Successful 2001

Atel, the energy service provider, reports a successful year in 2001, with consolidated turnover up 28% year-on-year to CHF 4.2 billion and group profit up 22% to CHF 165 million. Its Energy and Energy Services segments performed exceptionally well. The Board of Directors is proposing a dividend of CHF 20 per registered share (prior year: CHF 20).

2001 results

Aare-Tessin Ltd. for Electricity (Atel) turned in a successful performance in a changed marketplace last year, expanding its position in its Energy and Energy Services segments through acquisitions and internal growth. This strategy worked well in terms of expanding the revenue base and its comprehensive range of services for customers. Today the Atel Group is more of a pan-European energy service provider with a strong position in the Swiss market.

The Groups consolidated turnover in 2001 was significantly higher than in 2000 at CHF 4.2 billion (+28%), with the rise mainly due to growth in energy trading business and movements in energy market prices. Earnings before interest and taxes (EBIT) were also significantly higher year-on-year, up 30% to CHF 222 million. Group profit totalled CHF 165 million (+22%). Consolidated cash flow rose to CHF 540 million (+16%) and funding power was noticeably strengthened.

Energy segment: electricity sales see strong growth Electricity sales grew strongly in 2001 to 53 billion kWh (+58%), of which 17 billion kWh related to standardised products. Trading volume amounted to 103 billion kWh based on buying and selling contracts concluded to be fulfilled in the reporting year and over the next few years. Turnover in the Energy segment stood at CHF 2.7 billion (+46%) or 64% of consolidated turnover.

Energy Services segment: increase in turnover The Energy Services segment reported a 4% increase in turnover to CHF 1.5 billion, accounting for 36% of consolidated turnover. Turnover in the Atel Installationstechnik Group (AIT) in Switzerland and the German GAH Group also grew strongly in 2001, with both groups beginning 2002 with healthy order books.Given the increased volatility of markets and new accounting requirements, it is becoming more and more difficult to forecast results. The Atel Group expects turnover to continue growing in 2002 and operating results to be similar to those of 2001.The Board of Directors is proposing an unchanged dividend of CHF 20 per registered share to the Annual General Meeting.

Aare-Tessin Ltd. for Electricity Corporate Communications

Note: Atel will be giving out detailed figures and information on the current financial year at its results press conference on 3 April 2002. The 2002 Annual General Meeting will be held on 25 April 2002 in the Civic Hall in Olten.

Profile of the Atel Group: The Aare-Tessin Ltd. for Electricity group of companies (Atel) based in Olten, Switzerland operates throughout Europe in the energy and energy services segments. It combines its energy trading, production, transmission and distribution operations in its Energy segment, while its Energy Services segment comprises the Zurich-based Atel Installationstechnik Group and Heidelberg-based GAH Group. The Atel Group employs 7,976 staff altogether, of which 590 work in its Energy segment and 7,386 in Energy Services. The Energy segment accounted for 64% and Energy Services 36% of consolidated turnover.