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:

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