VA Technologie AG

euro adhoc: VA Technologie AG
Annual Reports
The international economic situation demands focusing and result quality In 2002, one VA TECH Group target was selective order intake and a focus on result quality. Despite this restrictive policy, EUR 4,1

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Marked improvement in the operating result   The clear improvement in the EBITA (earnings before interest, taxes and goodwill amortisation) for 2002 from a comparable figure of EUR 70 m in the preceding year to EUR 129 m, indicates the positive development of the operating result.   Group EBIT (earnings before interest and taxes) was also raised from the comparable EUR 7 m of last year to EUR 83 m in 2002 and thus attained the level of the 2001 result, including all its related one-off aspects. The financial result totalled minus EUR 174 m (2001: minus EUR 116 m excluding the book gain from the sale of voestalpine shares). This figure contains the write-down of the investment in the insolvent company Babcock Borsig Power  amounting to EUR 44.4 m. The loss for the period amounted to minus EUR 93 m and was thus stabilised at the level of the already published result for the first nine months of 2002.    

Net liquidity and cash flow positive again The active cash management throughout all Group companies has meant that the net debt (gross liquidity minus interest bearing debt capital) has not only been reduced, but turned into positive net liquidity (EUR 83 m after minus EUR 21 m in the previous year). VA TECH cash flow also developed in an extremely satisfactory manner. Apart from cash flow from operating activities (EUR 97 m after EUR -202 m in 2001), also the free cash flow - including the cash flow from investing activities - was positive with EUR 101 m (after minus EUR 82 m in the previous year).

Outlook for 2003 Order intake and sales in the order of magnitude to those of the past year are anticipated for 2003. The main objective for this year is a sustained improvement in earnings power through further measures aimed at raising efficiency and cost reduction as well as securing a positive situation with regard to Group liquidity. No major investments in fixed assets are planned for the coming years and from a current viewpoint no large-scale acquisitions are foreseen for 2003. Following the successful conclusion of restructuring measures in the Metallurgy Division and despite the unfavourable market situation in the Water Systems Division, the aim is to significantly improve the operating result in 2003 and to achieve a clearly positive net result.  

++++2003-03-26

end of announcement            euro adhoc 26.03.2003
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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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