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Results for the first nine months

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Higher industrial customer prices lead to better results  

Cash flow from operations USD 352 million

Key figures from the interim financial statements

  • Profit before unrealised financial items amounted to USD 241.4 million, compared to USD 153.9 million in the same period of the prior year, an increase of 56.8%.   
  • The profit for the period was USD 213.7 million, compared to USD 102.6 million USD in the same period 2021.
  • Operating revenues amounted to USD 497.8 million, increasing by USD 100.9 million (25,4%) from the same period of the previous year.
  • Net debt decreased by USD 253.1 million from the beginning of the year and amounted to USD 1,247.7 million at the end of September.
  • Cash flow from operations amounted to USD 351.7 million, an increase of 47,1% compared to the same period of the prior year.
  • The average price to industrial customers, excluding transmission cost, amounted to USD 42.1 per megawatt hour. This is the highest price during the first nine months of the year in Landsvirkjun’s history.

Hörður Arnarson, CEO:

“This year's operations resulted in the highest nine-month profit in Landsvirkjun's history. Profit before unrealised financial items increased by 57% from the same period of the prior year and amounted to USD 241 million. This increase can mostly be attributed to clear operating goals and an increase in prices to industrial customers. The price increase can be largely attributed to the renegotiations that have taken place in recent years. Those negotiations have resulted in the fact that most of Landsvirkjun’s customers now pay a similar price to that which they would pay in those countries that we compare ourselves with.

Cash flow was very strong during the period, with cash flow from operations amounting to USD 352 million, resulting in a net debt decrease of USD 253 million.

Power station operations were good for the first nine months of the year, while Landsvirkjun’s power generating system operated near full capacity. Meeting this surge in demand represented a challenge for the company’s employees, power stations and work processes, often under demanding circumstances due to low reservoir inflows and frequent bad weather during this past winter.

Diverse demand for electricity continues to be the case, from existing customers as well as from interesting new parties. Unfortunately, this demand can only be partially met, as the power generating system is at maximum capacity with regards to both power and energy. Power sales must be triaged under these circumstances. Meanwhile, a lot of work is going into acquiring the necessary permits for further development of power generating capacity in hydro, wind and geothermal, with an emphasis on Hvammur, Búrfellslundur and the expansion of Þeistareykir and Sigalda plants.“

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