Landsvirkjun's results in 2008
March 20, 2009
The financial statements of Landsvirkjun are prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the EU and they are presented in USD, which is the functional currency of Landsvirkjun as of the beginning of 2008. Comparative figures for the year 2007 have been translated at the end exchange rate of the USD against the ISK at year end 2007.
Loss on the operation of the Landsvirkjun group for the year 2008 amounted to USD 344.5 million but EBIT amounted to USD 246 million. Cash from operation amounted to USD 184.4 million. At year end, the group's total assets amounted to USD 4,619.2 million and equity amounted to USD 1,376.8 million. Equity ratio was 29.8% at year end 2008.