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Landsvirkjun’s results for the first nine months of the year 2018

November 21, 2018

Revenue, EBITDA and profit increase between periods

Key figures from the interim financial statements

  • Operating revenues amounted to USD 398.8 million and increase by USD 51.5 million (14.8%) from the same period prior
  • EBITDA amounted to USD 291.7 million. EBITDA ratio is 73.1% of revenues compared to 71.9% in the same period prior year.
  • Profit before unrealized financial items amounted to USD 133.4 million compared to USD 114.8 million in the same period prior year which is an increase by 16.2%.
  • The profit for the period was USD 89.3 million compared to USD 78.5 million in the same period prior year.
  • Net debt decreased by USD 102.6 million from the beginning of the year and amounted to USD 1,940.0 million at the end of September.
  • Cash flow from operations amounted to USD 222.7 million which is an increase of 11.1% compared to the same period prior year.

Hörður Arnarson, CEO:

“Landsvirkjun´s operations were successful in the first three quarters of 2018. Demand from both new and current customers was diverse, and sold energy increased by 345 GWh compared to the same period prior year. The two new power plants at Theistareykir and Burfell II are almost finished in construction and thus the Company´s main focus is now on reducing debt so that dividend payments can be increased. Since the start of 2018, the company´s net debt has decreased by USD 103 million and will continue to decrease at a faster rate in the coming months, according to the Company´s forecasts.”

Attachment: Press release

Attachment: Interim financial statement

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