SW Umwelttechnik Stoiser & Wolschner AG

euro adhoc: SW Umwelttechnik Stoiser & Wolschner AG
Financial Figures/Balance Sheet
SW Umwelttechnik announces preliminary annual results for 2006

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preliminary annual results


< Revenue up by 12% to E101.8 million < Profit for year after minorities up 51% to E2.1 million < Record E15.8 million investment programme

SW Umwelttechnik (Vienna Stock Exchange, SWUT)  posted  further sharp  year-on- year revenue and earnings gains in 2006. This progress  was  mainly  driven  by continued rapid expansion in Central and Southeastern Europe.

The group's unaudited preliminary IFRS results show a 12%  rise  in revenue  to E101.8 million (m) in 2006 (2005: E91.1m).

SW Umwelttechnik's main geographical market, Hungary was responsible for  E67.5m or 66% of revenue (2005: E58.2m or  64%).The  share accounted  for  by  Austria declined from E25.6m (28%) in 2005 to E22.9m (23%) due to the  factory  closures in September 2006. The Romanian market's contribution to  revenue  doubled  from 4% to 8%, to stand at E7.8m.

The segmental breakdown of revenue was virtually unchanged.  The Infrastructure sector's revenue contribution advanced from  41%  to 43%,  that  of  the  Water Conservation business was steady at 32% and  that  of  the  Engineering  sector dropped from 27% to 25% due to the decline in Austrian sales.

In order to strengthen its future  profitability,  last  year  SW Umwelttechnik decided to discontinue loss-making operations  in Austria,  and  two  factories were closed in September 2006. The Engineering sector's  activities  in  Austria relating to  municipal wastewater  treatment  plants  and  biogas  plants  were discontinued with retroactive effect from  1  January  2006. Biogest Umwelttechnik GmbH has been deconsolidated with effect  from  1  January 2007, resulting in one-time closure costs of E0.4m.

The restructuring exercises undertaken in 2006 gave rise to total non-recurring closure costs of E1.2m, but the resultant cost savings in Austria  will  improve future results by at least E1.2m a year.

Despite the one-time closure costs  earnings  before  interest  and tax  (EBIT) advanced by 2%, from E3.9m to E4.0m.

EBITDA topped the previous record of E9.1m by 6%, creating a solid platform  for further expansion in Romania.

Finance cost improved by E2.0m year on year to E1.2m, due to  the stabilisation of the forint exchange rate in the second half and the steady  appreciation  of the Romanian Lei. Shifting debt to Austria reduced exposure to  forint  exchange rate risk by half.

Profit on ordinary activities (POA) was 47% up  at  E2.8m.  A  51% year-on-year increase took profit after tax to E2.1m - one of the strongest  performances  in the group's history.

Order backlog  of  E25.9m  at  balance  sheet  date  was  down  by 33%,  mainly reflecting strong deliveries in the last quarter of 2006 as well as  the  impact of restructuring. Nevertheless, management does not expect  revenue  to  decline in 2007.

Headcount increased by only 5% to an average of 836 in 2006. Downsizing  of  the Austrian workforce from 209 to 193 was accompanied by increases in  the  group's growth markets, with employment rising from 556 to 583 in Hungary, and  from  35 to 60 in Romania.

A record E15.8m investment programme  boosted  capacity  in  Hungary and  drove rapid expansion in Romania. In Romania E7m was  spent  on construction  of  the first  factory,  in  Timisoara,  which  is manufacturing    water    conservation products,  the  commencement  of work  on  a  factory  in  Bucharest  and    the acquisition of land in Targu Mures.

The Management Board will be recommending an increased  dividend  of E0.30  per share (2005: E0.25) for the 2006 financial year to the annual general meeting.


Due to the positive outlook for the Central and Southeast European market,  and last year's heavy investment and restructuring, management  expects  revenue  to remain stable in 2007 and earnings to grow by at least 50%.

@@start.t2@@         < In Hungary heavy investment in  modern  production  equipment  and  the
            market leadership of the Water Conservation and Infrastructure  sectors
            will give SW Umwelttechnik strong cost advantages.
         < In Austria  the  rationalisation  programme  is  expected  to  bring
            significant improvements in earnings resulting in turnaround.
         < In Romania, the first phase of the construction  of  capacity  for  the
            Infrastructure sector and the second stage of the ramp-up  of  capacity
            for the Water  Conservation  sector  at  the  Bucharest  site  will  be
            implemented in 2007. In addition, preparations will  be  made  for  the
            commencement of work at the Targu Mures site in Central Transylvania.
         < A start will be made with market development in neighbouring  Moldavia,
            Serbia and Ukraine, using exports from Hungary and Romania.
         < The disposal of property not related to operations, which often results
            from investments, will make an additional contribution to earnings  and

SW Umwelttechnik has set itself the  goal  of  returning  to  the Vienna  Stock Exchange prime market in 2007. With the company's share price  currently  at  an all-time high of E67.5 compared with a requirement of an  average  of  E45  over six months this is a realistic  target  for  mid-2007,  since  SW  Umwelttechnik meets all the criteria.

@@start.t3@@end of announcement                                                 euro adhoc 28.02.2007 08:00:00

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)664 / 3413953; fax: +43 / (0)7259 / 3135 6

Michaela Wolschner, Investor Relations
Tel.: +43 / (0)664 / 811 76 62, Fax: +43 / (0)1 / 368 86 86
E-mail: michaela.wolschner@sw-umwelttechnik.at
Web: www.sw-umwelttechnik.com

Branche: Technology
ISIN:      AT0000808209
WKN:        910497
Index:    WBI
Börsen:  Börse Berlin-Bremen / free trade
              Frankfurter Wertpapierbörse / free trade
              Wiener Börse AG / Regulated free trade

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