Tuesday, February 28, 2017

Iceland: Strong Cash Flow Enables Landsvirkjun to Meet its Investment in Theistareykir Geothermal Power Plant

Landsvirkjun‘s Financial Statements 2016 (News Release)

Two power plants under construction in order to meet increased demand for electricity

The proposed Theistareykir geothermal power plant
Hörður Arnarson, CEO: “Landsvirkjun’s earnings in the year 2016 are acceptable despite a decrease year over year.

External conditions were not favourable in the year 2016. Aluminium prices continued to be low despite moving higher in the second half of the year. Our revenues are still in some part connected to aluminium prices.

Strong cash flow enabled the company to do more than meet its investments in the new hydro-electric power station at Burfell II and the geothermal power plant at Theistareykir. It is satisfactory to be able to continue this development without increasing debt, but on the contrary, decrease debt.”

More Information........                      Financial Statements 2016........