VERBUND AG — Earnings Release 2005

Apr 26, 2005

News Details

Ad-hoc | 26 April 2005 08:31

VERBUND: Quarter 1/2005: Verbund increases results significantly

Ad hoc announcement VERBUND: Quarter 1/2005: Verbund increases results significantly Ad hoc announcement transmitted by DGAP. The issuer is solely responsible for the content of this announcement. —————————————————————————— Sales revenue increased to EUR 874.2 million (+ 20.1 %), operating result rose to EUR 134.0 million (+ 21.4 %), and group result improved to EUR 96.7 million (+95.7 %) The positive business trend at Verbund, Austria’s leading electricity supplier, continued in quarter 1/2005. Once again, the result developed positively with robust double-digit growth rates. This is largely attributable to the increase in the electricity wholesale prices in Europe as a result of the steep rise in oil and gas prices. The average forward prices for baseload and peakload products were up 19.5 % and 12.4 % respectively on the values reported in the corresponding period the previous year. In spite of the keen international competition, the price increases were successfully passed on to customers in Austria and abroad by way of market price indexed contracts. The result was negatively impacted by a 6 %-points drop in generation from hydropower as well as by the reduction in the grid tariffs imposed by the electricity regulator. Results (EUR million) Sales revenues 874.2 +20.1 % Operating result (EBIT) 134.0 +21.4 % Group result 96.7 +95.7 % Net Gearing (%) 131.5 +17.1 % Economic Value Added (EVA) 62.7 +57.2 EURm Österreichische Elektrizitätswirtschafts AG Am Hof 6A 1010 Wien Austria ISIN: AT0000746409 WKN: 074640 Listed: Amtlicher Handel in Wien; Amtlicher Markt (General Standard) in Frankfurt; Freiverkehr in Berlin-Bremen und Stuttgart End of ad hoc announcement (c)DGAP 26.04.2005 260831 Apr 05