SW Umwelttechnik Stoiser & Wolschner AG

euro adhoc: SW Umwelttechnik Stoiser & Wolschner AG
Financial Figures/Balance Sheet
SW Umwelttechnik unveils results for first three quarters of 2005

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09.11.2005

* 25% revenue growth * EBIT more than doubled * Positive outlook in light of 27% increase in order backlog

SW Umwelttechnik Stoiser & Wolschner AG registered big improvements in revenue and earnings in the third quarter of 2005 due to its strong position in Hungary, entry to Romanian market and reorganisation in Austria. Revenue was up by 29% to EUR28.9 million (m) from EUR22.4m in the third quarter of 2004, and EBITDA by 55%, from EUR2.7m to EUR4.2m. The company’s rapid expansion was also reflected in a 61% jump in EBIT to EUR2.8m (Q3 2004: EUR1.7m) and a 17% rise in POA to EUR2.2m (Q3 2004: EUR1.9m).

Revenue recorded a cumulative year-on-year increase of 25%, from EUR51m to EUR63.5m, over the first three quarters. Like-for-like revenue growth excluding the acquisition consolidated in January (Alpha Umwelttechnik) was 19%.

In SW Umwelttechnik’s main market, Hungary (65% of total turnover), revenue advanced by 15% to EUR41.4m thanks to an outstanding performance by the South Budapest operation. The consolidation of Alpha Umwelttechnik raised the proportion of revenue generated in Austria from 25% to 29%. Drinking water and sewerage projects gave a highly encouraging lift to the revenue contribution of the Romanian operations from 1% to 4%, while Slovakia, Slovenia and other EU member states accounted for a combined 2% of turnover.

The segmental revenue breakdown was almost unchanged from the previous year. The Water Conservation sector accounted for 29% of revenue (2004: 29%), the Engineering sector for 26% (2004: 25%) and the Infrastructure sector for 45% (2004: 46%).

Earnings before interest and tax (EBIT) more than doubled, climbing by 145% from EUR0.8m to EUR2m, and return on sales surged from 1.6% to 3.1%. These improvements were driven by good capacity utilisation at the Hungarian operations and stable steel prices. EBITDA progressed by 54%, from EUR3.6m to EUR5.5m, greatly enhancing SW Umwelttechnik’s ability to finance investments from cash flow.

Finance costs rose to EUR1.1m from zero in the like period of the previous year. They were positively impacted by lower interest expense with bank borrowings reduced by the proceeds of the capital increase and the resale of treasury shares. However the financial result was negatively affected by book foreign exchange losses of EUR0.3m owing to refinancing of the Hungarian subsidiaries on a euro basis, which contrasted with foreign exchange gains of EUR1.2m in 2004.

Overall, there was an improvement of 25% in POA, from EUR0.8m to EUR1.0m.

The headcount rose from 724 to 771. HR activities focused on the recruitment of 38 employees for the Romanian business.

Year-on-year productivity growth was highly satisfactory at 17%.

Capital expenditure The EUR7.6m accelerated investment programme for the year as a whole (2004: EUR3.5m) was implemented on schedule, and 82% of the budget was spent in the first three quarters. Investment spending was largely channelled to the South Budapest site where existing capacity was expanded and the most modern pipe works in Hungary has recently been completed.

Outlook Management is standing by its optimistic forecast for the year as a whole, which is underpinned by a 27% year-on-year rise in order backlog to EUR37.6m as at 30 September 2005, and sees revenue growing by almost 20%.

SW Umwelttechnik will continue to invest heavily and press ahead with its expansion strategy in order to exploit opportunities in the growth markets of Central, Eastern and Southeastern Europe.

* In Hungary SW Umwelttechnik is firmly established as the leader in the civil engineering, precast elements and building construction markets, and is thus well placed to win attractive contracts. Preliminary negotiations are in progress on major infrastructure projects which would have a strong positive impact on earnings.  * All the group’s business sectors are expected to encounter growing demand in Hungary over the next few years. However next year’s general election may lead to uncertainties with regard to public sector contract awards. * In Austria the renewable energy business has already won 15 design engineering and/or construction contracts for biogas plants, and four have been successfully commissioned. * The merger of the Austrian operating subsidiaries into a single company and organisational structure should bring a marked improvement in the marketing effort and earnings. * Romania is an important growth driver for SW Umwelttechnik. All the group’s sectors are working to drive ahead development of the Romanian market. The Water Conservation sector’s factory in Ortisoara will commence operation during the first half of 2006, and the workforce of the Engineering sector, based in Cluj, is being expanded. Preparations for the construction of a second factory, in the greater Bucharest area, have begun, and this too is to be built in 2006.

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ots Originaltext: SW Umwelttechnik Stoiser & Wolschner AG
Im Internet recherchierbar: http://www.presseportal.de

Further inquiry note:
Dr. Bernd Wolschner, member of the Management Board
Tel: +43 (0)463 32109; mobile: +43 (0)664 3413953; fax: +43 (0)463 37667
Michaela Wolschner, Investor Relations
Tel: +43 (0)664 8117662; fax: +43 (0)1 3688686;
e-mail: michaela.wolschner@sw-umwelttechnik.at
Website: 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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