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2009-03-04 15:38:52 CET 2009-03-04 15:39:32 CET REGULATED INFORMATION Orkuveita Reykjavíkur - Annual Financial ReportOrkuveita Reykjavikur (Reykjavik Energy) - Annual Financial Statements 2008The Annual Financial Statements of Orkuveita Reykjavikur (Reykjavik Energy) was approved by the Board of Directors 27 February 2009. Orkuveita Reykjavikur's EBITDA in year 2008 was ISK 11.7 billion and increased by 17.5% from previous year. It is the best EBITDA result in the company's 10-year history and is derived from increased electricity wholesale in foreign currency. Losses related to the depreciation of the Icelandic Krona amounted to ISK 88.1 Billion and had a defining impact on 2008 results, which were negative by ISK 73.0 billion. Equity ratio at the end of year 2008 was 18.6%. From the beginning of year 2009 to February 26, the Icelandic Krona has appreciated by 13.5%, equaling ISK 26.4 billion positive gain. Orkuveita Reykjavikur's liquidity position is strong. Increased revenues in foreign currency enable the company to service its payments related to foreign currency denominated loans despite currency fluctuations. Orkuveita Reykjavikur's Financial Statements are in accordance with International Financial Reporting Standards as adopted by the EU. Orkuveita Reykjavíkur - Financial Statements 2008 All amounts are in ISK millions 2008 2007 Income Statement 1.1-31.12 1.1-31.12 Operating revenue 24.168 21.364 Operating expenses (12.517) (11.449) EBITDA 11.652 9.914 Depreciation, amortisation (6.953) (5.538) Financial income and (expenses) (92.523) 4.055 Results from associated companies (276) (121) (Loss) profit before income tax (88.101) 8.310 Income tax 15.064 (1.794) (Loss) profit of the year (73.037) 6.516 Attributable to: Equity holders of the Company (72.960) 6.509 Minority interest in subsidiaries (77) 7 (Loss) profit of the year (73.037) 6.516 Net cash from operating activities 7.699 7.425 Balance Sheet 31.12.2008 31.12.2007 Non-current assets 252.618 182.284 Current assets 6.755 9.207 Total assets 259.373 191.491 Equity 48.359 88.988 Non-current liabilities 196.589 93.205 Current liabilities 14.425 9.298 Equity and liabilities 259.373 191.491 Ratios Working capital ratio 0,47 0,99 Equity ratio 18,6% 46,5% |
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