The situation on the stock market proved to be inconsistent during fiscal year 2002/03. The climate on stock exchanges was rather weak and plagued by uncertainty until mid-2003 when a slight upturn followed. In fiscal year 2002/03, MVV Energie‘s stock rose 1.5% from Euro 15.02 as of September 30, 2002, to Euro 15.25 as of September 30, 2003. During the same period, the SDAX gained 34.6% despite substantial fluctuations, while the Prime Utilities dropped 11.6%. Compared to these indices, MVV Energie‘s stock experienced satisfactory developments in its share price and little volatility during the fiscal year reported here after two above average years. We attribute this to sound developments in our earnings as well as excellent economic indicators, e.g., the dividend yield and the high book value of our shares.

Our stock also experienced an increase in share price towards the end of the 2nd quarter of fiscal year 2002/03 in advance of paying out the dividend. The drop in the share price coincided as usual with payment of the dividend. However, we were able to regain this drop thanks to an overall friendlier climate on the stock market in the second half of fiscal year 2002/03. The annual high for MVV Energie’s shares was Euro 16.00 (Euro 16.51 last year); the annual low was Euro 13.50 (Euro 13.82 last year).