Low level of water in our reservoirs combined with falling market price have resulted in reduced hydroelectricity generation in the Energy business area. The Telecommunications business area continues to have positive customer growth nationwide. Grid activities continue to operate well with limited service disruptions.
|
Numbers in NOK million |
30.06.2019 |
30.06.2018 |
31.12.2018 |
|
Operating revenue |
4740 |
5 008 |
10 268 |
|
EBITDA (operating profit before depreciation and amortisation) |
1 951 |
1 905 |
3 978 |
|
Operating profit |
1 238 |
1 315 |
2 670 |
|
Profit before tax |
1 049 |
1 164 |
2 400 |
|
Net profit |
541 |
474 |
1 064 |
– 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 1,238 million, a reduction of NOK 77 million compared with first half last year.
Hydroelectricity generation during the first six months of the year totaled 2.4 TWh, a decrease of 1.8 TWh compared with the corresponding period last year. Low level of water in our reservoirs combined with falling market price have resulted in reduced hydroelectricity generation.
The area price in Lyse's generation area was 41.4 øre/kWh, compared with 36.5 øre/kWh for the same period last year. The effect of reduced production is partially offset by an increased realised price. In addition, the development in the unrealized value of financial instruments in the energy area have a positive effect in the first half of 2019, compared with a negative effect in the corresponding period last year.
The Telecommunications area continues to see customer growth and the Altibox partnership ended the first half of 2019 with 556,986 active customers. The improvement in margins compared with the first half of last year is primarily due to good customer growth, stable prices and reduced indirect cost per customer.
The Infrastructure business area contributed through stable operations and limited service disruptions during the period.
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.
Contacts:
Group CEO Eimund Nygaard / +47 934 88 100
Executive Vice President, CFO Eirik Børve Monsen / +47 916 39 831
The financial half-year report is available at https://www.lysekonsern.no/financial-information/
Stavanger, 29 August 2019
