euro adhoc: AvW INVEST AG / AvW Invest AG: 2004 interim results highly satisfactory (E)

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

The financial statements of AvW are prepared in accordance with IAS and structured in conformity with the Banking Act.

in EUR million 1-9/2004 1-9/2003 Increase in % Balance sheet total 20.627 18.232 13% Operating result 3.047 1.943 57% Earnings before tax (result on ordinary activities) 2.606 1.594 63% Net income for the year 1.714 1.048 63% Earnings per share in EUR 0.57 0.35 63% Workforce 160 122

Business development
Earnings in the financial services segment rose by 39% to EUR 3.272 million (2003: EUR 2.360 million), while the equity investment segment reported a 33% increase in earnings to EUR 1.002 million (2003: EUR 0.750 million). At EUR 0.100 million, earnings in the real estate segment remained at a stable level. In total, the operating income was boosted to EUR 4.374 million (2003: EUR 3.263 million). At EUR 1.319 million (2003: EUR 1.277 million), operating expenses remained at a stable level. Compared to 2003, the net income rose by 63%. Earnings per share came to EUR 0.57 (2003: EUR 0.35), a 63% increase from the same period of 2003.
AvW Invest AG continued its growth course in the core business of financial services and the equity investment segment. The trading programme, which specialises in stocks listed in the DAX and the ATX Prime indices, led to a significant increase in earnings. With the Small Caps Pankl AG (AvW Invest 5%, AvW group 18%) and S&T AG (AvW Invest 10%) developed excellently.
As of September 30, 2004, AvW Invest AG has 150 (2003: 122) financial partners under contract.

In the equity investment segment, AvW continues to focus on small and mid caps in Austria and Germany. The financial partners of AvW Invest AG offer advisory services to AvW clients throughout Austria. AvW is also searching for new financial partners in Germany.

AvWEURs ordinary shares (AVWI.VI) are listed on the ATX Prime Market of the Vienna Stock Exchange; AvWEURs preference shares (AVWI_p.VI) are listed on the Auctions Market.

The report for the first three quarters of 2004 is published at

Further inquiry note:
Mag. Alexandra Anthofer

end of announcement euro adhoc

emitter: AvW INVEST AG
Hauptstraße 118
A-9201 Krumpendorf
phone: +43(0)4229 3621
FAX: +43(0)4229 2386
ISIN: AT0000930409
sector: Financial & Business Services
language: English