VA Technologie AG

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

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"Against the backdrop of the current international situation of the capital goods industry, VA TECH business development in the first three months of the year progressed satisfactorily." said Erich Becker, CEO of VA Technologie AG at a press conference in Vienna an May 22.

As compared with the same period of the preceding year, order intake in the first three months of 2003 was slightly up at EUR 1,057 m (+1%) and therefore showed a satisfactory trend. Order backlog as at March 31, 2003, stood at EUR 4,085 m, which was slightly down on the figure for the preceding year, but 3% up on the total for December 31, 2002. Group sales in the first three months of 2003 were 7% down on the same period of last year at EUR 802 m. Earnings before interest, taxes and goodwill amortisation (EBITA) in the first quarter amounted to EUR 25.7 m, which was 39% up on the comparative figure for 2002. If goodwill amortisation is deducted, the result before interest and taxes amounted to EUR 17.6 m (as compared to EUR 10.9 m in the first three months of 2002). The financial result for the first three months of the year improved from minus EUR 31.7 m to minus EUR 25.3 m due to lower interest rates and increased liquidity.

Following the deduction of taxes and minority interests, the result for the first quarter recovered from minus EUR 21.7 m in 2002 to minus EUR 7.4 m. The total of Group liquid assets (gross liquidity) as at March 31, 2003, amounted to EUR 810 m (following EUR 822 m at year-end 2002). Following the deduction of interest-bearing liabilities of EUR 785 m (EUR 739 m) positive net liquidity of EUR 25 m results (following minus EUR 95 m as at March 31, 2002, and EUR 83 m at the end of 2002).  

Outlook for 2003 In view of the uncertain economic situation in many regions and branches, we expect a continuation of a cautious approach to investment in the capital goods industry.

Order intake and sales in 2003 should be in the order of magnitude of the preceding year. The main target for the year is not volume growth, but rather a sustained enhancement of earnings capacity and the securing of solid Group liquidity. We anticipate a significant increase in the operative result and a positive net result for 2003.

The complete quarterly report, this and other VA TECH Group press releases are available on the homepage http://www.vatech.at (Investor Relations) or can also be individually received via our automatic mailing service.  

end of announcement            euro adhoc 22.05.2003
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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:  Wiener Börse AG / official dealing
              Berliner Wertpapierbörse / free trade
              Bayerische Börse / free trade



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