Ad-hoc | 27 August 2003 07:59

EVN AG english

Business development in the first three quarters of FY 2002/03 Ad-hoc-announcement processed and transmitted by DGAP. The issuer is solely responsible for the content of this announcement. ——————————————————————————– Business development in the first three quarters of FY 2002/03 (October 1, 2002 – June 30, 2003) – Period net result clearly above last year’s level – Increased sales volumes in electricity, heating and water – High energy purchasing prices exert pressure on the operating result – Marked improvement in the financial result – Big step forward in water business due to the purchase of WTE – “Austrian electricity solution” – positive decision by the EU Commission 2002/03 Change Q. 1-3 % Volumes sold Electricity GWh 7,378 +8.5 Gas 1) m m3 1,027 -33.8 Heating GWh 761 +10.5 Water m m3 17.8 +2.5 EUR m Sales revenues 874.5 -3.3 Operating result (EBIT) 136.5 -13.4 Result before tax 171.7 +21.1 Period net result 119.7 +33.7 1) From January 1, 2003, excluding gas key account sales and gas trading due to the transfer to EconGas. At EUR 874.5 m, total sales revenues were 3.3% down on last year. Electricity revenues showed an increase of 6.1% and rose to EUR 467.3 m during the period under review. As a result of the lack of both the one-off revenues from the extensive trading business of the past year and the revenues from key accounts, which are now served by EconGas, gas revenues fell by 20.6% to EUR 285 m. Heating revenues were up by 7.8% at EUR 36.9 m. Water revenues of EUR 14.6 m also represented an increase of 7.5%, while other operating revenues went up by 24.0% to EUR 70.6 m. The high expenses for energy purchases continued to place pressure on EVN’s results. The main reason for this trend was the increased cost of electricity and primary energy, as well as additional expenditure on “green power” and balancing energy. Personnel expenses remained largely constant despite workforce growth. Depreciation increased by 5.5% to EUR 90.6 m. As a consequence of the fall in gas revenues, reduced electricity grid tariffs and the trend of unfavourable energy purchasing prices the operating result (EBIT) during the period under review did not match last year’s level, falling by 13.4% to EUR 136.5 m. By contrast, there was a marked improvement in the financial result for the first three quarters of 2002/03 due to low interest rates, higher net liquidity and a favourable Euro exchange rate. The result from investments also improved markedly. In total, at EUR 171.7 m, the result before tax was 21.1% above the comparable figure for the preceding year. Following the deduction of income tax and minority interests, the net result for the period was EUR 119.7 m, which represented an increase of 33.7%. end of ad-hoc-announcement (c)DGAP 27.08.2003 Issuer’s information/explanatory remarks concerning this ad-hoc-announcement: EVN CEO Rudolf Gruber, “The largest power failure in the history of the USA highlight the importance of having a functioning power supply system like that in Austria, which is more or less taken for granted. Recent developments have shown that a reliable, high-quality energy supply is dependent on a sensitive balance between market regulations, sourcing conditions and capital market requirements. This demonstrates that any consideration of the liberalised market should not focus merely on short-term cost and price reduction potential, but also, and above all, consider the long-term securing of supply quality to the benefit of our customers, and shareholders. The results for the first three quarters of 2002/03 form a good basis for the full 2002/03 financial year. With the green light for the “Austrian electricity solution” and the acquisition of WTE Wassertechnik GmbH, a leading services company with special expertise in the wastewater treatment sector, milestones for the positive future development of EVN have been achieved.” EVN’s Letter to Shareholders for the 3rd Quarter 2002/03 can be downloaded from http://www.investor.evn.at ——————————————————————————– WKN: 074105; ISIN: AT0000741053; Index: ATX Listed: Amtlicher Handel in Wien; Amtlicher Markt in Frankfurt (General Standard, WKN 878279) und München; Freiverkehr in Berlin-Bremen und Stuttgart 270759 Aug 03