analytikerpresentasjon q3 2010 english - microsoft · last 12 months’ energy use of oil / gas (in...

Hafslund ASA

15. juli 2010

Christian Berg, CEO

Analytikerpresentasjon 2. kvartal 2010

Third-quarter 2010 presentation to analysts

Hafslund ASA

28 October 2010

Christian Berg, CEO

Hafslund ASA

15. juli 2010

Christian Berg, CEO

1. Third-quarter 2010 results, Christian Berg, CEO

2. The Nordic Powermarket, Finn Bjørn Ruyter, CFO

3. Additional analytic information

s.3

Highlights - third quarter 2010 (excluding REC profit effect)

• EBITDA: NOK 679 million, up 56 percent from 3Q 2009.

• All established operational profit centers report progress compared with 3Q 2009.

• Hydropower generation: profit growth driven by higher Nord Pool spot-market prices.

• Total energy generation: 1 177 GWh, up nine percent compared with 3Q 2009.

• REC investment value growth: NOK 384 million in 3Q 2010.

• Good cash flow from operations: NOK 676 million (3Q 2009: NOK 480 million).

• New wood pellets factory and energy recovery plant in start-up and testing phase.

s.4

EBITDA - third quarter 2010 (excluding REC)

679760

34282

6303

0

100

200

300

400

500

600

700

NOK million

EBITDAOther ActivitiesVenturePower SalesNetworkDistrict HeatingHydropower

s.5

EBITDA - change from 3Q 2009 (excluding REC)

65123

1339

17

117

Q3 10

679

Other ActivitiesVenturePower SalesNetworkDistrict Heating

HydropowerQ3 09

435

NOK million

s.6

Greater cash flow from operations

* EBITDA = rolling 12-month EBITDA excluding financial asset value changes (in NOK million).

2 625

2 468

2 218

2 1162 1302 116

2 0002 033

1 800

0

200

400

600

800

1 000

1 200

1 400

1 600

1 800

2 000

2 200

2 400

2 600

2 800

0

10

20

30

40

50

øre/kWhNOK million

+46%

Q3 10

35

Q2 10

32

Q1 10

30

Q4 09

27

Q3 09

30

Q2 09

34

Q1 09

31

Q4 08

30

Q3 08

28

EBITDA development12-month rolling EBITDA vs. wholesale power pricesAmounts in NOK million

Power prices – rolling 12-month averageEBITDA*

• Cash flow from operations up 46 percent over the past two years due to factors such as

• Increased power prices: NOK 240 million

• Higher cash flow at Network: NOK 340 million

• Power Sales earnings growth: NOK 160 million

• Volume growth at Hydropower and District Heating.

• EBITDA sensitivity: a NOK 0.10 per kWh change in wholesale power prices results in an approximately NOK 340 million change in EBITDA.

• Gradual profit improvement at Network (distribution grid) business.

EB

ITD

A

s.7

High, stable cash flow from capital-intensive profit centers

• Hydropower: Spot market price exposure and limited organic growth.

• District Heating: Continued organic growth for next 4-5 years.

• Network: Development of regulatory framework conditions.

District HeatingHydropower Network

EBITDA – rolling 12-month EBITDA in NOK million

+19%

Q3

10

875

Q2

10

757

Q1

10

737

Q4

09

661

Q3

09

737

0%

Q3

10

248

Q2

10

231

Q1

10

224

Q4

09

213

Q3

09

247 1 107

Q1

10

1 079

Q4

09

1 035

Q3

09

952

+20%

Q3

10

1 146

Q2

10

s.8

Interest-bearing debt cut NOK 200 million in 3Q 2010

3

4

5

6

7

8

9

10

11

12

13

0

10

20

30

40

50

60

Equity ratioNOK billion

Q3 10

11.1

35

Q2 10

11.3

33

Q1 10

11.9

34

Q4 09

11.6

38

Q3 09

11.2

40

Equity ratioNet interest-bearing debt

Net interest-bearing debt and equity ratio Change in interest-bearing debt in 3Q 2010

