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MVV Energie AG

euro adhoc: MVV Energie AG
Quarterly or Semiannual Financial Statements
Growth of MVV Energie AG in FY 2001/02 exceeds Forecasts/ Record Results in Sales, EBIT and Earnings per Share (E)

--------------------------------------------------------------------- Disclosure announcement transmitted by euro adhoc. The issuer is responsible for the content of this announcement. ---------------------------------------------------------------------

Mannheim, December 4, 2002. According to tentative figures from its IAS financial statements, MVV Energie AG achieved new peaks in sales and earnings in fiscal year 2001/02 (1/10/2001-30/9/2002) and exceeded its own forecasts (Sales: Euro 1.5 billion, EBIT: Euro 141 million). Sales rose by Euro 499 million (+ 42 %) to Euro 1 679 million. Earnings before interest, taxes, depreciation and goodwill amortisation (EBITDA) amounted to Euro 258 million for the period reported here; earnings before interest, taxes and goodwill amortisation (EBITA) were Euro 155 million; earnings before interest and taxes (EBIT) totalled Euro 144 million; and earnings before taxes (EBT) reached Euro 100 million. Net earnings after taxes were Euro 57 million and net earnings after taxes after deducting earnings from participations amounted to Euro 50 million. Earnings per share in accordance with IAS rose 96 % to Euro 1.00 compared to the adjusted result of Euro 0.51 last year (unadjusted earnings per share last year: Euro 0.76). The healthy growth in sales primarily resulted from expanded electric power wholesaling, from marketing successes in our interregional power business as well as from initial consolidation of participations in Solingen, Ingolstadt, Brno and Bydgoszcz. Comparison of the key economic indicators mentioned above was affected to a large extent by one-time factors last year, which developed in conjunction with the sale of a stock package in EnBW AG. The result of this was a positive one-time impact on earnings before interest and taxes (EBIT) of Euro 27 million last year. Despite the high figures that resulted from EBIT last year, nearly all of the key indicators of MVV Energie AG have continued to improve. The following comparison will first show the changes in the corresponding results when adjusted for this one-time factor and then the corresponding unadjusted figures will be shown in brackets: EBITDA: + 25 % (- 11 %), EBITA: + 38 % (+ 12 %), EBIT: + 36 % (+ 8 %), EBT: + 37 % (+/- 0 %), net earnings after taxes: + 84 % (+ 33 %), net earnings after taxes after deducting earnings from participations: + 92 % (+ 32 %). The positive developments in earnings resulted from contributions made to results by newly consolidated participations, from higher net income from participations and from improved results in our district-heating and energy from waste business. For fiscal year 2002/03, MVV expects sales of over Euro 2.0 billion. Conversely, developments in earnings will be primarily dependent on the approval of the EU Commission on the planned sale of GVS shares. Should the sale not be approved, we would expect EBIT to grow by about 5 %. Should the sale actually take place, EBIT would then be significantly higher thanks to the resulting accounting profit. The final figures on net earnings after taxes for fiscal year 2001/02 will be published at a financial results conference on February 6, 2003.

Contact: MVV Energie AG Investor Relations Tel. +49(0)621-290-3708 E-Mail: ir@mvv.de Internet: www.mvv-investor.de

end of announcement            euro adhoc 04.12.2002
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Further inquiry note: Frank Nagel Te.: +49(0)621-290-2692 e-mail. f.nagel@mvv.de

Branche: Energy
ISIN:      DE0007255903
WKN:        725590
Index:    SDAX, SMAX
Börsen:  Bayerische Börse / free trade
              Berliner Wertpapierbörse / free trade
              Börse Düsseldorf / free trade
              Hamburger Wertpapierbörse / free trade
              Baden-Württembergische Wertpapierbörse / official dealing
              Frankfurter Wertpapierbörse / official dealing



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