Lyse achieves half-year result of NOK 520 million

The Lyse group recorded a result of NOK 520 million during the first six months of 2018 compared with NOK 492 during the first half of last year.

High energy prices and high levels of hydroelectricity generation delivered a good first half of the year for the Energy business area. The Telecommunications business area continues to experience positive customer growth nationwide, despite strong competition from other fibre providers. Grid activities continue to operate well with few service disruptions.  

- The result reflects good underlying operations in the core areas of Energy, Telecommunications and Infrastructure, and is in line with our expectations,’ says Group CEO Eimund Nygaard.

The operating profit amounted to NOK 1,374 million, an increase of NOK 266 million compared with the corresponding period last year.

Hydroelectricity generation during the first six months of the year totalled 4.3 TWh, an increase of 0.9 TWh compared with the corresponding period last year. The high levels of energy generation were due to good reservoir levels at the start of the year and relatively high market energy prices. The area price in Lyse's generation area was 36.5 øre/kWh, compared with 26.6 øre/kWh for the same period last year.

The Telecommunications areas continues to see customer growth and the Altibox partnership surpassed 500,000 active fibre customers in April. The improvement in margins compared with the first half of last year is primarily due to the consolidation of Viken Fiber in 2018.

The Infrastructure business area contributed through stable operation and few service disruptions during the period.

The Lyse group has a calculated tax cost of NOK 703 million for the first six months of the year, which is an increase of NOK 260 million compared with the same period last year. This significant increase in tax costs is due to high levels of activity in the hydroelectricity business area and resultant increases in resource rent tax. 

About Lyse
Lyse is a Norwegian group operating within the fields of energy, telecommunications and the electricity grid. Lyse is a national player within renewable energy and a national challenger within fibre broadband. Regionally, Lyse has developed the country's most varied and complete infrastructure for fibre broadband, electricity, biogas and natural gas, and district heating. Good availability and security of supply are priorities. The company's shareholders are 16 municipalities in Southern Rogaland. The shareholders intend to be long-term industrial owners and expect the company to contribute to local development from a regionally strategic perspective and with good profitability.

Group CEO Eimund Nygaard / +47 934 88 100

Executive Vice President, Economics and Finance Eirik Børve Monsen / +47 916 39 831

The financial half-year report is available.

Stavanger, 23 August 2018

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