Amounts in NOK million

Net interest-bearing debt 31Mars 2010 -11 275

EBITDA 679

Interest paid -92

Tax paid 0

Change in market value of financial instruments -33

Change in working capital 122

Investments -498

Net loan portfolio adjustments 23

Net interest-bearing debt 30 June 2010 -11 074

s.9

Hydropower

875

713

0

100

200

300

400

0

200

400

600

800

1 000

Q3 10Q4 09Q2 09 Q3 09

186

Q1 10

178219

154

240

303

Q2 10

12 rolling 12 monthEBITDA per quarter

Q1 09

102

Q4 08

231

Q3 08

276

12 rolling 12 monthEBITDA

• Profit and operating revenue growth reflect higher power prices than in 3Q 2009.

• Production: 17 percent above normal for the reporting period.

• Wholesale (spot) price: up 46 percent.

• Capacity expansion and upgrade program progressing on schedule.

• Projected 4Q 2010 generation: Approximately 760 GWh, about 70 GWh above normal for the fourth quarter.

NOK million Q3 10 Q3 09 YTD 10 YTD 09

Operating revenue 354 236 881 653

EBITDA 303 186 720 507

Operating profit 292 175 688 474

Sales price (øre/kWh) 35.5 24.3 37.5 27.3

Production volume (GWh) 990 962 2339 2335

Investments 54 25 126 127

s.10

Hydropower production profile

150 146

260

347

295

329 340

292

220 217

247

175

0

50

100

150

200

250

300

350

342

313335

Jan

221

Apr

210

MarFeb

142156

OctMay Jun

286

Nov

GWh

Sep

333

Jul Aug Dec

20102009 Normal

*Normal annual production = 3,000 GWh based on 10-year average of production adjusted for capacity improvements.

s.11

District Heating

248

194

- 50

0

50

100

150

200

0

50

100

150

200

250

300

Q1 09 Q2 10

EBITDA per quarter

58

Q3 09

EBITDA rolling 12 months

140

32

Q4 08

-11

Q1 10

92

Q2 09

152

Q3 10Q3 08

25

Q4 09

6-7

EBITDA rolling 12 monthsEBITDA

• Higher power prices resulted in revenue growth.

• The seasonally weakest quarter; deliveries are only 10 percent of annual production.

• Volume growth: 23 percent largely due to customer-base expansion.

• Profit contribution margin per kWh reflects higher power prices.

• New delivery contracts signed in the first nine months of 2010: 110 GWh annual energy outtake.



EBITDA 6 -11 190 155

Operating profit -22 -43 103 60

Gross margin (øre/kWh) 40.9 29.8 36.4 37.0

Production volume (GWh) 134 99 1 088 868


s.12

District Heating – energy sources and unit cost

Last 12 months’ energy use of oil / gas (in %)

Avfall og bioEl

VarmepumpeOlje og naturgass

0

100

200

300

400

500

600

700

800

0

5

10

15

20

25

30

Q2 10Q3 09

98

Energy source in %GWh

Q1 10Q4 09

720

Q3 10

234

134

512

• Production costs are affected by energy source and price.

• Fossil-fuel energy source usage: 24 percent over the past 12 months; two percent in 3Q 2010.

• Production costs rose 5 percent despite 38-percent increase in power prices — higher proportion of renewable energy sources.

