VERBUND AG — Earnings Release 2002

Feb 26, 2003

News Details

Ad-hoc | 26 February 2003 10:00

Österreichische Elektrizitätswirtschafts AG english

Verbund: Results Quarters 1-4/2002 Ad-hoc-announcement transmitted by DGAP. The issuer is solely responsible for the content of this announcement. ——————————————————————————– Verbund: Results Quarters 1-4/2002 Highlights: * Despite a difficult overall business environment significant positive trend on revenues and results extended – distribution of dividends increased * Further improvement of the key figures ROCE, EVA and net gearing * Austrian electricity solution: Phase 2 of antitrust proceedings by the European Commission – decision expected by the end of May 2003 * Sales revenues up significantly mainly due to higher wholesale prices, a favourable water supply and the expansion of domestic sales and sales abroad. * Low cost level maintained despite additional costs for flood damages and devaluation of pension fund assets * Operating result, profit before tax and group result clearly improved * Planned dividend payment 1.40 EUR/share (+12 %) * Operating Cash Flow raised * ROCE: improved from 9.6 % to 10.4 %; Net gearing reduced from 257.2 % to 251.8 %; EVA: value creation of EUR 16 m. Results (EUR m) Sales revenue 2,072.2 + 23.0 % Operating Result (EBIT) 331.1 + 4.5 % Profit before tax 207.9 + 6.9 % Group result 154.9 + 34.3 % Operating cash flow 315.1 + 12.6 % For further information see the online-annual report under http://www.verbund.at end of ad-hoc-announcement (c)DGAP 26.02.2003 ——————————————————————————– WKN: 074640; ISIN: AT0000746409; Index: ATX Listed: Amtlicher Handel in Wien; Amtlicher Markt (General Standard) in Frankfurt; Freiverkehr in Berlin und Stuttgart 261000 Feb 03