08.09.03

8.9.2003: Meldung: Elsam improves its interim results

Elsam"s accounts for the first six months of 2003 indicate that the company is on its way to showing a surplus of about DKK 1 billion after tax in 2003. This is in line with the figures previously announced in connection with the accounts for 2002.

The turnover of the Elsam group amounted to DKK 3.694 billion in the first six months of 2003 - an increase of DKK 779 million compared to the same period last year.

This is mainly due to the high electricity prices and increased production. The net result of the first six months of 2003 is DKK 418 million after tax, which is DKK 180 million more compared to the same period last year. The result of the first six months is, however, DKK 56 million less than stated in the budget. This is due to extraordinary re-adjustments of loans leading to debt discounts and losses in Elsam"s waste companies. Without these entries the result would correspond to the one in the budget. The waste companies are run according to the "self-supporting principle" and the losses will thus at a later date be balanced by corresponding profits.

In connection with the interim results Elsam"s CEO, Peter Høstgaard-Jensen, is pleased that Elsam still has the ability to create capital through its day-to-day operations:

"Our objectives so far to obtain a lasting increase in results of DKK 400 million will be reached this year. Furthermore, we have improved the turnover as well as the earnings significantly compared to 2002. This is, however, important to fulfil our objectives and finance our construction projects and simultaneously ensure a reasonable return on the shareholder"s funds. Once again the good results are achieved through a great and dedicated effort by our employees."


For further information please contact
Elsam"s CEO, Peter Høstgaard-Jensen, phone +45 76 22 20 02, mobile phone +45 40 10 88 71
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