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Atel Group Accounts

The Atel Group is changing the method for consolidating its power generation shareholdings, in the Group's annual accounts for 1999. It is also adjusting the valuation of its production facilities in line with market trends. The adjustments are being made in connection with the adoption of IAS.

Atel adjusts its balance-sheet

Aare-Tessin für Elektrizität (Atel), Olten, is adapting its annual accounting, with effect retrospectively from January 1 1999, to the principles of the International Accounting Standards (IAS). This will bring Atel's accounting into line with the requirements of the financial markets and accords with the increasing internationalization of its business activities.

With the adoption of IAS, Atel is also changing the method by which its power generation shareholdings are consolidated. In future Atel will include its power generation shareholdings in its Group accounts according to the internationally recognized and generally adopted equity method. Previously this had been done according to the quota consolidation method widely used in the Swiss electricity industry.

At the same time, Atel is adjusting the balance-sheet valuation of its power generation facilities and shareholdings in line with anticipated future market values. This will require value corrections in the order of approximately CHF 600 million. This charge will be met from reserves and from 1999 annual results.

With these measures Atel is enhancing the authority of its Group accounts. In addition, the balance-sheet is being shortened and its layout improved. The Group balance-sheet is being divested of anticipated valuation risks connected with the opening of the market, and Atel's competitiveness is being strengthened. Company capital is not affected. For the 1999 financial year, Atel expects to declare profits in line with those of the previous year. Annual accounts for the 1999 financial year will be published in February 2000. Aare-Tessin Ltd. for Electricity Corporate Communications