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Landsvirkjun's Financial Statements for the year 2011

March 16, 2012

Key figures from the financial statements

  • Operating revenues amounted to USD 436.2 million, which is an increase of 15.5% from the previous year.
  • EBITDA amounted to USD 345.2 million. EBITDA ratio is 79.1% of turnover, compared to 78.9% in the year 2010.
  • Cash flows from operations amounted to USD 267.2 million, which is an increase of 16.4% from the previous year 2010.
  • Profit after tax amounted to USD 26.5 million, compared to USD 72.9 million for the previous year.
  • Landsvirkjun's liquidity balance is solid and at year end the Company had access to the amount of USD 645.7 million. Strong liquidity balance ensures the Company's ability to cover maturities on loans in the next years.
  • Net liabilities decreased during the year by USD 171 million and amounted to USD 2.503 million at year end.
  • The Company's Board of Directors will during the Annual General Meeting propose a dividend payment to the owners in the amount of ISK 1.8 billion (USD 14.2 million) for the year 2011.1

[1] ISK figures are calculated on the basis of the exchange rate USD 127.

Hordur Arnarson, the CEO:

The Company's financial standing improved from the previous year, which is mainly explained by increased income due to renegotiations on energy prices and increasing aluminium prices.

As a result of decreased debt and improved cash flow in the year key ratios for the Company's financial strength continue to develop in the right direction, though the Company is still not able to stand the comparison with foreign energy companies and meet requirements of foreign credit rating agencies. It is therefore important that we continue to improve these key ratios even further in the next years.

The project of Budarhals power plant is now underway and the power plant is estimated to become operative at year end 2013. The Company's next projects will be situated in North-East Iceland, where this year, significant preparation work for the power plants of Bjarnarflag and Theistareykir is being carried out.

The Company has met considerable interest from both new and older customers to buy electric power but the situation in the world economy can have a significant influence on when agreements will be reached.

Press release - Landsvirkjun's Financial Statements 2011

Financial Statements 2011 Group

Landsvirkjun's Annual Report 2011 will be published in English in May 2011.


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