Earnings of Major Participations in Municipal Utilities

An important part of our growth is formed by acquiring participations in other utilities. In so doing, we have been focussing on highly profitable energy suppliers both in Germany and abroad, whose core business is similar to our own. In this way, we can take advantage of the potential for synergies in procuring and distributing energy as well as in transferring know-how.

In fiscal year 2002/03, our fully and proportionately consolidated participations contributed to the MVV Energie Group’s economic development with combined sales of Euro 627 million and earnings before interest and taxes (EBIT) of Euro 51 million prior to consolidation. Our domestic participations in Offenbach, Ingolstadt, Solingen and Köthen as well as our corporate groups in the Czech Republic and Poland accounted for the greater part of total sales and EBIT. In fiscal year 2002/03, our participations have expanded their market position and have undertaken important restructuring measures.