Condensed Interim Financial Statements for the first three months of 2015 of HS Orka hf. (the “Company”) were approved at a Board of Directors meeting on 12 May 2015. The financial statements of HS Orka hf. are prepared in accordance with International Financial Reporting Standards as adopted by the European Union and are stated in ISK. The financial statements can be found on the Company´s website: http://www.hsorka.is
Operating revenue for the period increased by 9% to ISK 2,076 million compared to ISK 1,899 million in the first three months of 2014, primarily due to increased retail sales. Loss for the period was ISK 321 million (Q1 2014: profit of ISK 90 million), while total comprehensive loss was ISK 374 million vs. a profit of ISK 75 million in the first quarter of 2014.
Negative movement in the value of embedded derivatives in power purchase agreements (linked to aluminum price) was ISK 604 million compared to ISK 708 million (loss) in same period 2014. Foreign currency loss was ISK 388 million in the first quarter of 2015 compared to a foreign currency gain of ISK 226 million in the same period 2014.
Company EBITDA decreased by 4.6% to ISK 790 million (Q1 2014: ISK 828 million), the increased retail sales mentioned above was offset by a ISK 215 million increase in operating costs resulting from an increased power purchases, higher plant operating costs and increased transmission costs in the period.
The Company’s equity ratio decreased to 57.7% against 59.7% at year-end 2014.
Further information can be provided by Ásgeir Margeirsson, Managing Director of HS Orka hf., tel. 520 9300 / 855 9301.
