Landsvirkjun

Landsvirkjun's half year interim results 2019

August 16, 2019

Strong cash generation and a historically high equity ratio

Key figures from the interim financial statements

  • Profit before unrealized financial items amounted to USD 96.4 million compared to USD 86.7 million in the same period of the prior year which is an increase by 11.1%.
  • The profit for the period was USD 68.6 million compared to USD 54.5 million in the same period of the prior year.
  • Operating revenues amounted to USD 259.7 million and decrease by USD 9.8 million (3.6%) from the same period prior
  • EBITDA amounted to USD 198.2 million. EBITDA ratio is 76.3% of revenues compared to 73.4% in the same period prior year.
  • Net debt decreased by USD 126.1 million from the beginning of the year and amounted to USD 1,758.5 million at the end of June.
  • Cash flow from operations amounted to USD 159.9 million which is an increase of 7.1% compared to the same period prior year.

Hörður Arnarson, CEO:

”The operation of Landsvirkjun’s power stations went well during the first half of the year. The business operations continue to develop in the right direction and Landsvirkjun’s financial position continues to strengthen with profit before unrealised financial items increasing by USD 10 million compared with the same period of last year. Net debt decreases by USD 126 million during the first six months of the year resulting in the equity ratio surpassing 50% for the first time in the Company’s history. Operating revenues decease by 4% but this is countered by a  substantial decrease in operating- and interest expenses and a 7% increase in cash from operating activities between years. Our largest customers are currently faced with a challenging operational environment due to developments on international commodity markets.”

Attachment: Press release

Attachment: Interim Financial Statement

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