Reykjavik, 2011-10-03 14:16 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 and the Plan’s progress in Q2 2011 is on schedule.
The total progress in the first half of year 2011 is ISK 312 m. over the period’s target figures. The best results are in postponement of investments in utility systems as well as an overall great progress in all areas of the project. Individual reports follow in the table below. It contains total amounts for year 2011 and the progress as of end of Q2 2011.
Influences of external variables are negative during the period and equates to ISK 129 m. Net total of The Plan is therefore ISK 183 m. above target.
| Agreement | The Plan 2011 | Actual 1H 2011 |
| Postponement of investments in sewage | 0 | 89.273 |
| Postponement of investments in utility systems | 1.205.000 | 595.616 |
| Decrease in other investments | 250,000 | 121.869 |
| Increase in tariffs | 1.122.000 | 285.239 |
| Reduction in operation costs | 300.000 | 44.791 |
| Sale of assets | 1.000.000 | 123.128 |
| Subordinated loans from owners | 8.000.000 | 7.925.360 |
| Total | 11.877.000 | 9.185.276 |
| Sale of assets previously approved | -375.000 | -124,875 |
| Total | 11.502.000 | 9.060.401 |
All amounts are in ISK ,000