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Atel Group achieves strong 2001 half-yearly results

Atel, an energy group active in Europe, significantly increased its profit to 109 million CHF, on the basis of increased turnover. This represents an increase of 30% compared to the first half of the previous year. Consolidated sales increased by 17% to 1.8 billion CHF.

Atel took advantage of the current market situation and increased its trading volume, despite an increase in competition for new clients in the continual liberalisation of the electricity market. Atel maintained its position in the Energy Service segment by exceeding expected results.

Consolidated results The Atel Group performed well in the first half of 2001. Consolidated turnover increased by 17% to 1.8 billion CHF. 62% was contributed by the Energy segment and 38% by the Energy Service segment. Group profit after goodwill amortisation increased by 30% to 109 million CHF. The cash flow of 310 million CHF exceeded prior year by 46%. Investments in fixed assets and investments amounted to 135 million CHF compared to 106 million CHF in the first half of 2000. The equity of the Group was further strengthened. Energy segment In the first half of 2001, Atel's trading volume increased by 27% to 19'823 GWh compared to prior year. This significant increase was due to high trading volumes, advantageous price levels and the European-wide reduction in production capacity. Sales increased by 24% to 1114 million CHF. All regions were able to increase their trading volumes. The trend towards short-term trading has continued in the first half of 2001. Accordingly, the Atel Group achieved the highest growth rates in the short term European energy trading. The segment results of 127 million CHF are 20% above the related results of the preceding year. Energy Service segment The combined sales of the German GAH Group and the Swiss Atel Installationstechnik Group amounted to 686 million CHF in the first half of the year, representing an increase of 8%. GAH contributes 75% of turnover in the Energy Service segment and Atel Installationstechnik the remaining 25%. The strongly seasonally influenced combined segment result of 7 million CHF is significantly above the result of the preceding year. The GAH Group was faced with decreasing economic activity in the building construction market in Germany, whereas the activity in the Communication Technology division increased sharply. Due to the favourable Swiss building construction market Atel Installationstechnik shows a high order backlog. Outlook Based on the successful results of the first half of 2001, the management of Atel expects to achieve a total turnover of 3.7 billion CHF for the year. Group profit and cash flow will be significantly higher than prior year. Currently, there are no known events that would negatively impact these expectations.

Aare-Tessin Ltd. for Electricity Corporate Communications