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Dgap-Ad hoc: Österreichische Elektrizitätswirtschafts AG (At000DPA-Datum: 2004-07-21 09:16:14

Verbund: Results Quarter 1-2/2004

Verbund: Results Quarter 1-2/2004

Ad-hoc-announcement transmitted by Dgap. The issuer is solely responsible for the content of this announcement. --------------------------------------------------------------------------------

Results Quarter 1-2/2004

Highlights:

- Significant double-digit earnings growth achieved - Profitable growth in Austria and abroad continued successfully - Activities in Italy further enhanced

- Sales revenues increased by 22.0 % benefiting from higher wholesale prices and successful expansion and diversification of international electricity distribution activities with the focus on profitability - Operating result higher by 19.2 % achieving significant improvement of contribution margins from electricity sales - Group result increased by 15.0 % due to higher income from investment income and deferred tax adjustments as a consequence of the oncoming corporate tax reform despite positive one-off effects in 2003 - Strongly improved financial power: Operating cash flow increased to 259.5 Eurom - Continued degearing: Net gearing improved from 183.0 % to 151.1 %

Results (Euro million)

Sales revenues 1,465.3 + 22.0 % Operating result (Ebit) 191.3 + 19.2 % Group result 145.3 + 15.0 % Operating Cash flow 259.5 + 3.7 %

For further information see the online-interim report under http://www.verbund.at/

end of ad-hoc-announcement (c)Dgap 21.07.2004 -------------------------------------------------------------------------------- WKN: 074640; Isin: At0000746409; Index: ATX Listed: Amtlicher Handel in Wien; Amtlicher Markt (General Standard) in Frankfurt; Freiverkehr in Berlin-Bremen und Stuttgart

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