CEO of Lyse, Eimund Nygaard.
CEO Eimund Nygaard is pleased with the result for 2017.

Lyse returns a profit of 1.9 billion

The Lyse Group had a profit of NOK 1.9 billion in 2017. Underlying operating profit is at the level of 2016 and reflects good operational activity in all the business areas.

The unusually high annual profit is explained by the fact that Viken Fiber Holding AS has changed from being a joint venture to a subsidiary company, and has therefore been consolidated since December 2017. This has led to an unrealised one-time accounting gain of NOK 952 million.

Figures in NOK millions




Total income


6 637

5 888

EBITDA (operating profit before depreciation and write-downs)


2 693

2 548

Operating profit/loss


1 843

1 656

Underlying operating profit*


Profit before tax


1 453

1 270

Profit after tax




* The operating profit adjusted for unrealised changes in value of financial instruments and material one-off        
- Lyse delivers a solid result for 2017. The accounts reflect good underlying operations in all business areas. There have also been few operational disruptions in both energy and broadband, says Group CEO Eimund Nygaard.
The infrastructure business area helped with stable operation and few operational interruptions during the period. The underlying operating profit of the business was NOK 242 million, compared with a NOK 261 million in 2016. A reduced income limit is the main explanation for the reduction from 2016 to 2017.
The underlying operating profit from the energy business area was NOK 1,259 million, compared with NOK 1,263 million in 2016. Energy generation in 2017 ended at 6.2 TWh. An increase of 15 percent in the price of energy from 2016 to 2017 partly compensated for the 1.2 TWh lower production volume in 2017 compared to the record high production in 2016. The other operations in the energy area; energy sales, gas/biogas and district heating/remote refrigeration, all delivered improved underlying profits in 2017 compared with 2016. The tax burden on hydroelectricity stations has increased significantly in recent years. Renewable hydroelectricity is currently taxed more than any other industry in Norway. In combination with the expected low energy prices, this will hinder new investment and essential reinvestment.
The telecommunications business area continues to grow and ends 2017 with 47,348 new Altibox customers. Therefore 2017 saw the highest organic customer growth in our partnership's history At year end, the partnership had 493,802 active broadband customers, of which 280,551 are on their own fibre. The telecommunications business area delivered an underlying EBITDA of NOK 848 million, compared with 793 million in 2016. The underlying operating profit was NOK 485 million, compared with NOK 517 million in 2016. The telecommunications business area is currently undergoing a major digitalisation of its TV platform and support systems. This involves double IT costs, which has limited the margin outlook growth for this period.
In December, 2017, Lyse AS and Glitre Energi AS entered into an adjusted shareholder agreement. This means that Viken Fiber Holding AS will be consolidated into the consolidated financial statements as a subsidiary in Lyse as of the same date. The change in the control category of Lyse's ownership share of Viken Fiber Holding AS from joint venture to subsidiary, means that the ownership stake is included in the accounts at fair value, giving a one-time gain of NOK 952 million.

The Board of Directors proposes that a dividend of NOK 500 million is paid out to the 16 municipal owners. In 2017, municipalities also received NOK 100 million in instalments and NOK 62 million in interest on subordinated loans.

The group therefore pays a total of NOK 662 million to the municipal owners based on the fiscal year 2017.
The proposed dividend of NOK 500 million is distributed as follows:

Municipality of Stavanger


Municipality of Sandnes


Municipality of Sola


Municipality of Time


Municipality of Klepp


Municipality of Hå


Municipality of Randaberg


Municipality of Eigersund


Municipality of Strand


Municipality of Rennesøy


Municipality of Hjelmeland


Municipality of Gjesdal


Municipality of Finnøy


Municipality of Lund


Municipality of Bjerkreim


Municipality of Kvitsøy


Media contacts:

Group CEO Eimund Nygaard / +47 934 88 100
Executive Vice President, Economics and Finance Eirik Børve Monsen / +47 916 39 831

The annual financial statement will be published at

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