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MVV Energie AG

euro adhoc: MVV Energie AG
Quarterly or Semiannual Financial Statements
MVV Energie AG once again shows a Healthy Increase in Results for the 1st & 2nd Quarters of Fiscal Year 2002/03 (E)

Disclosure announcement transmitted by euro adhoc. The issuer is
responsible for the content of this announcement.
Mannheim, May 21, 2003. In the 1st and 2nd quarters of fiscal year
2002/03 (1/10/2002-31/3/2003), MVV Energie AG continued to increase
its earnings and sales compared to the same period last year.
Earnings before interest and taxes (EBIT) more than doubled to Euro
232 million. In a comparison adjusted for one-off factors, the
increase was 15 % to Euro 105 million. Sales increased by Euro 36
million (+ 4 %) to Euro 976 million. This growth in sales primarily
resulted from initial consolidation of new participations and from
greater volume with end-consumers in our interregional electric power
business. Conversely, our energy-trading business decreased in volume
due to the withdrawal of several international trading enterprises
from the market and to the need to adapt our trading strategy to
these new circumstances. For the period reported here, earnings
before interest, taxes, depreciation and goodwill amortisation
(EBITDA) amounted to Euro 294 million, earnings before interest,
taxes and goodwill amortisation (EBITA) to Euro 239 million, earnings
before interest and taxes (EBIT) to Euro 232 million and earnings
before taxes EBT to Euro 205 million. Net earnings after taxes for
this period totalled Euro 174 million, while net earnings after taxes
for this period after deducting minority interests was Euro 169
million. Earnings per share in accordance with IAS rose to Euro 3.33.
A truly conclusive comparison with last year’s figures is only
possible after adjusting for one-off factors, such as the accounting
profit from the sale of our shares in Gasversorgung Süddeutschland
GmbH (GVS) (Euro 140 million) and the one-time expenditures for
restructuring measures to cut costs (Euro 14 million) that are
contained in the above-mentioned indicators. For this purpose, the
figures from the period reported here as well as that of last year
have been ad-justed for all of the proceeds from the GVS sale and
from GVS as a participation, for restructuring expenditures and for
the accounting tax factor resulting from them. After adjustment, the
above-mentioned indicators are as follows: EBITDA: Euro 166 million
(+ 15 %), EBITA: Euro 111 million (+ 16 %), EBIT: Euro 105 million (+
15 %), EBT: Euro 77 million (+ 8 %), net earnings after taxes for the
period: Euro 43 million (- 2 %), net earnings after taxes for the
period after deducting minority interests: Euro 37 million (+ 6 %).
The positive developments in earnings are mainly the result of
contributions from new participations as well as from higher results
in our gas business that were partly affected by weather conditions.
In the fiscal year reported here, MVV Energie AG expects EBIT to grow
by 5% — but without taking the proceeds from the GVS sale and the
restructuring expenditures into account — compared to the results of
last year that have been adjusted for all of the GVS pro-ceeds.
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 21.05.2003

Further inquiry note:

Frank Nagel Tel.: +49(0)621-290-2692 e-mail. f.nagel@mvv.de

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

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