Fourth-quarter presentation to analysts and preliminary ......Q4 13 Q1 14 Q2 14 Q3 14 Q4 14 Q1 15 Q2 15 Q3 15 Q4 15 • Stable operations and profit somewhat above last year. • Increased

Fourth-quarter presentation to analysts

and preliminary results 2015

Finn Bjørn Ruyter, CEO

Oslo, 3 February 2016

Agenda

1) Summary of the year 2015

2) Fourth-quarter 2015 results

3) Theme: Strategy

4) Appendix

2

Highlights from the year 2015

> Operating profit of NOK 1,973 million is an improvement of NOK 223 million to

2014.

> Solid operations, growth and hedging activities contribute to profit growth, despite

mild weather and 0.05 NOK/kWh lower electricity prices.

> Profit after tax of NOK 1,284 million (NOK 1,003 million) gives a return on equity of

15.5 percent.

> The equity ratio of 34 percent is an increase of 4 percentage points from last year.

> Initiated work for possible IPO of business area Market.

> The Board proposes a dividend of NOK 3.00 (NOK 2.50) per share for 2015.

3

HSE e-learning for all employees and suppliers that work on Hafslund’s facilities

HSE

Strong focus on reducing the number of injuries

* Total number of injuries per million working hours to employees and suppliers in the Hafslund Group's own facilities, exclusive the business area Market.

** Industry Average for total injuries acc. To Energy Norway's statistics for 2014. Includes companies in the energy industry, incl.

the contractors, but excluding suppliers

0injuries

Goal

2015 – 8.4

2014 – 10.1injuries per

million hours

(H2)

Injuries Hafslund*

2014 – 12.7injuries per

million hours

(H2)

Industry average**

4

EBITDA 2015 and change from 2014

5

428

383

523

196

Heat EBITDA

2,920

Markets OtherProduction

1,388

Network

106

75

39

75

171

Production OtherNetwork EBITDA

2015

MarketsHeat

2,920

EBITDA

2014

2,795

EBITDA 2015 Change in EBITDA from 2014

The weather in 2015

1 Meteorologisk Institutt,

http://met.no/2015+ble+det+tredje+varmeste+og+v%C3%A5t

este+%C3%A5ret+i+Norge.b7C_xdvG2K.ips6

Temperature

Precipitation

Extreme weather

3rd warmest year since 19001

3rd wettest year since 19001

5 extreme weather events in 2015 –

little in Hafslund’s area

Very mild winter and cool summer affects demand for electricity and district heating

Temperature in Oslo

1 Weather station Blindern. Source: eKlima2 Median = Median temperature 2005-2014 7

-5

0

5

10

15

20

NovJun Aug SepApr May Dec

Temperature,

ºC

OctFebJan Mar Jul

2015 Median2 Deviation against median

Average temperature 20151 and deviation against median

Precipitation

Source: Senorge.no, annual precipitation Deviations 2015 in % of normal levels (1971-2000)8

Precipitation in 2015 – blue indicates precipitation significantly above normal levels

Hydrological balance important for power prices

Strong hydrological balance

Source:

Power price: NordPool

Hydrological balance: Nena9

-5

0

5

10

15

20

25

30

0

5

10

15

20

25

30

35

May Jun Jul Aug Sep Oct Nov DecFeb MarJan

TWh EUR/MWh

Apr

Hydrological balance - deviation from normal levels (TWh) Power price - SYS (EUR/MWh)

Spot prices down NOK 0.05 from 2014

Source for price data: www.nordpoolspot.com 31 December 2015.10

0,00

0,05

0,10

0,15

0,20

0,25

0,30

JunMayFeb AprMar

øre/kWh

Jan SepAug OctJul Nov Dec

Oslo price (NO1) 2014 Oslo price (NO1) 2015

Streamlining and improvement efforts have given solid profit growth despite halving of

power prices

Development in operating profit and power prices

2010 – 2015

Source for power prices: NordPool11

343

653

0.45

0.40

0.35

0.30

0.25

0.20

0.15

0.10

0.05

0.00

2,000

1,750

1,500

1,250

1,000

750

500

250

0

NOK/kWhNOK mill

2015

1,973

2014

1,750

2013

1,653

2012

911

20112010

Power price, NO1 (NOK/kWh)Operating profit (NOK mill)

Agenda



3) Theme: Strategy

4) Appendix

12

Fourth-quarter 2015 highlights

> EBITDA of NOK 796 million, up NOK 36 million on the previous year due to solid

operations in all business areas.

