Corporate | 10 December 2003 08:01

EVN AG: Highlights of the Financial Year 2002/03 (Oct 1, 2002 – Sept 30, 2003)

Corporate-news announcement processed and sent by DGAP. The sender is solely responsible for the contents of this announcement. ——————————————————————————– Highlights of the Financial Year 2002/03(October 1, 2002 – September 30, 2003) – Electricity, heating and water sales volumes higher than in the preceding year. – Gas sales lower due to a change in sales structure. – EBIT down on the preceding year. – Net result improved. – EconGas successfully active in the market since the beginning of 2003. – “Austrian electricity solution” gets the green light from the EU Commission. – Waste incineration plant goes into operation. – WTE purchase brings a quantum leap in the water business segment. 2002/03 Change % Volumes Electricity GWh 9,656 +12.0 sold Gas1) m m3 1.072 -43.5 Heating GWh 877 +11.6 Water2) m m3 26.0 +8.8 EUR m Sales revenues 1,082.1 -2.9 Operating result (EBIT) 102.5 -19.8 Result before tax 145.4 +5.7 Net result 102.6 +14.6 EUR Dividend per share 0.75 +7.1 1)From January 1, 2003, excluding gas key account sales and gas trading due to the transfer to EconGas 2)Take-over and consolidation of evn wasser from July 1, 2001 3)Proposal to the Annual General Meeting Sales revenues slightly down due to changes in the sales structure EVN sales revenues in the 2002/03 financial year amounted to EUR 1,082.1 m, which was 2.9% down on the EUR 1,113.9 m of the preceding year. The main reason for this decline was the loss of the revenues from the gas key account and trading business areas due to their transfer to EconGas.While due to this structural change gas revenues fell by 27.1%, electricity revenues rose by 9.3%, heating by 15.2% and water by 14.4% as compared to the preceding year. Operating result As a result of the structural changes in gas business caused by outsourcing to EconGas, unfavourable energy purchasing prices and the reduction in electricity and gas network tariffs, the operating result (EBIT) for the 2002/03 financial year fell by 19.8% to EUR 102.5 m compared to the exceptionally high previous year’s level. Financial result A significant improvement in the financial result for 2002/03 was achieved, which at EUR 42.8 m, was EUR 33.1 m higher than the preceding year. Profit before tax and net result Against this background, the result before tax for the financial year 2002/03 amounts to EUR 145.4 m, which was EUR 7.8 m, or 5.7%, above the EUR 137.6 m of the preceding year. Following the deduction of taxes on profit and minority interests, at EUR 102.6 m, the net profit was EUR 13.1 m, or 14.6%, up on the previous year. The result achieved during the 2002/03 financial year corresponds with a Return on Equity (ROE) of 9.4% (previous year: 8.7%) and a Return on Capital Employed(ROCE) of 6.2% (previous year: 6.1%). Dividends In view of the increase in the net result, the Board will propose an increase in the dividend per share for the 2002/03 financial year from EUR 0.70 to EUR 0.75 to the Annual General Meeting. Outlook EVN CEO Rudolf Gruber, “The solid business development in the finacial year 2002/03 provides a good basis for the continuation of successful business within the EVN Group. The liberalisation of the European electricity and gas industries, as well as the impending EU expansion to the east, also mean radical change for EVN. The enlargement of the European economic zone will bring a lasting alteration to Austria’s position, as the country will find itself in the middle of the European region with the strongest growth rates and should benefit from the inherent dynamism in this enlarged economic area. This should in particular apply to EVN, whose supply area directly borders on the new member states. Against this backdrop, EVN is looking for sustained growth in its core energy business, as well as national and international expansion in new business areas with high growth potential. We succeeded in making decisive progress in our water business with the acquisition of WTE/Novum and in the waste incineration business with full operation starting January 1, 2004.” EVN’s Annual Report 2002/03 can be downloaded from http://www.investor.evn.at. For further information contact: Georg Waldner (Investor Relations Officer) Tel. +43 2236 200 12718 end of message, (c)DGAP 10.12.2003 ——————————————————————————– 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 100801 Dez 03