Mannheim, August 18, 2003. In the first 3 quarters of 2002/03 (1/10/2002-30/6/2003), MVV Energie has once again increased its sales and earnings compared to the same three quarters last year. Earnings before interest and taxes (EBIT) more than doubled to Euro 252 million. EBIT adjusted for one-off factors increased by 24% to Euro 123 million compared to the same period last year, despite high investments in renewable energy. Sales went up Euro 34 million (+ 3 %) to Euro 1 346 million. This sales growth primarily resulted from higher sales volume to end-consumers in our interregional electric power business and our rising business in multi-utility services as well as from initial consolidation of new participations. Conversely, sales in our power wholesaling business decreased due to the withdrawal of several international trading firms from the market and the resulting trading strategies adapted to the changed situation. For the period reported here, earnings before interest, taxes, depreciation and goodwill amortisation (EBITDA) amounted to Euro 344 million, earnings before interest, taxes and goodwill amortisation (EBITA) to Euro 262 million and earnings before taxes (EBT) to Euro 211 million. Net earnings after taxes for this period after deducting minority interests totalled Euro 168 million. Earnings per share in accordance with IAS rose to Euro 3.32 Euro. These figures include one-off factors, such as the accounting profit from the sale of our shares in Gasversorgung Süddeutschland GmbH (Euro 140 million) and the one-off expenditures for measures to enhance competitiveness (Euro 12 million).

To obtain a conclusive comparison, both the figures for the period reported here as well as those for the first 3 quarters of 2001/02 have been adjusted for all of the proceeds from GVS, for the measures to enhance competitiveness and for the accounting-tax factors resulting from them. The indicators thus adjusted show significant increases compared to last year: EBITDA: Euro 215 million (+ 18 %), EBITA: Euro 133 million (+ 24 %), EBIT: Euro 123 million (+ 24 %), EBT: Euro 83 million (+ 24 %), net earnings after taxes for the period after deducting minority interests: Euro 37 million (+ 19 %), earnings per share: Euro 0.73 (+20%). The positive developments in earnings are mainly the result of improvements in earnings in our electric power, district-heating, water and multi-utility services segments that were partially affected by initial consolidation. For the entire fiscal year reported here, MVV Energie is still expecting EBIT to grow by a total of 5% on an adjusted basis - i.e., without taking any of the proceeds from GVS or the expenditures for measures to enhance competitiveness into account. MVV Energie is also expecting growth in sales compared to last year; however, it is assuming that the Euro 2 billion figure originally forecast for the entire fiscal year will probably not be achieved, inter alia, because of the substantially decreasing, market-related volume in power trading. Nevertheless, this will not have any impact on our profitability or on our continued organic growth.

The comprehensive quarterly report for this period can be accessed at: continues

Contact:
MVV Energie AG
Investor Relations
Luisenring 49
68159 Mannheim,
Tel.:++49(0)621-290-3708
E-Mail: ir@mvv.de