Laufenburg/Dietikon, Monday, December 16, 2002
In its past financial year (2001/2002), EGL achieved major increases in both electricity sales (+68%) and net sales (+99%). During the same period EGL generated a net profit of CHF 184.9 million (previous year CHF 96.8 million). Objectives for the current financial year are, firstly, consolidation and further growth in the company's key markets and, secondly, the expansion of activities in the gas business and the Italian market.
In the course of the past financial year (2001/2002), Elektrizitäts-Gesellschaft Laufenburg AG (EGL) pushed up sales dramatically from 35.7 TWh the previous year to 60.1 TWh during the period under review. Net trading sales rose accordingly to CHF 2.794 billion (previous year CHF 1.4041 billion). This growth in volumes was achieved in a market that had suffered an enormous drop in liquidity following the demise of several formerly active trading partners. EGL also managed to maintain its trading mar-gins, which in view of the increase in sales had a positive effect on gross profits and the net result.
Gross profit for the year stood at CHF 198.6 million (previous year CHF 121.9 million). After taking other operating income and expenses into account, this produced an operating income of CHF 116.4 million (previous year CHF 61.5 million) before value adjustments. Operating income after value ad-justments (EBIT) totalled CHF 130.2 million (previous year CHF 61.5 million). The value adjustments required under IAS were necessitated by the higher valuation of the Group's interests in electricity-producing partner plants. The financial result of CHF 68.3 million net consists largely of the dividend paid by d-Holding. The consolidated net profit of CHF 184.9 million (previous year CHF 96.8 million) is equivalent to an earnings-to-equity ratio of 25%. The Board of Directors will be proposing a dividend of CHF 11 per share (previous year CHF 6.50)
With the exception of the above-mentioned CHF 13.9 million value adjustment, which led to the partial dissolution of provisions for long-term purchase obligations, the only real effect on the balance sheet was the growth in business and the increase in profits. Shareholders' equity increased to 49.3% (previous year 46.6%) while net liquidity showed an even more impressive 139% rise to CHF 364.6 million (previ-ous year CHF 152.5 million.
Today, EGL has the staff and financial resources it needs to continue focusing on a number of promis-ing power trading projects as well as on building up its gas operations and local electricity production in Italy. For the current business year (2002/2003), EGL does not anticipate much growth, if any, in power sales and expects the operating result to remain more or less unchanged. After the sizeable divi-dends paid by d-Holding in the past, future financial results will be much reduced.
Further information
Lilly Frei
Head of Corporate Communications
Tel.: +41 44 749 41 21
lilly.frei@egl.eu
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