Hafslund Q2 2012: Lower power prices in second quarter

Highlights:

-          EBITDA: NOK 496 million in the second quarter of 2012.

-          Profit affected by low power prices in a quarter featuring seasonally driven high hydropower generation volumes.

-          Hydropower production: 888 GWh, six percent below normal for the quarter.

-          Hydropower sales price: NOK 0.20 per kWh, down 49 percent from 2Q 2011.

-          Network power distribution business: stable operations and normal profit.

-          Power Sales: Excellent profit achieved in a seasonally weak quarter.

-          After-tax profit: NOK 130 million, including value changes and non-recurring items totaling NOK 40 million.

The Hafslund Group achieved an EBITDA of NOK 496 million in the second quarter of 2012. The Group’s second-quarter 2012 operating profit reflects low wholesale power prices in a quarter featuring seasonally high hydropower generation. Hydropower production totaled 888 GWh, six percent below normal for the quarter. The Hydropower business sold its power production at NOK 0.20 per kWh in the quarter, a steep 49-percent decline compared with the second quarter of 2011. The Group’s Network power distribution business reported stable operations and normal profit in the quarter based on the regulatory income ceiling currently in force. Hafslund’s Markets business segment achieved excellent profitability in a seasonally weak quarter for Power Sales to retail and commercial customers.

Please read the flip-book report at www.hafslund.no/english/report (http://www.hafslund.no/english/report)

Hafslund ASA,
Oslo, 10 July 2012

For further information, please contact:

CEO, Finn Bjørn Ruyter: Tel.: +47 911 38 199;
E-mail: finn.bjorn.ruyter@hafslund.no

Finance Director Morten J.Hansen: Tel.: +47 908 28 577;
E-mail: morten.j.hansen@hafslund.no