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2016-11-28 16:17:58 CET 2016-11-28 16:17:58 CET SÄÄNNELTY TIETO Orkuveita Reykjavíkur - Financial Statement ReleaseGood Q3 results at ORStronger ISK favorably impacts overall results | Stability of revenues, expenses, and operating results | Utility tariffs decreased at year-end Reykjavík, 2016-11-28 16:16 CET (GLOBE NEWSWIRE) -- Orkuveita Reykjavíkur’s (OR; Reykjavík Energy) operations through Q3 2016 showed solid and good results. Revenues are stable but results of recent labor bargaining are apparent in the attached interim consolidated financial statements. Earnings in terms of EBIT and EBITDA are similar to recent years. The strengthening of the Icelandic krona has a positive impact on results, both the revenues and the balance sheet at the end of the period. OR’s net debt has decreased by ISK 17.8 bin since the beginning of the year. Thereof the strengthening of the krona has decreased debt by ISK 3.8 bin. That amount also affects overall results which show a profit of ISK 9.4 bin for the first nine months of year 2016. OR’s interim consolidated financial statements Q3 2016 were approved by the board of directors today. Reduced tariffs Yesterday, Veitur Utilities announced lowering of tariffs at year-end. Veitur Utilities is OR’s subsidiary responsible for the regulated operations of district heating, water works, electricity distribution, and sewage systems. Rationalization in operations allows for and demands lowering tariffs of electric distribution by 5.8% and of potable water tariffs by up to 11.2%. Substantial investments in heating and sewage systems does not allow for reduction of tariffs. Bjarni Bjarnason, CEO Our customers will benefit directly from the progress in the group’s operations when, at year-end, tariffs for parts of the utilities operations will be lowered. Rationalization in regulated operations oblige us to return the benefits to the customers of those utilities showing the best operating results. Managers’ overview Amounts are in ISK million Q3 2012 Q3 2013 Q3 2014 Q3 2015 Q3 2016 -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- Revenues 27,286 28,806 26,960 28,951 29,921 -------------------------------------------------------------------------------- Expenses (9,449) (9,794) (9,195) (10,718) (11,785) -------------------------------------------------------------------------------- thereof energy purchase and (3,490) (3,902) (3,644) (4,645) (4,555) transmission -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- EBITDA 17,838 19,012 17,766 18,234 18,136 -------------------------------------------------------------------------------- Depreciation (6,862) (6,251) (6,510) (7,172) (7,584) -------------------------------------------------------------------------------- EBIT 10,976 12,762 11,256 11,061 10,551 -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- Result of the period 2,580 5,796 7,879 3,093 9,368 -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- Cash flow statement: -------------------------------------------------------------------------------- Paid interest expense (3,869) (3,448) (3,420) (3,181) (2,600) -------------------------------------------------------------------------------- Net cash from operating 15,572 16,934 17,885 18,126 17,305 activities -------------------------------------------------------------------------------- Contact: Mr. Ingvar Stefansson CFO Tel. +354 516 6100 |
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