Consolidated Financial Statements 2013
February 21, 2014
Profit before unrealised financial items increased by 17.5% from the previous year
- Electric power sales increased by 416 GWh between years and have never been higher
- Due to lower aluminium prices the loss of the year amounted to USD 38.5 million
Key figures from the consolidated financial statements
- Operating revenues amounted to USD 422.9 million which is an increase of 3.7% compared to the previous year.
- EBITDA amounted to USD 329.1 million which is an increase of 2.4% compared to the previous year. EBITDA ratio is 77.8% of turnover, compared to 78.8% in the previous year.
- Profit before unrealised financial items amounted to USD 121.8 million, compared to USD 103.7 million in the previous year, or an increase of 17.5% between years.
- Cash flow from operations amounted to USD 258.5 million which is an increase of 9.4% compared to the previous year.
- Investing activities amounted to USD 149.5 million. Cash flow from operations less investing activities thus amounted to USD 109.0 million which was allocated to reduce debt and to pay out a dividend to owners.
- The loss of the year amounted to USD 38.5 million.
Hordur Arnarson, the CEO:
"In the year 2013, Landsvirkjun's energy generation and sales reached new highs in the company's history with 13,186 GWh sold, an increase by 416 GWh from the previous year. The operation was successful and for the most part incident-free. Operating revenues, EBITDA and profit before unrealised financial items increased during the year.
Despite the positive results of electric power sales in a difficult market environment there was a loss on Landsvirkjun's operation last year. The reason for the loss can be traced to the decrease in world market aluminium prices, which among others is reflected in the significant decrease in the carrying amount of embedded derivatives, on which the company can have limited effects."
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