euro adhoc: VA Technologie AG
Annual Reports
VA Technologie AG: provisional figures 2002 (E)
Disclosure announcement transmitted by euro adhoc. The issuer is responsible for the content of this announcement.
At EUR 3,872 m, sales remain at the level of the preceding year Order backlog solid at EUR 3,961 m, order intake slightly down at EUR 4,125 m Stable domestic market in Europe, China as growth market Operating result (EBITA) up improved significantly at EUR 129 m Metallurgy on successful turnaround course following restructuring Hydro Power Generation, Transmission and Distribution as well as Infrastructure show solid business development and improved results Water Systems in the redimensioning phase Loss for the year of minus EUR 93 m stabilised at the level of the third quarter Net liquidity and free cash flow positive again
International economic situation demands focusing and result quality One VA TECH Group target was selective order intake and a focus on result quality. Despite this restrictive policy, EUR 4,125 m in new orders were obtained, which represents clear evidence of the high levels of customer confidence in the Group's capabilities. Order backlog amounted to EUR 3,961 m, which represents a solid basis and in combination with sales of EUR 3,872 m, a book-to-bill-ratio of over a year. As far as sales were concerned, on a comparable basis, the level of the preceding year was attained.
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. VA TECH cash flow also developed in an extremely satisfactory manner. Apart from cash flow from operating activities, also the free cash flow - including the cash flow from investing activities - was positive.
The full text of the release is available on the internet under www.vatech.at
The listed VA Technologie AG (VA TECH) is a focused technology and services company, which creates value for its customers throughout the plant life cycle. The Groups Metallurgy, Hydro Power Generation, Power Transmission and Distribution, Water Systems and Infrastructure Divisions all occupy leading international positions. In 2002, VA TECH attained sales according to IAS of EUR 3.9 bn with a work force of 17,725.
end of announcement euro adhoc 25.02.2003
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