Landsnet’s interim financial statement for the January-June, 2020 period was published today.
Guðlaug Sigurðardóttir, CFO at Landsnet, says that the company's results are satisfactory and that operations remain stable despite demanding external conditions.
“The last few months have been both challenging and demanding for the Landsnet team. We are relieved to see that our efforts have kept operations stable and according to plan. The volatile weather conditions experienced last winter and the Covid 19 pandemic inevitably affected both us and our customers. The long-term effects have yet to be seen but are being closely monitored by our team. We have remained focused on continuing business as usual without compromising the safety and health of our employees during these unprecedented times. We have so far been successful in our efforts and 2020 is still set to become the largest construction year in company history. We secured finance once again from the USA at the beginning of the year which we see as a definite vote of confidence from the financial markets.”
Main points of the financial statement:
Earnings before Interest and Taxes (EBIT) was 22.0 million USD compared with 29.9 million USD in the previous year. Profits in the first 6 months of the year 2020 amounted to 13.3 million USD compared with 19.8 million USD during the same period in 2019.
The total assets of the company amounted to 880.6 million USD compared with 852.3 million USD at year end, 2019. Total liabilities amounted to 486.2 million USD compared with 461.0 million USD at year end, 2019. In February, Landsnet sold unsecured bonds in the amount of USD $ 100 million on the Private Placement market in the USA. Landsnet paid the last instalment of the loan owed to Landsvirkjun, its mother company, in the amount of USD 68.2 million in March.
Equity ratio was 44.8% at end of June, compared with 45.9% at year-end, 2019. Net assets amounted to 394.4 million USD compared with 391.3 million USD at year end in 2019.
Net cash availability was 41.4 million USD at end of June and net cash provided by operating activities amounted to 25.5 million USD.