Energy prices (øre/kWh) Q3 09 Q4 09 Q1 10 Q2 10 Q3 10

Oil/natural gas 42.2 49.0 45.5 43.0 57.5

Electricity 41.9 36.6 52.7 48.4 57.9

Heat pumps 0.0 13.1 20.7 15.0 11.5

Waste & biofuel 18.1 17.4 17.1 17.5 18.9

Total production cost 23.8 28.2 38.4 25.5 25.0

District Heating incl. Distribution 53.6 54.1 73.0 64.8 65.9

Gross contribution margin 29.8 25.9 34.6 39.3 40.9

s.13

District Heating - production profile

204 210

167

96

61

30 29 32 37

134144

236

0

50

100

150

200

250

300

GWh

DecNovOctSep

67

Aug

37

Jul

30

Jun

45

May

73

Apr

116

Mar

190

Feb

250

Jan

280

Normal*20102009

* Normal = projected 2010 production, given normal temperatures (10-year average) and current and planned customer tie-ins to the grid.

s.14

Network

1 146

802

0

50

100

150

200

250

300

350

0

200

400

600

800

1 000

1 200

275

Q1 10

274

Q4 09

314

Q3 09

243

Q2 09

247

Q1 09

231

Q4 08

231

Q3 08

208

EBITDA per quarter

Q3 10

282

EBITDA rolling 12 months

Q2 10

EBITDA rolling 12 months EBITDA

• Regulatory income ceiling for 2010: NOK 2 861 million, an increase of NOK 400 million compared with 2009.

• Profit improvement continues: EBITDA up 16 percent compared with 3Q 2009.

• Stable operations in the reporting period.

• EBITDA for the quarter negatively affected by NOK 20 million “under income” — i.e., less than the regulatory ceiling (3Q 2009: “under income” of NOK 35 million

• EBITDA estimate for 2010: approximately NOK 520 to NOK 550 million.

• Regulations governing “smart” power meters expected in the first six months of 2011; roll-out by 2018.


Operating revenue 1 013 698 3 459 2 377

EBITDA 282 243 832 721

Operating profit 148 108 422 315


s.15

Power Sales

325

160

- 50

0

50

100

150

200

0

100

200

300

400

EBITDA per quarter EBITDA rolling 12 months

Q3 10

34

Q2 10

187

Q1 10

52

Q4 09

51

Q3 09

22

Q2 09

45

Q1 09

130

Q4 08

109

Q3 08

-48

EBITDA rolling 12 months EBITDA

NOK millioner Q3 10 Q3 09 YTD 10 YTD 09

Salgsinntekter 1 120 662 5 133 3 409

EBITDA 34 22 273 197

Driftsresultat 30 20 264 191

Strømsalg (GWh) 2 292 2 162 10 240 9 133

• Revenue growth driven by higher prices for wholesale (spot) power contracts traded via Nord Pool.

• Satisfactory profit performance in a seasonally weak quarter with low power consumption.

• Newly acquired power retailers in Sweden contributed NOK 12 million to 3Q 2010 profit.

• Coordination of similar functions in Sweden with operations in Norway.

• Customer-base growth: some 945 000 customers in wholly and partly owned power sales companies.

• Positioned for integrated Nordic power sales market via establishment in Sweden.

s.16

Venture

15%

26%

Renewable energi

11%

AMS (metering system)

Energy efficiency and other investments

Fiber-optic and Telecom 48%

Capital employed: NOK 1.5 billion (excluding REC investment)

• Continued advances in operational units: EBITDA of NOK 34 million (3Q 2009: NOK 23 million).

• Portfolio value growth: NOK 25 million (3Q 2009: NOK -112 million).

• NOK 38 million in capital released upon closing of Latin Power Fund.

• REC investment: 89 million shares or 8.93 percent of stock – market value: NOK 1.8 billion (at NOK 19.92 per share).

• NOK 60 million in capital will be freed up in 4Q 2010 upon settlement of EUR 66 million sale by Fesil of its SiMetall production unit.



EBITDA (excl REC) 60 (63) 148 (30)

Operating profit (excl REC) 39 (108) 55 (108)

REC 0 0 (1 991) 0

s.17

Heat and Bioenergy - in start-up phase

Bioenergy:

• Prolonged test operations and modified start-up profile.

• Challenging market situation.

