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GlobeNewswire
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Landsvirkjun: Landsvirkjun's Financial Statements 2017

Record breaking year in energy production and operating performance
Key figures from the consolidated financial statements

  -- Operating revenues amounted to USD 483.1 million USD which is an increase
     of USD 62.7 million compared to 2016.

  -- EBITDA amounted to USD 345.6 million. EBITDA ratio is 71.5% of revenues
     compared to 71.8% in the previous year.

  -- Profit before unrealized financial items amounted to USD 153.4 million
     compared to USD 117.7 million in the previous year, which is an increase of
     30.4% between years.

  -- Profit for the year amounted to USD 108.0 million compared to USD 66.8
     million in the previous year.

  -- Net debt amounted to USD 2,042.6 million at year end and increased by USD
     82.1 million in the year 2017.

  -- Cash flow from operating activities amounted to USD 277.9 million which is
     an increase of 20.9% compared to 2016.

Hörður Arnarson, CEO:

"Landsvirkjun's operations were successful in the year 2017. Revenues were
higher than ever before and records were set regarding energy sales and
production.  Electricity sales amounted to 14.3 TWh which was more than 5%
increase from the previous year. Power generation records were set at five
power plants during the year; Fljotsdalur, Sigalda, Budarhals, Sultartangi and
Steingrimsstod. 

External conditions were also beneficial. Aluminium prices, which still control
a part of the Company's revenues, were 23% higher than the previous year. Most
of our largest customers' operations went well during the year and demand for
electricity from Landsvirkjun continued to be high. Last week Landsvirkjun
signed a new contract with Advania Data Centers which increases the Company's
revenue. 

All of these elements led to that profit before unrealised financial items was
higher than ever before. This strong cash flow has enabled extensive
investments in the last periods, but for the first time in the Company's
history we have had two power stations under construction at once, in addition
to Budarhals power plant being operated in the year 2014. The first phase of
the geothermal station at Theistareykir was commissioned in November, but the
second phase will be commissioned in spring 2018. Constructions in Burfell II
power station will soon come to a close, but it is expected to be commissioned
in the middle of 2018. In total there will be 1.6 TWh produced in these three
new power stations, which is an increase of 12% in production ability. 

These constructions, which will be the base for stronger and safer revenue
sources for the Company, have temporarily slowed down the decrease in debt.
This extensive construction period will end in the year 2018 and then it is
expected that the Company will be even more stable than before and better
prepared for dealing with future projects."

Attachment:
https://cns.omxgroup.com/cds/DisclosureAttachmentServlet?messageAttachmentId=663926
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© 2018 GlobeNewswire
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