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Abonner SW Umwelttechnik Stoiser & Wolschner AG

SW Umwelttechnik Stoiser & Wolschner AG

euro adhoc: SW Umwelttechnik Stoiser & Wolschner AG
Quarterly or Semiannual Financial Statements
SW Umwelttechnik 1. announces results for first quarter of 2003 (E)

Disclosure announcement transmitted by euro adhoc. The issuer is
responsible for the content of this announcement.
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* Revenue down by 13% due to harsh weather conditions
* Two-shift working introduced at South Budapest factory
* Positive outlook in light of 13% increase in order backlog
~
SW Umwelttechnik recorded a 12.8% decrease in revenue from EUR 9.5
million (m) to EUR 8.3m in the first quarter of 2003. The reason for
this was the unusually long winter in Central and Eastern Europe
which affected all Group sites. In Germany and to some extent in
Austria, this effect was compounded by the low level of activity in
the construction industry.
As a result of these divergent market trends the contribution of
Hungarian sales to total revenue rose from 60% to 68% while that of
Austria fell from 33% to 21%; other EU member states accounted for
11% of revenue. Due to the strong showing in Hungary there was a
shift in the relative contributions of the Group’s business sectors,
with the Infrastructure sector’s share of revenue rising from 33% to
39% and that of the Engineering sector growing from 26% to 30%. The
Water Conservation sector generated 31% of total revenue compared to
41% in the like period of 2002.
It should be noted that SW Umwelttechnik’s results for the first
quarter do not provide a reliable indication of performance for the
year as a whole, as only 10-15% of annual revenue is generated during
the period, and sales are heavily dependent on weather conditions.
Owing to the different seasonal distribution of earnings and
expenses, earnings in the first quarter are normally negative.
In line with the contraction in revenue, EBITDA for the period was
negative by EUR 1.3m compared to EUR 0.4m in the first quarter of
2002, and the loss before interest and tax (negative EBIT) widened
from EUR 1.3m to EUR 2.3m. The devaluation of the Hungarian forint
against the euro led to an increase in finance cost to EUR 0.9m, from
EUR 0.2m in the same period of 2002, meaning that the loss on
ordinary activities rose from EUR 1.5m to EUR 3.2m.
Investment program focused on Hungary
In 2003 the company’s Hungarian operations will again be the main
focus of investment, and 75% of planned capital expenditure of EUR 5m
will be channelled to them. Some 29% of the overall investment budget
was spent in the first quarter. The commencement of two-shift working
at the South Budapest factory marked the attainment of the planned
level of capacity utilisation.
The company’s workforce at the end of the first quarter of 2003 was
683 compared to 734 in 2002.
Outlook
Management is cautiously optimistic about the rest of 2003.
Hungary continues to enjoy rapid economic growth and still has a vast
investment backlog, but prospects are increasingly clouded by large
budget deficits and reduced opportunities for obtaining public
project finance. In Austria and Germany planned budget consolidation
and weak activity in the construction industry point towards
stabilisation of demand at low levels.
In the light of a 13% increase in order backlog from EUR 22m to EUR
25m and satisfactory revenue in April management anticipates revenue
and earnings growth for 2003 as a whole.
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* In Hungary the additional capacity at the South Budapest site
  should lead to a significant increase in SW Umwelttechnik’s
  market shares.
* New products developed in Austria and Germany (surface water
  protection and biogas systems, and masts) should sell well.
* 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 or 2004.
~
end of announcement        euro adhoc 27.05.2003

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: Wiener Börse AG / official dealing
Berliner Wertpapierbörse / free trade
Börse Düsseldorf / free trade
Baden-Württembergische Wertpapierbörse / free trade

Plus de actualités: SW Umwelttechnik Stoiser & Wolschner AG
Plus de actualités: SW Umwelttechnik Stoiser & Wolschner AG