Landsvirkjun - Financial Statement Release

Landsvirkjun‘s Consolidated Financial Statements 2014

Profit for the year amounted to USD 78.4 million - Net debt decreased by USD
238.7 million from the previous year 

Key figures from the consolidated financial statements

  -- Operating revenues amounted to USD 438.3 million which is an increase of
     3.6% compared to the previous year.

  -- EBITDA amounted to USD 332.2 million which is an increase of 0.9% compared
     to the previous year. EBITDA ratio is 75.8% of revenues, compared to 77.8%
     in the previous year.

  -- Profit before unrealized financial items amounted to USD 146.9 million,
     compared to USD 121.8 million in the previous year, which is an increase of
     20.5% from the previous year.

  -- Profit for the year amounted to USD 78.4 million compared to a loss of USD
     38.5 million in the previous year.

  -- Net debt decreased by USD 238.7 million from the previous year and amounted
     to USD 2,190.5 million at the year end.

  -- Cash flow from operating activities amounted to USD 233.8 million which is
     a decrease of 9.5% compared to the previous year.

  -- Investing activities amounted to USD 88.3 million. Net cash from operating
     activities less investing activities amounted to USD 145.5 million which
     was used to reduce debt and to pay dividend to owners.



Hordur Arnarson, CEO:

“The operations of Landsvirkjun went well during the year 2014, despite
demanding business environment, especially due to low aluminium prices and
limitations in the delivery of electricity due to low levels in water
reservoirs. Profit before unrealized financial items amounted to USD 146.9
million, which is an increase of 20% from the previous year and has never been
higher. 

The Company is built on a solid foundation by its employees in power generation
all over the country on its 50th anniversary year and the success of a robust
financial management along with increased efforts in marketing and research
have already delivered results.

Attachments:

Arsreikningur LV 2014 samsta.pdf

150225 Press release 2014.pdf