Fiscal year 2001/02 has been marked even more than last year by implementing our expansion strategy. The steps taken in the course of last year have all been oriented to our objective of achieving long-term growth and profitability. By acquiring participations both in Germany and abroad, we have succeeded in broadening our entrepreneurial base and in steadily strengthening our market positions. We now have a customer potential of approx. 1.4 million consumers. With sales of Euro 1.7 billion and earnings before interest and taxes of
Euro 144 million, we have clearly exceeded our most ambitious forecasts and have achieved earnings per share of Euro 1.00. Our dividend yield has also been quite respectable at 5%. We are very satisfied with the results achieved so far and with our strategic advances.

Compared to last year, MVV Energie AG’s stock has gained in value. In fact, we have not fared badly in light of recent developments on the stock market and in comparison to the indicators, by which our progress is measured. MVV Energie AG’s stock is a worthwhile and sound investment — with respect to the dividend earned for our shareholders, as well. However, I also see the challenges that we must face: A larger free float is the most important criterion for increased trading of our shares and thus for gaining additional investors. Nevertheless, my colleagues on the Executive Board and I have consciously refrained from implementing the capital increase resolved at the shareholders‘ meeting during the fiscal year reported here because of the unstable situation on the stock market. We plan to realize this in fiscal year 2002/03 — as the market stabilizes.