VA Technologie AG

euro adhoc: VA Technologie AG
Quarterly or Semiannual Financial Statements
VA Technologie AG: First quarter of 2004 - highest order intake since the founding of the Group (E)

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• Order intake up by 23% at EUR 1,295 m. • 14% increase in order backlog and sales • Net result at the level of the preceding year   • Liquidity stays high, Group remains debt-free

During the first quarter of 2004, order intake in the VA TECH Group rose by 23% to EUR 1,295 m. This pleasing development was due largely to the increase of order intake in Metallurgy (+88%) and Infrastructure (+30%). Between January and March 2004, VA TECH raised its sales by 14% to EUR 914 m. Here, too, Metallurgy (+34%) and Infrastructure (+29%) showed the strongest growth rates. The rise in sales and cost structure improvements led to an increase in earnings before interest, taxes and goodwill amortisation (EBITA) of 17% to EUR 30 m. Higher goodwill (EUR 14.6 m) prompted a fall of EUR 2.2 m in the operating result (EBIT) to EUR 15.4 m. This figure incorporated the book profit from divested units (EUR 22 m), expenses for restructuring (EUR 13.6 m) and extraordinary goodwill amortisation of EUR 8.7 m. Therefore, the net result for the Group remained on a par with that of the preceding year at minus EUR 7.6 m.The VA TECH Group’s financial result for the first three months of the year changed from minus EUR 25.3 m to minus EUR 26.5 m. Net liquidity amounted to EUR 213 m and remained at the high level of the previous year. Free cash flow amounted to minus EUR 25 m (Q1 2003: minus EUR 35 m). The improvement in the investment climate in the capital goods industry should continue for the rest of the year. Positive impulses are available in both the metallurgy technology and energy sectors. Therefore, VA TECH awaits a stable order situation and order intake at the 2003 level, even after the sale of some operative units. On the basis of the solid order book situation, it is anticipated that sales in 2004 will be of the same order of magnitude as in the preceding year. In addition, a further improvement in results is expected.

end of announcement            euro adhoc 25.05.2004
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Further inquiry note: Bettina Pepek Press Officer

phone:  43 1 89100-3400 fax:    43 1 89100-4103 bettina.pepek@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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