• EBITDA: NOK -47 million including a NOK 30 million charge due to reduced energy content of wood chips inventory.

Heat:

• Energy production more than double 3Q 2009 output.

• Extended pilot operation at the Borregaard energy recovery facility.

• Waste market continues to be challenging both as to volumes and prices.



EBITDA -42 -2 -44 -5

Operating profit -58 -9 -76 -20

Energy production (GWh) 53 23 169 64

Used waste (thousand tonns) 29 17 82 45


s.18

Group profit and loss account (excluding REC)

NOK million Q3 10 Q3 09 8888 YTD 10

Operating revenue 2 720 1 834 886 10 641

Gain/loss financial items 45 (42) 88 95

Operating expenses (2 087) (1 357) (729) (8 546)

EBITDA 679 435 244 2 189

Depreciation (222) (235) 13 (680)

Operating profit 457 200 257 1 509

Interest expences (117) (118) 1 (345)

Market value change loan portfolio (29) (151) 123 (67)

Financial expenses (145) (269) 123 (412)

Pre-tax profit 312 (69) 381 1 097

Tax (164) (5) (159) (492)

Profit after tax 148 (73) 221 605

Earnings per share (EPS) in NOK 0.76 (0.38) 1.13 3.10

s.19

Group balance sheet

NOK million 30.09.2010 30.06.2010 �� 31.12.2009

Intangible assets 2 440 2 400 40 2 288

Fixed assets 19 168 18 969 199 18 809

Financial assets 3 012 2 637 375 4 737

Accounts receivables and inventory 2 330 2 407 (76) 2 773

Cash and cash equivalents 392 1 241 (848) 311

Assets 27 343 27 653 (310) 28 918

Equity (incl. Min. int.) 9 671 9 140 531 11 154

Allocation for liabilities 3 502 3 448 54 3 287

Long-therm debt 11 080 11 249 (169) 9 805

Other currently liabil ities 815 1 682 (867) 2 741

Short-term debt 2 275 2 135 141 1 931

Equity and liabilities 27 343 27 653 (310) 28 918

Net interest-bearing debt 11 074 11 275 (201) 11 601

Equity ratio 35 % 33 % 2 % 39 %

s.20

Hafslund: helping meet tomorrow’s energy demand

20

20

20

• 20% of energy derived from renewable energy sources

• 20% reduction in climate gas emissions

– (30% if international agreements are reached)

• 20% cut in energy consumption via measures that enhance energy efficiency

We need an energy revolution in Europe now, through 2020 – and beyond

We need an energy revolution in Europe now, through 2020 – and beyond

Hafslund ASA

15. juli 2010

Christian Berg, CEO

1. Resultat 2. kvartal 2010, Christian Berg, konsernsjef



s.22

The Nordic power market

• Main price drivers

• Power generation:

– Coal and natural gas

– CO2

– Nuclear (availability)

– Precipitation (hydro power)

• Power consumption:

– Demand development

• Inter-connectors and exchange capacity

– Price areas

• Historical prices

• Risk management of market risk in Hafslund

s.23

Fuel prices

Simplified price development:

• Crude oil (fast demand indicator)

• Coal (correlates with crude oil cycle)

• Gas Europe correlates with crude oil and coal but price levels depends on European supply and demand.

• CO2 prices depends on spread between short range marginal cost of gas- and coal-fired plants.

• European and partly Nordic power prices dependent on SRMC coal.

World coal consumption is estimated to increase by 50% during the next 25 years.

