General basis  [Certified Content]

The consolidated financial statements of Österreichische Elektrizitätswirtschafts-Aktiengesellschaft (Verbundgesellschaft) were compiled in compliance with the Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board (IASB) and in compliance with the interpretations of the International Financial Reporting Interpretations Committee (IFRIC).

The annual financial statements of the fully consolidated companies included in the consolidated statements are based on uniform accounting and valuation methods. With the exception of ENERGIA Holding S.p.A., which was included using the at equity method and which drew up its balance sheet as of 30 June 2003, the balance-sheet date for all other companies is 31 December 2003. VERBUND Italia S.p.A. was included on the basis of an interim financial report dated 30 September 2003.

The consolidated financial statements have been prepared in € thousand (T€) (Income Statement, Balance Sheet, Cash Flow Statement and Statement of Changes in Equity) and in € million (amounts shown in the notes). Due to the utilization of EDP devices, differences can arise in the addition of rounded totals and percentages.