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VA Technologie AG

euro adhoc: VA Technologie AG
Annual Reports
The international economic situation demands focusing and result quality In 2002, one VA TECH Group target was selective order intake and a focus on result quality. Despite this restrictive policy, EUR 4,1

Disclosure announcement transmitted by euro adhoc. The issuer is
responsible for the content of this announcement.
Marked improvement in the operating result  
The clear improvement in the EBITA (earnings before interest, taxes
and goodwill amortisation) for 2002 from a comparable figure of EUR
70 m in the preceding year to EUR 129 m, indicates the positive
development of the operating result.  
Group EBIT (earnings before interest and taxes) was also raised from
the comparable EUR 7 m of last year to EUR 83 m in 2002 and thus
attained the level of the 2001 result, including all its related
one-off aspects. The financial result totalled minus EUR 174 m (2001:
minus EUR 116 m excluding the book gain from the sale of voestalpine
shares). This figure contains the write-down of the investment in the
insolvent company Babcock Borsig Power  amounting to EUR 44.4 m.
The loss for the period amounted to minus EUR 93 m and was thus
stabilised at the level of the already published result for the first
nine months of 2002.
Net liquidity and cash flow positive again
The active cash management throughout all Group companies has meant
that the net debt (gross liquidity minus interest bearing debt
capital) has not only been reduced, but turned into positive net
liquidity (EUR 83 m after minus EUR 21 m in the previous year). VA
TECH cash flow also developed in an extremely satisfactory manner.
Apart from cash flow from operating activities (EUR 97 m after EUR
-202 m in 2001), also the free cash flow - including the cash flow
from investing activities - was positive with EUR 101 m (after minus
EUR 82 m in the previous year).
Outlook for 2003
Order intake and sales in the order of magnitude to those of the past
year are anticipated for 2003. The main objective for this year is a
sustained improvement in earnings power through further measures
aimed at raising efficiency and cost reduction as well as securing a
positive situation with regard to Group liquidity.
No major investments in fixed assets are planned for the coming years
and from a current viewpoint no large-scale acquisitions are foreseen
for 2003.
Following the successful conclusion of restructuring measures in the
Metallurgy Division and despite the unfavourable market situation in
the Water Systems Division, the aim is to significantly improve the
operating result in 2003 and to achieve a clearly positive net
result.
++++2003-03-26
end of announcement        euro adhoc 26.03.2003

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

Plus de actualités: VA Technologie AG
Plus de actualités: VA Technologie AG