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2011-08-24 17:18:52 CEST 2011-08-24 17:19:53 CEST REGULATED INFORMATION Orkuveita Reykjavíkur - Financial Statement ReleaseOrkuveita Reykjavíkur - Consolidated Condensed Financial Statements; 1 January to 30 June 2011Reykjavik, 2011-08-24 17:18 CEST (GLOBE NEWSWIRE) -- Operations of Orkuveita Reykjavíkur (OR) returned better results for the first half of 2011 than for the comparative period last year. The reasons are increased revenues and curtailing in operations. Net cash from operating activities amounted to ISK 8.9 billion, an increase of over ISK 2 billion from the comparative period 2010. Due to unfavorable currency exchange developments in the first half of 2011, financial income was negative, in spite of an increase in the price of aluminum that increases the book value of OR's embedded derivatives from wholesale electricity contracts. The book value of liabilities increased due to a 6% devaluation of the Icelandic currency in the period. This outbalanced positive effects of an increase in the price of aluminium. Loss during the period amounted to ISK 3,822 million but the first half of 2010 returned a profit of ISK 5,118. Orkuveita Reykjavíkur´s condensed consolidated interim financial statements for the first half of 2011 were approved by the Board of Directors today. Orkuveita Reykjavikur's condensed consolidated interim financial statements are in accordance with international financial reporting standards as adopted by the EU. Bjarni Bjarnason, CEO of OR: “Considerable achievements have been made in cost cutting at the company. Salary outgoings and vehicle costs have fallen, and investments in utility systems have dropped sharply. The company will continue to streamline its operations. The depreciation of the Icelandic krona has, however, cast a negative shadow on the improvements in operations. There remain many challenges ahead.” Highlights of the first half 2011 Orkuveita Reykjavikur´s operations returned a loss of ISK 3,822 million in the first half of 2011. The comparative period 2010 resulted in a profit of ISK 5,118 million. Operating revenues for the first half of 2011 amounted to ISK 16,676 million. Operating revenues for the first half of 2010 amounted to ISK 13,561 million. EBITDA for the first half of 2011 was ISK 10,512 million and ISK 7,056 million in the comparative period 2010. Financial income and expenses were negative for the first half 2011 and amounted to ISK 11,154 million. The amount for the first half 2010 was positive by ISK 2,913 million. Total assets 30 June 2011 were ISK 293,092 million and were ISK 286,540 million at year-end 2010. Equity of the Company 30 June 2011 was ISK 49,485 million and was ISK 52,847 million at year-end 2010. Total liabilities of the Company 30 June 2011 were ISK 243,607 million compared to ISK 233,694 million at year-end 2010. The equity ratio was 16.9% as at 30 June 2011 compared to 18.4% at year-end 2010. Other issues and prospects In March 2011 The Board of Directors and OR's owners agreed upon an extensive action plan to secure a more solid foundation for the company‘s operation and activities for years 2011 through 2016. The plan comprises reduction and postponement of investments, economization, increased tariffs and a subordinated loan from the Company´s owners. These actions are progressing as planned. The Company plans to conclude the enlargement of the power plant at Hellisheiði by commissioning the 5th phase of the plant, producing of 90 MW electricity, in Q3 and Q4 2011. Orkuveita Reykjavíkur Orkuveita Reykjavíkur Interim Financial Statements 1 January to 30 June 2011 All amounts are in ISK millions Interim statement 2011 2010 of comprehensive income 1.1-30.6 1.1-30.6 Operating revenue 16,676 13,561 Operating expenses (6,164) (6,505) EBITDA 10,512 7,056 Depreciation, amortisation (4,136) (3,902) Financial income and (expenses) (11,154) 2,913 Results from associated companies (5) 25 (Loss) profit before income tax (4,784) 6,092 Income tax 962 (974) (Loss) profit for the period (3,822) 5,118 Attributable to: Equity holders of the Company (3,822) 5,118 Minority interest in subsidiaries 0 0 (Loss) profit for the period (3,822) 5,118 Net cash from operating activities 8,928 6,868 Statement of financial position 30.6.2011 31.12.2010 Non-current assets 281,587 278,270 Current assets 11,505 8,270 Total assets 293,092 286,540 Equity 49,485 52,847 Non-current liabilities 220,468 212,162 Current liabilities 23,139 21,531 Equity and liabilities 293,092 286,540 Ratios Working capital ratios 0.50 0.38 Equity ratios 16.9% 18.4% Bjarni Bjarnason, CEO Orkuveita Reykjavikur, tel: +354 516 7707. |
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