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VA Technologie AG

euro adhoc: VA Technologie AG
VA TECH sees necessity to devalue its share in Babcock Borsig Power GmbH (E)

Disclosure announcement transmitted by euro adhoc. The issuer is
responsible for the content of this announcement.
Babcock Borsig AG announced today that it was forced to file for
insolvency due to legal reasons on Thursday, 4th July 2002. VA TECH
holds a 10% share in one of its affiliated companies, Babcock Borsig
Power GmbH. According to the official announcement, intensive
negotiations are now underway to reach an agreement on the
restructuring plan. Should this attempt succeed, Babcock Borsig AG
would be able to withdraw the insolvency application and thereby
avoid negative effects for the company in time.
As a result of this insolvency application, VA TECH sees it necessary
to devalue its share in Babcock Borsig Power GmbH substantially, the
exact amount of the devaluation is being determined in the course of
preparation of the half-year report. The book value of the held
interest is EUR 44 million, as already published.
The devaluation has no effect on the liquidity and operative earnings
of VA TECH, it will, however, be reflected in the investment result.
++++2002-07-05
The listed VA Technologie AG (VA TECH) is a focused Technology and
Service Company which provides value to customers over the entire
plant life cycle. Leading international positions are held in
Metallurgy, Hydro Power Generation, Transmission and Distribution,
Water Systems and Infrastructure. In 2001, VA TECH achieved sales of
EUR 4 bn according to IAS with a work force of 18,847 employees.
This and other VA TECH Group press releases are available on the
homepage http://www.vatech.at or can be individually received via our
automatic mailing service.
For further information please contact:
Dr. Wolfgang Schwaiger
Lunzerstraße 64, A-4031 Linz
Tel: 0732/6986-9222, Fax: 0732/6986-3416
e-mail:  wolfgang.schwaiger@vatech.at
end of announcement        euro adhoc 05.07.2002

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: Bayerische Börse / free trade
Handelsüberwachung der Berliner Wertpapierbörse / free trade
Wiener Börse AG / official dealing

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Plus de actualités: VA Technologie AG