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VA Technologie AG

euro adhoc: VA Technologie AG
Annual Reports
VA Technologie AG - Preliminary figures 2003 (E)

  Disclosure announcement transmitted by euro adhoc.
  The issuer is responsible for the content of this announcement.
•	Order intake up by 5 percent
•	Order backlog EUR 4.3 billion - up by 9%
•	EBIT up by 22 percent to EUR 101 m
•	Highly increased net liquidity at EUR 238 m
•	Marked increase of free cash flow to EUR 185 m
In a politically and economically instable year 2003 VA Technologie
AG successfully asserted its leading position as global Technology
and Service Company and significantly improved the results.
Decisive reasons for this development were the booming markets of
China and Russia, stable European market as well as the economic
upturn in Central and Eastern Europe.
Increase of order intake and backlog, stable sales, improvement in
the operating result
Because of the increasing strength of the euro, the Group currency,
particularly against the US dollar, currency conversions resulted in
a reduction in order intake, order backlog and sales of 2-3%.
Nevertheless, order intake developed satisfactorily and was raised by
EUR 211 m from EUR 4,125 m to EUR 4,336 m. The Divisions Metallurgy
(up by plus EUR 102 m) and Infrastructure (up by plus EUR 66 m)
showed the most significant increase.
As at December 31, 2003, order backlog stood at EUR 4,314 m, which
was EUR 353 m higher than on December 31, 2002. This corresponds to
an average use of business capacity for more than a year.
Group sales at EUR 3,923 m were slightly up on the same period of
2002 (EUR 3,872 m). The development in the Power Generation Division,
where an increase of 21 percent (i.e. EUR 161 m) was achieved, was
especially satisfactory. 
Improved result, strong increase of liquidity and free cash flow
A marked increase of 22 percent in the operating result (EBIT) to EUR
101 m (2002: EUR 83 m) was also satisfactory. Included herein are
restructuring expenses amounting to EUR 25 m.
The financial result improved from minus EUR 174 m to minus EUR 121 m
due to increased liquidity, lower interest rates as well as the
write-off of the investment in the German company Babcock Borsig
Power in 2002 (EUR 44 m).
The loss for the year was improved by EUR 78 m from minus EUR 93 m to
minus EUR 15 m in the past year. The result 2003 included goodwill
amortisation amounting to EUR 52 m as non-cash items (2002: EUR 46
m).
Gross liquidity - the sum of liquid funds - amounted to EUR 824 m
(2002: EUR 822 m). The interest bearing liabilities decreased by more
than 20 percent (EUR 586 m) over in the year 2002 (EUR 739 m). This
is the reason for a strong increase of net liquidity to EUR 238 m
(2002: EUR 83 m). Thus the Group is debt free and gearing amounted to
minus 50%.
Free cash flow also developed very well and increased to EUR 185 m
(2002: EUR 101 m). This is the result of active and consistent cash
management in the entire Group.
end of announcement        euro adhoc 05.03.2004

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

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