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VA Technologie AG

euro adhoc: VA Technologie AG
Quarterly or Semiannual Financial Statements
Third quarter 2004 shows record order growth and higher sales

Disclosure announcement transmitted by euro adhoc.
  The issuer is responsible for the content of this announcement.
•	Largest order increases in the Metallurgy and Infrastructure
Divisions
•	Operative result (EBITA) excluding one-off effects more than
doubled
•	Resizing on schedule in the transformer production and Water
Systems areas
•	New reporting structure used for the presentation of Group results
The exceptionally positive market developments in the iron and steel
industry, as well as the systematic application of the Group strategy
of exploiting the opportunities provided by international growth
markets led to a 15% increase in third quarter order intake to a new
record level of EUR 3.6 bn. Order backlog rose by 15% to EUR 4.9 bn.
The largest increases in new orders came from Metallurgy (+73%) and
Infrastructure (+12%). 
In order to achieve a simpler and clearer presentation of Group
results, notional interest from the balancing of advance payments
made and received has no longer been allocated to sales.
Consequently, results in the operating area (EBIT and EBITA) are
lower, while the financial result is up by a corresponding amount.
Earnings before taxes (EBT) and the net result are unaffected by this
alteration. 
VA TECH sales in the first nine months of 2004 were raised by 6% to
EUR 2,847 m. If one-off effects (resizing expenses and book
gains/losses from the sale of assets and investments amounted to EUR
minus 50.5 m) are included, the operating result (EBITA) for the
first nine months of 2004 totalled minus EUR 21.8 m (Q1-3 2003: EUR
16.6 m). However, if the one-off effects are omitted, EBITA amounted
to EUR 28.7 m, which was more than double the figure for the same
quarter of 2003. 
Earnings before interest and taxes (EBIT) in the period under review
amounted to minus EUR 50.1 m (Q 1-3, 2003: minus EUR 13.5 m).
Following the deduction of taxes and minority interests, the result
for the period amounted to minus EUR 59.2 m, following minus EUR 22.2
m in the first nine months of 2003.  This fall was largely the result
of the increase in one-off effects derived from reszing and the
amortisation of goodwill. Net liquidity improved to EUR 168 m. Group
free cash flow of minus EUR 78 m resulted for the first nine months
of the year (Q1-3, 2003: minus EUR 5 m).
The basic improvement in the climate of investment within the capital
goods industry is expected to continue for the remainder of the
current year. Positive impetus is evident in both the metallurgical
and energy sectors, as well as from industry.The main operative goal
is the completion of reorganisation within the Group and the
exploitation of the opportunities offered by the international growth
regions. Water Systems resizing will be concluded by the end of the
year, together with the correction of the loss-making situation in
the transformer segment.  
A sum of EUR 65-70 m, of which around 50% is cash effective, has been
required for the adjustments in capacity needed in the course of
transformer production plant resizing. 
The published result forecasts for 2004 and 2005 remain unchanged.
Further guidance will be provided in due time.
end of announcement                    euro adhoc 08.11.2004 08:03:10 

Further inquiry note:

Bettina Pepek
Press Officer

phone: 43 1 89100 3400
fax: 43 1 89100 4103
bettina.pepek@vatech.at

Branche: Technology
ISIN: AT0000937453
WKN: 093745
Index: WBI, ATX Prime, ATX
Börsen: Berliner Wertpapierbörse / free trade
Bayerische Börse / free trade
Wiener Börse AG / official dealing

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