Landsvirkjun

Landsvirkjun's accounts for the first quarter of 2018

May 24, 2018

Key figures from the interim financial statements

  • Operating revenues amounted to USD 141.2 million and increase by USD 22.4 million (18.8%) from the same period prior
  • EBITDA amounted to USD 105.3 million. EBITDA ratio is 74.6% of revenues compared to 74.3% in the same quarter prior year.
  • Profit before unrealized financial items amounted to USD 55.9 million compared to USD 43.8 million in the same quarter prior year which is an increase by 27.7% between periods.
  • The profit for the period was USD 9.1 million compared to USD 49.4 million in the same period prior year.
  • Net liabilities decreased by USD 4.6 million from the beginning of the year and amounted to USD 2,038.1 million at the end of March.
  • Cash flow from operations amounted to USD 81.1 million which is an increase of 22.4% compared to the same period prior year.

Hörður Arnarson, CEO:

“First quarter of 2018 is the highest revenue quarter recorded in the Company’s history, this is primarily due to increased energy sales and higher aluminium prices. Profit before unrealized financial items increased by nearly 28% from the same period prior year. The favourable news were received in the quarter that Moody’s upgraded Landsvirkjun’s credit rating by one notch to Baa2 which reflects improved operations position and future outlook of the Company.

Theistareykir Geothermal Power Station is currently at full 90 MW capacity, expansion of Burfell Hydropower Station is under construction and it is expected to be powered up in mid-summer 2018. The Company’s capital formation (cash flow from operations) during Q1 fully sustained these investments and furthermore decreased net liabilities from the beginning of the year.”

Attachment: Press release

Attachment: Interim financial statements

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