HAFSLUND GROUP`s THIRD QUARTER 1996 RESULTS
Date:Fre, 8/11 1996 Hafslund
HAFSLUND GROUPs THIRD QUARTER 1996 RESULTS
The Hafslund Groups result before taxes for the first nine months of 1996 was NOK 212 million, compared with NOK 274 million for the same period in 1995. Income after taxes was NOK 163 million and NOK 195 million respectively.
Operating profit was NOK 177 million, compared with NOK 205 million for the first nine months of 1995.
The decline in operating profit is caused by substantially lower waterlevel in the Glomma River in the first nine months of 1996 compared to last year.
Nine months operating revenues were NOK 1,109 million in 1996 and NOK 949 million in 1995.
Net financial items amounted to NOK 43 million, compared with NOK 77 million in the first nine months of 1995. Net interest expenses were NOK (63) million compared with NOK (76) million last year.
Earnings per share were NOK 1.53 in the first nine months of 1996 and NOK 1.99 in 1995.
Operating revenues in the third quarter were NOK 359 million in 1996 and NOK 298 million in 1995. The operating profit was NOK 74 million in 1996, compared with NOK 62 million for the same period in 1995.
The acquisition of Oslo Energi AS 28% ownership interest in Fellesanlegget Kykkelsrud-Fossumfoss (FKF), was in accounting terms valid from 18 June 1996, and from the same date FKF is 100% owned by the Hafslund Group.
Electricity prices in the spot market high through the year due to little snow and low waterlevel. Average spot prices for the first nine months of 1996 was 25.9 øre/kWh, compared to 11.8 øre/kWh for the same period in 1995.
Operating revenues Operating results
(NOK million) 30.09.96 30.09.95 30.06.96 30.06.95
Production/sales 497 508 117 152
Transmission 171 177 31 34
US operations 69 58 32 24
Tennant 358 196 7 8
Other/elimination 14 10 (10) (13)
Total 1,109 949 177 205
The Groups Third Quarter Report 1996 is available at the headquarters in Slemdalsveien 37 and at Oslo Stock Exchange.
It is also available from Hafslunds report page on Hugin Online: rapporter_e.shtml
Hafslund ASA is moving. As from 11 November 1996 the address is Karenslyst Allè 11.
Postal address: P.O.Box 363 Skøyen, N-0212 Oslo, Norway. Tel.: +47 2301 4200, Fax: +47 2301 4240.
For further information, please call SVP Finance Knut Øversjøen, tel. +47 2296 3400.