MVV Energie AG — Earnings Release 2001

May 17, 2001

News Details

Ad-hoc | 17 May 2001 08:16

Ad hoc-Service: MVV Energie AG english

Ad hoc announcement transmitted by DGAP. The issuer is solely responsible for the content of this announcement. ——————————————————————————– Healthy Corporate Growth of MVV Energie AG in the First Two Quarters of 2000/01 Mannheim, May 17, 2001. MVV Energie AG has once again succeeded in expanding its strong position as well as accelerating its growth as an energy-distribution utility and value-added services provider during the first two quarters of fiscal year 2000/01. Compared to last year, sales went up 73% to DM 1.185 billion. Not counting the initial consolidation of Energieversorgung Offenbach AG (EVO), sales for the first two quarters rose by 36% to DM 936 million. This healthy growth in sales can be mainly attributed to our expanded power trading, higher natural gas sales and to additional sales successes in the marketplace with our business in value-added services. Earnings before interest and taxes (EBIT) improved by 128% to DM 318 million despite a drop in profits in our electric power business due to unusually mild weather. Net earnings after taxes rose 102% to DM 137 million. The main reason for the healthy growth in earnings was the proceeds from the sale of our EnBW stock. After deducting the book value, these one-time proceeds of DM 220 million will be used to finance additional participations in energy-distribution utilities and investments in renewable energy. In this reporting period, restructuring measures were implemented, which, while DM 63 million in costs were charged to EBIT, were still offset by the proceeds from selling the EnBW shares. These measures, which will be followed by additional ones in the next two quarters, are expected to have a positive impact on future results. The EBIT of this year, when adjusted for such special factors as the stock sale, EVO consolidation and the restructuring measures, increased by 7% compared to the EBIT of last year when adjusted for released provisions. In addition to its core business as a distribution utility, MVV Energie AG intends to create a second mainstay for itself with renewable energy. In November 2001, MVV plans to place additional shares on the capital market from the holding of the City of Mannheim. When adjusted for the special factor involved in the EnBW stock sale, figures on the results of 2000/01 achieved thus far are within the frame-work of our planning for this fiscal year. Contact: MVV Energie AG Investor Relations Tel. +49(0)621-290-2392 or -3708 E-Mail: ir@mvv.de Internet: www.mvv-investor.de end of ad hoc announcement (c) DGAP 17.05.2001 ——————————————————————————– WKN: 725590; Index: SDax Listed: Amtlicher Handel in Frankfurt (SMAX) und Stuttgart; Freiverkehr in Berlin, Düsseldorf, Hamburg und München 170816 Mai 01