April 19, 2018 3:06 PM ET

Electric Utilities

Company Overview of Landsvirkjun

Company Overview

Landsvirkjun, together with its subsidiaries, produces and transmits electricity in Europe. The company operates through Electricity Production, Electricity Transmission, and Other segments. It produces electricity through hydroelectric power, geothermal heat, and wind power. The company operates 16 power stations in Iceland. It sells its electricity to retail sales companies and industrial users. In addition, the company owns and operates a telecommunications system; and provides technical and operational advisory services to third parties. Landsvirkjun was founded in 1965 and is headquartered in Reykjavik, Iceland.

Háaleitisbraut 68

Reykjavik,  103

Iceland

Founded in 1965

422 Employees

Phone:

354 515 9000

Key Executives for Landsvirkjun

Chief Executive Officer
Chief Financial Officer and Executive Vice President of Finance Division
Executive Vice President of Project Planning & Construction Division
Executive Vice President of Energy Division
Executive Vice President of Research & Development
Compensation as of Fiscal Year 2017.

Landsvirkjun Key Developments

Landsvirkjun Approves Dividend for 2017; Announces Executive Appointments

Landsvirkjun's proposal for the payment of dividends to owners in the amount of ISK 1.5 billion, for the year 2017, was approved at the Annual General Meeting. The company also approved the appointment of Jón Björn Hákonarson, Guðfinna Jóhanna Guðmundsdóttir and Gunnar Tryggvason as Directors and announced the leaving Directors were Haraldur Flosi Tryggvason, Kristín Vala Ragnarsdóttir and Ragnheiður Elín Árnadóttir. Reserve members of the Board: Jens Garðar Helgason, Hákon Hákonarson and Arna Ír Gunnarsdóttir. The company also appointed Álfheiður Ingadóttir as Vice Chairman.

Landsvirkjun Secures Funding in Green Bond in the US Private Placement Market

Landsvirkjun has reached an agreement with US and UK institutional investors to issue its debut US private placement (USPP) in Green Bond format, for a total amount of USD 200 million which is equivalent to about ISK 20 billion. The bond has been issued without a guarantee of collection and is in relation to build-up of the Theistareykir and Burfell II power stations. As before, Landsvirkjun expects net debt of the company to decrease in 2018. The offering was very well received in the private placement market with the orderbook totaling just over USD 700 million, representing about 7x oversubscription from the launch size of USD 100 million. The bond has maturities of 4-, 5, 7 and 10 years and carries an average weighted fixed interest rate of 4.14%, with semi-annual interest payments. As part of the transaction, Landsvirkjun has established a Green Bond Framework based on criteria set out under the ICMA Green Bond Principles. Proceeds of the transaction will be used for power projects utilizing renewable energy with positive environmental impact.

Landsvirkjun Reports Consolidated Earnings Results for the Fourth Quarter and Full Year Ended of December 31, 2017

Landsvirkjun reported consolidated earnings results for the fourth quarter and full year ended of December 31, 2017. For the full year, the company reported operating revenues of $483,077,000 compared to $420,370,000 a year ago. Operating profit was $218,488,000 compared to $183,169,000 a year ago. Profit before income tax was $164,175,000 compared to $114,25,000 a year ago. Net profit for the year was $107,964,000 compared to $66,820,000 a year ago. Profit attributable to owners of the parent company was $98,084,000 compared to $71,394,000 a year ago. Cash flow from operating activities was $277,937,000 compared to $229,827,000 a year ago. Return on equity was 5.5% compared to 3.5% a year ago. For the quarter, the company reported operating revenues of $135,747,000. Operating profit was $55,990,000. Profit before income tax and unrealized items were $38,582,000. Profit before income tax was $48,157,000. Net Profit attributable to owners of the parent company was $27,010,000. Cash flow from operating activities was $77,505,000.

Similar Private Companies By Industry

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enex hf. Europe

Recent Private Companies Transactions

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