AvW Invest AG

euro adhoc: AvW INVEST AG
Quarterly or Semiannual Financial Statements
Results for the first quarter of 2002 (E)

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Results for the first quarter of 2002

The expected improvement in the economic situation of the AvW Group has led to a significant increase in operating income in the financial services business, so that in comparison with the same period during the previous year, the operating profit, profit on ordinary activities and net income over the period have all increased significantly, and operating expenses have been reduced. AvW INVEST AG prepares its accounts in accordance with International Accounting Standards (IAS).

in EUR million                        1-3/2002         1-3/2001*
Operating income                         1.483              0.842
Operating profit                         1.113              0.440
Profit on ordinary activities
before tax                                  0.605              0.060
Net income over the period         0.386              0.030
Operating expenses                      0.319              0.359

*new presentation according to IAS

During the first quarter of 2002, the Group realised significantly more income within its core business operation of financial services. Proceeds from our core financial services business totalled EUR 1.296 million. Equity investment business has been further expanded, via investments in fundamentally good, listed Austian companies. Slight growth was reported in the real estate business.

Outlook The progress in financial services business is above average, so that we can expect good operating income within our core operation. In real estate, negotiations are in progress on a major forestry project and a residential and rented building. AvW expects final contracts to be signed this year. The entire quarterly report of AvW INVEST AG for the first quarter of 2002 is available at www.avw.at.

end of announcement            euro adhoc 22.05.2002

Further inquiry note: Frau Helga Caldera

Branche:        Financial & Business Services
ISIN:            AT0000930409
WKN:              093040
Börsen:         Baden-Württembergische Wertpapierbörse, Deutsche
Börse AG Frankfurt, Wiener Börse AG

Weitere Meldungen: AvW Invest AG

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