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VA Technologie AG

euro adhoc: VA Technologie AG
Quarterly or Semiannual Financial Statements
VA Technologie AG Quarters 1-3, 2003 (E)

  Disclosure announcement transmitted by euro adhoc.
  The issuer is responsible for the content of this announcement.
Despite a flat economic situation in the first nine months of the
year, order intake was raised by 5% to EUR 3,099 m. This increase was
spread across all divisions. 
Order backlog as at September 30, 2003, stood at EUR 4,228 m, which
was 7% higher than on December 31, 2002 (EUR 3,961 m), but 2% down on
the figure for the preceding year. 
Group sales in the first nine months of 2003 were 3% up on the same
period of last year at EUR 2,747 m.
Earnings before interest, taxes and goodwill amortisation (EBITA) in
the first nine months amounted to EUR 87.2 m, which was 17% up on the
comparative figure for 2002. 
The earnings before interest and taxes (EBIT) increased from EUR 49.5
m to EUR 57.1 m. 
The VA TECH Group’s financial result for the first nine months of the
year improved from minus EUR 143.3 m to minus EUR 82.3 m due to
increased liquidity, lower interest rates and the omission of the
write-down of the investment in the German company Babcock Borsig
Power (EUR 44.4 m) in 2002. 
The profit for the period for the first nine months improved from
minus EUR 93.3 m in 2002 to minus EUR 22.2 m.  
The focus of the Group on cash management and increased liquidity
also showed tangible results in this quarter. The total of liquid
assets (gross liquidity) as at September 30, 2003, amounted to EUR
756 m (following EUR 822 m at year-end 2002). After the deduction of
interest-bearing liabilities of EUR 715 m (EUR 739 m at year-end
2002) positive net liquidity of EUR 41 m results (following minus EUR
62 m as at September 30, 2002). Gearing was maintained at a
satisfactory minus 9%. 
Cash earnings in the first nine months of the year amounted to EUR 44
m (first nine months of 2002: EUR 7 m). 
In recent months, the ownership structure of VA TECH has undergone
major change. Following the sale of a 19.5% holding by voestalpine
and of 9% by ÖIAG, company stock is now divided among VICTORY
Industriebeteiligung AG with 15.03%, the ÖIAG with 15% and 68.3% free
float. The remaining 1.67% (250,000 shares) are held by VA TECH
within the framework of an employee participation programme and were
offered to the work force via an option scheme in November 2003.   
Despite of continuing reticence with regard to investment in the
capital goods industry, we nonetheless continue to adhere to our
forecasts for 2003. Order intake and sales will be in the order of
magnitude of the preceding year. In addition, we anticipate a
significant increase in the operating result and a positive net
result.
end of announcement        euro adhoc 20.11.2003

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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