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SW Umwelttechnik Stoiser & Wolschner AG

euro adhoc: SW Umwelttechnik Stoiser & Wolschner AG
quarterly or semiannual financial statement
SW Umwelttechnik announces results for first quarter of 2008

  Disclosure announcement transmitted by euro adhoc. The issuer is responsible
  for the content of this announcement.
3-month report
08.05.2008
* Record order backlog of E52.1 million
* First quarter revenue up by 15%
* Forecast for 2008: revenue up by 20%, EBIT by 30%
SW Umwelttechnik posted highly satisfactory results for  the  first  
quarter  of 2008. And the Vienna listed Carinthian family  business  
is  predicting  revenue growth of about 20% and a 30% increase in  
EBIT  for  2008  as  a  whole.  Order backlog stood at a record EUR 
52.1 million (m) as of 30 April 2008.
Revenue for the first quarter of 2008 advanced to E18.4m from E16m in
the  like period of 2007. The improvement was largely driven by a 
strong performance  from the group's booming Infrastructure business,
which lent  weight  to  the  upbeat revenue forecast for 2008. 
Meanwhile the percentage  revenue  contribution  from SW 
Umwelttechnik's Romanian operations doubled year on year.
The largest geographical market during the  period  was  Hungary  at 
62.1%  (Q1 2007: 71.4%) of total revenue, ahead of Romania at 16.8% 
(Q1  2007:  9.4%).  The share of revenue attributable to Austria was 
also up, from 15.3% to 16.7%.
The segmental revenue breakdown in the  first  quarter  showed  a  
marked  shift towards the Infrastructure business sector, which 
accounted  for  65.2%  of  the total (Q1 2007: 56%), followed by 
Water Conservation on 26.8% (Q1  2007:  31.3%) and Engineering on 8% 
(Q1 2007: 12.6%).
First quarter EBIT was negative by EUR E1.6m (Q1 2008: negative  by  
E1.3m),  in line with the normal seasonal pattern. The loss on 
ordinary activities of  E3.8m (Q1 2007: E1.4m)  was  inflated  by  
E1.2m  in  book  losses  on  exchange  rate movements (Q1 2007: 
exchange gains of E0.7m); the exchange  losses  had  already narrowed
to E0.4m by 30 April 2008.
Order backlog Order backlog was at an all-time  high  of  E52.1m  at 
the  end  of  the  first quarter. The increase was  largely  fuelled 
by  order  intake  in  Hungary  and Romania. SW Umwelttechnik won a  
E3.0m  contract  for  reinforced  concrete  and jacking pipes for a 
wastewater treatment plant currently under  construction  in 
Budapest. The group also received  a  E2.0m  order  for  products  
for  a  sewer network rehabilitation and upgrading project in 
Suceava, eastern Romania.
Employees As at 31 March 2008 SW Umwelttechnik employed 831 people - 
90 more than  a  year earlier. The increase was largely due to 
expansion in Romania  and  the  group's positive trading performance 
there.
Capital expenditure Capital expenditure of E2.6m in the first quarter
of 2008 (Q1 2007:  E5.6m)  was largely channelled into the completion
of  expansion  projects  in  Hungary  and Romania.
Balance sheet Non-current assets rose to E75.6m (31 March 2007: 
E62.1m) as  a  result  of  the large-scale investment programme 
carried out in  the  previous  financial  year. The group succeeded 
in trimming current assets  from  E44.9m  to  E41.8m.  Total assets 
ended the first quarter 10% up year on year, at E117.4m (31  March  
2007: E107.0m).
Financial liabilities climbed from E58.6m to E75.5m due to borrowing 
to  finance expansion. Equity edged down from E25.7m to E23.0m, in 
line with expectations.
Share price performance Shareholders' confidence  in  SW  
Umwelttechnik's  successful  strategy  remains strong. Following an  
outstanding  share  price  performance  in  2007  and  the company's 
return to the prime  market  segment  of  the  Vienna  Stock  
Exchange during year, the price held its ground well in the first  
quarter  of  2008.  SW Umwelttechnik will be paying a dividend of 
E0.30 for the 2007 financial year.
Outlook Management's expectation of a 20% increase in revenue for  
2008  reflects  order intake in Romania, SW Umwelttechnik's 
uncontested market leadership in  Hungary, the success of the current
export drive, and  innovative  product  developments. The 
disproportionate 30% year-on-year increase in EBIT  projected  for  
2008  is based on the anticipated positive contribution to earnings 
of the  new  Romanian operations.
  • In Romania the Timisoara and Bucharest works have now reached full production. The second development phase involving the installation of capacity for water conservation products at the Bucharest site is scheduled for completion by mid-2009. Work on the construction of the Targu Mures plant in central Transylvania is due to commence in mid-2009.
  • In Austria SW Umwelttechnik has consolidated its market shares, and expects to post a significant year-on-year increase in revenue for 2008 as a whole.
  • In Hungary the fall-off in the revenue contribution of the Engineering sector because of current public spending cuts is being more than offset by sales to industrial and commercial customers, and exports to Slovakia.
  • SW Umwelttechnik is going ahead with plans to export from Romania and Hungary to Bulgaria, Moldova, Serbia and Ukraine. Meanwhile steps are also being taken to acquire land for additional factories.
Financial highlights
|E m              |Q1 2008  |Q1 2007  |
|Revenue          |18.4     |16.0     |
|EBIT             |-1.6     |-1.3     |
|EBITDA           |-0.4     |-0.2     |
|POA              |-3.8     |-1.4     |
|                 |         |         |
|                 |         |         |
|E m              |Q1 2008  |Q1 2007  |
|Non-current      |75.6     |62.1     |
|assets           |         |         |
|Current assets   |41.8     |44.9     |
|Total assets     |117.4    |107.0    |
|                 |         |         |
|Equity           |23.0     |25.7     |
|Debt             |94.4     |81.3     |
|whereof bank     |75.5     |58.6     |
|loans            |         |         |
Founded in 1910, SW Umwelttechnik 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 (CSE). Its 
innovative environmental technology products are  contributing to 
infrastructure renewal in CSE.
end of announcement                               euro adhoc

Further inquiry note:

Dr. Bernd Wolschner
Vorstand der SW Umwelttechnik AG
Tel.: +43/7259/31 35 0
Fax: +43/463/37 667

Romed Lackner
Investor Relations & Marketing
Tel.: +43/664/811 76 70
Fax: +43/463/37 667 170
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

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