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Mannheim, 24 September 2004. The impairment tests undertaken by MVV Energie and audited by the auditing company Deloitte with regard to the valuation of the investments and goodwill of MVV Energie based on IFRS have resulted in only minor depreciation requirements. The report published today requires a total amount of Euro three million to be written down.
The scale of the required write-downs is attributable to the fact that a total of Euro 39 million has already been written down in the years following the company's purchase of large shareholdings in municipal utility companies in Offenbach, Solingen and Ingolstadt within the framework of scheduled amortisation of goodwill in line with IFRS. The capitalised earnings value determined in this report therefore corresponds very closely to the remaining book values.
On the basis of this report, MVV Energie does not at present expect any further write-downs to be required on the investments held by the Group. The impairment tests and the commissioning of Deloitte to audit such tests were initiated by the Executive Board of MVV Energie in order to determine the ongoing value of the investments at an early stage in view of the forthcoming annual financial statements as of 30 September 2004.
At Euro 53 million, the one-off restructuring expenses incurred by the MVV Energie Group in focusing on its core businesses of district heating, electricity, gas, water, thermal refuse recycling and energy services relating to its core business are almost exactly in line with the estimated figure of Euro 52 million communicated in advance. All expenses incurred in this context are therefore covered.
The preliminary figures relating to the 2003/04 annual accounts and an outlook for the coming financial year will be published on 1 December 2004.
Contact:
MVV Energie AG
Investor Relations
Luisenring 49
68159 Mannheim,
Tel.:++49(0)621-290-3708
E-Mail: ir@mvv.de
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