Results for the Hafslund Group (HNA) - second quarter 2002
(Comparable pro forma figures for the second quarter 2001 in brackets).
Results in the second quarter 2002
The group's operating profit excluding depreciation (EBITDA) in the second quarter was NOK 345 million (NOK 222 million). After depreciation the operating profit was NOK 129 million (NOK 3 million). The increase in the result is mainly due to improvements in operations within the business area End-User Sales and better underlying operations in the grid activities. Power generation in Norway was high this quarter (compared with the normal level), and the achieved sales prices were higher than the spot price for the period. Continued strong organic growth in the number of new domestic alarm customers along with the establishment of Hafslund Contracting AS with effect from 1 May contributed to a negative result for Hafslund Contracting and Security in this quarter.
The cash flow from operations, including share investments but before net financial expenses, was NOK -25 million (NOK 9 million). This includes a result of NOK -154 million from the group's collective share investments (NOK 6 million).
Result before taxes in the second quarter was NOK -199 million (NOK -192 million), while the result after taxes was NOK -167 million (NOK -174 million) corresponding to earnings per share of NOK -0.86 (NOK -0.89).
PROFIT/LOSS FOR THE GROUP AT SECOND QUARTER 2002
| NOK mill. | | | 2nd Qtr 02 | 2nd Qtr 01* | 1st half 02 | 1st half 01* | 2001* |
| Operating revenues | | | 1,422 | 1,599 | 3,517 | 3,753 | 7,377 |
| Operating expenses | | | 1,077 | 1,377 | 2,704 | 3,141 | 6,094 |
| EBITDA | | | 345 | 222 | 813 | 612 | 1,283 |
| Depreciation | | | 216 | 219 | 427 | 441 | 880 |
| Operating profit | | | 129 | 3 | 386 | 171 | 403 |
| Income from share investments and associated companies | -154 | 6 | -58 | 67 | -97 | ||
| Income before financing costs | | | -25 | 9 | 328 | 238 | 306 |
| Net financing costs | | | -174 | -201 | -382 | -418 | -835 |
| Income before taxes | | | -199 | -192 | -54 | -180 | -529 |
| Taxes | | | 32 | 18 | -45 | -101 | -93 |
| Period's income after taxes | | | -167 | -174 | -99 | -281 | -622 |
| Profit/loss attributable maj. interests | | | -156 | -172 | -92 | -282 | -619 |
| Profit/loss attributable min. interests | | | -11 | -2 | -7 | 1 | -3 |
| Earnings per share (NOK) | | | -0.86 | -0.89 | -0.51 | -1.44 | -3.17 |
| No. of shares (in 1,000) used in compute of EPS | 195,223 | 195,223 | 195,223 | 195,223 | 195,223 | ||
Oslo, 19 August 2002
HAFSLUND ASA
The Board of Directors
For press release with tables see attachment:
For Shareholders' Report with tables see attachment: