euro adhoc: AvW INVEST AG / AvW Invest AG: 2003 preliminary results (E)

Disclosure announcement transmitted by euro adhoc. The issuer is responsible for the content of this announcement.

AvW reports strong financial results for the 2003 fiscal year. The company prepares its financial statements in accordance with IAS and observes the accounting proposals applicable to banks.

In EUR million 2003 2002 Operating result 2.670 1.769 Operating expenses 1.872 1.333 Earnings before tax (result on ordinary activities) 2.259 0.500 Net income for the year 1.523 0.427 Accumulated profits 2.601 1.397 Workforce 140 107 Balance sheet total 18.428 18.514 Equity capital 16.932 15.823 Equity ratio 91.9% 83.3% Earnings per share in EUR 0.51 0.14

Market situation of the AvW Group
The core business of financial services and the equity investment segment produced significantly improved results in 2003. In the real estate segment, AvW continued to consistently increase its level of assets and also expanded its real estate holdings.

Outlook
AvW plans to further expand its core business of financial services in Austria and Germany and to provide high-quality consulting services to the company’s clients. The positive trend in the equity investment business is expected to continue, and value/growth stocks will continue to produce profitable results in the future. In the real estate business, AvW will continue to seek out and acquire favourably valued real estate properties.

The company’s definitive figures will be published on April 7, 2004. AvW’s ordinary shares (AVWI.VI) are listed on the ATX prime index on the Vienna stock exchange under the specialist group Banks and on the ViDX, the AvW preference shares (AVWI_p.VI) are listed on the Auction Market.

Further inquiry note:
AvW INVEST AG
Mag. Alexandra Anthofer
http://www.avw.at
Tel: +43(0)4229 3621
FAX: +43(0)4229 2386
Email: a.anthofer@avw.at

end of announcement euro adhoc

Emittent: AvW INVEST AG
Hauptstraße 118
AT-9201 Krumpendorf
Tel: +43(0)4229 3621
FAX: +43(0)4229 2386
Email: a.anthofer@avw.at
WWW: www.avw.at
ISIN: AT0000930409
WKN: 093040
Indizes: Prime.market
Börsen: official dealing Wiener Börse AG; free trade Baden-Württembergische Wertpapierbörse, Frankfurter Wertpapierbörse Branche: Financial & Business Services
Sprache: Englisch

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