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HNA/HNB - Third-quarter 2004

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Hafslund - key events in the third quarter of 2004
 
  • Pre-tax profit 10 percent higher than year-earlier figure.
  • Net interest-bearing debt cut by NOK 634 million.
  • Network - satisfactory profit despite high level of maintenance activities and lower regulated income ceiling, compared with the third quarter of 2003.
  • Power Generation - power sold at higher prices on somewhat higher volumes.
  • Power Sales - profit margins and development in controllable operating costs are satisfactory.
  • Security - Hafslund is Norway's largest residential alarm company; EBITDA NOK 8 million higher than last year.
  • Additional staffing cutbacks to be implemented in the fourth quarter.
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    Key figures - Hafslund Group
     
     
     
    Third quarter
     
     
    1 Jan. - 30 Sept.
    Year
    2003
    2004
    Profit and loss account (in NOK million)
    2004
    2003
    2003
    1 633
    1 701
    Operating revenues
    5 961
    6 988
    9 300
    473
    440
    EBITDA
    1 479
    1 542
    1 810
    241
    199
    Operating profit
    764
    863
    850
    86
    95
    Profit before tax
    397
    329
    259
    36
    41
    Profit after tax
    150
    227
    202
     
     
     
     
     
     
     
     
    Balance sheet (in NOK million)
     
     
     
    19 933
    18 762
    Total assets
    18 762
    19 933
    20 609
    6 030
    6 016
    Equity
    6 016
    6 030
    5 856
    30 %
    32 %
    Equity ratio (in %)
    32 %
    30 %
    28 %
    11 235
    10 029
    Net interest-bearing debt
    10 029
    11 235
    11 326
     
     
     
     
     
     
     
     
    Per-share figures (in NOK per share)
     
     
     
    0,18
    0,19
    Profit (EPS)
    0,71
    1,09
    0,96
    1,24
    1,45
    Cash flow
    4,43
    4,64
    5,95
     
     
     
     
     
     
     
     
    Electric power production and sales
     
     
     
    782
    788
    Power generation in Norway (in GWh)
    2 143
    2 045
    2 655
    1 745
    1 781
    Power sales (in GWh)
    7 653
    8 168
    11 420
     
     
     
    For further comments and key figures please look to the enclosed preliminary report.

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