2015-03-23 16:33:31 CET
2015-03-23 16:34:33 CET
REGULATED INFORMATION
Orkuveita Reykjavíkur - Financial Statement Release
Good and Stable Results in 2014
Ongoing repayment of debt | Reykjavík Energy equity reached approximately ISK
100 billion | Equity Ratio of 33%
Reykjavik, 2015-03-23 16:33 CET (GLOBE NEWSWIRE) -- <span
style="font-family:Tahoma, Geneva, sans-serif;"><span
style="font-size:10pt;">Stable income and sustained rationalization in
operations have returned Reykjavik Energy (RE-Orkuveita Reykjavikur) similar
results for year 2014 as in the two previous years. RE has paid down its debt
by approximately ISK 20 billion in year 2014. At year's end, RE's equity was
99.4 billion ISK and equity ratio reached 33.2%. </span></span><span style="font-family:Tahoma, Geneva, sans-serif;"><span
style="font-size:10pt;">RE's operating expenses were ISK 13.7 billion in 2014.
In year 2010 that amount was ISK 14 billion or ISK 300 million less. If these
amounts are CPI-adjusted, the decrease in operating expenses is ISK 2.3
billion.</span></span><span style="font-size:11pt;"></span><strong style="font-size: 14.6666669845581px; text-align: -webkit-center;"><span
style="font-family:Tahoma, Geneva, sans-serif;"><span style="font-size:10pt;">At
year-end 2014, Reykjavik Energy's Plan had returned ISK 49.6 billion. That is
97% of the total amount scheduled from its initiation in Q2 2011 until year-end
2016.</span></span><span style="font-family:Tahoma, Geneva, sans-serif;font-size:10pt;">2014 was
the first year of operations since the mandatory unbundling of Reykjavík
Energy. The consolidated financial statements, which were approved today by
Reykjavík Energy's Board of Directors, is presented in the same manner as
before unbundling. Thus, continuity in figures is preserved.</span><span style="font-family:Tahoma, Geneva, sans-serif;"><span
style="font-size:10pt;">As assumed in The Plan, considerable investments are
planned for year 2015, both in the utilities and power plants. Renewal of
sewerage in West Iceland will resume as well as maintenance of hot water mains.
The single largest project of the year is connecting the Hellisheidi Power
Plant to the Hverahlid steam-fields, thus improving the environmental and
financial sustainability of the plant. </span></span><span style="font-family:Tahoma, Geneva, sans-serif;"><span
style="font-size:12pt;">Significant increase in equity</span></span><ul><li><span style="font-family:Tahoma, Geneva, sans-serif;"><span
style="font-size:10pt;">RE's operating expenses in 2014 were lower than in
2010. Real terms decrease is approximately ISK 2.3 billion.</span></span></li><li><span style="font-family:Tahoma, Geneva,
sans-serif;"><span style="font-size:10pt;">EBIT was ISK 15.7 billion for 2014.</span></span></li><li><span style="font-family:Tahoma, Geneva,
sans-serif;"><span style="font-size:10pt;">Bottom-line results were a profit of
ISK 8.9 billion for 2014. </span></span></li><li><span
style="font-family:Tahoma, Geneva, sans-serif;"><span
style="font-size:10pt;">EBITDA amounted to ISK 24.8 billion in 2014.</span></span></li><li><span style="font-family:Tahoma, Geneva,
sans-serif;"><span style="font-size:10pt;">Net interest-bearing debt decreased
by ISK 14.2 billion. <span style="font-family:Tahoma, Geneva,
sans-serif;"><span style="font-size:10pt;">Net interest-bearing</span></span>debt at year-end 2014 was approximately ISK 172 billion, down
from ISK 231 billion five years ago. </span></span></li><li><span
style="font-family:Tahoma, Geneva, sans-serif;"><span
style="font-size:10pt;">Equity ratio increased from 28.6% in 2013 to 33.2% in
2014. </span></span></li><li><span style="font-family:Tahoma, Geneva,
sans-serif;"><span style="font-size:10pt;">RE's equity has increased by 23%
from 2013 and by 64% since two years ago. </span></span></li><li><span
style="font-family:Tahoma, Geneva, sans-serif;"><span
style="font-size:10pt;">Reykjavik Energy will not pay dividends for the year as
dividends were suspended for the duration of The Plan.</span></span></li></ul><span style="font-family:Tahoma, Geneva,
sans-serif;"><span style="font-size:12pt;">Bjarni Bjarnason, CEO of Reykjavík
Energy:</span></span><span style="font-family:Tahoma, Geneva, sans-serif;"><span
style="font-size:10pt;">The Plan and our strong commitment in pursuing its
goals have returned Reykjavik Energy stable and good financial results in
recent years. Effective risk management and resolve in operations have further
increased the predictability of operational performance. Total debt is rapidly
decreasing and equity is becoming acceptable. This has been noted in improved
independent credit ratings of Reykjavík Energy. Now, it's pivotal to remain
alert and keep ourselves to the standards we have set in prudency. RE's Owners'
