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EVN ANNOUNCES INTERIM RESULTS

 VIENNA, Austria, April 26 /PRNewswire/ -- Energie-Versorgung Niederosterreich ("EVN"), one of Austria's largest public utility companies, today announced interim results for the six months ended Feb. 28, 1993.
 Highlights.
 -- Results from ordinary activities is 12.1 percent higher than for the comparable period in 1991/92, in spite of the overall economic slowdown.
 -- Sales in all power areas rose, with revenues up 4.7 percent:
 - Electricity sales up 2.7 percent
 - Gas sales up 6.2 percent
 - Heating sales up 15.7 percent
 - Cash flow up 12.5 percent
 Sales and sources of energy.
 During the first six months, the development of EVN's energy business was influenced by:
 -- the continued rapid expansion of natural gas and heating networks;
 -- colder weather than in the previous year;
 -- continued favorable conditions for hydroelectric generation.
 Therefore, electricity revenues rose 3.4 percent to AS 3.8 billion, mainly due to increased volumes.
 Natural gas revenues to the local network rose 6.3 percent to AS 1.9 billion.
 Heating revenues increased overall by 15.7 percent to AS 46 million, due to the expansion of local heating networks.
 Developments in the first half of the year.
 EVN has reached agreement with UHER, a subsidiary of Siemens, to undertake field trials for a fully electronic gas meter. EVN is the first power supplier in Continental Europe to put these high-tech devices into practice, as is British Gas in the United Kingdom.
 Despite the general economic slowdown, EVN subsidiaries continue to perform well.
 -- The Hungarian joint venture with the Scandinavian pipe manufacturer, Uponor, entered into in March 1992, will end its first financial year in profit.
 -- Grafo Tech and SEV are expected to perform well during 1992/93.
 -- Rohol Aufsuchungs Aktiengesellschaft ("RAG") will show a profit for the year 1992 despite the current slump in petroleum and gas prices, and significant drilling costs.
 Progress over the privatization of Hungary's gas industry has been slow over the last few months and although further discussions are expected to take place, it is unlikely that the tender stage will be completed during the second half of 1993. However, EVN is still keen to acquire an interest which would represent an attractive expansion in EVN's core business.
 Share Price Performance.
 Revived interest in Austrian stock on the part of foreign investors and lower domestic interest rates following a cut in the key interest rates improved the general climate on the Vienna Stock Exchange and during the first two months of 1993, EVN's stock benefitted from this by rising more than 16 percent.
 Another clear indicator of interest in EVN's stock is its trading volume which from December 1992 to February 1992 reached AS 3.8 billion, a 34 percent increase over the previous year.
 Because of the high level of international interest, EVN stock has been traded on SEAQ International in London since March 1993.
 Outlook.
 The last few months have seen the continued deterioration of the economic climate in the European Community, with major uncertainty due not least to the problems Germany faces in financing its reunification. However, signs of a gradual global economic recovery are appearing as the US economy picks up.
 Forecasts of Austrian economic growth have had to be revised downward several times over the last few months. The two major Austrian economic research institutes predict zero growth for overall Austrian GDP in 1993. However, in Lower Austria, EVN's supply area, current forecasts now predict approximately one per cent growth. This is due to the fact that this part of Austria is less dependent on the ailing German economy.
 These half-year results once again show the degree to which the energy industry is dependent on seasonal and weather related factors. Cold weather during the second quarter brought a major increase in sales and the cost of electricity generation was heavily dependent on the prevailing conditions for hydroelectric power generation.
