Landsvirkjun's performance in the first six months of 2006
Earnings before interest and taxes (EBIT) were ISK 4.654 billion, and cash from operations amounted to ISK 5.588 billion.
Landsvirkjun's semiannual financial statement is based on historical cost accounting, prepared using the same accounting methodology as that employed for the previous year.
The key figures from the half-year financial statement are (in millions ISK):
Jan.-June Jan.-June 2006 2005 10,013 8,123 ( 2,970) (2,717) 7,043 5,406 (2,389) ( 2,551) 4,654 2,855 (27,613) (789) (22,959) 2,066 16,108 0 (6,851) 2,066 361 ( 58) (6,490) 2,008 30 June 2006 31 Dec. 2005 219,378 181,985 51,121 58,003 1,359 1,720 166,898 122,262 Jan.-júní Jan.-júní 2006 2005 5.588 3.447 23,30% 31,47%
Operating income
Operating expenses
Earnings before interest, taxes, depreciation,and amortisation (EBIDTA)
Depreciation
Operating profit
Net financing cost
(Loss) profit before taxes
Income tax
(Loss) profit before minority interest
Minority interest
(Loss) profit
Total assets
Equity capital
Minority interest
Liabilities
Handbært fé frá rekstri
Eiginfjárhlutfall
The main new construction in the first half of 2006 was related to Kárahnjúkar Power Project. At the end of June, total company assets amounted to ISK 219.4 billion, and the equity ratio was 23.3%. Landsvirkjun had been exempt from income taxes, but in accordance with Act No. 50 of 2005, the company became liable for income tax as of 1 January 2006. The impact of this change in the company's tax burden appears in the operating account. The mid-year financial report estimates tax assets at ISK 16.1 billion. A large portion of the company's long-term debts is in foreign currency, so that exchange losses over the period due to long-term loans in foreign currency amounted to ISK 24.9 billion. The exchange index was 104.9 at the end of 2005, but had reached 134.2 by the end of June, 2006.
The half-year financial statement was presented at the meeting of Landsvirkjun's Board of Directors on 28 August 2006.