Results from the Olten-based Atel Group for the first six months of 2004 are well ahead of expectations. Atel generated revenue of CHF 3.4 billion, 47% more than in the first half of 2003. This strong rise is mainly due to the positive trend in the energy business: the volume of energy supplied rose by 52% to 47,400 gigawatt hours. Operating profit (EBIT) grew by 11% to CHF 210 million. In the light of this excellent first half, Atel expects its full-year operating performance in 2004 to be slightly ahead of the previous year.
Atel is announcing these provisional figures in connection with the publication of the mandatory take-over offer to Atel shareholders by UBS. The detailed interim report for H1 2004 is expected to be published on 20 August 2004.
Aare-Tessin Ltd. for Electricity Corporate Communications
Appendix:
The following key financial figures from the Atel Group for the first half of 2004 are now available. They are provisional and have not yet been audited.
| Total Group sales | CHF 3.450 billion |
| Energy sales | CHF 2.800 billion |
| Energy Services sales | CHF 645 million |
| Energy supplied | 47,400 GWh |
| Group cash flow | CHF 275 million |
| Group free cash flow * | CHF 240 million |
| Group EBIT | CHF 210 million |
| Net capital expenditure | CHF 65 million |
| Group shareholders' equity | CHF 1.895 billion |
* cash flow less expenditure on replacement plant