Orkuveita Reykjavíkur - Financial Statement Release

CORRECTION: Good results at Reykjavik Energy for Q1 2015

Reykjavik, 2015-07-22 10:39 CEST (GLOBE NEWSWIRE) -- Note: An English version
of a report on RE's treasury and risk management in year 2014 has been added,
previously only available in Icelandic. 

Reykjavik Energy's (Orkuveita Reykjavikur, RE) operations returned a profit of
ISK bin 3.3 in Q1 2015 and the company's equity ratio has improved since the
beginning of the year. Reykjavik Energy's efforts in treasury and risk
management has proven commendably successful and today the Company issues a
report on goals in this respect, success in attaining them and challenges being
worked on. 

Reykjavik Energy's consolidated interim financial statements were approved by
the Board of Directors today. It is prepared in accordance with the
international IAS 34 standard. Because of the unbundling of RE at the beginning
of last year, a Q1 2014 financial statements was not issued. Thus, no
comparison with previous year is included in these financial statements. 

Steady results, according to Plan

With increased stability in RE's governance, austerity in operations and
improved risk management, the Company's revenues and expenses have become
increasingly foreseeable and operating results have solidified. The blueprint
devised by RE's owners and BoD in 2011, called The Plan, has returned intended
results and then some. Consequently, equity ratio has improved and stood at
34.6% at March 31st 2015. 

It should be pointed out that RE's results tend to be most favorable in Q1 each
year. It is probably that will also go for 2015 since unfavorable weather has
delayed various construction works. 

Transformation of treasury and risk management

The quality of treasury and risk management at RE has been revolutionized in
recent years. Today, the Company publishes a report in the issue. The purpose
of the publication is to improve the transparency of this important part of the
operations and provide interested parties with information that can enhance
professional discourse on it. The report (temporarily only available in
Icelandic) covers actions taken until year-end 2014. It depicts how Reykjavik
Energy has met the criticism expressed in a report by an ad-hoc owners' audit
committee, published in 2012. 


         Contact:
         Mr. Ingvar Stefansson
         CFO
         +354 516 6000

Attachments:

PLAN Progress Report 2015 Q1.pdf

Reykjavik Energy financial statements Q1 2015.pdf

REs Treasury and Risk Management 2014.pdf