HS Orka hf. - Financial Statement Release

HS Orka hf announces Consolidated Condensed Interim Financial Statements for the three months ended March 31, 2016

Press Release



                                                      Reykjanesbær, May 10, 2016



HS Orka hf announces Consolidated Condensed Interim Financial Statements for
the three months ended March 31, 2016 

Consolidated Condensed Interim Financial Statements for the three months ended
March 31, 2016 of HS Orka hf. (the “Company”) were approved at a Board of
Directors meeting on 10 May 2016. The financial statements of HS Orka hf. are
prepared in accordance with International Financial Reporting Standards as
adopted by the European Union and are stated in ISK. The financial statements
can be found on the Company´s website: http://www.hsorka.is 

Company profit for the period was ISK 465 million (Q1 2015: loss of ISK 321
million) and operating revenue was ISK 1,863 million (Q1 2015 ISK 2,076
million). The reduction in revenues is largely due to decreases in generation,
aluminum prices and sales to fish smelters due to a poor fishing season. 

Net finance income was ISK 189 million (Q1 2015: expense ISK 1,018 million).
Net exchange rate differences were positive of ISK 82 million (Q1 2015 negative
of ISK 388 million) and changes in fair value of embedded derivatives resulted
in a gain of ISK 195 million (Q1 2015: loss of ISK 604 million). 

A total comprehensive profit of ISK 450 million was recorded in the period
against a loss of ISK 374 million in the first quarter of 2015. 

The Company’s equity ratio is 60.2% compared to 58.6% at year-end 2015.

Further information can be provided by Ásgeir Margeirsson, Managing Director of
HS Orka hf., tel. 520 9300 / 855 9301.

Attachments:

Financial Statements 10 May 2016.pdf