euro adhoc: VA Technologie AG / Quarterly or Semiannual Financial Statements / VA Technologie AG: First half of 2003 (E)

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In spite of the generally unfavourable situation of the capital goods industry, VA TECH was nonetheless able to maintain the order intake of the first half year of 2003 with EUR 2,211 m at the level comparable to that of the preceding year and thus showed a satisfactory trend.
Order backlog as at June 30, 2003, stood at 4,335 m, which was 9% up on the total for December 31, 2002, but slightly down on the figure for the preceding year.
Group sales were 4% down on the same period of last year at EUR 1,724 m.
Earnings before interest, taxes and goodwill amortisation (EBITA) in the first half-year amounted to EUR 42.8 m, which was 19% up on the comparable figure for 2002.
The result before interest and taxes amounted to EUR 23.1 m (as compared to EUR 20.1 m in the first six months of 2002). EBIT includes restructuring costs and the positive effects from the reduction in fixed assets (sale and lease back transaction in the Metallurgy Division with the realised effect of around EUR 11 m). The VA TECH Group’s financial result for the first six months of the year improved from minus EUR 108.0 m to minus EUR 48.5 m due to increased liquidity, lower interest rates and the omission of the write-off of the investment in the German company Babcock Borsig Power (EUR 44.4 m).
The result of the first half-year was improved by EUR 61.7 m from minus EUR 85.1 m in 2002 to minus EUR 23.4 m.
The gross liquidity as at June 30, 2003, amounted to EUR 741 m (following EUR 822 m at year-end 2002). Following the deduction of interest-bearing liabilities of EUR 722 m (EUR 739 m at year-end 2002) there remains a positive net liquidity of EUR 19 m (following minus EUR 45 m as at June 30, 2002 and EUR 83 m at the end of 2002). Continued, systematic cash management meant that gearing was maintained at a satisfactory minus 4%.
Following the purchase of the 19.05% holding of voestalpine AG by VICTORY Industriebeteiligung AG and the sale of 9% of the ÖIAG holding, the VA TECH ownership structure consists of a 19.05% VICTORY Industriebeteiligung AG holding, 15% ÖIAG and 64.28% free float. 1.67% of stock is held by VA TECH in connection with an employee participation scheme.
Outlook for 2003
In the view of the further uncertain economic situation in the capital goods industry, we adhere to the outlook for the year 2003. Order intake and sales in 2003 be in the order if magnitude of the preceding year. We anticipate a marked increase in the operative result and a positive net result.
The complete quarterly report, this and other VA TECH Group press releases are available on the homepage (Investor Relations) or can also be individually received via our automatic mailing service.

Further inquiry note:
Wolfgang Schwaiger
Strategy, Communications and Investor Relations

phone: 43 732 6986-9222 fax: 43 732 6980-3416
Tel: +43(0)732 6986
FAX: +43(0)732 6986 3416

Emittent: VA Technologie AG Lunzerstrasse 64 AT-4031 Linz Tel: +43(0)732 6986 FAX: +43(0)732 6986 3416 Email: WWW: ISIN: AT0000937453 WKN: 093745 Indizes: ATX, ATX Prime, WBI Börsen: official dealing Wiener Börse AG; free trade Berliner

end of announcement euro adhoc

Wertpapierbörse, Bayerische Börse
Branche: Technology
Sprache: Englisch