Further improvements for Hafslund's network activities. Income recognition estimate changes and individual items affect comparability with 2003 figures:

-  Straight-line accrual profile of the regulated income ceiling results in a NOK 102 million profit decline (25 percent of annual income recorded in the first quarter of 2004; 30 percent was recorded in the first quarter of 2003)

-  Non-recurring income of NOK 92 million in the first quarter of 2003 further affects comparability.

Group EBITDA up 20 percent, with adjustments for issues relating to network activities

Power Generation ¾ record-high profit continues

Satisfactory profit and customer growth for Power Sales

Hafslund Security ¾ growth continues throughout the value chain

Sale of non-core assets of NOK 210 million

Cash flow of NOK 747 million available for servicing debt and dividend payments, a NOK 246 million improvement

 

 

	First quarter		Year
Profit and loss account (in NOK million)	2004	2003	2003
Operating revenues	2 391	3 579	9 300
EBITDA	532	637	1 810
Operating profit	297	419	850
Profit after tax	78	179	202
Balance sheet (in NOK million)
Total assets	19 820	21 263	20 609
Equity	5 882	5 915	5 857
Equity ratio (in %)	29,7 %	27,8 %	28,4 %
Net interest-bearing debt	10 945	11 860	11 326
Per-share figures (in NOK per share)
Profit (EPS)	0,38	0,88	0,96
Cash flow	1,61	2,02	5,90
Electric power production and sales
Power generation in Norway (in GWh)	535	393	2 655
Power sales (in GWh)	3 752	4 020	11 420

For further comments and key figures please look to the enclosed preliminary report.

 

Oslo, 3 May 2004

HAFSLUND ASA

Board of Directors