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Landsvirkjuns Third Quarter 2020 Results Iceland Stock Exchange: LAND

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Solid operations despite external turbulence

Key figures from the half-year accounts

  • Profit before unrealized financial items was $ 92.4 million, compared to $ 129.1 million for the same period last year, a decrease of 28.4%.
  • Profit for the period was $ 61.2 million, compared to $ 90.1 million for the same period last year.
  • Operating revenue was $ 328.0 million, down $ 44.5 million (11.9%) from the same period last year.
  • Net debt has decreased by $ 56.7 million since the start of the year and stood at $ 1,634.7 million at the end of September.
  • Cash flow from operations was $ 169.8 million, a decrease of 23.6% compared to the same period last year.

Hrur Arnarson, CEO:

“The economic conditions caused by the COVID-19 pandemic continue to affect the operations of Landsvirkjuns. These conditions put pressure on the demand and prices for the products of the company’s customers. However, after a decade of debt reduction , the company is in a strong position to deal with As mentioned earlier, our industrial customers have benefited from temporary discounts and the company has played an active role in the effort to support the economy by undertaking various construction projects, renovation and research and development throughout Iceland.

One positive development is that net debt declined in the first nine months of the year despite these difficult conditions and is currently around $ 57 million lower than at the start of the year. Earnings before unrealized financial items, the measure we use to assess the company’s core business, is down 28% from the same period last year to $ 92.4 million .

The company’s operations were strong during the period despite the economic turmoil. Given the changing market conditions, we have decided to split the Marketing and Business Development department into two separate departments, namely Energy Sales on the one hand and Business Development and Innovation on the other hand. . Despite the current economic challenges, there are a number of opportunities for Landsvirkjun in the future, for example in the production of green hydrogen, eco-industrial parks and other green innovations like the Orkdea and EIMUR projects in the south and north Iceland.

The outlook for the company’s operations and the global economy remains uncertain. As before, it depends on the containment of the coronavirus. The recent positive news regarding vaccine developments are promising and if rolled out soon, the global economy can hopefully begin to recover.

  • Press release

  • Interim financial statements January-September 2020

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