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euro adhoc: SW Umwelttechnik Stoiser & Wolschner AG
SW Umwelttechnik unveils preliminary annual results for 2007
-------------------------------------------------------------------------------- Disclosure announcement transmitted by euro adhoc. The issuer is responsible for the content of this announcement. -------------------------------------------------------------------------------- preliminary annual results for 2007 28.02.2008 . EBIT up 12% to EUR 4.6 million . Order backlog at all-time high of EUR 46 million despite harsh trading environment . Record E26 million investment programme . Return to Vienna Stock Exchange prime market in May 2007 Despite difficult trading conditions in its core Hungarian and Romanian markets, SW Umwelttechnik was able to unveil a highly creditable set of results for 2007 today. The Group will be looking to maintain its solid growth momentum in Central and South-Eastern Europe in 2008, and the outlook is good. Order backlog hit at an all-time high at balance sheet date. The Group's unaudited preliminary IFRS results show a 5.9% fall in revenue to E96.1 million (m) in 2007 (2006: E101.9m). The main reasons for this were government spending cuts in Hungary which led to a sharp decline in municipal contract awards, as well as hold-ups in EU funded infrastructure projects in Romania. Part of the lost ground was made up by increased deliveries to commercial and industrial customers, and exports to countries bordering core markets. The key Hungarian market accounted for E57.2m or 60% of revenue in 2007, compared to E67.5m or 66% in the previous year. As expected, the revenue contribution of the Austrian market shrank to E19.3m (2006: E23.0m) or 20% (2006: 23%) due to works closures in 2006. The revenue share generated in Romania was below forecast due to delays in EU projects, only rising to 9%, to reach E8.6m. Exports from Hungary to Slovakia rose from to E6.6m (2006: E1m) or 7%. The revenue contribution of "other countries" (Croatia, Italy and Slovenia) more than doubled to over E4m (4%), from E2.3m in 2006, most of the growth being driven by exports from the group's Hungarian and Austrian sites. An upbeat performance from the Group's Infrastructure sector in 2007 boosted its revenue contribution to 51% from 43% in 2006. The proportion of revenue accounted for by the Water Conservation sector edged down to 30% (2006: 32%), while the Engineering sector was hardest hit by public spending cuts in Hungary and its segmental share contracted to 19% (2006: 25%). Earnings before interest and tax (EBIT) improved again, by 12% to E4.6m (2006: E4.1m) despite adverse trading conditions. Some E2m in non-capitalised start-up losses in Romania are recognised in this figure. EBITDA was up by 2% to a record E9.4m (2006: E9.2m). The sharp devaluation of the Romanian leu towards the end of 2007 resulted in a marked deterioration in net finance costs, as it caused a hefty book loss on the investments made during the summer. Due to this effect net finance costs increased to E3.3m (2006: E1.2m). The resultant decline in profit on ordinary activities (POA) to E1.2m (2006: E2.9m) was in line with management's expectations. Due to the positive Austrian earnings trend it was possible to realise tax loss carryforwards under IFRS, meaning that the profit for the period held at E1.6m (2006: E2.1m). Order backlog Order backlog of E46.0m at balance sheet date was the highest in SW Umwelttechnik's history, and represented a year-on-year gain of 77% (2006: EUR 25.9m). Order bookings were particularly encouraging in the light of the difficult market conditions in Hungary and Romania. Employees The average head count decreased by 5% to 797 in 2007 (2006: 836), bringing it into line with reduced output. At balance sheet date the Austrian workforce numbered 153 (2006: 193), the Hungarian payroll 545 (2006: 583), and the Romanian 99 (2006: 60). The start-up of the new factory in Bucharest raised the number of employees in Romania in the meantime to 190. Capital expenditure Some 50% of the record capital expenditure of E26m in 2007 was channelled into the construction of new production facilities in Romania, while 40% was devoted to plant expansion and modernisation projects in Hungary - most of the money going to the final expansion phase at the South Budapest site - and 10% to restructuring programmes at the Austrian sites. Dividend recommendation The Management board will be recommending payment of a dividend of E0.30 per share (2006: E0.30) for the 2007 financial year at the annual general meeting. Share price performance In May 2007 SW Umwelttechnik achieved its objective of returning to the Vienna Stock Exchange prime market. The outstanding performance of the company's share price, which put on 138% in 2007, demonstrates investors' confidence in its long-term strategy. SW Umwelttechnik was the top performer on the Vienna prime market in 2007. Outlook Despite the challenging market conditions in Hungary and the fact that major EU funded projects in Romania are still on hold, management anticipates a further marked improvement in operating results in 2008. This expectation is based on the following factors: . The four factories due for completion in Romania within the next five years will be capable of manufacturing the group's entire product range. Due to expected delays in major EU funded projects management has shifted the focus in this market to industrial and commercial projects in 2008. . SW Umwelttechnik will be looking to exploit its cost leadership to extend its strong market position in Hungary. Due to the government's budget deficit reduction measures the slump in public sector contract awards is likely to continue in 2008. . The Group will continue to exploit growing demand in Slovakia by exporting from Hungary. . The key drivers for the Austrian operations will be new product developments and efforts to expand exports to Italy and Slovenia. . SW Umwelttechnik will start developing the Bulgarian, Moldavian, Serbian and Ukrainian markets by exporting from Hungary and Romania. . The disposal of property surplus to operational requirements will positively impact results for 2008. Founded in 1910, SW Umweltechnik remains a family business, though it has been listed on the Vienna Stock Exchange since 1997. The group is widely identified with sustainable enterprise and rapid expansion in Central and Southeastern Europe. Its innovative environmental technology products are contributing to infrastructure renewal in CSE countries. SW Umwelttechnik employed 800 people at 16 sites and returned revenue of over E100m in 2006. Financial highlights |EUR m |2007 |2006 | |Revenue |96.1 |101.9 | |EBIT |4.6 |4.1 | |EBITDA |9.4 |9.2 | |POA |1.2 |2.9 | |Prof. for period|1.7 |2.1 | |after minorities| | | end of announcement euro adhoc -------------------------------------------------------------------------------- ots Originaltext: SW Umwelttechnik Stoiser & Wolschner AG Im Internet recherchierbar: http://www.presseportal.ch Further inquiry note: Contacts Dr. Bernd Wolschner Member of the Management Board Tel: +43 (0)7259 31350 Fax: +43 (0)463 37667 Romed Lackner Investor Relations & Marketing Tel: +43 (0)664 8117670 Fax: +43 (0)463 37667170 E-mail: firstname.lastname@example.org Web: www.sw-umwelttechnik.com Branche: Technology ISIN: AT0000808209 WKN: 910497 Index: WBI Börsen: Börse Berlin / free trade Börse Frankfurt / free trade Wiener Börse AG / Regulated free trade