(source: EIA – 2010 outlook)

Co

al

dem

an

din

qu

ad

rill

ion

Btu

Crude oil

0

20

40

60

80

100

120

140

160

2006 2007 2008 2009 2010

US

D/

ba

rre

l

Coal (API2 (r) & API4 (b))

0

50

100

150

200

250

2006 2007 2008 2009 2010

US

D/

ton

Gas (NBP 1st qtr)

0

20

40

60

80

100

120

2006 2007 2008 2009 2010

p/

th

CO2 (EUA)

0

5

10

15

20

25

30

35

2006 2007 2008 2009 2010

EU

R/

kT

on

CO

2

Source: Nord Pool, ICE

s.24

Short range marginal cost (SRMC) coal and gas

CO2 (EUA)

0

5

10

15

20

25

30

35

2006 2007 2008 2009 2010

EU

R/k

To

n C

O2

SRMC

0

10

20

30

40

50

60

70

80

90

100

2004 2005 2006 2007 2008 2009 2010

€/

MW

h

SRMC Coal (ARA)

SRMC NatGas (TTF)

Source: Nena

Source: Nord Pool

s.25

SRMC coal and Nordic forward power prices

Source: Nena

Eltermin vs SRMC Coal

20

30

40

50

60

70

80

90

2006

2007

2008

2009

2010

Average front year SRMC [€/MWh]

Average front year Eltermin [€/MWh]

0

10

20

30

40

50

60

70

80

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

EUR/M

Wh

Variable O&M Coal price RB

Virtual freight RB-ARA CO2 cost

SRMC-coal

s.26

Nuclear availability

• Low Swedish availability autumn 2009• Still low availability (below 50%)

• New Finnish capacity expected in 2013

Source: Nena

s.27

Hydrology

Source: Nena

Hydropower resource

0

10

20

30

40

50

60

70

80

90

2004 2005 2006 2007 2008 2009 2010

€/M

Wh

-50000

-40000

-30000

-20000

-10000

0

10000

20000

GW

h

NP 1st qtr

Hyd.bal GWh

s.28

Norwegian reservoirs

• Hele Norge: 71% fyllingsgrad uke 40 (median 1990-2007 på 88%)

74% (86%)

69% (90%)

70% (88%)

86%

65%

73%

77%

68%

Elspot areas:

150 146

260

347

295

329 340

292

220 217

247

175

0

50

100

150

200

250

300

350

Hafslund power generation profile:

s.29

Consumption

Source: Nena

Source: SSB

Annualized Nordic consumption

s.30

Hydro power

Nuclear

Gas/Oil condense

Gasturbine

Back-pressureindustry

CHP coal

Coal condense

EUR/MWh

Normal hydro production

Nordic supply-demand

dry wetNormal demand

s.31

Inter-connectors

s.32

350

700

No1Sv3

No2

No5

No3

No4

Sv4

Sv2

Sv1

Nordic price-areas

s.33

350

700

No1Sv3

No2

No5

No3

No4

Sv4

Sv2

Sv1

Hydro power dominates

High capacity demand

Hydro power in north-west area

s.34

Historical prices

Nordic System Price

0

10

20

30

40

50

60

70

80

90

100

1992

1993

1994

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

€/

MW

h

SYSALL

Ann. Mean w/Fwd

Nordic and German (EEX) prices

0

10

20

30

40

50

60

70

80

90

1992

1993

1994

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

€/

MW

h

SYSALL

Ann. Mean w/Fwd

EEX w/fwd

s.35

Risk management in Hafslund

Coal

0

50

100

150

200

2006 2007 2008 2009 2010

US

D/

ton

CO2 (EUA)

0

5

10

15

20

25

30

35

2006 2007 2008 2009 2010

EU

R/

kT

on

CO

2

Nordic System Price

0

10

2030

40

50

60

7080

90

100

1992

1993

1994

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

€/M

Wh

SYSALL

Ann. Mean w/Fwd

Power generation

Power sales

District heating

Heat

Bio energy

Inflow

Temperatur

Coal

Crude oil

Risk-management

Crude oil

0

20

40

60

80

100

120

140

160

2006 2007 2008 2009 2010

US

D/

ba

rre

l

CO2

Currency & intererest rates

Hafslund ASA

15. juli 2010

Christian Berg, CEO

1. Resultat 2. kvartal 2010, Christian Berg, konsernsjef



s.37

Earnings per share (excluding REC)

