VA Technologie AG

euro adhoc: VA Technologie AG
VA TECH sees necessity to devalue its share in Babcock Borsig Power GmbH (E)

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

Babcock Borsig AG announced today that it was forced to file for insolvency due to legal reasons on Thursday, 4th July 2002. VA TECH holds a 10% share in one of its affiliated companies, Babcock Borsig Power GmbH. According to the official announcement, intensive negotiations are now underway to reach an agreement on the restructuring plan. Should this attempt succeed, Babcock Borsig AG would be able to withdraw the insolvency application and thereby avoid negative effects for the company in time.

As a result of this insolvency application, VA TECH sees it necessary to devalue its share in Babcock Borsig Power GmbH substantially, the exact amount of the devaluation is being determined in the course of preparation of the half-year report. The book value of the held interest is EUR 44 million, as already published.

The devaluation has no effect on the liquidity and operative earnings of VA TECH, it will, however, be reflected in the investment result.

++++2002-07-05

The listed VA Technologie AG (VA TECH) is a focused Technology and Service Company which provides value to customers over the entire plant life cycle. Leading international positions are held in Metallurgy, Hydro Power Generation, Transmission and Distribution, Water Systems and Infrastructure. In 2001, VA TECH achieved sales of EUR 4 bn according to IAS with a work force of 18,847 employees.

This and other VA TECH Group press releases are available on the homepage http://www.vatech.at or can be individually received via our automatic mailing service.  

For further information please contact: Dr. Wolfgang Schwaiger Lunzerstraße 64, A-4031 Linz Tel: 0732/6986-9222, Fax: 0732/6986-3416 e-mail: wolfgang.schwaiger@vatech.at

end of announcement            euro adhoc 05.07.2002
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Further inquiry note: Wolfgang Schwaiger Strategy, Communications and Investor Relations phone: 43 732 6986-9222 fax: 43 732 6980-3416 wolfgang.schwaiger@vatech.at

Branche: Technology
ISIN:      AT0000937453
WKN:        093745
Index:    ATX, ATX Prime, WBI
Börsen:  Bayerische Börse / free trade
              Handelsüberwachung der Berliner Wertpapierbörse / free trade
              Wiener Börse AG / official dealing



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