Results for the quarters 1 - 3/2000 according to IAS

The deciding factors were considerable growth in the international business on the one hand and continued rationalization measures on the other hand. This trend was supported by a beneficial water regime in the reporting period (hydro coefficient 1.09 versus 1.07 in last year’s reference period, 1.0 in the 3rd quarter of 2000).

The sales volume increased (including power trading, +16.5%) and the sales revenues amounted to 924.06 million EUR in the first 3 quarters of 2000 (-1.6%). Whereas electricity sales revenues in Austria decreased by 23%, a growth of about 95% was recorded in the international business.

The increase in expenses for electricity purchases (+10.2%) and fuels (+29.7%) is a result of the increase in power trading and lower own production due to the lower water regime, which was only at an average in the 3rd quarter.

The average number of employees in the group was 3,517 in the first 9 months, which means a reduction by 258 (-6.8 %). Personnell expenses were further reduced considerably, namely by 14.6 % to 251.55 million EUR.

Thanks to the factors mentioned above the operating result was maintained at the level of last year’s reference period, reaching 223.10 million EUR. (-1.6%).

Non cash-effective exchange losses in the amount of 59.77 million EUR, contingent on the reporting date, have a marked impact on the financial results. In the aggregate, the financial performance was 7% lower, amounting to -149.68 million EUR.

Therefore profit before tax decreased by 15.5% to 73.42 million EUR, profit after tax by 14.4% to 50.59 million EUR. The operating cash flow amounted to 243.16 million EUR, reaching 88.7 % of the total annual cash flow of 1999.