ad-hoc disclosure transmitted by euro adhoc with the aim of a Europe-wide
distribution. The issuer is solely responsible for the content of this
* EBITDA margins returned to normal level from 2nd half-year on
* Focus of sales and productions on local projects put into effect
* Market leader in water conservation in Romania
* Water conservation accounts for over 50% of the Group portfolio
* First commissions of Rescon® for bridge work
Vienna, April 21st: At today´s press conference SW Umwelttechnik´s
Management Board - DI Dr. Bernd Wolschner and DI Klaus Einfalt -
unveiled the results for 2009. A focused approach was taken in
response to the challenging economic situation, which resulted in a
turnover of Euro 66.2 m. EBITDA of Euro 7.3 m is only 5.5 % below
last year´s value of Euro 7.7 m.
The Management Board, made up of Bernd Wolschner and Klaus Einfalt,
confirmed the provisional figures released on February 26th. The
improved earnings corroborate the direction that is being pursued. By
focusing on local projects and because of stringent savings
programmes, we already expect improved results in 2010.
Hungary remains our most important market with a turnover share of 47
% and it equates to a turnover of Euro 31 m (2008: Euro 60.9 m).
Turnover in Romania amounts to Euro 13.6 m (2008: Euro 20.9 m), which
is a decrease of 35 % compared to the previous year, but still
retains a share of 20 % (2008: 19 %). The situation in Austria stayed
relatively stable, we generated turnover of Euro 18.7 m (2008: Euro
The water conservation segment generated a solid turnover of Euro
33.7 m (2008: Euro 35.1 m), amounts to 51 % of our total turnover and
has thus become our most important segment again. The infrastructure
segment saw a decrease of 61 %, its turnover amounts to Euro 22.5 m
(2008: Euro 58.3 m) and now only accounts for 34 % of total turnover
(2008: 53 %). Engineering projects retained a share of 15 % and
turnover totalled Euro 10 m.
Earnings before interest and tax (EBIT) reflect the still challenging
market environment. However, EBIT still amounted to Euro 1.4 m in
2009 (2008: Euro 2.2 m) even though depreciation and amortisation
remained high and total output was reduced. This is partly due to the
application of the IAS 40 regulation, but mainly because of the
adjustment measures we introduced early on. EBITDA amounts to Euro
7.3 m. The financial result improved significantly compared to the
previous year from Euro -7.2 m in 2008 to Euro - 4.3 m in 2009,
mainly due to reduced interest costs.
SW Umwelttechnik remains exposed to changes in the exchange rates in
terms of the Hungarian HUF and the Romanian RON. Euro 1.5 m were
reported in non-cash exchange losses.
Our 2009 profit / loss accounts show a loss of Euro 2.9 m (2008: Euro
- 5 m), the annual net income after minority interest decreased to
Euro 3.2 m (2008: Euro - 3.6 m).
Assets and finances
Our assets slightly increased to Euro 75.8 m compared to 2008 (Euro
75.2 m) because we were able to compensate the non-cash exchange
losses with the reduced spending in investment due to the new
treatment of non-core properties in accordance with the IAS 40
We were able to reduce our current assets to Euro 30.3 m (2008: Euro
39.7 m) by saving Euro 1.7 m on reduced stocks, Euro 5.9 m because
of our stringently managed receivables as well as Euro 0.9 m on FAX
volatility. The total assets now amount to Euro 117.4 m compared to
Euro 110.2 m in the previous year.
Equity amounts to Euro 18.7 m and shows a stable quota of 17 % in
comparison with 2008. One of the Management´s top priorities for 2010
is a further consolidation of the financial statement with a
continued stabilisation of the equity base.
Our financial liabilities decreased by Euro 1.4 m from Euro 77.6 m to
Euro 76.2 m. Long-term loans remained the same with a share of 60 %
(2008: 62 %). This means long-term financial liabilities approximate
our fixed assets of 60 % in the balance sheet total which reflects a
further measure of securing financial borrowing needs.
At December 31st 2009 SW Umwelttechnik was able to report a volume of
orders amounting to Euro 32.8, which reflects a decrease of 12 %
compared to 2008 (Euro 37.4 m), but also a significant increase in
comparison with 2006 in which we achieved a total turnover of Euro
In 2009 we had to reduce our average head count by 18 % in comparison
to the previous year and now employ 735 staff members. This has led
to a disproportionate reduction of personnel costs of 25 %. In
Austria and Romania head count settled at 142 and 226 staff members
respectively while head count in Hungary was decreased by 30 % from
522 to 367.
The last few years were marked by intense investments and with our
now ultra- modern plants served as an excellent base for working
according to current market requirements. In 2009 we drastically
reduced our investments in order to focus on adjusting and expanding
our product portfolio. In total we spent Euro 2.8 m on new
At the annual shareholders´ meeting, planned for the 14th of May
2010, the Management Board of SW Umwelttechnik will suggest to its
shareholders an omission of the dividends for the fiscal year 2009 to
its shareholders. With an improved company result, a new payout of
dividends is planned.
As in 2008, no variable components were paid out to the members of
the Management Board in 2009.
It is still difficult to make a forecast for 2010. However, we do
anticipate clear incentives for improvement in the markets that SW
Umwelttechnik operates in. This is mainly due to the economic
stimulus packages applied in Austria as well as the support received
from the IMF and ECB in Hungary and Romania.
In Austria, SW Umwelttechnik expects a decline in the civil
engineering sector for both private clients as well as in industry
and trade projects, according to the EUROCONSTRUCT outlook, which
will only be somewhat compensated by local investments.
In Hungary we forecast a further decline for private civil engeering
projects, but expect the industry and trade sector to stabilise. In
contrast to the private projects we anticipate a clear increase in
the first halfyear of 2010 due to the awarding of municipal
investments from the end of 2009 on. From 2011 on the market
environment in all sectors is expected to improve considerably.
In Romania we have noticed that the state of all market segments is
easing up, due to the involvement of the IMF and the ECB as well as
the commitment of the government to introduce budget restructuring
measures. For 2010 we expect conditions to improve from the middle of
the year on and see significant growth from 2011 on.
Our figures at a glance
|In Euro m |2009 |2008 |2007 |
|Turnover |66,2 |109,8 |96,1 |
|EBIT |1,4 |2,2 |4,6 |
|EBITDA |7,3 |7,7 |9,4 |
|Profit / loss |-2,9 |-5,0 |1,2 |
|Net income after |-3,2 |-3,8 |1,7 |
|minority interest | | | |
SW Umwelttechnik, a family firm founded in 1910 and listed on the Viennese
stock exchange since 1997, stands for sustainable management and consistent
growth in Eastern and South Eastern Europe. With our innovative technology to
protect the environment we provide an important contribution for the
development of necessary infrastructure in Central and South Eastern Europe.
end of announcement euro adhoc
ots Originaltext: SW Umwelttechnik Stoiser & Wolschner AG
Im Internet recherchierbar: http://www.presseportal.ch
Further inquiry note:
DI Dr. Bernd Wolschner
Member of the Management Board
Tel.: +43 / (0) 7259 / 31 35 0
Mobil: +43 / (0) 664 / 34 13 953
Fax: +43 / (0) 7259 / 31 35 6
Mag. Michaela Werbitsch
Tel.: +43 / (0) 7259 / 31 35 0
Mobil: +43 / (0) 664 / 811 7662
Fax: +43 / (0) 7259 / 31 35 6
Börsen: Berlin / free trade
Frankfurt / free trade
Wien / Regulated free trade