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2009-08-20 21:19:46 CEST 2009-08-20 21:21:16 CEST REGULATED INFORMATION Orkuveita Reykjavíkur - Half Year financial reportOrkuveita Reykjavikur (Reykjavik Energy) Interim Financial Statements for the period ended 30 June 2009Orkuveita Reykjavikur's EBITDA for the period 1. January to 30. June 2009 was ISK 5.7 billion. Orkuveita Reykjavikur's loss for the period ended 30 June 2009 was ISK 10.6 billion mostly due to the weakening of the Icelandic Krona by 7% during the period. The same period 2008 resulted in a loss of ISK 16.4 billion. Increased revenues in foreign currency enable the company to service its payments related to foreign currency denominated loans despite currency fluctuations. Orkuveita Reykjavikur Interim Financial Statements are in accordance with International Financial Reporting Standards as adopted by the EU. Highlights of the period ended 30 June 2009 Orkuveita Reykjavikur operations returned a loss of ISK 10.615 million for the first two quarters of 2009. The corresponding period in 2008 resulted in a loss of ISK 16.406 million. Operating revenues for the period amounted to ISK 11.925 million. Operation revenues for the corresponding period in 2008 amounted to ISK 11.369 million. EBITDA of the company for the period was ISK 5.692 million and ISK 5.816 million for the corresponding period in 2008. Financial income and expenses were negative for the period and amounted to ISK 14.132 million. The amount for the corresponding period in 2008 was negative by ISK 22.187 million. Total assets 30 June 2009 were ISK 264.438 million and were ISK 259.373 million at year-end 2008. Equity of the company 30 June 2009 was ISK 37.344 million and was ISK 48.359 million at year-end 2008. Total liabilities of the company 30 June 2009 was ISK 227.094 million compared to ISK 211.015 million at year-end 2008. The equity ratio was 14.1% as at 30 June 2009 compared to 18.6% at year-end 2008 Other issues The Icelandic Parliament passed changes to several Acts affecting the energy sector in its spring session 2008, which will come into effect 1 January 2010. These changes involve among others things that the Company must be split so that exclusive licence operations and competitive operations will be operated in separate entities. Preparations for these changes are underway. Prospects In spite of turbulence on Icelandic and foreign financial markets the operations of Orkuveita Reykjavikur is solid. The company continues to work on the enlargement of the power plant at Hellisheiði and intends to take the last phase of its energy production into use in the first quarter of 2011. The construction of other power plants will be limited by access to funding at acceptable terms. Due to uncertainty in the Icelandic economy Orkuveita Reykjavikur has reduced its capital expenditures in the company's budget for the year 2009. The company has also taken actions to curtail operating costs, both regarding salary payments and other operational expenses. Orkuveita Reykjavikur's future equity position will be determined largely by the position of the Icelandic Krona in regards to foreign currency. Further information gives Hjörleifur B. Kvaran, CEO Orkuveitu Reykjavikur, tel.: +354 516 6000 Orkuveita Reykjavikur - Interim Financial Statements All amounts are in ISK millions 1. og 2. 1. og 2. 1 ársfj. 2 ársfj. ársfj. ársfj. Interim statement 2009 2009 2009 2008 of comprehensive income 1.1-31.3 1.4-30.6 1.1-30.6 1.1-30.6 Operating revenue .................... 6.541 5.383 11.925 11.369 Operating expenses ................... (3.206) (3.027) (6.233) (5.553) EBITDA 3.335 2.357 5.692 5.816 Depreciation, amortisation ......... (2.374) (2.327) (4.702) (3.308) Financial income and (expenses). 703 (14.835) (14.132) (22.187) Results from associated companies 19 13 33 14 (Loss) profit before income tax 1.684 (14.793) (13.109) (19.666) Income tax ............................... 129 2.365 2.494 3.260 (Loss) profit of the period 1.812 (12.427) (10.615) (16.406) Attributable to: Equity holders of the Company ... 1.806 (12.415) (10.610) (16.382) Minority interest in subsidiaries ... 7 (12) (5) (24) (Loss) profit of the period 1.812 (12.427) (10.615) (16.406) Net cash from operating activities 425 2.451 2.876 3.127 Interim statement of financial position 31.3.2009 30.6.2009 31.12.2008 Non-current assets .................... 242.946 250.993 252.618 Current assets .......................... 19.613 13.444 6.755 Total assets 262.559 264.438 259.373 Equity ...................................... 49.971 37.344 48.359 Non-current liabilities ................. 194.810 207.176 196.589 Current liabilities ....................... 17.778 19.918 14.425 Equity and liabilities 262.559 264.438 259.373 Ratios Working capital ratios 1,10 0,67 0,47 Equity ratios 19,0% 14,1% 18,6% |
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