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SW Umwelttechnik Stoiser & Wolschner AG

euro adhoc: SW Umwelttechnik Stoiser & Wolschner AG
Quarterly or Semiannual Financial Statements
SW Umwelttechnik announces results for first three quarters of 2002 (E)

Disclosure announcement transmitted by euro adhoc. The issuer is
responsible for the content of this announcement.
Marked fall in revenue in third quarter
One-time impairment writedowns weigh on results
EBITDA stable at previous year’s level
Positive outlook due to 30% increase in order backlog
SW Umwelttechnik’s revenue retreated by 8.3% to EUR 48.6 million (m)
in the first three quarters of 2002, from EUR 53.0m in the like
period of 2001. This decline reflected the company’s withdrawal from
low-margin, standard products in its Austrian and German markets, and
the weakness of construction activity there, as well as delays in the
placement of orders in Hungary due to the elections held in the
spring. There were no changes in the distribution of revenue by
geographical markets, with Hungary accounting for 60%, Austria for
32%, and Germany and other EU member states for 8%.
Likewise, there were no shifts in the segmental distribution of
revenue. The Water Conservation sector contributed 39% of revenue,
the Engineering sector 28% and the Infrastructure Products sector
33%.
Due to EUR 1.4m in one-time impairment writedowns of property, plant
and equipment, and goodwill, earnings before interest and tax (EBIT)
declined to EUR 1.2m (Q1-3 2001: 2.7m). However on a like-for-like
basis excluding one-time impairment writedowns, EBIT was almost
constant at EUR 2.6m or 5.1% of total output. Despite the difficult
trading environment earnings before interest, tax, depreciation and
amortisation (EBITDA) - the main indicator of the company’s financial
strength - was only marginally lower, at EUR 5.5m compared to EUR
5.6m in the like period of 2001.
Due to the sale of a minority interest in a Hungarian company finance
cost fell from EUR 1.0m to EUR 0.3m, cushioning the fall in the
profit on ordinary activities, which was down to EUR 1.0m from the
EUR 1.8m recorded in the first three quarters of 2001.
The headcount was adjusted to market conditions, and was 5.1% lower
at 783 employees as of 30 September.
Capital expenditure
Owing to positive Hungarian market expectations and the launch of new
products in Austria and Germany, capital expenditure rose to EUR 6.5m
(Q1-Q3 2001: EUR 5m).
The lion’s share of investment was channelled into the Hungarian
operations which claimed 76% of total capital expenditure. The main
item was expansion of the capacity of the new factory to the south of
Budapest, where the second project phase was commissioned on schedule
in September.
In Austria and Germany investment went to the Water Conservation
sector (e.g. production of cisterns for rainwater reclamation) and
the Infrastructure sector (e.g. new production plant for round
masts).
Strategy and outlook
In the light of a 30% increase in order backlog to EUR 28.1m,
management expects this year’s revenue losses to be made good in the
fourth quarter, leading to unchanged revenue for 2002 as a whole.
However, a sharp year-on-year fall in earnings is anticipated as a
result of the one-time writedowns of property, plant and equipment,
and goodwill, leading to a small after tax loss and net loss for the
year.
Despite the difficult trading climate SW Umwelttechnik’s financial
strength will increase in 2002, due to ongoing investment and
restructuring programmes. Management anticipates a modest
year-on-year increase in EBITDA.
In 2003 the following factors are seen leading to major improvements
in revenue and earnings:
  • SW Umwelttechnik is investing in expanding its strong market position in EU candidate member Hungary, where it has a longstanding presence.
  • The current political situation in Austria has led to delays and uncertainties with regard to the use of renewable energy sources. However SW Umwelttechnik is well placed to profit from future demand thanks to its pilot biogas plant which won the Province of Upper Austria’s Agricultural Innovation Prize in September.
  • The contraction of the Austrian and German markets is set to continue, leading to a shakeout and concentration in the industry. SW Umwelttechnik will continue to drive its cost reduction programme ahead, and to replace low- margin, commoditised products by innovative, high-growth ones in its range.
  • Preparations are being made for phased entry to the markets of other EU candidate countries. In Romania construction of a factory will commence in 2003. In the third quarter of 2002 SW Umwelttechnik’s Engineering sector won its first order in that country, for the construction of a wastewater treatment plant and a sewer network. An environmental engineering company was founded in Slovakia during the period.
end of announcement        euro adhoc 05.11.2002

Further inquiry note:

DI Heinz Wolschner, Vorstand der SW Umwelttechnik Tel.: 0043/463/32109-0, Fax:
0043/463/37667 MMag. Christian Riel, Finanzen/Investor Relations Tel.: 0043/664/4337105, Fax:
0043/1/3688686, mailto:christian.riel@sw-umwelttechnik.at Website: http://www.sw-umwelttechnik.at

Branche: Technology
ISIN: AT0000808209
WKN: 080820
Index: ATX Prime, ViDX, WBI
Börsen: Baden-Württembergische Wertpapierbörse / free trade
Berliner Wertpapierbörse / free trade
Börse Düsseldorf / free trade
Wiener Börse AG / official dealing