> Improvement in results for Heat and Network more than offsets lower year-on-year

power prices and hydropower production.

> Mild weather results in low demand for energy and the lowest spot prices for power

since 2001.

> Capital release of NOK 0.5 billion for future investments.

13

Development EBITDA** and spot prices

* Spot prices are quarterly averages of NO1. Source: www.nordpoolspot.com

** EBITDA for business areas Production, Heat, Network and Markets (ie. Excl. Other)14

732 743

637673

0

150

300

450

600

750

900

0.20

0.00

0.10

0.05

0.15

0.25

0.35

0.30

0.40

EBITDA**

NOK mill

0.20

Q4 2014

0.25

Q4 2013

NOK/kWh

0.29

Q4 2012

0.27

Q4 2015

EBITDA

+9 %

Spot

price

-26 %

Average spot priceSpot prices *

Average EBITDAEBITDA

4Q15

compared to

average Q4

last 3 years:

http://www.nordpoolspot.com/

EBITDA fourth-quarter 2015 and change from

2014

15

EBITDA Q4 2015 Change in EBITDA from Q4 2014

116

157

403

67

53

796

NetworkHeatProduction EBITDAOtherMarkets

41

24

25

11

43

HeatProductionEBITDA

Q4 2014

EBITDA

Q4 2015

OtherMarketsNetwork

796

760

NOK mill NOK mill

Production

• Profit marked by normal production

levels and low power prices.

• Reduced volume and power price

against last year gave NOK 45 and 26

million in negative profit contribution.

• Result from hedging activities of NOK

18 million (11 million).

• Investments of NOK 137 million

primarily relates to Vamma 12.

• Hedging ratio first half of 2016 is 35

percent at the end of January.

16

163 155 143 142 159

70

121 121 116

0

40

80

120

160

200

0

150

300

450

600

750

Q3 15Q2 15Q1 15Q4 14Q3 14Q2 14Q1 14Q4 13

Quarter

NOK mill

Q4 15

Last 12 months

NOK mill

Development in EBITDA

NOK million Q4 2015 Q4 2014 Year 2015 Year 2014

Operating revenue 165 224 703 871

Gross margin 185 236 718 882

EBITDA 116 159 428 599

Operating profit 105 148 382 552

Revenue (NOK/kWh) 0.22 0.26 0.20 0.24

Production volume (GWh) 681 854 3 290 3 452

Investments 137 15 158 26

Hydropower – Glomma waterway flow

* Normal = Median vannføring siste 10 år17

0

500

1 000

1 500

2 000

2 500

3 000

m3/sec.

DecNovOctSepAugJulJunMayAprMarFebJan

Max. capacity utilization2015 Normal *2014

Production volume

* Normal = 3100 GWh based on 10 years data adjusted for efficiency improvements18

0

100

200

300

400

Sep OctAug DecNovMay JulJunMarFebJan Apr

GWh

Normal* 2014 2015

Heat

19

112161

116

201157

-50

0

50

100

150

200

250

0

100

200

300

400

Quarter

NOK mill

Last 12 months

NOK mill

Q3 15

6

Q2 15

19

Q1 15Q4 14Q3 14

-9

Q2 14

9

Q1 14Q4 13 Q4 15

• Satisfactory profit in a quarter with a

normally high demand for energy.

• Mild weather gave reduced demand

despite organic growth.

• Gross margin increased NOK 30

million mainly related to reduced fuel

costs.

• New customer tie-ins with a yearly

demand of 21 GWh in the quarter.

• Hedging ratio first half of 2016 is 56

percent at the end of January.



Operating revenue 331 337 977 952

Gross margin 222 192 619 529

EBITDA 157 116 383 277


Production volume (GWh) 511 538 1 567 1 547

Gross margin (NOK/kWh) 0.45 0.36 0.41 0.32


Production volume

20

0

60

120

180

240

300

GWh

DecNovOctSepAugJulJunMayAprMarFebJan

20152014Normal *

Network

21

266 279 312 345 378304 332 350

403

0

100

200

300

400

500

0

200

400

600

800

1 000

1 200

1 400

Last 12 months

NOK mill

Quarter

NOK mill

Q3 15Q2 15Q1 15Q4 14Q3 14Q2 14Q1 14Q4 13 Q4 15

• Stable operations and profit somewhat

above last year.

