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Landsvirkjun’s results for the first three months of 2019

Net debt continues to decrease and the equity ratio strengthens

Key figures from the interim financial statements

  • Operating revenues amounted to USD 133.2 million and decrease by USD 8.0 million USD (5.7%) from the same period prior  year.
  • EBITDA amounted to USD 102.5 million. The EBITDA ratio is 76.9% of revenues, but was 74.6% in the same period of the previous year.
  • Profit before unrealized financial items amounted to USD 50.5 million, but was USD 55.9 million in the period of the prior year which is an decrease of 9.8%.
  • The profit for the period was USD 41.2 million but was USD 9.1 million in the same period of the prior year.
  • Net debt decreased by USD 82.7 million from year end and was USD 1,801.9 million at the end of March. 
  • Cash flow from operations amounted to USD 84.0 million which is an increase of 3.5% compared to the same period prior year.

Hörður Arnarson, CEO:

”The operations of Landsvirkjun continued to develop in the right direction in the first quarter and were characterised by a strong cash flow with cash flow from operations amounting to USD 84 million. This cash flow was utilised to pay down debt, where Landsvirkjun’s net debt has decreased by USD 236 million over the past 12 months. Revenues decreased by 5.7% between years, mostly due to a 13% decrease in the price of aluminium, less energy sales and a weaker Icelandic Krona, but at the same time operating and maintenance expenses have decreased by 14.5% from last year.“

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