SW Umwelttechnik Stoiser & Wolschner AG

euro adhoc: SW Umwelttechnik Stoiser & Wolschner AG
Financial Figures/Balance Sheet
SW Umwelttechnik announces strong interim results

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6-month report

27.08.2008

* Revenue up by 24% in the first half * Outstanding order backlog of E55.6 million (m) as of 30 June 2008 * Outlook for 2008 confirmed: EBIT set to increase by 60% and revenue by 20%

Despite an adverse trading environment, particularly in Hungary,   Vienna  listed SW Umwelttechnik AG maintained its strong performance in  the  second  quarter. First half figures confirm management's forecast of a 60% rise  in  EBIT  and  a gain in revenue of around 20%  for  the  full  year.  Order  backlog  more  than doubled year on year to stand at E55.6m  on  30  June  2008,  supporting  upbeat second-half earnings expectations.

Trading performance and earnings SW Umwelttechnik posted a 24% increase in revenue to E51.3m  in  the  first  six months  of  2008   (H1  2007:  E41.5m).  Despite  difficult  trading  conditions, improvements in revenue were seen across the group's  core  Austrian, Hungarian and Romanian markets.

Although SW Umwelttechnik normally reports negative EBIT for the first half  due to seasonal factors, this year, for the first time   ever,  the  group  posted  a profit for the year to 30 June of E2.4m (H1 2007: loss of  E0.2m).  EBITDA  also improved, from E2.1m to E5.2m. The Engineering business put  in  a  particularly encouraging performance,  with  earnings  up  year  on  year  due  to    project completions.

Second quarter revenue registered a 29%  year-on-year  increase  to   E32.8m  (H1 2007: E25.5m), while EBIT more than tripled from E1.1m to E4.0m.

Net finance costs for the first half as a whole  reflected  the   group's  recent rapid expansion and resultant large investments abroad. Non-current assets  were boosted by the strong forint,  but   higher  borrowings  due  to  the  investment projects and higher interest rates combined to push  up  net  finance  costs  to E0.7m (H1 2007: net finance income of E0.6m).

Profit on ordinary activities (POA) rose sharply from E0.4m in 2007 to E1.7m  in the first half of 2008. Second-quarter performance  was outstanding,  with  POA jumping to E5.4m from E1.8m in the comparative period.

Order backlog Order backlog as at 30 June 2008 amounted to  E55.6m  - more  than  double  the E26.8m year-earlier figure.

Segmental performance The segmental distribution of revenue in the first half of 2008 was as  follows: Infrastructure 49.6% (H1  2007:   56.3%);  Water  Conservation  31.8%  (H1  2007: 25.5%); and Engineering 18.6% (H1 2007: 18.2%).

The highest revenue contribution again  came  from  the  Hungarian   market.  The revenue share generated in Romania doubled to 17.4% as   anticipated,  while  the Austrian share held up reasonably well at   17.7%,  and  Slovakia  accounted  for 1.9% of revenue and other markets for 2.5% of the total.

Investment In the first half of 2008  the  group  invested  E5.9m   mainly  in  Hungary  and Romania. The first development phase at the Bucharest plant is now complete,  as is development of the pipe works at the South Budapest site.

Share price performance The fallout from troubled financial markets did  not  leave  SW  Umwelttechnik's share (SWUT) untouched, and the price ended the half-year 30% down on the  close on 1 January. Despite current bearish sentiment, the group's  focus  on  Central and Southeastern  Europe  (CSE),  infrastructure  and  environmental protection makes it an attractive sustainable investment.

Outlook Management's expectation of 20% revenue growth is based  on   the  current  order backlog of E55.6m, leadership of  the  Hungarian market  and  expanding  market shares in Romania. The main reasons for forecasting a disproportionate  increase in EBIT, by some 60%, are the positive earnings contribution from  the  Romanian operations and the improved performance of the Engineering sector.

Hungary Industrial and commercial demand in Hungary is seen picking up slightly  in  the second half of 2008. However, municipal investment  looks  set  to  remain  well below year earlier levels as a result of the  public  expenditure  cuts.  A  big increase in local authority spending is expected  from  mid-2009  onwards,  with the Water Conservation sector the main beneficiary.

Romania Demand from the Romanian industrial and commercial  sectors   is  still  booming, and municipal investment is set to grow noticeably in the second  half  of  this year - though sharp increases are  not  expected  before  mid-2009.  The  second development phase at the Bucharest works, which will  create   capacity  for  the Water Conservation business, will begin towards the end  of  this  year  and  is scheduled for completion in the summer of 2009. Construction of  a  third  plant in Targu Mures in central Transylvania is now planned for  the  second  half  of next year.

Austria Revenue  from  the  Austrian  market  rose  in  2008  on  the back  of  product innovations, and the trading environment is expected to remain positive  in  the market segments the group serves.

CSE Management is confident that the  past  year's  strong  trading   performance  in Slovakia will continue. Moves to export to Bulgaria, Moldova  and  Serbia  from Hungary and Romania are  under  way.  SW   Umwelttechnik  is  also  preparing  to purchase land in these target countries in order to build new factories.

Financial highlights

@@start.t2@@|E m                                 |H1 2008                          |H1 2007                          |
|Revenue                          |51.3                                |41.5                                |
|EBIT                                |2.4                                 |-0.2                                |
|EBITDA                            |5.2                                 |2.1                                 |
|POA                                 |1.7                                 |0.4                                 |

|E m                                 |Q2 2008                          |Q2 2007                          |
|Revenue                          |32.8                                |25.5                                |
|EBIT                                |4.0                                 |1.1                                 |
|EBITDA                            |5.6                                 |2.3                                 |
|POA                                 |5.4                                 |1.8                                 |@@end@@

Founded in 1910, SW Umweltechnik remains a family business, though it has been listed on the Vienna Stock Exchange since 1997. The company 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.

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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) 7259 / 31 35-0
Mobile:        +43 / (0) 664 / 34 13 953
Fax:            +43 / (0) 463 / 37 667

Michaela Werbitsch
Investor Relations
Mobile:        +43 / (0) 664 / 811 76 62
E-mail:        michaela.werbitsch@sw-umwelttechnik.com

Website:      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



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