3.26 1,.71

By quarterNOK

3.10

2008 2009 2010

1.81

0.761.00

1.34

0.22

-0.38

0.861.01

-1.68

0.53

2.60

s.38

Capital employed and return on capital employed (ROCE) as of 30 September 2010 (excluding REC)

* Rolling 12-month return on capital employed (ROCE)

2008 2009

6,2% 6,1%

8,4%

2010*

42%

6%

19%

Hydropower

7%

20%

Network

8%

Heat and bioenergy

0%

Power Sales

Other activities

District heating

Venture

s.39

Group cash flow statement (exclusive REC)

NOK million Q3 10 Q3 09 �� YTD 10

EBITDA excluding REC 679 435 244 2 189

Interest paid (92) (127) 35 (411)

Tax paid 0 0 0 (6)

Market value changes and other liquidity adjustments (33) 37 (70) (9)

Change in working capital 122 135 (13) 398

Cash flow from operations 676 480 196 2 161

Investments in operations and expansion (498) (385) (113) (1 179)

Sale of operating assets and business activities 0 37 (37) 5

Portfolio changes Venture, etc 23 (636) 659 50

Cash flow, investment activities (475) (984) 509 (1 124)

Cash flow for debt repayment and dividends 201 (504) 705 1 037

s.40

Capital structure development

0

2

4

6

8

10

12

0

10

20

30

40

50

60

34.3

11.9

Equity ratio in %NOK billion

Q4 09

38.1

11.6

Q3 09 Q2 10

40.0

11.2

35.0

Q2 09

40.0

11.110.7

Q1 09 Q2 10

40.0

10.5

33.1

Q4 08

40.3

11.311.4

Q3 08 Q1 10

50.7

10.3

Equity ratioNet interest-bearing debt

s.41

Loans — portfolio data

Debt maturity profileNOK million

Loans at maturity, next 12 monthsNOK million

318

700

500495

0

500

1 000

1 500

2 000

1 058

202120202019201820172016201520142013201220112010

860

1 9081 9091 815

1 0561 011

Other loansBondsCertificate loans

0

100

200

300

400

SepAugJulJunMayAprMarFebJanDecNovOct

384

300300

195

BondsCertificate loans

Portfolio data

Q3 10 Q2 10 ��

Bonds 46 % 44 % 2 %

Certificate loans 7 % 13 % -6 %

Other loans 47 % 43 % 4 %

Q3 10 Q2 10 ��

Nominal value - market value

of loans(229) (201) (28)

Market value interest rate

swaps (19) (15) (4)

Average interest incl.

derivatives4.3 % 4.1 % 0.2 %

Proportion of loan portfolio

with fixed interest42 % 39 % 3 %

Loans at maturity next quarter

(NOK million)795 595 200

Unused drawing facilities (NOK

million)4 781 5 541 (760)

s.42

Power and CO2 price development

EUR/MWh

EUR/tCO2

Kilde: www.nordpool.com per 14.oktober 2010

0

10

20

30

40

50

60

70

80

90

100

110

120

130

140

EUR

okt.0

9

ma

i.0

9

ap

r.10

jun

.10

no

v.0

8

jun

.09

feb

.09

ma

r.09

ma

i.1

0

okt.1

0

se

p.0

9

au

g.1

0

no

v.0

9

jan

.10

ap

r.09

au

g.0

9

ma

r.10

de

s.0

8

de

s.0

9

feb

.10

jul.1

0

jan

.09

jul.0

9

se

p.1

0

Nordic spot marketCO2 2011FWD 2011FWD 2014

s.43

Hydropower — Glomma waterway flow

• 3Q 2010 production: 17% above normal for the reporting period.• Maximum capacity utilization: 940 m³/second.• Projected 4Q 2010 production: about 760 GWh (approx. 70 GWh above normal for the reporting period),

providing normal reservoir levels and precipitation.

