Results reflect the global pandemic
Key figures from the consolidated accounts
- Profit before unrealized financial items was $ 138.7 million from $ 176.0 million in the previous year and decreased by 21.2% between years.
- Profit for the year was $ 78.6 million, but $ 114.9 million the year before.
- Operating revenue was $ 453.5 million, and decreased $ 56.1 million (11.0%) from the previous year.
- Net debt decreases by $ 15.7 between years and stands at $ 1,675.8 at the end of the year. Interest expense decreases by $ 11.9 million between years.
- Cash flow from operating activities was $ 234.1 million, a decrease of 20.9% from the previous year.
Hrur Arnarson, CEO:
Landsvirkjuns operations and results were inevitably affected by the pandemic in 2020, which had a substantial effect on the economy in Iceland and the rest of the world. Many of our customers have reduced their manufacturing output due to lower product demand and prices. There was also a sharp drop in prices in the energy markets, although this was reversed at the end of the year. Some of Landsvirkjuns’ energy contracts are linked to the price of aluminum and the price of electricity on the Nord Pool market.
The year 2021 begins and prices on the aluminum and Nord Pool markets increase between the years. There was a positive development earlier this week when Landsvirkjun signed an addendum to its current power purchase agreement with its longest-running customer, Rio Tinto Iceland Ltd., which strengthens the operations of the aluminum smelter. over the next few years and ensures the predictability of Landsvirkjuns income streams. .
Landsvirkjun is a pillar of the Icelandic economy. We have a great responsibility and that is why we have worked hard to improve the debt position of the company over the past decade. Thanks to this work, we can now support our customers by offering them a temporary discount on energy prices and participate in the economic recovery by launching various construction, maintenance and research and development projects on a national scale.
Earnings before unrealized financial items, which is the measure that best reflects the core business of the business, declined 21% between years. The most significant effects of this decline are due to reduced energy sales, special conditions for our customers and the link between aluminum and Nord Pool prices and our energy prices. Operating revenues decreased 11% and cash flow from operating activities decreased 21%. However, it was positive to see that we were able to continue to reduce net debt at the same time. The company’s operations went smoothly despite this external turbulence. Power plant operations were good. Our customers are increasing their productions despite the current economic difficulties and Landsvirkjun sees various future opportunities, for example in the production of green hydrogen, environmentally friendly industrial parks and other green innovations like the Orkdea project in the south of the ‘Iceland, Blmi in the Westfjords and EIMUR in the North of Iceland. The future looks bright despite the current difficulties.
LV 2020 Financial Statements
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