GlobeNewswire by notified

Landsvirkjun’s first quarter results


Record revenues and strong cash generation

Key figures from the interim financial statements

  • Profit before unrealised financial items amounted to USD 108.7 million, compared to USD 77.3 million for the same period of the prior year, an increase by 40.6%.
  • The profit for the period was USD 91.6 million, compared to USD 112.5 million for the same period of the prior year.
  • Operating revenues amounted to USD 175.4 million, increasing by USD 28.4 million (19.3%) from the same period of the prior year.
  • Net debt decreased by USD 136.7 million from the beginning of the year and amounted to USD 711.3 million at the end of March.
  • Cash flow from operations amounted to USD 144.4 million, which is an increase of 42.9% compared to the same period of the prior year.
  • During the annual general meeting it was agreed to pay a dividend of USD 140 million.
  • Landsvirkjun does not prepare consolidated interim financial statements with its subsidiaries Landsvirkjun Power ehf. and Icelandic Power Insurance Ltd, because their impact is considered insignificant. Instead, the financial statements are prepared according to IAS 27 Separate Financial Statements.

Hörður Arnarson, CEO:

“First quarter results were excellent. Profit before unrealised financial items, which reflects Landsvirkjun’s core operations, increased by more than 40% compared to the first quarter of 2022. Operating  revenues increased by almost 20% year on year due to increased electricity sales, high energy prices to power intensive customers, and revenues from realised hedges. Meanwhile, Landsvirkjun’s operating expenses decreased by 8% year on year. Cash generation was also strong in the first quarter, as cash flow from operating activities increased by 43% year on year and was USD 144.4 million.

Power station operations were superb in the first quarter, with a 5% increase in energy generation year on year. However, delivery of controllable load to data centres and fish meal factories had to be reduced repeatedly during the period since the Company’s electricity system was operating at maximum capacity. Landsvirkjun is working hard to acquire the relevant licences needed to increase energy generation to meet the apparent domestic demand for energy and the energy transition.”


To view this piece of content from, please give your consent at the top of this page.
To view this piece of content from, please give your consent at the top of this page.

About GlobeNewswire by notified

GlobeNewswire by notified
GlobeNewswire by notified
One Liberty Plaza - 165 Broadway
NY 10006 New York

GlobeNewswire by notified is one of the world's largest newswire distribution networks, specializing in the delivery of corporate press releases financial disclosures and multimedia content to the media, investment community, individual investors and the general public.

Subscribe to releases from GlobeNewswire by notified

Subscribe to all the latest releases from GlobeNewswire by notified by registering your e-mail address below. You can unsubscribe at any time.

Latest releases from GlobeNewswire by notified

DSV, 1073 - SHARE BUYBACK IN DSV A/S28.11.2023 10:43:00 CET | Press release

Company Announcement No. 1073 On 24 October 2023, we initiated a share buyback programme, as described in Company Announcement No. 1066. According to the programme, the company will in the period from 24 October 2023 until 31 January 2024 purchase own shares up to a maximum value of DKK 2,500 million, and no more than 4,000,000 shares, corresponding to 1.83% of the share capital at commencement of the programme. The programme has been implemented in accordance with Regulation No. 596/2014 of the European Parliament and Council of 16 April 2014 (“MAR”) (save for the rules on share buyback programmes set out in MAR article 5) and the Commission Delegated Regulation (EU) 2016/1052, also referred to as the Safe Harbour rules. The following transactions have been recorded under the programme: Trading dayTrading platformNumber of shares bought backAverage transaction priceAmount DKKAccumulated trading for days 1-19815,2971,055.73860,736,39420:20 November 2023AQEU1,7251,089.31CEUX5,7061,089.9