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COPYRIGHT 2003 PR Newswire Association LLC
-- Revenues in Europe
and North America: EUR 18.6 billion, i.e. 89.7% of total revenues
PARIS, July 31 /PRNewswire-FirstCall/ -- Total Group revenues at June 30, 2003 were EUR 20.7 billion, an increase of 4.3% compared with the figure for the same period in 2002. Most revenues are generated in Europe and North America which together represent 89.7% of the total. Revenues generated there grew by 9.4% in relation to the 1st half of 2002.
These revenues growth figures include the negative impact of exchange rate fluctuations, the favorable impact during the first six months of 2003 of natural gas price increases compared with 1st-half 2002 and the effect changes in Group structure.
-- Exchange rate fluctuations (negative impact EUR 1,002 million), the main factors being the depreciations of the U.S. dollar (-EUR 436 million), South American currencies (including Brazil for - EUR 286 million and Argentina for -EUR 58 million), and the depreciation of the pound sterling (-EUR 66 million). -- Changes in Group structure (positive impact EUR 8 million). The main factors were the partial sale of Northumbrian (-EUR 404 million), consolidation by the proportional method of AceaElectrabel S.p.A. and of Tirrenopower (the former Interpower) in Italy, and the full consolidation of Polaniec in Poland (+EUR 401 million for the three companies). -- Natural gas prices: natural gas prices were higher during 1st-half 2003 in relation to the same period in 2002, resulting in a revenue increase of EUR 312 million.
On a comparable basis, Group organic revenues were up 8.4%, as a result both of Energy (+9.2%) and Environment (+7.1%) activities. Energy benefited from sustained activity in the natural gas sector which led in particular to portfolio optimization transactions (+EUR 178 million). Also...
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