Very positive share performance


Key Figures per Share	2004/2005	2003/2004	Share of MVV Energie AG (ISIN DE0007255903) Performance Comparison

Earnings (IAS 33) (Euro)	0.67	- 0.86

Price/earnings ratio (IAS 33)	28.8	–

Dividend (Euro)	0.75¹	0.75

Dividend yield² (%)	3.9¹	5.2

Equity³ (Euro)	12.28	12.02


¹ pending approval by the Annual General Meeting on 10 March 2006
² based on closing price in XETRA trading on 30 September
³ excluding minority interests

The share of MVV Energie AG showed a considerable increase in the first months of the 2004/05 financial year up to the Annual General Meeting in March 2005, reaching an interim high of Euro 18.00 per share in XETRA trading. As in previous years, the share price saw a marked decline following the Annual General Meeting, particularly as a result of the payment of the dividend, but stabilised once again a short time later in a range of between Euro 15.00 and Euro 17.00. The announcement of the “FOKUS” efficiency enhancement programme in April gave rise to a strong recovery in the share price, which was accompanied by rising trading volumes and led to an annual high of Euro 19.50 in the course of the summer. Subsequent minor profit taking resulted in the share price declining in XETRA trading to Euro 19.29 at the end of the financial year on 30 September 2005, which nevertheless represented an increase of 34% on the closing price at the end of the previous financial year. Accounting for the dividend payment of Euro 0.75 per share, the performance of the share amounted to 41% over the same period. The lowest closing price during the 2004/05 financial year was recorded on 11 November 2004 at Euro 13.90. We interpret the significant increase in the share price as a sign of the capital market honouring the highly positive earnings performance of MVV Energie AG, as well as our measures to reduce costs.

Our comparative indices, the SDAX and Prime Utilities, rose by 50% and 38% respectively during the 2004/05 financial year. The performance of the MVV Energie AG share was thus more or less consistent with that of the relevant market. In the MDAX ranking list compiled by Deutsche Börse AG, at the end of the financial year the MVV Energie AG share occupied 94th position in terms of its free float market capitalisation and 93rd position in terms of its trading volumes. The MDAX and the SDAX, in which MVV Energie AG is listed, each include 50 companies, and thus 100 companies in total.

Our share’s volume of stock market turnover showed further very pleasing developments. This virtually doubled once again during the financial year to reach Euro 79 million. Rising trading volumes enhance the tradability of a share and thus make it more attractive, especially to institutional investors. Around two thirds of our stock market turnover was undertaken on the XETRA trading system.