HS Orka hf Announces Financial Statement for 2013

| Source: HS Orka hf.

Financial Statements for 2013 of HS Orka hf. were approved at a Board of Directors' meeting on 25th of February 2014. The Financial Statements of HS Orka hf. is prepared in accordance with International Financial Reporting Standards (IFRS) and is in ISK. The Condensed Interim Financial Statement can be found on the company´s website http://www.hsorka.is


Main Matters:

  • Operating revenue increased to ISK 7,031 million for the year 2013, but was 6,811 in 2012. Loss for the period amounted to ISK 355 million, with the comparable number for 2012 being a profit of ISK 653 million. Total comprehensive loss amounted to ISK 434 million but there was total comprehensive income of  ISK 5,509 million in 2012.
  • Equity ratio is very strong, at the end of the period the ratio was 58,0%. (2012: 53.4)
  • Net finance income and cost have a decisive influence on the result now as so often before. Change in embedded derivatives in power purchase agreement (linked to aluminum price) was negative ISK 4,138 million in 2013 compared to a negative change of ISK 201 million in 2012. Currency gain in 2013 was around ISK 1,602 million but there was a foreign exchange loss of ISK 782 million in 2012.
  • The company‘s EBIDTA was ISK 2,603 million in 2013 compared to ISK 2,923 million in the same period of 2012. EBIDTA is strong and increase in revenue was 2% or ISK 150 million which amounted to 7,031 ISK million for the year compared to ISK 6,881 million for 2012. Operating cost increased around 17% or ISK 787 million between the years. The increase in revenue is mainly due to increased sales to the retail market, offset by a decrease in aluminum prices. On the cost side there is an increase in power purchases and transmission cost. Maintenance drilling was performed on two wells, while there was no such drilling in same period last year.

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