THE HAFSLUND GROUP`s (HNA) RESULTS FIRST 4 MONTHS 1998

(Comparable figures for 1997 in parenthesis)
Income before taxes for the Hafslund Group was NOK 159 million (NOK 136 million) for the interim period 1 January to 30August 1998 and net income was NOK 122 million (NOK 112 million).

Operating profit was NOK 108 million (NOK 108 million) in the first 4 months 1998. Operating revenues were NOK 787 million (NOK 879 million).

The generation in Norway in the first 4 months reached 782 GWh (657 GWh). Net financial items (incl. associated companies) amounted to NOK 12 million (NOK 10 million) per first interim period 1998. Net interest expenses was NOK -42 million (NOK -37 million).

Earnings per share were NOK 1.06 per first interim period 1998 (NOK 0.97).

The prices in the spot market this winter have been influenced by mild and periodically wet weather resulting in an early start to the snow melting. Snow melting this winter has resulted in lower snow accumulation by end of April than normal. However, this is compensated for by a higher level in the water reservoirs compared with the same period last year. There is totally more water in the system, and Hafslund should approach average generation in the second interim period.

Average system price for the first interim period 1998 was 14.1 øre/kWh (16.0 øre/kWh). A major part of Hafslund`s estimated generation for 1998 is covered by long term contracts, and the spot prices in the power market will have limited influence on the results. The spot prices are expected to remain low for the rest of this year.

The 1 st Interim Report 1998 - First Four Months - is available at Hafslund`s headquarters in Karenslyst Allè 11, Oslo, at Oslo Stock Exchange and on Internet-address: http://www.huginonline.com/Norway/HNA

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

Oslo, 10. June 1998
HAFSLUND ASA

Full press release is ready for download on http://www.huginonline.no/HNA/DR/hna980610pm_eng.pdf

Contacts

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