THE HAFSLUND GROUP's (HNA) RESULTS FIRST 4 MONTHS 1999

(Comparable figures for 1998 in parenthesis)
Income before taxes for the Hafslund Group was NOK 260 million (NOK 159 million) for the interim period 1 January to 30 April 1999 and net income was NOK 189 million (NOK 167 million).

Operating profit was NOK 84 million (NOK 108 million) in the first 4 months 1999. Operating revenues were NOK 805 million (NOK 787 million).

Net financial items (incl. associated companies) amounted to NOK 180 million (NOK 55 million) per first interim period 1999, including net interest expenses of NOK -97 million (NOK -42 million).

Earnings per share were NOK 1.64 per first interim period 1999 (NOK 1.45).



Hafslund owns 7,676,015 shares in Saga Petroleum at an average market price of NOK 114.10 per share. At the end of the first four months of 1999 the stock exchange price of Saga was NOK 86.50. After the first interim period, two bids have been publicised for Saga Petroleum ASA. Norsk Hydro has offered 1 Hydro share for 3 Saga shares while French Elf has come with a cash offer of NOK 125.00 per share.

For full report including tables, follow the enclosed link.

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