Orkuveita Reykjavíkur - Company Announcement

Progress Report on Orkuveita Reykjavikur's Action Plan H1 2012

Reykjavik, 2012-09-13 01:11 CEST (GLOBE NEWSWIRE) -- An agreement between
Orkuveita Reykjavikur (OR) and its owners, tackling the company‘s financial
situation (The Plan), was announced March 29th 2011. It contains various
measures with the overall goal to improve OR's cash flow by ISK 50 billion
until year end 2016. 


The Plan's progress as of H1 2012 surpasses target figures.


The total progress 2012 H1 is ISK 874 million over the period's target figures.
The best results are in investments cuts in the utility systems. In H1 2012
sales of assets did not reach OR's goal. OR's shares in HS Veitur are currently
in a public sales process. 


Influences of external variables are positive during the period and equates to
ISK 329 million. Net total of “Planið” is therefore ISK 1.203 million above
target in 2012 H1. 

A progress report on The Plan H1 2012 is attached.


         For further information:
         Bjarni Bjarnason
         CEO
         + 354 516 7707

Attachments:

PLANID progress report 2012 H1.pdf