• Increased costs to overlying network,

but lower costs relating to loss of

energy.

• Finished integration project gave lower

operating expenses compared to last

year.

• Profit for 2015 reflects positive

contribution from acquired network

business and lower costs relating to

loss of energy.

• With normal energy demand the

operating profit for 2016 is expected to

be about 10 percent higher than in

2015.



Operating revenue 1 218 1 187 4 361 4 147

Gross margin 830 851 2 943 2 829

EBITDA 403 378 1 388 1 314


Energy delivery (TWh) 5.6 5.6 19.0 17.5

Number of customers (in 1,000) 689 683 689 683


Markets

22

96

140 126 140

78

181

133 143

67

0

50

100

150

200

0

100

200

300

400

500

600

Last 12 months

NOK mill

Q3 15Q2 15Q1 15Q4 14Q3 14Q2 14Q1 14Q4 13

Quarter

NOK mill

Q4 15

• Good margins, increased sales of

benefit products and lower costs

contributes positively.

• Good underlying operations, but NOK

-49 million in value changes for power

derivatives (NOK +4 million) which do

not qualify for hedge accounting, gives

result somewhat behind last year.

• Still weak profit contribution from

operations in Sweden and Finland as a

result of establishing new operating

platform.

• 1,050,000 customers at the end of the

year, an increase of 5,000 in the

quarter.



Operating revenues 1 693 1 898 5 902 6 416

Gross margin 328 357 1 472 1 386

EBITDA 67 78 523 484


Number of customers (in 1,000) 1 050 1 073 1 050 1 073

Sold volume (GWh) 5 185 5 277 17 872 17 764

Change in net interest-bearing debt in the quarter

23

175

591

529 495

796

9 728

Net debt Q3 2015 EBITDA

19

Paid interest

and taxes

Net debt Q4 2015Capital releaseMarket value

changet etc

InvestmentsChange in working

capital etc

9 752

NOK mill

Solidity development last years

* EBITDA for Production, Heat, Network and Markets (ie excluding Other)24

Debt / EBITDA *Equity ratio (percent)

2013 2015

4.0

2014

3.6

2012

4.2

4.8

30% 30%

2013 2014 2015

30%

2012

34%

Summary of fourth-quarter 2015 profit

25

796

61760

EBITDA Q4 15Operating

expenses

Gain/loss

financial items

10

Gross margin

15

EBITDA Q4 14

275

92

411

796

Depreciation

18

Tax Profit after

tax Q4 15

Financial

expenses

EBITDA

Change in EBITDA from Q4 2014 Profit after tax Q4 2015

Earnings per

share NOK 2.11

Outlook 2016

* Excl. the purchase of Fortum Distribution in 201426

• Forward Oslo price (NO1) for delivery of power in 2016 at 0.18

NOK/kWh at the end of January is in line with spot price 2015.

• Expected operating profit 2016 for Network anticipated about 10

percent higher than 2015 due to synergies and growth.

• Start of 2016 marked by cold weather with high demand for

energy and stable operations.

• Investments for 2016 and 2017 of NOK 3.7 billion against NOK

2.2 billion for 2014* and 2015. Growth mainly driven by AMS and

Vamma 12.

• Initiated work for possible IPO of the business area Markets.

Agenda



3) Theme: Strategy

4) Appendix

27

28

HAFSLUND – four business areas

HEAT1.8 TWh

Capital employed NOK billion (Q4 2015)

4.4 4.7

11.1

1.5

PRODUCTION3.1 TWh

NETWORK689,000 customers

MARKETS>1,000,000 customers

2007 2014 2015

NOK ~0.5 billion

Facilitates organic and structural growth in core areas

Streamlining of operations

29

Gardermoen Energi

Divested operations 2007 – 2015 Hafslund 2016

Investments NOK ~17 billion

MARKETS

PRODUCTION

NETWORK

HEAT

Central gridFiber

NOK ~9 billion

http://www.recgroup.com/en/

http://www.recgroup.com/en/

http://www.fesil.com/index.php

http://www.fesil.com/index.php

Network

company

Future customer experience following regulatory changes

30

AMS

Automatic power meters (AMS)

Power and network on a single invoice from

power sales company(Supplier-centric model)

Customer data collected in national database (Elhub)

Increased separation between network and power sales operations

Real time info Hourly pricing

Peak load

tariffs

Operation Customer

Electricity and grid

on one invoice

Customer

dialog

Power sales

company

Initiates work with possible IPO of business area Market

Stock exchange release 9 Desember 201531

Given suitable market

conditions Hafslund intends to

conduct an IPO of Market

during 2016.

