VERBUND AG — Earnings Release 2003

Jul 22, 2003

News Details

Ad-hoc | 22 July 2003 09:00

Österreichische Elektrizitätswirtschafts AG english

Verbund: Results Quarter 1-2/2003 Ad-hoc-announcement transmitted by DGAP. The issuer is solely responsible for the content of this announcement. ——————————————————————————– Highlights: – Operating result and group result show sustainable growth – Continued significant degearing – Approval of the Austrian electricity solution by the European Commission, conditions and obligations without negative impact on expected synergies amounting to EUR40 million – Hydro power generation below average, increased thermal generation – Higher sales revenues (+12 %) – higher volumes in all sales channels, reduced trading volumes – Wholesale electricity prices with stable upward trend – spot market prices: base +18 %, peak +20 %, increasing forwards – Positive financial result – significant debt repayment, lower interest rates and currency gains – Operating result +5 %, group result +55 % – Strong cash-flow from operating activities – Net gearing decreased from 253 % to 207 % Results (EUR million) Sales revenues 1,201.1 + 12.4 % Operating result (EBIT) 160.5 + 5.4 % Group result 126.3 + 54.8 % Operating cash flow 250.3 + 44.3 % For further information see the online-interim report under http://www.verbund.at/ end of ad-hoc-announcement (c)DGAP 22.07.2003 ——————————————————————————– WKN: 074640; ISIN: AT0000746409; Index: ATX Listed: Amtlicher Handel in Wien; Amtlicher Markt (General Standard) in Frankfurt; Freiverkehr in Berlin-Bremen und Stuttgart 220900 Jul 03