VERBUND AG — Earnings Release 2003

Apr 29, 2003

News Details

Ad-hoc | 29 April 2003 09:00

Österreichische Elektrizitätswirtschafts AG english

Verbund: Results Quarter 1/2003 Ad-hoc-announcement transmitted by DGAP. The issuer is solely responsible for the content of this announcement. ——————————————————————————– Highlights: – Sustainable corporate growth continued – Again improvement in operating performance, profitability, operating return and debt burden – Austrian electricity solution: phase 2 of antitrust proceedings by the European Commission – decision expected by the end of May 2003 – Sales revenues stable – decrease in electricity trading but increase in sales volumes to all marketing segments in Austria and abroad – Good water regime results in high electricity production from hydro power – own generation +11.5 % – Further increase in wholesale electricity prices – spot market prices significantly higher compared to last year (base load: +29 %, peak load: +39 %), further increasing forwards – Operating result +8.8 % – Group result +151 % due to additional income from investments and paper profits from foreign currency liabilities – Cash flow from operating activities and free cash flow significantly up – Net gearing decreased from 268 % to 215 %, EBIT margin up from 13,8 % to 15,2 % Results (EUR million) Sales revenues 596.6 – 1.8 % Operating result (EBIT) 91.0 + 8.8 % Profit before tax 121.2 + 153.5 % Group result 71.5 + 151.4 % Operating cash flow 156.0 + 84.2 % For further information see the online-interim report under http://www.verbund.at/ end of ad-hoc-announcement (c)DGAP 29.04.2003 ——————————————————————————– WKN: 074640; ISIN: AT0000746409; Index: ATX Listed: Amtlicher Handel in Wien; Amtlicher Markt (General Standard) in Frankfurt; Freiverkehr in Berlin-Bremen und Stuttgart 290900 Apr 03