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HAFSLUND GROUP`s PRELIMINARY RESULTS 1996

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Hafslund

HAFSLUND GROUP’s PRELIMINARY RESULTS 1996

The Hafslund Group’s result before taxes in 1996 was NOK 327 million, compared with NOK 341 in 1995. Income after taxes was NOK 255 million and NOK 242 million respectively.

Operating profit was NOK 274 million, compared with NOK 265 million in 1995.

The increase in operating profit is mainly caused by the purchase of 28% of Fellesanlegget Kykkelsrud-Fossumfoss (FKF) power plant, and also higher water level than normal in the Glomma river in the fourth quarter 1996.

Operating revenues were NOK 1.504 million in 1996 and NOK 1.298 million in 1995.

Net financial items amounted to NOK 65 million, compared with NOK 86 million in 1995. Net interest expenses were NOK (87) million compared with NOK (101) million in 1995.

Earnings per share were NOK 2.34 in 1996 and NOK 2.44 in 1995.

Operating revenues in the fourth quarter were NOK 395 million in 1996 and NOK 349 million in 1995. The operating profit was NOK 97 million in 1996, compared with NOK 60 million for the same period in 1995.

The acquisition of Oslo Energi AS’ 28% ownership interest in FKF was in accounting terms valid from 18 June 1996, and from the same date FKF is 100% owned by the Hafslund Group. This increased production capacity gave additional 165 GWh in 1996.

Hafslund ASA has in fourth quarter bought 45% of AS Oppdal Elektrisitetsverk, 28% of Arendal Fossekompani ASA, 25% of Drammen Kraftomsetning AS and 10% of Tussa Kraft AS. In addition Hafslund ASA has as of January 1997 acquired 100% of the shares in SkanKraft Holding AS.

Electricity prices in the spot market were high through the year due to low snow accumulation and low water level. Average spot prices in 1996 was 25.7 øre/kWh, compared to 11.9 øre/kWh in 1995. As a result of better water accumulation and relatively high accumulation of snow, the prices has dropped to around 15 øre/kWh (11. February 1997).

The proposed dividend for 1996 is NOK 1.- pr. share.


                        Operating revenues      Operating results
(NOK million)           1996          1995      1996         1995
Production/sales         684           688       208          195
Transmission             243           223        40           41
US operations             88            80        39           36
Tennant                  468           288        11           10
Other/elimination         21            19       (24)         (17)
Total                  1,504         1,298       274          265


The Group’s preliminary results 1996 are available at the headquarters in Karenslyst Allè 11 in Skøyen Næringspark and Oslo Stock Exchange.


Oslo 12 February 1997
HAFSLUND ASA

For further information, please call SVP Finance Knut Øversjøen, tel. +47 2301 4201

Hafslund Hugin