SW Umwelttechnik Stoiser & Wolschner AG

euro adhoc: SW Umwelttechnik Stoiser & Wolschner AG
Financial Figures/Balance Sheet
SW Umwelttechnik: 3rd quarter information

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9-month report

17.11.2008

* Revenue up by 20% despite harsh trading environment * Strong order intake in Romania and Hungary * Record EBITDA of EUR7.1 million (m)

On the basis of its interim figures SW Umwelttechnik - a family firm listed  on the Vienna Stock Exchange since 1997 - is forecasting overall revenue growth  of about 12% for 2008 as a whole, and a further marked increase in EBITDA.  Despite a pronounced deterioration in the trading environment, and  order  cancellations in Hungary, we expect EBIT to hold at last year's level. Operations   in  Romania are going to plan, and revenue should be more than double last year's level.

Revenue and earnings Revenue rose by about 20% over the first three quarters, to reach EUR81.7m (Q1-Q3 2007: EUR68.5m).  The  revenue   contributions  of  the  Infrastructure  and Water Conservation sectors were up by over 20% year on year,  more  than  compensating for the decline in that of the Engineering sector.

Revenue generated in Romania trebled  to  EUR15m,  and  was  the   main  driver of overall growth.

EBIT for  the  first  three  quarters  advanced  to  EUR2.8m  from   EUR2.0m  in the comparative period, despite a sharp increase in other operating expenses due  to higher energy and transport costs. EBITDA hit a new high of EUR7.1m  (Q1-Q3 2007: 5.6m). The EUR0.3m  loss  on ordinary  activities  (Q1-Q3  2007:  POA  of EUR0.6m) reflected an increase in interest expense  to  EUR3.3m  (Q1-Q3  2007:  EUR1.9m) and modest exchange gains of EUR0.2m (Q1-Q3 2007: EUR0.5m).

The  third  quarter  was  hallmarked  by  a  significant  worsening   in    market conditions in Hungary, where  orders  from  industrial   and  commercial  clients worth a total of EUR9m were cancelled. In spite of this, quarterly revenue was up by 12% to EUR30.5m (Q3 2007: EUR27.0m). However EBIT was well below expectations  at EUR0.4m (Q3 2007: EUR2.2m), depressed by EUR1m in  increases  in  raw  material price increases which could not be passed  on  to  customers  and  by higher  freight costs. Net finance costs of EUR2.4m (Q3  2007:   EUR2.0m),  influenced  by EUR1.3m  in interest expense and EUR1.1m in exchange losses, resulted in a  loss  on ordinary activities of EUR1.9m (Q3 2007: POA of EUR0.3m).

Segmental report There was a shift in the segmental composition  of   revenue  in  favour  of  the Infrastructure  sector  over  the  first three  quarters  of  this  year.    The Infrastructure  business   contributed  56.7%  (Q1-Q3  2007:  53.3%),  the  Water Conservation sector 29.1% (Q1-Q3 2007: 28.3%) and the Engineering  sector  14.2% (Q1-Q3 2007: 18.4%).  The  trend  chiefly  reflected  the  dearth  of Hungarian municipal contracts for the Engineering sector since the   summer  of  2007,  and the  resultant  reliance  on  the  industrial and  commercial  system  building products supplied by the Infrastructure sector.

Despite adverse trading conditions the largest revenue contribution in terms  of geographical markets again came from  Hungary  at  55.8% (Q1-Q3  2007:  61.9%), while Romania made up 18.4% of the total (Q1-Q3 2007: 8.1%) - more  than  double its share a year earlier. The contribution of the  Austrian  market  was  almost stable at 18.6% (Q1-Q3 2007: 20.5%), and actually increased in  absolute  terms. Slovakia accounted for 4.1% of revenue (Q1-Q3 2007: 6.1%), and  other countries including Italy and Slovenia 3.1% (Q1-Q3 2007: 3.4%).

Order backlog As at 30 September 2008 order backlog was EUR44.1m (30 Sept.  2007:  41.5m). The increase was largely due to order intake in Romania, which rose  from  EUR7.0m to EUR17.4m between the two interim balance sheet  dates.  By  contrast,  in Hungary orders for industrial and  commercial  buildings  worth  a  total  of  EUR9m were cancelled due the clients' lack of access to credit.

