EVN ENERGIE-VERSORGUNG NIEDEROSTERREICH AG ESTABLISHES ADR PROGRAM; FIRST AUSTRIAN SPONSORED ADR
EVN ENERGIE-VERSORGUNG NIEDEROSTERREICH AG ESTABLISHES ADR PROGRAM;
FIRST AUSTRIAN SPONSORED ADR
VIENNA, Austria, Dec. 3 /PRNewswire/ -- EVN Energie-Versorgung Niederosterreich AG, Austria's largest public utility company, today announced the establishment of sponsored American Depositary Receipt program. The sponsored ADRs, which will trade on the over-the-counter market, are the first such securities based on shares of an Austrian company. One share of EVN will equal 5 ADRs. The CUSIP number for EVN's ADR is 269265104.
Commenting on today's announcement, Dr. Rudolf Gruber, chairman of the executive board and chief executive officer of EVN, said: "To meet the growing demand for energy within Austria and the new democracies of Central Europe, EVN must have a strong presence in the international capital markets. The establishment of the ADR program will enhance our presence in this area. Ultimately it will help us expand our core electricity and gas businesses, and diversify our operations to include larger water management, waste management and technical engineering units. We take great pride in being the first Austrian company to establish a sponsored ADR program."
Founded in Vienna 70 years ago, EVN sells electricity and natural gas to the 20 percent of Austria's population that lives in the area around Vienna, the capital city. Since the Lower Austrian government began offering shares of the company to the public in late 1989, 49 percent of EVN's shares have been placed with private investors.
EVN has strong relationships with Eastern and Western Europe, and Japan. In 1968, EVN and other Austrian utilities became the first western company to sign a long-term contract to purchase gas from the Soviet Union, which continues to this day. In 1993, the company will begin importing gas from the North Sea. EVN has always been the trendsetter for environmental issues. Already in the mid-eighties, EVN outfitted its plant west of Vienna with the most sophisticated Japanese denoxation technology found outside Japan. The company's future plans include providing assistance and technological expertise to the new democracies in Czechoslovakia and Hungary.
For the year ended Aug. 31, 1991, revenues from energy sales were ASchilling 9.3 billion ($823 million), a 13 percent increase compared to the previous year. Of this amount, 66 percent came from the sale of electricity, 31 percent from the sale of gas, and the remainder from the growing home heating operations.
Profits after tax for the year ended Aug. 31, 1991, were ASchilling 534 million ($47.7 million), a 9.2 percent increase over the 1990 figure.
The principal market for EVN is the Vienna Stock Exchange, where EVN shares are the third most actively traded issue. EVN is also listed on the stock exchanges in Frankfurt and Munich.
Citibank will act as the depositary for EVN's ADRs. Deutsche Bank Capital Corporation and Creditanstalt International Advisors Inc. have acted as advisors to EVN in the establishment of this ADR program.
/CONTACT: Carina Lafite-Rys of EVN, 43-22-36-200-2752, or Carol Ruth or John McInerney of Dewe Rogerson Inc., 212-688-6840/ CO: EVN Energie-Versorgung Niederosterreich AG ST: IN: UTI SU: FC-KW -- NY034 -- 8726 12/03/91 11:35 EST