The power grid business segment has contributed with stable operations and few operational interruptions during the year.
The power grid business segment has contributed with stable operations and few operational interruptions during the year.

Lyse with a net profit of NOK 1,1 billion in 2018

Lyse-group had in 2018 a profit after tax of NOK 1,1 billion. The underlying operating profit amounts to NOK 3,1 billion which is an improvement of NOK 1,2 billion compared to 2017. The results reflect a record-high hydropower production and solid operational performance in all business segments.

CEO Eimund Nygaard Lyses total contribution in 2018 to owner municipalities, host municipalities and the state amounts to NOK 2,1 billion of which NOK 1,4 billion represents taxes.

- Lyses has delivered a solid result for 2018. The consolidated financial statements reflect robust operational performance within all business segments. There have also been few operational interruptions in 2018 within both the power grid and broadband business segments, states Group CEO Eimund Nygaard.


Key figures

Amounts in NOK million




Total income

10 268

8 661

6 637

Operating result before depreciation and amortisation (EBITDA)

3 978

3 942

2 693

Operating result (EBIT)

2 670

3 090

1 843

Operating result (EBIT) underlying operations*

3 053

1 871

1 888

Profit before tax

2 400

2 764

1 453

Profit after tax

1 064

1 942


* Operating result adjusted for unrealized value changes from financial instruments and significant non-recurring items.
** The Group changed its accounting principles regarding the recognition of repurchases of power for end-customer sales from net to gross as well as for the presentation of profit or loss from associate companies and joint ventures from operational to financial items. The numbers for 2017 and 2018 have been revised to reflect these changes.



The energy business segment had an operating result from underlying operations of NOK 2 478 million compared to NOK 1 327 million in 2017. The production of hydropower in 2018 ended at a record-high of 7,5 TWh. At the start of 2019 the Group had significantly less water in its reservoirs compared to the beginning of previous year and we therefore do not expect the same level of production in 2019. The other operations within the energy business segment; energy sales, gas /biogas and district heating/ district cooling all achieved an improved underlying result in 2018 compared to 2017.

The telecommunication business segment continues its growth and ends 2018 with 42 478 new Altibox-customers. The Altibox-partnership had 536 280 active Altibox-customers by the end of the year of which Lyses owns 305 947. The telecommunication business segment had an EBITDA from underlying operations of NOK 1 276 million compared to NOK 796 million in 2017. The operating result from underlying operations amounted to NOK 510 million compared to NOK 433 million in 2017. The main driver for the improved result in 2018 is the consolidation of Viken Fiber AS in to Lyse Group consolidated financial statements in 2018.

The power grid business segment has contributed with stable operations and few operational interruptions during the year. The operating result from underlying operations amounted to NOK 199 million in 2018 compared to NOK 242 million in 2017. The reduction is mainly driven by a change in accounting principle regarding monetary contributions from customers related to infrastructure assets. Excluding the effect of the change in accounting principle, the operating result from underlying operations show a moderate improvement.



  • The Lysebotn 2-project, a 5-year project representing an investment of NOK 1,8 billion, was finalized according to both cost and time-schedule in September.
  • A good timing of water production at the end of 2017 and throughout 2018 resulted in a record-high production of 7.5 TWh.
  • In June, Lyse sold its remaining shares in Skangas meaning a complete exit of the floating nature-gas industry (LNG). In total, Lyse had a net positive cash flow of NOK 1 billion from its LNG venture through the years 2007 to 2018.
  • The Altibox partnership passed 500.00 customers in April.
  • The Altibox-partnership received the award for the most satisfied customers for the ninth year running from the EPSI rating group.
  • An agreement to acquire Forsand Elverk was signed in November.
  • Eidsiva Bredbånd AS signed as a  Altibox-partner in December.


The board has proposed to pay NOK 550 million in dividend to the 16 owner municipalities. In 2018 the owner municipalities received an additional NOK 100 million from instalments and NOK 65 million from interest on subordinated loans. As a result, Lyse will be paying NOK 715 million to owner municipalities based on the financial year 2018.

The distribution of the total payment amounting to NOK 715 to owner municipalities is as follows:

Stavanger municipality

312 163 500

Sandnes municipality

139 593 000

Sola municipality

62 474 000

Time municipality

41 683 000

Klepp municipality

30 226 000

Hå municipality

27 052 500

Randaberg municipality

23 436 000

Eigersund municipality

21 091 500

Strand municipality

18 097 000

Rennesøy municipality

8 219 000

Hjelmeland municipality

7 104 500

Gjesdal municipality

6 668 500

Finnøy municipality

6 497 000

Lund municipality

5 096 000

Bjerkreim municipality

3 659 500

Kvitsøy municipality

1 665 500




Total taxes and license fees amount to NOK 1 409 million in 2018. 

Ordinary corporate tax

528 000 000

Resource rent tax

720 000 000

License fees and property tax

161 000 000


1 409 000 000


The tax rates related to hydropower business (resource rent tax) has increased significantly during the last years. Renewable hydropower is currently taxed more aggressively than any other industry in Norway. If there will be no relief in the resource rent tax burden, both the degree of new investments and necessary reinvestments will be disrupted.



Group CEO Eimund Nygaard, mobile 934 88 100
Group CFO Eirik Børve Monsen, mobile 916 39 831

The consolidated financial statements will be published on

Stavanger, 26 March 2019

Follow us:Follow us on Instagram Follow us on Facebook Follow us on Twitter Follow us on LinkedIn 

Privacy Copyright © Lyse AS