A separation and a broader

ownership structure will

contribute to further

strengthening of the company's

growth opportunities.

”

”Hafslund - Initiates separation and potential IPO of Power Sales business

Hafslund has decided to commence work on separation and a potential initial

public offering of the Group's Power Sales business, Hafslund Markets. A separation and broader

ownership base will further strengthen the business` growth opportunities.

Hafslund Market's power companies have more than one million private and business customers in

Norway, Sweden and Finland. The power products are marketed under several brands, including

Hafslund Strøm, NorgesEnergi, SverigesEnergi, Göta Energi and Kotimaan Energia.

"Hafslund Markets has established a solid market position as the fifth-largest power supplier in the

Nordic region on the back of consistently solid results. An IPO of Hafslund Markets would provide the

company with direct access to the stock market, and supports the company's Nordic growth strategy,"

comments CEO of Hafslund Finn Bjørn Ruyter.

The energy sector will face significant changes in framework conditions in the years ahead. The

introduction of automatic metering systems (AMS) for all grid customers and a national electricity hub

represents a further step away from monopoly towards a fully deregulated business.

The Power Sales business has a different value chain and geographical catchment area to Hafslund's

other businesses. Economies of scale within power sales will rise further.

"An independent Hafslund Markets will enable us to streamline our business model, boost

competitiveness and growth opportunities, and put the company in an even better position to deal with

market changes", explains Deputy CEO and Senior Vice President, Markets Kari Ekelund Thørud.

Assuming suitable market conditions, Hafslund intends to complete an IPO during 2016.

"An IPO would offer potential shareholders a pure-play power sales share, and further highlighting the

value of the Hafslund Group's capital-intensive business areas," concludes CEO Ruyter.

Hafslund ASA

Oslo, 9 December 2015

Two more focused companies

• Local presence

• Capital instensive

business

• Solid growth

32

Energy plants and infrastructure in Eastern Norway Power sales in the Nordic region

• Nordic presence

• Synergies across

brands and countries

• High growth ambitions

Supply area Network Heat, Oslo

Hydropower plants Hafslund headquarters

Hafslund

Kundesenter

Hafslund

Tellier

Markets: Nordic growth strategy

• Growth through organic growth,

acquisitions and mergers

Production, Heat and Network: Organic and structural growth

Approved investments:

• AMS (2.4 NOK billion)

• Vamma 12 (0.9 NOK billion)

• Growth investments in

Network and Heat

Further growth opportunities

Facilitates further growth

* Figures for the business areas Production, Heat, Network and Markets (without Other business)33

EBITDA for the business areas 2012-2015*(NOK million)

2.000

0

3.000

2.500

500

1.500

1.000

2013 2014 20152012

Markets Total Production, Heat, Network

NETWORK

Organic and structural growth

and operational improvements

MARKETS

Nordic growth strategy

HEAT

Organic growth and operational improvements

PRODUCTION

Uptime and growth

Hafslund – a pure play energy and infrastructure

company

34

Continue organic and structural growth

Capital employed100% = NOK 22.4 billion per 31 Dec. 2015

Network

7%

50%

3%

OtherMarkets

21%

Heat

20%

Production

Green growth in all business areas

35

Vision:

Energy solutions for the future

- for you and the environment

MARKETS

PRODUCTION

NETWORK

HEAT

Renewable energy

Renewable thermal energy

Electrification

Efficient energy consumption

* Extraordinary dividend in 2010 associated with freeing up capital from the sale of fiber business.** Proposed dividends for 201536

Historical dividends and profit per share (NOK per share)

