Ad-hoc Announcement pursuant to § 15 WpHG issued by MVV Energie AG on 17.12.2010
MVV Energie to cut personnel and material costs
By enhancing its efficiency, the Mannheim-based energy company MVV Energie AG aims to cut its material and personnel costs by between Euro 20 million and Euro 30 million per annum by the 2012/13 financial year. This necessitates a provision requirement of around Euro 31 million in the current 2010/11 financial year. These restructuring expenses have no impact on the company's adjusted EBIT. Alongside the reductions in material costs, it is also planned to cut around 450 jobs at the Group in a socially responsible manner by 2020. With these efficiency enhancement measures, the company is laying foundations consistent with its strategic focuses, involving investments in renewable energies, environmentally-friendly district heating, in its energy-related services and environmental energy business fields, and in expanding its nationwide sales activities.
MVV Energie AG
Marcus Jentsch, Investor Relations