EVN AG — Earnings Release 2003

May 28, 2003

News Details

Ad-hoc | 28 May 2003 08:00

EVN AG english

Development of business in the first half of 2002/03 Ad-hoc-announcement processed and transmitted by DGAP. The issuer is solely responsible for the content of this announcement. ——————————————————————————– Development of business in the first half of 2002/03 (October 1, 2002 – March 31, 2002) – Half-year net result slightly down on the preceding year. – Rising energy procurement prices and enhanced competition put pressure on result. – “Austrian gas solution” – EconGas operative since January 2003. – “Austrian electricity solution” – EU decision imminent. – Pilot operation at the new Dürnrohr thermal waste incineration plant. 2002/03 Change HY. 1 % Volumes sold Electricity 1 GWh 5,457 +9.1 Gas 1 m m3 962 -20.4 Heating GWh 620 +9.5 Water m m3 10.5 0.0 EUR m Sales revenues 687.2 -0.4 Operating result (EBIT) 139.0 -13.1 Result before tax 144.3 -7.5 Net result 97.4 -3.1 1 Incl. trading and sales to other energy companies. end of ad-hoc-announcement (c)DGAP 28.05.2003 Issuer’s information/explanatory remarks concerning this ad-hoc-announcement: Sales revenues During the first half of 2002/03, EVN succeeded in largely maintaining its sales revenues at the level of the preceding year. While half-year electricity revenues rose by 3.1% to EUR 334.9 m, sales revenues in the gas area fell by 7.6% to EUR 269.1 m, due to the loss of both the one-off revenues from trading business of the past year and the revenues from key accounts, which are served by EconGas since 1 January 2003, resulting in a periodic shift. Heating revenues rose by 9.9% to EUR 30.1 m. Other sales revenues were also up by 15.9% at EUR 44.5 m, mainly due to an increase in customer plant orders. Altogether, total revenues amounted to EUR 687.2 m, which was 0.4% below the figure of the previous year. Expenditure In spite of the slight fall in sales revenues from the energy sector, expenditure on electricity and primary energy purchases during the period under review rose by 3.2% to EUR 347.3 m. This increase derived from higher costs for primary energy, additional expenses for eco-power and compensatory energy, and above all, higher wholesale electricity prices. Result Mainly, as a consequence of the unfavourable energy purchasing price trend, the operating result (EBIT) did not emulate the unusually high level of the preceding year, falling by 13.1% to EUR 139.0 m. By contrast, there was a continued improvement in the financial result for the first half of 2002/03. The result from investments was down due to closing date deferrals, but this effect was counteracted by positive changes in the valuation of the financial instruments and a marked increase in the result from interest. In net terms, an improvement in the financial result of EUR 9.3 m to EUR 5.2 m was thus achieved. On this basis, the result before tax amounted to EUR 144.3 m, which was EUR 11.7 m, or 7.5%, below the comparable level of the preceding year. Lower allocations to the deferred taxes resulted in a fall in the expenditure on income tax. Consequently, the period net result of EUR 97.4 m was EUR 3.1 m, or 3.1%, below that of the comparable figure for the previous year. Outlook EVN CEO Rudolf Gruber, “Despite the marginal fall in the result, which was caused mainly by competitive pressure and the rise in energy procurement prices, during the first six months, EVN has established a stable basis for business development in the financial year as a whole. EVN will make any endeavour to secure its future earnings power. In addition, with our partners, we are preparing to take advantage of the imminent eastward expansion of the EU. Eastern Austria in particular can expect growth impetus in this regard.” EVN’s Letter to Shareholders for the 1st Half-Year 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 280800 Mai 03