Policy, revised in 2014, is a good compass to follow in that
respect.</span></span><span style="font-family:Tahoma, Geneva, sans-serif;"><span
style="font-size:10pt;">2014 was the first year after Reykjavik Energy's
mandatory unbundling. The financial statements show that the Company's
employees and management have not been flustered in any way by the changes. Our
business has been stably conducted, services reliable, and results according to
budget. </span></span><span style="font-family:Tahoma, Geneva, sans-serif;"><span
style="font-size:12pt;">Managers' overview</span></span><span <span style="font-family:Tahoma, Geneva, sans-serif;"><span
style="font-size:10pt;">2010</span></span><span style="font-family:Tahoma,
Geneva, sans-serif;"><span style="font-size:10pt;">2011</span></span><span
style="font-family:Tahoma, Geneva, sans-serif;"><span
style="font-size:10pt;">2012</span></span><span style="font-family:Tahoma,
Geneva, sans-serif;"><span style="font-size:10pt;">2013</span></span><span
style="font-family:Tahoma, Geneva, sans-serif;"><span
style="font-size:10pt;">2014</span></span>
style
="font
-famil
y:Taho
ma,
Genev
a,
sans-
serif; "><spa
n
style
="font
-size:
10pt;">All
amoun
ts are
in
milli
on
ISK.<
/span></span >
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
------------------------------------------------------------- <span <span style="font-family:Tahoma, Geneva, sans-serif;"><span
style="font-size:10pt;">27,916</span></span><span style="font-family:Tahoma,
Geneva, sans-serif;"><span style="font-size:10pt;">33,626</span></span><span
style="font-family:Tahoma, Geneva, sans-serif;"><span
style="font-size:10pt;">37,905</span></span><span style="font-family:Tahoma,
Geneva, sans-serif;"><span style="font-size:10pt;">39,209</span></span><span
style="font-family:Tahoma, Geneva, sans-serif;"><span
style="font-size:10pt;">38,679</span></span>
style
="font
-famil
y:Taho
ma,
Genev
a,
sans-
serif; "><spa
n
style
="font
-size:
10pt;">Reven
ues</s
pan></
span>
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
------------------------------------------------------------- <span <span style="font-family:Tahoma, Geneva, sans-serif;"><span
style="font-size:10pt;">-13,964</span></span><span style="font-family:Tahoma,
Geneva, sans-serif;"><span style="font-size:10pt;">-12,391</span></span><span
style="font-family:Tahoma, Geneva, sans-serif;"><span
style="font-size:10pt;">-12,861</span></span><span style="font-family:Tahoma,
Geneva, sans-serif;"><span style="font-size:10pt;">-13,126</span></span><span
style="font-family:Tahoma, Geneva, sans-serif;"><span
style="font-size:10pt;">-13,681</span></span>
style
="font
-famil
y:Taho
ma,
Genev
a,
sans-
serif; "><spa
n
style
="font
-size:
10pt;">Expen
ses</s
pan></
span>
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
------------------------------------------------------------- <span <span style="font-family:Tahoma, Geneva, sans-serif;"><span
style="font-size:10pt;">13,951</span></span><span style="font-family:Tahoma,
Geneva, sans-serif;"><span style="font-size:10pt;">21,235</span></span><span
style="font-family:Tahoma, Geneva, sans-serif;"><span
style="font-size:10pt;">25,044</span></span><span style="font-family:Tahoma,
Geneva, sans-serif;"><span style="font-size:10pt;">26,084</span></span><span
style="font-family:Tahoma, Geneva, sans-serif;"><span
style="font-size:10pt;">24,845</span></span>
style
="font
-famil
y:Taho
ma,
Genev
a,
sans-
serif; "><spa
n
style
="font
-size:
10pt;">EBITD
A</spa
n></sp
an>
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
------------------------------------------------------------- <span <span style="font-family:Tahoma, Geneva, sans-serif;"><span
style="font-size:10pt;">-7,962</span></span><span style="font-family:Tahoma,
Geneva, sans-serif;"><span style="font-size:10pt;">-8,881</span></span><span
style="font-family:Tahoma, Geneva, sans-serif;"><span
style="font-size:10pt;">-10,371</span></span><span
style="font-family:Tahoma, Geneva, sans-serif;"><span
style="font-size:10pt;">-8,927</span></span><span style="font-family:Tahoma,
Geneva, sans-serif;"><span style="font-size:10pt;">-9,152</span></span>
style
="font
-famil
y:Taho
ma,
Genev
a,
sans-
serif; "><spa
n
style
="font
-size:
10pt;">Depre
ciatio
n</spa
n></sp
an>
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
------------------------------------------------------------- <span <span style="font-family:Tahoma, Geneva, sans-serif;"><span
style="font-size:10pt;">5,989</span></span><span style="font-family:Tahoma,
Geneva, sans-serif;"><span style="font-size:10pt;">12,354</span></span><span
style="font-family:Tahoma, Geneva, sans-serif;"><span
style="font-size:10pt;">14,673</span></span><span style="font-family:Tahoma,
