Landsvirkjun
Financial Statement Release

Landsvirkjun’s results for the first nine months of the year 2017

Revenue increases between periods

Key figures from the interim financial statements

• Operating revenues amounted to USD 347.3 million which is an increase of USD 40.2 million (13.1%) compared to the same period in 2016.
   
• EBITDA amounted to USD 249.6 million. EBITDA ratio is 71.9% of revenues compared to 73.5% in the same period in 2016.
   
• Profit before unrealised financial items amounted to USD 114.8 million compared to USD 88.8 million in the same period in 2016, an increase of 29.4% between periods.
   
• Profit for the period was USD 78.5 million compared to USD 47.5 million in the same period in 2016.
   
• Cash flow from operations amounted to USD 200,4 million which is an increase of 16.2% compared to the same period in 2016.

Hörður Arnarson, CEO:

“The first nine months of the year were favourable for the Company’s operations. Profit before unrealised financial items increased by 29% compared to the same period last year. Operating revenues increased, in part due to a considerable rise in aluminium prices which were very low last year. Energy sales increased by 435 GWh during the first nine months and demand for electricity from Landsvirkjun continues to be high.

Strong cash flow sustains fully extensive investments in the period, but the decrease of debt has temporarily slowed down during constructions at Theistareykir and Burfell II. The power plant at Theistareykir was commissioned on 17 November and its operations will soon start to create revenues for Landsvirkjun.”