Cash flow statement

The Group's cash and cash equivalents increased by USD 100.1 million in 2013 and amounted to USD 288.0 million at year-end. The development is presented in the following chart. Cash flow from the Group's operations amounted to USD 258.5 million, which is the second best result in the Company's history. Investing activities increased between years and amounted to USD 149.5 million, whereof the project at Budarhals Hydropower Station weighs the most. Amortisation of loans and currency swaps in excess of borrowings amounted to USD 0.8 million and dividends paid amounted to USD 12.8 million for the operating year 2012.

Investing activities amounted to USD 149.5 million but only USD 10 million are due to maintenance investment related to the Company's power stations and transmission system. Free cash flow therefore amounted  to USD 248 million. The Company can utilise free cash flow for new investments, which amounted to USD 138 million, amortisation of debt or dividend payment to owners. Cash and cash equivalents before financing activities therefore amounted  to USD 109 million. 

Cash flow from operating activities has sustained investments in the last years, i.e. after taking into account investments the remaining cash flow from operation has been positive. Landsvirkjun has therefore been able to decrease its net debt in the last years.