HAFSLUND ASA - INTERIM REPORT - FIRST FOUR MONTHS 1997
The company's income before taxes was NOK 136 million for the first interim period 1997, compared to NOK 85 million for the same period in 1996.
The operating profit was NOK 108 million in the first interim period in 1997, compared to NOK 52 million in the same period last year. Operating revenues for the first interim period amounted to NOK 879 million, compared to NOK 687 million for the first interim period in 1996.
The SkanKraft group is included in the figures from 1 January 1997, and shows an operating profit of NOK 15 million, an increase of NOK 2,0 million compared to the corresponding period last year.
The generation in the first interim period 1997 was 657 GWh, against 418 GWh in the first interim period in 1996. Adjusted for increased generation capacity from the purchase of 28% of Fellesanlegget Kykkelsrud-Fossumfoss (FKF) on 18 June 1996, this is an increase of 39%, compared to the first interim period 1996.
Net financial items amounted to NOK 31 million, compared to NOK 35 million in the first interim period in 1996. Net interest expenses was NOK -37 million, compared to NOK -31 million last year.
The prices in the spot market this winter have been influenced by mild weather and high precipitation with lower comsumption. Average system price for the period January - April 1997 is 16 øre/kWh, compared to 22.9 øre/kWh last year. As the snow accumulation in the mountains are fairly normal, and the spring flood has evolved as expected for the season, Hafslund will with normal precipitation have average generation in the second interim period.
Operating revenues and operating profit for the first interim period 1997 are as follows:
Operating revenues Operating profit
(NOK million) 1. interim 1. interim 1. interim 1. interim
97 96 97 96
Generation 221 204 55 16
Market 246 207 15 13
Transmission 91 90 31 16
US operations 33 28 15 11
Tennant 280 153 6 2
Other/elimination 8 5 -14 -6
Total 879 687 108 52
The Interim Report 1997 - First Four Months - is available at Hafslund's headquarters in Karenslyst Allè 11, Oslo, and at Oslo Stock Exchange.
Oslo, 18 June 1997
The Interim report is also available at the Internet-address: http//www.huginonline.no/HNA/DR/hna97t1_e.pdf
For further information, please contact SVP and CFO Knut Øversjøen, tel. + 47 2301 4200.