SW Umwelttechnik Stoiser & Wolschner AG

euro adhoc: SW Umwelttechnik Stoiser & Wolschner AG
quarterly or semiannual financial statement
SW Umwelttechnik announces results for first quarter of 2007

@@start.t1@@--------------------------------------------------------------------------------   Disclosure announcement transmitted by euro adhoc. The issuer is responsible   for the content of this announcement. --------------------------------------------------------------------------------@@end@@

3-month report

23.05.2007

. 72% revenue growth . EBIT up by E2 million . Return to the prime market . Accelerated expansion in Romania

SW Umwelttechnik turned the good weather to its advantage to  put  in a  bright start to the year, recording first quarter revenue growth   of  over  E6  million (m) and a E2m improvement  in  EBIT.  Meanwhile the  group  forged  ahead  with investment projects in Romania and Hungary.

SW Umwelttechnik grew revenue by 72% to E16.0m (Q1 2006:  E9.3m)  in the  first quarter of 2007. Favourable weather  conditions   contributed  to  rapid  revenue growth across all the  group's   business  sectors,  while  revenue  in  its  new Romanian market almost trebled.

Revenue rose by 79% in Hungary, by 178% in Romania and by 26% in   Austria,  year on year. In terms of geographical markets, 71% of total revenue  was  earned  in Hungary (Q1 2006: 69%), 9% in Romania (Q1 2006: 6%),  and  15%  in  Austria  (Q1 2006: 21%). The  fall  in the  proportion  of  revenue  originated  in  Austria reflected last year's factory closures. There were  only  minor  shifts  in  the segmental revenue breakdown. Water Conservation  accounted  for  31% (Q1  2006: 26%) of total revenue, Infrastructure continued to dominate  at  56%  (Q1  2006: 64%) and Engineering contributed 13% (Q1 2006: 10%).

Increased revenue boosted EBIT- historically weak in the first   quarter  due  to seasonal factors - and it was negative by only E1.3m, compared to E3.3m  in  the like period of 2006.

With finance cost almost down to zero due to the  rising  Hungarian   forint  and Romanian lei exchange rates, the loss on ordinary activities narrowed  by  E3.6m to E1.4m (Q1 2006: E5.0m).

Employees The average number of employees edged down by 3%, from 786 to 760,  despite  the growth in the group's sales. The fall is chiefly explained by the  20%  drop  in the Austrian head count. Meanwhile the workforce in Romania expanded from 46  to 80.

Capital expenditure In the first quarter of 2007 capital expenditure was E5.6m (Q1 2006: E2.1m).

Investment programmes in Hungary directed  towards  expanding   capacity  in  the Infrastructure  and  Water  Conservation  sectors   were  completed  during    the quarter. The spun  concrete  plant  in Alsoszolca  and  the  new  facility  for manufacturing prestressed bridge members at  the  South  Budapest  site  entered service on schedule.

In Romania the Timisoara plant was finished, and production ramped   up  to  full capacity. Construction of the  new  factory  in   Bucharest  is  going  to  plan, despite  delivery  delays  due  to   the  building  boom.  Preparations  for  the application for planning permission in Targu Mures are under way. At the same  a search has been launched for a fourth site in eastern Romania, and is due to  be concluded by the end of the year.

In Austria the machinery relocations  and  resultant  capacity   expansions  were completed on schedule in May.

Order backlog Exceptionally high output due to favourable weather conditions meant that  order backlog was worked off unusually quickly, and it  was  slimmed  to  E26.1m  from E51.6m a year   earlier.  The  Infrastructure  sector's  order  books  were  also affected by changes in  the  product  mix.  Nevertheless,  management currently expects the sector's revenue target for 2007 to be exceeded. However revenue  in the Engineering sector is seen   declining  as  the  large  contracts  under  the Hungarian   Environment  and  Energy  Operational  Programme    (KEOP)    are    not anticipated until the second half  of  the  year.  Overall,  SW   Umwelttechnik's total output should certainly be on target.

Balance sheet The heavy investment program swelled non-current assets from E46.7m  to  E62.1m, while revenue growth buoyed current assets to E44.9m (Q1  2006:  E33.1m).  Total assets rose by 34% to E107.0m (Q1 2006: E79.8m). Financial liabilities climbed from E42.7m to E58.6m due to borrowing to  finance expansion. The marked improvement in retained earnings was reflected  in  a  39% increase in equity from E18.5m to E25.7m.

Share price performance SW Umwelttechnik's return to the  prime   market  segment  of  the  Vienna  Stock Exchange on 21 May 2007 reflected the  market  confidence  that  has  brought  a share price run-up of almost 200% since the start  of  the  year.  Capital  Bank will act as the specialist for SW Umwelttechnik's stock. The price reached an all time high of E125 in May, driven  by  investors'   faith in SW Umwelttechnik's strategy of accelerated expansion in Southeastern  Europe.

Outlook On the light  of  the  promising  outlook  on  all  the   markets  served  by  SW Umwelttechnik,  the  large-scale  investment programme    and    the    successful completion of the restructuring exercises, management anticipates  75%  year-on- year growth in EBIT, EBITDA and POA on roughly stable  revenue  for  2007  as  a whole.

@@start.t2@@. In Austria restructuring programmes have  already  brought  a  significant
         improvement in earnings in the first quarter.

      . In Hungary capacity utilisation was particularly good in the first quarter
         thanks to the mild weather. SW Umwelttechnik will use its  high  installed
         capacity and the cost leadership  afforded  by  its  modern  equipment  to
         continue to extend its market leadership.

      . In Romania the Timisoara site is fully operational, while the first  phase
         of the Bucharest project is scheduled for completion  in  September,  when
         the  production  equipment  for  infrastructure  products  is  due  to  be
         commissioned. A second development phase involving manufacturing equipment
         for water conservation products is scheduled for completion by the end  of
         the year. Building work at the Targu Mures site in central Transylvania is
         scheduled to begin near the end of 2007, and a suitable fourth location in
         eastern Romania is expected to have been identified by then.

      . A start is being made with market development  in  neighbouring  Moldavia,
         Serbia and Ukraine, using exports from Hungary and  Romania.  Preparations
         are also being made to purchase land to  build  production  facilities  in
         these countries. If market entry is successful, the aim is to build one to
         two plants there each year.

      . The disposal  of  property  surplus  to  operational  requirements,  often
         acquired in connection with investments, will make an  additional  ongoing
         contribution to earnings and financing.

The group's recent strong performance and the positive outlook for the next  few@@end@@

years give SW Umwelttechnik an excellent springboard for its drive to expand  in Romania and its new focus markets.

Financial highlights

In Em                Q1 2007      Q1 2006
Revenue                16.0            9.3
EBIT                    -1.3          -3.3
EBITDA                 -0.2          -2.3
POA                      -1.4          -5.0

In Em                              Q1 2007        Q1 2006
Non-current assets          62.1              46.7
Current assets                 44.9              33.1

Total equity
and liabilities              107.0              79.8

Equity                              25.7              18.5
Borrowings                        81.3              61.3
whereof bank loans         58.6              42.7

@@start.t3@@end of announcement                                                 euro adhoc 23.05.2007 08:46:48
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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
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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