Ad-hoc | 25 February 2004 10:04

Österreichische Elektrizitätswirtschafts AG: Verbund: Results 2003

Ad-hoc-announcement transmitted by DGAP. The issuer is solely responsible for the content of this announcement. ——————————————————————————– Verbund: Results 2003 Highlights: – Extremely low water supply entailed decreasing hydro power production, increasing thermal power production and higher electricity purchases – Strongly increased European wholesale prices resulted in higher sales prices – Debt repayment amounting to EUR ~550 million, positive currency effects and lower interest rates improved the finance result – Sales revenue increased by 20 % due to higher sales in the European core markets – Despite historical low water supply the operating result decreased only slightly by 3 % – Group result improved by 42 %, earnings per share increased from EUR 5.03 to EUR 6.51 – Dividend per share raised by 43 % to EUR 2.00 – Operating cash flow higher by 30 % – Net gearing decreased from 224 % to 161 % Results (EUR million) Sales revenue 2,478.1 +19.6 % Operating result (EBIT) 321.6 -2.9 % Group result 200.1 +29.2 % Operating cash flow 410.1 +30.1 % For further information see the online-annual report under http://www.verbund.at/ end of ad-hoc-announcement (c)DGAP 25.02.2004 ——————————————————————————– WKN: 074640; ISIN: AT0000746409; Index: ATX Listed: Amtlicher Handel in Wien; Amtlicher Markt (General Standard) in Frankfurt; Freiverkehr in Berlin-Bremen und Stuttgart 251004 Feb 04