Landsvirkjun's Consolidated Financial Statements 2012
Landsvirkjun's debt continues to decrease
Key figures from the consolidated financial statements
- Total operating revenues amounted to USD 407.8 million, a decrease of 6.5% from the previous year.
- EBITDA amounted to USD 319.6 million. The EBITDA ratio was 78.4%, compared to 79.1% in the previous year.
- Profit before unrealised financial items amounted to USD 102.0 million, compared to USD 106.1 million in the previous year.
- Cash flow from operations amounted to USD 236.2 million, a decrease of 11.6% from the previous year.
- Net debt decreased by USD 67.3 million during the year and amounted to USD 2,436 million at year end 2012.
Hordur Arnarson, the CEO:
“Landsvirkjun's operation and energy generation was in line with expectations in the year 2012, and the Budarhals hydropower project is on schedule. Power sales agreements were signed with two new customers.
The profit of the year was satisfactory with respect to global economic conditions. Revenue decreased by 6.5% due to lower aluminium prices and the effect thereof on contractual energy prices. Under these conditions, we benefitted from the renegotiation with one of our biggest customers on higher energy prices not linked to the price of aluminium.
The Company's net debt continues to decrease and the equity ratio continues to increase. In the last three years, the Company's net debt has decreased by USD 389 million. It is necessary for Landsvirkjun to take advantage of the current low interest rate environment in order to continue on that course. “