FIRST QUARTER RESULTS FOR HAFSLUND NYCOMED
Date: Mon, 06.May 1996 From: HafslundNycomed
Hafslund Nycomed (NYSE: HN) reports income before taxes of NOK 456 million in the first quarter of 1996, which is the same as in the first quarter of 1995.
The operating profit before R&D costs was NOK 676 million in the first quarter of 1996 and NOK 774 million in 1995. R&D costs were NOK 206 million compared with NOK 235 million in the 1995 period.
Operating revenues in the first quarter were NOK 2,360 million in 1996 and NOK 2,441 million in 1995.
Net financial items amounted to NOK (12) million compared with NOK (81) million in the first quarter last year. Net interest expenses were NOK (58) million compared with NOK (94) million in the 1995 period. Net foreign currency items amounted to zero in the first quarter of 1996 against NOK 1 million in 1995.
Earnings per share were NOK 3.02 in the first quarter of 1996 compared with NOK 3.07 in the same period last year. Estimated earnings per share under US GAAP amounted to NOK 3.06 in the 1996 period and NOK 3.33 in 1995.
First quarter operating revenues were 3% lower in 1996 than in 1995. The decline is attributed to a significant reduction in the production of electrical power in Norway due to extremely low water levels in the Glomma river, increased price pressure in the contrast agent market in the USA, and weaker sales development and price controls for pharmaceuticals in Europe. Combined sales of the X-ray contrast agents Omnipaque?, Imagopaque? and Visipaque? in Europe and other markets outside of North America were up by 17% compared with the first quarter of 1995. In April, the third-generation contrast agent Visipaque? was approved by the Food and Drug Administration (FDA) for use in the USA.
Operating revenues and operating profit by business area are tabulated below (all amounts in NOK million): Operating Revenues Operating Profit
Q1-96 Q1-95 Q1-96 Q1-95
Nycomed Imaging 1,227 1,272 533 607
Nycomed Pharma 766 833 114 136
Hafslund Energi 257 279 30 56
R&D costs -- -- (206) (235)
Unallocated/elim. 110 57 ( 21) ( 25)
Hafslund Nycomed?s ordinary Annual General Meeting will be held on Monday, May 13, 1996 at 4 p.m. at the SAS Hotel, Holbergsgt. 30, Oslo. A copy of the complete First Quarter 1996 Report can be obtained from Finsbury Limited in the U.K., Tel. (+44 171) 251 3801, from J|rgen Winroth in the USA , Tel. (+1 609) 896 4148, or from Hafslund Nycomed corporate headquarters in Oslo, Tel. (+47) 2296 3400.
Oslo, Norway, May 6, 1996