HNA/HNB - RESULTS SECOND QUARTER 2004
Key events in the second quarter of 2004
- Increase in EBITDA with NOK 75 million
- Pre-tax profit up NOK 126 million
- High taxes this quarter
- Hafslund Security becomes Norway's No. 1 residential alarm company, and ahead of business plan
- Network - operating costs down NOK 50 million
- Power Generation - power sold at higher prices; generation slightly below normal
- Power Sales - operating costs cut by up to 30 percent, but hard to achieve acceptable margins
- Continued reduction in net-interest bearing debt
Key figures - Hafslund Group
| Second quarter | | 1 Jan. - 30 June | Year | ||
| 2003 | 2004 | Profit and loss account (in NOK million) | 2004 | 2003 | 2003 |
| 1 775 | 1 869 | Operating revenues | 4 260 | 5 355 | 9 300 |
| 431 | 506 | EBITDA | 1 038 | 1 069 | 1 810 |
| 201 | 268 | Operating profit | 565 | 622 | 850 |
| 11 | 137 | Profit before tax | 302 | 243 | 259 |
| 10 | 31 | Profit after tax | 109 | 190 | 202 |
| | | | | | |
| | | Balance sheet (in NOK million) | | | |
| 19 922 | 19 082 | Total assets | 19 082 | 19 922 | 20 609 |
| 5 989 | 5 978 | Equity | 5 978 | 5 989 | 5 856 |
| 30 % | 31 % | Equity ratio (in %) | 31 % | 30 % | 28 % |
| 11 702 | 10 663 | Net interest-bearing debt | 10 663 | 11 702 | 11 326 |
| | | | | | |
| | | Per-share figures (in NOK per share) | | | |
| 0,03 | 0,14 | Profit (EPS) | 0,52 | 0,91 | 0,96 |
| 1,24 | 1,37 | Cash flow | 2,98 | 3,26 | 5,95 |
| | | | | | |
| | | Key figures | | | |
| 879 | 820 | Power generation in Norway (in GWh) | 1 355 | 1 272 | 2 655 |
| 2 378 | 2 121 | Power sales (in GWh) | 5 872 | 6 399 | 11 420 |
For further comments and key figures please look to the enclosed preliminary report.