Ad-hoc | 21 July 2004 09:00

Verbund: Results Quarter 1-2/2004

Ad-hoc-announcement transmitted by DGAP. The issuer is solely responsible for the content of this announcement. ——————————————————————————– Results Quarter 1-2/2004 Highlights: – Significant double-digit earnings growth achieved – Profitable growth in Austria and abroad continued successfully – Activities in Italy further enhanced – Sales revenues increased by 22.0 % benefiting from higher wholesale prices and successful expansion and diversification of international electricity distribution activities with the focus on profitability – Operating result higher by 19.2 % achieving significant improvement of contribution margins from electricity sales – Group result increased by 15.0 % due to higher income from investment income and deferred tax adjustments as a consequence of the oncoming corporate tax reform despite positive one-off effects in 2003 – Strongly improved financial power: Operating cash flow increased to 259.5 EURm – Continued degearing: Net gearing improved from 183.0 % to 151.1 % Results (EUR million) Sales revenues 1,465.3 + 22.0 % Operating result (EBIT) 191.3 + 19.2 % Group result 145.3 + 15.0 % Operating Cash flow 259.5 + 3.7 % For further information see the online-interim report under http://www.verbund.at/ end of ad-hoc-announcement (c)DGAP 21.07.2004 ——————————————————————————– WKN: 074640; ISIN: AT0000746409; Index: ATX Listed: Amtlicher Handel in Wien; Amtlicher Markt (General Standard) in Frankfurt; Freiverkehr in Berlin-Bremen und Stuttgart 210900 Jul 04