SW Umwelttechnik Stoiser & Wolschner AG

euro adhoc: SW Umwelttechnik Stoiser & Wolschner AG
Quarterly or Semiannual Financial Statements
SW Umwelttechnik announces first-quarter results

--------------------------------------------------------------------- Disclosure announcement transmitted by euro adhoc. The issuer is responsible for the content of this announcement. --------------------------------------------------------------------- 25.05.2005 * Revenue hit by bad weather in March * Order backlog 52% up * 15% revenue growth forecast for year as a whole SW Umwelttechnik’s revenue edged down to EUR8.1 million (m) in the first quarter of 2005 (Q1 2004: EUR8.6m). The fall was caused by severe weather in Central and Eastern Europe in March which led to the suspension of construction works. The company’s figures for the first quarter are a poor guide to the year as a whole. The period normally accounts for only 8-15% of annual revenue, and results are strongly influenced by local weather conditions. The differing seasonal distribution of income and expenses always leads to negative results for the quarter. The relative contributions of the company’s geographical markets reflected bad weather in Hungary, as well as the first signs of success for retrenchment in the Austrian operations. Hungary accounted for 66% of revenue (Q1 2004: 80%), Austria for 29% (Q1 2004: 17%), and other EU and non-EU countries 5% (Q1 2004: 3%). In segment terms, 26% (Q1 2004: 24%) of total revenue was generated by the Water Conservation sector, 22% (Q1 2004: 13%) by the Engineering sector, and 52% (Q1 2004: 63%) by the Infrastructure sector. Due to the downturn in revenue EBIT was negative by EUR3.4m, compared to EUR2.0m in the like period of 2004, and EBITDA was negative by EUR2.4m (Q1 2004: EUR1.1m). The deterioration in results for the first quarter was attributable to weather related delays in deliveries in March. Due to the devaluation of the Hungarian forint against the euro the net result for financial items moved from a positive amount of EUR0.6m to finance cost of EUR0.4m. In consequence the loss on ordinary activities widened to EUR3.7m from EUR1.4m in the like period of 2004. SW Umwelttechnik’s head count rose by 4.5% year on year to stand at 722 (Q1 2004: 691). The figure includes 38 Romanian employees currently being trained for their coming duties at the new factories in Romania. Investment focusing on Romania This year the lion’s share of capital expenditure — over 75% — is again being channelled to operations in CEE countries. The most modern pipe works in Hungary is under construction at the company’s South Budapest site, and is due to go into operation in the third quarter of 2005. A new factory will also be built in Timisoara, Romania during the year, and preparations for the construction of a production facility in the greater Bucharest area are under way. Meanwhile SW Umwelttechnik is looking at the possibility of a third Romanian site. Some EUR1.2m of this year’s EUR7.8m investment budget — more than doubled from 2004 — was spent during the first quarter, EUR1m going to the expansion project at the South Budapest location and EUR0.2m to Austrian operations. Outlook: good prospects for 2005 Management is optimistic about prospects for the year as a whole, and anticipates revenue growth of about 15%. * The ground lost during the first quarter was made up by an increase of over 15% in revenue in April. * Order backlog as at 31 March was 55% up year on year at EUR44m. SW Umwelttechnik made excellent progress in Romania where new contracts for two wastewater treatment plants, worth a total of about EUR2m, were won in March. * Market conditions for low-margin standard products are seen remaining difficult in Austria. However the drop in demand is expected to be offset by increased sales of separators, tunnel run-off purification systems, surface water protection systems and pillars. * The new Budapest pipe works should boost the company’s share of the Hungarian civil engineering market, which will play an increasingly important role because of the decline in state investment in building construction. * A sales network is being built up in Romania, and key personnel are being trained in Hungary for their work at the new factories. Production at the new Timisoara works will start up this year end of announcement euro adhoc 25.05.2005 07:00:00 --------------------------------------------------------------------- Further inquiry note: DI Heinz Wolschner, Vorstand der SW Umwelttechnik Tel.: 0043/463/32109-0, Fax: 0043/463/37667 MMag. Christian Riel, Finanzen/Investor Relations Tel.: 0043/664/4337105, Fax: 0043/1/3688686, mailto:christian.riel@sw-umwelttechnik.at Website: http://www.sw-umwelttechnik.at Branche: Technology ISIN: AT0000808209 WKN: 080820 Index: WBI, ATX Prime, ViDX Börsen: Berliner Wertpapierbörse / free trade Baden-Württembergische Wertpapierbörse / free trade Börse Düsseldorf / free trade Wiener Börse AG / official dealing

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