HS Orka hf Announces Interim Financial Statement for the first nine months of 2013
The Condensed Interim Financial Statements for 30 September 2013 of HS Orka hf. were approved at a Board of Directors' meeting on 12th of November 2013. The Condensed Interim Financial Statements of HS Orka hf. is prepared in accordance with International Financial Reporting Standards (IFRS) and is in ISK. The Condensed Interim Financial Statement can be found on the company´s website http://www.hsorka.is
Main Matters:
- Total comprehensive income for third quarter is ISK 1,211 million but was ISK 1,781 in third quarter 2012. This contributes to improving the operating results and is total comprehensive loss after the first nine months of 2013 ISK 359 million compared to total comprehensive income of ISK 1,081 in the first nine months of 2012.
- The company‘s EBIDTA was ISK 1,907 million for the first nine months but was ISK 2,090 million in the same period of 2012.
- Equity ratio is very strong, at the end of the period around 56%.
- Net finance income and cost have a decisive influence on the result now as so often before. Change in embedded derivatives in power purchase agreement (connected to aluminum price) was positive of ISK 907 million in the third quarter of 2013 but the total change for the period Januar to September is negative of around ISK 3,043 million Currency gain in the first nine months was around ISK 1,008 million.
- EBIDTA is strong and increase in revenue was 4% or ISK 189 million and amounted to 5,142 ISK million for the period compared to ISK 4,954 million for the same period 2012. Operating cost increased around 17% or ISK 601 million between the two periods. The increase in revenue is mainly due to more sales to the retail market, but decrease in aluminum prices weighs in the opposite direction. On the cost side there is an increase in Power purchases and Transmission cost. Maintenance drilling were performed on two wells, while there were no such drilling in same period last year. Then there is a rise in administration cost due to cost of arbitration regarding dispute over power purchase agreement with Norðurál Grundartangi.
?Further information is provided by Júlíus Jónsson, Managing Director of HS Orka hf., tel. 422 5200/860 5208
