| (Comparable figures for 1997 in parenthesis)
Income before taxes for the Hafslund Group was NOK -164 million (NOK 288 million) for the interim period 1 January to 31 August 1998 and net income was NOK -213 million (NOK 207 million).
Operating profit was NOK 236 million (NOK 226 million) in the first 8 months 1998. Operating revenues were NOK 1,489 million (NOK 1,688 million).
The generation in the first 8 months reached 2,219 GWh (1,946 GWh). Net financial items (incl. associated companies) amounted to NOK -390 million (NOK 73 million) per second interim period 1998. Net interest expenses was NOK -97 million (NOK -79 million).
Earnings per share were NOK -1.85 per second interim period 1998 (NOK 1.80).
The increase in generation is due to a significantly higher water level in the Glomma river system as a result of heavy precipitation so far this year, together with the acquisition of the hydro-power company Pontook Hydro (USA). The system price has maintained a low level throughout the year and with an expected generation over average in the third interim period, the spot-prices are expected to be low. 85% of Hafslund`s average generation in Norway are in 1998 covered by long-term contracts. Average salesprice of generation in Norway during the first eight months of 1998 was 12.81 øre/kWh.
In connection with the Groups marketable securities an allocation of NOK 422 mill due to unrealised loss are included in the second interim period. Hafslund has invested NOK 765 mill in purchase Saga class A shares in the second interim period, and Saga amount to an unrealised loss of NOK 346 mill.. Other marketable securities have moved at market pace.
The 2 nd Interim Report 1998 - First Eight Months - is available at Hafslund's headquarters in Karenslyst Allè 11, Oslo, at Oslo Stock Exchange and on Internet-address: http://www.huginonline.com/Norway/HNA
For further information, please contact CFO Knut Øversjøen, tel. +47 2301 4200.
Oslo, 25. September 1998
HAFSLUND ASA
Complete pressrelease with table is ready for download at: http://www.huginonline.no/HNA/ANNET/hna98t2pm_eng.pdf
The tertiary report is ready for download at: http://www.huginonline.no/HNA/DR/hna98t2_eng.pdf |
