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ENERGIE-VERSORGUNG NIEDEROSTERREICH ANNOUNCES FIRST QUARTER RESULTS

 VIENNA, Austria, Feb. 1 /PRNewswire/ -- Energie-Versorgung Niederosterreich ("EVN"), one of Austria's largest public utility companies, today announced first quarter results from Sept. 1 to Nov. 30, 1992.
 Results
 -- Electricity sales up 3.5 percent compared to the same period last
 year.
 -- Gas sales increased by 0.7 percent.
 -- Heat sales rose by 28 percent. Most of this increase is due to
 the expansion of the local heating supply network.
 The continued deterioration of the European economic situation has not left Austria unaffected. However, Austria is still doing well in comparison, especially in Lower Austria where the economic growth will, once again, be well above the overall Austrian average.
 EVN will also not be left unaffected. Nevertheless, the company is well prepared to withstand the downturn in the economy through the flexibility of its investment plans and its ability to identify and utilize specific opportunities for cost-cutting.
 Recent Developments
 -- On Dec. 18, 1992, an agreement was signed to supply
 energy on a co-generation basis to a molasses extraction
 plant belonging to AGRANA Zuckergesellschaft m.b.H in Tulln,
 Lower Austria.
 -- At the beginning of 1993, EVN increased its holding in the
 Allplan Group to 50 percent. Allplan is one of the major
 Austrian planning offices with interests in planning heating,
 ventilation and air-conditioning systems.
 -- The privatization of the Hungarian gas industry has been
 slightly delayed due to organizational changes in Hungarian
 nationalized industry. Progress is, however, expected in the
 next few months. EVN is still very keen to acquire an
 interest. This would represent an attractive expansion of
 activities in the company's core area of business, and would
 make a positive contribution to the future development of the
 enterprise.
 -- A decision by the government of the state of Lower Austria
 which involves the Vienna Electricity Board's supply areas in
 Lower Austria is expected to take place in the very near
 future. It is understood that by transferring supplies to
 EVN considerable economic disadvantages for Lower Austria
 would be removed and would mean a significant expansion in
 EVN's volume of business.
 Development of Sales
 On the energy front, the development of EVN during the first quarter was influenced mainly by three factors:
 -- The continued rapid expansion of the gas and heat supply
 network;
 -- Temperatures which largely corresponded to the average of the
 years, and which were thus slightly below the previous year's
 values; and,
 -- Good water levels, which favored hydroelectric generation.
 Share Price Performance
 EVN shares have been able to perform comparatively well and developed more favorably than the Austrian market as a whole. Over the course of the last year, the price declined by a little over 5 percent, compared with the Vienna Stock Exchange Council Index which fell by nearly 17 percent.
 Outlook
 Overall, the result before taxes for the first quarter of 1992/93 was similar to the figure reported last year. There was a slight increase in operating profit, although this was offset by a small decline in the financial results.
 Notwithstanding the fact that in the energy industry the results of one quarter cannot simply be extrapolated due to seasonal fluctuations, the first quarter does indeed reflect the expected development for the financial year 1992/93 which will be characterized by a slower growth in sales due to more moderate economic expectation.
 ENERGIE-VERSORGUNG NIEDEROSTERREICH
 Development 1992/93 1991/92 Change
 of Sales 1Q 1Q absolute percent
 Electricity (GWh)
 Domestic consumers 687 669 18 2.7
 Special tariff consumers 621 597 24 4.0
 National grid 2 - 2 -
 Electricity sales 1,310 1,266 44 3.5
 Gas (m, m3)
 Local network 97 95 2 2.1
 Industry and third party
 power stations 199 199 - -
 Gas sales 296 294 2 0.7
 EVN power stations and
 internal consumption 69 120 -51 -42.5
 Gas consumption 365 414 -49 -11.8
 Heat (GWh)
 District heating 17 17 - -
 Local heating 15 8 7 87.5
 Heat sales 32 25 7 28.0
 -0- 2/1/93
 /CONTACT: Dr. Wolfgang Christl or Carina Lafite-Rys of Energie- Versorgung Niederosterreich (EVN), 011-43-22-36-200-2400/2752, or Felicia Vonella of Dewe Rogerson Inc., 212-688-6840, for Energie- Versorgung Niederosterreich/


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

PS -- NY013 -- 1169 02/01/93 08:56 EST
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Date:Feb 1, 1993
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