THE HAFSLUND GROUP`s (HNA) PRELIMINARY RESULTS 1997



(Comparable figures for 1996 in parenthesis)
Income before taxes for the Hafslund Group was NOK 467 million (NOK 368 million) for 1997 and net income was NOK 416 million (NOK 295 million). In connection with the new asset values for production and distribution activities, a deferred tax obligation of approx. NOK 100 million has been reversed in 1997.

Operating profit was NOK 315 million (NOK 280 million) in 1997. Operating revenues were NOK 2,438 million (NOK 2,125 million).

The generation in Norway in 1997 reached 2,811 GWh (2,386 GWh). Net financial items amounted to NOK 172 million (NOK 100 million) in 1997. Net interest expenses was NOK -110 million (NOK -87 million). The result on equity investments reached NOK 270 million in 1997.

Earnings per share were NOK 3,61 in 1997 (NOK 2,70). A dividend of NOK 1,10 per share for 1997 will be proposed at the Annual General Meeting. In connection with Hafslund`s centenary in 1998 an additional dividend of NOK 1,- will also be proposed.

From 1997 a generation tax was imposed on the power business in addition to the usual income tax. For the income year 1997 this is estimated to NOK 25.4 million. New tax asset values for the power business as of 1 January 1997 are estimated at NOK 1.2 billion. The regulated calculation rate of taxes has been fixed at 9.5%. Production tax in 1997 amounts to NOK 43.7 million and is not tax deductible.

The average system price has been 13.5 øre/kWh (25.7 øre/kWh). Since the water reservoirs are at a very high level all over the country, the price level is expected to remain low during 1. quarter 1998.

Operating revenues and operating profit for the third interim period 1997 are as follows:

 

Operating revenues Operating profit
3. I-97 3. I-96 1997 1996 3. I-97 3. I-96 1997 1996

Generation 133 518 66 197
Generation/sales 249 685 97 208
Marketing 272 214 789 620 -11 -7 0 6
Distribution 75 82 218 243 19 13 73 40
US-operations 28 27 90 88 12 12 43 39
Tennant 362 147 1067 468 6 5 28 11
Other/eliminations -120 10 -244 21 -3 -14 -26 -24
Totalt 750 729 2.438 2.125 89 106 315 280


The preliminary report 1997 is available at Hafslund`s headquarters in Karenslyst Allè 11, Oslo, at Oslo Stock Exchange and on Internet-address: http://www.huginonline.no/HNA.

For further information, please contact CFO Knut Øversjøen, tel. +47 2301 4200.

Oslo, 6 February 1998
HAFSLUND ASA


Full preliminary report 1997 is ready for download on http://www.huginonline.no/HNA/DR/hna97k4_e.pdf

Contacts

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