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19 February 2004 - Vattenfall Europe, the German unit of Swedish state-owned utility Vattenfall AB, said today its full year operating profit rose 34 per cent due to cost cutting by the utility and as a results of higher electricity wholesale prices.
Operating profit of Germany's third largest utility in 2003 rose to €694m ($889m) from €520m in 2002, while sales rose 5 pct to €7bn. These figures were compiled using Swedish GAAP, which is comparable to the European accounting standard IAS, the company said, adding that it still expects to post a full year 2003 net loss according to the German HGB accounting standards.
Looking ahead, chairman Klaus Rauscher said he expects results to improve next year.
"Our operating strength will in future not only be reflected in our operating result, but also in our HGB full year result," he said.
Vattenfall Europe is a holding company which combines the northern German electricity provider Hamburgische Elektrizitatswerke (HEW) with east German electricity companies BEWAG AG and Vereinigte Energiewerke AG (VEAG) as well as east German brown coal mining company Lausitzer Braunkohle AG (Laubag).
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