Net debt / EBITDA | 8,97x | 10,39x | 9,60x | 14,26x |
| Credit rating at year end |
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| Standard & Poor's | BB+ | BB | BBB- | A+ |
| Moody's | Baa3 | Baa3 | Baa1 | Aaa |
| Other key metrics for Landsvirkjun (parent company) |
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| Installed power at year end (MW) | 1.860 | 1.860 | 1.860 | 1.860 |
| Average price for industrial users (incl. transm.) USD / MWh |
25,7 | 19,5 | 30,8 | 29,9 |
| Average price for retail sales comp. (excl. transm.) ISK / kWh |
3,4 | 3,2 | 3,0 | 3,1 |
| Sales in Gwh | 12.926 | 12.546 | 12.746 | 8.903 |
| Research and development |
19.575 | 23.601 | 48.363 | 32.877 |
| Accident frequency: H200 **** | 1,4 | 1,1 | 0,4 | 0,7 |
* Realised aluminium hedges, related to electric power sale agreements have been transferred from financial items to operating income
** Net debt is long term loans including current maturities less cash
*** Comparative figures FFO have been changed from the previous year
**** H200 is the number of absence accidents per each 200,000 working hours
For detail information of financial activities, please see our annual reports.