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HNA/HNB - Hafslund Q4 2011: Mild temperatur reduced demand for energy – EBITDA NOK 207 million

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Highlights:

  •  EBITDA: NOK 207 million, including NOK 166 million loss on sale of REC shareholding.
  •  Basic operations within core business performed well.
  •  Reduced demand for energy due to mild temperatures in the quarter - down 18 percent from 2010
  • Hydropower generation: 10 percent above normal for the quarter.
  •  Hydropower sales price: NOK 0.25 per kWh, down 43 percent from 4Q 2010.
  • Network: Major storm “Dagmar” results in additional costs of NOK 56 million.
  •  The Board will propose a NOK 2.50 per-share dividend for the 2011 accounting year.

The Hafslund Group achieved an EBITDA of NOK 373 million (NOK 1 725 million) in the fourth quarter of 2011; the EBITDA figure is stated excluding the loss effect of the Group’s investment in Renewable Energy Corporation (REC). Hafslund sold REC shares for a total of NOK 300 million; the sales generated a NOK 166 million accounting loss in the quarter.

The Group’s operating profit reflects both lower power prices and reduced demand for the Power Sales and District Heating businesses due to relatively mild temperatures in the fourth quarter of 2011. The Network power distribution business suffered an above-average number of service interruptions due to two powerful storms, “Berit” and “Dagmar”, late in the fourth quarter. “Dagmar” resulted in costs of approximately NOK 56 million. Heat and power production in the quarter totaled 1 324 GWh, down ten percent from the fourth quarter of 2010 despite a nine percent increase in hydropower generation. The production decline is attributable to milder fourth-quarter 2011 weather, which reduced the demand for district heating. Hafslund’s Hydropower business sold its power production at NOK 0.25 per kWh in the quarter, down 43 percent compared with the fourth quarter of 2010.

Please read the flip-book report at www.hafslund.no/english/report (http://www.hafslund.no/english/report)

Hafslund ASA,
Oslo, 2 February 2012

For further information, please contact:

Acting CEO and Senior Vice President Finance (CFO), Finn Bjørn Ruyter: Tel.: +47 911 38 199;
E-mail: finn.bjorn.ruyter@hafslund.no

Finance Director Morten J.Hansen: Tel.: +47 908 28 577;
E-mail: morten.j.hansen@hafslund.no

Senior Vice President Communications, Karen Onsager: Tel.: +47 920 87 007;
E-mail: karen.onsager@hafslund.no

 

 

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