SW Umwelttechnik Stoiser & Wolschner AG

euro adhoc: SW Umwelttechnik Stoiser & Wolschner AG
Financial Figures/Balance Sheet
SW Umwelttechnik board hails "unique" CSE opportunities at results press conference

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annual report

18.04.2007

* Revenue up by 12% * Record E15.8 million investment programme * Further expansion in Romania and land purchases  in  Bulgaria  and   Serbia    slated

At a press conference today joint chief executives DI Heinz   Wolschner  and  Dr. Bernd Wolschner unveiled SW Umwelttechnik's results for 2006.  They  highlighted the "unique opportunity" for the group  presented  by  the  new  EU  members  in Southeastern Europe, due to the "huge demand" for  its  water  conservation  and infrastructure products. And they  aired  plans  to  expand  into   potential  EU candidate countries including Moldavia, Serbia and   Ukraine  in  order  to  gain early mover advantage.

Revenue Revenue was up by 12% to E101.9 million (m) in 2006  (2005:   E91.2m);  the  gain was entirely generated by organic growth.

SW Umwelttechnik's main geographical market, Hungary was again  the   key  growth driver, revenue rising by 16% to E67.5m - 66%  of  total consolidated  revenue. Austrian revenue was down by 11% to E23m, mainly as a result of  a  fall-off  in order intake by the biogas plant business. The decline was partly offset  by  an improvement in the Infrastructure  sector's  revenue  performance.  Early  stage business development in Romania made  excellent  headway  in  all   sectors,  and revenue almost doubled to  E7.8m,  accounting  for  8% of  total  revenue.  The proportion accounted for by other countries such  as  Croatia,  Italy,  Slovakia and Slovenia was unchanged at 4%.

The Water Conservation sector posted an 8% increase in  revenue.  The strongest segmental growth was recorded by the Infrastructure   sector,  due  to  excellent capacity utilisation, with revenue up by 18%. The revenue  contribution  of  the Engineering sector grew by a somewhat disappointing 6%. Sewerage project  orders were very strong, but the biogas reactor business completely  dried  up  due  to uncertainties about  electricity  injection  tariffs.  In   consequence,  Biogest Umwelttechnik GmbH was deconsolidated  as  at   1  January  2007.  The  segmental breakdown of  revenue  was   virtually  unchanged  in  2006.  The  Infrastructure sector's   revenue  contribution  rose  from  41%  to  43%,  that  of  the   Water Conservation business was steady at 32%  and  that  of  the   Engineering  sector dropped again, from 27% to 25%, due to the decline in Austrian sales.

Earnings Earnings before interest and tax (EBIT) advanced by 5% to   E4.1m  (2005:  E3.9m) despite one-time closure and decommissioning   costs  of  E1.2m  related  to  the shutdown of two Austrian factories. The EBIT margin held at 4%,  but  the  like- for-like margin with closure costs stripped out progressed past the 5% mark.

EBITDA topped the previous record of E9.2m by 7%, creating a solid platform  for further expansion.

Finance cost improved to E1.2m (2005: E2.0m) 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.

Profit on ordinary activities (POA) was 52% up year on  year  at   E2.9m.  A  54% year-on-year increase lifted profit for  the  period   to  E2.1m  -  one  of  the strongest performances in the group's history.

Earnings per share were E3.21 compared with E2.21 in 2005.

Assets and finances Total assets rose by 18.6% to E95.5m (2005: E80.5m), buoyed by  working  capital which grew  along  with  revenue and  by  the  extensive  investment  programme implemented during the year.

Equity increased from E24.3m to E26.5m due to  retained  earnings.   However  the equity ratio fell from 30.1% to 27.7%.

Employees SW Umwelttechnik employed an average of 836 people in 2006 - 4.5% more  than  in the previous year. The Austrian workforce was downsized from 209  to  193  while the higher head counts of 583 in Hungary (2005:    556)  and  of  60  in  Romania (2005: 35) reflected the positive trend in these  growth  markets.  The  group's strong performance was also reflected in a 7% gain in  output  per  employee to E121,000 (2005: E113,000).

Capital expenditure A record  E15.8m  investment  programme  (2005:   E10.2m;  2004:  E3.5m)  boosted capacity in Hungary and accelerated expansion in Romania.

In Hungary the group invested E8.1m in introducing new product lines while  also doubling the production capacity of some existing   products.  In  Romania  E6.4m was spent on construction of  the   group's  first  factory,  in  Timisoara,  the commencement of work on a plant in Bucharest and  the  acquisition  of  land  in Targu Mures.

Order backlog Order backlog at balance sheet date was  33%  down   year  on  year,  at  E25.9m, reflecting strong deliveries in the last quarter of 2006 as well as  the  impact of restructuring.  In spite of this,  management  does  not  expect  revenue  to decline in 2007.

Dividend recommendation Due to the group's positive operating performance the Management Board  will  be recommending an increased divided of E0.30 per  share  for  the  2006  financial year (2005: E0.25/share).

Outlook

@@start.t2@@. In Hungary heavy investment in modern production equipment and the  market
         leadership in the water conservation and infrastructure  product  segments
         have given SW Umwelttechnik a strong cost advantage over  the  competition
         which it is set to extend in 2007.
      . 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  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 works  at  the
         Targu Mures site in Central Transylvania, expected to take place in 2007.
      . A start will be made with market  development  in  neighbouring  Bulgaria,
         Moldavia, Serbia and Ukraine, using products  exported  from  Hungary  and
         Romania. Preparations are also  being  made  to  purchase  land  to  build
         production facilities in these countries. If SW Umwelttechnik succeeds  in
         breaking into these markets the aim is to build one to  two  plants  there
         each year.
      . The disposal of property not related to operations,  which  often  results
         from investments, is expected to contribute an annual E2m to earnings  and
         financing over the next four years.

Due to the positive outlook for the Central and Southeast European market,  last@@end@@

year's heavy investment and restructuring in Austria, management is raising  its guidance on EBIT, POA, profit after tax and EPS   including  property  activities from 50% to at least 75% growth, on stable revenue.

@@start.t3@@SW Umwelttechnik is hoping to return to the Vienna Stock Exchange  prime  market in 2007. Since the company meets all the criteria this  is  a  realistic  target for mid-2007 on current share price trends.

Financial highlights
|In Em                      |2006                      |2005                    |Increase              |
|Revenue                  |101.9                    |91.2                    |12%                      |
|EBIT                        |4.1                        |3.9                      |5%                        |
|EBITDA                    |9.2                        |8.6                      |7%                        |
|POA                         |2.9                        |1.9                      |53%                      |@@end@@

@@start.t4@@end of announcement                                                 euro adhoc 18.04.2007 08:00:00
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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  31356

Michaela Wolschner, Investor Relations
Tel: +43 (0)664 8117662; fax: +43 (0)1  8772617
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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