SW Umwelttechnik Stoiser & Wolschner AG

euro adhoc: SW Umwelttechnik Stoiser & Wolschner AG
Financial Figures/Balance Sheet
SW Umwelttechnik announces results for the first half of 2007

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6-month report


. Revenue up 15% in the first half year . Improvements of E1 million (m) and E4m in EBIT and POA, respectively . Record E25m investment program for 2007

Vienna listed SW Umwelttechnik Stoiser & Wolschner AG posted a 15%   increase  in revenues, from E36.2m to E41.5m for  the  first  half   of  2007.  High  capacity utilisation and a significant improvement in  finance  costs/income  helped  the Group to return its first-ever profit on  operating  activities  (POA)  for  the first half. In order to speed up expansion the investment programme was  boosted to a record E25m.

Second quarter revenues of E25.5m were slightly down on an exceptionally  strong second quarter of 2006 (E27.0m), but the total for the first half was up by  15% to E41.5m.

First half revenue in Hungary advanced by 11% to E27.3m (HY1 2006: E24.5m),  but this market's contribution to the total dropped to  66% (HY1  2006:  68%).  The share accounted for by Austria also declined, from 24%  to  19%,  while  Romania generated 9% compared to 5% in the like period of  the  previous  year.  Revenue from other EU member states was up to 6% of the total (2006: 3%).

The Infrastructure sector continued to perform  well  in  Austria   and  Hungary, with revenue rising to E23.4m (HY1 2006: E18.6m). The Water Conservation  sector recorded a fall in revenue, however, with Hungarian sales  losing  most  ground. The revenue contribution from the Infrastructure sector was  56%  of  the  total (HY1 2006: 52%) and that from the Water Conservation  business  26%  (HY1  2006: 31%), while the share from Engineering  was  virtually  unchanged  at 18%  (HY1 2006: 17%).

While earnings before interest and tax (EBIT) were still negative, in line  with the normal seasonal pattern, the loss narrowed  by  E1m   year-on-year  to  E0.2m (HY1 2006: E1.2m), reflecting early production  restarts  due  to  mild  winter. This strong beginning to the year was the main factor behind the E1.3m  gain  in EBITDA to E2.1m (HY1 2006: E0.8m).

Finance costs/income were driven by the steady appreciation of the Romanian  lei due to heavy foreign investment, and the recovery of   the  Hungarian  forint  in response to budget consolidation measures, which together lifted the  first-half financial result from a net loss of E3.1m in 2006 to a profit of E0.6m in  2007. This, in turn, turned POA positive by E0.4m, compared to a  negative  E4.3m  for the period in 2006.

Trends by geographical markets Last year's cut in the number of production sites in Austria from five to  three has led to excellent capacity  utilisation  in  the  Infrastructure  and  Water Conservation  sectors  so  far  in  2007.  The  restructuring   actions    sharply increased first-half earnings, while revenues held steady  despite  the  merging of facilities.

In Hungary, capacity utilisation in the Infrastructure sector  was   outstanding, chiefly as a result of deliveries to  industrial  and   commercial  clients.  The Water Conservation sector was impacted by disappointing public  contract  awards due to the deficit reduction measures. The Engineering sector was  also  hit  by the public spending cuts. Although its market share rose from 4%  to  7%,  total contract awards for the first half were more than halved year on year. In Romania, the Infrastructure sector registered growth in   deliveries  but  the performance of the Water Conservation sector fell short  of  expectations  owing to project deferrals. This added to  start-up  costs,  depressing  consolidated EBIT by about E1m. It should be noted that  projects  are  experiencing  ongoing delays due to failure to make full use of available EU support payments.

Investment The Group's investment budget for 2007 totals  a  record   E25m  (2006:  E15.8m). Capital expenditure for the first half was E14.6m, of which E6.9m  went  to  the Hungarian operations and E6.4m to Romania.

The disposal of a six hectare property in Budapest will  bring  gains of  E0.6m this year, and the main amount of E3m will likewise be reported as  income  from the realisation of undisclosed reserves in 2008.  Migration  of  the  remaining production  equipment  to  the   new  South  Budapest  plant  is  scheduled    for completion by October 2007. This will mark  the  conclusion  of  the  investment programme in Hungary, where SW Umwelttechnik has  spent  some  E45m   on  factory modernisation since 2000.