0

500

1 000

1 500

2 000

desnov

m3/sek.

oktsepaugjuljunmaiaprmarfebjan

Plant capacity flow 20092010

s.44

Other Activities


Support (30) (37) (89) (121)

Power trading (0) (18) 6 (24)

Real estate 7 33 20 40

Billing and customer service 34 30 77 79

Financial derivatives, ass. comp. 18 64 38 152

Other 0 (16) 0 (49)

Operating profit other 28 56 52 77

s.45

Shareholders (as of 30 September 2010)

Note: Shareholdings in thousand shares.

# ShareholderClass A shares

held

Class B shares

heldTotal Ownership

Share of

voting rights

Shareholding in thousands

1 City of Oslo 67 525 37 343 104 868 53.7 % 58.5 %

2 Fortum Forvaltning AS 37 853 28 706 66 559 34.1 % 32.8 %

3 Østfold Energi AS 5 201 4 5 205 2.7 % 4.5 %

4 Odin Norden 2 448 2 448 1.3 % 0.0 %

5 MP Pensjon 1 579 1 579 0.8 % 0.0 %

6 Odin Norge 1 238 1 238 0.6 % 0.0 %

7 Hafslund ASA 451 451 0.2 % 0.0 %

8 Folketrygdfonet 394 394 0.2 % 0.0 %

9 AS Herdebred 107 271 378 0.2 % 0.1 %

10 Danske Invest norske aksjer 331 331 0.2 % 0.0 %

Total, 10 largest shareholders 110 686 72 765 183 451 94.0 % 95.9 %

Other shareholders 4 742 6 993 11 735 6.0 % 4.1 %

Total 115 428 79 758 195 186 100 % 100 %

s.46

Key figures

Group YTD 10 YTD 09

Capital matters

Total assets 27 343 28 974

Captial employed 24 330 26 138

Equity 9 671 11 842

Market capitalization 12 110 13 712

Equity ratio 35 % 41 %

Net interest-bearing debt 11 074 11 161

Profitability excl. REC

Profit after tax 605 292

Earnings per share (EPS) 3.10 1.49

Cash flow per share 11.07 12.59

District Heating YTD 10 YTD 09

Capital employed 4 206 3 901

Sales price (øre/kWh) 70.4 64.6

Gross margin (øre/kWh) 36.4 37.0

Sales volume (GWh) 1 088 868

Power Generation YTD 10 YTD 09


Sales price (øre/kWh) 37.5 27.3

Production volume (GWh) 2 339 2 335

Network YTD 10 YTD 09


Annual Income ceiling 2 158 1 824

NVE-capital (regulatory) 6 145 6 081

Power Sales YTD 10 YTD 09


Total volume (GWh) 10 240 9 133

Venture YTD 10 YTD 09

Capital employed exl REC 1 587 1 681Market value REC 1 774 4 801

Definitions

Items Definition

Group

Capital employed Equity + Net interest-bearing debt + Net tax positions

Equity ratio (in%) (Equity incl. Minority interests / Total assets) X 100

Earnings per share Profit after tax / Average no. of shares outstanding

Cash flow per share Net cash from operations / Average no. of shares

Return on equity Result after tax / Average equity (incl. Minority interests)

Return on capital employed Operating profit / (Average equity + Net interest-bearing debt + Net tax positions)

Power generation

Mean production Average power generation over the past 10 years.

Investor information

• Additional information is available from Hafslund’s website:– www.hafslund.no

– You can subscribe to Hafslund press releases

• Group SVP & CFO, Finn Bjørn Ruyter

– [email protected]

– tel: +47 911 38 199

• SVP Communications and Corporate Social Responsibility, Karen Onsager


– tel: +47 920 87 007

• Financial Director and Investor Relations contact, Morten J. Hansen


– tel: +47 908 28 577

www.hafslund.no

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