VA Technologie AG

euro adhoc: VA Technologie AG
Quarterly or Semiannual Financial Statements
VA Technologie AG Quarters 1-3, 2002 (E)

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Order intake of the first nine months 2002 at a comparable basis was at EUR 2,938 m, which is 2% lower than in last year's period. The order backlog as at September 30, 2002 of EUR 4,301 m has increased by 2% compared to last year. On a comparable basis, Group sales from January through September 2002 were 3% up on the same period of last year at EUR 2,680 m. Sales include interest on the balance of pre- and partial payments made and received amounting to EUR 75 m (following EUR 74 m in the first nine months of 2001). In the first nine months of the year, earnings before interest, taxes and goodwill amortisation (EBITA) amounted to EUR 74.5 m, following a comparable figure of EUR 53.0 m in 2001. The operating result (EBIT) amounted to EUR 49.5 m as opposed to EUR 28.9 m in the same period of the previous year. Third-quarter EBIT of EUR 29.4 m included the positive effects derived from the reduction in long-term fixed assets. The financial result for the first nine months of the year amounted to minus EUR 143.3 m following minus EUR 81.0 m in the same period of the preceding year. This includes the write-down of the investment in the German company Babcock Borsig Power. The earnings before taxes (EBT) stood at minus EUR 93.8 m, the loss for the period amounted to minus EUR 93.3m.

Outlook for 2002 Despite the current uncertainty with regard to the timing of an economic upturn in the capital goods industry, we expect stable development among our customers in both the iron and steel industry and the energy sector. Business development in the Metallurgical Division should confirm the end phase of the restructuring programme. We expect a prolongation of the positive business trend in the Hydro Power Generation, Transmission and Distribution and Infrastructure Divisions. Following the sharp decline in plant orders in Europe in the Water Systems Division, a clearly negative result for 2002 must be anticipated as a consequence of restructuring costs, low capacity utilisation and cost overruns.   The write-down of the investment in the German company Babcock Borsig Power of EUR 44.4 m will also have an effect on the result for the year. We anticipate that VA TECH Group sales and the operating result will be in the same order of magnitude as last year. Group strategy continues to lie in a focus on key markets with high growth potential, the strengthening of automation and service business, an orientation towards sustainable solutions and renewable energies as well as a sustained improvement in earnings power. The complete quarterly report, this and other VA TECH Group press releases are available on the homepage

end of announcement            euro adhoc 21.11.2002

Further inquiry note: Wolfgang Schwaiger Strategy, Communications and Investor Relations phone: 43 732 6986-9222 fax: 43 732 6980-3416

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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