Skip to main content

Landsvirkjun’s first quarter 2020 results

Written by Customer Service on . Posted in Public Companies.

Secure power generation in pandemic timesKey figures from the interim financial statementsProfit before unrealised financial items amounted to USD 44.0 million compared to USD 50.5 million in the same period of the prior year which is a decrease of 12.7%.The profit for the period was USD 31.5 million compared to USD 41.2 million in the same period of the prior year.Operating revenues amounted to USD 126.2 million decreasing by USD 7.0 million (5.3%) from the same period of the prior  year.Net debt decreased by USD 54.2 million from the beginning of the year and amounted to USD 1,637.3 million at the end of March.Cash flow from operations amounted to USD 75.4 million which is a decrease of 10.2% compared to the same period of the prior year.Hörður Arnarson, CEO:“The first quarter results were acceptable in light of the challenging external conditions, with electricity sales decreasing by 3.4% compared with the same quarter of last year. Electricity prices decreased for those contracts that are linked to aluminium prices and Nord Pool electricity prices. Profit before unrealised financial items was USD 44 million, compared with USD 50.5 million for the same period of last year.The first quarter results are considerably affected by the COVID-19 pandemic, and the effects will be increasing in the coming months. Landsvirkjun’s most important task during the pandemic has been to ensure the generation and delivery of power to customers, while at the same time guaranteeing the health and safety of the company’s employees.After substantial debt repayments over the past few years, the company is in a good position to address the challenges ahead and to support the local community during these difficult times. The company recently announced a 12 billion Icelandic krona (USD 85m) contribution towards various new construction-, renovation- and maintenance  projects over the next three years, in addition to offering temporary discounts on electricity prices to industrial customers, amounting to ISK 1.5 billion (USD 11m). We also announced the launch of new research and development projects in southern- and northern Iceland, in cooperation with local stakeholders, in addition to plans to hasten projects relating to digital development. It was also decided that Landsvirkjun would pay a 10 billion Icelandic krona (USD 70m) dividend to the treasury this year, which is more than double the amount paid last year.”
AttachmentsInterim financial statements Jan-March 2020Press release

Disclaimer & Cookie Notice

Welcome to GOLDEA services for Professionals

Before you continue, please confirm the following:

Professional advisers only

I am a professional adviser and would like to visit the GOLDEA CAPITAL for Professionals website.

Important Notice for Investors:

The services and products offered by Goldalea Capital Ltd. are intended exclusively for professional market participants as defined by applicable laws and regulations. This typically includes institutional investors, qualified investors, and high-net-worth individuals who have sufficient knowledge, experience, resources, and independence to assess the risks of trading on their own.

No Investment Advice:

The information, analyses, and market data provided are for general information purposes only and do not constitute individual investment advice. They should not be construed as a basis for investment decisions and do not take into account the specific investment objectives, financial situation, or individual needs of any recipient.

High Risks:

Trading in financial instruments is associated with significant risks and may result in the complete loss of the invested capital. Goldalea Capital Ltd. accepts no liability for losses incurred as a result of the use of the information provided or the execution of transactions.

Sole Responsibility:

The decision to invest or not to invest is solely the responsibility of the investor. Investors should obtain comprehensive information about the risks involved before making any investment decision and, if necessary, seek independent advice.

No Guarantees:

Goldalea Capital Ltd. makes no warranties or representations as to the accuracy, completeness, or timeliness of the information provided. Markets are subject to constant change, and past performance is not a reliable indicator of future results.

Regional Restrictions:

The services offered by Goldalea Capital Ltd. may not be available to all persons or in all countries. It is the responsibility of the investor to ensure that they are authorized to use the services offered.

Please note: This disclaimer is for general information purposes only and does not replace individual legal or tax advice.