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Landsvirkjun’s results for the first three months of 2017

May 30, 2017

Acceptable results in the first quarter

Key figures from the interim financial statements

  • Operating revenues amounted to USD 118.8 million and increased by USD 13.3 million (12.6%) from the same period in the previous year.
  • EBITDA amounted to USD 88.3 million. EBITDA ratio is 74.3% compared to 77.9% in the same period in the previous year.
  • Profit before unrealised financial items amounted to USD 43.8 million compared to USD 37.8 million in the same period in the previous year which is an increase by 15.7% between periods.
  • The profit for the period was USD 49.4 million but was USD 3.4 million in the same period the previous year. The increase between periods is in part due to an increase in revenues but a greater part is due to changes in unrealised financial items.
  • Net liabilities increased by USD 5.3 million from the beginning of the year and amounted to USD 1,965.8 million at the end of March.
  • Cash flow from operations amounted to USD 66.3 million which is a decrease of 3.5% compared to the same period in the previous year.

Hörður Arnarson, CEO:

“The results in the first quarter are quite acceptable, as revenues in the quarter are among the highest in Company history. Higher aluminium prices and an increase in sales compared to the first quarter in 2016,  contributed to the increase in revenues. The Icelandic Krona has strengthened considerably between years and thus there was an increase in expenditures measured in USD.

Profit before unrealised financial items, a metric used by Landsvirkjun to evaluate the Company´s operations, increased by 16% between years, with the quarter results one of the best since the Company´s inception.”

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