VA Technologie AG
*vwd Ad-hoc-Service: VA Technologie AG english
Ad hoc announcement transmitted by DGAP.
The issuer has the sole responsibility of this announcement.
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VA Technologie AG: Business Year 2000
– Growth in order intake and sales, clearly positive net result
– Comprehensive reorientation over past three years
Over the past three years, the VATECH Group has profoundly renewed its business
portfolio and carried out substantial restructuring measures. Since 1998 a sales
volume of about EUR 1.4m in the core business areas has been acquired and
almost EUR 1m divested. 10,700 new employees are in the Group world-wide, while
11,900 people left because of divestments or restructuring measures. In total
approximately EUR 720m have been invested since 1998, of which 60% was spent on
acquisitions and 40% on restructuring.
For the business year 2000, the listed VA Technologie AG (VA TECH) reports
growth in sales and order intake as well as a clearly positive net result for
the business year 2000. While the divisions Hydro Power Generation, Power
Transmission and Distribution, Water Systems and Industrial Services all showed
a positive development in business volume and increased their operative results,
the Metallurgy division experienced an unexpected deterioration in results from
current projects during the fourth quarter of 2000.
The EBITA (earnings before interest, taxes and goodwill amortisation) of VATECH
in 2000 was EUR 125m, that is 11% below the figure for the previous year (EUR
140m). The EBIT was down by 28%, from EUR 130m in 1999 to EUR 93m in 2000. The
profit for the period was EUR 30m (after minus EUR 95m in 1999). Including the
net proceeds from the sale of a 9% interest in VA STAHL, this results in a
profit of EUR 2.1 per share (after EUR 1.8 in 1999). At EUR 1.2 per share, the
proposed dividend for the business year 2000 remains unchanged from that of1999.
Sales for the VA TECH Group increased by 16% compared to the previous year, to
EUR 3,985m. The order intake increased by 9% – from EUR 3,570m in 1999 to EUR
3,894m in 2000. The order backlog as of December 31, 2000 was EUR 3,709m, up 6%
from the previous year.
For the current business year 2001, VA TECH expects an increase in both order
intake and sales as well as growth in the operating result (EBIT).
end of ad hoc announcement, (c) DGAP 22.03.2001
Issuer’s information/explanation remarks concerning this ad hoc announcement:
VA Technologie AG:
Comprehensive reorientation over past three years
Business Year 2000: growth in order intake and sales, clearly positive net
result
Over the past three years, the VA TECH Group has profoundly renewed its business
portfolio and carried out substantial restructuring measures. “Since 1998 we
have acquired a sales volume of about EUR 1.4bn in the core business areas and
divested almost EUR 1bn. Today, we have 10,700 new employees in the Group world-
wide, while 11,900 people left because of divestments or restructurings. In
total, we have spent approximately EUR 720m since 1998, of which 60% was spent
on acquisitions and 40% on restructuring. This process of reorientation of a
group in such a dimension is unique in our sector,” stated VA TECH-CEO Erich
Becker today.
Business year 2000
The listed VA Technologie AG (VA TECH) reports increased sales and order intake
as well as a clearly positive net result for the business year 2000. While the
divisions Hydro Power Generation, Power Transmission and Distribution, Water
Systems and Industrial Services all showed a positive development in business
volume and increased their operative results, the Metallurgy division
experienced an unexpected deterioration in results from current projects during
the fourth quarter of 2000.
In 2000, VA TECH has taken major steps toward a comprehensive restructuring.The
global alliance with Schneider Electric pushed VA TECH to number three world-
wide in high-voltage power transmission and distribution. The sale of VA TECH
VOEST MCE which was closed in March 2001 after the balance sheet date represents
an important milestone towards the strategic restructuring of the Industrial
Services division.
The EBITA (earnings before interest, taxes and goodwill amortisation) of VA TECH
in 2000 was EUR 125m, that is 11% below the figure for the previous year (EUR
140m). The EBIT was down by 28%, from EUR 130m in 1999 to EUR 93m in 2000. All
divisions showed growth in EBIT except for Metallurgy, which in the fourth
quarter had to make additional provisions for a decline in earnings from current
projects as well as for future restructuring measures.
The financial result of VA TECH for the year 2000 amounted to minus EUR 51m,
compared to minus EUR 98m in 1999. This upward trend is mainly due to the sale
of 9% of VOEST-ALPINE STAHL shares. Earnings before taxes (EBT) in 2000 were EUR
42m, up 31% from the previous year. The profit for the period was EUR 30m
(after minus EUR 95m in 1999). Including the net proceeds from the sale of a 9%
interest in VA STAHL, this results in a profit of EUR 2.1 per share (after EUR
1.8 in 1999). At EUR 1.2 per share, the proposed dividend for the business year
2000 remains unchanged from that of 1999.
Sales for the VA TECH Group including the acquisitions Kvaerner Metals Equipment
(Metallurgy) and Escher Wyss (Hydro Power Generation) increased by 16% compared
to the previous year, to EUR 3,985m. VA TECH increased the order intake by 9%
from EUR 3,570m in 1999 to EUR 3,894m in 2000. The order backlog as of December
31, 2000 was EUR 3,709m, up 6% from the previous year.
Outlook for 2001: Increase in business volume and operative result
For the current business year 2001, VA TECH expects an increase in both order
intake and sales as well as growth in the operating result (EBIT).
The Group’s main objective is to sustainably increase the operating
profitability over the next few years. After the comprehensive re-orientation of
VA TECH over the past few years the main focus for the current year will be the
integration and consolidation of the Group.
For 2001, Metallurgy plans substantial and sustained improvements in
profitability by implementing leaner structures and reducing fixed costs. Hydro
Power Generation will focus on the revamping and modernisation of existing power
plants and expand the service business.The integration of the business
processes as well as the further strengthening of automation and services are on
this year’s agenda for the Power Transmission and Distribution division which
has been completely restructured as a result of the joint venture with Schneider
Electric. Another item on the division’s agenda for 2001 is the further
strengthening of automation and services. The Water Systems division will
continue its course of growth in value after the successful turnaround in 2000
by implementing further measures to increase efficiency.
The Industrial Services division sold a share of 80.1% in VA TECH VOEST MCE
Group to Andlinger Group Anlagenbau Holding GmbH at the beginning of March 2001.
VA TECH keeps a share of 19.9% in order to ensure the continuity of business
with various Group companies. The Industrial Services division aims to take
advantage of the trend toward “Full Service Packages” in electrical plant
engineering as well as in infrastructure and facility management. ai
informatics, the information technology company, will remain within the Group
for the time being.
A new top management bonus scheme based on EVA (Economic Value Added) was
introduced as per 1 January 2001 and will ensure a systematic pursuit of
sustained value generation. This should also be reflected in the assessment of
VA TECH by the capital markets and result in a positive development of the share
price.
The full text of the press release is available on the internet under
www.vatech.at
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WKN: 093745; Index: ATX
Listed: Amtlicher Handel in Wien; Freiverkehr in Berlin, Frankfurt, Hamburg,
München, Stuttgart
220834 Mär 01
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