Landsvirkjun's results for the first six months of 2012
Key figures from the interim financial statements
- Operating revenue amounted to USD 202.9 million which is a decrease of 6.9% compared to the same period last year.
- EBITDA amounted to USD 163.2 million. EBITDA ratio is 80.4% of turnover, compared to 82.3% for the same period last year.
- Profit before unrealised financial items amounted to USD 46.9 million, compared to USD 50.5 million for the same period last year.
- Cash flow from operations amounted to USD 118.1 million which is a decrease of 11% compared to the same period last year.
- Net debt decreased by USD 74 million during the period and amounted to USD 2,429 million at the end of June.
Hordur Arnarson, the CEO:
Landsvirkjun's operations during the first six months of the year have been successful, energy power sales agreements were concluded with two new customers, electric generation has gone according to plan and the project at Budarhals power station is for the most part on schedule.
The profit for the first six months of the year is acceptable taking the world's economic conditions into account. Revenue decreases by 6.9% partly due to lower aluminium prices and its influence on price according to power sales agreements. Realised aluminium hedges had a positive influence during the period and in these circumstances we benefit from the renegotiation with Rio Tinto Alcan where energy price was higher and not linked to aluminium price.
Net debt of the Company continues to decrease, now by USD 74 million despite the fact that the Company paid dividends and increased investments compared to previous year. It is important to continue to decrease debt because of the high leverage of the Company.”
Landsvirkjun´s Interim Financial Statements Jan-June 2012 >>