Landsvirkjun

Managements's presentation of the operation of Landsvirkjun

Amounts are in USD thousand

  2015 2014 2013 2012 2011
Operation      
Operating revenues 410.496 428.655 407.676 389.499 419.708
Realised aluminium hedges, income (expenses) 10.956 9.629 15.228 18.325 16.488
Total operating revenues 421.452 438.284 422.904 407.824 436.196
Operating expenses (99.932) (106.126) (93.768) (88.225) (90.993)
EBITDA 321.520 332.158 329.136 319.599 345.203
Depreciation and impairment loss (115.554) (114.045) (117.670) (112.288) (108.200)
EBIT 205.966 218.113 211.466 207.311 237.003
Fincancial items (73.418) (69.838) (86.988) (103.093) (126.877)
Associated companies (1.921) (1.419) (2.647) (2.229) (4.014)
Profit before unrealised financial items 130.627 146.856 121.831 101.989 106.112
Balance sheet      
Total assets 4.284.703 4.270.098 4.568.965 4.518.534 4.635.989
Equity 1.916.634 1.704.724 1.658.134 1.697.152 1.661.312
Liabilities 2.368.069 2.565.374 2.910.831 2.821.382 2.974.677
Net liabilities * 1.985.411 2.190.459 2.429.176 2.435.571 2.502.873
Cash Flow      
Funds from operations (FFO) 240.354 258.226 257.704 241.584 255.592
Cash flow from operating activities 248.955 233.816 258.485 236.178 267.172
Investing activities (77.486) (88.271) (149.455) (122.979) (107.689)
Financing activities (234.465) (220.687) (12.893) (151.670) (185.328)
Liquidity      
Cash and cash equivalents at year end 142.127 207.070 287.987 187.916 229.942
Undrawn loans 360.824 200.000 301.947 409.979 415.767
Total liquidity 502.951 407.070 589.934 597.895 645.709
Key ratios      
Return on equity 4,9% 4,7% (2,3%) 3,3% 1,60%
Equity ratio 44,7% 39,9% 36,3% 37.60% 35,90%
Interest cover (EBITDA / net interest expenses) 4,60x 3,76x 3,51x 3,25x 3,06x
FFO / net liabilities 12,1% 11,8% 10,6% 9,9% 10,20%
FFO / interest expenses 3,27x 2,82x 2,66x 2,36x 2,19x
Net liabilities / EBITDA 6,18x 6,59x 7,38x 7,62x 7,25x
Credit rating at year end      
Standard & Poor's BBB- BB BB BB BB
Moody's Baa2 Baa3 Baa3  Baa3 Baa3
Other key metrics for Landsvirkjun (parent company)      
Installed power at year end (MW) 1.957 1.957 1.862 1.860 1.860
Average price for industrial users (incl. transm.) USD / MWh 24,5 25,9 25,8 26,2 28,7
Average price for retail sales comp. (excl. transm.) ISK / kWst 4,4 4,3 4,0 3.9 3,6
Sales in Gwh 13.900 13.082 13.186 12.770 12.778
Research and developement 19.529 30.606 26.799 32.514 17.203
Accident frequency: H200 ** 0,4 0,4 0,7 0,0 0,4

* Net liabilities are interest bearing long-term liabilities less cash.
** H200 is the number of absence accidents per each 200,000 working hours.