 Although one cannot simply extrapolate a future trend from business results in the first half-year, the good result during the period under review do provide a solid base for the final results for the entire financial year.
 ENERGIE-VERSORGUNG NIEDEROSTERREICH
 EVN in Figures
 1992/93 1991/92 1991/92 1990/91
 1st Half 1st Half
 Electricity
 Electricity sales GWh 2,798 2,725 5,091 4,875
 Electricity revenues ASm 3,798 3,673 6,733 6,111
 Gas and heating
 Gas consumption m.m3 906 947 1,415 1,551
 Gas sales m.m3 756 712 1,103 1,170
 Gas revenues ASm 1,945 1,830 2,751 2,850
 Heating sales GWh 81 70 106 100
 Heating revenues ASm 46 40 65 58
 Company as a whole
 Total gross income ASm 6,160 5,874 10,231 9,663
 Avg. size of workforce
 during the year(A) no 3,103 3,220 3,200 3,273
 Net balance
 sheet total ASm 21,907 21,472 21,366 20,351
 Investments in
 fixed assets ASm 1,027 996 1,908 1,884
 Share capital ASm 950 950 950 950
 Equity capital ASm 12,141 11,780 11,351 11,093
 Cash flow ASm 1,544 1,373 2,178 1,901
 Result from ordinary
 activities ASm 1,191 1,062 712 707
 Net dividend ASm - - 181 171
 Net dividend Percent - - 19 18
 Stock exchange indicators
 (OVFA - Austrian Association
 of Financial Analysts)(B)
 Earnings/share AS --(C) --(C) 74 64
 Dividend/share AS --(C) --(C) 19 18
 Cash flow/share AS --(C) --(C) 233 208
 Book values/share AS --(C) --(C) 1,195 1,168
 Price at the end of August,
 respectively the
 end of February AS 814 846 739 857
 Highest price AS 837 899 899 902
 Lowest price AS 692 756 654 583
 Value of shares
 traded (Vienna Stock
 Exchange) ASm 7,120 5,014 11,161 12,241
 (A) On a full-time basis.
 (B) Based on nominal AS 100 due to 1:10 share split.
 (C) It would be misleading to give any half-year figures in view of the high seasonal fluctuations in the energy industry.
 Income and expenditure 1992/93 1991/92
 First First
 Half Half Change
 AS m AS m AS m Percent
 Sales revenues 5,956 5,686 270 4.7
 Other operating income 204 188 16 8.5
 Total gross income 6,160 5,874 286 4.9
 Electricity purchases &
 primary energy sources -2,366 -2,337 -29 -1.2
 Materials and suppliers -352 -341 -11 -3.2
 Employment -1,357 -1,305 -52 -4.0
 Depreciation -690 -629 -61 -9.7
 Other operating expenditure -233 -231 -2 -0.9
 Operating result 1,162 1,031 131 12.7
 Financial result 29 31 -2 -6.5
 Results from ordinary
 activities 1,191 1,062 129 12.1
 Balance sheet structure 2/28/93 2/29/92 Change
 AS m AS m AS m Percent
 Assets
 Fixed assets 18,903 17,595 1,308 7.4
 Current assets 3,004 3,877 -873 -22.5
 Balance sheet total 21,907 21,472 435 2.0
 Liabilities & shareholders' equity
 Share capital 950 950 0 0.0
 Reserves 11,191 10,830 361 3.3
 Equity capital 12,141 11,780 361 3.1
 Long-term debt 6,811 6,268 543 8.7
 Short-term debt 2,955 3,424 -469 -13.7
 Total liabilities 9,766 9,692 74 0.8
 Balance sheet total 21,907 21,472 435 2.0
 Development of sales 1992/93 1991/92 Change
 1st Half 1st Half absolute Percent
 Electricity (GWh)
 Published-tariff consumers 1,622 1,559 63 4.0
 Industrial-tariff consumers 1,157 1,138 19 1.7
 National grid 19 28 -9 -32.1
 Electricity sales 2,798 2,725 73 2.7
 Gas (m, m3)
 Local network 312 285 27 9.5
 Industry and third party
 power stations 444 427 17 4.0
 Gas sales 756 712 44 6.2
 EVN power stations and
 internal consumption 150 235 -85 -36.2
 Gas consumption 906 947 -41 -4.3
 Heating (GWh)
 District heating 43 45 -2 -4.4
 Local heating 38 25 13 52.0
 Heating sales 81 70 11 15.7
 NOTE: The Letter to Shareholders for the period Sept. 1, 1992 to Feb. 28, 1993 will be mailed in a few days.
 -0- 4/26/93
 /CONTACT: Dr. Wolfgang Christl or Carina Lafite-Rys of Energie- Versorgung Niederosterreich, 011-43-22-36-200-2400, or 2752; or Felicia Vonella of Dewe Rogerson Inc., 212-688-6840, for EVN/


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

SH -- NY039 -- 0596 04/26/93 10:55 EDT
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