The long-term dividend policy of the Group is to pay stable dividends over time equal to

at least 50 percent of annual profit after tax

Maintaining stable dividends

PRODUCTION

NETWORK

HEAT

MARKETS

2011

2.50

-3.58

2010*

7.50

-2.01

2013

2.50

3.83

2012

2.50

-0.06

2015**

3.00

6.58

2014

2.50

5.14

2.50

5.00

2009

2.25

1.01

Profit per shareExtraordinary dividend Ordinary dividend

Agenda



3) Theme: Strategy

4) Appendix

37

Appendix

38

Oslo price (NO1) historical and forward

Prices as of 29 January 2016

Source: Nordpool and Nasdaq OMX39

0.5

0.1

0.0

0.4

0.3

0.2

2010 20122002 20062000 201120051999 2001 2009200820042003 2007 201720162015 201820142013 20202019

NOK/kWh

Period averagePower price - Oslo price (NO1)

0.17 NOK/kWh *

Group profit and loss account

40

NOK million Q4 2015 Q4 2014 2015 2014

Operating revenue 3 360 3 605 (244) 11 905 12 396

Cost of energy (1 823) (2 052) 230 (6 264) (6 866)

Gross margin 1 538 1 552 (15) 5 641 5 530

Gain/loss financial items 34 44 (10) 112 116

Operating expenses (775) (836) 61 (2 833) (2 851)

EBITDA 796 760 36 2 920 2 795

Depreciation and write-downs (275) (246) (29) (947) (1 045)

Operating profit 522 514 8 1 973 1 750

Interest expences (125) (165) 40 (425) (480)

Market value change loan portfolio 33 (28) 61 137 (73)

Financial expenses (92) (194) 101 (288) (553)

Pre-tax profit 429 320 109 1 686 1 197

Tax (18) (112) 94 (401) (194)

Profit after tax 411 208 203 1 284 1 003

Earnings per share (EPS) in NOK 2.11 1.06 1.04 6.58 5.14

Group balance sheet

41

NOK million 2015-12-31 2015-09-31 Q3 15 2014-12-31

Intangible assets 2 933 2 966 (33) 2 970

Fixed assets 19 302 19 133 169 19 011

Financial assets 841 1 164 (323) 786

Accounts receivables and inventory 2 752 1 727 1 025 2 703

Cash and cash equivalents 724 337 387 742

Assets 26 552 25 328 1 225 26 212

Equity (incl. min. int.) 9 013 8 388 625 7 877

Allocation for liabilities 3 528 4 043 (515) 3 858

Long-term debt 8 330 8 136 194 8 692

Other current liabilities 2 156 1 989 167 2 668

Short-term debt 3 526 2 772 753 3 117

Equity and liabilities 26 552 25 328 1 225 26 212

Net interest-bearing debt 9 752 9 728 23 10 577

Equity ratio 34 % 33 % 1 % 30 %

Group cash flow

42

NOK million Q4 2015 Q4 2014 Year 2014

EBITDA 796 760 36 2 795

Paid interests (88) (110) 22 (452)

Paid tax (87) 74 (161) (58)

Marketvalue changes and other liquidity adjustments (31) (34) 3 (67)

Change in working capital, etc. (591) (459) (132) (64)

Total cash flow from operations (1) 231 (232) 2 154

Net operations and expansion investments (529) (322) (207) (1 896)

Net purchase/sale of shares etc. 495 (20) 515 (379)

Cash flow from investments activities (35) (342) 308 (2 275)

Cash flow to down payments and interests (35) (111) 76 (121)

Earnings per share

Q3 2012 negatively impacted by NOK 551 million relating to extraordinary write-downs and provisions.

Q1 2014 positively impacted by NOK 288 million related to waived tax claims regarding Hatros.

Q3 2014 negatively affected by NOK 93 million relating to impairment Bio-el and secondary networks at Søndre Nordstrand43

-0.06 3.83

Per quarterNOK

2012 2013 2014

2.11

0.86

1.431.21

1.06

2.85 **

0.36 ***

1.83

0.721.50

1.070.91

1.15 1.05 1.080.77

-2.97 *

5.14

*

**

***

2015

6.58

Capital employed and return on capital employed

2013 – The result includes sale of shares in Infratek with a profit of NOK 90 million.

