Results for the first nine months of 2004

Continued business success at Aare-Tessin Ltd. for Electricity (Atel). Sales in the first nine months of this year were up 37 percent to over CHF 5.1 billion, and Atel continues to expect the full-year figures for 2004 to show a substantial increase in sales over 2003, as well as higher operating profits.

Energy services provider Atel generated net sales of CHF 5.111 billion in the first nine months of 2004, equivalent to a rise of 37 percent in comparison with the comparable period of the previous year. Operating profit (EBIT) rose by 29 percent to CHF 310 million. The consolidated profit (including minority interests) generated by the company to the end of September was CHF 240 million: 49 percent higher than in the comparable period of the previous year. The volume of energy supplied was up 40 percent to 68.040 GWh.

The energy business posted above-average performance in the first nine months of this year. As expected, growth in sales between July and September was slightly weaker than in the first six months. In operating terms, even though the economic environment in both Switzerland and Germany remained difficult, the energy services business performed better than in the comparable period of the previous year. 

This is the first time Atel has published quarterly figures. This is connected with the consolidation of Motor-Columbus AG within the UBS Group, the idea being to bring the company into line with the UBS practice of announcing quarterly figures for the Motor-Columbus/Atel Group. Atel‘s accounting and reporting principles have not changed, and the figures given above are therefore comparable with previous results. The results for Motor-Columbus AG published by UBS, conversely, take account of the effects of the revaluation of the MC/Atel Group by UBS as part of its first-time consolidation.

Aare-Tessin Ltd. for Electricity Corporate Communications