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Landsnet’s interim financial statement for the January-June, 2023

Written by Customer Service on . Posted in Earnings Releases And Operating Results.

Landsnet’s interim financial statement for the January-June, 2023 period was published today. 

Guðlaug Sigurðardóttir, CFO at Landsnet, says that operations have been successful despite persistent challenges in the supply chain.

The company has achieved successful operations, yielding a profit of 14.9 MUSD for the period. However, we continue to face sourcing challenges, including equipment delivery delays and price upswings. As a result, our investments for the period have fallen short of the intended targets, a trend expected to persist throughout the year. Given the prevailing uncertainties in the external environment, maintaining the company’s strong position is even more vital, grounded in our commitment to professional work practices and stability within the legal framework. 

We have adeptly managed a range of unforeseen challenges and demanding projects during this period without any significant impact on operational results. One notable instance is the fault on the submarine cable to the Westman Islands. In response, we executed effective and economical remedies during the cable’s repair, guaranteeing uninterrupted electricity transmission to locations that would have otherwise required diesel generators, with potential costs of up to 500 million ISK. This prudent action yielded considerable financial savings and prevented the emission of 7,400 tonnes of carbon dioxide, underscoring our commitment to environmental stewardship. 

We made significant progress in improving the security of supply with the commissioning of the Hrútatunga substation this spring. We’re also pleased to share that we obtained a construction permit from the last municipality along the Suðurnesja Line 2 route in the first half of this year. The dual connection to Reykjanes is a crucial project in our transmission system, given its substantial significance. The commencement of construction now awaits the conclusion of agreements with landowners. 

Main points of the financial statement:

Profits in the first 6 months of the year 2023 amounted to 14.9 million USD compared with 19.5 million USD during the same period in 2022. Earnings before Interest and Taxes (EBIT) was 29.9 million USD compared with 32.7 million USD in the previous year. 

The total assets of the company amounted to 1.065,6 million USD compared with 1.032,4 million USD at year end, 2022.  Total liabilities amounted to 593,8 million USD compared with 550,1 million USD at year end, 2022.

Equity ratio was 44.3% at end of June, compared with 46.7% at year-end, 2022. Net assets amounted to 471.8 million USD compared with 482,3 million USD at year end in 2022.

Net cash availability was 52.8 million USD at end of June and net cash provided by operating activities amounted to 39.4 million USD.

The interim report can be accessed at www.landsnet.is

More information can be provided by Guðlaug Sigurðardóttir, CFO: Tel: +354 563 9300 or Email: gudlaugs@landsnet.is


About Landsnet
Landsnet was established in 2005 and is responsible for operating Iceland’s electricity transmission system, one of the most important parts of Iceland‘s infrastructure. Our role is to operate and develop Iceland’s electricity transmission system and administer its system operations.

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