Atel Group: provisional figures

Energy services provider Atel once again achieved vigorous growth in the first half of 2004. Initial provisional figures from the Group show that sales were up by some 50% in comparison with the first half of 2003 in terms of both revenue and volume.

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