Attached is a corrected financial statement for HS Orka hf. The corrections made only apply to text and form of numbers, that is, language and spellig are being corrected but no tangible changes are made to the contents of the financial statement. No new information is presented, with the exception that the date of the annual meeting, 25th of March 2013, is revealed in Endorsement by the Board of Directors and Managers.
The Financial Statements for 2012 of HS Orka hf. were approved at a Board of Directors' meeting on 27th of February 2013. The Financial Statements of HS Orka hf. is prepared in accordance with International Financial Reporting Standards (IFRS) and is in ISK. The Financial Statement can be found on the company´s website http://www.hsorka.is
· The company‘s EBIDTA continues to be strong and was ISK 2.857 million for 2012 but was ISK 2.678 million in 2011.
· Equity ratio is very strong around 53%. Jardvarmi slhf. exercised its option to increase its stake in HS Orka from 25.0% to 33.4% and paid ISK 4.7 billion for the new shares at end of February that increased HS Orka hf. equity by the same amount.
· Profit before income tax is 707 million for 2012 compared to a loss of 1,160 million for 2011. Income tax is 107 million and therefore profit for the year is 600 million. The Company´s power plants were revaluated as of 31st of December 2012 and total value of the two power plants is 31.5 billion, or revaluation of 6.1 billion. This means that Total Comprehensive income after taking tax effects of the revaluation into consideration is 5.5 billion, compared to loss of 936 million in 2011
· Despite of strong EBIDTA, decrease in revenue was 7% or ISK 550 million and amounted to ISK 7,431 million for 2012 compared to ISK 7,431 for 2011. Equally operating cost decreases around 8% or ISK 380 million between the years. The decrease in revenue is mainly due to decrease in aluminum prices, but the largest factor is less sale to Norðural because of an expired contract on October 1st 2011 of 35 MWe. A purchase agreement with Landsvirkjun for 8 MWe also expired at the end of 2011. The difference (27 MWe) has mostly been sold on retail market where the utilization is considerably lower. Transmission cost decreases since there is no payment for the transmission of the 35 MWe to Norðurál but the equivalent of that cost was previously a part of the income.
· Further information is provided by Júlíus Jónsson, Managing Director of HS Orka hf., tel. 422 5200/860 5208