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HNA - PRELIMINERY RESULTS AT FOURTH QUARTER 2003

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HIGHLIGHTS IN FOURTH QUARTER 2003

  • Profit improvement continues at Network and Contracting businesses
  • Solid profit improvement from Power Generation
  • Hafslund Security - growth continues, break-even EBITDA in fourth quarter
  • Disappointing profit development for Hafslund Power Sales and Power Trading unit
  • Sale of non-core assets of approximately NOK 700 million
  • Additional staff cutbacks implemented
  • New organizational model introduced
  • Move to new headquarters at Skøyen in Oslo
  • Board of Directors proposes per-share dividend of NOK 1.00 for 2003
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    Key figures
     
     
     
     
     
    Year
     
     
    Fourth quarter
    2003
    2002
    Profit and loss account (in NOK million)
     
    2002
    2003
    9300
    7228
    Operating revenues
     
    2500
    2312
    1810
    1576
    EBITDA
     
    540
    268
    850
    727
    Operating profit
     
    332
    (12)
    202
    (79)
    Profit after tax
     
    210
    (24)
     
     
     
     
     
     
     
     
    Balance sheet (in NOK million)
     
     
     
    20505
    20840
    Total assets
     
    20840
    20505
    5856
    5570
    Equity
     
    5570
    5856
    29%
    27%
    Equity ratio (in %)
     
    27%
    29%
    11326
    12449
    Net interest-bearing debt
     
    12449
    11326
     
     
     
     
     
     
     
     
    Per-share figures (in NOK per share)
     
     
     
    1,0
    -0.4
    Profit (EPS)
     
    1.1
    -0.1
    5,9
    3.9
    Cash flow
     
    2.3
    1.3
     
     
     
     
     
     
     
     
    Electric power production and sales
     
     
     
    2 655
    2 805
    Power generation in Norway (in GWh)
     
    472
    600
    11 420
    15 017
    Power sales (in GWh)
     
    4 641
    3 252
     
     
    For further comments and key figures please look to the enclosed preliminary report.

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