2014 – includes write-downs in Bio-El and secondary networks at Søndre Nordstrand of NOK -127 million.44

Capital employed NOK 22.4 billion as of

31.12.2015Return on capital employed

Markets

7%

Network 50%

Other

3%

Heat

21%

Production

20%

20152014 **

9.2%

8.3%

2013 *

8.0%

*

**

Loans – portfolio data

45

Debt maturity profileNOK million

Loans at maturity next 12 monthsNOK million

35070

0

1 000

2 000

3 000

2024

813

2023

370

2022

470

2021

490

2020

701

2019

1 706

2018

1 960

2017

1 410

2016

2 143

2025 2026+

Other loansBondsCommercial paper

493500

350

500

300

0

200

400

600

Jan Oct NovJun Jul AugMayAprMarFeb Sep Dec

Commercial paper Bonds

Q4 15 Q3 15

Bonds 74 % 77 % -3 %

Commercia l paper 3 % 6 % -3 %

Other loans 23 % 17 % 6 %

NOK millioner Q4 15 Q3 15

Nominal value - market value of loans (217) (250) 34

Market value interest rate and fx derivatives (57) (83) 26

Average interest incl. derivatives (%) 3.4 % 3.8 % -0.4 %

Proportion of loan portfolio with fixed interest (%) 47 % 57 % -10 %

Loans at maturity next quarter 500 700 (200)

Unused drawdown facilities 3 800 3 670 130

*) incl. currency derivatives under hedge accounting

Key figures

46

Power Generation Year 2015 Year 2014

Capital employed 4 381 4 383

Sales price (NOK/kWh) 0.20 0.24

Production volume (GWh) 3 290 3 452

Heat Year 2015 Year 2014


Sales price District heating (NOK/kWh) 0.63 0.61

Gross margin (NOK/kWh) 0.41 0.32

Sales volume (GWh) 1 567 1 547

Network Year 2015 Year 2014


Gross margin 2 943 2 829

Energy delivery (TWh) 19.0 17.5

Number of customers (in 1,000) 689 683

NVE-capital (regulatory) 7 907 7 563

Group Year 2015 Year 2014

Capital matters

Total assets 26 552 26 212


Equity 9 013 7 877

Market capitalization 11 583 9 897

Equity ratio 34 % 30 %

Net interest-bearing debt 9 752 10 577

Profitability

EBITDA 2 920 2 795

Earnings per share (EPS) 6.58 5.14

Cash flow per share 10.64 11.04

Markets Year 2015 Year 2014


- of this working capital (55) 66

Number of customers (in 1,000) 1 050 1 073

Volume power sales (GWh) 17 872 17 764

Shareholders as of 31.12.2015

47

# ShareholderClass A shares

held

Class B share

heldTotal Ownership

Share of

voting rights

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 Kommunal Landspensjonskasse 5 327 3 953 9 280 4.8 % 4.6 %

4 MP Pensjon PK 5 1 929 1 934 1.0 % 0.0 %

5 Folketrygdfondet 75 784 859 0.4 % 0.1 %

6 Greenwich Land Securities AS 83 317 400 0.2 % 0.1 %

7 Skandinaviska Enskilda Banken 19 351 370 0.2 % 0.0 %

8 Nordnet 60 290 350 0.2 % 0.1 %

9 JP Morgan Chase Bank 24 309 333 0.2 % 0.0 %

10 New Alternatives Fund Inc 328 328 0.2 % 0.3 %

Total, 10 largest shareholders 111 299 73 982 185 281 94.9 % 96.4 %

Other shareholders 4 129 5 776 9 905 5.1 % 3.6 %

Total 115 428 79 758 195 186 100 % 100 %

Definitions

48

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 last 12 months Result after tax last 12 months / Average equity (incl. Minority interests) last 12 months

Return on capital employed last 12 months Operating profit last 12 months / Average capital employed last 12 months

Hedge ratio Hydro powerRatio of the estimated production portfolio hedged in the period (excluding fixed-price

contracts)

Hedge ratio District heatingRatio of the estimated net power price exposure hedged, by: Sales reduced with

electricity use and 1/3 heat pumps

Investor information

• Additional information is available from Hafslund’s website:

– www.hafslund.no

– You can subscribe to Hafslund press releases

• Group CFO, Heidi Ulmo

– [email protected]

– Tel: + 47 909 19 325

• Head of Finance and Investor Relations, Martin S. Lundby

– [email protected]

– Tel: +47 416 14 448

49

Fourth-quarter presentation to analysts and preliminary ......Q4 13 Q1 14 Q2 14 Q3 14 Q4 14 Q1 15 Q2 15 Q3 15 Q4 15 • Stable operations and profit somewhat above last year. • Increased

Documents