Key figures from the interim financial statements
Hordur Arnarson, the CEO:
“The Company’s basic operation, generation and delivery of electric power, was successful throughout the first six months of the year and there was an increase in energy sales to Landsvirkjun’s customers by 5% or 300 GWh when compared to the preceding period. The Budarhals Hydropower Project is proceeding well and is on schedule. Construction work began on the project three years ago and is now in its final stages.
The results of the first six months of the year are satisfactory considering the present day world economic situation. We are pleased to see the increase in cash flow from operations reflecting the Company's strength and ability to meet its obligations. The Company's net liabilities continue to decrease by USD 30 million. The Company's net liabilities have decreased in total by USD 418 million in the last four years, which is a positive development. However, it is important to continue along the same course with regard to the Company's leverage.”
All units within the Company’s power stations were available 99.7% of the time throughout the period, with the exception of scheduled maintenance. Energy production was 6,399 GWh compared to 6,096 GWh in the first two quarters of 2012. Unusual weather conditions during the previous winter had a more substantial impact on the condition of distribution reservoirs than expected, during the spring period, in the north and east of Iceland. Subsequently, energy generation in the Blanda and Fljotsdalur stations was decreased temporarily and increased instead in power stations in the water catchment areas pertaining to the Tungnaar and Thjorsar Rivers. Landsvirkjun’s reservoirs have replenished at a slow rate but the overall outlook for the year is satisfactory.
Key figures from operation - management’s presentation
Key figures from the interim financial statements in USD thousand: See press release
Further information is provided by:
Rafnar Larusson, CFO
Tel. +354 515 9000