Stable operations
Landsnet’s interim financial statement for the January-June, 2021 period was published today.
Guðlaug Sigurðardóttir, Landsnet's CFO, stated that operations and projects have run according to schedule this year and that predictability and stability in the regulatory framework are key factors in financing.
"Landsnet's operations and projects have run according to schedule this year, despite a challenging operating environment. We signed a USD 50 million loan with the Nordic Investment Bank in June, which confirmed that all our transmission system projects conform with the Bank's guidelines for climate change action. Lenders have shown confidence in Landsnet by providing better terms for project financing. This trust is based on our success in increasing efficiency in operations and construction and on a stable legal environment. We know that predictability and stability in the regulatory framework are important to lenders and clearly influence financing terms. These factors have remained steady in recent years, providing positive outcomes for the company."
Main points of the financial statement:
Profits in the first 6 months of the year 2021 amounted to 16.5 million USD compared with 16.3 million USD during the same period in 2020. Earnings before Interest and Taxes (EBIT) was 28.7 million USD compared with 22.0 million USD in the previous year.
The total assets of the company amounted to 950.2 million USD compared with 911.4 million USD at year end, 2020. Total liabilities amounted to 541.8 million USD compared with 506.6 million USD at year end, 2020. In June of this year, Landsnet signed a USD 50 million loan with the Nordic Investment Bank.
Equity ratio was 43.0% at end of June, compared with 44.4% at year-end, 2020. Net assets amounted to 408.4 million USD compared with 404,8 million USD at year end in 2020.
Net cash availability was 37.4 million USD at end of June and net cash provided by operating activities amounted to 36.9 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
About Landsnet
Landsnet was established in 2005 and is responsible for operating Iceland’s electricity transmission system, one of the most important parts of Iceland‘s infrastructure. Our role is to operate and develop Iceland’s electricity transmission system and administer its system operations.
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