Net debt decreased by USD 205 million from previous year
Landsvirkjun´s leverage continues to be relatively high, but the Company has for the last few years consistently worked on reducing debt and improving key ratios which affect the Company’s credit rating.
The Group's leverage measured against operating profit before depreciation and amortisation (net debt / EBITDA) decreased from 6.6x at year-end 2014 to 6.2x at year-end 2015. The ratio of funds from operations (FFO) to net debt went from 11.8% at year-end 2014 to 12.1% at year-end 2015.
Interest coverage (EBITDA / net interest expense) increased to 4.6x compared to 3.8x at year-end 2014. The ratio of funds from operations (FFO) to interest expense increased from 2.8x at year-end 2014 to 3.3x at year-end 2015.
As return on equity is calculated on results, changes of embedded derivatives and unrealised foreign exchange differences can have a considerable effect on the results. Return on equity was positive by 4.7% in the year 2014 and positive by 4.9% in the year 2015.
Here you can download Landsvirkjun’s financial statements for the year 2015. This includes Landsvirkjun’s entire Financial Statement in Acrobat (pdf) and key figures in Excel (xls).