Another record year for power generation and operating performance.
“The year was good for the operations of Landsvirkjun. Revenues increased by 11% between years and have never been higher. This is mainly due to an increase in sales volume and aluminium prices.
Landsvirkjun’s eighteenth power station, Búrfellsstöð II, was commissioned during the year along with the second phase of the seventeenth power station at Þeistareykir. Power sales increased year-over-year by 430 gigawatt hours, reaching a total of 14.8 terawatt hours for the year.
The company’s industrial customer base grew during the year. Power contracts were signed with two parties in the data centre industry: Advania Data Centers and Etix Everywhere Iceland. The customer base is now more diverse than ever before.
As the construction projects, which were largely financed by cash flows, draw to a close the net debt continue to decrease and reduced by 158 million dollars during the year. The net debt/EBITDA ratio is now down to 4.8, where this measure of leverage has never been lower in the company’s history.
Landsvirkjun is now in the position to start stepping up dividend payments to its owners. In the last decade the company has invested one billion dollars and also paid off debt amounting to one billion dollars.”