SW Umwelttechnik Stoiser & Wolschner AG

euro adhoc: SW Umwelttechnik Stoiser & Wolschner AG
Financial Figures/Balance Sheet
SW Umwelttechnik unveils preliminary annual results for 2007

@@start.t1@@--------------------------------------------------------------------------------   Disclosure announcement transmitted by euro adhoc. The issuer is responsible   for the content of this announcement. --------------------------------------------------------------------------------@@end@@

preliminary annual results for 2007


. EBIT up 12% to EUR 4.6 million . Order backlog at all-time high of EUR 46 million despite harsh trading environment . Record E26 million investment programme . Return to Vienna Stock Exchange prime market in May 2007

Despite  difficult  trading  conditions  in  its  core  Hungarian   and  Romanian markets, SW Umwelttechnik was able to unveil a highly creditable set of  results for 2007 today. The Group will be looking to maintain its solid growth  momentum in Central and South-Eastern Europe in 2008, and  the  outlook  is  good.  Order backlog hit at an all-time high at balance sheet date.

The Group's unaudited preliminary IFRS results show a 5.9% fall  in   revenue  to E96.1 million (m) in 2007 (2006:  E101.9m).  The  main   reasons  for  this  were government spending cuts in Hungary which led to a sharp  decline  in  municipal contract awards, as well as hold-ups in EU  funded  infrastructure  projects  in Romania. Part of the  lost  ground  was  made  up  by  increased  deliveries  to commercial and industrial customers, and exports  to  countries   bordering  core markets.

The key Hungarian market accounted  for  E57.2m  or  60%  of  revenue in  2007, compared to E67.5m or 66%  in  the  previous  year.  As   expected,  the  revenue contribution of the Austrian market shrank   to  E19.3m  (2006:  E23.0m)  or  20% (2006: 23%) due to works closures  in  2006.  The  revenue  share  generated  in Romania was below forecast due to delays in EU projects, only rising to  9%,  to reach E8.6m. Exports from Hungary to Slovakia rose from to E6.6m (2006: E1m)  or 7%. The revenue contribution of "other countries" (Croatia, Italy and  Slovenia) more than doubled to over E4m (4%), from E2.3m in  2006,    most  of  the  growth being driven by exports from the group's Hungarian and Austrian sites.

An upbeat performance from the Group's Infrastructure  sector  in   2007  boosted its revenue contribution to 51% from 43% in  2006.  The proportion  of  revenue accounted for by the Water Conservation sector edged down to  30%  (2006:  32%), while the Engineering sector was hardest hit by public spending cuts in  Hungary and its segmental share contracted to 19% (2006: 25%).

Earnings before interest and tax (EBIT) improved again, by 12% to   E4.6m  (2006: E4.1m) despite adverse trading conditions. Some E2m in non-capitalised  start-up losses in Romania are recognised in this figure.

EBITDA was up by 2% to a record E9.4m (2006: E9.2m).

The sharp devaluation of the Romanian leu towards the end of 2007 resulted in  a marked deterioration in net finance costs, as it caused a  hefty  book  loss  on the investments made during the summer. Due to this  effect  net  finance  costs increased to E3.3m (2006: E1.2m).

The resultant decline in profit on ordinary activities  (POA)  to   E1.2m  (2006: E2.9m) was in line with management's expectations. Due to the positive  Austrian earnings trend it was possible to realise tax  loss  carryforwards  under  IFRS, meaning that the profit for the period held at E1.6m (2006: E2.1m).

Order backlog Order  backlog  of  E46.0m  at  balance  sheet  date   was  the  highest  in    SW Umwelttechnik's history, and represented a year-on-year gain of 77%  (2006:  EUR 25.9m). Order bookings  were   particularly  encouraging  in  the  light  of  the difficult market conditions in Hungary and Romania.

Employees The average head count decreased by 5% to 797 in 2007 (2006: 836),  bringing  it into line with reduced output. At balance sheet  date  the  Austrian  workforce numbered 153 (2006: 193), the Hungarian payroll 545 (2006: 583), and the Romanian 99 (2006: 60). The  start-up of the new factory in Bucharest raised the number of employees in Romania in the meantime to 190.

Capital expenditure Some 50% of the record capital expenditure of E26m in 2007 was  channelled  into the construction of new production facilities in Romania, while 40% was  devoted to plant expansion and modernisation projects in Hungary -  most  of  the  money going to the final expansion phase at the South  Budapest  site  -  and  10%   to restructuring programmes at the Austrian sites.

Dividend recommendation The Management board will be recommending payment of a  dividend  of  E0.30  per share (2006: E0.30) for the 2007 financial year at the annual general meeting. Share price performance In May 2007 SW Umwelttechnik achieved its objective of returning to  the  Vienna Stock Exchange prime market. The outstanding performance of the company's  share price, which put on 138% in 2007,  demonstrates  investors'  confidence  in  its long-term strategy. SW Umwelttechnik was the top performer on the   Vienna  prime market in 2007.

Outlook Despite the challenging market conditions in Hungary and the fact that major  EU funded projects in Romania are still on hold, management anticipates  a  further marked improvement in operating results in 2008. This expectation  is  based  on the following factors:

@@start.t2@@. The four factories due for completion in  Romania  within  the  next  five
         years will be capable of manufacturing the group's entire  product  range.
         Due to expected delays in major EU funded projects management has  shifted
         the focus in this market to industrial and commercial projects in 2008.
      . SW Umwelttechnik will be looking to exploit its cost leadership to  extend
         its strong market position in Hungary.  Due  to  the  government's  budget
         deficit reduction measures the slump in public sector contract  awards  is
         likely to continue in 2008.
      . The Group will continue to exploit growing demand in Slovakia by exporting
         from Hungary.
      . The  key  drivers  for  the  Austrian  operations  will  be  new  product
         developments and efforts to expand exports to Italy and Slovenia.
      . SW Umwelttechnik will start developing the Bulgarian,  Moldavian,  Serbian
         and Ukrainian markets by exporting from Hungary and Romania.
      . The  disposal  of  property  surplus  to  operational  requirements  will
         positively impact results for 2008.@@end@@

Founded in 1910, SW Umweltechnik remains a family business, though it has  been listed on the Vienna Stock Exchange since 1997. The group is  widely  identified with sustainable enterprise and rapid   expansion  in  Central  and  Southeastern Europe. Its innovative environmental technology  products  are  contributing  to infrastructure renewal in CSE countries. SW Umwelttechnik  employed   800  people at 16 sites and returned revenue of over E100m in 2006.

Financial highlights

|EUR m                 |2007        |2006         |
|Revenue              |96.1        |101.9        |
|EBIT                  |4.6         |4.1          |
|EBITDA                |9.4         |9.2          |
|POA                    |1.2         |2.9          |
|Prof. for period|1.7         |2.1          |
|after minorities|              |                |

@@start.t3@@end of announcement                                                 euro adhoc

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)7259  31350
Fax:  +43 (0)463 37667

Romed Lackner
Investor Relations & Marketing
Tel:  +43 (0)664 8117670
Fax:  +43 (0)463 37667170
E-mail:        romed.lackner@sw-umwelttechnik.com

Web:  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

Das könnte Sie auch interessieren: