AvW Invest AG

euro adhoc: AvW INVEST AG
AvW Invest AG: 2003 preliminary results (E)

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AvW reports strong financial results for the 2003 fiscal year. The company prepares its financial statements in accordance with IAS and observes the accounting proposals applicable to banks.

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In EUR million                                 2003              2002

Operating result                            2.670            1.769
Operating expenses                         1.872            1.333
Earnings before tax
(result on ordinary activities)    2.259            0.500
Net income for the year                 1.523            0.427
Accumulated profits                        2.601            1.397
Workforce                                          140                107
Balance sheet total                      18.428          18.514
Equity capital                              16.932          15.823

Equity ratio                                  91.9%            83.3%
Earnings per share in EUR                0.51              0.14
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Market situation of the AvW Group The core business of financial services and the equity investment segment produced significantly improved results in 2003. In the real estate segment, AvW continued to consistently increase its level of assets and also expanded its real estate holdings.

Outlook AvW plans to further expand its core business of financial services in Austria and Germany and to provide high-quality consulting services to the company’s clients. The positive trend in the equity investment business is expected to continue, and value/growth stocks will continue to produce profitable results in the future. In the real estate business, AvW will continue to seek out and acquire favourably valued real estate properties.

The company’s definitive figures will be published on April 7, 2004. AvW’s ordinary shares (AVWI.VI) are listed on the ATX prime index on the Vienna stock exchange under the specialist group Banks and on the ViDX, the AvW preference shares (AVWI_p.VI) are listed on the Auction Market.

end of announcement            euro adhoc 09.03.2004
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Further inquiry note: AvW INVEST AG Mag. Alexandra Anthofer http://www.avw.at

Branche: Financial & Business Services
ISIN:      AT0000930409
WKN:        093040
Index:    Prime.market
Börsen:  Wiener Börse AG / official dealing
              Baden-Württembergische Wertpapierbörse / free trade
              Frankfurter Wertpapierbörse / free trade



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