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2012-11-23 15:00:00 CET 2012-11-23 15:00:04 CET REGULATED INFORMATION Orkuveita Reykjavíkur - Financial Statement ReleaseImproved Payment CapacityOrkuveita Reykjavikur Returns ISK 11 billion EBIT the first nine months of 2012 - Financial Plan on Schedule Reykjavik, 2012-11-23 15:00 CET (GLOBE NEWSWIRE) -- Orkuveita Reykjavíkur (OR - Reykjavik Energy) results have considerably improved the company´s ability to pay the vast debts that lay on the operations. According to Q3 2012 Consolidated Financial Statements (attached), EBITDA was ISK 17.8 billion and EBIT ISK 11 billion in the first nine months. The ration between EBITDA and debt is now similar to what it was before the economic collapse in Iceland in late 2008. OR´s Action Plan - an agreement between OR and its owners - was approved in the spring of 2011 and contains various actions aiming at improving the company´s cash position by ISK 50 billion before year end 2016. After Q3 2012, the results surpass the Plan's goals by ISK 1.2 billion. External factors - interest rates, price of aluminium and currency exchange rates - have also proven to be more favourable than expected by ISK 564 million. All elements of the Plan are on track except for sales of assets, which has progressed slower than scheduled. Improved Operations In addition to the Plan, various measures have been taken to improve OR's operations, including; -- new CEO and management team hired -- re-focusing with emphasis on core operations along with extensive cost-cutting -- payments off loans renegotiated -- agreements have been made with domestic and foreign banks on hedging against fluctuations in price of aluminium, interest rates and currency exchange rates. Bjarni Bjarnason, CEO: It gradually becomes more apparent that the extensive rationalization of our operations is permanent. OR's staff and directors are very well aware of our cost-cutting goals and these operations results are a fruit of that. The “Plan” is on track and we need that, because of large payments of loans in year 2013, obligations which OR seems able to fulfill. Managers' overview All amounts are in ISK millions and on each year's price level Operations through Q3 2008 2009 2010 2011 2012 -------------------------------------------------------------------------------- Revenues 16.816 17.960 19.444 24.388 27.286 -------------------------------------------------------------------------------- Expenses (8.634) (9.434) (9.557) (8.910) (9.449) -------------------------------------------------------------------------------- EBITDA 8.183 8.526 9.886 15.478 17.838 -------------------------------------------------------------------------------- Depreciation (4.990) (6.979) (5.936) (6.178) (6.862) -------------------------------------------------------------------------------- EBIT 3.192 1.546 3.950 9.300 10.976 -------------------------------------------------------------------------------- Realised financial income (and (3.555) (4.433) (2.430) (2.222) (3.364) expenses) -------------------------------------------------------------------------------- Result before unrealised (362) (2.887) 1.520 7.079 7.612 financial income (and expenses) -------------------------------------------------------------------------------- Unrealised financial income (and (47.105) (10.707) 20.849 (14.941) (4.217) expenses) -------------------------------------------------------------------------------- Result before income tax (47.468) (13.593) 22.368 (7.862) 3.395 according to the interim statements -------------------------------------------------------------------------------- Income tax 7.880 2.305 (5.575) 2.519 (814) -------------------------------------------------------------------------------- Result of the period (39.588) (11.288) 16.793 (5.343) 2.580 -------------------------------------------------------------------------------- Contact: Bjarni Bjarnason CEO + 354 516 7707 |
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