SW Umwelttechnik Stoiser & Wolschner AG

euro adhoc: SW Umwelttechnik Stoiser & Wolschner AG
Financial Figures/Balance Sheet
SW Umwelttechnik announces preliminary annual results for 2006

-------------------------------------------------------------------------------- Disclosure announcement transmitted by euro adhoc. The issuer is responsible for the content of this announcement. -------------------------------------------------------------------------------- preliminary annual results 28.02.2007 < Revenue up by 12% to E101.8 million < Profit for year after minorities up 51% to E2.1 million < Record E15.8 million investment programme SW Umwelttechnik (Vienna Stock Exchange, SWUT) posted further sharp year-on- year revenue and earnings gains in 2006. This progress was mainly driven by continued rapid expansion in Central and Southeastern Europe. The group's unaudited preliminary IFRS results show a 12% rise in revenue to E101.8 million (m) in 2006 (2005: E91.1m). SW Umwelttechnik's main geographical market, Hungary was responsible for E67.5m or 66% of revenue (2005: E58.2m or 64%).The share accounted for by Austria declined from E25.6m (28%) in 2005 to E22.9m (23%) due to the factory closures in September 2006. The Romanian market's contribution to revenue doubled from 4% to 8%, to stand at E7.8m. The segmental breakdown of revenue was virtually unchanged. The Infrastructure sector's revenue contribution advanced from 41% to 43%, that of the Water Conservation business was steady at 32% and that of the Engineering sector dropped from 27% to 25% due to the decline in Austrian sales. In order to strengthen its future profitability, last year SW Umwelttechnik decided to discontinue loss-making operations in Austria, and two factories were closed in September 2006. The Engineering sector's activities in Austria relating to municipal wastewater treatment plants and biogas plants were discontinued with retroactive effect from 1 January 2006. Biogest Umwelttechnik GmbH has been deconsolidated with effect from 1 January 2007, resulting in one-time closure costs of E0.4m. The restructuring exercises undertaken in 2006 gave rise to total non-recurring closure costs of E1.2m, but the resultant cost savings in Austria will improve future results by at least E1.2m a year. Despite the one-time closure costs earnings before interest and tax (EBIT) advanced by 2%, from E3.9m to E4.0m. EBITDA topped the previous record of E9.1m by 6%, creating a solid platform for further expansion in Romania. Finance cost improved by E2.0m year on year to E1.2m, due to the stabilisation of the forint exchange rate in the second half and the steady appreciation of the Romanian Lei. Shifting debt to Austria reduced exposure to forint exchange rate risk by half. Profit on ordinary activities (POA) was 47% up at E2.8m. A 51% year-on-year increase took profit after tax to E2.1m - one of the strongest performances in the group's history. Order backlog of E25.9m at balance sheet date was down by 33%, mainly reflecting strong deliveries in the last quarter of 2006 as well as the impact of restructuring. Nevertheless, management does not expect revenue to decline in 2007. Headcount increased by only 5% to an average of 836 in 2006. Downsizing of the Austrian workforce from 209 to 193 was accompanied by increases in the group's growth markets, with employment rising from 556 to 583 in Hungary, and from 35 to 60 in Romania. A record E15.8m investment programme boosted capacity in Hungary and drove rapid expansion in Romania. In Romania E7m was spent on construction of the first factory, in Timisoara, which is manufacturing water conservation products, the commencement of work on a factory in Bucharest and the acquisition of land in Targu Mures. The Management Board will be recommending an increased dividend of E0.30 per share (2005: E0.25) for the 2006 financial year to the annual general meeting. Outlook Due to the positive outlook for the Central and Southeast European market, and last year's heavy investment and restructuring, management expects revenue to remain stable in 2007 and earnings to grow by at least 50%. < In Hungary heavy investment in modern production equipment and the market leadership of the Water Conservation and Infrastructure sectors will give SW Umwelttechnik strong cost advantages. < In Austria the rationalisation programme is expected to bring significant improvements in earnings resulting in turnaround. < In Romania, the first phase of the construction of capacity for the Infrastructure sector and the second stage of the ramp-up of capacity for the Water Conservation sector at the Bucharest site will be implemented in 2007. In addition, preparations will be made for the commencement of work at the Targu Mures site in Central Transylvania. < A start will be made with market development in neighbouring Moldavia, Serbia and Ukraine, using exports from Hungary and Romania. < The disposal of property not related to operations, which often results from investments, will make an additional contribution to earnings and financing. SW Umwelttechnik has set itself the goal of returning to the Vienna Stock Exchange prime market in 2007. With the company's share price currently at an all-time high of E67.5 compared with a requirement of an average of E45 over six months this is a realistic target for mid-2007, since SW Umwelttechnik meets all the criteria. end of announcement euro adhoc 28.02.2007 08:00:00 -------------------------------------------------------------------------------- ots Originaltext: SW Umwelttechnik Stoiser & Wolschner AG Im Internet recherchierbar: http://www.presseportal.ch Further inquiry note: Dr. Bernd Wolschner, member of the Management Board Tel: +43 / (0)664 / 3413953; fax: +43 / (0)7259 / 3135 6 Michaela Wolschner, Investor Relations Tel.: +43 / (0)664 / 811 76 62, Fax: +43 / (0)1 / 368 86 86 E-mail: michaela.wolschner@sw-umwelttechnik.at Web: www.sw-umwelttechnik.com Branche: Technology ISIN: AT0000808209 WKN: 910497 Index: WBI Börsen: Börse Berlin-Bremen / free trade Frankfurter Wertpapierbörse / free trade Wiener Börse AG / Regulated free trade

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