Landsnet maintains its strong position
Landsnet’s interim financial statement for the January-June, 2019 period was published today. The company’s performance is in line with expectations.
Guðmundur Ingi Ásmundsson CEO:
"The company's position is strong, its equity position is good and company performance remains solid. Investments are lower than projected in the first half of the year which can mostly be attributed to delays to large projects, due to licensing issues. The efficiency of licensing procedures needs to be reviewed to speed up the process. The subsequent delays have been costly for both Landsnet and energy users. A substantial amount of energy is lost in the system under current conditions, power stations cannot be utilised properly and secure consumer access to energy is not available everywhere in the country. This is detrimental to both societal and environmental conditions. However, Landsnet is in a good position to meet these challenges.”
Main points of the financial statement:
Earnings before Interest and Taxes (EBIT) was 29.9 million USD compared with 29.2 million USD in the previous year and the company’s daily operations are stable. Profits in the first 6 months of the year 2019 amounted to 19.8 million USD compared with 16.2 million USD during the same period in 2018.
The total assets of the company amounted to 850.5 million USD compared with 846.3 million USD at year end, 2018. Total liabilities amounted to 467.8 million USD compared with 476.0 million USD at year end, 2018. The last payment on the initial parent loan is March 21st, 2020. The loan had a single date of maturity but has been repaid over the last few years.
Equity ratio was 45% at end of June, compared with 43.8% at year-end, 2018. Net assets amounted to 382.8 million USD compared with 370.3 million USD at year end in 2018.
Liquid assets of the company are strong. Net cash availability was 43.5 million USD at end of June and net cash provided by operating activities amounted to 37.5 million USD.
The interim report can be accessed here: www.landsnet.is
More information can be provided by Guðlaug Sigurðardóttir, CFO: Tel: +354 563 9311 or Email: gudlaugs@landsnet.is
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