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SW Umwelttechnik Stoiser & Wolschner AG

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

  Disclosure announcement transmitted by euro adhoc. The issuer is responsible
  for the content of this announcement.
preliminary annual results
28.02.2007
< 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.
Outlook
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%.
      < 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
        financing.
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.
end of announcement                               euro adhoc 28.02.2007 08:00:00

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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