PRELIMINARY RESULTS 1998
Income before taxes for the Hafslund Group was NOK -252 million (NOK 470 million) for 1998 and net income was NOK -225 million (NOK 420 million).
Operating profit was NOK 313 million (NOK 315 million) in 1998. Operating revenues were NOK 2,319 million (NOK 2,390 million).
The generation in 1998 reached 3.228 GWh (2.883 GWh). Net financial items amounted to NOK -548 million (NOK 174 million) in 1998. Net interest expenses was NOK -175 million (NOK -110 million). The result on equity investments reached NOK -352 million in 1998.
Earnings per share were NOK -1.94 in 1998 (NOK 3.64). A dividend of NOK 1.10 per share for 1998 will be proposed at the Annual General Meeting.
The share prices on the Oslo Stock Exchange has dropped by 27% in 1998, which has resulted in an unrealised loss year end 1998 at NOK 365 mill. Increased Norwegian interest rate level during autumn 1998, has caused an increase in the interest rate cost from 5,5% in 1997 to 6,3% in 1998.
The average system price has been 11.6 øre/kWh (13.5 øre/kWh). Since the water reservoirs are at a very high level all over the country, the price level is expected to remain low during 1. quarter 1999.
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