News Column

Hafslund – Result for 2Q 2014 – Result (EBITDA) up 10 percent on previous year

July 9, 2014

Hafslund’s second-quarter EBITDA came in at NOK 624 million, up 10 percent on the comparable prior-year period. The improvement in result was realised due to improvements in results within network and power sales. Achieved power price was 29 percent lower than the previous year. The acquisition of Fortum’s networks business in Østfold, south of Norway, has been completed, and the integration process is well underway.

Fortum’s networks business in Østfold was taken over on 30 May, expanding Networks’ customer base by 103,000 to 676,000. The company is focusing on achieving a successful integration.

“We will leverage efficiency gains, at the same time as reinforcing the overall expertise of the Group’s Networks business. This is proving a demanding and extensive undertaking; however, efforts to identify efficient operational solutions are progressing well,” confirms CEO Finn BjØrn Ruyter.

Hydropower production was slightly higher than normal in the second quarter, but significantly up on the second quarter of 2013. An extraordinarily low power price in the Oslo area adversely impacted the result from Production. The particularly low price level was attributable to work on the central grid restricting export capacity to Sweden.

The second quarter is seasonally a weak quarter for district heating. In addition, warm weather at the start of the quarter generated lower-than -normal demand for energy in the reporting period. The district heating price mirrors the price of electricity, while low prices on the power market in general, and in the Oslo area in particular, further depressed the result.

Power sales’ results improved on the back of both increased customer numbers and improved margins compared with the corresponding prior-year period. Hafslund currently has 1,075,000 electricity customers in Norway, Sweden and Finland.

“Markets is continuing to post organic growth, and Hafslund is actively endeavouring to establish itself as a reputable power sales company in the Swedish market under the brands GÖta Energi and SverigesEnergi,” explains CEO Finn BjØrn Ruyter.

You can read the report at

Hafslund ASA

Oslo, 10 July 2014

For further information please contact:

Chief Financial Officer (CFO), Heidi Ulmo, Tel.: +47 909 19 325, E-mail:

Senior Vice President Corporate Communications and Public Affairs, Johan Chr. Hovland: Tel.: +47 917 63 491, E-mail:

Financial Director, Morten J. Hansen, Tel.: +47 908 28 577, E-mail:

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The following files are available for download: AksjonÆrrapport 2 kv 14 ENGELSK

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Source: Cision

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