There was a real turnaround in operations in 2014, i.e. some ISK 700 million.

Company debt free by the end of the year

Annual Reort

2014

Greater stability

There was a real turnaround in operations in 2014, i.e. some ISK 700 million. Performance was in line with expectations, with operations showing a profit of ISK 146 million. The group’s income in 2014 was ISK 5.2 billion, up 4% on the previous year. The company’s equity at year-end was ISK 1 billion and its equity ratio 30%.

The company continued to invest in development projects in 2013 in countries such as Hungary and Norway. This has begun to bring the expected results, and the share of total revenue coming from abroad is growing.

EBITDA / Operating revenues

Equity ratio / Total equity

Employees

The ongoing reorganisation of the company, begun two years ago, is nearing completion. We plan to have a debt-free company by the end of 2015; it will then be in an even better position to support the projects it undertakes and yield greater profits for shareholders in the future. The company’s adjustment to a changing operating environment has also brought about greater stability. We shall continue our advance into overseas markets and anticipate that the greatest growth will be in the energy sector. There are exciting, but also challenging, times ahead.

Key figures for 2014

(ISK thousands)

Income statement:

2014

2013

2012

Operating revenues

5.169.714

4.984.165

7.570.391

Operating expenses

(4.945.991)

(5.460.977)

(7.538.609)

Profit before depreciation

223.723

(476.812)

31.782

Depreciation

(84.441)

(113.680)

(122.777)

Operating (loss) profit

139.282

(590.492)

(90.995)

Finance income (expenses)

(81.393)

(152.711)

20.894

Gain from sale of fixed assets

186.559

 

 

Affiliated companies

(796)

(1.876)

(498)

Income tax

(86.286)

70.127

(34.149)

Minority interest

(10.914)

100.572

111.119

Profit (loss) of the year

146.451

(574.380)

6.371

(ISK thousands)

Balance Sheet:

2014

2013

2012

Fixed assets

1.405.954

2.293.317

2.424.298

Current assets

2.036.947

1.537.372

1.899.461

Total assets

3.442.901

3.830.689

4.323.759

Equity

1.028.878

1.007.733

1.736.076

Non-current liabilities

249.299

629.909

936.347

Current liabilities

2.164.724

2.193.047

1.651.336

Total equity and liabilities

3.442.901

3.830.689

4.323.759

Financial ratios:

2014

2013

2012

Working capital from operations

140.808

(552.790)

30.491

Current ratio

0,94

0,70

1,15

Equity ratio

29,9%

26,3%

40,2%

Return on equity

14.4%

(41,9% )

0,3%

“We shall continue our advance into overseas markets and anticipate that the greatest growth will be in the energy sector.”

Örn Guðmundsson

CFO