During the course of the past financial year (2002/2003), Elektrizitäts-Gesellschaft Laufenburg AG (EGL) increased sales from 60.1 TWh the previous year to 71.1 TWh. Net sales rose to CHF 3.506 billion (previous year CHF 2.794 billion). Group trading margins also increased, which reflected positively in gross and net profits.
EGL recorded a gross profit for the year of CHF 296 million (previous year CHF 198.6 million). After taking other operating income and expenses into account, this produced an net operating income of CHF 186.1 million (previous year CHF 116.4 million). Operating result after value adjustments totalled CHF 208.3 million (previous year CHF 130.2 million). The value adjustments of CHF 22.2 million required under IFRS were necessitated by the higher valuation of the Group's interests in electricity-producing partner plants. The net financial income of CHF 32.1 million was generated from the investment of liquid assets and other investments. The consolidated net profit of CHF 206.6 million (previous year CHF 184.9 million) translates to earnings-to-equity ratio of 20.3%. The Board of Directors will be proposing a dividend of CHF 15 per share (previous year CHF 11)
Apart from the above-mentioned value adjustment of CHF 22.2 million, which led to the partial dissolution of provisions for long-term purchase obligations, the balance sheet was improved by the increased valuation of equity investments as well as the growth in business and the increase in profits. Shareholders' equity increased to 51.7% (previous year 49.3%) and net liquidity improved by 48.3% to CHF 540.6 million (previous year CHF 364.6 million). This gives EGL a sound financial footing for the investments required to further develop its operations.
Building on these solid foundations, EGL will continue to focus on promising power trading projects, gas trading and local electricity production in Italy. For the current business year (2003/2004) EGL expects consolidation in its operating performance and a stable development in its financial results.
In order to focus more clearly on the implementation of its strategic goals, EGL will be making a number of changes to its organizational structure to take effect from 1 January 2004:
Mr Hans Achermann, a member of EGL's Executive Management since 1997, will be retiring from this body on 31 December 2003. In future Mr Achermann will have new duties and responsibilities within the Axpo Group.
Ms Claudia Wohlfahrtstätter and Mr Joachim Conrad will become new members of EGL's Executive Management with effect from 1 January 2004.
Ms Wohlfahrtstätter has been in charge of the Human Resources & Services department since 2000 and in this capacity is also responsible for corporate communications. She will continue to head up these operations in future as a member of Executive Management.
Mr Conrad, a German citizen, with many years of experience in the international gas business, set up our gas division commencing autumn 2002. This is scheduled to become an independent unit under his management on 1 January 2004.
Further information
Lilly Frei, Head Corporate Communications
Tel. +41 (0)44 749 41 21
lilly.frei@egl.eu
