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VA Technologie AG

euro adhoc: VA Technologie AG
Quarterly or Semiannual Financial Statements
VA Technologie AG: First half of 2003 (E)

Disclosure announcement transmitted by euro adhoc. The issuer is
responsible for the content of this announcement.
In spite of the generally unfavourable situation of the capital goods
industry, VA TECH was nonetheless able to maintain the order intake
of the first half year of 2003 with EUR 2,211 m at the level
comparable to that of the preceding year and thus showed a
satisfactory trend. 
Order backlog as at June 30, 2003, stood at 4,335 m, which was 9% up
on the total for December 31, 2002, but slightly down on the figure
for the preceding year. 
Group sales were 4% down on the same period of last year at EUR 1,724
m. 
Earnings before interest, taxes and goodwill amortisation (EBITA) in
the first half-year amounted to EUR 42.8 m, which was 19% up on the
comparable figure for 2002. 
The result before interest and taxes amounted to EUR 23.1 m (as
compared to EUR 20.1 m in the first six months of 2002). EBIT
includes restructuring costs and the positive effects from the
reduction in fixed assets (sale and lease back transaction in the
Metallurgy Division with the realised effect of around EUR 11 m). 
The VA TECH Group’s financial result for the first six months of the
year improved from minus EUR 108.0 m to minus EUR 48.5 m due to
increased liquidity, lower interest rates and the omission of the
write-off of the investment in the German company Babcock Borsig
Power (EUR 44.4 m). 
The result of the first half-year was improved by EUR 61.7 m from
minus EUR 85.1 m in 2002 to minus EUR 23.4 m. 
The gross liquidity as at June 30, 2003, amounted to EUR 741 m
(following EUR 822 m at year-end 2002). Following the deduction of
interest-bearing liabilities of EUR 722 m (EUR 739 m at year-end
2002) there remains a positive net liquidity of EUR 19 m (following
minus EUR 45 m as at June 30, 2002 and EUR 83 m at the end of 2002). 
Continued, systematic cash management meant that gearing was
maintained at a satisfactory minus 4%. 
Following the purchase of the 19.05% holding of voestalpine AG by
VICTORY Industriebeteiligung AG and the sale of 9% of the ÖIAG
holding, the VA TECH ownership structure consists of a 19.05% VICTORY
Industriebeteiligung AG holding, 15% ÖIAG and 64.28% free float.
1.67% of stock is held by VA TECH in connection with an employee
participation scheme.
Outlook for 2003
In the view of the further uncertain economic situation in the
capital goods industry, we adhere to the outlook for the year 2003.
Order intake and sales in 2003 be in the order if magnitude of the
preceding year. We anticipate a marked increase in the operative
result and a positive net result.
The complete quarterly report, this and other VA TECH Group press
releases are available on the homepage http://www.vatech.at (Investor
Relations) or can also be individually received via our automatic
mailing service.
end of announcement        euro adhoc 28.08.2003

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

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