Other investment activity will mainly be focused on expansion  in   Romania.  The medium-term plan is  to  build  up  to  four   factories.  The  first  plant,  in Timisoara has been operating since September 2006. The first  development  phase at the new Bucharest site, involving capacity for the Infrastructure sector,  is in full swing with production scheduled to start up in autumn of 2007.  Work on the second  phase,  which  will  create  production  facilities   for  the  Water Conservation sector, is due to commence  towards  the end  of  2007,  and  this capacity will be commissioned near the end of 2008. A ten hectare site has  been acquired in Targu Mures and   applications  for  planning  permission  are  being processed. A search for a suitable site for a fourth  factory,  in  neighbouring Moldova has been initiated.

Employees The Group's headcount contracted to 770, from 811 at the end of the  first  half of 2006. The  decline  is  mainly  explained by  the  successful  restructuring exercises in Austria.

Order backlog Order backlog as at 30 June 2007 was down to E26.8m from E40m  a  year  earlier, largely reflecting weak order intake  by the  Engineering  sector  in  Hungary. Order bookings are not expected to pick up  until  the  fourth  quarter  at  the earliest.

Balance sheet The heavy  investment  programme  swelled  non-current assets  from  E47.4m  to E71.4m, while  revenue  growth  buoyed   current  assets  to  E45.8m  (HY1  2006: E35.7m). Total assets rose by about 40% to E117.3m (HY1 2006: E83.1m). Financial liabilities climbed from E46.6m to E62.6m due to borrowing to  finance expansion. The marked upturn  in  retained  earnings  was  reflected  in  a  60% increase in equity from E17.1m to E27.2m.

Share price performance SW Umwelttechnik's return to the  prime   market  segment  of  the  Vienna  Stock Exchange on 21 May 2007 was testimony to the  shareholder  confidence  that  has brought a share price run-up of  almost  200%  since  the  start  of  the  year. Capital Bank is acting as the specialist for SW Umwelttechnik's stock.

Outlook for 2007 as a whole Due to the good operating results for the first half of the year, management  is forecasting  significant   earnings  growth,  despite  the  reduction  in  public contract awards in Hungary and higher than expected start-up costs in Romania.

. The factory closures in Austria have led to a big improvement in
EBIT.  . The ambitious investment  programme  in  Hungary  will  to  
all  intents  and      purposes be completed in the  third  quarter.  
Capacity  utilisation  in  the      Infrastructure and Water
Conservation sectors is expected to be high  in  the      second half,
while the Engineering sector is also expected to  make  up  lost      
ground as public sector orders pick up.  . In Romania, the next  step
after  the  start-up  of  the  first  factory  in      Timisoara in
September 2006 will be the opening  of  a  second  site  in  the      
Bucharest area in autumn of 2007. A site for the  third  Romanian  
works,  in      Targu Mures, central Transylvania, has been acquired,
and a fourth  plant  in      Moldova is also planned.

Founded in 1910, SW Umwelttechnik remains a family business, though it has  been listed  on  the  Vienna  Stock  Exchange  since  1997.   The  company  is  widely identified with sustainable  enterprise  and rapid  expansion  in  Central  and Southeastern Europe. Its innovative environmental technology is playing a  major part in infrastructure renewal in CSE countries. In 2006 SW Umwelttechnik had a workforce of 836 at 16 sites and posted revenue of E102m.

Financial highlights

Q2 2007

|EUR m                 |2007  |2006 |
|Revenue              |25.5  |27.0 |
|EBIT                  | 1.1  | 2.1 |
|EBITDA                | 2.3  | 3.1 |
|POA                    | 1.8  | 0.6 |

HY1 2007

|EUR m                 |2007  |2006 |
|Revenue              |41.5  |36.2 |
|EBIT                  |-0.2  |-1.2 |
|EBITDA                | 2.1  | 0.8 |
|POA                    | 0.4  |-4.3 |

HY1 Balance Sheet

|EUR m                            |HY1 2007 |HY1 2006 |
|Non-current assets        | 71.5      | 47.4      |
|Current assets              | 45.8      | 35.7      |
|                                    |              |              |
|Total equity and          |117.3      | 83.1      |
|liabilities                  |              |              |
|                                    |              |              |
|Equity                          | 27.2      | 17.1      |
|Borrowings                    | 90.1      | 66.0      |
|whereof bank loans        | 62.6      | 46.6      |

@@start.t2@@end of announcement                                                 euro adhoc 08.08.2007 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 SW Umwelttechnik Management Board
tel: +43 (0)463 32 109; fax: +43 (0)463 37 667

Mag. Romed Lackner, IR and Marketing
tel: +43 (0)664 811 7670; fax: +43 (0)463 37 667-170
E-mail: romed.lackner@sw-umwelttechnik.com
Website: 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

Weitere Meldungen: SW Umwelttechnik Stoiser & Wolschner AG

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