VA Technologie AG

euro adhoc: VA Technologie AG
Annual Reports
VA Technologie AG - Preliminary figures 2003 (E)

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• Order intake up by 5 percent • Order backlog EUR 4.3 billion - up by 9% • EBIT up by 22 percent to EUR 101 m • Highly increased net liquidity at EUR 238 m • Marked increase of free cash flow to EUR 185 m

In a politically and economically instable year 2003 VA Technologie AG successfully asserted its leading position as global Technology and Service Company and significantly improved the results. Decisive reasons for this development were the booming markets of China and Russia, stable European market as well as the economic upturn in Central and Eastern Europe.

Increase of order intake and backlog, stable sales, improvement in the operating result Because of the increasing strength of the euro, the Group currency, particularly against the US dollar, currency conversions resulted in a reduction in order intake, order backlog and sales of 2-3%. Nevertheless, order intake developed satisfactorily and was raised by EUR 211 m from EUR 4,125 m to EUR 4,336 m. The Divisions Metallurgy (up by plus EUR 102 m) and Infrastructure (up by plus EUR 66 m) showed the most significant increase. As at December 31, 2003, order backlog stood at EUR 4,314 m, which was EUR 353 m higher than on December 31, 2002. This corresponds to an average use of business capacity for more than a year. Group sales at EUR 3,923 m were slightly up on the same period of 2002 (EUR 3,872 m). The development in the Power Generation Division, where an increase of 21 percent (i.e. EUR 161 m) was achieved, was especially satisfactory. Improved result, strong increase of liquidity and free cash flow A marked increase of 22 percent in the operating result (EBIT) to EUR 101 m (2002: EUR 83 m) was also satisfactory. Included herein are restructuring expenses amounting to EUR 25 m. The financial result improved from minus EUR 174 m to minus EUR 121 m due to increased liquidity, lower interest rates as well as the write-off of the investment in the German company Babcock Borsig Power in 2002 (EUR 44 m). The loss for the year was improved by EUR 78 m from minus EUR 93 m to minus EUR 15 m in the past year. The result 2003 included goodwill amortisation amounting to EUR 52 m as non-cash items (2002: EUR 46 m). Gross liquidity - the sum of liquid funds - amounted to EUR 824 m (2002: EUR 822 m). The interest bearing liabilities decreased by more than 20 percent (EUR 586 m) over in the year 2002 (EUR 739 m). This is the reason for a strong increase of net liquidity to EUR 238 m (2002: EUR 83 m). Thus the Group is debt free and gearing amounted to minus 50%. Free cash flow also developed very well and increased to EUR 185 m (2002: EUR 101 m). This is the result of active and consistent cash management in the entire Group.

end of announcement            euro adhoc 05.03.2004
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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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