2016-05-23 17:02:41 CEST
2016-05-23 17:02:41 CEST
REGULATED INFORMATION
Orkuveita Reykjavíkur - Financial Statement Release
Solid operations at OR
Reykjavík, 2016-05-23 17:01 CEST (GLOBE NEWSWIRE) -- Operating results of
Orkuveita Reykjavíkur (OR; Reykjavík Energy) are stable and results of Q1 2016
are similar to that of preceding years. Revenues have increased but that has
been offset by increased wages due to results of recent long-term agreement in
the Icelandic labour market. EBIT for Q1 2016 amounted to ISK 4,850 million
compared to ISK 4,831 million in Q1 2015. OR’s consolidated financial
statements for January through March 2016 were approved by the Board of
Directors today.
Bottom-line results decreased mainly because of lower aluminium price and
exchange rates of USD. That affects the estimated value of power purchase
agreements which is reflected in financial transactions in the statement of
operations. Q1 2016 profits were ISK 2.5 billion compared to ISK 3.3 billion in
Q1 2015.
Bjarni Bjarnason, CEO
The operations of Orkuveita Reykjavíkur are solid, results stable and the
finances are gradually improving. We are in the Plan’s final year. We have
already surpassed its main financial goal and now we are sighting that
conditions for payment of dividends will be fulfilled. We are in the process of
evaluating all aspects of our operations and its results will be the foundation
for our long-term strategy following the conclusion of the Plan.
Managers’ overview
Amounts are in ISK million Q1 2012 Q1 2013 Q1 Q1 2015 Q1 2016
2014*
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Revenues 10,571 10,650 11,110 11,336
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Expenses (3,386) (3,361) (3,880) (4,079)
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thereof energy purchase and (1,290) (1,441) (1,868) (1,635)
transmission
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EBITDA 7,185 7,288 7,230 7,257
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Depreciation (2,295) (2,234) (2,399) (2,406)
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EBIT 4,890 5,054 4,831 4,850
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Result of the period (3,998) 4,166 3,276 2,535
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Cash flow statement:
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Received interest income 58 88 172 2
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Paid interest expense (1,258) (1,113) (989) (679)
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Net cash from operating activities 4,713 5,169 5,246 4,998
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Working capital from operation 5,316 5,289 6,145 6,129
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*No financial statements were issued for Q1 2014 because of the unbundling of
OR.
Note: Attached is OR’s 2015 Financial Report, English version, originally
published in Icelandic March 2nd 2016.
Contact:
Bjarni Bjarnason
CEO
+354 516 7707
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