Income statement [Certified Content]

CONSOLIDATED INCOME STATEMENT				Thousand €

	Q4/2003	Q4/2002	Change absolute	Change %
Sales revenue	670,665	571,461	99,204	17.4
Electricity sales	542,961	487,817	55,144	11.3
Grid sales	63,170	69,033	-5,863	8.5
Eco-electricity sales	50,004	0	50,004	–
Other	14,530	14,611	-81	0.6

Other operating income and changes in inventory	42,545	26,847	15,698	58.5
Expenses for electricity, grid and eco-electricity purchases	-423,147	-280,822	-142,325	50.7
Use of fuels and expenses for other purchased services	-35,890	-38,192	2,302	6.0
Payroll expenses	-65,873	-57,430	-8,443	14.7
Depreciation and amortization	-47,980	-48,345	365	0.8
Other operating expenses	-52,947	-63,465	10,518	16.6
Operating result	87,373	110,054	-22,681	20.6

Financing result	-12,738	-26,468	13,730	51.9
Result from participating interests*	-6,492	-21,127	14,635	69,3
Result from long-term investments	1,707	2,208	-501	22.7
Financial result	-17,523	-45,387	27,864	61.4

Profit before tax	69,850	64,667	5,183	8.0

Taxes on income	-19,658	-4,059	-15,599	384.3
Profit after tax	50,192	60,608	-10,416	17.2

Minority interests	-5,915	-15,934	10,019	62.9
Group result	44,277	44,674	-397	0.9

Thereof at equity: Q4/2003 -639 Thousand €, Q4/2002 -4,635 Thousand €