Landsvirkjun

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

August 17, 2018

Revenue, EBITDA and profit increase between periods

Key figures from the interim financial statements

  • Operating revenues amounted to USD 269.5 million and increase by USD 37.2 million (16.0%) from the same period prior
  • EBITDA amounted to USD 197.8 million. EBITDA ratio is 73.4% of revenues compared to 72.2% in the same period prior year.
  • Profit before unrealized financial items amounted to USD 86.7 million compared to USD 75.1 million in the period prior year which is an increase by 15.4%.
  • The profit for the period was USD 54.5 million compared to USD 39.7 million in the same period prior year.
  • Net debt decreased by USD 50 million from the beginning of the year and amounted to USD 1,992.6 million at the end of June.
  • Cash flow from operations amounted to USD 149.2 million which is an increase of 4.8% compared to the same period prior year.

Hörður Arnarson, CEO:

“Landsvirkjun’s operations continue to develop in a positive way. The first half of 2018 is the highest revenue half recorded in the Company’s history, partly due to increased energy sales and higher aluminium prices. Profit before unrealized financial items, which is the criterion we preferably focus on, amounted in USD 87 million and increased by 15% from the same period prior year. The Company’s net debt decreased by USD 50 million from the beginning of the year, after a temporary decrease in debt reduction due to an extensive construction period.   

A corner stone was set in Burfell II hydro power station, Landsvirkjun’s eighteenth power station, and the station commissioned at the end of June. The station will be taken into full operation in August 2018. Earlier, Theistareykir geothermal power station was taken into full operation in April 2018.”

Attachment: Press release

Attachment: Interim financial statements

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