HS Orka hf.: HS Orka hf. announces Condensed Interim Financial Statements for the first nine months of 2015

Condensed Interim Financial Statements for the first nine months of 2015 of HS Orka hf. (the "Company") were approved at a Board of Directors meeting on 10 November 2015. The financial statements of HS Orka hf. are prepared in accordance with International Financial Reporting Standards as adopted by the European Union and are stated in ISK. The financial statements can be found on the Company's website: http://www.hsorka.is

Operating revenue for the period increased by 1.4% to ISK 5,388 million compared to ISK 5,311 million in the first nine months of 2014, primarily due to increased retail sales. Profit for the period was ISK 290 million (9M 2014: profit of ISK 1,198 million), while total comprehensive profit was ISK 172 million vs. ISK 1,142 million in the first nine months of 2014.

Negative fair value change of embedded derivatives in power purchase agreements (linked to aluminum price) was ISK 2,156 million compared to loss of ISK 177 million in same period 2014. Foreign currency gain was ISK 206 million in the first nine months of 2015 compared to ISK 112 million in the same period 2014.

Company EBITDA increased by 7% to ISK 2,100 million (9M 2014: ISK 1,963 million). In addition to the increased retail sales mentioned above there was also a ISK 28 million decrease in operating costs resulting from lower operating cost of power plants offsetting increased power purchases and transmission costs in the period.

The Company's equity ratio is 59.7% same as at year-end 2014.

Further information can be provided by Ásgeir Margeirsson, Managing Director of HS Orka hf., tel. [phone].

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