Assets and finances Non-current assets expanded to EUR79.5m (30 September 2007: EUR71.7m)  as  a result of the large-scale investment programme implemented in 2007  and  2008.  Current assets grew to EUR49.4m  from  EUR46.5m  in  the  comparative  period,  due  to the increase in revenue. Total assets climbed by 10% over the first three quarters, to stand at EUR130.5m (30 September 2007: EUR118.5m).

Borrowings to finance expansion rose from EUR67.9m to EUR78.3m, while equity edged up from EUR26.8m to EUR28.4m.

Capital expenditure Capital expenditure of EUR8.7m over the first three quarters of 2008  was largely channelled into the completion of plant  upgrading  and  expansion  projects  in Hungary and Romania. The investment budget approved  by  the  Supervisory  Board for the year as a whole amounts to EUR10.0m.

Share price performance There was no escaping the fall-out from the turmoil on  financial  markets,  and our share price slumped to about EUR47.5 during  the  third  quarter. Performance was roughly average for ATX listed shares.

Employees The average head count in the year to 30 September was 885, compared to  777  in the comparative period. This increase mainly resulted from  the  growth  in  the Romanian workforce from 90 to 202. Adjustments to the current  market  situation in Hungary, undertaken in October, will lead to a reduction in  the  head  count there.

Outlook We are forecasting double-digit growth in full-year revenue on the  strength  of current order intake in Romania, our uncontested market leadership  in  Hungary, the  success  of  the  current   export  drive    and    our    innovative    product developments. These factors, and management's  rapid  reaction  to  the  changed market situation underpin the positive  outlook  for  SW  Umwelttechnik   despite challenging market conditions.

@@start.t2@@. In Hungary, we adjusted our head count to the changed  economic  situation
         in the third quarter. Further reductions in fixed costs are planned by the
         end of the year. The  anticipated  decline  in  sales  to  industrial  and
         commercial clients in the fourth quarter should be  more  than  offset  by
         increased exports to Romania and Slovakia, and the recovery in  the  Water
         Conservation sector's business.

      . In Romania, the  factory  in  Timisoara  is  fully  operational,  and  the
         Bucharest plant is working single shifts. Work  on  the  second  expansion
         phase  in  Bucharest,  involving  the  creation  of  capacity  for    water
         conservation products, is due to start at the beginning  of  2009  and  is
         scheduled for completion in mid-2010. There are plans to purchase  a  site
         in the Moldova region in 2009, and the commencement of works at  the  site
         in Targu Mures, in central Transylvania is scheduled for late 2009.

      . In Austria, we have expanded our market shares, and expect to post further
         year-on-year revenue gains.@@end@@

On the basis of  the  information  currently  available  to  us  we   regard  the following scenario as realistic for 2009:

@@start.t3@@. In Romania, economic growth will slow, but is still expected to come in at
         4% or more. In the light of the excellent  order  intake  in  all  of  our
         businesses we anticipate continued rapid revenue and earnings growth.

      . In Hungary, the outlook for the  economy  is  for  zero  growth  at  best.
         However we see  the  Water  Conservation  sector  and  probably  also  the
         Engineering sector  posting  improved  performance  -  particularly  if  a
         stimulus package is introduced - meaning that revenue should at  least  be
         stable.

      . In Austria, the main business, Water Conservation should continue to  grow
         as a result of the new products and the promised stimulus package.@@end@@

Overall, we expect revenue growth and improved  earnings  in  2009   despite  the slide into recession throughout Europe.

Founded in 1910, SW Umwelttechnik 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 (CSE). Its innovative environmental technology products are  contributing to infrastructure renewal in CSE.

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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 31350
Mobile: +43 (0)664 3413953
Fax:  +43 (0)463 37667

Michaela Werbitsch
Investor Relations
Tel.:    +43 (0)664 8117662
Fax:      +43 (0)1 8772617
E-mail: michaela.werbitsch@sw-umwelttechnik.com

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



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