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EVN ANNOUNCES FIRST QUARTER RESULTS

 VIENNA, Jan. 17 /PRNewswire/ -- Energie-Versorgung Niederosterreich, one of Austria's leading utility companies, today announced results for the first quarter ended Nov. 30, 1993.
 Highlights
 In the first quarter of the 1993/4 financial year, EVN performed consistently well with increases in all core sectors.
 -- Electricity sales increased by 3.5% to 1,356 GWh
 -- Gas sales were up by 3.0% to 305 million m3
 -- Heating sales increased by 12.5% to 36 GWh
 Development of Sales
 Electricity -- Sales rose by 3.5% during the first quarter with a 6.7% rise in sales to published-tariff customers. Despite the generally difficult overall economic situation sales to special-rate customers remain on a par with the previous year's level.
 Gas -- Sales of natural gas to local network consumers were 18.6% higher than in the first quarter of the previous year as a result of both a rapid expansion in the supply network and the early onset of cold weather. The 4.5% decline in combined sales figures for deliveries of natural gas to industrial consumers and third-party power stations results from a reduced requirement by power stations for supplementary energy due to good hydroelectric production conditions. Sales to industrial consumers alone, however, increased by more than 4%.
 Heating -- The 12.5% rise in heating sales is attributable largely to lower temperatures and to continued rapid expansion of the local heating network. District heating sales rose 5.9% and local heating sales rose 20%.
 Share Price Performance
 Developments on the Vienna Stock Exchange have been generally positive with the EVN share performing particularly well. In the first quarter of the 1993/4 financial year the EVN share price rose 33.4% from AS 1,084 to AS 1,446. On January 12, 1994, it reached an all-time high of AS 1,701.
 Outlook
 Commenting on the outlook for 1994, Dr. Rudolf Gruber, Chairman, said, "Although an energy supply company's part-period results are naturally strongly influenced by seasonal variations and weather conditions, the increase in EVN's result from normal business operations bodes well for a continued rise in earnings over the remainder of the year.
 "An important factor in our company's future development will be the degree to which we can take advantage of the opportunities arising out of economic restructuring currently going on in eastern Central European countries. Although privatization of energy industries has been repeatedly delayed in the past, we now have reason to believe that decisive steps will be taken during 1994. EVN is interested in participating in the privatization of electricity and gas supply companies operating in areas adjacent to its own, and it has already registered this interest with the parties in question. Such participations could also open up the possibility of cooperations with other European energy supply companies.
 "Austria's referendum on the country's membership of the European Union promises to be the major event of 1994, and EVN is well-prepared for Austria to play a role in a united Europe. With strong, consistent growth in its core business areas and carefully targeted diversification EVN is on a solid footing for meeting the challenges of the future."
 In November 1993, in recognition of the special attention it pays to the needs of private investors, EVN was awarded the "1993 Vienna Stock Exchange Prize for best service to private shareholders" -- an honor the company intends to continue to live up to by improving the degree of transparency it presents toward private shareholders and institutional investors.
 ENERGIE-VERSORGUNG NIEDEROSTERREICH
 Development of Sales 1993/94 1992/93 Change %
 1st Qtr 1st Qtr Absolute
 Electricity (GWh)
 Published-tariff
 consumers 733 687 46 6.7
 Industrial-tariff
 consumers 621 621 0 0
 National grid 2 2 0 0
 Electricity Sales 1,356 1,310 46 3.5
 Gas (m, m3)
 Local network 115 97 18 18.6
 Industrial and third-party
 power stations 190 199 -9 -4.5
 Gas Sales 305 296 9 3.0
 EVN power stations
 and internal consumption 78 69 9 13.0
 Gas consumption 383 365 18 4.9
 Heating (GWh)
 District heating 18 17 1 5.9
 Local heating 18 15 3 20.0
 Heating sales 36 32 4 12.5
 -0- 1/17/94
 /CONTACT: Dr. Georg Male, Investor Relations of EVN, (43) 22 36 200 2734; or Andrew Dewar or Louise Inwood of Dewe Rogerson London, (44) 71 638-9571; Felicia Vonella of Dewe Rogerson New York, 212-688-6840; or Camille de Wounters of Dewe Rogerson Paris, (33) 1 42 60 12 22/


CO: Energie-Versorgung Niederosterreich ST: IN: UTI OIL SU: ERN

JG-HO -- NY025 -- 2458 01/17/94 10:34 EST
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Date:Jan 17, 1994
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