VA Technologie AG

euro adhoc: VA Technologie AG
Quarterly or Semiannual Financial Statements
VA Technologie AG: 1st Half Year 2002 (E)

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Despite an ongoing economic slowdown in the capital markets and unstable economic development order intake was up 16% compared with last years period.

Group sales in the first half of the year were 5% up on the same period of last year. Sales include interest on the balance of advance and partial payments made and received amounting to EUR 47 m (following EUR 50 m in the first six months of 2001).

On a comparable basis, earnings before interest, taxes and goodwill amortisation (EBITA) in the first half-year stood at EUR 35.9 m, following EUR 35.2 m in the first six months of 2001. The operating result (EBIT) amounted to EUR 20.1 m as opposed to EUR 19.5 m in the previous year's period.

The financial result in the first six months of the year amounted to minus EUR 108 m following minus EUR 62 m in the same period of the preceding year. This result includes the write-down of the investment in the German company Babcock Borsig Power, which amounted to the level of the book value of EUR 44.4 m. The net effect of this depreciation on the profit/loss for the period is at the same amount.

This depreciation has no effect on liquidity and cash flow, but does have negative consequences for the result before taxes (EBT). Accordingly, EBT amounted to minus EUR 87.9 m, following minus EUR 42.6 m in the first six months of the preceding year. The profit/loss for the period (result for the first half-year) amounted to minus EUR 85.1 m (following minus EUR 43.1 m on a comparable basis during the same period of 2001).

In line with current economic forecasts, we anticipate positive business developments in the Metallurgy, Hydro Power Generation, Transmission & Distribution and Infrastructure Divisions.

In Water Systems operative result deteriorations and restructurings will lead to a clearly negative result in 2002. As a consequence, adjustments in structure and capacity will be made to match the situation in the business environment.

The EUR 44.4 m write-down of the investment in the German company Babcock Borsig Power will affect the result for the year by this amount.

Due to positive order intake development and the high level of Group order backlog, we expect an increase in both sales and operating results over 2001. The majority of sales and results can be expected in the third and, above all, the fourth quarter of the year.

The full text of the release is available on the internet under www.vatech.at

++++2002-08-29

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.  

end of announcement            euro adhoc 29.08.2002
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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
              Berliner Wertpapierbörse / free trade
              Wiener Börse AG / official dealing



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