Geneva, sans-serif;"><span style="font-size:10pt;">17,156</span></span><span
style="font-family:Tahoma, Geneva, sans-serif;"><span
style="font-size:10pt;">15,693</span></span>
style
="font
-famil
y:Taho
ma,
Genev
a,
sans-
serif; "><spa
n
style
="font
-size:
10pt;">EBIT<
/span></span >
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
-------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
------------------------------------------------------------- <span <span style="font-family:Tahoma, Geneva, sans-serif;"><span
style="font-size:10pt;">13,729</span></span><span
style="font-family:Tahoma, Geneva, sans-serif;"><span
style="font-size:10pt;">-556</span></span><span style="font-family:Tahoma,
Geneva, sans-serif;"><span style="font-size:10pt;">-2,295</span></span><span style="font-family:Tahoma, Geneva, sans-serif;"><span
style="font-size:10pt;">3,350</span></span><span style="font-family:Tahoma,
Geneva, sans-serif;"><span style="font-size:10pt;">8,871</span></span>
style
="font
-famil
y:Taho
ma,
Genev
a,
sans-
serif; "><spa
n
style
="font
-size:
10pt;">Resul
t of
the
perio
d</spa
n></sp
an>
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
-------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
------------------------------------------------------------- <span
style
="font
-famil
y:Taho
ma,
Genev
a,
sans-
serif; "><spa
n
style
="font
-size:
10pt;">Cash
flow
state
ment:<
/span></span >
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
------------------------------------------------------------- <span <span style="font-family:Tahoma, Geneva, sans-serif;"><span
style="font-size:10pt;">150</span></span><span style="font-family:Tahoma,
Geneva, sans-serif;"><span style="font-size:10pt;">127</span></span><span
style="font-family:Tahoma, Geneva, sans-serif;"><span
style="font-size:10pt;">147</span></span><span style="font-family:Tahoma,
Geneva, sans-serif;"><span style="font-size:10pt;">209</span></span><span
style="font-family:Tahoma, Geneva, sans-serif;"><span
style="font-size:10pt;">709</span></span>
style
="font
-famil
y:Taho
ma,
Genev
a,
sans-
serif; "><spa
n
style
="font
-size:
10pt;">Recei
ved
inter
est
incom
e</spa
n></sp
an>
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
------------------------------------------------------------- <span <span style="font-family:Tahoma, Geneva, sans-serif;"><span
style="font-size:10pt;">-4,030</span></span><span style="font-family:Tahoma,
Geneva, sans-serif;"><span style="font-size:10pt;">-5,690</span></span><span
style="font-family:Tahoma, Geneva, sans-serif;"><span
style="font-size:10pt;">-7,093</span></span><span style="font-family:Tahoma,
Geneva, sans-serif;"><span style="font-size:10pt;">-6,308</span></span><span
style="font-family:Tahoma, Geneva, sans-serif;"><span
style="font-size:10pt;">-4,574</span></span>
style
="font
-famil
y:Taho
ma,
Genev
a,
sans-
serif; "><spa
n
style
="font
-size:
10pt;">Paid
inter
est
expen
se</sp
an></s
pan>
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
------------------------------------------------------------- <span <span style="font-family:Tahoma, Geneva, sans-serif;"><span
style="font-size:10pt;">11,588</span></span><span style="font-family:Tahoma,
Geneva, sans-serif;"><span style="font-size:10pt;">16,930</span></span><span
style="font-family:Tahoma, Geneva, sans-serif;"><span
style="font-size:10pt;">18,935</span></span><span style="font-family:Tahoma,
Geneva, sans-serif;"><span style="font-size:10pt;">20,033</span></span><span
style="font-family:Tahoma, Geneva, sans-serif;"><span
style="font-size:10pt;">22,084</span></span>
style
="font
-famil
y:Taho
ma,
Genev
a,
sans-
serif; "><spa
n
style
="font
-size:
10pt;">Net
cash
from
opera
ting
activ
ities<
/span></span >
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
------------------------------------------------------------- <span <span style="font-family:Tahoma, Geneva, sans-serif;"><span
style="font-size:10pt;">10,595</span></span><span style="font-family:Tahoma,
Geneva, sans-serif;"><span style="font-size:10pt;">17,231</span></span><span
style="font-family:Tahoma, Geneva, sans-serif;"><span
style="font-size:10pt;">19,880</span></span><span style="font-family:Tahoma,
Geneva, sans-serif;"><span style="font-size:10pt;">19,675</span></span><span
style="font-family:Tahoma, Geneva, sans-serif;"><span
style="font-size:10pt;">18,881</span></span>
style
="font
-famil
y:Taho
ma,
Genev
a,
sans-
serif; "><spa
n
style
="font
-size:
10pt;">Worki
ng
capit
al
from
opera
tions<
/span></span >
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
-------------------------------------------------------------
Contact:
Mr. Bjarni Bjarnason
CEO
Tel: +354 516 7707
© 2024 Nasdaq, Inc. All Rights Reserved |