MVV Energie Sees Slight Recovery and Confirms Forecast

The regional utility MVV Energie, based in Mannheim, said it noticed a slight economic recovery since the beginning of the year, especially with regard to its business with industrial customers.

Sales and profit increased in the second quarter of the business year 2009/10, ending in September, compared with last year’s corresponding period. Q2 results were able to make up partly for Q1 results. Turnover for the first half of the business year 2009/2010, amounted to EUR 1.84 billion, while the adjusted EBITA fell from EUR 212 million to EUR 209 million.

CEO Georg Müller, however, warned to speak of a sustained recovery in energy demand. “The energy demand of industrial customers, will only rise if there is a broad economic recovery”, he said.

MVV Energie confirmed its forecast of results on previous year’s level. In the business year 2008/09 MVV Energie’s sales amounted to EUR 3.2 billion and its EBIT to EUR 239 million.

In the medium to long term, the company will continue to exploit the growth potential offered by climate protection targets. MVV considers renewable energies, energy efficiency and combined heat and power to be the most important future markets. For electricity and heat wind and biomass will be in the foreground. Another important investment focus will be environmentally friendly district heating.

Source: MVV Energie AG

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