Atel Group: provisional figures

Energy services provider Atel once again achieved vigorous growth in the first half of 2004. Initial provisional figures from the Group show that sales were up by some 50% in comparison with the first half of 2003 in terms of both revenue and volume.

Results from the Olten-based Atel Group for the first six months of 2004 are well ahead of expectations. Atel generated revenue of CHF 3.4 billion, 47% more than in the first half of 2003. This strong rise is mainly due to the positive trend in the energy business: the volume of energy supplied rose by 52% to 47,400 gigawatt hours. Operating profit (EBIT) grew by 11% to CHF 210 million. In the light of this excellent first half, Atel expects its full-year operating performance in 2004 to be slightly ahead of the previous year.

Atel is announcing these provisional figures in connection with the publication of the mandatory take-over offer to Atel shareholders by UBS. The detailed interim report for H1 2004 is expected to be published on 20 August 2004.

Aare-Tessin Ltd. for Electricity Corporate Communications

Appendix:

The following key financial figures from the Atel Group for the first half of 2004 are now available. They are provisional and have not yet been audited.

Total Group sales	CHF 3.450 billion
Energy sales	CHF 2.800 billion
Energy Services sales	CHF 645 million
Energy supplied	47,400 GWh
Group cash flow	CHF 275 million
Group free cash flow *	CHF 240 million
Group EBIT	CHF 210 million
Net capital expenditure	CHF 65 million
Group shareholders' equity	CHF 1.895 billion

* cash flow less expenditure on replacement plant

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Atel Group: provisional figures

Energy services provider Atel once again achieved vigorous growth in the first half of 2004. Initial provisional figures from the Group show that sales were up by some 50% in comparison with the first half of 2003 in terms of both revenue and volume.